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ResMed Inc. Announces Results for the Fourth Quarter of Fiscal Year 2024
– Year-over-year revenue grows 9%, operating profit up 38%, non-GAAP operating profit up 30%
– Operating cash flow of $440 million
– Quarterly dividend increases 10% to $0.53 per share
– Company to host an Investor Day on September 30, 2024
Note: A webcast of ResMed’s conference call will be available at 4:30 p.m. ET today at http://investor.resmed.com
SAN DIEGO, August 1, 2024 – ResMed Inc. (NYSE: RMD, ASX: RMD) today announced results for its quarter
ended June 30, 2024.
Fourth Quarter 2024 Highlights
All comparisons are to the prior year period
• Revenue increased by 9% to $1.2 billion; up 10% on a constant currency basis
• Gross margin improved 350 bps to 58.5%; non-GAAP gross margin improved 330 bps to 59.1%
• Income from operations increased 38%; non-GAAP income from operations up 30%
• Operating cash flow of $440 million and debt repayments of $300 million
• Diluted earnings per share of $1.98; non-GAAP diluted earnings per share of $2.08
Full Year 2024 Highlights
All comparisons are to the prior year period
• Revenue increased by 11% to $4.7 billion; up 11% on a constant currency basis
• Gross margin improved 90 bps to 56.7%; non-GAAP gross margin improved 120 bps to 57.7%
• Income from operations increased 17%; non-GAAP income from operations up 21%
• Operating cash flow of $1.4 billion and debt repayments of $0.8 billion
• Diluted earnings per share of $6.92; non-GAAP diluted earnings per share of $7.72
“Our fourth quarter and full-year fiscal year 2024 results demonstrate strong performance across all sectors of our business,” said Mick Farrell, Chairman & CEO of ResMed. “Ongoing patient and customer demand for our best-in-class products and software solutions is incredibly strong, driving solid growth across our devices, masks, and software businesses. The global ResMed team’s focus on operating excellence, ongoing cost discipline, and profitable growth acceleration resulted in gross margin expansion, strong operating leverage, and double-digit growth in bottom-line profitability.
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024 Page 2 of 10
“Nearly 2.5 billion suffer from major sleep health and breathing disorders. As the market leader in these significantly underpenetrated markets, we’re well-positioned as the clear leader to drive increased market penetration, demand generation, and accelerate growth for our businesses. We’re laser-focused on increasing awareness with the fast-growth population of sleep-health-interested consumers, creating virtual pathways that expand access to therapies, while offering a broad portfolio of medical device products, software solutions, and beyond, as we deliver value for all ResMed stakeholders.”
Financial Results and Operating Metrics
Unaudited; $ in millions, except for per share amounts
June 30, 2024
Three Months Ended
June 30,
2023 % Change
Constant Currency (A)
10 %
1 4
Constant Currency (A)
11 %
5 8
Revenue $ 1,122.1 Gross margin 55.0 Non-GAAP gross margin (B) 55.8 Selling, general, and administrative expenses 240.7 Research and development expenses 78.1 Income from operations 275.3 Non-GAAP income from operations (B) 400.5 307.0 Net income 229.7 Non-GAAP net income (B) 235.5 Diluted earnings per share $ 1.56 Non-GAAP diluted earnings per share (B) $ 1.60
9 % 6 % 6 1 3 38 30 27 30 27 30
%
June 30, 2024
Revenue
Gross margin
Non-GAAP gross margin (B)
Selling, general, and administrative expenses 917.1 Research and development expenses
Income from operations
Non-GAAP income from operations (B) 1,478.4 Net income
Non-GAAP net income (B)
Diluted earnings per share
Non-GAAP diluted earnings per share (B)
$
$ $
June 30, 2023
4,223.0 55.8 56.5 874.0 287.6 1,131.9 1,224.4 897.6 949.8 6.09 6.44
% Change 11
2 2 5 7
17
21
14
20
14
20
%
$ 1,223.2 58.5 %
59.1 % 242.2
80.9 381.2
292.2
306.3 $ 1.98 $ 2.08
Twelve Months Ended
$ 4,685.3 56.7 %
57.7 %
(A) In order to provide a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
(B) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
307.5 1,319.9
% %
1,021.0
1,139.3 $ 6.92 $ 7.72
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024 Page 3 of 10 Discussion of Fourth Quarter Results
All comparisons are to the prior year period unless otherwise noted
• Revenue grew by 10 percent on a constant currency basis, driven by increased demand for our sleep devices and masks portfolio, as well as strong growth across our Software as a Service business.
