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General information

Country: MONACO

Sector: Marine Shipping

Navios Maritime Partners L.P. owns and operates dry cargo vessels in Asia, Europe, North America, and Australia. The company offers seaborne transportation services for a range of dry cargo commodities, including iron ore, coal, grain, and fertilizers, as well as charters its vessels under medium to long-term charters. As of February 10, 2020, it operated a fleet of 48 vessels with a carrying capacity of 4.9 million dwt, including 48,061 twenty-foot equivalent units. Navios GP L.L.C. serves as the general partner of Navios Maritime Partners L.P. The company was founded in 2007 and is based in Monaco.
Website: navios-mlp.com



Growth: Good revenue growth rate 84.9%, there is acceleration compared to average historical growth rates 78.5%. The revenue growth dynamics is moderately stable

Profitability: LTM EBITDA margin is positive, +65.8%. On average the margin is decreasing unsteadily. Gross margin is high, +46.4%. In the last quarter the company did not beat the estimated EPS, -32.6%. The company was ahead of estimated EPS in 0% of quarters (showing a gain of -$0.94 per share on average)

Cash Flow Generation: Dividend yield for the last twelve months 0.5%. Free cash flow yield -32.1% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 114.1% higher than minimum and 8.9% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 8.7x by EV / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: NMM
Share price, USD:  (-0.1%)41.33
year average price 26.67  


year start price 23.15 2023-04-22

min close price 19.30 2023-05-31

max close price 45.36 2024-03-12

current price 41.33 2024-04-20
Common stocks: 30 154 171

Dividend Yield:  0.5%
FCF Yield LTM: -32.1%
EV / LTM EBITDA: 3.3x
EV / EBITDA annualized: 3.1x
Last revenue growth (y/y):  84.9%
Last growth of EBITDA (y/y):  34.9%
Historical revenue growth:  78.5%
Historical growth of EBITDA:  76.3%
EV / Sales: 2.2x
Margin (EBITDA LTM / Revenue): 65.8%
Fundamental value created in LTM:
Market Cap ($m): 1 246
Net Debt ($m): 943
EV (Enterprise Value): 2 189
Price to Book: 0.5x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2024-04-03Zacks Investment Research

Navios Maritime Partners (NMM) Is Attractively Priced Despite Fast-paced Momentum

2024-04-03Zacks Investment Research

Recent Price Trend in Navios Maritime Partners (NMM) is Your Friend, Here's Why

2024-04-02Zacks Investment Research

Navios Maritime Partners LP (NMM) Is Up 2.28% in One Week: What You Should Know

2024-03-26Zacks Investment Research

Is Navios Maritime Partners (NMM) Outperforming Other Transportation Stocks This Year?

2024-03-18Zacks Investment Research

Navios Maritime Partners LP (NMM) Shows Fast-paced Momentum But Is Still a Bargain Stock

2024-03-18Zacks Investment Research

Navios Maritime Partners LP (NMM) Is a Great Choice for 'Trend' Investors, Here's Why

2024-03-15Zacks Investment Research

Are You Looking for a Top Momentum Pick? Why Navios Maritime Partners LP (NMM) is a Great Choice

2024-03-07Zacks Investment Research

Are Investors Undervaluing Navios Maritime Partners (NMM) Right Now?

