Switch to:
Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 0.07
FRGI's Cash to Debt is ranked lower than
91% of the 307 Companies
in the Global Restaurants industry.

( Industry Median: 0.63 vs. FRGI: 0.07 )
Ranked among companies with meaningful Cash to Debt only.
FRGI' s Cash to Debt Range Over the Past 10 Years
Min: 0.04  Med: 0.08 Max: N/A
Current: 0.07
Equity to Asset 0.59
FRGI's Equity to Asset is ranked higher than
63% of the 303 Companies
in the Global Restaurants industry.

( Industry Median: 0.50 vs. FRGI: 0.59 )
Ranked among companies with meaningful Equity to Asset only.
FRGI' s Equity to Asset Range Over the Past 10 Years
Min: -0.01  Med: 0.50 Max: 0.59
Current: 0.59
-0.01
0.59
Interest Coverage 33.07
FRGI's Interest Coverage is ranked higher than
62% of the 239 Companies
in the Global Restaurants industry.

( Industry Median: 17.94 vs. FRGI: 33.07 )
Ranked among companies with meaningful Interest Coverage only.
FRGI' s Interest Coverage Range Over the Past 10 Years
Min: 1.51  Med: 2.11 Max: 33.07
Current: 33.07
1.51
33.07
F-Score: 7
Z-Score: 5.68
M-Score: -2.64
WACC vs ROIC
9.74%
13.67%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 9.09
FRGI's Operating margin (%) is ranked higher than
72% of the 306 Companies
in the Global Restaurants industry.

( Industry Median: 5.03 vs. FRGI: 9.09 )
Ranked among companies with meaningful Operating margin (%) only.
FRGI' s Operating margin (%) Range Over the Past 10 Years
Min: 6.99  Med: 8.34 Max: 9.71
Current: 9.09
6.99
9.71
Net-margin (%) 5.61
FRGI's Net-margin (%) is ranked higher than
69% of the 306 Companies
in the Global Restaurants industry.

( Industry Median: 3.06 vs. FRGI: 5.61 )
Ranked among companies with meaningful Net-margin (%) only.
FRGI' s Net-margin (%) Range Over the Past 10 Years
Min: 1.6  Med: 1.85 Max: 5.92
Current: 5.61
1.6
5.92
ROE (%) 17.22
FRGI's ROE (%) is ranked higher than
75% of the 291 Companies
in the Global Restaurants industry.

( Industry Median: 8.68 vs. FRGI: 17.22 )
Ranked among companies with meaningful ROE (%) only.
FRGI' s ROE (%) Range Over the Past 10 Years
Min: 10.65  Med: 18.52 Max: 283.5
Current: 17.22
10.65
283.5
ROA (%) 9.99
FRGI's ROA (%) is ranked higher than
78% of the 305 Companies
in the Global Restaurants industry.

( Industry Median: 4.66 vs. FRGI: 9.99 )
Ranked among companies with meaningful ROA (%) only.
FRGI' s ROA (%) Range Over the Past 10 Years
Min: 2.45  Med: 5.15 Max: 10.69
Current: 9.99
2.45
10.69
ROC (Joel Greenblatt) (%) 28.36
FRGI's ROC (Joel Greenblatt) (%) is ranked higher than
66% of the 305 Companies
in the Global Restaurants industry.

( Industry Median: 16.88 vs. FRGI: 28.36 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
FRGI' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: 22.94  Med: 28.37 Max: 39.17
Current: 28.36
22.94
39.17
Revenue Growth (3Y)(%) 5.20
FRGI's Revenue Growth (3Y)(%) is ranked higher than
52% of the 240 Companies
in the Global Restaurants industry.

( Industry Median: 4.40 vs. FRGI: 5.20 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
FRGI' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: 4.3  Med: 5.20 Max: 7.7
Current: 5.2
4.3
7.7
EBITDA Growth (3Y)(%) 13.30
FRGI's EBITDA Growth (3Y)(%) is ranked higher than
70% of the 214 Companies
in the Global Restaurants industry.

( Industry Median: 5.40 vs. FRGI: 13.30 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
FRGI' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: 1  Med: 7.90 Max: 13.3
Current: 13.3
1
13.3
EPS Growth (3Y)(%) 58.40
FRGI's EPS Growth (3Y)(%) is ranked higher than
95% of the 169 Companies
in the Global Restaurants industry.

