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Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported third
quarter 2012 results. All results are reported in U.S. dollars and are
prepared in accordance with United States generally accepted accounting
principles (GAAP), except as otherwise indicated below.
Revenue for the third quarter of 2012 was $162.6 million, compared to
$146.8 million in the third quarter of 2011, and $167.4 million in the
second quarter of 2012. The year-over-year revenue increase of 10.8
percent was driven by exceptional growth in Machine-to-Machine (“M2M”)
sales, including a $4.6 million contribution from the recently acquired
Sagemcom M2M business, and solid growth in Mobile Computing, driven by
higher sales to PC OEMs. M2M revenue was $86.1 million, an increase of
14.3 percent compared to $75.3 million in the third quarter of 2011.
Mobile Computing revenue was $76.5 million, an increase of 7.0 percent
compared to $71.5 million in the third quarter of 2011.
“Our Machine-to-Machine business had an exceptional quarter, with
revenue up 14 percent year-over-year driven by strong organic growth and
contribution from the recently acquired Sagemcom M2M business,” said
Jason Cohenour, President and Chief Executive Officer. “Our success in
M2M, combined with solid year-over-year revenue growth in Mobile
Computing and tight cost control, resulted in profitability that
exceeded our expectations.”
On a GAAP basis, gross margin was $47.9 million, or 29.4 percent of
revenue, in the third quarter of 2012, compared to $43.3 million, or
29.5 percent of revenue, in the third quarter of 2011. Operating
expenses were $46.8 million and earnings from operations were $1.1
million in the third quarter of 2012, compared to operating expenses of
$45.1 million and a loss from operations of $1.8 million in the third
quarter of 2011. Net earnings were $3.7 million, or $0.12 per diluted
share, in the third quarter of 2012, compared to a net loss of $1.0
million, or $0.03 per diluted share, in the third quarter of 2011. A
favorable income tax recovery contributed to the stronger than expected
net earnings. The third quarter results also included $2.7 million in
acquisition and restructuring costs, compared to $1.0 million in
restructuring and integration costs in the third quarter of 2011.
On a non-GAAP basis, gross margin was 29.5 percent of revenue in the
third quarter of 2012, compared to 29.6 percent of revenue in the third
quarter of 2011. Operating expenses were $39.6 million and earnings from
operations were $8.3 million in the third quarter of 2012, compared to
operating expenses of $39.4 million and earnings from operations of $4.0
million in the third quarter of 2011. Net earnings were $8.8 million, or
$0.28 per diluted share, in the third quarter of 2012 compared to net
earnings of $4.6 million, or $0.15 per diluted share, in the third
quarter of 2011.
During the third quarter of 2012, we successfully completed the
acquisition of the M2M business of Sagemcom. The purchase price of €44.9
million (US$55.2 million) and the related transaction expenses were
funded by cash on hand. The cash, cash equivalents, and short term
investments balance at the end of the third quarter of 2012 was $59.5
million, down from $125.3 million at the end of the second quarter of
2012.
Subsequent to the completion of the quarter, we entered into a new $50
million revolving line of credit. This facility replaces our existing
$10 million line of credit and is designed to augment our working
capital capacity. There are currently no borrowings under the facility.
Non-GAAP results exclude the impact of stock-based compensation expense,
acquisition costs, restructuring costs, integration costs, acquisition
amortization, foreign exchange gains or losses on foreign currency
contracts and translation of balance sheet accounts, and certain tax
adjustments. We disclose non-GAAP amounts as we believe that these
measures provide our shareholders with useful information about actual
operating results and assist in comparisons from one period to another.
The reconciliation between our GAAP and non-GAAP results is provided in
the accompanying schedules.
Financial guidance
In the fourth quarter of 2012, on a sequential basis, we expect revenue
to be flat compared to the third quarter, as a result of continued
strength in our M2M business, including a full quarter of contribution
from the acquired Sagemcom M2M business, offset by lower sales in Mobile
Computing. We expect gross margin to be slightly higher, driven largely
by a favorable shift in product mix and we expect operating expenses to
be modestly higher as a result of the timing of new product
certification and launch expenses, as well as a full quarter of Sagemcom
M2M.
Q4 2012 Guidance
Consolidated Non-GAAP
Revenue
$160.0 to $165.0 million
Earnings from operations
$7.5 to $9.0 million
Net earnings
$5.6 to $6.8 million
Earnings per share
$0.18 to $0.22 per share
This Non-GAAP guidance for the fourth quarter of 2012 reflects current
business indicators and expectations. Inherent in this guidance are risk
factors that are described in greater detail in our regulatory filings.
