Reported Earnings • Apr 16
Full year 2026 earnings released: EPS: JP¥98.53 (vs JP¥54.05 in FY 2025) Full year 2026 results: EPS: JP¥98.53 (up from JP¥54.05 in FY 2025). Revenue: JP¥13.4b (up 28% from FY 2025). Net income: JP¥1.30b (up 75% from FY 2025). Profit margin: 9.7% (up from 7.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 14
Ray Corporation, Annual General Meeting, May 28, 2026 Ray Corporation, Annual General Meeting, May 28, 2026. Upcoming Dividend • Feb 19
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 01 June 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.8%). Reported Earnings • Jan 14
Third quarter 2026 earnings released: EPS: JP¥36.18 (vs JP¥18.53 in 3Q 2025) Third quarter 2026 results: EPS: JP¥36.18 (up from JP¥18.53 in 3Q 2025). Revenue: JP¥4.29b (up 50% from 3Q 2025). Net income: JP¥476.0m (up 88% from 3Q 2025). Profit margin: 11% (up from 8.8% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • Oct 15
Second quarter 2026 earnings released: EPS: JP¥13.86 (vs JP¥4.03 in 2Q 2025) Second quarter 2026 results: EPS: JP¥13.86 (up from JP¥4.03 in 2Q 2025). Revenue: JP¥2.63b (up 20% from 2Q 2025). Net income: JP¥183.0m (up 227% from 2Q 2025). Profit margin: 7.0% (up from 2.6% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Aankondiging • Oct 04
Ray Corporation to Report Q2, 2026 Results on Oct 14, 2025 Ray Corporation announced that they will report Q2, 2026 results on Oct 14, 2025 New Risk • Sep 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (JP¥8.60b market cap, or US$58.4m). Reported Earnings • Jul 16
First quarter 2026 earnings released: EPS: JP¥27.20 (vs JP¥8.04 in 1Q 2025) First quarter 2026 results: EPS: JP¥27.20 (up from JP¥8.04 in 1Q 2025). Revenue: JP¥3.22b (up 39% from 1Q 2025). Net income: JP¥364.0m (up 222% from 1Q 2025). Profit margin: 11% (up from 4.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥527, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 22x in the Entertainment industry in Japan. Total returns to shareholders of 64% over the past three years. Aankondiging • Jul 08
Ray Corporation to Report Q1, 2026 Results on Jul 14, 2025 Ray Corporation announced that they will report Q1, 2026 results on Jul 14, 2025 Reported Earnings • Jun 04
Full year 2025 earnings released: EPS: JP¥54.05 (vs JP¥57.27 in FY 2024) Full year 2025 results: EPS: JP¥54.05 (down from JP¥57.27 in FY 2024). Revenue: JP¥10.5b (down 6.8% from FY 2024). Net income: JP¥745.0m (down 8.9% from FY 2024). Profit margin: 7.1% (down from 7.3% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Aankondiging • Apr 23
Ray Corporation (TSE:4317) announces an Equity Buyback for 800,000 shares, representing 5.96% for ¥400 million. Ray Corporation (TSE:4317) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares, representing 5.96% of its total shares outstanding (excluding treasury shares), for a total of ¥400 million. The purpose of repurchase program is to enable flexible capital policies that can respond to changes in the business environment. The repurchase program is valid till February 28, 2026. As of March 31, 2025, the company had 13,430,599 issued shares (excluding treasury shares). Reported Earnings • Apr 15
Full year 2025 earnings released: EPS: JP¥54.05 (vs JP¥57.27 in FY 2024) Full year 2025 results: EPS: JP¥54.05 (down from JP¥57.27 in FY 2024). Revenue: JP¥10.5b (down 6.8% from FY 2024). Net income: JP¥745.0m (down 8.9% from FY 2024). Profit margin: 7.1% (down from 7.3% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 14
Ray Corporation, Annual General Meeting, May 29, 2025 Ray Corporation, Annual General Meeting, May 29, 2025. Aankondiging • Apr 05
Ray Corporation to Report Fiscal Year 2025 Results on Apr 14, 2025 Ray Corporation announced that they will report fiscal year 2025 results on Apr 14, 2025 Upcoming Dividend • Feb 20
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Reported Earnings • Jan 15
Third quarter 2025 earnings released: EPS: JP¥18.53 (vs JP¥37.83 in 3Q 2024) Third quarter 2025 results: EPS: JP¥18.53 (down from JP¥37.83 in 3Q 2024). Revenue: JP¥2.86b (down 23% from 3Q 2024). Net income: JP¥253.0m (down 53% from 3Q 2024). Profit margin: 8.8% (down from 15% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 16
Second quarter 2025 earnings released: EPS: JP¥4.03 (vs JP¥1.12 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥4.03 (up from JP¥1.12 loss in 2Q 2024). Revenue: JP¥2.19b (up 1.3% from 2Q 2024). Net income: JP¥56.0m (up JP¥72.0m from 2Q 2024). Profit margin: 2.6% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 06