( Industry Median: 8.30 vs. FRGI: 58.40 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
FRGI' s EPS Growth (3Y)(%) Range Over the Past 10 Years
Min: 8.3  Med: 48.60 Max: 58.4
Current: 58.4
8.3
58.4
» FRGI's 10-Y Financials

Financials (Next Earnings Date: Est. 2016-04-30)


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2015

FRGI Guru Trades in Q1 2015

Private Capital 202,847 sh (+5.48%)
Ron Baron 35,000 sh (unchged)
Columbia Wanger 1,161,450 sh (-1.69%)
John Keeley 564,570 sh (-14.69%)
» More
Q2 2015

FRGI Guru Trades in Q2 2015

Louis Moore Bacon 25,000 sh (New)
Ron Baron 40,000 sh (+14.29%)
Columbia Wanger 1,248,858 sh (+7.53%)
Private Capital 196,391 sh (-3.18%)
John Keeley 496,850 sh (-11.99%)
» More
Q3 2015

FRGI Guru Trades in Q3 2015

Columbia Wanger 1,608,029 sh (+28.76%)
Private Capital 211,996 sh (+7.95%)
Louis Moore Bacon Sold Out
Ron Baron 31,000 sh (-22.50%)
John Keeley 118,175 sh (-76.22%)
» More
Q4 2015

FRGI Guru Trades in Q4 2015

Paul Tudor Jones 9,877 sh (New)
Steven Cohen 1,900 sh (New)
Jim Simons 193,166 sh (New)
Columbia Wanger 2,193,089 sh (+36.38%)
John Keeley Sold Out
Private Capital 210,660 sh (-0.63%)
Ron Baron 12,500 sh (-59.68%)
» More
» Details

Insider Trades

Latest Guru Trades with FRGI

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

No Entry found in the selected group of Gurus. You can
  • 1. Modify your Personalized List of Gurus, or
  • 2. Click on Premium Premium Tools above to check out all the Gurus, or
  • 3. Click on Premium Plus Premium Plus above for the stocks picks of all the institutional investment advisors (>4000)
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Guru Investment Theses on Fiesta Restaurant Group Inc

Baron Funds Comments on Fiesta Restaurant Group - Feb 25, 2016

Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) owns and operates two chains of fast-casual restaurants: Pollo Tropical and Taco Cabana with about 300 restaurants between the two brands, predominantly in Texas and Florida. The stock’s weakness was driven by lower-than-expected unit volumes at new Pollo locations in new markets and some deceleration in traffic as new openings slightly cannibalize existing stores. Both concepts continue to generate high unit volumes and cash on cash returns relative to competing brands in the limited service category, and should grow their unit base across existing and adjacent markets for years. In 2015, we saw the fastest pace of growth for the Pollo brand, and the highest percentage of new stores in the system that the company has experienced. We believe some of the weakness in performance represents growing pains that will subside over time, and we remain shareholders.



From Baron Discover Fund's fourth quarter 2015 commentary.



Check out Ron Baron latest stock trades

Top Ranked Articles about Fiesta Restaurant Group Inc

Baron Funds Comments on Fiesta Restaurant Group Guru stock highlight
Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) owns and operates two chains of fast-casual restaurants: Pollo Tropical and Taco Cabana with about 300 restaurants between the two brands, predominantly in Texas and Florida. The stock’s weakness was driven by lower-than-expected unit volumes at new Pollo locations in new markets and some deceleration in traffic as new openings slightly cannibalize existing stores. Both concepts continue to generate high unit volumes and cash on cash returns relative to competing brands in the limited service category, and should grow their unit base across existing and adjacent markets for years. In 2015, we saw the fastest pace of growth for the Pollo brand, and the highest percentage of new stores in the system that the company has experienced. We believe some of the weakness in performance represents growing pains that will subside over time, and we remain shareholders. Read more...
Columbia Wanger Ups Stake in Fiesta Restaurant A look at the fund's 4th quarter investments
Columbia Wanger (Trades, Portfolio) manages a portfolio composed of 186 stocks with a total value of $12.5 billion. The fund increased its stake in many stocks during the fourth quarter. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 22.26
FRGI's P/E(ttm) is ranked lower than
54% of the 227 Companies
in the Global Restaurants industry.

( Industry Median: 23.75 vs. FRGI: 22.26 )
Ranked among companies with meaningful P/E(ttm) only.
FRGI' s P/E(ttm) Range Over the Past 10 Years
Min: 22.26  Med: 50.36 Max: 129.55
Current: 22.26
22.26
129.55
Forward P/E 19.65
FRGI's Forward P/E is ranked lower than
63% of the 64 Companies
in the Global Restaurants industry.

( Industry Median: 9999.00 vs. FRGI: 19.65 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 22.12
FRGI's PE(NRI) is ranked lower than
54% of the 227 Companies
in the Global Restaurants industry.

