Announcement • Aug 19
Carter Bankshares, Inc. Announces Lawsuit Dismissal Carter Bankshares, Inc. and its wholly-owned subsidiary, Carter Bank & Trust, announced that the lawsuit filed against the Company and the Bank (along with certain other unaffiliated persons and entities) in the Circuit Court of Greenbrier County, West Virginia, by James C. Justice, II, his son James C. Justice, III, his daughter Jillean L. Justice, and various related entities that he and/or they own or in which they have an investment (collectively, the Justice Parties), has been voluntarily dismissed with prejudice. New Risk • Jul 27
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 German stocks, typically moving 7.9% 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 are forecast to decline by an average of 51% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Significant insider selling over the past 3 months (€146k sold). Reported Earnings • Jul 26
Second quarter 2026 earnings released: EPS: US$1.31 (vs US$0.37 in 2Q 2025) Second quarter 2026 results: EPS: US$1.31 (up from US$0.37 in 2Q 2025). Revenue: US$67.2m (up 68% from 2Q 2025). Net income: US$28.5m (up 239% from 2Q 2025). Profit margin: 42% (up from 21% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 23% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
Carter Bankshares, Inc.(NasdaqGS:CARE) dropped from Russell 2000 Dynamic Index Carter Bankshares, Inc.(NasdaqGS:CARE) dropped from Russell 2000 Dynamic Index Buy Or Sell Opportunity • May 20
Now 24% undervalued Over the last 90 days, the stock has risen 14% to €20.60. The fair value is estimated to be €26.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to decline by 8.8% in a year. Earnings are forecast to decline by 3.8% in the next year. Announcement • May 08
Carter Bank Launches No-Fee Youth Savings And Checking Accounts Carter Bank announced the launch of two new products, carter youth savings and carter youth checking, designed to help children and teens develop smart money habits and build a strong financial foundation. Available to youth from ages 6 up to 18 years old, these accounts give parents and guardians a hands-on role in guiding and monitoring their child’s spending and saving habits. Once the account holder turns 18, the youth checking account automatically converts to Carter Bank’s Lifetime Free Checking, and the youth savings account transitions to a Carter Savings account. By introducing these accounts, along with financial education, Carter Bank continues its commitment to serving individuals and families across its communities, providing customers of all ages with the tools and resources needed to achieve long-term financial success. Both accounts have no minimum balance, monthly maintenance fees, or transaction fees. A youth checking account requires a $25 opening deposit, while a youth savings account requires a $10 opening deposit. Both accounts can only be opened in a branch. The current annual percentage yield (APY) for the savings account is 0.50%, while the checking account is non-interest-bearing. For more information on youth accounts, click here. For financial education resources, including blogs, financial calculators, games, and more, click here. Announcement • Apr 16
Carter Bankshares, Inc., Annual General Meeting, May 27, 2026 Carter Bankshares, Inc., Annual General Meeting, May 27, 2026. Location: at new college institute, 191 fayette st., virginia 24112, martinsville, United States Announcement • Feb 03
Carter Bankshares, Inc. (NasdaqGS:CARE) announces an Equity Buyback for $10 million worth of its shares. Carter Bankshares, Inc. (NasdaqGS:CARE) announces a share repurchase program. Under the program, the company will repurchase up to $10 million worth of the company’s common stock. The repurchase program is subject to receipt of non-objection from the Federal Reserve Bank of Richmond. The program will be valid over a period of 12 months from the date of receipt of non-objection from the Federal Reserve Bank of Richmond. Announcement • Sep 16
Carter Bankshares, Inc. Announces Executive Appointments Carter Bankshares, Inc. has assembled a talented team of experienced bankers with strong local ties. Brad Wilson has been appointed as Senior Vice President, Commercial Market Executive. Brad has dedicated the last 24 years to banking, primarily in the Gaston and Cleveland County markets. He has extensive experience working with commercial real estate, commercial and industrial companies, small businesses, and local non-profit organizations. For the past five years, he has served on the Alliance for Children & Youth board (Communities in Schools, Gaston County) and is currently the Past President. Jayson Philbeck has been appointed as Senior Vice President, Commercial Banking. Jayson has deep roots in this market, having grown up in nearby Cleveland County. He attended Gardner-Webb University, where he earned a B.S. in Finance/Economics, graduating Magna Cum Laude, and moved to Gaston County in 2010. With 15 years of banking experience in Gaston and Cleveland Counties, Jayson focuses on commercial real estate, commercial and industrial sectors, and cash management. He is actively involved in his community, serving as a Board Member and Treasurer of Kairos Classical Christian Academy, and is a member of the 1st ARP Church in Gastonia. Announcement • Sep 03
