Quarterly Report • Apr 24, 2014
Quarterly Report
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After the first quarter of 2014 we can see positive signs in a number of areas: Stronger underlying demand on our most important markets, good performance from the acquisition of the IXXAT operations and increasing volumes from recent design-wins. With this we can report an organic growth around our targeted 20% and an acquired growth, as IXXAT was included in the consolidated accounts as of February 1st, 2013, all together this results in a 30% growth compared to the same period the previous year. Order intake reached record levels at 167 MSEK during the first quarter.
We continue the investment in product development from previous years but since the core technology development at present are close to completion we change the direction to broadening the product offer based on the new technology platforms now in place.
The quarter was characterized by several major product releases. We have launched the five most important protocols within the new CBM family (Anybus Embedded) and we have already received some important design-wins. Our investment in Remote Management (Netbiter) continues and we see good opportunities for the new technology platform and the new functionality to increase sales in this product group. We are also starting to deliver the new Remote Access application for the Netbiter products, something we think will increase the market potential within the HMS main market – Factory Automation.
In the short term our customers are cautiously optimistic and we consider the conditions for a continuing long term growth as positive. During this year our goal is to increase the effect from the opportunities we see in the acquired operation as well as from the investments in expanded resources during the recent years.
Our focus is to drive growth within our three main product brands Anybus, Netbiter and IXXAT. We continue our effort to balance our long term growth strategy with a conscious view on expenses and new resources. In the long term we consider the market for industrial data communication and remote
management to be interesting growth areas and we continue to focus around our motto – Connecting Devices.
We can see stronger underlying demand on our most " important markets.
Staffan Dahlström CEO, HMS Networks AB
| Quarterly data | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | |
| Net sales (SEK m) | 139 | 126 | 140 | 128 | 107 | 87 | 99 | 99 |
| Order intake (SEK m) | 167 | 132 | 125 | 140 | 119 | 100 | 95 | 113 |
| Operating profit (SEK m) | 22 | 13 | 32 | 27 | 14 | 6 | 23 | 20 |
| Gross margin (%) | 62.1 | 63.7 | 63.4 | 62.2 | 61.0 | 57.6 | 59.9 | 60.6 |
| Operating margin (%) | 15.5 | 10.7 | 23.0 | 21.3 | 12.8 | 7.2 | 23.4 | 20.2 |
| Return on capital (%) | 14.9 | 10.3 | 18.0 | 17.0 | 15.4 | 16.3 | 16.2 | 17.7 |
| Earnings per share (SEK) | 1.27 | 0.84 | 2.07 | 1.80 | 0.82 | 0.86 | 1.49 | 1.36 |
| Equity per share (SEK) | 34.76 | 33.35 | 32.21 | 30.41 | 31.17 | 30.21 | 29.43 | 28.23 |
| Cash flow for operating activities per share (SEK) | 0.81 | 2.20 | 2.88 | 1.41 | 1.42 | 1.67 | 2.23 | 2.63 |
Net sales for the last twelve months amounted to 533 MSEK (393) corresponding to a 35 % increase. In total, the revaluation of the Swedish currency in relation to the major HMS currencies had a negative effect on net sales by -6 MSEK compared to the previous twelve-month period. In the comparative period sales from IXXAT is included with 16 MSEK for the period February to March. The order intake amounted to 564 MSEK (427).
Net sales for the first quarter 2014 was 139 MSEK (107), corresponding to a 30 % increase compared to the same quarter during the previous year. Adjusted for 3 MSEK in currency effects, the increase amounted to 27 %. During the first quarter 2013, the acquired IXXAT sales were 25 MSEK of which 16 MSEK was included in the consolidated accounts for the period. Adjusted for this sales volume the organic growth was 21% in the first quarter. Order intake for the first quarter increased by 48 MSEK to 167 MSEK (119), of which 151 MSEK (102) is expected to be delivered during the next twelve months. In local currencies and considering the acquisition date of IXXAT the previous year the order intake for the quarter increased by 31 %.
