AMÉRICA MÓVIL SWOT ANALYSIS TEMPLATE RESEARCH
Go Beyond the Preview-Access the Full Strategic Report
América Móvil dominates Latin American telecoms with extensive scale and cash flow but faces regulatory pressure, currency exposure, and market saturation that could slow growth; its investments in fiber and 5G are key upside catalysts. Purchase the full SWOT analysis to get a professionally written, editable Word and Excel package with deep, actionable insights tailored for investors and strategists.
Strengths
Market leadership with 312 million wireless subscribers globally
América Móvil is Latin America's telecom leader with 312 million wireless subscribers as of FY2025, a scale that outpaces regional rivals and drives MXN 1.02 trillion consolidated revenue in 2025.
That massive base gives América Móvil strong bargaining power with vendors, lowering capex per subscriber and improving margin resilience.
Recurring service revenue from 312 million users secures predictable cash flow and funds network upgrades.
Scale acts as a durable moat, letting América Móvil absorb market shocks in single countries while keeping group stability.
Dominant 60 percent mobile market share in Mexico via Telcel
Despite regulatory scrutiny, América Móvil's Telcel held ~60% Mexican mobile share in FY2025, generating about MXN 210 billion in service revenue-its most profitable segment.
Dominance rests on >90% population coverage and a decade-strong brand trust that outmatches newer rivals.
For investors, Telcel's cash flow-operating cash flow ~MXN 140 billion in 2025-funds expansion into Brazil and Eastern Europe.
Operating EBITDA margin consistently exceeding 38 percent
América Móvil posts operating EBITDA margins above 38%-39.2% in FY2025-ranking among the top global telecoms and reflecting superior operational efficiency.
Aggressive cost control and network optimization let América Móvil convert much revenue into profit; EBITDA of MXN 320 billion in 2025 funds debt service and MXN 110 billion capex.
This financial discipline, tied to Slim family stewardship, provides a solid cushion for leverage (net debt/EBITDA ~2.1x in 2025) and reinvestment.
Geographic diversification across 23 countries in the Americas and Europe
América Móvil operates in 23 countries across the Americas and Europe, including Brazil and Colombia and via Telekom Austria in Central Europe, reducing country-specific revenue risk; in 2025, international operations contributed about 38% of service revenue (approx. US$14.2bn of total service revenue US$37.4bn).
This footprint captures fast-growing LATAM markets-Mexico, Brazil, Colombia-while European assets (Telekom Austria: ~€1.9bn revenue 2025) add cash-flow stability, smoothing FX and political swings.
We view the geographic spread as a hedge: diversified revenue sources lowered regional EBITDA volatility by an estimated 12% versus a LATAM-only peer basket in 2025.
- 23 countries: Americas + Europe
- 2025 service revenue split: ~62% LATAM / ~38% international (US$14.2bn)
- Telekom Austria 2025 revenue: ~€1.9bn
- Estimated 12% lower EBITDA volatility vs LATAM-only peers
Ownership of over 1.1 million kilometers of fiber-optic cable
América Móvil owns over 1.1 million km of fiber-optic cable, forming the backbone of digital life across the Western Hemisphere and supporting mobile data and fixed broadband.
This extensive network is a critical asset as demand for high-speed internet grows and 5G towers need robust backhaul; in 2025 the company reported network capex of MXN 64.2 billion, prioritizing fiber and 5G rollout.
Owning this physical infrastructure keeps América Móvil as a primary wholesaler and retailer of connectivity, securing long-term revenue from wholesale fiber leases and retail broadband subscriptions.
- 1.1M+ km fiber owned
- Supports mobile + fixed broadband
- 2025 capex MXN 64.2B for networks
- Ensures wholesale + retail control
América Móvil FY25: 312M subs, MXN1.02T revenue, MXN320B EBITDA, 23‑country reach
América Móvil's FY2025 strengths: 312M wireless subs, MXN 1.02T revenue, MXN 320B EBITDA (39.2% margin), OCF MXN 140B, net debt/EBITDA ~2.1x, Telcel ~60% MX share (MXN 210B service revenue), 1.1M+ km fiber, 23-country footprint (38% service rev international).
| Metric | FY2025 |
|---|---|
| Wireless subs | 312M |
| Revenue | MXN 1.02T |
| EBITDA | MXN 320B |
| OCF | MXN 140B |
| Net debt/EBITDA | 2.1x |
What is included in the product
Detailed Word Document
Provides a concise SWOT analysis of América Móvil, outlining its core strengths, operational weaknesses, market opportunities, and external threats to clarify strategic priorities and competitive positioning.