Ray Corporation to Report Q2, 2025 Results on Oct 11, 2024 Ray Corporation announced that they will report Q2, 2025 results on Oct 11, 2024 New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥6.15b market cap, or US$43.7m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥380, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 24x in the Entertainment industry in Japan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Jul 16
First quarter 2025 earnings released: EPS: JP¥8.04 (vs JP¥5.86 in 1Q 2024) First quarter 2025 results: EPS: JP¥8.04 (up from JP¥5.86 in 1Q 2024). Revenue: JP¥2.32b (up 1.6% from 1Q 2024). Net income: JP¥113.0m (up 35% from 1Q 2024). Profit margin: 4.9% (up from 3.7% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 04
Ray Corporation to Report Q1, 2025 Results on Jul 12, 2024 Ray Corporation announced that they will report Q1, 2025 results on Jul 12, 2024 Aankondiging • Jun 25
Ray Corporation (TSE:4317) announces an Equity Buyback for 500,000 shares, representing 3.5% for ¥250 million. Ray Corporation (TSE:4317) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 3.5% of its total shares outstanding (excluding treasury shares), for a total of ¥250 million. The purpose of repurchase program is to allocate the funds to shares to be delivered as restricted stock compensation and to enable flexible capital policy in response to changes in the business environment. The repurchase program is valid till February 28, 2025. As of May 31, 2024, the company had 14,273,223 issued shares (excluding treasury shares) and 355,753 treasury shares. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥377, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 22x in the Entertainment industry in Japan. Total returns to shareholders of 30% over the past three years. New Risk • Apr 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (JP¥5.95b market cap, or US$38.6m). Reported Earnings • Apr 14
Full year 2024 earnings released: EPS: JP¥57.27 (vs JP¥49.90 in FY 2023) Full year 2024 results: EPS: JP¥57.27 (up from JP¥49.90 in FY 2023). Revenue: JP¥11.2b (down 9.9% from FY 2023). Net income: JP¥818.0m (up 14% from FY 2023). Profit margin: 7.3% (up from 5.7% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 14
Ray Corporation, Annual General Meeting, May 29, 2024 Ray Corporation, Annual General Meeting, May 29, 2024. Aankondiging • Apr 03
Ray Corporation to Report Fiscal Year 2024 Results on Apr 12, 2024 Ray Corporation announced that they will report fiscal year 2024 results on Apr 12, 2024 Upcoming Dividend • Feb 21
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Reported Earnings • Jan 14
Third quarter 2024 earnings released: EPS: JP¥37.83 (vs JP¥10.89 in 3Q 2023) Third quarter 2024 results: EPS: JP¥37.83 (up from JP¥10.89 in 3Q 2023). Revenue: JP¥3.69b (up 42% from 3Q 2023). Net income: JP¥540.0m (up 246% from 3Q 2023). Profit margin: 15% (up from 6.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Aankondiging • Dec 28
Ray Corporation to Report Q3, 2024 Results on Jan 12, 2024 Ray Corporation announced that they will report Q3, 2024 results on Jan 12, 2024 Reported Earnings • Oct 13
Second quarter 2024 earnings released: JP¥1.12 loss per share (vs JP¥7.96 profit in 2Q 2023) Second quarter 2024 results: JP¥1.12 loss per share (down from JP¥7.96 profit in 2Q 2023). Revenue: JP¥2.16b (down 24% from 2Q 2023). Net loss: JP¥16.0m (down 114% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 05
Ray Corporation to Report Q2, 2024 Results on Oct 12, 2023 Ray Corporation announced that they will report Q2, 2024 results on Oct 12, 2023 New Risk • Jul 29
New major risk - Revenue and earnings growth Earnings have declined by 1.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.0% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥5.77b market cap, or US$40.9m). Aankondiging • Jul 08
Ray Corporation to Report Q1, 2024 Results on Jul 13, 2023 Ray Corporation announced that they will report Q1, 2024 results on Jul 13, 2023 Reported Earnings • Jul 01
Full year 2023 earnings released: EPS: JP¥49.90 (vs JP¥37.97 in FY 2022) Full year 2023 results: EPS: JP¥49.90 (up from JP¥37.97 in FY 2022). Revenue: JP¥12.5b (up 13% from FY 2022). Net income: JP¥715.0m (up 31% from FY 2022). Profit margin: 5.7% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 13
Third quarter 2023 earnings released: EPS: JP¥11.86 (vs JP¥11.10 in 3Q 2022) Third quarter 2023 results: EPS: JP¥11.86 (up from JP¥11.10 in 3Q 2022). Revenue: JP¥2.61b (up 3.5% from 3Q 2022). Net income: JP¥170.0m (up 6.9% from 3Q 2022). Profit margin: 6.5% (up from 6.3% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Aankondiging • Dec 29