( Industry Median: 23.67 vs. FRGI: 22.12 )
Ranked among companies with meaningful PE(NRI) only.
FRGI' s PE(NRI) Range Over the Past 10 Years
Min: 22.12  Med: 49.66 Max: 123.07
Current: 22.12
22.12
123.07
Price/Owner Earnings (ttm) 33.49
FRGI's Price/Owner Earnings (ttm) is ranked lower than
76% of the 136 Companies
in the Global Restaurants industry.

( Industry Median: 24.12 vs. FRGI: 33.49 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
FRGI' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 31.3  Med: 36.70 Max: 49.19
Current: 33.49
31.3
49.19
P/B 3.57
FRGI's P/B is ranked lower than
68% of the 288 Companies
in the Global Restaurants industry.

( Industry Median: 2.77 vs. FRGI: 3.57 )
Ranked among companies with meaningful P/B only.
FRGI' s P/B Range Over the Past 10 Years
Min: 3.53  Med: 7.75 Max: 149.27
Current: 3.57
3.53
149.27
P/S 1.26
FRGI's P/S is ranked lower than
62% of the 300 Companies
in the Global Restaurants industry.

( Industry Median: 1.01 vs. FRGI: 1.26 )
Ranked among companies with meaningful P/S only.
FRGI' s P/S Range Over the Past 10 Years
Min: 0.56  Med: 1.64 Max: 2.8
Current: 1.26
0.56
2.8
POCF 10.45
FRGI's POCF is ranked lower than
51% of the 177 Companies
in the Global Restaurants industry.

( Industry Median: 11.43 vs. FRGI: 10.45 )
Ranked among companies with meaningful POCF only.
FRGI' s POCF Range Over the Past 10 Years
Min: 7.97  Med: 19.01 Max: 32.99
Current: 10.45
7.97
32.99
EV-to-EBIT 14.92
FRGI's EV-to-EBIT is ranked higher than
59% of the 240 Companies
in the Global Restaurants industry.

( Industry Median: 17.57 vs. FRGI: 14.92 )
Ranked among companies with meaningful EV-to-EBIT only.
FRGI' s EV-to-EBIT Range Over the Past 10 Years
Min: 13.5  Med: 22.30 Max: 40.7
Current: 14.92
13.5
40.7
EV-to-EBITDA 10.01
FRGI's EV-to-EBITDA is ranked higher than
62% of the 255 Companies
in the Global Restaurants industry.

( Industry Median: 12.98 vs. FRGI: 10.01 )
Ranked among companies with meaningful EV-to-EBITDA only.
FRGI' s EV-to-EBITDA Range Over the Past 10 Years
Min: 8.9  Med: 15.60 Max: 25.1
Current: 10.01
8.9
25.1
PEG 2.66
FRGI's PEG is ranked lower than
58% of the 107 Companies
in the Global Restaurants industry.

( Industry Median: 2.33 vs. FRGI: 2.66 )
Ranked among companies with meaningful PEG only.
FRGI' s PEG Range Over the Past 10 Years
Min: 0  Med: 0.00 Max: 10011.8
Current: 2.66
0
10011.8
Current Ratio 0.67
FRGI's Current Ratio is ranked lower than
77% of the 299 Companies
in the Global Restaurants industry.

( Industry Median: 1.12 vs. FRGI: 0.67 )
Ranked among companies with meaningful Current Ratio only.
FRGI' s Current Ratio Range Over the Past 10 Years
Min: 0.64  Med: 0.75 Max: 0.86
Current: 0.67
0.64
0.86
Quick Ratio 0.61
FRGI's Quick Ratio is ranked lower than
72% of the 299 Companies
in the Global Restaurants industry.

( Industry Median: 0.94 vs. FRGI: 0.61 )
Ranked among companies with meaningful Quick Ratio only.
FRGI' s Quick Ratio Range Over the Past 10 Years
Min: 0.57  Med: 0.68 Max: 0.8
Current: 0.61
0.57
0.8
Days Inventory 1.89
FRGI's Days Inventory is ranked higher than
97% of the 285 Companies
in the Global Restaurants industry.

( Industry Median: 11.61 vs. FRGI: 1.89 )
Ranked among companies with meaningful Days Inventory only.
FRGI' s Days Inventory Range Over the Past 10 Years
Min: 1.15  Med: 2.11 Max: 2.38
Current: 1.89
1.15
2.38
Days Sales Outstanding 4.89
FRGI's Days Sales Outstanding is ranked higher than
67% of the 255 Companies
in the Global Restaurants industry.

