Reported Earnings • May 16
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$462.0m (down 40% from 1Q 2025). Net loss: NT$40.3m (loss widened 255% from 1Q 2025). Reported Earnings • Mar 17
Full year 2025 earnings released: NT$0.55 loss per share (vs NT$0.16 profit in FY 2024) Full year 2025 results: NT$0.55 loss per share (down from NT$0.16 profit in FY 2024). Revenue: NT$3.56b (up 55% from FY 2024). Net loss: NT$52.2m (down 481% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Mar 11
RiTdisplay Corporation, Annual General Meeting, Jun 25, 2026 RiTdisplay Corporation, Annual General Meeting, Jun 25, 2026. Location: b1 floor no,12, kuang fu n. rd., hukou township, hsinchu county Taiwan New Risk • Jan 19
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 Taiwanese stocks, typically moving 6.5% 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: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 58% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Board Change • Dec 13
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Tsuchia Lin was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.07 (vs NT$0.35 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.07 (down from NT$0.35 in 3Q 2024). Revenue: NT$969.9m (up 63% from 3Q 2024). Net income: NT$6.32m (down 78% from 3Q 2024). Profit margin: 0.7% (down from 4.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.05b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 55% per year over the past 5 years. High level of non-cash earnings (37% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.05b market cap, or US$99.6m). Upcoming Dividend • Sep 09
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 16 September 2025. Payment date: 14 October 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.0%). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.20 (vs NT$0.23 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.20 (down from NT$0.23 in 2Q 2024). Revenue: NT$1.28b (up 114% from 2Q 2024). Net income: NT$17.7m (down 6.4% from 2Q 2024). Profit margin: 1.4% (down from 3.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Aankondiging • Jun 25
RiTdisplay Corporation Approves Cash Dividend for the Year 2024 RiTdisplay Corporation at its 2025 annual general shareholders' meeting held on June 24, 2025, approved cash dividend of TWD 0.10 per share for the year 2024. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.13 loss per share (vs NT$0.006 profit in 1Q 2024) First quarter 2025 results: NT$0.13 loss per share (down from NT$0.006 profit in 1Q 2024). Revenue: NT$775.6m (up 40% from 1Q 2024). Net loss: NT$11.4m (down NT$11.8m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% 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. Aankondiging • May 14
RiTdisplay Corporation Approves Cash Dividend for 2024 RiTdisplay Corporation announced that board meeting approved the change of the Company's 2024 profit distribution. Cash dividends of TWD 9,065,170. Reason for the change: Considering the profit in 2024, change the distribution amount. Aankondiging • May 06
RiTdisplay Corporation to Report Q1, 2025 Results on May 13, 2025 RiTdisplay Corporation announced that they will report Q1, 2025 results at 12:00 PM, Taipei Standard Time on May 13, 2025 New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 50% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (NT$3.24b market cap, or US$97.5m). New Risk • Mar 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 50% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Aankondiging • Mar 11
RiTdisplay Corporation, Annual General Meeting, Jun 24, 2025 RiTdisplay Corporation, Annual General Meeting, Jun 24, 2025. Location: b1 floor no,12, kuang fu n. rd., hukou township, hsinchu county Taiwan Aankondiging • Feb 28
RiTdisplay Corporation to Report Fiscal Year 2024 Results on Mar 10, 2025 RiTdisplay Corporation announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.36 (vs NT$2.41 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.36 (up from NT$2.41 loss in 3Q 2023). Revenue: NT$595.6m (down 11% from 3Q 2023). Net income: NT$28.4m (up NT$205.6m from 3Q 2023). Profit margin: 4.8% (up from net loss in 3Q 2023). Revenue is forecast to grow 131% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Aankondiging • Nov 02
RiTdisplay Corporation to Report Q3, 2024 Results on Nov 11, 2024 RiTdisplay Corporation announced that they will report Q3, 2024 results on Nov 11, 2024 Aankondiging • Sep 10
An undisclosed buyer agreed to acquire 13.55% stake in Ritwin Corporation from RiTdisplay Corporation (TWSE:8104) for approximately TWD 270 million . An undisclosed buyer agreed to acquire 13.55% stake in Ritwin Corporation from RiTdisplay Corporation (TWSE:8104) for approximately TWD 270 million on September 9, 2024. A cash consideration of TWD 269.4 million will be paid by the buyer. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.23 (vs NT$0.31 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.23 (up from NT$0.31 loss in 2Q 2023). Revenue: NT$598.8m (down 8.4% from 2Q 2023). Net income: NT$18.9m (up NT$41.7m from 2Q 2023). Profit margin: 3.2% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 47% per year over the past 5 years. Minor Risks High level of debt (46% net debt to equity). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (NT$3.26b market cap, or US$100.0m). Aankondiging • Aug 03
RiTdisplay Corporation to Report Q2, 2024 Results on Aug 12, 2024 RiTdisplay Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jul 04