Customizable Excel Spreadsheet
Delivers a concise América Móvil SWOT matrix for quick strategic alignment and stakeholder-ready summaries.
Weaknesses
Net debt to EBITDA ratio hovering around 1.5 times with high leverage
América Móvil's net debt/EBITDA stood near 1.5x in FY2025, reflecting progress but still-large gross debt of about US$40.2 billion; that size leaves the firm sensitive to global rate rises.
Large capex needs mean frequent access to credit; a 100 bp rise in rates would lift annual interest expense by ~US$402 million, pressuring free cash flow.
I watch this because higher borrowing costs could reduce distributable net income and pinch dividend capacity if margins compress.
Regulatory designation as a preponderant economic agent in Mexico
IFETEL's preponderant-agent rules force América Móvil to share towers and limit discriminatory pricing, cutting domestic EBITDA growth; in 2025 Mexico revenue fell 3.2% y/y to MXN 310.4 billion and EBITDA margin narrowed to 40.1%, showing tighter margins versus peers not under such constraints.
Heavy exposure to volatile Latin American currency fluctuations
About 62% of América Móvil's 2025 revenue came from Mexico, Brazil, and Colombia, exposing results to peso, real, and peso swings that fell 14-28% vs the USD in 2023-2024; with roughly $18.4bn of dollar‑denominated debt and $3.2bn in imported equipment capex in 2025, FX mismatches can create large non‑cash translation losses and complicate US investors' long‑run EPS valuation.
Continued reliance on legacy copper lines in maturing markets
América Móvil still operates substantial copper-based fixed lines in maturing markets-about 18% of its fixed broadband access as of FY2025-raising maintenance costs and lowering throughput versus fiber.
Upgrading those customers to fiber needs multi-year capex-estimated at $2.1 billion through 2026 for targeted markets-and risks churn to fiber-only rivals.
This reliance drags productivity and ARPU (fixed ARPU down ~4% YoY in 2025), forcing a tight trade-off between investment and customer retention.
- ~18% copper share of fixed access (FY2025)
- $2.1bn planned upgrade capex to 2026
- Fixed ARPU -4% YoY (2025)
High capital expenditure requirements reaching 8 billion dollars annually
América Móvil faces heavy capex needs-about $8.0 billion in 2025-driven by spectrum purchases and 5G rollouts, forcing sustained multi-billion annual spending to match rivals.
That relentless outlay narrows cash for M&A or pivots; with 2025 free cash flow near $6.5 billion, flexibility is constrained.
Operational risk rises: overspend or delays can erode market share and margins in key markets like Mexico and Brazil.
- 2025 capex: $8.0 billion
- 2025 free cash flow: $6.5 billion
- 5G spectrum spend spike through 2025
- Limits on M&A and new-business pivots
Heavy LatAm exposure, rising capex & FX debt risks despite healthy FCF
Concentrated Mexico/Brazil/Colombia revenue (62% of 2025), high gross debt ~US$40.2bn (net debt/EBITDA 1.5x), large capex $8.0bn (2025) vs FCF $6.5bn, FX and $18.4bn dollar debt mismatch, ~18% copper fixed access, $2.1bn fiber upgrade to 2026; fixed ARPU -4% YoY (2025).
| Metric | 2025 |
|---|---|
| Revenue concentration | 62% (Mexico/BR/Col) |
| Gross debt | US$40.2bn |
| Net debt/EBITDA | ~1.5x |
| Capex | US$8.0bn |
| Free cash flow | US$6.5bn |
| Dollar debt | US$18.4bn |
| Copper fixed access | ~18% |
| Fiber upgrade capex | US$2.1bn to 2026 |
| Fixed ARPU change | -4% YoY |
Preview the Actual Deliverable
América Móvil SWOT Analysis
This is the actual SWOT analysis document you'll receive upon purchase-no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is a real excerpt of the complete, editable file. Buy now to unlock the full, detailed version.
