Duyuru • Jul 11
R S Software (India) Limited to Report Q1, 2027 Results on Jul 22, 2026 R S Software (India) Limited announced that they will report Q1, 2027 results on Jul 22, 2026 Duyuru • Jun 18
R S Software (India) Limited, Annual General Meeting, Jul 23, 2026 R S Software (India) Limited, Annual General Meeting, Jul 23, 2026, at 11:30 Indian Standard Time. Reported Earnings • May 09
Full year 2026 earnings released: ₹10.87 loss per share (vs ₹3.40 profit in FY 2025) Full year 2026 results: ₹10.87 loss per share (down from ₹3.40 profit in FY 2025). Revenue: ₹256.0m (down 55% from FY 2025). Net loss: ₹291.1m (down 434% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Apr 11
R S Software (India) Limited to Report Q4, 2026 Results on May 07, 2026 R S Software (India) Limited announced that they will report Q4, 2026 results at 9:15 AM, Indian Standard Time on May 07, 2026 New Risk • Feb 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹866.1m (US$9.51m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Market cap is less than US$10m (₹866.1m market cap, or US$9.51m). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Revenue is less than US$5m (₹279m revenue, or US$3.1m). Reported Earnings • Jan 23
Third quarter 2026 earnings released: ₹3.28 loss per share (vs ₹0.81 profit in 3Q 2025) Third quarter 2026 results: ₹3.28 loss per share (down from ₹0.81 profit in 3Q 2025). Revenue: ₹53.5m (down 58% from 3Q 2025). Net loss: ₹84.3m (down ₹100.3m from profit in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 08
R S Software (India) Limited to Report Q3, 2026 Results on Jan 21, 2026 R S Software (India) Limited announced that they will report Q3, 2026 results on Jan 21, 2026 New Risk • Nov 07
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₹353m (US$4.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risks Revenue is less than US$5m (₹353m revenue, or US$4.0m). Market cap is less than US$100m (₹1.65b market cap, or US$18.6m). Reported Earnings • Nov 07
Second quarter 2026 earnings released: ₹2.29 loss per share (vs ₹1.92 profit in 2Q 2025) Second quarter 2026 results: ₹2.29 loss per share (down from ₹1.92 profit in 2Q 2025). Revenue: ₹61.9m (down 64% from 2Q 2025). Net loss: ₹59.2m (down 218% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 13
R S Software (India) Limited to Report Q2, 2026 Results on Nov 05, 2025 R S Software (India) Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 05, 2025 New Risk • Sep 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. High level of non-cash earnings (43% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₹1.85b market cap, or US$20.9m). Recent Insider Transactions • Aug 01
CEO & MD recently bought ₹1.9m worth of stock On the 31st of July, Rajnit Jain bought around 24k shares on-market at roughly ₹78.11 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rajnit has been a buyer over the last 12 months, purchasing a net total of ₹5.1m worth in shares. Reported Earnings • Jul 23
First quarter 2026 earnings released: ₹1.40 loss per share (vs ₹1.98 profit in 1Q 2025) First quarter 2026 results: ₹1.40 loss per share (down from ₹1.98 profit in 1Q 2025). Revenue: ₹79.3m (down 58% from 1Q 2025). Net loss: ₹36.1m (down 179% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 03
R S Software (India) Limited to Report Q1, 2026 Results on Jul 22, 2025 R S Software (India) Limited announced that they will report Q1, 2026 results on Jul 22, 2025 Duyuru • Jun 17
R S Software (India) Limited, Annual General Meeting, Jul 23, 2025 R S Software (India) Limited, Annual General Meeting, Jul 23, 2025, at 11:30 Indian Standard Time. Recent Insider Transactions • Jun 17
CEO & MD recently bought ₹752k worth of stock On the 13th of June, Rajnit Jain bought around 12k shares on-market at roughly ₹62.36 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.3m. Rajnit has been a buyer over the last 12 months, purchasing a net total of ₹2.0m worth in shares. Recent Insider Transactions • Jun 07
CEO & MD recently bought ₹1.3m worth of stock On the 6th of June, Rajnit Jain bought around 22k shares on-market at roughly ₹56.64 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Rajnit's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹53.92, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 30x in the Software industry in India. Total returns to shareholders of 103% over the past three years. Reported Earnings • May 01