Carter Bankshares, Inc. Announces Executive Promotions Carter Bankshares, Inc. announced the promotion of two employees, underscoring the company’s commitment to community banking and recognizing their essential contributions to the bank’s continued growth. President and Chief Strategy Officer Brad Langs shared that Andy Meece has been promoted to Senior Vice President, Director of Strategy and Finance, while Charlie Sword has been promoted to Senior Vice President, Controller. With nearly 20 years at Carter Bank, most recently serving as Senior Vice President, Senior Finance Officer, Meece will now help lead the execution of the Bank’s strategic and financial initiatives that help drive continued organizational growth. Throughout his tenure, he has made significant contributions to the Bank’s success. Since joining Carter Bank as Senior Vice President, Director of Internal Audit in 2020, Sword has played an integral role in strengthening its financial operations. In his new position, he will oversee the day-to-day functions of the accounting department and drive efficiencies through financial analysis, budgeting, and other strategic initiatives. Coming just shy of a year after Carter Bank’s transformative rebrand, these promotions highlight the company’s forward momentum and continued investment in building a strong leadership team for the future. Announcement • May 21
Carter Bankshares, Inc. (NasdaqGS:CARE) announces an Equity Buyback for $20 million worth of its shares. Carter Bankshares, Inc. (NasdaqGS:CARE) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of the company’s common stock. The program will be valid till May 14, 2026. Announcement • Apr 28
Carter Bankshares, Inc., Annual General Meeting, May 28, 2025 Carter Bankshares, Inc., Annual General Meeting, May 28, 2025. Location: new college institute, 191 fayette st., martinsville, virginia 2411, United States Announcement • Mar 21
Carter Bankshares, Inc. Announces Retirement and Not Stand for Re-Election of E. Warren Matthews as Director, Effective May 28, 2025 On March 18, 2025, director E. Warren Matthews notified the Board of Directors of Carter Bankshares, Inc. that he will retire and not stand for re-election to the Board of Directors of the Company (the “Board”) at its 2025 Annual Meeting of Shareholders to be held on May 28, 2025. Mr. Matthews will continue to serve as a director of the Company through the end of his current term, which ends at the Annual Meeting. Announcement • Jan 30
Carter Bank Announces Demise of Richard Owen, Executive Vice President of Mortgage Banking and Corporate Sales Director Carter Bank announced the unexpected passing of Executive Vice President of Mortgage Banking and Corporate Sales Director, Richard Owen on January 25, 2025. A Roanoke native with a track record of success in financial services, Owen oversaw the day-to-day operations of both the bank’s mortgage and corporate sales divisions for nearly a decade. Owen joined Carter Bank in 2017 and quickly became a driving force in the bank's growth, by establishing the bank's mortgage division. Under his leadership, the mortgage portfolio grew to nearly $650 million. Additionally, Owen played an instrumental role in the creation of the bank’s Corporate Sales Team, which streamlines sales strategy conversations across all lines of business to enhance the customer experience. Richard was a storyteller, friend, and mentor to many, with a unique ability to connect and forge bonds with everyone around him. He was passionate about the bank’s values, especially building relationships with customers and co-workers, to help create opportunities for them to prosper. Owen, who would have turned 55 years old on Sunday, January 26, is survived by two daughters, Kate and Laney, his parents, Clark Owen Jr. and Emilie Owen, his partner Elza, and her daughter, Esmeralda. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$0.25 (vs US$0.16 in 3Q 2023) Third quarter 2024 results: EPS: US$0.25 (up from US$0.16 in 3Q 2023). Revenue: US$34.5m (up 8.7% from 3Q 2023). Net income: US$5.63m (up 57% from 3Q 2023). Profit margin: 16% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$0.21 (vs US$0.24 in 2Q 2023) Second quarter 2024 results: EPS: US$0.21 (down from US$0.24 in 2Q 2023). Revenue: US$33.4m (up 6.6% from 2Q 2023). Net income: US$4.80m (down 15% from 2Q 2023). Profit margin: 14% (down from 18% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Announcement • Apr 28
