Enhanced Investments - Financial Portal

Published: 2024-01-10 00:00:00 ET

EX-99.2 3 masi-q42023preearningspr.htm EX-99.2 masi-q42023preearningspr

1 GAAP to Non-GAAP Reconciliations January 10, 2024 CONFIDENTIAL

2 Consolidated Income Statement (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided November 7, 2023 (3) Guidance provided January 10, 2024. (Unaudited; in millions, except per share data) (1) Quarter to Date Q4 2023 Guidance (2) Full Year FY 2023 Guidance (2) FY 2024 Guidance (3) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Low High FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Low High Low High GAAP revenue $304.2 $565.3 $549.3 $617.0 $565.0 $455.3 $478.9 $526 $576 $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $2,035.8 $2,025 $2,075 $2,045 $2,165 Royalty and other revenue - - - - - - - - - (52.0) (28.4) (1.4) - - - - - - - Non-GAAP revenue $304.2 $565.3 $549.3 $617.0 $565.0 $455.3 $478.9 $526 $576 $738.2 $829.9 $936.4 $1,143.7 $1,239.2 $2,035.8 $2,025 $2,075 $2,045 $2,165 GAAP gross profit $204.7 $258.2 $282.5 $313.3 $284.8 $221.2 $234.8 $260 $289 $522.0 $574.9 $629.2 $743.1 $808.3 $1,058.8 $1,001 $1,030 Royalty and other revenue, net of related costs - - - - - - - - - (48.4) (27.7) (1.3) - - - - - Acquired tangible asset amortization - 46.2 6.4 - - - - - - - - - 0.0 0.5 52.6 - - Acquired intangible asset amortization 0.6 4.9 0.1 5.6 5.2 5.4 6.2 6 6 0.5 0.5 0.5 1.2 2.4 11.2 22 22 Acquisition, integration and related costs 0.0 0.0 - 0.1 - - - - - - - 0.1 0.6 0.9 0.1 - - Business transition and related costs - - - - - - - - - - - - - - - - - Other adjustments - - - - 2.5 0.9 0.5 - - - - - - 3.4 - 4 4 Non-GAAP gross profit $205.4 $309.2 $289.1 $318.9 $292.6 $227.6 $241.4 $266 $295 $474.1 $547.6 $628.4 $744.9 $815.5 $1,122.7 $1,027 $1,056 GAAP selling, general and administrative expenses $108.9 $188.3 $174.6 $185.5 $196.3 $151.7 $156.1 $273.0 $285.4 $314.7 $369.1 $395.4 $657.4 Acquired tangible asset amortization - (2.1) (2.4) (2.4) (2.2) (1.0) (0.9) (0.0) - - - - (6.8) Acquired intangible asset amortization (0.9) (4.4) (4.5) (4.5) (4.7) (4.2) (3.3) (1.1) (1.0) (1.0) (3.2) (3.7) (14.3) Acquisition, integration and related costs (3.1) (19.7) (9.6) (5.1) (3.5) (3.9) (3.6) - - (3.2) (3.1) (2.2) (37.5) Business transition and related costs - - - - - - (2.4) - - - - - - Litigation related expenses and settlements (5.5) (7.2) (3.4) (12.6) (19.1) (13.4) (6.0) - - - - (6.0) (28.7) Non-GAAP selling, general and administrative expenses (prior definition) $99.5 $154.9 $154.7 $160.8 $166.8 $128.9 $139.8 $271.9 $284.4 $310.4 $362.7 $383.5 $569.8 Litigation related expenses and settlements ($3.7) ($3.2) ($6.3) ($7.1) ($11.6) ($9.8) ($8.9) - - - (6.4) (10.1) (20.3) Non-GAAP selling, general and administrative expenses (updated definition) $95.8 $151.7 $148.4 $153.7 $155.2 $119.1 $130.9 $271.9 $284.4 $310.4 $356.3 $373.3 $549.5 GAAP research and development expenses $36.1 $47.8 $53.1 $54.3 $50.5 $40.2 $46.5 $65.2 $81.0 $93.3 $118.7 $137.2 $191.4 Acquisition, integration and related costs - (0.1) (0.1) (0.6) (0.2) (0.2) - - - - (0.1) - (0.7) Business transition and related costs - - - - - - ($1.8) - - - $0.0 $0.0 $0.0 Non-GAAP research and development expenses $36.1 $47.8 $53.1 $53.7 $50.2 $40.1 $44.7 $65.2 $81.0 $93.3 $118.5 $137.2 $190.7 GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 ($0.5) $0.0 $0.0 Litigation related expenses and settlements - - (0.0) - - - - - (0.4) - 0.5 - (0.0) Non-GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 GAAP impairment charge $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $7.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Acquisition, integration and related costs - - - - - - ($7.0) - - - - - (0.0) Non-GAAP impairment charge $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 GAAP operating expenses $145.0 $236.1 $227.7 $239.8 $246.8 $191.9 $209.6 $338.2 $366.8 $408.0 $487.2 $532.5 $848.8 Acquired tangible asset amortization - (2.1) (2.4) (2.4) (2.2) (1.0) (0.9) (0.0) - - - - (6.8) Acquired intangible asset amortization (0.9) (4.4) (4.5) (4.5) (4.7) (4.2) (3.3) (1.1) (1.0) (1.0) (3.2) (3.7) (14.3) Acquisition, integration and related costs (3.1) (19.7) (9.7) (5.7) (3.7) (4.0) (10.6) - - (3.2) (3.2) (2.2) (38.3) Business transition and related costs - - - - - - (4.2) - - - - - - Litigation related expenses and settlements (5.5) (7.2) (3.4) (12.6) (19.1) (13.4) (6.0) - (0.4) - 0.5 (6.0) (28.7) Non-GAAP operating expenses (prior definition) $135.6 $202.6 $207.8 $214.5 $217.1 $169.0 $184.6 $337.1 $365.4 $403.7 $481.2 $520.7 $760.5 Litigation related expenses and settlements ($3.7) ($3.2) ($6.3) ($7.1) ($11.6) ($9.8) ($8.9) - - - (6.4) (10.1) (20.3) Non-GAAP operating expenses (updated definition) $131.9 $199.4 $201.5 $207.4 $205.5 $159.2 $175.6 $337.1 $365.4 $403.7 $474.9 $510.6 $740.2 GAAP operating profit $59.7 $22.1 $54.8 $73.5 $38.0 $29.3 $25.2 $45 $59 $183.8 $208.0 $221.2 $255.8 $275.8 $210.0 $138 $152 $198 $214 Royalty and other revenue, net of related costs - - - - - - - - - (48.4) (27.7) (1.3) - - - - - - - Acquired tangible asset amortization - 48.2 8.8 2.4 2.2 1.0 0.9 2 2 0.0 - - 0.0 0.5 59.4 6 6 6 6 Acquired intangible asset amortization 1.5 9.3 4.6 10.1 9.9 9.6 9.4 9 9 1.6 1.4 1.4 4.5 6.1 25.5 38 38 37 37 Acquisition, integration and related costs 3.1 19.7 9.7 5.8 3.7 4.0 10.6 1 1 - 0.4 3.3 3.8 3.1 38.4 20 20 7 7 Business transition and related costs - - - - - - 4.2 0 0 - - - - - - 4 4 12 12 Litigation related expenses and settlements 5.5 7.2 3.4 12.6 19.1 13.4 6.0 7 7 - - - (0.5) 6.0 28.7 45 45 14 14 Other adjustments - - - - 2.5 0.9 0.5 - - - - - - 3.4 - 4 4 - - Non-GAAP operating profit (prior definition) $69.8 $106.6 $81.3 $104.4 $75.5 $58.6 $56.9 $65 $79 $137.0 $182.2 $224.7 $263.6 $294.8 $362.2 $256 $270 $275 $290 Litigation related expenses and settlements 3.7 3.2 6.3 7.1 11.6 9.8 8.9 $8 $8 - - - 6.4 10.1 20.3 $38 $38 $32 $32 Non-GAAP operating profit (updated definition) $73.5 $109.8 $87.6 $111.6 $87.1 $68.4 $65.9 $73 $87 $137.0 $182.2 $224.7 $270.0 $304.9 $382.5 $294 $308 $307 $322