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 Taiwanese stocks, typically moving 6.8% 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: Major Risk Earnings have declined by 47% per year over the past 5 years. Minor Risks High level of debt (46% net debt to equity). Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). New Risk • Jun 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 47% per year over the past 5 years. Minor Risks High level of debt (46% net debt to equity). Shareholders have been diluted in the past year (23% increase in shares outstanding). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.01 (vs NT$0.14 in 1Q 2023) First quarter 2024 results: EPS: NT$0.01 (down from NT$0.14 in 1Q 2023). Revenue: NT$554.6m (down 15% from 1Q 2023). Net income: NT$453.0k (down 96% from 1Q 2023). Profit margin: 0.1% (down from 1.6% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 28
RiTdisplay Corporation to Report Q1, 2024 Results on May 06, 2024 RiTdisplay Corporation announced that they will report Q1, 2024 results on May 06, 2024 Reported Earnings • Mar 07
Full year 2023 earnings released: NT$3.08 loss per share (vs NT$0.41 profit in FY 2022) Full year 2023 results: NT$3.08 loss per share (down from NT$0.41 profit in FY 2022). Revenue: NT$2.68b (down 1.2% from FY 2022). Net loss: NT$226.9m (down NT$256.8m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Aug 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 32% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 7x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NT$2.54b market cap, or US$79.9m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.31 loss per share (vs NT$0.45 profit in 2Q 2022) Second quarter 2023 results: NT$0.31 loss per share (down from NT$0.45 profit in 2Q 2022). Revenue: NT$653.6m (down 17% from 2Q 2022). Net loss: NT$22.7m (down 168% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 01
Upcoming dividend of NT$1.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 31 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.41 (vs NT$2.86 in FY 2021) Full year 2022 results: EPS: NT$0.41 (down from NT$2.86 in FY 2021). Revenue: NT$2.71b (up 22% from FY 2021). Net income: NT$29.9m (down 84% from FY 2021). Profit margin: 1.1% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 19% share price gain to NT$39.45, the stock trades at a trailing P/E ratio of 79.9x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 23% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.13 (vs NT$0.64 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.13 (down from NT$0.64 in 3Q 2021). Revenue: NT$803.6m (up 36% from 3Q 2021). Net income: NT$9.24m (down 78% from 3Q 2021). Profit margin: 1.1% (down from 7.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$31.85, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 34% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$0.45 (vs NT$0.86 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.45 (down from NT$0.86 in 2Q 2021). Revenue: NT$783.3m (up 28% from 2Q 2021). Net income: NT$33.4m (down 42% from 2Q 2021). Profit margin: 4.3% (down from 9.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 13
Upcoming dividend of NT$2.01 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 10 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.9%). Higher than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$43.45, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total loss to shareholders of 14% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.42 loss per share (vs NT$1.01 profit in 1Q 2021) First quarter 2022 results: NT$0.42 loss per share (down from NT$1.01 profit in 1Q 2021). Revenue: NT$357.8m (down 21% from 1Q 2021). Net loss: NT$30.7m (down 146% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$2.86 (vs NT$3.06 in FY 2020) Full year 2021 results: EPS: NT$2.86 (down from NT$3.06 in FY 2020). Revenue: NT$2.23b (up 36% from FY 2020). Net income: NT$192.2m (down 7.0% from FY 2020). Profit margin: 8.6% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. 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 4% per year. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$77.40, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.64 (vs NT$1.21 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$590.3m (up 27% from 3Q 2020). Net income: NT$42.6m (down 48% from 3Q 2020). Profit margin: 7.2% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 07
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 08 October 2021. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.86 (vs NT$1.04 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$455.8m (up 4.1% from 2Q 2020). Net income: NT$57.9m (down 17% from 2Q 2020). Profit margin: 13% (down from 16% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$46.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 43% over the past three years. Reported Earnings • May 04
First quarter 2021 earnings released: EPS NT$1.01 (vs NT$0.067 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$454.3m (up 68% from 1Q 2020). Net income: NT$67.3m (up NT$62.8m from 1Q 2020). Profit margin: 15% (up from 1.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$3.06 (vs NT$0.76 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$1.64b (down 2.1% from FY 2019). Net income: NT$206.6m (up 306% from FY 2019). Profit margin: 13% (up from 3.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: NT$45.00 The company is down 3.0% from its price of NT$46.45 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$53.90 The company is up 17% from its price of NT$46.20 on 30 September 2020. The Taiwanese market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Semiconductor industry, which is up 24% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$1.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$464.7m (up 13% from 3Q 2019). Net income: NT$81.5m (up 174% from 3Q 2019). Profit margin: 18% (up from 7.3% in 3Q 2019). The increase in margin was driven by higher revenue. 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 14% per year, which means it has not declined as severely as earnings.