Our actual results could differ materially from those presented below.
All figures are approximations based on management’s current beliefs and
assumptions.
Conference call, webcast and instant replay details
Sierra Wireless President and CEO, Jason Cohenour, and CFO, David
McLennan, will host a conference call and webcast with analysts and
investors to review the results on Thursday, November 1, 2012, at 5:30
PM Eastern Time (2:30 PM PT). A live slide presentation will be
available for viewing during the call from the link provided below.
To participate in this conference call, please dial the following number
approximately ten minutes prior to the commencement of the call:
Toll-free (Canada and US): 1-877-201-0168
Alternate number: 1-647-788-4901
Conference ID: 30799204
For those unable to participate in the live call, a replay will be
available until November 22, 2012. Dial 1-855-859-2056 or 1-800-585-8367
and enter the Conference ID number above to access the replay.
To access the webcast, please follow the link below:
Certain statements and information in this press release are not based
on historical facts and constitute forward-looking statements or
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities laws
(“forward-looking statements”) including statements and information
relating to our financial guidance for the fourth quarter of 2012 and
our fiscal year 2012, our business outlook for the short and longer term
and our strategy, plans and future operating performance.
Forward-looking statements are provided to help you understand our views
of our short and longer term prospects. We caution you that
forward-looking statements may not be appropriate for other purposes. We
will not update or revise our forward-looking statements unless we are
required to do so by securities laws.
Forward-looking statements:
Typically include words and phrases about the future such as
“outlook”, “may”, “estimates”, “intends”, “believes”, “plans”,
“anticipates” and “expects”.
Are not promises or guarantees of future performance. They represent
our current views and may change significantly.
Are based on a number of material assumptions, including those listed
below, which could prove to be significantly incorrect:
Our ability to develop, manufacture and sell new products and
services that meet the needs of our customers and gain commercial
acceptance;
Our ability to continue to sell our products and services in the
expected quantities at the expected prices and expected times;
Expected transition period to our 4G products;
Expected cost of goods sold;
Expected component supply constraints;
Our ability to “win” new business;
Expected deployment of next generation networks by wireless
network operators;
Our operations are not adversely disrupted by component shortages
or other development, operating or regulatory risks; and
Expected tax rates and foreign exchange rates.
Are subject to substantial known and unknown material risks and
uncertainties. Many factors could cause our actual results,
achievements and developments in our business to differ significantly
from those expressed or implied by our forward-looking statements,
including without limitation, the following factors. These risk
factors and others are discussed in our Annual Information Form and
Management’s Discussion and Analysis of Financial Condition and
Results of Operations, which may be found on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov
and in our other regulatory filings with the Securities and Exchange
Commission in the United States and the Provincial Securities
Commissions in Canada.
Actual sales volumes or prices for our products and services may
be lower than we expect for any reason including, without
limitation, the continuing uncertain economic conditions, price
and product competition, different product mix, the loss of any of
our significant customers, competition from new or established
wireless communication companies;
The cost of products sold may be higher than planned or necessary
component supplies may not be available, are delayed or are not
available on commercially reasonable terms;
We may be unable to enforce our intellectual property rights or
may be subject to litigation that has an adverse outcome;
The development and timing of the introduction of our new products
may be later than we expect or may be indefinitely delayed;
Transition periods associated with the migration to new
technologies may be longer than we expect.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) offers industry-leading mobile
computing and machine-to-machine (M2M) communications products and
solutions that connect people, devices, and applications over cellular
networks. Wireless service providers, equipment manufacturers,
enterprises and government organizations around the world depend on us
for reliable wireless technology. We offer 2G, 3G and 4G wireless
modems, routers and gateways as well as a comprehensive suite of
software, tools, and services that ensure our customers can successfully
bring wireless applications to market. For more information about Sierra
Wireless, visit www.sierrawireless.com.
“AirCard” and “AirLink” are registered trademarks of Sierra Wireless.
“AirPrime” and “AirVantage” are also trademarks of Sierra Wireless.
Other product or service names mentioned herein may be the trademarks of
their respective owners.