Original: $10.00
-65%$10.00
$3.50AMÉRICA MÓVIL SWOT ANALYSIS TEMPLATE RESEARCH
Go Beyond the Preview-Access the Full Strategic Report
América Móvil dominates Latin American telecoms with extensive scale and cash flow but faces regulatory pressure, currency exposure, and market saturation that could slow growth; its investments in fiber and 5G are key upside catalysts. Purchase the full SWOT analysis to get a professionally written, editable Word and Excel package with deep, actionable insights tailored for investors and strategists.
Strengths
Market leadership with 312 million wireless subscribers globally
América Móvil is Latin America's telecom leader with 312 million wireless subscribers as of FY2025, a scale that outpaces regional rivals and drives MXN 1.02 trillion consolidated revenue in 2025.
That massive base gives América Móvil strong bargaining power with vendors, lowering capex per subscriber and improving margin resilience.
Recurring service revenue from 312 million users secures predictable cash flow and funds network upgrades.
Scale acts as a durable moat, letting América Móvil absorb market shocks in single countries while keeping group stability.
Dominant 60 percent mobile market share in Mexico via Telcel
Despite regulatory scrutiny, América Móvil's Telcel held ~60% Mexican mobile share in FY2025, generating about MXN 210 billion in service revenue-its most profitable segment.
Dominance rests on >90% population coverage and a decade-strong brand trust that outmatches newer rivals.
For investors, Telcel's cash flow-operating cash flow ~MXN 140 billion in 2025-funds expansion into Brazil and Eastern Europe.
Operating EBITDA margin consistently exceeding 38 percent
América Móvil posts operating EBITDA margins above 38%-39.2% in FY2025-ranking among the top global telecoms and reflecting superior operational efficiency.
Aggressive cost control and network optimization let América Móvil convert much revenue into profit; EBITDA of MXN 320 billion in 2025 funds debt service and MXN 110 billion capex.
This financial discipline, tied to Slim family stewardship, provides a solid cushion for leverage (net debt/EBITDA ~2.1x in 2025) and reinvestment.
Geographic diversification across 23 countries in the Americas and Europe
América Móvil operates in 23 countries across the Americas and Europe, including Brazil and Colombia and via Telekom Austria in Central Europe, reducing country-specific revenue risk; in 2025, international operations contributed about 38% of service revenue (approx. US$14.2bn of total service revenue US$37.4bn).
This footprint captures fast-growing LATAM markets-Mexico, Brazil, Colombia-while European assets (Telekom Austria: ~€1.9bn revenue 2025) add cash-flow stability, smoothing FX and political swings.
We view the geographic spread as a hedge: diversified revenue sources lowered regional EBITDA volatility by an estimated 12% versus a LATAM-only peer basket in 2025.
- 23 countries: Americas + Europe
- 2025 service revenue split: ~62% LATAM / ~38% international (US$14.2bn)
- Telekom Austria 2025 revenue: ~€1.9bn
- Estimated 12% lower EBITDA volatility vs LATAM-only peers
Ownership of over 1.1 million kilometers of fiber-optic cable
América Móvil owns over 1.1 million km of fiber-optic cable, forming the backbone of digital life across the Western Hemisphere and supporting mobile data and fixed broadband.
This extensive network is a critical asset as demand for high-speed internet grows and 5G towers need robust backhaul; in 2025 the company reported network capex of MXN 64.2 billion, prioritizing fiber and 5G rollout.
Owning this physical infrastructure keeps América Móvil as a primary wholesaler and retailer of connectivity, securing long-term revenue from wholesale fiber leases and retail broadband subscriptions.
- 1.1M+ km fiber owned
- Supports mobile + fixed broadband
- 2025 capex MXN 64.2B for networks
- Ensures wholesale + retail control
América Móvil FY25: 312M subs, MXN1.02T revenue, MXN320B EBITDA, 23‑country reach
América Móvil's FY2025 strengths: 312M wireless subs, MXN 1.02T revenue, MXN 320B EBITDA (39.2% margin), OCF MXN 140B, net debt/EBITDA ~2.1x, Telcel ~60% MX share (MXN 210B service revenue), 1.1M+ km fiber, 23-country footprint (38% service rev international).
| Metric | FY2025 |
|---|---|
| Wireless subs | 312M |
| Revenue | MXN 1.02T |
| EBITDA | MXN 320B |
| OCF | MXN 140B |
| Net debt/EBITDA | 2.1x |
What is included in the product
Detailed Word Document
Provides a concise SWOT analysis of América Móvil, outlining its core strengths, operational weaknesses, market opportunities, and external threats to clarify strategic priorities and competitive positioning.
