Exhibit 99.01
Keynote Announces Fiscal First Quarter 2007 Results
-- Total Revenue of $15.8 Million Increased 4% Sequentially and
15% Compared to Fiscal First Quarter 2006
-- Net Deferred Revenues of $14.7 Million Grew 38% Sequentially
and 144% Compared to Fiscal First Quarter 2006
-- Achieved GAAP Net Income of $264,000, or $0.01 per Share, and
Non-GAAP Net Income of $551,000, or $0.03 per Share
-- Delivered $5.1 Million in Cash from Operations and $4.0
Million in Free Cash Flow
-- First Quarter Results Exceeded Company's Previous Revenue,
Earnings and Cash Flow Guidance
SAN MATEO, Calif.--(BUSINESS WIRE)--Jan. 30, 2007--Keynote Systems
(Nasdaq: KEYN), The Mobile and Internet Performance Authority(TM),
today announced financial results for its fiscal first quarter ended
December 31, 2006.
Umang Gupta, chairman and CEO of Keynote, said: "Solid execution,
particularly by Keynote SIGOS, delivered strong first quarter results.
Our Internet Test and Measurement and Customer Experience Test and
Measurement (CEM) businesses together performed in line with company
expectations, while our Mobile Test and Measurement business exceeded
projections. Mobile Test and Measurement revenue grew to $3.2 million,
or 33 percent sequentially, and net deferred revenue, the majority of
which is related to Keynote SIGOS, grew to $14.7 million or 38 percent
sequentially. We believe the increase in both reported revenue and
deferred revenue provides a comprehensive indicator of our growth."
Gupta continued, "Keynote is capitalizing on opportunities
presented by the rapidly evolving mobile and Internet markets. The
better than expected top-line results from Keynote SIGOS combined with
operating cost controls drove improved margins earlier than expected.
Providing that Keynote SIGOS continues to perform for the remainder of
the fiscal year 2007 at the same level as last year, we expect to
deliver non-GAAP net income throughout fiscal 2007."
First Quarter 2007 Financial Summary
Revenue for the first quarter of fiscal year 2007 was $15.8
million, an increase of four percent compared to the preceding quarter
and a 15 percent increase compared to the first quarter of fiscal year
2006. Net income for the first quarter of fiscal year 2007, which
included a $1.0 million income tax benefit, $920,000 in stock-based
compensation expenses, and a $759,000 charge for amortization of
intangible assets required under generally accepted accounting
principles (GAAP), was $264,000, or $0.01 per diluted share. This
compared to net loss of $6.0 million, or $0.35 per share, for the
preceding quarter, and net income of $587,000, or $0.03 per diluted
share, for the first quarter a year ago.
The non-GAAP net income for the quarter was $551,000, or $0.03 per
diluted share, compared to non-GAAP net loss of $797,000, or $0.05 per
share, for the preceding quarter, and non-GAAP net income of $2.4
million, or $0.12 per diluted share, for the first quarter a year ago.
The company defines non-GAAP net income or loss as net income or loss
adjusted for provision for income taxes, less cash tax expense,
stock-based compensation expense, amortization of purchased
intangibles. Non-GAAP net income per share equals non-GAAP net income
divided by the weighted diluted share count as of that period end.
Non-GAAP net loss per share equals non-GAAP net loss divided by the
weighted basic share count as of that period end.
Cash, Free Cash Flow and Deferred Revenue Summary
Keynote SIGOS' revenue recognition policy under GAAP requires the
amortization of most of Keynote SIGOS' software license revenues over
an approximate twenty-four month period. Although Keynote had a
consolidated GAAP and non-GAAP net loss for each of the past two
quarters, Keynote SIGOS' strong revenue growth has resulted in earlier
than expected consolidated non-GAAP income in the current quarter. In
addition, until Keynote SIGOS' revenues normalize with quarterly
billings, management believes cash provided by operating activities,
free cash flow and deferred revenue are also important metrics to
measure and manage Keynote's financial performance.