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
(unaudited)
September 30, 2012
December 31, 2011
Assets
Current assets
Cash and cash equivalents
$
59,528
$
101,375
Short-term investments
–
9,347
Accounts receivable, net of allowance for
doubtful accounts of $2,855 (December 31, 2011 - $3,642)
118,901
107,367
Inventories
22,746
16,168
Deferred income taxes
10,109
6,540
Prepaids and other
41,216
20,674
252,500
261,471
Property and equipment
26,657
22,087
Intangible assets
60,361
42,557
Goodwill
121,937
89,961
Deferred income taxes
6,205
6,205
Other assets
608
606
$
468,268
$
422,887
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$
163,788
$
123,547
Deferred income taxes
–
336
Deferred revenue and credits
1,576
1,721
165,364
125,604
Long-term obligations
26,677
25,143
Deferred income taxes
236
236
192,277
150,983
Equity
Shareholders’ equity
Common stock:
no par value; unlimited shares authorized; issued
and outstanding: 30,590,440 shares (December 31, 2011 - 31,306,692
shares)
322,757
328,440
Preferred stock:
no par value; unlimited shares authorized;
issued and outstanding: nil shares
–
–
Treasury stock:
at cost 717,886 shares (December 31, 2011 – 877,559 shares)
(5,183
)
(6,141
)
Additional paid-in capital
21,444
20,087
Deficit
(54,889
)
(62,482
)
Accumulated other comprehensive loss
(8,138
)
(8,000
)
275,991
271,904
$
468,268
$
422,887
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except where otherwise stated)
(unaudited)
Three months ended
September 30
Nine months ended
September 30
2012
2011
2012
2011
Revenue
$
162,638
$
146,827
$
480,345
$
430,990
Cost of goods sold
114,781
103,493
336,387
309,092
Gross margin
47,857
43,334
143,958
121,898
Expenses
Sales and marketing
10,476
11,158
33,527
34,752
Research and development
22,395
21,942
64,564
67,479
Administration
8,592
8,548
25,938
26,743
Acquisition costs
2,196
–
2,795
–
Restructuring
498
881
2,209
856
Integration
–
121
–
1,426
Amortization
2,649
2,447
7,311
8,089
46,806
45,097
136,344
139,345
Earnings (loss) from operations
1,051
(1,763
)
7,614
(17,447
)
Foreign exchange gain (loss)
1,176
(154
)
1,718
47
Other income (expense)
(70
)
68
(231
)
15
Earnings (loss) before income taxes
2,157
(1,849
)
9,101
(17,385
)
Income tax expense (recovery)
(1,510
)
(851
)
1,508
(1,775
)
Net earnings (loss)
3,667
(998
)
7,593
(15,610
)
Net loss attributable to non-controlling interest
–
–
–
(57
)
Net earnings (loss) attributable to the Company
$
3,667
$
(998
)
$
7,593
$
(15,553
)
Net earnings (loss) per share attributable to the Company’s common
shareholders (in dollars)
Basic
$
0.12
$
(0.03
)
$
0.25
$
(0.50
)
Diluted
$
0.12
$
(0.03
)
$
0.24
$
(0.50
)
Weighted average number of shares outstanding
(in thousands)
Basic
30,573
31,297
30,854
31,267
Diluted
30,772
31,297
31,012
31,267
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(in thousands of U.S. dollars)
(unaudited)
Three months ended
September 30
Nine months ended
September 30
2012
2011
2012
2011
Net earnings (loss)
$
3,667
$
(998
)
$
7,593
$
(15,610
)
Other comprehensive income (loss), net of taxes:
Purchase of Wavecom S.A. shares, net of taxes of $nil
–
–
–
42
Foreign currency translation adjustments, net of taxes of $nil
1,203
(5,920
)
(138
)
599
Total comprehensive earnings (loss)
4,870
(6,918
)
7,455
(14,969
)
Comprehensive income (loss) attributable to non-controlling interest:
Net earnings (loss)
–
–
–
(57
)
Foreign currency translation adjustments, net of taxes of $nil
–
–
–
106
Comprehensive earnings (loss) attributable to the Company
$
4,870
$
(6,918
)
$
7,455
$
(15,018
)
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in thousands of U.S. dollars)
(unaudited)
Equity attributable to the Company
Common stock