Operating profit totalled to 94 MSEK (63) for the last twelve months, equivalent to an operating margin of 18 % (16). Currency effects had a negative impact on the operating result with 5 MSEK compared to the previous twelve month period. During the comparative period the acquired IXXAT Automation was included in the Group result for two months during the period February through March. During this period the net contribution for the acquired company was 0 MSEK.
The operating profit for the first quarter 2014 totalled to 22 MSEK (14). Changes in exchange rates had a 0.4 MSEK positive impact compared to the same period the previous year. During the first quarter 2013 the acquired group, including the effect of depreciation on intangible assets and acquisition costs, had no impact on the Group´s operating result.
The Group's equity amounted to 392 MSEK (353). The total number of shares at the end of the year was 11,322,400. The Group's equity/assets ratio amounted to 50 % (46).
The graph shows turnover per quarter on the bars referring to the scale on the left axis. The line shows turnover for the latest 12 month period referring to the scale on the axis to the right.
The graph shows operating result per quarter in the bars referring to the scale on the left axis. The line shows operating result for the last 12 month period referring to the scale on the axis to the right.
The tax charge for the first quarter was 4 MSEK (2). The tax charge for the current period has been calculated on the basis of the tax situation applying to the Group at present and the profit development of the reporting entities belonging to the Group.
| Change in Group Equity (SEK 000s) | Mar 31 2014 | Mar 31 2013 | Dev 31 2013 |
|---|---|---|---|
| Balance at 1 january | 377,557 | 342,056 | 342,056 |
| Total comprehensive income for the period | 14,578 | 10,788 | 64,127 |
| Repurchase of own shares | 0 | 0 | -3,895 |
| Share-related payment | 252 | 136 | 744 |
| Issue of new shares through the exercise of warrants | 0 | 0 | 0 |
| Dividends | 0 | 0 | -25,475 |
| Closing balance | 392,387 | 352,980 | 377,557 |
Assets and liabilities in foreign currencies are revaluated at closing date. Currency hedging contracts are revaluated at the date of closing and are also affecting the result on the date of expiration. Changes in book value due to revaluation of operating balance sheet items and currency hedging contracts are disclosed as other operating income and other operating expenses. Changes in book value related to assets in foreign currencies i.e. liquid funds, are disclosed as financial income and expenses. Net sales and expenses are affected by changes in exchange rates. This will have an impact on income and costs. Net sales for the quarter consist of 64 % in EURO, 23 % in USD, 7 % in Japanese Yen and 6 % in SEK and other currencies. Cost of goods sold consists of 74 % in EURO, 17 % in USD and 1 % in Japanese Yen. Operating expenses consists of 56 % in EURO, 12 % in USD, 5 % in Japanese Yen and 27 % of SEK and other currencies. The Group applies a policy for currency hedging described in the annual report.
Cash flow from operating activities in the first quarter 2013 amounted to 9 MSEK (16).
The investments in tangible assets for the quarter totalled 1 MSEK (1). Investments in intangible assets for the period totalled 7 MSEK (15) and comprise internal development costs related to new technology platforms. As several new technology platforms recently were completed a comparably smaller part of the Groups development expenses was capitalized during the period.
The acquisition of IXXAT in February 2013 generated a overvalue for the group of approximately 250 MSEK of which 141 MSEK is allocated on technology platforms, customers and brand name. The annual depreciation on the purchase price allocated to technical platforms and customers is estimated to 7 MSEK. During the first quarter 2014 depreciation on purchase price allocated to assets was reflected with 2 MSEK in the income statement.
To balance the Group´s currency exposure a 32 m€ loan was used to finance the acquisition made in the first quarter 2013. At the end of the period the loan amounted to 28 m€. By the end of the period, the cash equivalents totalled 8 MSEK (32) and unutilized credit facilities 30.0 MSEK. The Group's net debt amounted to 243 MSEK (235).
The HMS Group long-term growth is supported by a continued inflow of design-wins, a broader product offering within the Gateway product family and Remote Management, supplementary technology platforms from IXXAT and an expansion of the HMS sales channels according to the existing strategy.