2024-03-01Zacks Investment Research

What Makes Navios Maritime Partners LP (NMM) a New Buy Stock

2024-03-01Zacks Investment Research

Navios Maritime Partners LP (NMM) Hits Fresh High: Is There Still Room to Run?
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30
symbol NMM NMM NMM NMM NMM NMM NMM
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-04-03 2023-09-30 2023-06-30 2023-03-31 2023-03-24 2022-09-30 2022-06-30
acceptedDate 2024-04-03 17:23:37 2023-09-29 20:00:00 2023-06-30 00:00:00 2023-03-31 00:00:00 2023-03-24 16:14:33 2022-09-29 20:00:00 2022-06-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
revenue 327M 323M 347M 310M 371M 322M 281M
costOfRevenue 115M 193M 196M 192M 210M 189M 150M
grossProfit 212M 130M 151M 118M 161M 133M 130M
grossProfitRatio 0.649 0.402 0.434 0.381 0.435 0.414 0.464
researchAndDevelopmentExpenses 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 21M 20M 21M 19M 23M 16M 14M
sellingAndMarketingExpenses 83M 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 104M 20M 21M 19M 23M 16M 14M
otherExpenses 54M 681 000 3M 1M 7M 0 0
operatingExpenses 104M 20M 21M 19M 23M 16M 14M
costAndExpenses 219M 213M 217M 211M 233M 205M 164M
interestIncome 3M 3M 2M 2M 758 000 74 000 22 000
interestExpense 33M 32M 33M 36M 33M 22M 15M
depreciationAndAmortization 69M 57M 57M 57M 61M 61M 41M
ebitda 177M 172M 192M 158M 206M 197M 174M
ebitdaratio 0.542 0.531 0.554 0.511 0.556 0.610 0.621
operatingIncome 108M 114M 135M 101M 146M 136M 116M
operatingIncomeRatio 0.331 0.354 0.391 0.327 0.393 0.421 0.414
totalOtherIncomeExpensesNet 24M 8M 13M -2M -27M 121M 2M
incomeBeforeTax 132M 90M 112M 99M 118M 257M 118M
incomeBeforeTaxRatio 0.405 0.278 0.324 0.320 0.319 0.798 0.421
incomeTaxExpense 3M 33M 36M -33M -6M 22M 0
netIncome 132M 90M 112M 133M 118M 257M 118M
netIncomeRatio 0.405 0.278 0.324 0.428 0.319 0.798 0.421
eps 4.300 2.920 3.720 4.390 -14.980 8.360 3.840
epsdiluted 4.300 2.910 3.720 4.390 -14.960 8.350 3.830
weightedAverageShsOut 30M 30M 30M 30M 30M 30M 30M
weightedAverageShsOutDil 30M 31M 30M 30M 30M 30M 30M
link Link Link
finalLink Link Link

Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30
symbol NMM NMM NMM NMM NMM NMM NMM
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-04-03 2023-09-30 2023-06-30 2023-03-31 2023-03-24 2022-09-30 2022-06-30
acceptedDate 2024-04-03 17:23:37 2023-09-29 20:00:00 2023-06-30 00:00:00 2023-03-31 00:00:00 2023-03-24 16:14:33 2022-09-29 20:00:00 2022-06-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
cashAndCashEquivalents 249M 261M 261M 197M 158M 92M 163M
shortTermInvestments 47M 0 0 0 0 0 0
cashAndShortTermInvestments 296M 261M 261M 197M 158M 92M 163M
netReceivables 51M 40M 34M 44M 88M 62M 83M
inventory 38M 22M 9M 16M 33M 34M 26M
otherCurrentAssets 15M 61M 60M 61M 6M 7M 20M
totalCurrentAssets 400M 383M 364M 318M 310M 240M 293M
propertyPlantEquipmentNet 4 440M 4 414M 4 349M 4 006M 4 100M 4 264M 3 130M
goodwill 0 0 0 0 0 0 0
intangibleAssets 60M 65M 70M 74M 79M 86M 88M
goodwillAndIntangibleAssets 60M 65M 70M 74M 79M 86M 88M
longTermInvestments 40M 0 0 0 0 0 0
taxAssets 0 0 0 0 0 0 0
otherNonCurrentAssets 208M 193M 183M 438M 406M 184M 168M
totalNonCurrentAssets 4 748M 4 673M 4 602M 4 518M 4 585M 4 535M 3 386M
otherAssets 0 0 0 0 0 0 0
totalAssets 5 148M 5 056M 4 966M 4 836M 4 896M 4 775M 3 679M
accountPayables 25M 17M 19M 22M 25M 31M 29M
shortTermDebt 315M 184M 195M 198M 214M 211M 155M
taxPayables 0 0 0 0 0 0 0
deferredRevenue 63M 63M 59M 47M 39M 31M 24M
otherCurrentLiabilities 56M 197M 167M 225M 340M 325M 101M
totalCurrentLiabilities 460M 462M 441M 492M 618M 598M 310M
longTermDebt 1 576M 1 030M 1 019M 914M 961M 1 033M 951M
deferredRevenueNonCurrent 64M 57M 54M 51M 50M 0 0
deferredTaxLiabilitiesNonCurrent 241M 0 0 0 0 0 0
otherNonCurrentLiabilities 37M 868M 901M 938M 924M 1 677M 447M
totalNonCurrentLiabilities 1 918M 1 955M 1 973M 1 903M 1 935M 1 950M 1 399M
otherLiabilities 0 0 0 0 0 0 0
capitalLeaseObligations 241M 280M 291M 301M 311M 321M 318M
totalLiabilities 2 377M 2 416M 2 414M 2 395M 2 553M 2 548M 1 709M
preferredStock 0 0 0 0 0 0 0
commonStock 2 724M 2 640M 0 0 0 0 0
retainedEarnings 0 0 0 0 0 0 0
accumulatedOtherComprehensiveIncomeLoss 0 0 0 0 0 0 0
othertotalStockholdersEquity 0 0 0 0 2 343M -54M 0
totalStockholdersEquity 2 724M 2 640M 2 551M 2 441M 2 343M -54M -54M
totalEquity 2 770M 2 640M 2 551M 2 441M 2 343M -54M -54M
totalLiabilitiesAndStockholdersEquity 5 148M 5 056M 4 966M 4 836M 2 553M 2 495M 1 655M
minorityInterest 46M 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 5 148M 5 056M 4 966M 4 836M 2 553M 2 495M 1 655M
totalInvestments 87M 0 0 0 0 0 0
totalDebt 2 132M 1 214M 1 214M 1 112M 1 175M 1 244M 1 107M
netDebt 1 883M 953M 953M 914M 1 017M 1 152M 943M
link Link Link
finalLink Link Link

Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30
symbol NMM NMM NMM NMM NMM NMM NMM
reportedCurrency USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M
fillingDate 2024-04-03 2023-09-30 2023-06-30 2023-03-31 2023-03-24 2022-09-30 2022-06-30
acceptedDate 2024-04-03 17:23:37 2023-09-29 20:00:00 2023-06-30 00:00:00 2023-03-31 00:00:00 2023-03-24 16:14:33 2022-09-29 20:00:00 2022-06-29 20:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2022.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
netIncome 130M 90M 112M 99M 118M 257M 118M
depreciationAndAmortization 69M 57M 57M 57M 61M 61M 41M
deferredIncomeTax -176M -7M -10M 0 0 0 0
stockBasedCompensation 1000.000 1000.000 1000.000 1000.000 32 000 40 000 40 000
changeInWorkingCapital 37M -20M -23M -28M -30M 71M -10M
accountsReceivables -4M -7M 12M 31M -25M -4M -3M
inventory 35M -2M -26M 0 0 0 0
accountsPayables 8M -2M -3M -5M -4M -654 000 4M
otherWorkingCapital -2M -9M -6M -55M -919 000 75M 5M
otherNonCashItems 146M 395 000 -2M -33M -9M -170M -8M
netCashProvidedByOperatingActivities 206M 120M 134M 95M 140M 219M 142M
investmentsInPropertyPlantAndEquipment -155M -126M -71M -113M -120M -429M -40M
acquisitionsNet 0 0 0 0 0 0 0
purchasesOfInvestments 0 0 0 0 0 0 0
salesMaturitiesOfInvestments 0 0 0 0 0 0 0
otherInvestingActivites -24M 22M 58M 158M 69M 225M 0
netCashUsedForInvestingActivites -179M -104M -13M 44M -51M -204M -40M
debtRepayment -115M -72M -463M -173M -154M -287M -113M
commonStockIssued 0 0 0 0 0 0 0
commonStockRepurchased 0 0 0 0 0 0 0
dividendsPaid -2M -2M -2M -2M -2M -2M -2M
otherFinancingActivites -858 000 57M 400M 73M 131M 209M 79M
netCashUsedProvidedByFinancingActivities -49M -17M -64M -101M -25M -80M -35M
effectOfForexChangesOnCash 48M 0 0 0 0 0 0
netChangeInCash -20M -879 000 57M 38M 65M -64M 66M
cashAtEndOfPeriod 249M 269M 270M 213M 175M 110M 175M
cashAtBeginningOfPeriod 269M 270M 213M 175M 110M 175M 108M
operatingCashFlow 206M 120M 134M 95M 140M 219M 142M
capitalExpenditure -155M -126M -71M -113M -120M -429M -40M
freeCashFlow 51M -5M 63M -19M 20M -210M 102M
link Link Link
finalLink Link Link