Full year 2025 earnings released: EPS: ₹3.66 (vs ₹7.04 in FY 2024) Full year 2025 results: EPS: ₹3.66 (down from ₹7.04 in FY 2024). Revenue: ₹579.1m (down 2.7% from FY 2024). Net income: ₹87.3m (down 52% from FY 2024). Profit margin: 15% (down from 30% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 04
R S Software (India) Limited to Report Q4, 2025 Results on Apr 30, 2025 R S Software (India) Limited announced that they will report Q4, 2025 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹71.27, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 29x in the Software industry in India. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹67.00, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 29x in the Software industry in India. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹120, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 35x in the Software industry in India. Total returns to shareholders of 238% over the past three years. Reported Earnings • Jan 23
Third quarter 2025 earnings released: EPS: ₹0.81 (vs ₹3.06 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.81 (down from ₹3.06 in 3Q 2024). Revenue: ₹126.8m (down 34% from 3Q 2024). Net income: ₹16.0m (down 80% from 3Q 2024). Profit margin: 13% (down from 41% in 3Q 2024). 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 61% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 08
R S Software (India) Limited to Report Q3, 2025 Results on Jan 22, 2025 R S Software (India) Limited announced that they will report Q3, 2025 results on Jan 22, 2025 Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹222, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 42x in the Software industry in India. Total returns to shareholders of 367% over the past three years. Reported Earnings • Oct 30
Second quarter 2025 earnings released: EPS: ₹1.92 (vs ₹0.76 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.92 (up from ₹0.76 in 2Q 2024). Revenue: ₹173.2m (up 58% from 2Q 2024). Net income: ₹50.0m (up 155% from 2Q 2024). Profit margin: 29% (up from 18% 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 104% per year whereas the company’s share price has increased by 99% per year. Duyuru • Oct 01
R S Software (India) Limited to Report Fiscal Year 2024 Final Results on Oct 29, 2024 R S Software (India) Limited announced that they will report fiscal year 2024 final results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹268, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 40x in the Software industry in India. Total returns to shareholders of 645% over the past three years. Upcoming Dividend • Jul 15
Upcoming dividend of ₹0.25 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 08 August 2024. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (1.1%). Duyuru • Jul 09
R S Software (India) Limited Declares Interim Dividend R S Software (India) Limited at its board meeting held on July 9, 2024 declared interim dividend @5% to be paid to the Equity Shareholders of the Company. Record Date for the Interim Dividend has been fixed on 16th July 2024. Duyuru • Jul 02
R S Software (India) Limited to Report Q1, 2025 Results on Jul 09, 2024 R S Software (India) Limited announced that they will report Q1, 2025 results at 3:30 PM, Indian Standard Time on Jul 09, 2024 Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹231, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 39x in the Software industry in India. Total returns to shareholders of 504% over the past three years. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: ₹7.04 (vs ₹3.17 loss in FY 2023) Full year 2024 results: EPS: ₹7.04 (up from ₹3.17 loss in FY 2023). Revenue: ₹595.4m (up 98% from FY 2023). Net income: ₹181.1m (up ₹262.5m from FY 2023). Profit margin: 30% (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 77% per year whereas the company’s share price has increased by 81% per year. Duyuru • Jun 14
R S Software (India) Limited, Annual General Meeting, Jul 10, 2024 R S Software (India) Limited, Annual General Meeting, Jul 10, 2024, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹202, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 33x in the Software industry in India. Total returns to shareholders of 614% over the past three years. Reported Earnings • Apr 19