◦ Revenue in the U.S., Canada, and Latin America, excluding Software as a Service, grew by 10 percent.
◦ Revenue in Europe, Asia, and other markets, excluding Software as a Service, grew by 8 percent on a constant currency basis.
◦ Software as a Service revenue increased by 10 percent, reflecting continued organic growth in our SaaS portfolio.
• Gross margin increased by 350 basis points mainly due to reduced freight and manufacturing cost improvements, an increase in average selling prices as well as favorable product mix. Non-GAAP gross margin increased by 330 basis points due to the same factors.
• Selling, general, and administrative expenses increased by 1 percent on a constant currency basis. SG&A expenses improved to 19.8 percent of revenue in the quarter, compared with 21.5 percent in the same period of the prior year. The modest increase in SG&A expenses reflects cost management initiatives implemented during the December quarter.
• Income from operations increased by 38 percent, and non-GAAP income from operations increased by 30 percent.
• Net income for the quarter was $292 million and diluted earnings per share was $1.98. Non-GAAP net income increased by 30 percent to $306 million, and non-GAAP diluted earnings per share increased by 30
percent to $2.08, predominantly attributable to strong sales and gross margin improvement as well as
modest growth in operating expenses.
• Operating cash flow for the quarter was $440 million, compared to net income in the current quarter of $292
million and non-GAAP net income of $306 million.
• During the quarter, we paid $71 million in dividends and repurchased 232,000 shares for consideration of
$50 million as part of our ongoing capital management.
Other Business and Operational Highlights
• Supported the presentation of 39 clinical research abstracts at the annual American Thoracic Society (26 abstracts) and SLEEP (13 abstracts) conferences, demonstrating the breadth and depth of ResMed’s leadership in generating and analyzing real-world evidence in support of better clinical and patient outcomes. Research focused on a variety of topics including the increasing prevalence of Obstructive Sleep Apnea (OSA), the economic benefits of treating OSA, and the relationship between OSA and depression in women.
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 4 of 10
Dividend program
The ResMed board of directors today declared a quarterly cash dividend of
per share. The dividend will
have a record date of August 15, 2024, payable on September 19, 2024. The dividend will be paid in U.S.
currency to holders of ResMed’s common stock trading on the New York Stock Exchange. Holders of CHESS
Depositary Interests (“CDIs”) trading on the Australian Securities Exchange will receive an equivalent amount in
Australian currency, based on the exchange rate on the record date, and reflecting the 10:1 ratio between CDIs
and NYSE shares. The ex-dividend date will be August 14, 2024, for common stockholders and for CDI holders.
ResMed has received a waiver from the ASX’s settlement operating rules, which will allow ResMed to defer
processing conversions between its common stock and CDI registers from August 14, 2024, through August 15,
, inclusive.
2024
fter the live webcast. In addition, a telephone replay of the conference call will be available approximately three hours after the webcast by dialing +1 877-660-6853 (U.S.) or +1 201-612-7415 (outside U.S.) and entering the passcode 13747201. The telephone replay will be available
until August 15, 2024.
$0.53
Webcast details
ResMed will discuss its
quarter fiscal year
results on its webcast at 1:30 p.m. U.S. Pacific Time
today. The live webcast of the call can be accessed on ResMed’s Investor Relations website at
investor.resmed.com. Please go to this section of the website and click on the icon for the “
Earnings
Webcast” to register and listen to the live webcast. A replay of the earnings webcast will be accessible on the
website and available approximately two hours a
fourth 2024
Q4 2024
About ResMed
At ResMed (NYSE: RMD, ASX: RMD) we pioneer innovative solutions that treat and keep people out of the
hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-
connected medical devices transform care for people with sleep apnea, COPD, and other chronic diseases. Our
comprehensive out-of-hospital software platforms support the professionals and caregivers who help people
stay healthy in the home or care setting of their choice. By enabling better care, we improve quality of life,
reduce the impact of chronic disease, and lower costs for consumers and healthcare systems in more than 140
countries. To learn more, visit ResMed.com and follow @ResMed.
Safe harbor statement
Statements contained in this release that are not historical facts are “forward-looking” statements as
contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements –
including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product
development, new product launches, new markets for its products, the integration of acquisitions, our supply
chain, domestic and international regulatory developments, litigation, tax outlook, and the expected impact of
macroeconomic conditions of our business – are subject to risks and uncertainties, which could cause actual
results to materially differ from those projected or implied in the forward-looking statements. Additional risks and
uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange
Commission. ResMed does not undertake to update its forward-looking statements.