Earning call transcript

2023 q4
2024-02-13 ET (fiscal 2023 q4)
2023 q3
2023-11-04 ET (fiscal 2023 q3)
2023 q2
2023-08-23 ET (fiscal 2023 q2)
2023 q1
2023-05-23 ET (fiscal 2023 q1)
2022 q4
2023-02-21 ET (fiscal 2022 q4)
2022 q3
2022-11-10 ET (fiscal 2022 q3)
2022 q2
2022-07-28 ET (fiscal 2022 q2)
2022 q1
2022-05-11 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-02-13 12:43 ET
Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2023
2024-02-08 22:30 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Fourth Quarter Ended December 31, 2023 Results, Conference Call and Webcast
2024-02-08 21:20 ET
Series G and Series H American Depositary Shares of Navios Maritime Holdings Inc. Delisted from New York Stock Exchange
2024-02-02 13:28 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2023-11-02 12:04 ET
Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2023
2023-10-30 20:22 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Third Quarter Ended September 30, 2023 Results, Conference Call and Webcast
2023-10-26 12:00 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2023-08-23 11:29 ET
Navios Maritime Partners L.P. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023
2023-08-18 20:15 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Second Quarter Ended June 30, 2023 Results, Conference Call and Webcast
2023-07-26 20:15 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2023-05-23 10:30 ET
Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2023
2023-05-18 20:15 ET
Navios Maritime Partners L.P. Announces the Date for the Release of First Quarter Ended March 31, 2023 Results, Conference Call and Webcast
2023-04-28 12:56 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2023-03-24 21:00 ET
Navios Maritime Partners L.P. Announces Availability of Its Form 20-F for the Year Ended December 31, 2022
2023-03-24 20:21 ET
Navios Maritime Partners L.P. Announces Changes to the Board of Directors
2023-02-21 12:14 ET
Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2022
2023-02-17 13:18 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Fourth Quarter and Year Ended December 31, 2022 Results, Conference Call and Webcast
2023-01-27 21:15 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2022-11-10 12:10 ET
Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022
2022-11-07 21:10 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Third Quarter and Nine Months Ended September 30, 2022 Results, Conference Call and Webcast
2022-10-26 11:20 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2022-07-22 13:06 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Second Quarter and Six Months Ended June 30, 2022 Results, Conference Call and Webcast
2022-06-22 11:30 ET
Navios Maritime Partners L.P. Announces Acquisition of Two Newbuilding LNG Dual Fuel 7,700 TEU Containerships and Entry into Charter Agreements
2022-05-10 11:02 ET
Navios Maritime Partners L.P. Reports Financial Results for the First Quarter Ended March 31, 2022
2022-05-06 20:10 ET
Navios Maritime Partners L.P. Announces the Date for the Release of First Quarter Ended March 31, 2022 Results, Conference Call and Webcast
2022-05-04 12:50 ET
Navios Maritime Partners L.P. Announces Acquisition of Four Newbuilding Tanker Vessels and Entry into Two Related Charter Agreements
2022-04-28 13:23 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2022-04-13 12:30 ET
Navios Maritime Partners L.P. Announces Availability of Its Form 20-F for the Year Ended December 31, 2021
2022-02-17 12:11 ET
Navios Maritime Partners L.P. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2021
2022-02-14 13:00 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Fourth Quarter and Year Ended December 31, 2021 Results, Conference Call and Webcast
2022-01-28 13:00 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2021-11-10 13:15 ET
Navios Maritime Partners L.P. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021
2021-11-08 21:10 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Third Quarter Ended September 30, 2021 Results, Conference Call and Webcast
2021-11-04 20:10 ET
Navios Maritime Partners L.P. Announces Senior Leadership Changes
2021-10-29 11:30 ET
Navios Maritime Partners L.P. Announces Cash Distribution of $0.05 per Unit
2021-10-15 12:04 ET
Navios Maritime Partners L.P. Secures Unitholder Approval and Completes Acquisition of Navios Maritime Acquisition Corporation
2021-09-03 11:00 ET
MRMP Amends 13D; Sends Follow-Up Letter to Navios Maritime Partners LP
2021-08-26 20:05 ET
Navios Maritime Partners L.P. Announces a Merger with Navios Maritime Acquisition Corporation
2021-07-23 12:06 ET
Navios Maritime Partners L.P. Announces the Date for the Release of Second Quarter Ended June 30, 2021 Results, Conference Call and Webcast
2021-07-22 16:26 ET
MRMP Crosses 5% Threshold; Files 13D; Sends Letter to Navios Maritime Partners L.P.
2021-06-29 22:01 ET
Navios Maritime Partners L.P. Announces Agreement to Acquire Five Drybulk Vessels
2021-06-15 12:24 ET
Navios Maritime Partners L.P. Announces Long Term Charters on Five Containerships
2021-06-10 12:59 ET
Navios Maritime Partners L.P. Announces Delivery of Three Vessels
2021-04-29 11:37 ET
Navios Maritime Partners L.P. Reports Financial Results for the First Quarter of 2021
2021-04-26 20:30 ET
Navios Maritime Partners L.P. Announces the Date for the Release of First Quarter Ended March 31, 2021 Results, Conference Call and Webcast