Full year 2024 earnings released: EPS: ₹7.18 (vs ₹3.17 loss in FY 2023) Full year 2024 results: EPS: ₹7.18 (up from ₹3.17 loss in FY 2023). Revenue: ₹639.9m (up 112% from FY 2023). Net income: ₹181.1m (up ₹262.5m from FY 2023). Profit margin: 28% (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 77% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹218, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 41x in the Software industry in India. Total returns to shareholders of 756% over the past three years. Duyuru • Apr 02
R S Software (India) Limited to Report Fiscal Year 2024 Results on Apr 19, 2024 R S Software (India) Limited announced that they will report fiscal year 2024 results on Apr 19, 2024 Buy Or Sell Opportunity • Feb 06
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 53% to ₹91.70. The fair value is estimated to be ₹73.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹75.50, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 37x in the Software industry in India. Total returns to shareholders of 181% over the past three years. Reported Earnings • Jan 28
Third quarter 2024 earnings released: EPS: ₹3.06 (vs ₹0.21 loss in 3Q 2023) Third quarter 2024 results: EPS: ₹3.06 (up from ₹0.21 loss in 3Q 2023). Revenue: ₹193.0m (up 131% from 3Q 2023). Net income: ₹78.7m (up ₹84.1m from 3Q 2023). Profit margin: 41% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 12
R S Software (India) Limited to Report Nine Months, 2024 Results on Jan 25, 2024 R S Software (India) Limited announced that they will report nine months, 2024 results on Jan 25, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹0.76 (vs ₹1.84 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹0.76 (up from ₹1.84 loss in 2Q 2023). Revenue: ₹130.1m (up 176% from 2Q 2023). Net income: ₹19.6m (up ₹66.9m from 2Q 2023). Profit margin: 15% (up from net loss in 2Q 2023). The move to profitability 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 42% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 28
R S Software (India) Limited to Report Q2, 2024 Results on Nov 10, 2023 R S Software (India) Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Jul 26
First quarter 2024 earnings released: EPS: ₹0.58 (vs ₹1.52 loss in 1Q 2023) First quarter 2024 results: EPS: ₹0.58 (up from ₹1.52 loss in 1Q 2023). Revenue: ₹111.3m (up 132% from 1Q 2023). Net income: ₹15.0m (up ₹54.0m from 1Q 2023). Profit margin: 13% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. 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 34% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 24
R S Software (India) Limited, Annual General Meeting, Jul 26, 2023 R S Software (India) Limited, Annual General Meeting, Jul 26, 2023, at 11:30 Indian Standard Time. Reported Earnings • Apr 26
Full year 2023 earnings released: ₹3.19 loss per share (vs ₹5.88 loss in FY 2022) Full year 2023 results: ₹3.19 loss per share (improved from ₹5.88 loss in FY 2022). Revenue: ₹307.7m (up 8.2% from FY 2022). Net loss: ₹81.5m (loss narrowed 46% from FY 2022). 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 32% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 14
R S Software (India) Limited Appoints Mr. Cedarampattu S Mohan as Additional Director R S Software (India) Limited informed that the Board of Directors based on the recommendation of Nomination and Remuneration Committee have appointed Mr. Cedarampattu S Mohan (holding DIN: 01308472) as an Additional (Non-Executive) Director with effect from 1st February 2023 to hold office till the approval of the Shareholders taken, either at the next General Meeting or within the period of three months from his appointment, whichever is earlier. Ram Mohan is the Chief Strategy Officer of Identity Digital, where he works closely with the CEO, board members and executives to achieve the company's long-term vision. Prior to this, he was the COO of Afilias, leading this domain name registry infrastructure company from its founding into a Unicorn, culminating in its acquisition by Identity Digital in 2020. At Afilias, Ram shaped the company's