( Industry Median: 8.17 vs. FRGI: 4.89 )
Ranked among companies with meaningful Days Sales Outstanding only.
FRGI' s Days Sales Outstanding Range Over the Past 10 Years
Min: 3.72  Med: 3.98 Max: 4.89
Current: 4.89
3.72
4.89
Days Payable 8.84
FRGI's Days Payable is ranked lower than
97% of the 242 Companies
in the Global Restaurants industry.

( Industry Median: 41.13 vs. FRGI: 8.84 )
Ranked among companies with meaningful Days Payable only.
FRGI' s Days Payable Range Over the Past 10 Years
Min: 7.61  Med: 8.84 Max: 9.87
Current: 8.84
7.61
9.87

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 7.15
FRGI's Price/Tangible Book is ranked lower than
85% of the 239 Companies
in the Global Restaurants industry.

( Industry Median: 2.89 vs. FRGI: 7.15 )
Ranked among companies with meaningful Price/Tangible Book only.
FRGI' s Price/Tangible Book Range Over the Past 10 Years
Min: 7.48  Med: 21.06 Max: 39.25
Current: 7.15
7.48
39.25
Price/Median PS Value 0.76
FRGI's Price/Median PS Value is ranked higher than
75% of the 257 Companies
in the Global Restaurants industry.

( Industry Median: 1.13 vs. FRGI: 0.76 )
Ranked among companies with meaningful Price/Median PS Value only.
FRGI' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.42  Med: 1.06 Max: 1.59
Current: 0.76
0.42
1.59
Price/Graham Number 2.65
FRGI's Price/Graham Number is ranked lower than
81% of the 179 Companies
in the Global Restaurants industry.

( Industry Median: 1.87 vs. FRGI: 2.65 )
Ranked among companies with meaningful Price/Graham Number only.
FRGI' s Price/Graham Number Range Over the Past 10 Years
Min: 2.79  Med: 6.49 Max: 15.36
Current: 2.65
2.79
15.36
Earnings Yield (Greenblatt) (%) 6.69
FRGI's Earnings Yield (Greenblatt) (%) is ranked higher than
67% of the 292 Companies
in the Global Restaurants industry.

( Industry Median: 4.90 vs. FRGI: 6.69 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
FRGI' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 2.5  Med: 4.50 Max: 7.4
Current: 6.69
2.5
7.4

More Statistics

Revenue(Mil) $687
EPS $ 1.44
Beta1.13
Short Percentage of Float15.46%
52-Week Range $30.88 - 62.50
Shares Outstanding(Mil)26.83

Analyst Estimate

Dec16 Dec17
Revenue(Mil) 750 850
EPS($) 1.53 1.70
EPS without NRI($) 1.53 1.70

Business Description

Industry: Restaurants » Restaurants
Compare:LSE:RTN, TSE:7630, BKK:OISHI-F, SZSE:002186, NAS:BOBE » details
Traded in other countries:F4R.Germany,
Fiesta Restaurant Group Inc was incorporated in Delaware in April 2011. The Company owns, operates and franchise two fast-casual restaurant brands, Pollo Tropical and Taco Cabana. The Pollo Tropical restaurants offer a selection of tropical and Caribbean food, while the Taco Cabana restaurants provides selection of fresh, authentic Mexican food. As of December 29, 2013, it owned and operated 102 Pollo Tropical restaurants, of which 95 were located in Florida, five were located in Georgia and two were located in Tennessee. In addition it franchised 39 Pollo Tropical restaurants as of December 29, 2013, comprised of 18 in Puerto Rico, one in Ecuador, two in Honduras, one in the Bahamas, two in Trinidad & Tobago, three in Venezuela, three in Costa Rica, three in Panama, one in the Dominican Republic, one in India, and four on college campuses in Florida. As of December 29, 2013, it owned and operated 165 Taco Cabana restaurants, of which 162 were located in Texas and three were located in Oklahoma. In addition, as of December 29, 2013, it franchised four locations in New Mexico and licensed three non-traditional locations in Texas. The Company's open display kitchen format allows guests to view and experience food being freshly-prepared and cooked to order. Additionally, nearly all of its restaurants offer the convenience of drive-thru windows. Pollo Tropical's competitors include national and regional chicken-based concepts, as well as quick-service hamburger restaurant chains and other types of quick-service and fast-casual restaurants. Taco Cabana's restaurants compete with quick-service restaurants, including those in the quick-service Mexican segment, other fast-casual restaurants and traditional casual dining Mexican restaurants.
» More Articles for FRGI

