Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$0.28 (vs NT$0.45 in 2Q 2025) Second quarter 2026 results: EPS: NT$0.28 (down from NT$0.45 in 2Q 2025). Revenue: NT$463.8m (up 11% from 2Q 2025). Net income: NT$44.4m (down 35% from 2Q 2025). Profit margin: 9.6% (down from 16% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (39% accrual ratio). New Risk • Jul 10
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 9.5% 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 High level of non-cash earnings (39% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.34 (vs NT$0.25 in 1Q 2025) First quarter 2026 results: EPS: NT$0.34 (up from NT$0.25 in 1Q 2025). Revenue: NT$375.1m (up 12% from 1Q 2025). Net income: NT$51.6m (up 41% from 1Q 2025). Profit margin: 14% (up from 11% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 318% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Tillkännagivande • Feb 25
Thunder Tiger Corp., Annual General Meeting, May 14, 2026 Thunder Tiger Corp., Annual General Meeting, May 14, 2026. Location: 3 floor no,7, kung yeh ou 6th rd., taichung city Taiwan Tillkännagivande • Jan 01
Thunder Tiger Corp. announced that it expects to receive TWD 18.9 million in funding Thunder Tiger Corp. announced a private placement to issue 630,000 shares at NT$30 per share which bringing total gross proceeds raised to NT$18,900,000 on December 39, 2025. The company will issue Common Stock in the transaction. New Risk • Dec 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 331% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.03 (vs NT$0.21 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.03 (up from NT$0.21 loss in 3Q 2024). Revenue: NT$325.0m (up 15% from 3Q 2024). Net income: NT$5.77m (up NT$36.4m 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, earnings per share has increased by 102% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Aug 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 130% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.45 (vs NT$0.33 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.45 (up from NT$0.33 in 2Q 2024). Revenue: NT$419.2m (up 19% from 2Q 2024). Net income: NT$68.5m (up 44% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year whereas the company’s share price has increased by 88% per year. New Risk • Jun 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$0.25 (vs NT$0.17 in 1Q 2024) First quarter 2025 results: EPS: NT$0.25 (up from NT$0.17 in 1Q 2024). Revenue: NT$335.3m (up 17% from 1Q 2024). Net income: NT$36.5m (up 52% from 1Q 2024). Profit margin: 11% (up from 8.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 01
Thunder Tiger Corp. to Report Q1, 2025 Results on May 07, 2025 Thunder Tiger Corp. announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$0.50 (vs NT$0.18 loss in FY 2023) Full year 2024 results: EPS: NT$0.50 (up from NT$0.18 loss in FY 2023). Revenue: NT$1.25b (up 26% from FY 2023). Net income: NT$71.8m (up NT$97.6m from FY 2023). Profit margin: 5.8% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 14
Thunder Tiger Corp., Annual General Meeting, Jun 17, 2025 Thunder Tiger Corp., Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,7, kung yeh ou 6th rd., taichung city Taiwan Tillkännagivande • Mar 12
Thunder Tiger Corp. Provides Update on Arbitration and Lawsuit Progress Between the Company and Zz Group Thunder Tiger Corp. provided Update on the Arbitration and Lawsuit Progress between the Company and ZZ Group. from the China International Economic and Trade Arbitration Commission. The arbitration claim of Thunder Tiger Model(BVI) Co. Ltd. was supported, the judgment ruled that Thunder Tiger Aircraft Co. Ltd. must pay the Company $6.474 million. The lawyer has applied for enforcement and completed the registration with the Fourth Intermediate People's Court of Beijing to recover the debt. Under the equity method, impairment losses are continuously recognized. An impairment loss of TWD 23.16 million is recognized annually. As of December 31, 2024, accumulated impairment losses amount to TWD 168.26 million. Legal Progress: The retrial was granted support by the Zhejiang High People's Court, ruling in favor of side. The People's Court of Yuyao City has completed the first enforcement ruling, and the company will continue to pursue the revocation of rights litigation and further seek debt recovery. Based on the principle of prudence,the Company has recognized the impairment loss of the total amount of financing provided amounted to TWD 37.51 million. Tillkännagivande • Mar 04
Thunder Tiger Corp. to Report Fiscal Year 2024 Results on Mar 11, 2025 Thunder Tiger Corp. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Feb 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 6.4% 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 (6.4% average weekly change). Large one-off items impacting financial results. Tillkännagivande • Feb 12
Thunder Tiger Corp. has filed a Follow-on Equity Offering in the amount of TWD 498 million. Thunder Tiger Corp. has filed a Follow-on Equity Offering in the amount of TWD 498 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: TWD 49.8
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,000,000
Price\Range: TWD 49.8
Transaction Features: Reserved Share Offering; Rights Offering Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.21 loss per share (vs NT$0.073 loss in 3Q 2023) Third quarter 2024 results: NT$0.21 loss per share (further deteriorated from NT$0.073 loss in 3Q 2023). Revenue: NT$282.4m (up 21% from 3Q 2023). Net loss: NT$30.6m (loss widened 199% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Tillkännagivande • Nov 05
Thunder Tiger Corp. to Report Q3, 2024 Results on Nov 12, 2024 Thunder Tiger Corp. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.004 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.33 (up from NT$0.004 in 2Q 2023). Revenue: NT$351.1m (up 40% from 2Q 2023). Net income: NT$47.5m (up NT$46.9m from 2Q 2023). Profit margin: 14% (up from 0.2% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 02
Thunder Tiger Corp. to Report Q2, 2024 Results on Aug 08, 2024 Thunder Tiger Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.17 (vs NT$0.097 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.17 (up from NT$0.097 loss in 1Q 2023). Revenue: NT$286.4m (up 13% from 1Q 2023). Net income: NT$24.0m (up NT$37.1m from 1Q 2023). Profit margin: 8.4% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. Tillkännagivande • May 11