3 Consolidated Income Statement (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided November 7, 2023 (3) Guidance provided January 10, 2024. (Unaudited; in millions, except per share data) (1) Quarter to Date Q4 2023 Guidance (2) Full Year FY 2023 Guidance (2) FY 2024 Guidance (3) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Low High FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Low High Low High GAAP non-operating income (expense) ($0.6) $4.5 ($2.8) ($17.6) ($11.8) ($4.5) ($11.2) ($14) ($14) $2.0 $5.7 $12.9 $7.9 ($1.4) ($16.6) ($42) ($42) Realized and unrealized gains or losses 0.8 (8.2) (5.4) 7.3 0.7 (6.5) (1.0) (0) (0) 0.3 2.0 0.6 (2.6) 1.9 (5.5) (7) (7) Financing related adjustments - 0.6 0.5 0.5 0.5 0.5 0.5 0 0 - - - - - 1.5 2 2 Other adjustments - (0.5) (0.4) - - - - - - - - - - - (0.9) - - Non-GAAP non-operating income (expense) $0.2 ($3.6) ($8.2) ($9.8) ($10.7) ($10.5) ($11.6) ($14) ($14) $2.3 $7.8 $13.6 $5.3 $0.4 ($21.4) ($47) ($47) GAAP provision for income taxes $12.5 $8.5 $14.1 $14.9 $4.9 $9.1 $3.4 $7 $10 $61.0 $20.2 $38.0 $23.5 $44.7 $49.9 $24 $28 Tax impact of non-GAAP adjustments 2.5 19.5 4.9 8.2 10.0 4.8 8.0 4 4 (16.1) (5.5) 0.7 6.1 3.7 35.2 27 27 Excess tax benefits from stock-based compensation 1.7 0.2 0.3 0.2 2.4 0.5 0.2 0 0 39.2 22.0 15.7 30.2 16.4 2.4 4 4 Tax related adjustments - - - - - - - - - - 4.2 - - - - - - 2017 U.S. Tax Reform - - - - - - - - - (41.4) 0.7 - - - - - - Non-GAAP provision for income taxes (prior definition) $16.8 $28.2 $19.3 $23.3 $17.4 $14.4 $11.5 $12 $15 $42.8 $41.6 $54.3 $59.7 $64.9 $87.6 $55 $58 Tax impact of non-GAAP adjustments $0.9 $0.8 $1.5 $1.7 $2.7 $2.3 $2.1 $2 $2 - - - 1.5 2.4 4.8 $9 $9 Non-GAAP provision for income taxes (updated definition) $17.7 $29.0 $20.7 $25.0 $20.1 $16.7 $13.6 $13 $17 $42.8 $41.6 $54.3 $61.3 $67.3 $92.4 $64 $67 GAAP net income $46.6 $18.1 $37.9 $41.1 $21.3 $15.7 $10.6 $24 $35 $124.8 $193.5 $196.2 $240.3 $229.6 $143.5 $72 $83 $105 $115 Royalty and other revenue, net of related costs - - - - - - - - - (48.4) (27.7) (1.3) - - - - - - - Acquired tangible asset amortization - 48.2 8.8 2.4 2.2 1.0 0.9 2 2 0.0 - - 0.0 0.5 59.4 6 6 6 6 Acquired intangible asset amortization 1.5 9.3 4.6 10.1 9.9 9.6 9.4 9 9 1.6 1.4 1.4 4.5 6.1 25.5 38 38 37 37 Acquisition, integration and related costs 3.1 19.7 9.7 5.8 3.7 4.0 10.6 1 1 - 0.4 3.3 3.8 3.1 38.4 20 20 7 7 Business transition and related costs - - - - - - 4.2 0 0 - - - - - - 4 4 12 12 Litigation related expenses