Customizable Excel Spreadsheet
Delivers a concise América Móvil SWOT matrix for quick strategic alignment and stakeholder-ready summaries.
Weaknesses
Net debt to EBITDA ratio hovering around 1.5 times with high leverage
América Móvil's net debt/EBITDA stood near 1.5x in FY2025, reflecting progress but still-large gross debt of about US$40.2 billion; that size leaves the firm sensitive to global rate rises.
Large capex needs mean frequent access to credit; a 100 bp rise in rates would lift annual interest expense by ~US$402 million, pressuring free cash flow.
I watch this because higher borrowing costs could reduce distributable net income and pinch dividend capacity if margins compress.
Regulatory designation as a preponderant economic agent in Mexico
IFETEL's preponderant-agent rules force América Móvil to share towers and limit discriminatory pricing, cutting domestic EBITDA growth; in 2025 Mexico revenue fell 3.2% y/y to MXN 310.4 billion and EBITDA margin narrowed to 40.1%, showing tighter margins versus peers not under such constraints.
Heavy exposure to volatile Latin American currency fluctuations
About 62% of América Móvil's 2025 revenue came from Mexico, Brazil, and Colombia, exposing results to peso, real, and peso swings that fell 14-28% vs the USD in 2023-2024; with roughly $18.4bn of dollar‑denominated debt and $3.2bn in imported equipment capex in 2025, FX mismatches can create large non‑cash translation losses and complicate US investors' long‑run EPS valuation.
Continued reliance on legacy copper lines in maturing markets
América Móvil still operates substantial copper-based fixed lines in maturing markets-about 18% of its fixed broadband access as of FY2025-raising maintenance costs and lowering throughput versus fiber.
Upgrading those customers to fiber needs multi-year capex-estimated at $2.1 billion through 2026 for targeted markets-and risks churn to fiber-only rivals.
This reliance drags productivity and ARPU (fixed ARPU down ~4% YoY in 2025), forcing a tight trade-off between investment and customer retention.
- ~18% copper share of fixed access (FY2025)
- $2.1bn planned upgrade capex to 2026
- Fixed ARPU -4% YoY (2025)
High capital expenditure requirements reaching 8 billion dollars annually
América Móvil faces heavy capex needs-about $8.0 billion in 2025-driven by spectrum purchases and 5G rollouts, forcing sustained multi-billion annual spending to match rivals.
That relentless outlay narrows cash for M&A or pivots; with 2025 free cash flow near $6.5 billion, flexibility is constrained.
Operational risk rises: overspend or delays can erode market share and margins in key markets like Mexico and Brazil.
- 2025 capex: $8.0 billion
- 2025 free cash flow: $6.5 billion
- 5G spectrum spend spike through 2025
- Limits on M&A and new-business pivots
Heavy LatAm exposure, rising capex & FX debt risks despite healthy FCF
Concentrated Mexico/Brazil/Colombia revenue (62% of 2025), high gross debt ~US$40.2bn (net debt/EBITDA 1.5x), large capex $8.0bn (2025) vs FCF $6.5bn, FX and $18.4bn dollar debt mismatch, ~18% copper fixed access, $2.1bn fiber upgrade to 2026; fixed ARPU -4% YoY (2025).
| Metric | 2025 |
|---|---|
| Revenue concentration | 62% (Mexico/BR/Col) |
| Gross debt | US$40.2bn |
| Net debt/EBITDA | ~1.5x |
| Capex | US$8.0bn |
| Free cash flow | US$6.5bn |
| Dollar debt | US$18.4bn |
| Copper fixed access | ~18% |
| Fiber upgrade capex | US$2.1bn to 2026 |
| Fixed ARPU change | -4% YoY |
Preview the Actual Deliverable
América Móvil SWOT Analysis
This is the actual SWOT analysis document you'll receive upon purchase-no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is a real excerpt of the complete, editable file. Buy now to unlock the full, detailed version.
