Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.35 (vs NT$0.008 in 1Q 2025) First quarter 2026 results: EPS: NT$0.35 (up from NT$0.008 in 1Q 2025). Revenue: NT$230.4m (up 39% from 1Q 2025). Net income: NT$12.9m (up NT$12.6m from 1Q 2025). Profit margin: 5.6% (up from 0.2% 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 65% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Mar 16
HTM International Holding Ltd., Annual General Meeting, Jun 30, 2026 HTM International Holding Ltd., Annual General Meeting, Jun 30, 2026, at 09:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., taipei city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.38 (vs NT$0.046 in FY 2024) Full year 2025 results: EPS: NT$0.38 (up from NT$0.046 in FY 2024). Revenue: NT$720.9m (up 4.0% from FY 2024). Net income: NT$14.2m (up NT$12.5m from FY 2024). Profit margin: 2.0% (up from 0.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 05
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to NT$10.75. The fair value is estimated to be NT$8.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.08x 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 Risk Interest payments are not well covered by earnings (0.08x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$468.3m market cap, or US$14.9m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.15 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.47 (up from NT$0.15 loss in 3Q 2024). Revenue: NT$221.3m (up 27% from 3Q 2024). Net income: NT$17.5m (up NT$23.3m from 3Q 2024). Profit margin: 7.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% 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. New Risk • Nov 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Market cap is less than US$100m (NT$446.0m market cap, or US$14.3m). Reported Earnings • Aug 31
Second quarter 2025 earnings released: NT$0.20 loss per share (vs NT$0.016 profit in 2Q 2024) Second quarter 2025 results: NT$0.20 loss per share (down from NT$0.016 profit in 2Q 2024). Revenue: NT$179.5m (up 7.0% from 2Q 2024). Net loss: NT$7.28m (down NT$7.86m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Aug 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 Taiwanese 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: Major Risk Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$553.7m market cap, or US$18.4m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.19 in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (down from NT$0.19 in 1Q 2024). Revenue: NT$165.4m (up 38% from 1Q 2024). Net income: NT$311.0k (down 96% from 1Q 2024). Profit margin: 0.2% (down from 6.0% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Aankondiging • May 06
HTM International Holding Ltd. to Report Q1, 2025 Results on May 13, 2025 HTM International Holding Ltd. announced that they will report Q1, 2025 results on May 13, 2025 New Risk • Apr 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (NT$631.8m market cap, or US$19.1m). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$0.05 (vs NT$1.15 loss in FY 2023) Full year 2024 results: EPS: NT$0.05 (up from NT$1.15 loss in FY 2023). Revenue: NT$693.3m (up 39% from FY 2023). Net income: NT$1.71m (up NT$44.5m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). 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 102 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 17
HTM International Holding Ltd., Annual General Meeting, Jun 30, 2025 HTM International Holding Ltd., Annual General Meeting, Jun 30, 2025, at 09:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., taipei city Taiwan Aankondiging • Mar 07
HTM International Holding Ltd. to Report Q4, 2024 Results on Mar 14, 2025 HTM International Holding Ltd. announced that they will report Q4, 2024 results on Mar 14, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.16 loss per share (vs NT$0.15 loss in 3Q 2023) Third quarter 2024 results: NT$0.16 loss per share (further deteriorated from NT$0.15 loss in 3Q 2023). Revenue: NT$174.2m (up 15% from 3Q 2023). Net loss: NT$5.77m (loss widened 3.1% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Aankondiging • Nov 05
HTM International Holding Ltd. to Report Q3, 2024 Results on Nov 12, 2024 HTM International Holding Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.51 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.02 (up from NT$0.51 loss in 2Q 2023). Revenue: NT$167.7m (up 76% from 2Q 2023). Net income: NT$584.0k (up NT$19.5m from 2Q 2023). Profit margin: 0.3% (up from net loss in 2Q 2023). 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 99 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 17
HTM International Holding Ltd. to Report Q2, 2024 Results on Aug 26, 2024 HTM International Holding Ltd. announced that they will report Q2, 2024 results on Aug 26, 2024 New Risk • Jun 14
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 Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$921.7m market cap, or US$28.5m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.19 (vs NT$0.16 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.19 (up from NT$0.16 loss in 1Q 2023). Revenue: NT$120.3m (down 2.2% from 1Q 2023). Net income: NT$7.19m (up NT$13.2m from 1Q 2023). Profit margin: 6.0% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Aankondiging • May 06
HTM International Holding Ltd. to Report Q1, 2024 Results on May 13, 2024 HTM International Holding Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: NT$1.15 loss per share (vs NT$0.88 profit in FY 2022) Full year 2023 results: NT$1.15 loss per share (down from NT$0.88 profit in FY 2022). Revenue: NT$499.8m (down 27% from FY 2022). Net loss: NT$42.8m (down 231% 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 53 percentage points per year, which is a significant difference in performance. New Risk • Mar 05
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 5.7% 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 Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (NT$564.9m market cap, or US$17.9m). Reported Earnings • Sep 01