and settlements 5.5 7.2 3.4 12.6 19.1 13.4 6.0 7 7 - - - (0.5) 6.0 28.7 45 45 14 14 Other adjustments - (0.5) (0.4) - 2.5 0.9 0.5 - - - - - - 3.4 (0.9) 4 4 - - Realized and unrealized gains or losses 0.8 (8.2) (5.4) 7.3 0.7 (6.5) (1.0) (0) (0) 0.3 2.0 0.6 (2.6) 1.9 (5.5) (7) (7) - - Financing related adjustments - 0.6 0.5 0.5 0.5 0.5 0.5 0 0 - - - - - 1.5 2 2 2 2 Tax impact of non-GAAP adjustments (2.5) (19.5) (4.9) (8.2) (10.0) (4.8) (8.0) (4) (4) 16.1 5.5 (0.7) (6.1) (3.7) (35.2) (27) (27) (16) (17) Excess tax benefits from stock-based compensation (1.7) (0.2) (0.3) (0.2) (2.4) (0.5) (0.2) (0) (0) (39.2) (22.0) (15.7) (30.2) (16.4) (2.4) (4) (4) (2) (2) Tax related adjustments - - - - - - - - - - (4.2) - - - - - - - - 2017 U.S. Tax Reform - - - - - - - - - 41.4 (0.7) - - - - - - - - Non-GAAP net income (prior definition) $53.2 $74.8 $53.9 $71.3 $47.5 $33.7 $33.7 $40 $51 $96.5 $148.4 $183.9 $209.2 $230.4 $253.2 $155 $165 $165 $174 Litigation related expenses and settlements 3.7 3.2 6.3 7.1 11.6 9.8 8.9 8 8 - - - 6.4 10.1 20.3 38 38 32 32 Tax impact of non-GAAP adjustments (0.9) (0.8) (1.5) (1.7) (2.7) (2.3) (2.1) (2) (2) - - - (1.5) (2.4) (4.8) (9) (9) (8) (8) Non-GAAP net income (updated definition) $56.0 $77.2 $58.7 $76.8 $56.3 $41.2 $40.5 46 57 $96.5 $148.4 $183.9 $214.0 $238.1 $268.7 $184 $195 $189 $198 GAAP net income per share $0.81 $0.33 $0.70 $0.76 $0.39 $0.29 $0.20 $0.45 $0.65 $2.23 $3.45 $3.44 $4.14 $3.98 $2.60 $1.34 $1.54 $1.91 $2.08 Royalty and other revenue, net of related costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.87) (0.49) (0.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Acquired tangible asset amortization 0.00 0.87 0.16 0.04 0.04 0.02 0.02 0.04 0.04 0.00 0.00 0.00 0.00 0.01 1.08 0.12 0.12 0.12 0.12 Acquired intangible asset amortization 0.03 0.17 0.09 0.19 0.18 0.18 0.18 0.17 0.17 0.03 0.03 0.03 0.08 0.11 0.46 0.70 0.70 0.68 0.68 Acquisition, integration and related costs 0.05 0.36 0.18 0.11 0.07 0.07 0.20 0.03 0.03 0.00 0.01 0.06 0.07 0.05 0.70 0.36 0.36 0.12 0.12 Business transition and related costs 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.08 0.22 0.22 Litigation related expenses and settlements 0.10 0.13 0.06 0.23 0.35 0.25 0.11 0.12 0.12 0.00 0.00 0.00 (0.01) 0.10 0.52 0.83 0.83 0.24 0.24 Other adjustments 0.00 (0.01) (0.01) 0.00 0.05 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.06 (0.02) 0.07 0.07 0.00 0.00 Realized and unrealized gains or losses 0.01 (0.15) (0.10) 0.14 0.01 (0.12) (0.02) (0.00) (0.00) 0.00 0.04 0.01 (0.05) 0.03 (0.10) (0.12) (0.12) 0.00 0.00 Financing related adjustments 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.03 0.03 0.03 0.03 0.03 Tax impact of non-GAAP adjustments (0.04) (0.35) (0.09) (0.15) (0.18) (0.09) (0.15) (0.08) (0.08) 0.29 0.10 (0.01) (0.11) (0.06) (0.64) (0.50) (0.50) (0.30) (0.31) Excess tax benefits