Price Target Changed • Feb 24
Price target increased by 13% to AU$0.85 Up from AU$0.75, the current price target is an average from 2 analysts. New target price is 40% above last closing price of AU$0.60. Stock is up 34% over the past year. The company posted earnings per share of AU$0.033 last year. Declared Dividend • Feb 23
First half dividend of AU$0.008 announced Shareholders will receive a dividend of AU$0.008. Ex-date: 5th March 2026 Payment date: 27th March 2026 Dividend yield will be 2.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 21
First half 2026 earnings released: EPS: AU$0.019 (vs AU$0.009 in 1H 2025) First half 2026 results: EPS: AU$0.019 (up from AU$0.009 in 1H 2025). Revenue: AU$23.0m (up 13% from 1H 2025). Net income: AU$2.22m (up 117% from 1H 2025). Profit margin: 9.6% (up from 5.0% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 52% growth forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Feb 17
LaserBond Limited to Report First Half, 2026 Results on Feb 20, 2026 LaserBond Limited announced that they will report first half, 2026 results on Feb 20, 2026 Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Dagmar Parsons was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Dec 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to AU$0.63. The fair value is estimated to be AU$0.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 8.8%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Buy Or Sell Opportunity • Nov 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to AU$0.61. The fair value is estimated to be AU$0.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 8.8%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Announcement • Sep 26
LaserBond Limited, Annual General Meeting, Nov 20, 2025 LaserBond Limited, Annual General Meeting, Nov 20, 2025. Location: at rydges campbelltown, bookman-rockwell meeting room, 15 old menangle road, campbelltown nsw 2560, Australia Declared Dividend • Aug 25
Final dividend of AU$0.008 announced Shareholders will receive a dividend of AU$0.008. Ex-date: 4th September 2025 Payment date: 26th September 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: AU$0.033 (vs AU$0.031 in FY 2024) Full year 2025 results: EPS: AU$0.033 (up from AU$0.031 in FY 2024). Revenue: AU$43.5m (up 3.6% from FY 2024). Net income: AU$3.84m (up 9.1% from FY 2024). Profit margin: 8.8% (up from 8.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Feb 27
Consensus revenue estimates decrease by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$51.3m to AU$44.2m. EPS estimate unchanged from AU$0.051 per share at last update. Machinery industry in Australia expected to see average net income growth of 20% next year. Consensus price target down from AU$1.10 to AU$0.85. Share price fell 28% to AU$0.43 over the past week. Declared Dividend • Feb 24
First half dividend of AU$0.004 announced Shareholders will receive a dividend of AU$0.004. Ex-date: 6th March 2025 Payment date: 28th March 2025 Dividend yield will be 2.6%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 163% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
First half 2025 earnings released: EPS: AU$0.009 (vs AU$0.015 in 1H 2024) First half 2025 results: EPS: AU$0.009 (down from AU$0.015 in 1H 2024). Revenue: AU$20.3m (flat on 1H 2024). Net income: AU$1.04m (down 38% from 1H 2024). Profit margin: 5.1% (down from 8.3% in 1H 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% decline forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Feb 21
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to AU$0.47. The fair value is estimated to be AU$0.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 7.2%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Announcement • Sep 20
LaserBond Limited, Annual General Meeting, Oct 23, 2024 LaserBond Limited, Annual General Meeting, Oct 23, 2024. Location: rydges campbelltown, rockwell meeting room, 15 old menangle road, capmbelltown nsw 2560, Australia Declared Dividend • Aug 27
Final dividend of AU$0.008 announced Dividend of AU$0.008 is the same as last year. Ex-date: 5th September 2024 Payment date: 27th September 2024 Dividend yield will be 2.6%, which is lower than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Price Target Changed • Aug 24
Price target decreased by 12% to AU$1.10 Down from AU$1.25, the current price target is provided by 1 analyst. New target price is 69% above last closing price of AU$0.65. Stock is down 24% over the past year. The company posted earnings per share of AU$0.031 last year. Reported Earnings • Aug 23