Thunder Tiger Corp. Provides Update on the Arbitration and Lawsuit Progress Between the Company and ZZ Group Thunder Tiger Corp. provided update on the Arbitration and Lawsuit Progress between the Company and ZZ Group. Cause of occurrence: Handle in accordance with the letter No.1091802744 issued by the Taiwan Stock Exchange Co. Ltd. Arbitration case for the sale of equity. Legal Progress: On April 21, 2023, the Company received the arbitral award from the China International Economic and Trade Arbitration Commission. The arbitration claim of Thunder Tiger Model(BVI)Co. Ltd. was supported, the judgment ruled that Thunder Tiger Aircraft Co. Ltd. must pay the Company USD 6.474 million. The company’s lawyer has applied for enforcement and completed the registration with the Fourth Intermediate People's Court of Beijing to recover the debt. Arbitration case for a loan of funds. Legal Progress: The retrial was granted support by the Zhejiang High People's Court, ruling in favor of company side. The People's Court of Yuyao City has completed the first enforcement ruling, and the company will continue to pursue the revocation of rights litigation and further seek debt recovery. Based on the principle of prudence, the Company has recognized the impairment loss of the total amount of financing provided amounted to TWD 37.51 million. Tillkännagivande • May 05
Thunder Tiger Corp. to Report Q1, 2024 Results on May 10, 2024 Thunder Tiger Corp. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 New Risk • Mar 28
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 6.2% 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 (6.2% average weekly change). Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Reported Earnings • Mar 24
Full year 2023 earnings released: NT$0.18 loss per share (vs NT$0.066 profit in FY 2022) Full year 2023 results: NT$0.18 loss per share (down from NT$0.066 profit in FY 2022). Revenue: NT$985.1m (down 9.6% from FY 2022). Net loss: NT$25.9m (down 396% 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 111 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 14
Thunder Tiger Corp., Annual General Meeting, Jun 24, 2024 Thunder Tiger Corp., Annual General Meeting, Jun 24, 2024. Location: No.7, 6th Road, Industry Park Taichung Taiwan Agenda: To report the business of 2023; to discuss the Audit Committee's Review Report; to report the status of lending funds to other parties, endorsement and guarantee; and to discuss other matters. Reported Earnings • Nov 10
Third quarter 2023 earnings released: NT$0.07 loss per share (vs NT$0.075 profit in 3Q 2022) Third quarter 2023 results: NT$0.07 loss per share (down from NT$0.075 profit in 3Q 2022). Revenue: NT$233.2m (down 20% from 3Q 2022). Net loss: NT$10.3m (down 203% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.01 (vs NT$0.061 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.01 (down from NT$0.061 in 2Q 2022). Revenue: NT$251.8m (down 5.8% from 2Q 2022). Net income: NT$598.0k (down 93% from 2Q 2022). Profit margin: 0.2% (down from 3.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$0.07 (vs NT$0.18 in FY 2021) Full year 2022 results: EPS: NT$0.07 (down from NT$0.18 in FY 2021). Revenue: NT$1.09b (down 7.9% from FY 2021). Net income: NT$8.75m (down 61% from FY 2021). Profit margin: 0.8% (down from 1.9% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 102% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.08 (down from NT$0.18 in 3Q 2021). Revenue: NT$289.6m (down 7.0% from 3Q 2021). Net income: NT$9.96m (down 54% from 3Q 2021). Profit margin: 3.4% (down from 7.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.08 (down from NT$0.18 in 3Q 2021). Revenue: NT$289.6m (down 7.0% from 3Q 2021). Net income: NT$9.96m (down 54% from 3Q 2021). Profit margin: 3.4% (down from 7.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.06 (vs NT$0.082 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.06 (down from NT$0.082 in 2Q 2021). Revenue: NT$267.2m (down 13% from 2Q 2021). Net income: NT$8.15m (down 12% from 2Q 2021). Profit margin: 3.1% (up from 3.0% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.05 loss per share (vs NT$0.014 profit in 1Q 2021) First quarter 2022 results: NT$0.05 loss per share (down from NT$0.014 profit in 1Q 2021). Revenue: NT$242.3m (down 18% from 1Q 2021). Net loss: NT$6.07m (down 484% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$0.18 (vs NT$0.027 in FY 2020) Full year 2021 results: EPS: NT$0.18 (up from NT$0.027 in FY 2020). Revenue: NT$1.18b (up 30% from FY 2020). Net income: NT$22.2m (up NT$19.2m from FY 2020). Profit margin: 1.9% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 30
Thunder Tiger Corp., Annual General Meeting, Jun 09, 2022 Thunder Tiger Corp., Annual General Meeting, Jun 09, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.18 (vs NT$0.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$311.3m (up 75% from 3Q 2020). Net income: NT$21.7m (up NT$34.2m from 3Q 2020). Profit margin: 7.0% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.045 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$308.0m (up 43% from 2Q 2020). Net income: NT$9.22m (up NT$14.3m from 2Q 2020). Profit margin: 3.0% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.15 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$295.3m (up 36% from 1Q 2020). Net income: NT$1.58m (down 91% from 1Q 2020). Profit margin: 0.5% (down from 7.9% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.03 (vs NT$0.57 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$908.2m (up 11% from FY 2019). Net income: NT$3.01m (up NT$66.6m from FY 2019). Profit margin: 0.3% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 19
New 90-day high: NT$16.90 The company is up 56% from its price of NT$10.80 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$13.45 The company is up 21% from its price of NT$11.10 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: NT$12.25 The company is up 16% from its price of NT$10.55 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is flat over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.11 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$177.8m (down 7.4% from 3Q 2019). Net loss: NT$12.5m (loss narrowed 43% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. 