Carter Bankshares, Inc., Annual General Meeting, May 22, 2024 Carter Bankshares, Inc., Annual General Meeting, May 22, 2024, at 10:00 US Eastern Standard Time. Location: New College Institute, 191 Fayette St., Martinsville Virginia United States Agenda: To elect the 12 persons to serve as Directors of the Company until the 2025 Annual Meeting of Shareholders; to approve, in an advisory and non-binding vote, the compensation of the Company's named executive officers; to ratify the appointment of the independent registered public accounting firm of Crowe LLP as the independent auditors of the Company for the fiscal year ending December 31, 2024; and to transact such other business as may be properly brought before the meeting or any adjournment thereof. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$0.26 (vs US$0.67 in 1Q 2023) First quarter 2024 results: EPS: US$0.26 (down from US$0.67 in 1Q 2023). Revenue: US$33.5m (down 23% from 1Q 2023). Net income: US$5.81m (down 63% from 1Q 2023). Profit margin: 17% (down from 37% in 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: US$1.00 (vs US$2.03 in FY 2022) Full year 2023 results: EPS: US$1.00 (down from US$2.03 in FY 2022). Revenue: US$134.2m (down 15% from FY 2022). Net income: US$23.2m (down 54% from FY 2022). Profit margin: 17% (down from 32% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.87% (down from 3.51% in FY 2022). Non-performing loans: 8.83% (up from 0.21% in FY 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Announcement • Feb 03
Carter Bankshares, Inc. Introduces Carter Zescrow Carter Bankshares, Inc. announced the launch of Carter ZEscrow, a revolutionary banking solution designed to help businesses of all sizes increase efficiency when it comes to managing escrow and subaccounts. Developed by ZSuite Tech, Carter ZEscrow is a digital platform that streamlines the escrow process. It provides customers with a secure and reliable way to handle their transactions, including account management, reporting, tax forms, and more. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$1.01 (vs US$2.03 in FY 2022) Full year 2023 results: EPS: US$1.01 (down from US$2.03 in FY 2022). Revenue: US$134.2m (down 15% from FY 2022). Net income: US$23.4m (down 53% from FY 2022). Profit margin: 17% (down from 32% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Banks industry in Europe. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$1.01 (vs US$2.03 in FY 2022) Full year 2023 results: EPS: US$1.01 (down from US$2.03 in FY 2022). Revenue: US$134.2m (down 15% from FY 2022). Net income: US$23.4m (down 53% from FY 2022). Profit margin: 17% (down from 32% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Banks industry in Europe. Announcement • Oct 28
Carter Bankshares, Inc. Reports Unaudited Net Charge Offs for the Third Quarter Ended September 30, 2023 Carter Bankshares, Inc. reported unaudited net charge offs for the third quarter ended September 30, 2023. for the quarter, the company reported Total Net Charge-offs of $775,000 against $3,740,000 a year ago. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$0.16 (vs US$0.59 in 3Q 2022) Third quarter 2023 results: EPS: US$0.16 (down from US$0.59 in 3Q 2022). Revenue: US$31.7m (down 27% from 3Q 2022). Net income: US$3.63m (down 75% from 3Q 2022). Profit margin: 11% (down from 33% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 35% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.24 (vs US$0.44 in 2Q 2022) Second quarter 2023 results: EPS: US$0.24 (down from US$0.44 in 2Q 2022). Revenue: US$31.3m (down 12% from 2Q 2022). Net income: US$5.70m (down 47% from 2Q 2022). Profit margin: 18% (down from 30% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Board Change • May 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jake Lutz was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: US$2.03 (vs US$1.19 in FY 2021) Full year 2022 results: EPS: US$2.03 (up from US$1.19 in FY 2021). Revenue: US$158.1m (up 16% from FY 2021). Net income: US$49.8m (up 58% from FY 2021). Profit margin: 32% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.51% (up from 2.84% in FY 2021). Non-performing loans: 0.21% (down from 0.26% in FY 2021). Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Carter Bankshares, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2022 Carter Bankshares, Inc. reported Net Charge-offs for the fourth quarter ended December 31, 2022. For the quarter, the company reported Net charge-offs were $0.4 million compared to $4.3 million in the same quarter of 2021. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$2.04 (vs US$1.19 in FY 2021) Full year 2022 results: EPS: US$2.04 (up from US$1.19 in FY 2021). Revenue: US$158.1m (up 16% from FY 2021). Net income: US$50.1m (up 59% from FY 2021). Profit margin: 32% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 25