Full year 2024 earnings released: EPS: AU$0.031 (vs AU$0.043 in FY 2023) Full year 2024 results: EPS: AU$0.031 (down from AU$0.043 in FY 2023). Revenue: AU$42.0m (up 8.7% from FY 2023). Net income: AU$3.52m (down 26% from FY 2023). Profit margin: 8.4% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Machinery industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Mar 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.0% 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: Minor Risks Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Market cap is less than US$100m (AU$81.4m market cap, or US$53.0m). Major Estimate Revision • Feb 29
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from AU$47.8m to AU$45.4m. EPS estimate also fell from AU$0.056 per share to AU$0.049 per share. Net income forecast to grow 77% next year vs 46% growth forecast for Machinery industry in Australia. Consensus price target up from AU$1.15 to AU$1.25. Share price fell 15% to AU$0.74 over the past week. Price Target Changed • Feb 28
Price target increased by 14% to AU$1.25 Up from AU$1.10, the current price target is provided by 1 analyst. New target price is 72% above last closing price of AU$0.72. Stock is down 21% over the past year. The company is forecast to post earnings per share of AU$0.049 for next year compared to AU$0.043 last year. Declared Dividend • Feb 25
First half dividend of AU$0.008 announced Dividend of AU$0.008 is the same as last year. Ex-date: 6th March 2024 Payment date: 28th March 2024 Dividend yield will be 2.1%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 08
LaserBond Limited, Annual General Meeting, Oct 19, 2023 LaserBond Limited, Annual General Meeting, Oct 19, 2023, at 10:00 AUS Eastern Standard Time. Location: Campbelltown Catholic Club Quondong Room 20-22 Camden Road CAMPBELLTOWN NSW 2560 Campbell Town New South Wales Australia Agenda: To consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of Directors, the Directors' report the remuneration report and the auditor's report; to discuss the adoption of the remuneration report; to discuss re-election as a executive Director Mr Matthew Twist; to re-election as a non-executive Director Ms Dagmar Parsons; and to discuss approval of an additional placement capacity to issue securities equivalent to an additional. Reported Earnings • Aug 25
Full year 2023 earnings released: EPS: AU$0.043 (vs AU$0.033 in FY 2022) Full year 2023 results: EPS: AU$0.043 (up from AU$0.033 in FY 2022). Revenue: AU$38.6m (up 26% from FY 2022). Net income: AU$4.76m (up 31% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 33% decline forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 24
LaserBond Limited Declares Ordinary Franked Dividend for the Six Months Ended June 30, 2023, Payable on October 6, 2023 LaserBond Limited declared ordinary franked dividend of AUD 0.00800000 per share for the six months ended June 30, 2023. Ex-date is September 7, 2023. Record date is September 8, 2023. Payment date is October 6, 2023. Reported Earnings • Feb 25
First half 2023 earnings released: EPS: AU$0.018 (vs AU$0.016 in 1H 2022) First half 2023 results: EPS: AU$0.018 (up from AU$0.016 in 1H 2022). Revenue: AU$18.7m (up 39% from 1H 2022). Net income: AU$2.00m (up 31% from 1H 2022). Profit margin: 11% (in line with 1H 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 30
LaserBond Limited Appoints Dagmar Parsons to the Board as A Non-Executive Director, Effective 30 January 2023 LaserBond Limited announced the appointment of Mr. Dagmar Parsons to the board as a non-executive director, effective 30 January 2023. Mr. Parsons has worked with major national and multinational entities in senior executive and non-executive director positions, driving critical market success by providing strategic direction, visionary leadership and innovative thinking. She has considerable experience in transforming and growing complex business across diverse corporate, operational and entrepreneurial roles in Australia, Asia and Europe. Mr. Parsons is the non-executive chair of Advanced Braking Technology Ltd., managing director of Rail Safety Systems Pty Ltd. and serves as non-executive director of Transport Safety Systems Group Ltd. She is a graduate member of the Australian Institute of Company Directors. Price Target Changed • Nov 16