Treasury Shares
# of
shares
$
# of
shares
$
Additional paid-in
capital
Deficit
Accumulated
other
comprehensive income (loss)
Non-controlling interest
(deficit)
Total
Balance as at December 31, 2010
31,222,786
$
327,668
643,042
$
(3,908
)
$
16,926
$
(33,167
)
$
(5,471
)
$
1,139
$
303,187
Purchase of Wavecom S.A. shares
–
–
–
–
(796
)
–
42
(1,033
)
(1,787
)
Stock option exercises
83,906
772
–
–
(253
)
–
–
–
519
Stock-based compensation
–
–
–
–
6,449
–
–
–
6,449
Purchase of treasury shares for RSU distribution
–
–
613,638
(4,472
)
–
–
–
–
(4,472
)
Distribution of vested RSUs
–
–
(379,121
)
2,239
(2,239
)
–
–
–
–
Net loss
–
–
–
–
–
(29,315
)
–
(57
)
(29,372
)
Foreign currency translation adjustments, net of tax
–
–
–
–
–
–
(2,571
)
(49
)
(2,620
)
Balance as at December 31, 2011
31,306,692
$
328,440
877,559
$
(6,141
)
$
20,087
$
(62,482
)
$
(8,000
)
$
–
$
271,904
Common share cancellation
(800,000
)
(6,312
)
–
–
–
–
–
–
(6,312
)
Stock option exercises
83,068
624
–
–
(197
)
–
–
–
427
Stock-based compensation
–
–
–
–
5,010
–
–
–
5,010
Purchase of treasury shares for RSU distribution
–
–
336,638
(2,489
)
–
–
–
–
(2,489
)
Distribution of vested RSUs
680
5
(496,311
)
3,447
(3,456
)
–
–
–
(4
)
Net earnings
–
–
–
–
–
7,593
–
–
7,593
Foreign currency translation adjustments, net of tax
–
–
–
–
–
–
(138
)
–
(138
)
Balance as at September 30, 2012
30,590,440
$
322,757
717,886
$
(5,183
)
$
21,444
$
(54,889
)
$
(8,138
)
$
–
$
275,991
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
(unaudited)
Three months ended
September 30
Nine months ended
September 30
2012
2011
2012
2011
Cash flows provided (used) by:
Operating activities
Net earnings (loss)
$
3,667
$
(998
)
$
7,593
$
(15,610
)
Items not requiring (providing) cash
Amortization
7,082
7,456
20,795
24,524
Stock-based compensation
1,695
1,587
5,010
4,916
Deferred income taxes
(2,032
)
(988
)
(3,905
)
(3,207
)
Loss (gain) on disposal of property, equipment, and intangibles
57
(6
)
183
27
Taxes paid related to net settlement of equity awards
(4
)
–
(4
)
–
Changes in non-cash working capital
Accounts receivable
(6,970
)
(10,616
)
(11,380
)
11,051
Inventories
(6,044
)
(5,075
)
(5,127
)
(3,076
)
Prepaid expenses and other
(17,596
)
6,903
(20,557
)
9,406
Accounts payable and accrued liabilities
16,065
(8,236
)
37,537
(19,252
)
Deferred revenue and credits
513
(69
)
(145
)
(161
)
Cash flows provided (used) by operating activities
(3,567
)
(10,042
)
30,000
8,618
Investing activities
Purchase of M2M business of Sagemcom
(55,218
)
–
(55,218
)
–
Purchase of Wavecom S.A. shares
–
(282
)
–
(1,787
)
Additions to property, plant and equipment
(3,290
)
(3,357
)
(11,850
)
(11,920
)
Proceeds from sale of property and equipment
(8
)
14
56
29
Increase in intangible assets
(596
)
(1,265
)
(1,934
)
(3,222
)
Net change in short-term investments
2,153
17,470
9,347
26,405
Cash flows provided (used) by investing activities
(56,959
)
12,580
(59,599
)
9,505
Financing activities
Issuance of common shares, net of share issue costs
158
15
427
480
Repurchase of common shares
–
–
(6,312
)
–
Purchase of treasury shares for RSU distribution
–
(2,497
)
(2,489
)
(2,497
)
Repayment of long-term obligations
(176
)
(261
)
(831
)
(888
)
Cash flows used by financing activities
(18
)
(2,743
)
(9,205
)
(2,905
)
Effect of foreign exchange rate changes on cash and cash equivalents
(3,087
)
(818
)
(3,039
)
1
Cash and cash equivalents, increase (decrease) in the period
(63,631
)
(1,023
)
(41,847
)
15,219
Cash and cash equivalents, beginning of period
123,159
101,685
101,375
85,443
Cash and cash equivalents, end of period
$
59,528
$
100,662
$
59,528
$
100,662
Supplemental disclosures:
Net Income taxes paid (received)
$
321
$
592
$
1,261
$
(1,167
)