– More –
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 5 of 10
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; $ in thousands, except for per share amounts)
Three Months Ended
Twelve Months Ended
Net revenue Cost of sales
$
$ $
$ $
$
$ $
$ $ $
June 30, 2024
1,223,195
7,987
—
— 507,668 715,527
242,187 80,861 11,262
—
— 334,310 381,217
(5,920)
868 (15,473)
— (2,960) (23,485)
357,732 65,495 292,237
1.99 1.98 2.08
146,915 147,533
$
$ $
$ $
$
$ $
$ $ $
June 30, 2023
1,122,057
8,395
—
— 504,671 617,386
240,687 78,144 12,319
9,177
1,792 342,119 275,267
(14,943)
(2,228)
(1,583) 20,227 61 1,534 276,801 47,137 229,664
1.56 1.56 1.60
147,015 147,554
$
$ $
$ $
$
$ $
$ $ $
June 30, 2024
4,685,297
1,982,769 32,963
6,351
7,911 2,029,994 2,655,303
917,136 307,525 46,521 64,228 — 1,335,410 1,319,893
(45,708)
(1,848) (4,045)
— (3,494) (55,095)
1,264,798 243,847 1,020,951
6.94 6.92 7.72
147,021 147,550
$
$ $
$ $
$
$ $
$ $ $
June 30, 2023
4,222,993
1,836,935 30,396
—
— 1,867,331 2,355,662
874,003 287,642 42,020 9,177 10,949 1,223,791 1,131,871
(47,379)
(7,265) 9,922 20,227
(5,712) (30,207)
1,101,664 204,108 897,556
6.12 6.09 6.44
146,765 147,455
Amortization of acquired intangibles (1) Masks with magnets field safety notification
expenses (1)
Astral field safety notification expenses (1) Total cost of sales
Gross profit
499,681
496,276
Selling, general, and administrative Research and development Amortization of acquired intangibles (1) Restructuring expenses (1)
Acquisition related expenses (1) Total operating expenses Income from operations
Other income (expenses), net: Interest expense, net
Gain (loss) attributable to equity method investments
Gain on equity investments (1) Gain on insurance recoveries (1) Other, net
Total other income (expenses), net Income before income taxes Income taxes
Net income
Basic earnings per share
Diluted earnings per share
Non-GAAP diluted earnings per share (1)
Basic shares outstanding Diluted shares outstanding
(1) See the reconciliation of non-GAAP financial measures in the table at the end of the press release.
– More –
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 6 of 10
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; $ in thousands)
Assets
Current assets:
Cash and cash equivalents
Accounts receivable, net
Inventories
Prepayments and other current assets
Total current assets Non-current assets:
Property, plant, and equipment, net
Operating lease right-of-use assets
Goodwill and other intangibles, net
Deferred income taxes and other non-current assets
Total non-current assets
Total assets
Liabilities and Stockholders’ Equity Current liabilities:
Accounts payable
Accrued expenses
Operating lease liabilities, current Deferred revenue
Income taxes payable
Short-term debt
Total current liabilities Non-current liabilities:
Deferred revenue
Deferred income taxes
Operating lease liabilities, non-current Other long-term liabilities
Long-term debt
Long-term income taxes payable
Total non-current liabilities Total liabilities Stockholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total stockholders’ equity
Total liabilities and stockholders’ equity
$
$ $
$ $
$
$ $
$ $
$
$ $
June 30, 2024
238,361 837,275 822,250 459,833
2,357,719
548,025
151,121 3,327,959 487,570 4,514,675 6,872,394
237,728 377,678 25,278 152,554 107,517 9,900 910,655
137,343 79,339 141,444 42,257 697,313 — 1,097,696 2,008,351
588 1,896,604 4,991,647
(1,773,267) (251,529)
4,864,043 6,872,394
$
$ $
$ $
$
$ $
$ $
$
$ $
June 30, 2023
227,891 704,909 998,012 437,018
2,367,830
537,856
127,955 3,322,640 395,427 4,383,878 6,751,708
150,756 365,660 21,919 138,072 72,224 9,902 758,533
119,186 90,650 116,853 68,166 1,431,234 37,183 1,863,272 2,621,805
588 1,772,083 4,253,016
(1,623,256) (272,528)
4,129,903 6,751,708
– More –
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 7 of 10
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; $ in thousands)
Cash flows from operating activities:
Net income
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization
Amortization of right-of-use assets
Stock-based compensation costs
(Gain) loss attributable to equity method investments, net of dividends received
(Gain) loss on equity investments Non-cash restructuring expenses