Ray Corporation to Report Q3, 2023 Results on Jan 12, 2023 Ray Corporation announced that they will report Q3, 2023 results on Jan 12, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Auditor Katsumi Sasaki was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 15
Second quarter 2023 earnings released: EPS: JP¥12.21 (vs JP¥2.65 in 2Q 2022) Second quarter 2023 results: EPS: JP¥12.21 (up from JP¥2.65 in 2Q 2022). Revenue: JP¥2.84b (up 16% from 2Q 2022). Net income: JP¥175.0m (up 361% from 2Q 2022). Profit margin: 6.2% (up from 1.5% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Aankondiging • Sep 29
Ray Corporation to Report Q2, 2023 Results on Oct 13, 2022 Ray Corporation announced that they will report Q2, 2023 results on Oct 13, 2022 Reported Earnings • Jul 17
First quarter 2023 earnings released: EPS: JP¥14.31 (vs JP¥3.00 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥14.31 (up from JP¥3.00 loss in 1Q 2022). Revenue: JP¥3.27b (up 75% from 1Q 2022). Net income: JP¥205.0m (up JP¥248.0m from 1Q 2022). Profit margin: 6.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Jul 01
Ray Corporation to Report Q1, 2023 Results on Jul 14, 2022 Ray Corporation announced that they will report Q1, 2023 results on Jul 14, 2022 Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: JP¥37.97 (vs JP¥25.61 loss in FY 2021) Full year 2022 results: EPS: JP¥37.97 (up from JP¥25.61 loss in FY 2021). Revenue: JP¥11.1b (up 57% from FY 2021). Net income: JP¥544.0m (up JP¥911.0m from FY 2021). Profit margin: 4.9% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Auditor Katsumi Sasaki was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 16
Ray Corporation, Annual General Meeting, May 27, 2022 Ray Corporation, Annual General Meeting, May 27, 2022. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: JP¥37.97 (vs JP¥25.61 loss in FY 2021) Full year 2022 results: EPS: JP¥37.97 (up from JP¥25.61 loss in FY 2021). Revenue: JP¥11.1b (up 57% from FY 2021). Net income: JP¥544.0m (up JP¥911.0m from FY 2021). Profit margin: 4.9% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 08
Ray Corporation to Report Fiscal Year 2022 Results on Apr 14, 2022 Ray Corporation announced that they will report fiscal year 2022 results on Apr 14, 2022 Reported Earnings • Jan 14
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥11.10 (up from JP¥0.35 loss in 3Q 2021). Revenue: JP¥2.52b (up 37% from 3Q 2021). Net income: JP¥159.0m (up JP¥164.0m from 3Q 2021). Profit margin: 6.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 15
Second quarter 2022 earnings released: EPS JP¥2.65 (vs JP¥12.84 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥2.46b (up 109% from 2Q 2021). Net income: JP¥38.0m (up JP¥222.0m from 2Q 2021). Profit margin: 1.5% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 16
First quarter 2022 earnings released: JP¥3.00 loss per share (vs JP¥11.86 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: JP¥1.87b (up 16% from 1Q 2021). Net loss: JP¥43.0m (loss narrowed 75% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 02
Full year 2021 earnings released: JP¥25.61 loss per share (vs JP¥50.32 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥7.05b (down 41% from FY 2020). Net loss: JP¥367.0m (down 151% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 16
Full year 2021 earnings released: JP¥25.61 loss per share (vs JP¥50.32 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥7.05b (down 41% from FY 2020). Net loss: JP¥367.0m (down 151% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 21
Ray Corporation to Report Fiscal Year 2021 Results on Apr 14, 2021 Ray Corporation announced that they will report fiscal year 2021 results on Apr 14, 2021 Is New 90 Day High Low • Feb 17
New 90-day high: JP¥358 The company is up 4.0% from its price of JP¥344 on 19 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 27% over the same period. Reported Earnings • Jan 15
Third quarter 2021 earnings released: JP¥0.35 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2021 results: Revenue: JP¥1.84b (down 41% from 3Q 2020). Net loss: JP¥5.00m (down 102% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Aankondiging • Jan 09
Ray Corporation to Report Q3, 2021 Results on Jan 13, 2021 Ray Corporation announced that they will report Q3, 2021 results on Jan 13, 2021 Is New 90 Day High Low • Dec 22
New 90-day low: JP¥301 The company is down 20% from its price of JP¥376 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 10.0% over the same period. Reported Earnings • Oct 15
First half earnings released Over the last 12 months the company has reported total losses of JP¥29.0m, with earnings decreasing by JP¥942.0m from the prior year. Total revenue was JP¥8.94b over the last 12 months, down 26% from the prior year.