Price target decreased to AU$1.10 Down from AU$1.35, the current price target is provided by 1 analyst. New target price is 29% above last closing price of AU$0.85. Stock is down 12% over the past year. The company is forecast to post earnings per share of AU$0.053 for next year compared to AU$0.035 last year. 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. 4 non-independent directors. Non-Executive Director Ian Neal was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 19
LaserBond Limited, Annual General Meeting, Oct 20, 2022 LaserBond Limited, Annual General Meeting, Oct 20, 2022, at 10:01 E. Australia Standard Time. Location: Rydges Campbelltown, Bookman & Rockwell Room 15 Old Menangle Road Campbelltown New South Wales Australia Agenda: To receive and consider the annual financial report of the company for the financial year ended 30 June 2022 together with the declaration of Directors, the Directors' report, the remuneration report and the auditor's report; to consider adoption of remuneration report; to consider re-election of executive director. Major Estimate Revision • Sep 01
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from AU$42.7m to AU$44.5m. EPS estimate fell from AU$0.06 to AU$0.05 per share. Net income forecast to grow 60% next year vs 59% growth forecast for Machinery industry in Australia. Consensus price target of AU$1.10 unchanged from last update. Share price rose 8.9% to AU$0.92 over the past week. Reported Earnings • Aug 26
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: AU$0.035 (up from AU$0.03 in FY 2021). Revenue: AU$30.7m (up 25% from FY 2021). Net income: AU$3.63m (up 28% from FY 2021). Profit margin: 12% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 39%, compared to a 176% growth forecast for the Machinery industry in Australia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 25
LaserBond Limited Declares Dividend for the Period for Six Months Ended June 30, 2022, Payable on October 07, 2022 LaserBond Limited declared dividend for the period for six months ended June 30, 2022 of AUD 0.00800000, payable on October 07, 2022. Record Date is September 09, 2022 and Ex Date is September 08, 2022. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$35.0m to AU$32.2m. EPS estimate also fell from AU$0.05 per share to AU$0.04 per share. Net income forecast to grow 68% next year vs 14% growth forecast for Machinery industry in Australia. Consensus price target down from AU$1.35 to AU$1.10. Share price fell 6.0% to AU$0.79 over the past week. Announcement • May 28
LaserBond Limited Provides Revenue Guidance for the Fiscal Year 2022 LaserBond Limited provided revenue guidance for the fiscal year 2022. The company announced revenue expectations of approximately $35 million for fiscal year 2022. However, due to supply chain delays, the company expects to recognize revenue of between $30 million and $31 million representing growth of 22% to 26% over fiscal year 2021. Announcement • May 09
LaserBond Limited Appoints Ian Neal to the Board as Non-Executive Director LaserBond Limited announced the appointment of Mr. Ian Neal to the Board as a non-executive director, effective from May 8, 2022. Mr. Neal is a Chair for the Executive Connection and consults on business strategy and implementation from a perspective of maximising shareholder value. He was co-founder and managing director of Nanyang Ventures Pty Limited from 1993 to 2004. His professional background is in financial markets, commencing as an equities analyst and moving to various banking positions until establishing Nanyang Ventures. He is a life member of the Financial Services Institute of Australia, a previous National President of The Securities Institute ofAustralia and was a member of the first Corporate Governance Council which established the Corporate Governance Guidelines. LaserBond welcomes Mr. Neal's appointment as an important step in the growth strategies and hope to expand the Board with an additional non-executive director in the near future to both complement Mr. Neal's experience and provide more value to the Board. 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. 3 non-independent directors. CFO, Company Secretary & Executive Director Matthew Twist was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
LaserBond Limited Announces Dividend for the Period Ended March 31, 2022, Payable on April 8, 2022 LaserBond Limited announced a dividend of AUD 0.00600000 per unit for the period ended March 31, 2022. The record date is on March 11, 2022, and the ex-date is on March 10, 2022. The dividend is payable on April 8, 2022. Reported Earnings • Feb 24