strategic vision and tactical direction. Lead company through successful acquisitions and expansion through M&As - including successful integration of new teams without a loss of cultural and ethical values. Ram has been instrumental in identifying and developing policies that affect Internet users and in the future through his work with various Internet standards groups. Selected by the Philadelphia Business Journal as one of the region's top up-and-coming business leaders, Ram was the recepient of the '40 Under 40' award, InfoWorld's 'Top 100 Technology Leaders', a CIO100 honoree and a Guinness Book of World Records holder (2018). Experienced in leveraging technology for business advantage and market leadership. Built technology, product management and delivery teams from the ground up, running on first-generation or n- generation technology, each with special challenges. Ram serves as an advisor to startup firms, and entrepreneurs who have an idea but are figuring out how to make it reality. Reported Earnings • Feb 02
Third quarter 2023 earnings released: ₹0.21 loss per share (vs ₹1.87 loss in 3Q 2022) Third quarter 2023 results: ₹0.21 loss per share (improved from ₹1.87 loss in 3Q 2022). Revenue: ₹84.6m (up 36% from 3Q 2022). Net loss: ₹5.49m (loss narrowed 89% from 3Q 2022). 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 6% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 18
R S Software (India) Limited to Report Q3, 2023 Results on Feb 01, 2023 R S Software (India) Limited announced that they will report Q3, 2023 results at 3:30 PM, Indian Standard Time on Feb 01, 2023 Reported Earnings • Nov 19
Second quarter 2023 earnings released: ₹1.84 loss per share (vs ₹0.92 loss in 2Q 2022) Second quarter 2023 results: ₹1.84 loss per share (further deteriorated from ₹0.92 loss in 2Q 2022). Revenue: ₹49.1m (down 33% from 2Q 2022). Net loss: ₹47.3m (loss widened 99% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 20
Full year 2022 earnings released: ₹6.40 loss per share (vs ₹7.80 loss in FY 2021) Full year 2022 results: ₹6.40 loss per share (up from ₹7.80 loss in FY 2021). Revenue: ₹275.2m (down 22% from FY 2021). Net loss: ₹151.3m (loss narrowed 25% from FY 2021). Over the last 3 years on average, earnings per share has increased by 23% 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 • Apr 27
Full year 2022 earnings released: ₹6.40 loss per share (vs ₹7.80 loss in FY 2021) Full year 2022 results: ₹6.40 loss per share (up from ₹7.80 loss in FY 2021). Revenue: ₹323.1m (down 8.9% from FY 2021). Net loss: ₹151.3m (loss narrowed 25% from FY 2021). Over the last 3 years on average, earnings per share has increased by 23% 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 • Feb 04
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: ₹1.87 loss per share (up from ₹1.99 loss in 3Q 2021). Revenue: ₹62.4m (down 17% from 3Q 2021). Net loss: ₹48.2m (loss narrowed 5.8% from 3Q 2021). Revenue missed analyst estimates by 3.4%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Nov 10
Second quarter 2022 earnings released: ₹0.92 loss per share (vs ₹1.84 loss in 2Q 2021) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2022 results: Revenue: ₹88.5m (down 3.8% from 2Q 2021). Net loss: ₹23.8m (loss narrowed 50% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Jul 21
Full year 2021 earnings released: ₹7.80 loss per share (vs ₹27.99 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: ₹354.6m (down 41% from FY 2020). Net loss: ₹200.5m (loss narrowed 72% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • May 22
Full year 2021 earnings released: ₹7.80 loss per share (vs ₹27.99 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: ₹372.6m (down 38% from FY 2020). Net loss: ₹200.5m (loss narrowed 72% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 31
New 90-day high: ₹25.75 The company is up 21% from its price of ₹21.20 on 01 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Software industry, which is up 30% over the same period. Reported Earnings • Oct 17
First half earnings released Over the last 12 months the company has reported total losses of ₹642.8m, with losses widening by 114% from the prior year. Total revenue was ₹491.8m over the last 12 months, down 29% from the prior year.