At present, the global market for HMS products is still considered to be cautiously positive. The effects on the market for the HMS product offering and the effect of currency fluctuations are difficult to assess, but HMS's overall goals are unchanged: A long term average growth of 20 % per year and an operating margin above 20 %.
This report has been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34, for Interim Reporting. Amendments to existing standards, new interpretations and new standards that came into effect as of January 1, 2014 did not affect the Groups reporting as of March 31, 2014.
HMS continues to apply the same accounting principles and valuation methods as those described in the most recent Annual Report. The parent company report is prepared in accordance with RFR 2, accounting for legal entities, and the Swedish Annual Accounts Act and accounting principles and the valuation methods as those described in the most recent Annual Report.
HMS Networks AB (publ) is listed on the Nasdaq OMX Stocholm Small Cap list, in the Information Technology sector. The total number of shares amounted to 11,322,400.
The HMS Group is exposed to business and financial risks through its operations. These risks have been described at length in the Company's annual report 2013. In addition to the risks described in these documents, no additional significant risks have been identified.
The Parent Company's operations are primarily focused on Group-wide management and financing. Apart from the Group's CEO, the Parent Company has no employees. The operating profit for the first quarter 2014 amounted to 0 MSEK (0). Cash and cash equivalents amounted to 1 MSEK (1) and borrowing amounted to 0 MSEK (0).
Growth strategy - HMS's main focus is on organic growth. Expansion on existing markets will be through improved and extended product ranges, new technology, high level of service and new sales channels. A certain degree of growth can be through the seletive acquisition of businesses that will be a valuable complement to the company's organic growth strategy.
Development strategy - The Company's core expertise is made up of an extensive understanding of industrial network communication. Based on this competence in combination with an extensive network of customers, suppliers and external partners the existing and new product offers and solutions are developed for the best possible customer benefits.
Product strategy - HMS markets four product lines, which to a certain degree are based on a common technical platform:
Production strategy - HMS maintains an in-house low-volume production of Anybus products in Halmstad. Volume production takes place in close partnership with subcontractors in Europe and Asia in order to achieve flexible costs and to make use of economies of scale.
Marketing strategy - The Anybus network interface cards are marketed and sold to players in industrial and infrastructure automation and Anybus Gateways to system integrators, machine manufacturers and end-users in industrial and infrastructure automation. IXXAT communication platforms are marketed and sold to machine builders of industrial applications, medical equipment and the automotive industry. Netbiter products are marketed and sold to a wide range of customers, from device manufacturers to owners of installations in need of remote management.
Sales strategy - Sales take place via the company's sales offices on defined key markets in 10 countries. Sales on the company's other markets, in some 50 countries, takes place via agents/ distributors.
HMS har format sina affärsmodeller efter respektive marknad och produktlinje. För Embedded gäller ramavtal, så kallade design-wins, med relativt lång säljcykel och konstruktionsfas i nära samarbete med kund och därefter säkra långsiktiga intäkter. För Gateways och Remote Management är affärsmodellen mer traditionell med kort säljcykel och tillverkning mot kundorder.
Halmstad April 24, 2014
Staffan Dahlström Chief Executive Officer
This interim report has not been reviewed by the Company's auditor.