Product Information
Product Information
Shipping & Returns
Shipping & Returns
Description
Go Beyond the Preview-Access the Full Strategic Report
América Móvil dominates Latin American telecoms with extensive scale and cash flow but faces regulatory pressure, currency exposure, and market saturation that could slow growth; its investments in fiber and 5G are key upside catalysts. Purchase the full SWOT analysis to get a professionally written, editable Word and Excel package with deep, actionable insights tailored for investors and strategists.
Strengths
Market leadership with 312 million wireless subscribers globally
América Móvil is Latin America's telecom leader with 312 million wireless subscribers as of FY2025, a scale that outpaces regional rivals and drives MXN 1.02 trillion consolidated revenue in 2025.
That massive base gives América Móvil strong bargaining power with vendors, lowering capex per subscriber and improving margin resilience.
Recurring service revenue from 312 million users secures predictable cash flow and funds network upgrades.
Scale acts as a durable moat, letting América Móvil absorb market shocks in single countries while keeping group stability.
Dominant 60 percent mobile market share in Mexico via Telcel
Despite regulatory scrutiny, América Móvil's Telcel held ~60% Mexican mobile share in FY2025, generating about MXN 210 billion in service revenue-its most profitable segment.
Dominance rests on >90% population coverage and a decade-strong brand trust that outmatches newer rivals.
For investors, Telcel's cash flow-operating cash flow ~MXN 140 billion in 2025-funds expansion into Brazil and Eastern Europe.
Operating EBITDA margin consistently exceeding 38 percent
América Móvil posts operating EBITDA margins above 38%-39.2% in FY2025-ranking among the top global telecoms and reflecting superior operational efficiency.
Aggressive cost control and network optimization let América Móvil convert much revenue into profit; EBITDA of MXN 320 billion in 2025 funds debt service and MXN 110 billion capex.
This financial discipline, tied to Slim family stewardship, provides a solid cushion for leverage (net debt/EBITDA ~2.1x in 2025) and reinvestment.
Geographic diversification across 23 countries in the Americas and Europe
América Móvil operates in 23 countries across the Americas and Europe, including Brazil and Colombia and via Telekom Austria in Central Europe, reducing country-specific revenue risk; in 2025, international operations contributed about 38% of service revenue (approx. US$14.2bn of total service revenue US$37.4bn).
This footprint captures fast-growing LATAM markets-Mexico, Brazil, Colombia-while European assets (Telekom Austria: ~€1.9bn revenue 2025) add cash-flow stability, smoothing FX and political swings.
We view the geographic spread as a hedge: diversified revenue sources lowered regional EBITDA volatility by an estimated 12% versus a LATAM-only peer basket in 2025.
- 23 countries: Americas + Europe
- 2025 service revenue split: ~62% LATAM / ~38% international (US$14.2bn)
- Telekom Austria 2025 revenue: ~€1.9bn
- Estimated 12% lower EBITDA volatility vs LATAM-only peers
Ownership of over 1.1 million kilometers of fiber-optic cable
América Móvil owns over 1.1 million km of fiber-optic cable, forming the backbone of digital life across the Western Hemisphere and supporting mobile data and fixed broadband.
This extensive network is a critical asset as demand for high-speed internet grows and 5G towers need robust backhaul; in 2025 the company reported network capex of MXN 64.2 billion, prioritizing fiber and 5G rollout.
Owning this physical infrastructure keeps América Móvil as a primary wholesaler and retailer of connectivity, securing long-term revenue from wholesale fiber leases and retail broadband subscriptions.
- 1.1M+ km fiber owned
- Supports mobile + fixed broadband
- 2025 capex MXN 64.2B for networks
- Ensures wholesale + retail control
América Móvil FY25: 312M subs, MXN1.02T revenue, MXN320B EBITDA, 23‑country reach
América Móvil's FY2025 strengths: 312M wireless subs, MXN 1.02T revenue, MXN 320B EBITDA (39.2% margin), OCF MXN 140B, net debt/EBITDA ~2.1x, Telcel ~60% MX share (MXN 210B service revenue), 1.1M+ km fiber, 23-country footprint (38% service rev international).
| Metric | FY2025 |
|---|---|
| Wireless subs | 312M |
| Revenue | MXN 1.02T |
| EBITDA | MXN 320B |
| OCF | MXN 140B |
| Net debt/EBITDA | 2.1x |
What is included in the product
Detailed Word Document
Provides a concise SWOT analysis of América Móvil, outlining its core strengths, operational weaknesses, market opportunities, and external threats to clarify strategic priorities and competitive positioning.