Net interest paid (received)
4
35
(40
)
88
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(in thousands of U.S. dollars, except where otherwise stated)
(unaudited)
2012
2011
YTD
Q3
Q2
Q1
YTD
Q3
Q2
Q1
Revenue - GAAP and Non-GAAP
$
480,345
$
162,638
$
167,441
$
150,266
$
430,990
$
146,827
$
139,888
$
144,275
Gross Margin - GAAP
$
143,958
$
47,857
$
51,335
$
44,766
$
121,898
$
43,334
$
39,100
$
39,464
Stock-based compensation
243
82
78
83
299
89
97
113
Gross Margin - Non-GAAP
$
144,201
$
47,939
$
51,413
$
44,849
$
122,197
$
43,423
$
39,197
$
39,577
Earnings (loss) from operations - GAAP
$
7,614
$
1,051
$
6,221
$
342
$
(17,447
)
$
(1,763
)
$
(6,270
)
$
(9,414
)
Stock-based compensation
5,010
1,695
1,636
1,679
4,916
1,587
1,697
1,632
Acquisition
2,795
2,196
599
-
-
-
-
-
Restructuring
2,209
498
1,531
180
856
881
(350
)
325
Integration
-
-
-
-
1,426
121
765
540
Acquisition related amortization
8,552
2,906
2,665
2,981
9,798
3,198
3,312
3,288
Earnings (loss) from operations - Non-GAAP
$
26,180
$
8,346
$
12,652
$
5,182
$
(451
)
$
4,024
$
(846
)
$
(3,629
)
Amortization (excluding acquisition related amortization)
12,243
4,176
4,066
4,001
14,726
4,258
5,144
5,324
EBITDA
$
38,423
$
12,522
$
16,718
$
9,183
$
14,275
$
8,282
$
4,298
$
1,695
Net Earnings (loss) - GAAP
$
7,593
$
3,667
$
3,581
$
345
$
(15,553
)
$
(998
)
$
(6,766
)
$
(7,789
)
Stock-based compensation, restructuring and other,
integration, and acquisition related amortization, net of tax
17,778
7,118
5,891
4,769
16,798
5,570
5,503
5,725
Unrealized foreign exchange loss (gain)
(1,484
)
(1,218
)
(165
)
(101
)
(63
)
34
238
(335
)
Income tax adjustments
(804
)
(804
)
-
-
-
-
-
-
Non-controlling interest
-
-
-
-
(32
)
-
-
(32
)
Net earnings (loss) - Non-GAAP
$
23,083
$
8,763
$
9,307
$
5,013
$
1,150
$
4,606
$
(1,025
)
$
(2,431
)
Diluted earnings (loss) per share - GAAP (in dollars)
GAAP
$
0.24
$
0.12
$
0.11
$
0.01
$
(0.50
)
$
(0.03
)
$
(0.22
)
$
(0.25
)
Non-GAAP
$
0.74
$
0.28
$
0.30
$
0.16
$
0.04
$
0.15
$
(0.03
)
$
(0.08
)
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(in thousands of U.S. dollars)
(unaudited)
Three months ended September 30
Nine months ended September 30
2012
2011
2012
2011
M2M
Revenue
$
86,155
$
75,315
$
240,643
$
221,951
Cost of goods sold
58,143
49,667
161,788
149,732
Gross margin
$
28,012
$
25,648
$
78,855
$
72,219
Gross margin %
32.5%
34.1%
32.8%
32.5%
Mobile Computing
Revenue
$
76,483
$
71,512
$
239,702
$
209,039
Cost of goods sold
56,638
53,826
174,599
159,360
Gross margin
$
19,845
$
17,686
$
65,103
$
49,679
Gross margin %
25.9%
24.7%
27.2%
23.8%
SIERRA WIRELESS, INC.
REVENUE BY SEGMENT AND PRODUCT
(in thousands of U.S. dollars)
(unaudited)
Three months ended September 30
Nine months ended September 30
2012
2011
2012
2011
M2M
AirPrime Embedded Wireless Modules (excludes PC OEMs) (1)
$
73,249
$
63,635
$
199,961
$
186,089
AirLink Intelligent Gateways and Routers
11,262
9,928
33,291
28,910
AirVantage M2M Cloud Platform and Other
1,644
1,752
7,391
6,952
$
86,155
$
75,315
$
240,643
$
221,951
Mobile Computing
AirCard Mobile Broadband Devices (2)
$
61,066
$
60,453
$
187,959
$
177,442
AirPrime Embedded Wireless Modules for PC OEMs
14,018
9,771
47,119
28,375
Other
1,399
1,288
4,624
3,222
$
76,483
$
71,512
$
239,702
$
209,039
(1) AirPrime Embedded Wireless Modules includes revenue generated
from the acqusition of the M2M business of Sagemcom from the date of
acquisition on August 1, 2012 to September 30, 2012 of $4,630.
(2) Clearwire contributed $nil in mobile computing revenue in the
three and nine months ended September 30, 2012 compared to $nil and
$8,366 in the three and nine months ended September 30, 2011,
respectively.
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