Further information can be obtained from: CEO Staffan Dahlström, telephone +46 (0) 35-17 29 01 or CFO Gunnar Högberg, telephone +46 (0) 35-17 29 95
| Q1 2014 |
Q1 2013 |
Q1-Q4 2013 |
1304-1403 12 months |
|
|---|---|---|---|---|
| Net increase in revenue (%) | 29.8 | 11.1 | 31.3 | 35.8 |
| Gross margin (%) | 62.1 | 61.0 | 62.6 | 62.8 |
| Operating margin EBIT (%) | 15.5 | 12.8 | 17.3 | 17.7 |
| EBITDA (SEK t) | 27,736 | 17,713 | 104,759 | 114,775 |
| EBITDA (%) | 19.9 | 15.5 | 20.9 | 21.5 |
| Return on capital employed (%)* | 3.6 | 3.0 | 18.4 | 15.8 |
| Return on total equity (%)* | 14.9 | 10.7 | 17.4 | 18.2 |
| Working capital in relation to sales (%)* | 2.3 | 7.9 | 2.7 | 2.4 |
| Capital turnover rate | 0.72 | 0.70 | 0.84 | 0.69 |
| Debt/equity ratio | 0.53 | 0.57 | 0.59 | 0.58 |
| Equity/assets ratio (%) | 50.3 | 46.4 | 49.0 | 48.0 |
| Capital expenditure in property. plant and equipm. (SEK 000s) | 1,072 | 1,085 | 4,493 | 4,480 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 6,804 | 14,678 | 52,609 | 44,735 |
| Depreciation of property. plant and equipment (SEK 000s) | -1,786 | -1,729 | -6,674 | -6,731 |
| Amortisation of intangible fixed assets (SEK 000s) | -4,424 | -2,239 | -11,438 | -13,623 |
| Number of employees (average) | 353 | 346 | 344 | 346 |
| Revenue per employee (SEK m)* | 1.5 | 1.1 | 1.5 | 1.5 |
| Equity per share. SEK | 34.73 | 31.18 | 31.82 | 32.71 |
| Cash flow from operations per share. SEK | 0.81 | 1.42 | 7.91 | 7.30 |
| Total number of shares. average. thousands | 11,322 | 11,322 | 11,322 | 11,322 |
| Holding of own shares | 25 | 0 | 12 | 19 |
| Total outstanding shares | 11,297 | 11,322 | 11,310 | 11,304 |
* The key ratio has been translated into 12 months rolling value when applicable.
| (SEK 000s) | Q1 2014 |
Q1 2013 |
Q1-Q4 2013 |
1304-1403 12 months |
|---|---|---|---|---|
| Revenue | 139,127 | 107,215 | 501,145 | 533,057 |
| Cost of goods and services sold | -52,758 | -41,769 | -187,229 | -198,218 |
| Gross profit | 86,369 | 65,446 | 313,916 | 334,839 |
| Sales and marketing costs | -30,889 | -29,668 | -128,346 | -129,567 |
| Administrative expenses | -11,859 | -13,104 | -48,442 | -47,197 |
| Research and development costs | -23,416 | -9,717 | -52,018 | -65,717 |
| Other operating income | 1,321 | 1,486 | 2,828 | 2,663 |
| Other costs | 0 | -698 | -1,290 | -592 |
| Operating profit | 21,527 | 13,745 | 86,647 | 94,429 |
| Financial income | 0 | 0 | 203 | 203 |
| Financial costs | -2,915 | -2,046 | -5,357 | -6,226 |
| Profit before tax | 18,611 | 11,699 | 81,494 | 88,406 |
| Tax | -4,281 | -2,388 | -18,744 | -20,637 |
| Profit for the period | 14,331 | 9,311 | 62,750 | 67,770 |
| Basic earnings per share, SEK | 1.27 | 0.82 | 5.55 | 5.99 |
| (SEK 000s) | Q1 2014 |
Q1 2013 |
Q1-Q4 2013 |
1304-1403 12 months |
|---|---|---|---|---|
| Profit for the period | 14,331 | 9,311 | 62,750 | 67,770 |
| Other comprehensive income | ||||
| Income/expense recognized directly in equity | ||||
| Cash flow hedges | -132 | -519 | -1,751 | -1,364 |
| Translation differences | 213 | -5,204 | 10,004 | 15,422 |
| Hedging of net investments | 175 | 9,085 | -9,309 | -18,219 |
| Income tax relating to components of other comprehensive income | -9 | -1,885 | 2,433 | 4,309 |
| Other comprehensive income for the period, net of tax | 247 | 1,477 | 1,377 | 148 |