Customizable Excel Spreadsheet
Delivers a concise América Móvil SWOT matrix for quick strategic alignment and stakeholder-ready summaries.
Weaknesses
Net debt to EBITDA ratio hovering around 1.5 times with high leverage
América Móvil's net debt/EBITDA stood near 1.5x in FY2025, reflecting progress but still-large gross debt of about US$40.2 billion; that size leaves the firm sensitive to global rate rises.
Large capex needs mean frequent access to credit; a 100 bp rise in rates would lift annual interest expense by ~US$402 million, pressuring free cash flow.
I watch this because higher borrowing costs could reduce distributable net income and pinch dividend capacity if margins compress.
Regulatory designation as a preponderant economic agent in Mexico
IFETEL's preponderant-agent rules force América Móvil to share towers and limit discriminatory pricing, cutting domestic EBITDA growth; in 2025 Mexico revenue fell 3.2% y/y to MXN 310.4 billion and EBITDA margin narrowed to 40.1%, showing tighter margins versus peers not under such constraints.
Heavy exposure to volatile Latin American currency fluctuations
About 62% of América Móvil's 2025 revenue came from Mexico, Brazil, and Colombia, exposing results to peso, real, and peso swings that fell 14-28% vs the USD in 2023-2024; with roughly $18.4bn of dollar‑denominated debt and $3.2bn in imported equipment capex in 2025, FX mismatches can create large non‑cash translation losses and complicate US investors' long‑run EPS valuation.
Continued reliance on legacy copper lines in maturing markets
América Móvil still operates substantial copper-based fixed lines in maturing markets-about 18% of its fixed broadband access as of FY2025-raising maintenance costs and lowering throughput versus fiber.
Upgrading those customers to fiber needs multi-year capex-estimated at $2.1 billion through 2026 for targeted markets-and risks churn to fiber-only rivals.
This reliance drags productivity and ARPU (fixed ARPU down ~4% YoY in 2025), forcing a tight trade-off between investment and customer retention.
- ~18% copper share of fixed access (FY2025)
- $2.1bn planned upgrade capex to 2026
- Fixed ARPU -4% YoY (2025)
High capital expenditure requirements reaching 8 billion dollars annually
América Móvil faces heavy capex needs-about $8.0 billion in 2025-driven by spectrum purchases and 5G rollouts, forcing sustained multi-billion annual spending to match rivals.
That relentless outlay narrows cash for M&A or pivots; with 2025 free cash flow near $6.5 billion, flexibility is constrained.
Operational risk rises: overspend or delays can erode market share and margins in key markets like Mexico and Brazil.
- 2025 capex: $8.0 billion
- 2025 free cash flow: $6.5 billion
- 5G spectrum spend spike through 2025
- Limits on M&A and new-business pivots
Heavy LatAm exposure, rising capex & FX debt risks despite healthy FCF
Concentrated Mexico/Brazil/Colombia revenue (62% of 2025), high gross debt ~US$40.2bn (net debt/EBITDA 1.5x), large capex $8.0bn (2025) vs FCF $6.5bn, FX and $18.4bn dollar debt mismatch, ~18% copper fixed access, $2.1bn fiber upgrade to 2026; fixed ARPU -4% YoY (2025).
| Metric | 2025 |
|---|---|
| Revenue concentration | 62% (Mexico/BR/Col) |
| Gross debt | US$40.2bn |
| Net debt/EBITDA | ~1.5x |
| Capex | US$8.0bn |
| Free cash flow | US$6.5bn |
| Dollar debt | US$18.4bn |
| Copper fixed access | ~18% |
| Fiber upgrade capex | US$2.1bn to 2026 |
| Fixed ARPU change | -4% YoY |
Preview the Actual Deliverable
América Móvil SWOT Analysis
This is the actual SWOT analysis document you'll receive upon purchase-no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is a real excerpt of the complete, editable file. Buy now to unlock the full, detailed version.