Carter Bankshares, Inc. Announces Executive Changes Carter Bankshares, Inc. announced the promotion of three Bank Executives. Matt Speare, Rich Spiker and Tony Kallsen have all been promoted to Senior Executive Vice Presidents. The three had previously served as Executive Vice Presidents. Speare will also assume the role of Chief Operations Officer, a change from his previous role as Chief Information Officer. In his new role, he will continue to oversee the Carter Bank & Trust'sInformation Technology Department, while taking on the additional role of leading the Bank's Loan and Deposit Operations and Fraud Detection. Since joining Carter Bank & Trust, Spiker, who serves as the Bank's Chief Lending Officer, has been instrumental in building out the Commercial Banking Team, across both Virginia and North Carolina, and helping to start the Bank's Treasury Services department, all while overseeing significant growth of the Bank's commercial loan portfolio. Kallsen, who serves as the Bank's Chief Credit Officer, has worked to build out Credit Risk Management Infrastructure at Carter Bank and Trust since joining the company in 2017. Included in this buildout is a fully operational Credit Department and the streamlining of the Bank's loan underwriting and documentation process. Under Tony's leadership, the Bank has also achieved a significant reduction in criticized assets. Speare, Spiker and Kallsen all three joined the Bank in 2017. Buying Opportunity • Dec 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be €19.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$0.59 (vs US$0.42 in 3Q 2021) Third quarter 2022 results: EPS: US$0.59 (up from US$0.42 in 3Q 2021). Revenue: US$43.6m (up 20% from 3Q 2021). Net income: US$14.4m (up 30% from 3Q 2021). Profit margin: 33% (up from 31% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Europe. Announcement • Oct 28
Carter Bankshares, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2022 Carter Bankshares, Inc. reported net charge-offs for the third quarter ended September 30, 2022. For the quarter, the company reported total net charge-offs of $3,740,000 against $9,612,000 a year ago. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.44 (vs US$0.20 in 2Q 2021) Second quarter 2022 results: EPS: US$0.44 (up from US$0.20 in 2Q 2021). Revenue: US$35.4m (up 5.3% from 2Q 2021). Net income: US$10.8m (up 99% from 2Q 2021). Profit margin: 31% (up from 16% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 15%, compared to a 20% growth forecast for the industry in Germany. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: US$0.36 (vs US$0.36 in 1Q 2021) First quarter 2022 results: EPS: US$0.36. Revenue: US$32.5m (down 2.7% from 1Q 2021). Net income: US$9.32m (flat on 1Q 2021). Profit margin: 29% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 7.2%, compared to a 11% growth forecast for the industry in Germany. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.19 (up from US$1.74 loss in FY 2020). Revenue: US$136.0m (up 21% from FY 2020). Net income: US$31.5m (up US$77.3m from FY 2020). Profit margin: 23% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Net interest margin (NIM): 2.84% (up from 2.80% in FY 2020). Non-performing loans: 0.26% (down from 1.09% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.2%, compared to a 8.8% growth forecast for the banks industry in Germany. Reported Earnings • Jan 29
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.20 (up from US$1.74 loss in FY 2020). Revenue: US$136.0m (up 21% from FY 2020). Net income: US$31.6m (up US$77.4m from FY 2020). Profit margin: 23% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.0%, compared to a 11% growth forecast for the banks industry in Germany. Announcement • Jan 28
An unknown buyer acquired 16 Branches of Carter Bankshares, Inc. An unknown buyer acquired 16 Branches of Carter Bankshares, Inc. during 2021.
An unknown buyer completed the acquisition of 16 Branches of Carter Bankshares, Inc. during 2021. Recent Insider Transactions • Dec 02
Independent Director recently bought €80k worth of stock On the 30th of November, Kevin Bloomfield bought around 6k shares on-market at roughly €12.94 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €90k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.42 (vs US$2.19 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$36.3m (up 20% from 3Q 2020). Net income: US$11.2m (up US$68.9m from 3Q 2020). Profit margin: 31% (up from net loss in 3Q 2020). The move to profitability was primarily driven by lower expenses. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.21 (vs US$0.17 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: US$33.6m (up 26% from 2Q 2020). Net income: US$5.43m (up 22% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Reported Earnings • May 02
First quarter 2021 earnings released: EPS US$0.36 (vs US$0.17 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$33.4m (up 15% from 1Q 2020). Net income: US$9.38m (up 112% from 1Q 2020). Profit margin: 28% (up from 15% in 1Q 2020).