from stock-based compensation (0.03) (0.00) (0.01) (0.00) (0.04) (0.01) (0.00) (0.01) (0.01) (0.70) (0.39) (0.27) (0.52) (0.28) (0.04) (0.07) (0.07) (0.03) (0.03) Tax related adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.07) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2017 U.S. Tax Reform 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.74 (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Non-GAAP net income per share (prior definition) $0.93 $1.35 $1.00 $1.32 $0.87 $0.62 $0.63 $0.74 $0.94 $1.73 $2.65 $3.22 $3.60 $3.99 $4.59 $2.85 $3.05 $3.00 $3.15 Litigation related expenses and settlements 0.06 0.06 0.12 0.13 0.21 0.18 0.17 0.15 0.15 - - - 0.11 0.18 0.37 0.71 0.71 0.58 0.58 Tax impact of non-GAAP adjustments (0.02) (0.01) (0.03) (0.03) (0.05) (0.04) (0.04) (0.03) (0.03) - - - (0.03) (0.04) (0.09) (0.17) (0.17) (0.14) (0.14) Non-GAAP net income per share (updated definition) 0.98 1.40 1.08 1.42 1.03 0.76 0.75 $0.85 $1.05 1.73 2.65 3.22 3.69 4.13 4.87 $3.39 $3.59 $3.44 $3.60 Weighted average shares outstanding - Diluted 57.3 55.3 54.1 54.1 54.4 54.4 53.9 54.2 54.2 55.9 56.0 57.1 58.0 57.7 55.2 54.2 54.2 55.1 55.1

4 Segment Reporting (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided November 7, 2023 (3) Guidance provided January 10, 2024. (Unaudited; in millions) (1) Quarter to Date Q4 2023 Guidance (2) Full Year FY 2023 Guidance (2) FY 2024 Guidance (3) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Low High FY 2022 Low High Low High Revenue Healthcare 304.2 357.0 327.2 351.9 346.7 281.1 307.8 320 345 1,340.3 1,255 1,280 1,345 1,385 Non-Healthcare - 208.3 222.1 265.1 218.3 174.2 171.1 206 231 695.5 770 795 700 780 GAAP revenue $304.2 $565.3 $549.3 $617.0 $565.0 $455.3 $478.9 $526 $576 $2,035.8 $2,025 $2,075 $2,045 $2,165 Gross profit Healthcare 205.4 236.7 211.4 216.7 214.8 169.0 185.6 197 215 870.2 767 785 Non-Healthcare - 72.5 77.7 102.2 77.8 58.5 55.8 68 80 252.5 261 272 Other (0.6) (51.1) (6.5) (5.6) (7.7) (6.4) (6.6) (6) (6) (63.9) (26) (26) GAAP gross profit $204.7 $258.2 $282.5 $313.3 $284.8 $221.2 $234.8 $260 $289 $1,058.8 $1,001 $1,030 Acquired tangible asset amortization - 46.2 6.4 - - - - - - 52.6 - - Acquired intangible asset amortization 0.6 4.9 0.1 5.6 5.2 5.4 6.2 6 6 11.2 22 22 Acquisition, integration and related costs 0.0 0.0 - 0.1 - - - - - 0.1 - - Business transition and related costs - - - - - - - - - - - Other adjustments - - - - 2.5 0.9 0.5 - - - 4 4 GAAP adjustments $0.6 $51.1 $6.5 $5.6 $7.7 $6.4 $6.6 $6 $6 $63.9 $26 $26 Healthcare 205.4 236.7 211.4 216.7 214.8 169.0 185.6 197 215 870.2 767 785 Non-Healthcare - 72.5 77.7 102.2 77.8 58.5 55.8 68 80 252.5 261 272 Other - - - - - - - - - - - - Non-GAAP gross profit $205.4 $309.2 $289.1 $318.9 $292.6 $227.6 $241.4 $266 $295 $1,122.7 $1,027 $1,056

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.