| Total comprehensive income for the period | 14,578 | 10,788 | 64,127 | 67,918 |
| (SEK 000s) | Mar 31 2014 | Mar 31 2013 | Dec 31 2013 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 390,934 | 380,272 | 390,844 |
| Other intangible assets | 241,850 | 204,193 | 239,405 |
| Property, plant and equipment | 19,451 | 21,832 | 20,179 |
| Deferred tax assets | 724 | 725 | 724 |
| Total fixed assets | 652,959 | 607,022 | 651,152 |
| Inventories | 35,449 | 35,418 | 35,971 |
| Trade and other receivables | 65,067 | 54,114 | 53,985 |
| Other current receivables | 17,635 | 31,429 | 13,637 |
| Cash and cash equivalents | 8,414 | 32,424 | 15,818 |
| Total current assets | 126,565 | 153,385 | 119,411 |
| TOTAL ASSETS | 779,524 | 760,407 | 770,563 |
| EQUITY AND LIABILITIES | |||
| Equity | 392,387 | 352,980 | 377,557 |
| Liabilities | |||
| Non-current liabilities | 215,186 | 234,182 | 224,076 |
| Deferred income tax liabilities | 65,633 | 65,026 | 65,143 |
| Total non-current liabilities | 280,819 | 299,208 | 289,219 |
| Trade payables | 29,635 | 27,690 | 28,342 |
| Other current liabilities | 76,683 | 80,528 | 75,445 |
| Total current liabilities | 106,318 | 108,218 | 103,787 |
| TOTAL EQUITY AND LIABILITIES | 779,524 | 760,406 | 770,563 |
| (SEK 000s) | Q1 2014 |
Q1 2013 |
Q1-Q4 2013 |
1304-1403 12 months |
|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
18,460 | 5,219 | 85,268 | 98,509 |
| Cash flow from changes in working capital | -9,345 | 10,852 | 4,234 | -15,963 |
| Cash flow from operating activities | 9,115 | 16,071 | 89,502 | 82,546 |
| Cash flow from investing activities | -7,876 | -260,944 | -324,554 | -71,486 |
| Cash flow from financing activities | -8,643 | 245,810 | 219,383 | -35,070 |
| Cash flow for the period | -7,404 | 937 | -15,669 | -24,010 |
| Cash and cash equivalents at beginning of the period | 15,818 | 31,487 | 31,487 | 32,424 |
| Cash and cash equivalents at end of period | 8,414 | 32,424 | 15,818 | 8,414 |
| Revenue per region (SEK 000s) |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 91,628 | 78,378 | 89,455 | 82,481 | 69,182 | 52,971 | 60,049 | 59,169 | 60,387 | 55,876 | 64,900 | 61,757 |
| Americas | 27,291 | 26,359 | 30,592 | 26,439 | 22,480 | 19,686 | 22,687 | 20,813 | 20,429 | 20,330 | 18,844 | 17,418 |
| Asia | 20,207 | 21,021 | 19,920 | 19,285 | 15,553 | 14,608 | 16,408 | 18,920 | 15,677 | 18,642 | 16,976 | 17,322 |
| Income statement (SEK 000s) |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
| Revenue (SEK m) | 139,127 | 125,758 | 139,967 | 128,205 | 107,215 | 87,265 | 99,144 | 98,902 | 96,493 | 94,848 | 100,720 | 96,498 |
| Gross profit | 86,369 | 80,056 | 88,704 | 79,709 | 65,446 | 50,269 | 59,382 | 59,953 | 59,766 | 57,686 | 61,062 | 59,193 |
| Gross margin | 62.1% | 63.7% | 63.4% | 62.2% | 61.0% | 57.6% | 59.9% | 60.6% | 61.9% | 60.8% | 60.6% | 61.3% |
| Operating profit | 21,527 | 13,443 | 32,226 | 27,260 | 13,745 | 6,248 | 23,186 | 19,953 | 14,338 | 9,925 | 24,360 | 20,224 |
| Operating margin | 15.5% | 10.7% | 23.0% | 21.3% | 12.8% | 7.2% | 23.4% | 20.2% | 14.9% | 10.5% | 24.2% | 21.0% |
| Profit before tax | 18,611 | 12,397 | 30,479 | 26,919 | 11,699 | 7,001 | 23,100 | 20,810 | 14,286 | 10,715 | 25,544 | 20,536 |
Sales by geographical area for the first quarter 2014 are presented in the graph to the right.