Headlines

Articles On GuruFocus.com
Baron Funds Comments on Fiesta Restaurant Group Feb 25 2016 
Columbia Wanger Continues to Buy Hertz, Fossil Jan 28 2016 
Why Fiesta Restaurant Group is an Attractive Buy May 14 2015 
Fiesta Restaurant Group (FRGI) A Fiesta of Growing Numbers, BP PLC (BP) Deepwater Horizon Drama Cont Feb 20 2015 
Chipotle: A Tale of Profits, Growth and Mexican Food Mar 06 2014 
Chipotle: On the Fast Track to Profit-Land Feb 25 2014 
John Keeley Comments on NCR Corporation Feb 05 2014 
John Keeley Comments on Bancorp South Feb 05 2014 
John Keeley Comments on Fiesta Restaurant Group Feb 05 2014 
Keeley All Cap Value Fund Fourth Quarter 2013 Commentary Feb 05 2014 

More From Other Websites
Fiesta Restaurant Group, Inc. breached its 50 day moving average in a Bearish Manner : FRGI-US :... Apr 27 2016
Fiesta Restaurant Group, Inc. – Value Analysis (NASDAQ:FRGI) : April 17, 2016 Apr 17 2016
Fiesta Restaurant Group, Inc. breached its 50 day moving average in a Bullish Manner : FRGI-US :... Apr 14 2016
Fiesta Restaurant Group, Inc. to Announce First Quarter 2016 Results on May 9, 2016 Apr 07 2016
Fiesta Restaurant Group, Inc. to Announce First Quarter 2016 Results on May 9, 2016 Apr 07 2016
Who's the Next Chipotle? Apr 05 2016
Fiesta Restaurant Group Spin-Off Of Taco Cabana Will Create Value Mar 30 2016
What Do Analysts Recommend for Fast Casual Restaurants? Mar 25 2016
ETF’s with exposure to Fiesta Restaurant Group, Inc. : March 25, 2016 Mar 25 2016
Shake Shack’s Same-Store Sales Growth Outperformed in 4Q15 Mar 24 2016
Fiesta Restaurant Group, Inc. breached its 50 day moving average in a Bearish Manner : FRGI-US :... Mar 16 2016
Fiesta Restaurant Group, Inc. :FRGI-US: Earnings Analysis: Q4, 2015 By the Numbers Mar 07 2016
FIESTA RESTAURANT GROUP, INC. Financials Mar 01 2016
Fiesta Restaurant Group, Inc. to Present at the Raymond James 37th Annual Institutional Investors... Feb 29 2016
Exclusive: Pollo Tropical to move headquarters from Florida to North Texas (Video) Feb 26 2016
Fiesta Restaurant Group to split brands into separate businesses Feb 24 2016
Fiesta Restaurant Group posts 4Q profit Feb 24 2016
Fiesta Restaurant Group posts 4Q profit Feb 24 2016
FIESTA RESTAURANT GROUP, INC. Files SEC form 8-K, Results of Operations and Financial Condition,... Feb 24 2016
Fiesta Restaurant Group, Inc. Reports Fourth Quarter and Full Year 2015 Results Feb 24 2016
Q4 2015 Fiesta Restaurant Group Inc Earnings Release - After Market Close Feb 24 2016
Fiesta Restaurant Group, Inc. breached its 50 day moving average in a Bullish Manner : February 17,... Feb 17 2016
Fiesta Restaurant Group, Inc. – Value Analysis (NASDAQ:FRGI) : February 4, 2016 Feb 04 2016
Fiesta Restaurant Group, Inc. breached its 50 day moving average in a Bearish Manner : February 4,... Feb 04 2016
Fiesta Restaurant Group, Inc. to Present at the 18th Annual ICR Conference Jan 04 2016
Fiesta Restaurant Group, Inc. to Present at the 2015 Wedbush California Dreamin’ Consumer... Nov 23 2015
Fiesta Restaurant Group posts 3Q profit Oct 29 2015
Fiesta Restaurant Group, Inc. Reports Third Quarter 2015 Results Oct 29 2015
Fiesta Restaurant Group posts 2Q profit Jul 30 2015
Fiesta Restaurant Group, Inc. Reports First Quarter 2015 Results Apr 30 2015
Fiesta Restaurant Group posts 1Q profit Apr 30 2015
Fiesta Restaurant Group posts 4Q profit Feb 19 2015
Fiesta Restaurant Group posts 3Q profit Nov 04 2014

Personalized Checklist

Checklist has been moved to "Checklist" tab.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK