Tillkännagivande • Apr 30
Mesiniaga Berhad, Annual General Meeting, Jun 04, 2026 Mesiniaga Berhad, Annual General Meeting, Jun 04, 2026, at 14:30 Singapore Standard Time. Location: 1st floor, auditorium ismail sulaiman, menara mesiniaga, 1a, jalan ss16/1, 47500 subang jaya, selangor darul ehsan, Malaysia New Risk • Mar 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (RM74.9m market cap, or US$19.2m). Tillkännagivande • Feb 27
Mesiniaga Berhad announces Annual dividend, payable on July 07, 2026 Mesiniaga Berhad announced Annual dividend of MYR 0.0500 per share payable on July 07, 2026, ex-date on June 05, 2026 and record date on June 08, 2026. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: RM0.20 (vs RM0.056 loss in FY 2024) Full year 2025 results: EPS: RM0.20 (up from RM0.056 loss in FY 2024). Revenue: RM232.1m (up 29% from FY 2024). Net income: RM11.9m (up RM15.2m from FY 2024). Profit margin: 5.1% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: RM0.019 (vs RM0.041 loss in 3Q 2024) Third quarter 2025 results: EPS: RM0.019 (up from RM0.041 loss in 3Q 2024). Revenue: RM62.9m (up 51% from 3Q 2024). Net income: RM1.12m (up RM3.57m from 3Q 2024). Profit margin: 1.8% (up from net loss in 3Q 2024). 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 86 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 30
Second quarter 2025 earnings released: RM0.063 loss per share (vs RM0.037 loss in 2Q 2024) Second quarter 2025 results: RM0.063 loss per share (further deteriorated from RM0.037 loss in 2Q 2024). Revenue: RM38.6m (down 15% from 2Q 2024). Net loss: RM3.82m (loss widened 72% from 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. Reported Earnings • May 30
First quarter 2025 earnings released: EPS: RM0.028 (vs RM0.05 in 1Q 2024) First quarter 2025 results: EPS: RM0.028 (down from RM0.05 in 1Q 2024). Revenue: RM53.9m (up 1.6% from 1Q 2024). Net income: RM1.68m (down 44% from 1Q 2024). Profit margin: 3.1% (down from 5.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Tillkännagivande • Apr 30
Mesiniaga Berhad, Annual General Meeting, Jun 05, 2025 Mesiniaga Berhad, Annual General Meeting, Jun 05, 2025, at 14:30 Singapore Standard Time. Location: 1st floor, auditorium ismail sulaiman, menara mesiniaga, 1a, jalan ss16/1, 47500 subang jaya, selangor darul ehsan, Malaysia Reported Earnings • Mar 01
Full year 2024 earnings released: RM0.056 loss per share (vs RM0.065 profit in FY 2023) Full year 2024 results: RM0.056 loss per share (down from RM0.065 profit in FY 2023). Revenue: RM180.4m (down 31% from FY 2023). Net loss: RM3.38m (down 187% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 40% 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. Board Change • Jan 15
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non Executive Director Veerinderjeet Singh was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 26
Third quarter 2024 earnings released: RM0.041 loss per share (vs RM0.025 profit in 3Q 2023) Third quarter 2024 results: RM0.041 loss per share (down from RM0.025 profit in 3Q 2023). Revenue: RM41.7m (down 35% from 3Q 2023). Net loss: RM2.46m (down 261% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Reported Earnings • Aug 29
Second quarter 2024 earnings released: RM0.037 loss per share (vs RM0.016 loss in 2Q 2023) Second quarter 2024 results: RM0.037 loss per share (further deteriorated from RM0.016 loss in 2Q 2023). Revenue: RM45.3m (down 30% from 2Q 2023). Net loss: RM2.23m (loss widened 129% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.60, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 38x in the IT industry in Malaysia. Total returns to shareholders of 13% over the past three years. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: RM0.05 (vs RM0.003 in 1Q 2023) First quarter 2024 results: EPS: RM0.05 (up from RM0.003 in 1Q 2023). Revenue: RM53.1m (down 7.5% from 1Q 2023). Net income: RM3.01m (up RM2.83m from 1Q 2023). Profit margin: 5.7% (up from 0.3% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 29
Upcoming dividend of RM0.025 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Malaysian dividend payers (4.3%). Lower than average of industry peers (3.5%). Buy Or Sell Opportunity • May 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to RM1.60. The fair value is estimated to be RM1.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 08
Now 22% undervalued Over the last 90 days, the stock has risen 10.0% to RM1.54. The fair value is estimated to be RM1.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • Apr 30
Mesiniaga Berhad, Annual General Meeting, Jun 04, 2024 Mesiniaga Berhad, Annual General Meeting, Jun 04, 2024, at 14:30 China Standard Time. Location: 1st Floor, Auditorium Ismail Sulaiman, Menara Mesiniaga, 1A, Jalan SS16/1, 47500 Subang Jaya Selangor Darul Ehsan Malaysia Agenda: To receive the Audited Financial Statements for the year ended 31 December 2023 together with the Directors' Report and the Independent Auditors' Report thereon; to declare a first and final single-tier dividend of 2.5 sen per ordinary share for the financial year ended 31 December 2023; to approve the payment of Directors' Remuneration of up to RM580,000 to the Non-Executive Directors for the year ending 31 December 2024; to re-elect the Directors, each of whom retires by rotation in accordance with Article 104 of the Company's Articles of Association, and being eligible, offer themselves for re-election; and to re-appoint Messrs. PricewaterhouseCoopers PLT as the Company's Auditors and to authorise the Directors to fix their remuneration. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to RM1.55. The fair value is estimated to be RM1.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: RM0.065 (vs RM0.11 in FY 2022) Full year 2023 results: EPS: RM0.065 (down from RM0.11 in FY 2022). Revenue: RM259.8m (down 11% from FY 2022). Net income: RM3.90m (down 40% from FY 2022). Profit margin: 1.5% (down from 2.2% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 29
Mesiniaga Berhad Proposes First and Final Dividend for the Financial Year Ended 31 December 2023, Payable on 03 July 2024 Mesiniaga Berhad Proposed First and Final Dividend of 2.5 sen per share for the financial year ended 31 December 2023. Ex-Date is 05 June 2024. Payment Date is 03 July 2024. Subject to shareholder's approval at the forthcoming 42nd Annual General Meeting. Entitlement date is 06 June 2024. Tillkännagivande • Feb 16
Mesiniaga Berhad Announces Appointment of Nordin Bin Mat Isa as Chief Operating Officer, Effective March 1, 2024 Mesiniaga Berhad announced appointment of MR NORDIN BIN MAT ISA as Chief Operating Officer. Date of change March 1, 2024. Age is 59. Qualification includes Bachelor's Degree in Computer Science, Mathematics and Statistics from Australian National University. Working experience and occupation: Nordin Bin Mat Isa has 20 years of experience in the corporate world. Before joining Mesiniaga Berhad ("the Company"), he was the Head of Public Sector Sales at Hewlett Packard Malaysia Sdn. Bhd. In 2008, he joined the Company as the Head of Public Sector Business and subsequently as Director of Sales, Public Sector and Telco Business after successfully leading his team to expand the scope of public sector sales. In March 2017, he was entrusted with a new portfolio as the Director of Products and Services to drive product-to-market strategies, lead initiatives around keeping promises to customers and create differentiation in the Company's product and service offerings. Tillkännagivande • Feb 08
Mesiniaga Berhad Announces Resignation of Jasni Abdul Jalil as Company Secretary Mesiniaga Berhad announced the resignation of Jasni Abdul Jalil as Company Secretary. Date Of Change 08 Feb. 2024. Tillkännagivande • Jan 22
Mesiniaga Berhad Appoints Deborah Sharmini Benjamin as Company Secretary Mesiniaga Berhad Appointed Deborah Sharmini Benjamin as Company Secretary. Working experience and occupation during past 5 years: Deborah Sharmini Benjamin has five years of experience in secretarial practice, starting as a Business Development Executive at TraitQuest KL in 2017. She later joined Waltz Corporate Services Sdn. Bhd., specialising in company secretarial and corporate services for local and foreign businesses, where she progressed from a Secretarial Assistant to Assistant Company Secretary by 2021.Deborah currently holds the position of Assistant Manager in the Corporate Secretarial Department at Shearn Delamare & Co., where she provides secretarial services to clients. She holds an LL. B (Hons) from the University of London and is qualified under the Chartered Governance Qualifying Programme (ICSA). Additionally, she is a member of the Malaysian Institute of Chartered Secretaries & Administrators (MAICSA), a registered secretary under the Companies Commission of Malaysia (SSM), and an ordinary member of the Malaysian Institute of Human Resources Management (MIHRM). Date Of Change is 22 January 2024. Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: RM0.025 (vs RM0.004 in 3Q 2022) Third quarter 2023 results: EPS: RM0.025 (up from RM0.004 in 3Q 2022). Revenue: RM64.6m (down 24% from 3Q 2022). Net income: RM1.53m (up RM1.27m from 3Q 2022). Profit margin: 2.4% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.53, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 21x in the IT industry in Malaysia. Total returns to shareholders of 32% over the past three years. Board Change • Oct 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Independent & Non-Executive Director Zaim Bin Omar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Independent & Non-Executive Director Zaim Bin Omar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 23
Second quarter 2023 earnings released: RM0.016 loss per share (vs RM0.024 profit in 2Q 2022) Second quarter 2023 results: RM0.016 loss per share (down from RM0.024 profit in 2Q 2022). Revenue: RM64.8m (up 20% from 2Q 2022). Net loss: RM972.0k (down 166% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 09
Mesiniaga Berhad Approves Final Single-Tier Dividend for the Financial Year Ended 31 December 2022 Mesiniaga Berhad announced that at its Annual General Meeting held on 08 June 2023, declared a final single-tier dividend of 5 sen per ordinary share for the financial year ended 31 December 2022. Upcoming Dividend • Jun 02