Embedded products reached 53 % (57)of the Group's total sales, IXXAT 23 % (15), Gateway products 19 % (19) and Remote Management amounted to 2 % (3).
All product groups are based on a common technology platform and are marketed and sold in the common sales channels. Therefore, no complete segment follow-up is reported.
| (SEK 000s) | Q1 2014 |
Q1 2013 |
Q1-Q4 2013 |
1304-1403 12 months |
|---|---|---|---|---|
| Revenue | 2,095 | 2,243 | 7,845 | 7,697 |
| Cost of sales and services | 0 | 0 | 0 | 0 |
| Gross profit | 2,095 | 2,243 | 7,845 | 7,697 |
| Administrative expenses | -2,092 | -2,249 | -7,818 | -7,660 |
| Operating profit | 3 | -6 | 27 | 37 |
| Interest expense, dividends and similar items | -3 | 6 | 49,993 | 49,983 |
| Profit before tax | 0 | 0 | 50,020 | 50,020 |
| Tax | -2 | 0 | -4 | -6 |
| Profit for the period | -2 | 0 | 50,016 | 50,014 |
| (SEK 000s) | Mar 31 2014 | Mar 31 2013 | Dec 31 2013 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 1,011 | 837 | 247 |
| Cash and cash equivalents | 896 | 717 | 808 |
| Total current assets | 1,907 | 1,554 | 1,056 |
| TOTAL ASSETS | 245,946 | 245,593 | 245,095 |
| EQUITY AND LIABILITIES | |||
| Equity | 143,931 | 123,285 | 143,931 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Non-current liabilities | 0 | 0 | 0 |
| Trade payables | 81 | 104 | 535 |
| Liabilities to Group companies | 99,640 | 119,749 | 99,321 |
| Other current liabilities | 2,285 | 2,447 | 1,299 |
| Total current liabilities | 102,007 | 122,300 | 101,155 |
| TOTAL EQITY AND LIABILITIES | 245,946 | 245,593 | 245,095 |
Share of profit after tax attributable to the parent company's shareholders in relation to the average shareholders' equity excluding non-controlling interests.
Share of the profit after financial income in relation to the average capital employed.
Total assets less non interest bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares with addition for the average number of shares that are added when converting the outstanding number of convertible securities and options.
Current assets less cash equiva-lents and current liabilities.
Operating income in relation to net sales.
Shareholders' equity in relation to total assets.
Long-term and current financial liabilities less financial assets.
Net debt in relation to shareholders' equity including noncontrolling interests.
Total equity attributable to the parent company's shareholders in relation to total outstanding shares by the end of the period.
HMS Industrial Networks is the leading independent supplier of products for industrial communication including remote management. HMS develops and manufactures solutions for connecting automation devices and systems to industrial networks under the Netbiter, Anybus and IXXAT brands.
Development and manufacturing take place at the headquarters in Halmstad, Sweden and in Weingarten, Germany. Local sales and support are handled by branch offices in China, Denmark, France, Germany, India, Italy, Japan, UK, and USA. HMS employs over 350 people and reported sales of 58 million EUR in 2012. HMS is listed on the NASDAQ OMX in Stockholm.
"All industrial devices will be intelligent and networked. We shall be the market leading partner in the world of industrial communication".
"To create long term value for our customers, employees and investors".
"We provide reliable, flexible and easy-to-use communication and remote management solutions to the world of industrial communication".
HMS Networks AB (publ) Org.Nr. 556661-8954 Box 4126 | 300 04 Halmstad | Sweden Tel: +46 35 172 900 Fax: +46 35 172 909 http://investors.hms.se
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