Second quarter 2023 earnings released: NT$0.51 loss per share (vs NT$0.088 profit in 2Q 2022) Second quarter 2023 results: NT$0.51 loss per share (down from NT$0.088 profit in 2Q 2022). Revenue: NT$95.5m (down 25% from 2Q 2022). Net loss: NT$18.9m (down NT$22.2m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: NT$0.88 (vs NT$0.97 in FY 2021) Full year 2022 results: EPS: NT$0.88 (down from NT$0.97 in FY 2021). Revenue: NT$683.3m (up 25% from FY 2021). Net income: NT$32.6m (down 10% from FY 2021). Profit margin: 4.8% (down from 6.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 32% per year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to NT$18.05, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 99% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.33 (vs NT$0.27 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.33 (up from NT$0.27 in 3Q 2021). Revenue: NT$158.7m (up 20% from 3Q 2021). Net income: NT$12.2m (up 24% from 3Q 2021). Profit margin: 7.7% (up from 7.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Po-Wen Huang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: NT$0.09 (vs NT$0.052 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.09 (up from NT$0.052 in 2Q 2021). Revenue: NT$126.6m (up 23% from 2Q 2021). Net income: NT$3.28m (up 68% from 2Q 2021). Profit margin: 2.6% (up from 1.9% in 2Q 2021). 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 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 18% share price gain to NT$14.60, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: NT$0.34 (vs NT$0.23 in 1Q 2021) First quarter 2022 results: EPS: NT$0.34 (up from NT$0.23 in 1Q 2021). Revenue: NT$181.5m (up 42% from 1Q 2021). Net income: NT$12.6m (up 47% from 1Q 2021). Profit margin: 6.9% (up from 6.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Director Tien-Hua Hsu is the most experienced director on the board, commencing their role in 2021. Independent Director Po-Wen Huang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: NT$0.98 (vs NT$0.94 in FY 2020) Full year 2021 results: EPS: NT$0.98 (up from NT$0.94 in FY 2020). Revenue: NT$545.3m (down 7.4% from FY 2020). Net income: NT$36.3m (up 3.3% from FY 2020). Profit margin: 6.6% (up from 6.0% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 29
HTM International Holding Ltd., Annual General Meeting, Jun 30, 2022 HTM International Holding Ltd., Annual General Meeting, Jun 30, 2022. Location: 6F-B. NO.99. Fu Xing N. Rd, Taipei 105 Taiwan Taipei China Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 17% share price gain to NT$16.45, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 21% share price gain to NT$16.80, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 91% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.28 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: NT$132.5m (down 25% from 3Q 2020). Net income: NT$9.91m (down 5.8% from 3Q 2020). Profit margin: 7.5% (up from 5.9% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 09
Director Mao-Hung Liu has left the company On the 31st of August, Mao-Hung Liu's tenure as Director ended after 11.7 years in the role. We don't have any record of a personal shareholding under Mao-Hung's name. A total of 7 executives have left over the last 12 months. Executive Departure • Sep 09
Independent Director Hock-Pin Yeoh has left the company On the 31st of August, Hock-Pin Yeoh's tenure as Independent Director ended. We don't have any record of a personal shareholding under Hock-Pin's name. A total of 7 executives have left over the last 12 months. Executive Departure • Sep 09
Independent Director Cheng-Ting Fang has left the company On the 31st of August, Cheng-Ting Fang's tenure as Independent Director ended after 11.7 years in the role. We don't have any record of a personal shareholding under Cheng-Ting's name. A total of 7 executives have left over the last 12 months. Executive Departure • Sep 09
Director Hsiang-Sheng Peng has left the company On the 31st of August, Hsiang-Sheng Peng's tenure as Director ended after 3.2 years in the role. We don't have any record of a personal shareholding under Hsiang-Sheng's name. A total of 7 executives have left over the last 12 months. Executive Departure • Sep 09
Director Wei-Hsin Lo has left the company On the 31st of August, Wei-Hsin Lo's tenure as Director ended after 3.2 years in the role. We don't have any record of a personal shareholding under Wei-Hsin's name. A total of 7 executives have left over the last 12 months. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.40 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$102.9m (down 20% from 2Q 2020). Net income: NT$1.95m (down 87% from 2Q 2020). Profit margin: 1.9% (down from 11% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 25
Director Hai-Shui Huang has left the company On the 18th of August, Hai-Shui Huang's tenure as Director ended after 11.7 years in the role. We don't have any record of a personal shareholding under Hai-Shui's name. Hai-Shui is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 21% share price gain to NT$17.15, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 102% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.23 (vs NT$0.13 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$128.3m (down 8.9% from 1Q 2020). Net income: NT$8.57m (up 85% from 1Q 2020). Profit margin: 6.7% (up from 3.3% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$15.65, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to NT$25.20, the stock trades at a trailing P/E ratio of 33.5x, up from the previous P/E ratio of 28.7x. Average P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 174%. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$21.95, the stock is trading at a trailing P/E ratio of 29.2x, up from the previous P/E ratio of 24.9x. This compares to an average P/E of 16x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 131%. Is New 90 Day High Low • Feb 23
New 90-day high: NT$20.00 The company is up 47% from its price of NT$13.65 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 17% share price gain to NT$17.35, the stock is trading at a trailing P/E ratio of 23.1x, up from the previous P/E ratio of 19.8x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 52%. Is New 90 Day High Low • Jan 12
New 90-day high: NT$15.55 The company is up 6.0% from its price of NT$14.70 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$14.90, the stock is trading at a trailing P/E ratio of 19.8x, up from the previous P/E ratio of 17.2x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 59%. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 17% share price gain to NT$13.10, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 38%. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.28 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$177.1m (up 11% from 3Q 2019). Net income: NT$10.5m (up 161% from 3Q 2019). Profit margin: 5.9% (up from 2.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 15% share price decline to NT$12.35, the stock is trading at a trailing P/E ratio of 21.4x, down from the previous P/E ratio of 25.2x. This compares to an average P/E of 16x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 41%. Is New 90 Day High Low • Sep 24
New 90-day high: NT$16.40 The company is up 152% from its price of NT$6.50 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 2.0% over the same period.