Upcoming dividend of RM0.05 per share at 8.0% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Malaysian dividend payers (5.3%). Higher than average of industry peers (3.8%). Reported Earnings • May 24
First quarter 2023 earnings released: EPS: RM0.003 (vs RM0.015 in 1Q 2022) First quarter 2023 results: EPS: RM0.003 (down from RM0.015 in 1Q 2022). Revenue: RM57.4m (down 33% from 1Q 2022). Net income: RM180.0k (down 80% from 1Q 2022). Profit margin: 0.3% (down from 1.0% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: RM0.11 (vs RM0.091 in FY 2021) Full year 2022 results: EPS: RM0.11 (up from RM0.091 in FY 2021). Revenue: RM292.9m (up 22% from FY 2021). Net income: RM6.51m (up 19% from FY 2021). Profit margin: 2.2% (down from 2.3% 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 34% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 17% share price gain to RM1.50, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 29x in the IT industry in Malaysia. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 17% share price gain to RM1.35, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 25x in the IT industry in Malaysia. Total returns to shareholders of 7.2% over the past three years. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: RM0.004 (vs RM0.039 in 3Q 2021) Third quarter 2022 results: EPS: RM0.004 (down from RM0.039 in 3Q 2021). Revenue: RM84.7m (up 23% from 3Q 2021). Net income: RM252.0k (down 89% from 3Q 2021). Profit margin: 0.3% (down from 3.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RM1.10, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 28x in the IT industry in Malaysia. Total returns to shareholders of 6.1% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: RM0.024 (vs RM0.022 loss in 2Q 2021) Second quarter 2022 results: EPS: RM0.024 (up from RM0.022 loss in 2Q 2021). Revenue: RM54.1m (up 54% from 2Q 2021). Net income: RM1.47m (up RM2.79m from 2Q 2021). Profit margin: 2.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: RM0.015 (vs RM0.005 in 1Q 2021) First quarter 2022 results: EPS: RM0.015 (up from RM0.005 in 1Q 2021). Revenue: RM85.6m (up 74% from 1Q 2021). Net income: RM879.0k (up 211% from 1Q 2021). Profit margin: 1.0% (up from 0.6% 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 fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 26 May 2022. The company last paid an ordinary dividend in May 2011. The average dividend yield among industry peers is 1.5%. Tillkännagivande • Apr 03
Mesiniaga Berhad Announces Interim Dividend for the Financial Year Ending 31 December 2022, Payable on 26 May 2022 Mesiniaga Berhad announced Interim dividend of 5 sen per share for the financial year ending 31 December 2022. Ex-Date is 06 May 2022. Payment Date is 26 May 2022. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0.091 (up from RM0.15 loss in FY 2020). Revenue: RM240.2m (up 22% from FY 2020). Net income: RM5.47m (up RM14.8m from FY 2020). Profit margin: 2.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS RM0.039 (vs RM0.071 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RM69.1m (up 34% from 3Q 2020). Net income: RM2.33m (up RM6.64m from 3Q 2020). Profit margin: 3.4% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 22
Second quarter 2021 earnings released: RM0.022 loss per share (vs RM0.048 loss in 2Q 2020) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: RM35.3m (down 16% from 2Q 2020). Net loss: RM1.33m (loss narrowed 55% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 22
First quarter 2021 earnings released: EPS RM0.005 (vs RM0.03 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: RM49.2m (up 7.2% from 1Q 2020). Net income: RM283.0k (down 84% from 1Q 2020). Profit margin: 0.6% (down from 3.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Mar 06
Full year 2020 earnings released: RM0.15 loss per share (vs RM0.015 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: RM197.7m (down 37% from FY 2019). Net loss: RM9.35m (loss widened RM8.46m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 15% share price gain to RM1.67, the stock is trading at a trailing P/E ratio of 17.1x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 19x in the IT industry in Malaysia. Total returns to shareholders over the past three years are 53%. Is New 90 Day High Low • Feb 05
New 90-day high: RM1.67 The company is up 31% from its price of RM1.27 on 06 November 2020. The Malaysian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 24% share price gain to RM1.51, the stock is trading at a trailing P/E ratio of 15.5x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 19x in the IT industry in Malaysia. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Jan 18
New 90-day high: RM1.51 The company is up 26% from its price of RM1.20 on 20 October 2020. The Malaysian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: RM1.31 The company is up 9.0% from its price of RM1.20 on 03 September 2020. The Malaysian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: RM0.071 loss per share The company reported a mediocre third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: RM51.5m (up 37% from 3Q 2019). Net loss: RM4.31m (loss widened 41% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.