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: AU$0.016 (up from AU$0.012 in 1H 2021). Revenue: AU$13.4m (up 13% from 1H 2021). Net income: AU$1.52m (up 28% from 1H 2021). Profit margin: 11% (up from 10% in 1H 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 48%, compared to a 63% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 24
Laserbond Limited Declares Fully Franked Interim Dividend for Half-Year Ended 31St December 2021, Payable on 8 April 2022 LaserBond Limited announced that the Directors have recommended the payment of an interim dividend of 0.6 cents per fully paid ordinary share (2020: 0.6 cents), fully franked based on tax paid at 25.0%. The aggregate amount of the proposed dividend expected to be paid on 8 April 2022 out of retained earnings at 31 December 2021, but not recognised as a liability, is $654,558.Ex Date is March 10, 2022. Record Date is March 11, 2022. Announcement • Dec 16
LaserBond Limited (ASX:LBL) agreed to acquire Assets Of QSP Engineering Pty Limited from QSP Engineering Pty Limited for AUD 9 million. LaserBond Limited (ASX:LBL) agreed to acquire Assets Of QSP Engineering Pty Limited from QSP Engineering Pty Limited for AUD 9 million on December 15, 2021. The deal is subject consummation of due diligence and expected to close in January 2022. Price Target Changed • Aug 31
Price target increased to AU$1.04 Up from AU$0.81, the current price target is an average from 2 analysts. New target price is 31% above last closing price of AU$0.80. Stock is up 62% over the past year. Reported Earnings • Aug 24
Full year 2021 earnings released: EPS AU$0.03 (vs AU$0.029 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: AU$24.7m (up 11% from FY 2020). Net income: AU$2.84m (up 1.2% from FY 2020). Profit margin: 12% (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 increased by 19% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improved over the past week After last week's 17% share price gain to AU$1.02, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 24x in the Machinery industry in Oceania. Total returns to shareholders of 635% over the past three years. Announcement • May 29
Laserbond Limited Provides Revenue Guidance for the Fiscal Year 2021 LaserBond Limited provided revenue guidance for the fiscal year 2021. For the year, the company expects to achieve between 10% to 12% revenue growth for fiscal year 2021 over the previous year. Is New 90 Day High Low • Feb 25
New 90-day low: AU$0.55 The company is down 21% from its price of AU$0.69 on 27 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.44 per share. Reported Earnings • Feb 23
First half 2021 earnings released: EPS AU$0.012 (vs AU$0.012 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: AU$11.8m (up 4.8% from 1H 2020). Net income: AU$1.19m (up 2.8% from 1H 2020). Profit margin: 10% (in line with 1H 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue and earnings miss expectations Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 42%. Over the next year, revenue is forecast to grow 56%, compared to a 731% growth forecast for the Machinery industry in Australia. Is New 90 Day High Low • Jan 25
New 90-day low: AU$0.57 The company is down 19% from its price of AU$0.71 on 27 October 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$1.06 per share. Is New 90 Day High Low • Nov 18
New 90-day high: AU$0.79 The company is up 60% from its price of AU$0.49 on 20 August 2020. The Australian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.91 per share. Is New 90 Day High Low • Oct 09
New 90-day high: AU$0.65 The company is up 37% from its price of AU$0.47 on 10 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.50 per share. Announcement • Jun 17
Laserbond Limited Provides Revenue Guidance for the Year of 2020 Laserbond Limited provided revenue guidance for the year of 2020. While 2020 revenue from the core Products and Services divisions is expected to increase by 8 to 8.5% over 2019, as opposed to the double digit revenue target previously announced, sales in the Technology division and the acceleration of growth in international product sales have been impacted by Covid-19 international travel restrictions. Further more delays in receiving significant Products Division orders, which doubled in late May, means that revenue will not be recognised until 1H21. As a result, the company now expects reported revenue to be 2 to 2.5% less than 2019 revenue.