SEC forms

Show financial reports only

SEC form 6
2023-11-22 16:30 ET
Navios Maritime Partners reported for 2023 q3
SEC form 6
2023-11-17 08:15 ET
Navios Maritime Partners published news for 2023 q3
SEC form 6
2023-08-31 00:00 ET
Navios Maritime Partners reported for 2023 q2
SEC form 6
2023-08-23 16:49 ET
Navios Maritime Partners published news for 2023 q2
SEC form 6
2023-06-01 16:15 ET
Navios Maritime Partners published news for 2023 q1
SEC form 6
2023-03-24 16:14 ET
Navios Maritime Partners reported for 2022 q4
SEC form 6
2022-12-21 16:15 ET
Navios Maritime Partners published news for 2022 q3
SEC form 6
2022-12-07 17:26 ET
Navios Maritime Partners reported for 2022 q3
SEC form 6
2022-11-18 17:00 ET
Navios Maritime Partners published news for 2022 q3
SEC form 6
2022-11-18 09:01 ET
Navios Maritime Partners published news for 2022 q3
SEC form 6
2022-09-13 00:00 ET
Navios Maritime Partners published news for 2022 q2
SEC form 6
2022-07-27 16:37 ET
Navios Maritime Partners published news for 2022 q2
SEC form 6
2022-05-23 16:00 ET
Navios Maritime Partners published news for 2022 q1
SEC form 6
2022-04-12 16:48 ET
Navios Maritime Partners published news for 2022 q1
SEC form 6
2021-12-21 16:15 ET
Navios Maritime Partners published news for 2021 q3
SEC form 6
2021-11-29 09:05 ET
Navios Maritime Partners published news for 2021 q3
SEC form 6
2021-11-17 16:34 ET
Navios Maritime Partners published news for 2021 q3
SEC form 6
2021-10-15 08:46 ET
Navios Maritime Partners published news for 2021 q3
SEC form 6
2021-08-26 16:31 ET
Navios Maritime Partners published news for 2021 q2
SEC form 6
2021-08-26 00:00 ET
Navios Maritime Partners published news for 2021 q2
SEC form 6
2021-05-21 16:28 ET
Navios Maritime Partners published news for 2021 q1
SEC form 6
2021-05-18 16:53 ET
Navios Maritime Partners published news for 2021 q1
SEC form 6
2021-04-09 09:21 ET
Navios Maritime Partners published news for 2021 q1
SEC form 6
2021-04-01 08:00 ET
Navios Maritime Partners published news for 2021 q1
SEC form 6
2021-03-31 16:05 ET
Navios Maritime Partners published news for 2020 q4
SEC form 6
2021-03-24 16:19 ET
Navios Maritime Partners published news for 2020 q4
SEC form 6
2021-01-04 17:15 ET
Navios Maritime Partners published news for 2020 q4
SEC form 6
2020-11-18 17:02 ET
Navios Maritime Partners published news for 2020 q3
SEC form 6
2020-11-16 06:07 ET
Navios Maritime Partners published news for 2020 q3