Gain on insurance recoveries
Changes in operating assets and liabilities: Accounts receivable, net
Inventories, net
Prepaid expenses, net deferred income taxes and other current assets
Accounts payable, accrued expenses, income taxes payable and other
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of property, plant, and equipment Patent registration and acquisition costs Business acquisitions, net of cash acquired Purchases of investments
Proceeds from exits of investments
(Payments) / proceeds on maturity of foreign currency contracts
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from issuance of common stock, net Purchases of treasury stock
Taxes paid related to net share settlement of equity awards
Payments of business combination contingent consideration
Proceeds from borrowings, net of borrowing costs Repayment of borrowings
Dividends paid
Net cash (used in) / provided by financing activities Effect of exchange rate changes on cash
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Three Months Ended
Twelve Months Ended
$
June 30, 2024
292,237
43,677 11,077 21,392
(868) 15,473 — —
(57,523) 8,910
(16,237)
121,975 440,113
(24,881) (1,442) (19,697) (3,073)
750
1,833 (46,510)
27,696 (50,004)
(421)
—
— (300,000) (70,553) (393,282)
130
451 237,910 238,361
$
June 30, 2023
229,664
46,760 8,440 19,927
5,102 1,584 9,177
(20,227)
(18,059) 6,257
(51,518)
330 237,437
(34,449) (4,285) (1,524) (2,500)
—
(3,765) (46,523)
23,493 —
(334)
(2,045) —
(145,000) (64,705) (188,591) (2,326)
(3) 227,894 227,891
$
June 30, 2024
1,020,951
176,870 39,339 80,184
1,848
4,045 33,239 —
(134,278) 172,203
(115,213)
122,072 1,401,260
(99,460)
(15,396) (133,464) (12,765)
1,000
(9,699) (269,784)
53,094 (150,011)
(8,757)
(1,293) 105,000
(835,000)
(282,320) (1,119,287) (1,719)
10,470 227,891 238,361
$
June 30, 2023
897,556
165,156 32,406 71,142
10,138 (9,922)
9,177 (20,227)
(106,511) (248,833)
(138,125)
31,342 693,299
(119,672) (14,328) (1,012,749) (32,229)
3,937
15,196 (1,159,845)
49,142 —
(30,631)
(2,361) 1,070,000
(405,000) (258,276) 422,874
(2,147)
(45,819) 273,710 227,891
$
$
$
$
$
$
$
$
$ $
$
$ $
$
$ $
$
$ $
$
– More –
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 8 of 10
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
RESMED INC. AND SUBSIDIARIES
The measures “non-GAAP gross profit” and “non-GAAP gross margin” exclude amortization expense from
acquired intangibles and restructuring expense related to cost of sales and are reconciled below:
Three Months Ended
Twelve Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenue
GAAP cost of sales
$ 1,223,195
$ 507,668 (7,987)
—
— $ 499,681
$ 715,527 58.5 %
$ 723,514 59.1 %
$ $
$ $ $
1,122,057
504,671 (8,395)
$ 4,685,297
$ 2,029,994 (32,963)
(6,351)
(7,911) $ 1,982,769
$ 2,655,303 56.7 %
$ 2,702,528 57.7 %
$ 4,222,993
$ 1,867,331 (30,396)
—
— $ 1,836,935
$ 2,355,662 55.8 %
$ 2,386,058 56.5 %
Less: Amortization of acquired intangibles (A) Less: Masks with magnets field safety notification
expenses (A)
Less: Astral field safety notification expenses (A) Non-GAAP cost of sales
496,276
617,386 55.0 625,781 55.8
— —
GAAP gross profit GAAP gross margin Non-GAAP gross profit Non-GAAP gross margin
% %
The measure “non-GAAP income from operations” is
GAAP income from operations
Amortization of acquired intangibles—cost of sales (A)
Amortization of acquired intangibles—operating expenses (A)
Restructuring (A)
Masks with magnets field safety notification expenses (A) Astral field safety notification expenses (A) Acquisition-related expenses (A)
Non-GAAP income from operations
–
reconciled with GAAP income from operations below:
Three Months Ended
Twelve Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
$ 381,217 7,987
11,262 — — — — $ 400,466
More –
$ 275,267 8,395
12,319 9,177 — — 1,792 $ 306,950
$ 1,319,893 32,963
46,521 64,228 6,351 7,911 483 $ 1,478,350
$ 1,131,871 30,396
42,020 9,177 — — 10,949 $ 1,224,413
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 9 of 10
Reconciliation of Non-GAAP Financial Measures
(Unaudited; $ in thousands, except for per share amounts)
GAAP net income
Amortization of acquired intangibles—cost of sales (A)
Amortization of acquired intangibles—operating expenses (A)
Restructuring expenses (A)
