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MOORE GEOFFREY

Disclosed activity across 1 company

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40173
SEC CIK
0001247627

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
NLIGHT, INC.LASR · Entity 4397DirectorSeptember 15, 2026September 17, 2026

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

NLIGHT, INC.

Report date September 15, 2026 · Filed September 17, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect85,717 Reported balance After 2026-09-15 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-09-15 · Sale · Disposed 4,452 · Balance 85,717

F1: This reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2026.

F2: The reported transaction involves sale transactions from $38.45 to $38.45 per share. The weighted average price per share was $38.45. The Reporting Person undertakes to provide upon request by the SEC staff, the Issuer or a security holder of the Issuer, information regarding the number of shares sold at each separate price.

F3: Includes common stock owned and unvested restricted stock units.

Filing footnotes · ownership attribution and instrument terms

F1: This reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2026.

F2: The reported transaction involves sale transactions from $38.45 to $38.45 per share. The weighted average price per share was $38.45. The Reporting Person undertakes to provide upon request by the SEC staff, the Issuer or a security holder of the Issuer, information regarding the number of shares sold at each separate price.

F3: Includes common stock owned and unvested restricted stock units.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
September 15, 2026 Filed Sep 17, 2026 21:21 UTC NLIGHT, INC. LASR · Entity 4397 SaleCommon Stock 4,452 $38.45 $171,179.40
Disclosure

SEC source: 0001628280-26-062581 · wk-form4_1789680073.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 85,717

F1 · shares: This reported sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 15, 2026.

F2 · price: The reported transaction involves sale transactions from $38.45 to $38.45 per share. The weighted average price per share was $38.45. The Reporting Person undertakes to provide upon request by the SEC staff, the Issuer or a security holder of the Issuer, information regarding the number of shares sold at each separate price.

F3 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
June 05, 2026 Filed Jun 10, 2026 00:01 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 2,429 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-042023 · wk-form4_1781049659.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 90,169

F1 · shares: The number of restricted stock units issued represents the quotient of (A) annual RSU compensation for service on the Issuer's board of directors divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on the earlier of June 5, 2027, or the day prior to the date of the 2027 annual meeting, subject to the non-employee director continuing to be a service provider through the applicable vesting date.

F2 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
January 02, 2026 Filed Jan 6, 2026 23:51 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 1,094 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-001001 · wk-form4_1767743477.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 87,740

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2026 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

F2 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
June 10, 2025 Filed Jun 13, 2025 01:21 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 4,634 $0.00 $0.00
Disclosure

SEC source: 0001124796-25-000089 · wk-form4_1749777699.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 86,646

F1 · shares: The number of restricted stock units issued represents the quotient of (A) annual RSU compensation for service on the Issuer's board of directors divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on the earlier of June 10, 2026, or the day prior to the date of the 2026 annual meeting, subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
January 02, 2025 Filed Jan 7, 2025 01:56 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 4,182 $0.00 $0.00
Disclosure

SEC source: 0001124796-25-000004 · wk-form4_1736214977.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,012

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2025 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 06, 2024 Filed Jun 10, 2024 16:48 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 6,644 $12.04 $79,993.76
Disclosure

SEC source: 0001124796-24-000082 · wk-form4_1718038106.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 77,830

F1 · shares: Grant of restricted stock units vesting 100% on the earlier of June 6, 2025, or the day prior to the date of the 2025 annual meeting, subject to the Director's continued service with the Company through the vesting date.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionStock Option (Right to Buy) · Derivative 10,000 $0.00 Strike: $1.45 $0.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · derivative · entry 8

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 10,000 shares

Expires 2027-05-26

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The shares subject to the option are fully vested and exercisable.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionStock Option (Right to Buy) · Derivative 15,000 $0.00 Strike: $1.10 $0.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · derivative · entry 7

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 15,000 shares

Expires 2026-09-13

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The shares subject to the option are fully vested and exercisable.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionStock Option (Right to Buy) · Derivative 35,830 $0.00 Strike: $0.75 $0.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · derivative · entry 6

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 35,830 shares

Expires 2025-04-18

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The shares subject to the option are fully vested and exercisable.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionStock Option (Right to Buy) · Derivative 16,760 $0.00 Strike: $0.75 $0.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · derivative · entry 5

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 16,760 shares

Expires 2025-02-26

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The shares subject to the option are fully vested and exercisable.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 SaleCommon Stock 38,796 $13.14 $509,794.96
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · nonDerivative · entry 4

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 71,186

F2 · price: The reported transaction involves sale transactions from $13.11 to $13.23 per share. The weighted average price per share was $13.14. The Reporting Person undertakes to provide upon request by the SEC staff, the Issuer or a security holder of the Issuer information regarding the number of shares sold at each separate price.

F1 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionCommon Stock 10,000 $1.45 $14,500.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · nonDerivative · entry 3

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 109,982

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionCommon Stock 15,000 $1.10 $16,500.00
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · nonDerivative · entry 2

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 99,982

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
May 16, 2024 Filed May 21, 2024 00:49 UTC NLIGHT, INC. LASR · Entity 4397 Exercise / conversionCommon Stock 52,590 $0.75 $39,442.50
Disclosure

SEC source: 0001124796-24-000066 · wk-form4_1716252545.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 84,982

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · balance_after: Includes common stock owned and unvested restricted stock units.