Masks with magnets field safety notification expenses (A) Astral field safety notification expenses (A) Acquisition-related expenses (A)
Gain on insurance recoveries (A)
Income tax effect on non-GAAP adjustments (A) Non-GAAP net income (A)
GAAP diluted shares outstanding
GAAP diluted earnings per share Non-GAAP diluted earnings per share (A)
Three Months Ended
Twelve Months Ended
RESMED INC. AND SUBSIDIARIES
The measures “non-GAAP net income” and “non-GAAP diluted earnings per share” are reconciled with GAAP
net income and GAAP diluted earnings per share in the table below:
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
$
$
$ $
292,237 $ 229,664 $ 1,020,951 7,987 8,395 32,963 11,262 12,319 46,521
— 9,177 64,228 — —
— —
— 1,792 483
306,341 $ 235,489 $ 1,139,294
$
$
$ $
897,556 30,396 42,020
9,177
10,949
949,757
147,455 6.09 6.44
6,351 7,911
— —
— (5,145)
(20,227) (5,631)
— (40,114)
(20,227) (20,114)
(A) ResMed adjusts for the impact of the amortization of acquired intangibles, restructuring expenses, field safety notification expenses, acquisition-related expenses, gain on insurance recoveries, and associated tax effects from their evaluation of ongoing operations, and believes that investors benefit from adjusting these items to facilitate a more meaningful evaluation of current operating performance.
ResMed believes that non-GAAP diluted earnings per share is an additional measure of performance that investors can use to compare operating results between reporting periods. ResMed uses non-GAAP information internally in planning, forecasting, and evaluating the results of operations in the current period and in comparing it to past periods. ResMed believes this information provides investors better insight when evaluating ResMed’s performance from core operations and provides consistent financial reporting. The use of non-GAAP measures is intended to supplement, and not to replace, the presentation of net income and other GAAP measures. Like all non-GAAP measures, non-GAAP earnings are subject to inherent limitations because they do not include all the expenses that must be included under GAAP.
– More –
147,533 147,554 1.98 $ 1.56 $ 2.08 $ 1.60 $
147,550 6.92 7.72
RMD Fourth Quarter 2024 Earnings Press Release – August 1, 2024
Page 10 of 10
Revenue by Product and Region
(Unaudited; $ in millions, except for per share amounts)
U.S., Canada, and Latin America
Three Months Ended
RESMED INC. AND SUBSIDIARIES
June 30,
2024 (A)
June 30, 2023
$ 387.2 273.7
$ 660.9
$ 215.2 107.4
$ 322.6
$ 602.4 381.0
$ 983.5
138.6
$ 1,122.1
(A)
% Change
Constant Currency (B)
8% 9
8
6 % 15
9
10 10
Constant Currency (B)
Devices $ 406.2 Masks and other 321.2 Total U.S., Canada and Latin America $ 727.4
Combined Europe, Asia, and other markets
Devices $ 228.8 Masks and other 115.0 Total Combined Europe, Asia and other markets $ 343.9
Global revenue
Total Devices $ 635.1 Total Masks and other 436.2 Total Sleep and Respiratory Care $ 1,071.3
Software as a Service 151.9 Total $ 1,223.2
June 30,
2024 (A)
U.S., Canada, and Latin America
Devices $ 1,522.8 Masks and other 1,199.8 Total U.S., Canada and Latin America $ 2,722.6
Combined Europe, Asia, and other markets
Devices $ 921.3 Masks and other 457.4 Total Combined Europe, Asia and other markets $ 1,378.6
Global revenue
Total Devices $ 2,444.0 Total Masks and other 1,657.2 Total Sleep and Respiratory Care $ 4,101.2
Software as a Service 584.1
5% 17
10
6% 7
7
5 14 9
10 9
%
Twelve Months Ended
June 30,
2023 (A)
$ 1,444.4 1,039.0
$ 2,483.4
$ 826.3 415.3
$ 1,241.6
$ 2,270.7 1,454.3
$ 3,725.0
498.0
$ 4,223.0
% Change
5 15 10
11 10 11
8 14 10
17 11
%
%
%
10 % 8
10
7 % 13
10
17 11
Total
(A) Totals and subtotals may not add due to rounding.
$ 4,685.3
(B) In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency basis,” which is in addition to the actual financial information presented. In order to calculate our constant currency information, we translate the current period financial information using the foreign currency exchange rates that were in effect during the previous comparable period. However, constant currency measures should not be considered in isolation or as an alternative to U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
– End –