Read SEC document
January 02, 2024 Filed Jan 5, 2024 01:30 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 3,295 $0.00 $0.00
Disclosure

SEC source: 0001124796-24-000007 · wk-form4_1704418242.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 32,392

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2024 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 08, 2023 Filed Jun 12, 2023 23:44 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 5,449 $14.68 $79,991.32
Disclosure

SEC source: 0001124796-23-000060 · wk-form4_1686613433.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,097

F1 · shares: Grant of restricted stock units vesting 100% on the earlier of June 8, 2024, or the day prior to the date of the 2024 annual meeting, subject to the Director's continued service with the Company through the vesting date.

Read SEC document
January 03, 2023 Filed Jan 5, 2023 21:34 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 3,533 $0.00 $0.00
Disclosure

SEC source: 0001124796-23-000012 · wf-form4_167295443497014.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,648

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2023 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 09, 2022 Filed Jun 13, 2022 21:04 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 5,899 $13.56 $79,990.44
Disclosure

SEC source: 0001124796-22-000089 · wf-form4_165515425164183.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,115

F1 · shares: Grant of restricted stock units vesting 100% on the earlier of June 9, 2023, or the day prior to the date of the 2023 annual meeting, subject to the Director's continued service with the Company through the vesting date.

Read SEC document
January 03, 2022 Filed Jan 6, 2022 18:07 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 1,466 $0.00 $0.00
Disclosure

SEC source: 0001124796-22-000006 · wf-form4_164149246558500.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,216

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2022 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 10, 2021 Filed Jun 15, 2021 00:37 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 298 $0.00 $0.00
Disclosure

SEC source: 0001124796-21-000117 · wf-form4_162371740958525.xml · nonDerivative · entry 2

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,750

F2 · shares: Grant of restricted stock units vesting 100% on December 31, 2021 subject to the Director's continued service with the Company through the vesting date.

Read SEC document
June 10, 2021 Filed Jun 15, 2021 00:37 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 2,861 $0.00 $0.00
Disclosure

SEC source: 0001124796-21-000117 · wf-form4_162371740958525.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,452

F1 · shares: Grant of restricted stock units vesting 100% on the earlier of June 10, 2022, or the day prior to the date of the 2022 annual meeting, subject to the Director's continued service with the Company through the vesting date.

Read SEC document
January 04, 2021 Filed Jan 6, 2021 21:04 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 684 $0.00 $0.00
Disclosure

SEC source: 0001124796-21-000012 · wf-form4_160996704042840.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,591

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the grant date, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2021 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 04, 2020 Filed Jun 8, 2020 22:33 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 1,667 $0.00 $0.00
Disclosure

SEC source: 0001124796-20-000090 · wf-form4_159165561392971.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,907

F1 · shares: Grant of restricted stock units vesting 100% on earlier of June 4, 2021 or the day prior to the date of the annual meeting, subject to continued service with the Company through the vesting date.

Read SEC document
January 02, 2020 Filed Jan 6, 2020 23:23 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 1,088 $0.00 $0.00
Disclosure

SEC source: 0001124796-20-000006 · wf-form4_157835296750673.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,240

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's common stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the date such fees would otherwise be paid, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2020 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
June 07, 2019 Filed Jun 11, 2019 21:26 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 2,095 $0.00 $0.00
Disclosure

SEC source: 0001124796-19-000082 · wf-form4_156028840211334.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,152

F1 · shares: Grant of restricted stock units vesting 100% on earlier of June 7, 2020 or the day prior to the date of the annual meeting, subject to continued service with the Company through the vesting date.

Read SEC document
January 02, 2019 Filed Jan 4, 2019 22:57 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 1,097 $0.00 $0.00
Disclosure

SEC source: 0001124796-19-000008 · wf-form4_154664263085875.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,057

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's Common Stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the date such fees would otherwise be paid, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2019 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

Read SEC document
July 02, 2018 Filed Jul 6, 2018 00:17 UTC NLIGHT, INC. LASR · Entity 4397 GrantCommon Stock 460 $0.00 $0.00
Disclosure

SEC source: 0001124796-18-000014 · wf-form4_153083621206898.xml · nonDerivative · entry 1

MOORE GEOFFREY · CIK 0001247627 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,960

F1 · shares: The reporting person has elected to receive restricted stock units in lieu of cash retainer fees payable for service on the Issuer's board of directors and any committees thereof. Each restricted stock unit represents a contingent right to receive, following vesting, one share of the Issuer's Common Stock. The number of restricted stock units issued represents the quotient of (A) the amount of such fees divided by (B) the Issuer's closing stock price on the date such fees would otherwise be paid, rounded down to the nearest whole share. All restricted stock units will vest on December 31, 2018 subject to the non-employee director continuing to be a service provider through the applicable vesting date.

F2 · balance_after: Amount includes 2,500 restricted stock units previously reported as derivative securities in Table II of the reporting person's Form 3 filed on April 25, 2018.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.