For the quarter, cash provided by operating activities was $5.1
million, compared to $1.2 million in the prior quarter and $3.7
million in the first quarter of 2006. Cash used for purchases of
property, equipment and software totaled $1.1 million for the first
quarter of 2007, compared to $874,000 in the prior quarter and
$549,000 for the same period last year. Keynote generated free cash
flow, defined as cash flow from operations less cash used for
purchases of property, equipment, and software, of $4.0 million for
the quarter, compared to $357,000 in the prior quarter and $3.2
million for the same period last year.
Keynote's net deferred revenue was $14.7 million at December 31,
2006, up 38 percent compared to $10.6 million at September 30, 2006
and up 144 percent from $6.0 million at December 31, 2005. The
increase resulted primarily from the amortization of Keynote SIGOS
revenue over the life of customer contracts. Keynote's gross deferred
revenue, defined as the sum of net deferred revenue and unpaid
deferred revenue of $8.9 million, increased to $23.6 million at
December 31, 2006, up 83 percent compared to $12.9 million at
September 30, 2006.
"Our deferred revenues and cash from operations are at an all time
high with strong contribution from Keynote SIGOS," said Gupta. "This,
again, proves our continued success nurturing the synergies of the
acquisition and solidifies our position as a major player in the fast
growing mobile test and measurement industry."
The company had $95.6 million in total cash, cash equivalents and
short-term investments as of December 31, 2006, of which approximately
$10.6 million is expected to be paid in the second fiscal quarter as a
performance earn-out to SIGOS' shareholders under the terms of the
purchase agreement for the acquisition of SIGOS by Keynote.
Operational Metrics Summary
As of December 31, 2006, Keynote's total worldwide customer base
was approximately 2,650 companies, up from approximately 2,300
customers in the same quarter a year ago. Keynote currently provides
its services to 70 percent of the comScore Media Metrix's top 50 Web
sites and approximately half of the Fortune 100 companies. As of
December 31, 2006, Keynote measured over 10,000 Internet pages, as
compared to 9,000 Internet pages in the same quarter a year ago.
Expectations for the Second Quarter of Fiscal Year 2007
The following company outlook for the second quarter of fiscal
2007 also includes expectations for Keynote SIGOS. The company
consolidated Keynote SIGOS' financial reporting under U.S. GAAP rules
starting April 3, 2006. U.S. GAAP requires Keynote SIGOS' system
license revenue to be ratably recognized over the initial duration of
each customer contract, which averages approximately twenty-four
months.
As a result of the aforementioned accounting, Keynote will be able
to recognize as revenues only a fraction of Keynote SIGOS sales during
fiscal 2007. Accordingly, the acquisition will be dilutive to
Keynote's U.S. GAAP net income, although cash flow from operations is
expected to be positive.
The statements in this section of this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Keynote currently expects the following for the second fiscal
quarter ending March 31, 2007:
-- Total revenue is expected to be between $16.2 million and
$16.7 million.
-- Net earnings (loss) per share are expected to be between
$(0.02) and $0.02.
-- Non-GAAP earnings per share are expected to be between $0.05
and $0.08.
-- Cash provided by operating activities is expected to be
between $3.0 million and $3.5 million.
-- Free cash flow is expected to be between $2.0 million and $2.5
million.
The above guidance was based on the following assumptions. Total
stock-based compensation expense and amortization of intangible assets
is expected to be approximately $1.8 million. Interest income, net is
expected to be approximately $1.0 million, assuming no material
changes in interest rates. Cash paid for income taxes is expected to
be approximately $400,000. As noted, cash paid to SIGOS' shareholders
for acquisition related performance fees is expected to be
approximately $10.6 million. Basic weighted average shares outstanding
are expected to be approximately 17.1 million shares and diluted
weighted average shares outstanding are expected to be approximately
17.7 million shares.
Conference Call
Keynote will host a conference call and simultaneous webcast at
2:00 pm (PST) today, January 30, 2007. To access the call please dial
(706) 679-4457, approximately 10 minutes prior to the start of the
conference call. The pass code is #5680745. The webcast of the call
will be available at the investor section of our web site at
www.keynote.com. The replay will be available after the call by
telephone by dialing (800) 642-1687 and the pass code #5680745, or by
webcast at the investor section of our web site at www.keynote.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
not purely historical regarding the Company or management's
intentions, hopes, beliefs, expectations and strategies for the
future. Because such statements deal with future events, they are
subject to various risks and uncertainties, and actual results could
differ materially from the Company's current expectations.
Forward-looking statements in this release include, but are not
limited to, forecasts concerning Keynote's expected revenue, earnings
per share, cash flow from operations, income tax rate and other future
financial results. It is important to note that actual outcomes and
Keynote's actual results could differ materially from those in such
forward-looking statements. Factors that could cause actual results to
differ materially include risks and uncertainties such as Keynote's
ability to successfully market and sell its current services to new or
existing customers, Keynote's ability to develop and introduce new
services in a timely manner and customer acceptance of new services,
the extent to which demand for Keynote's various services fluctuates
and the extent to which revenue from other service lines, can continue
to increase, the extent to which existing customers renew their
subscriptions and purchase additional services, particularly
enterprise customers, Keynote's ability to retain customers of SIGOS,
Keynote's ability to operate SIGOS and manage related costs
successfully, Keynote's ability to retain key employees, including key
employees of SIGOS particularly after the payment of the earn out
payment is made, pricing pressure with respect to Keynote's services,
Keynote's ability to increase sales of its CEM services, and the risk
that its prior organizational changes will not result in improved
results, unforeseen expenses, competition in Keynote's markets,
integration of acquired companies or technologies and costs associated
with any future acquisitions, Keynote's ability to manage expanded
international operations, Keynote's ability to keep pace with changes
in the mobile and Internet infrastructure as well as other
technological changes, and the success of Keynote's international
operations. Readers should also refer to the risks outlined in
Keynote's reports filed with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for its fiscal year ended
September 30, 2006, and its quarterly reports on Form 10-Q and any
current reports on Form 8-K filed during the fiscal year.
All forward-looking statements and reasons why results might
differ included in this release are made as of the date of this press
release, based on information available to Keynote as of the date of
this press release, and Keynote assumes no obligation to update any
such forward-looking statement or reasons why results might differ.
About Keynote
Keynote Systems (Nasdaq "KEYN") is the global leader in test &
measurement solutions that improve mobile communications and online
business performance. As an independent and trusted third-party,
Keynote provides IT and marketing executives with an unbiased view
into their Internet services from around the world. For over a decade,
we have been providing measurement data and testing capabilities that
allow companies to understand and improve their customer's online and
mobile experience. Keynote has four test and measurement businesses:
Web performance, mobile quality, streaming & VoIP, and customer
experience/UX. In addition, our industry analysis group called Keynote
Competitive Research publishes proprietary studies measuring customer
experience and service levels across a wide range of industries.
Known as The Mobile and Internet Performance Authority(TM),
Keynote has a market-leading infrastructure of 2,400 measurement
computers and mobile devices in over 240 geographic locations around
the world. Keynote also maintains one of the most representative
panels of online users consisting of 160,000 consumers. Our on-demand,
hassle-free infrastructure allows businesses to access services they
need, when they need them to pinpoint and fix mobile quality and
Internet problems before they impact customers.
We help over 2,600 corporate customers become "the best of the
best" by helping them improve online business performance and mobile
communications quality. Our customers represent top mobile and
Internet companies including American Express, BP, Caterpillar, Dell,
Disney, eBay, ESPN Mobile, E RADE, Expedia, FedEx, Microsoft,
SonyEricsson, Sprint, T-Mobile, Verizon and Vodafone.
Keynote Systems, Inc. is headquartered in San Mateo, California
and can be reached at www.keynote.com or by phone in the U.S. at (650)
403-2400.
Keynote, The Internet Performance Authority and Perspective are
registered trademarks and The Mobile and Internet Performance
Authority is a trademark of Keynote Systems, Inc. Other trademarks are
the property of their respective owners. (C) 2007 Keynote Systems,
Inc.
Keynote Systems, Inc. and Subsidiaries
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended
Dec 31 Sep 30 Dec 31
2006 2006 2005
-------- -------- -------
Revenue:
Subscription services $12,713 $12,152 $9,820
Professional services 3,102 3,034 3,896
-------- -------- -------
Total revenue 15,815 15,186 13,716
Expenses:
Costs of subscription services 3,141 2,733 1,459
Costs of professional services 2,123 2,006 2,445
Research and development 2,872 2,699 1,989
Sales and marketing 4,629 4,814 3,369
Operations 1,842 1,842 1,647
General and administrative 2,379 3,486 2,209
Excess occupancy income (27) (1) (10)
Amortization of identifiable intangible
assets 759 771 397
-------- -------- -------
Total expenses 17,718 18,350 13,505
-------- -------- -------
(Loss) income from operations (1,903) (3,164) 211
Interest income and other, net 1,121 983 1,108
-------- -------- -------
(Loss) income before provision for income
taxes (782) (2,181) 1,319
(Provision) benefit for income taxes 1,046 (3,798) (732)
-------- -------- -------
Net (loss) income $264 $(5,979) $587
======== ======== =======
(Loss) income per share:
Basic $0.02 $(0.35) $0.03
Diluted $0.01 $(0.35) $0.03
Weighted average common shares outstanding
used:
Basic 17,116 17,118 18,724
Diluted 17,686 17,118 19,724
Keynote Systems, Inc. and Subsidiaries
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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
December September
31, 2006 30, 2006
-------------------
Assets
Current assets:
Total cash, cash equivalents and short-term
investments $95,582 $90,751
Accounts receivable, net 7,735 7,122
Inventory 688 876
Prepaids and other current assets 2,738 2,655
Deferred tax assets 1,437 1,389
--------- ---------
Total current assets 108,180 102,793
Long term other assets 987 -
Property and equipment, net 34,519 34,464
Goodwill, net 60,202 48,676
Identifiable intangible assets, net 9,637 10,105
Deferred tax assets 3,114 3,114
--------- ---------
Total assets $216,639 $199,152
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,528 $1,558
Accrued expenses 20,945 10,748
Current portion of capital lease obligation 24 31
Deferred revenue, net 12,874 9,691
--------- ---------
Total current liabilities 35,371 22,028
Long term portion of capital lease obligation 45 50
Long term deferred revenue, net 1,836 958
Long term deferred tax liability 2,832 2,727
--------- ---------
Total liabilities 40,084 25,763
--------- ---------
Stockholders' equity:
Common stock 19 19
Treasury stock (21,150) (21,150)
Additional paid-in capital 332,064 330,398
Accumulated deficit (137,314) (137,578)
Accumulated other comprehensive income (loss) 2,936 1,700
--------- ---------
Total stockholders' equity 176,555 173,389
--------- ---------
Total liabilities and stockholders' equity $216,639 $199,152
========= =========
Keynote Systems, Inc. and Subsidiaries
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Three months ended
Dec 31 Sep 30 Dec 31
2006 2006 2005
-------- -------- --------
Cash flows from operating activities:
Net (loss) income $264 $(5,979) $587
Adjustments to reconcile net (loss) income
to net cash
provided by operating activities:
Depreciation and amortization 1,093 1,109 905
Stock-based compensation 920 1,090 796
Charges to bad debt and billing adjustment
reserves 83 518 83
Amortization of intangible assets 759 771 397
Amortization of in-process research and
development - - -
Amortization of debt investment premium (245) 125 147
Tax benefit from stock options - 326 -
Excess income tax benefit from stock
options - (61) -
Changes in operating assets and
liabilities, net of
acquired assets and liabilities:
Accounts receivable, net (648) (1,367) (775)
Inventories 217 119 -
Prepaids and other assets (1,021) (274) 396
Deferred taxes, net - 2,974 608
Accounts payable and accrued expenses (165) 937 907
Deferred revenue 3,841 943 (334)
-------- -------- --------
Net cash provided by operating
activities 5,098 1,231 3,717
-------- -------- --------
Cash flows from investing activities:
Purchase of property, equipment and
software (1,122) (874) (549)
Purchase of businesses and assets (307) (568) (2,520)
Issuance of note receivable - 300 -
Sales / (Purchases) of short-term
investments, net 1,033 5,130 (214)
-------- -------- --------
Net cash provided by (used in) investing
activities (396) 3,988 (3,283)
-------- -------- --------
Cash flows from financing activities:
Repayment of capital lease (15) (12) (9)
Excess income tax benefit from stock
options - 61 -
Repurchase of outstanding common stock - (6,638) (1,479)
Proceeds from issuance of common stock and
exercise of stock options 745 495 1,771
-------- -------- --------
Net cash used in financing activities 730 (6,094) 283
-------- -------- --------
Effect of exchange rate changes on cash and
cash equivalents 83 (7) -
-------- -------- --------
Net (decrease) increase in cash and cash
equivalents 5,515 (882) 717
Cash and cash equivalents at beginning of
the period 45,662 46,544 46,934
-------- -------- --------
Cash and cash equivalents at end of the
period (1) $51,177 $45,662 $47,651
======== ======== ========
(1) Excludes $44.4 million, $44.6 million, and $87,0 million of short-
term investments at December 31, 2006, September 30, 2006, and
December 31, 2005, respectively.
Keynote Systems, Inc. and Subsidiaries
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GAAP TO NON-GAAP RECONCILIATION
(In Thousands)
(Unaudited)
Three months ended
Dec 31 Sep 30, Dec 31,
2006 2006 2005
-------- -------- --------
Revenue categories:
Internet Subscriptions $8,884 $9,096 $8,782
Internet Engagements 1,497 1,103 1,127
-------- -------- --------
Subtotal Internet Revenue 10,381 10,199 9,909
Mobile Subscriptions 3,203 2,409 539
Mobile Engagements - - -
-------- -------- --------
Subtotal Mobile Revenue 3,203 2,409 539
CEM Subscriptions 626 647 499
CEM Engagements 1,605 1,931 2,769
-------- -------- --------
Subtotal CEM Revenue 2,231 2,578 3,268
-------- -------- --------
Total Revenue $15,815 $15,186 $13,716
======== ======== ========
Non-GAAP Net Income (loss) and income
(loss) per share:
GAAP Net income (loss) $264 $(5,979) $587
Provision (benefit) for income taxes (1,046) 3,798 732
Stock based compensation (1) 920 1,090 796
Amortization of purchased intangibles 759 771 397
Non GAAP (loss) income before income tax 897 (320) 2,512
Cash tax expense 346 477 107
-------- -------- --------
Non GAAP Net income (loss) 551 (797) 2,405
======== ======== ========
Weighted average common shares outstanding
(diluted) used: 17,686 17,118 19,724
Non GAAP income (loss) per share $0.03 $(0.05) $0.12
(1) Stock based compensation by category:
Costs of subscription services $36 $52 $-
Costs of professional services 140 117 121
Research and development 209 260 186
Sales and marketing 281 333 246
Operations 147 178 150
General and administrative 107 150 93
-------- -------- --------
$920 $1,090 $796
======== ======== ========
Keynote Systems, Inc. and Subsidiaries
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REVENUE DETAIL
(In Thousands)
(Unaudited)
Twelve
months
Three months ended ended
Dec 31 March 31 June 30 Sept 30 Sept 30
-------- -------- -------- -------- --------
FY 2007
Internet
Subscriptions $8,884
Internet Engagements 1,497
-------- -------- -------- -------- --------
Subtotal Internet
Revenue 10,381
Mobile Subscriptions 3,203
CEM Subscriptions 626
CEM Engagements 1,605
-------- -------- -------- -------- --------
Subtotal CEM Revenue 2,231
-------- -------- -------- -------- --------
Total Revenue $15,815
======== ======== ======== ======== ========
FY 2006
Internet
Subscriptions $8,782 $8,876 $8,909 $9,096 $35,663
Internet Engagements 1,127 905 714 1,103 3,849
-------- -------- -------- -------- --------
Subtotal Internet
Revenue 9,909 9,781 9,623 10,199 39,512
Mobile Subscriptions 539 488 1,949 2,409 5,385
CEM Subscriptions 499 584 590 647 2,319
CEM Engagements 2,769 1,887 1,705 1,931 8,291
-------- -------- -------- -------- --------
Subtotal CEM Revenue 3,268 2,470 2,295 2,578 10,611
-------- -------- -------- -------- --------
Total Revenue $13,716 $12,739 $13,867 $15,186 $55,508
======== ======== ======== ======== ========
FY 2005
Internet
Subscriptions $8,625 $8,783 $9,160 $8,883 $35,451
Internet Engagements 822 1,082 881 1,026 3,811
-------- -------- -------- -------- --------
Subtotal Internet
Revenue 9,447 9,865 10,041 9,909 39,262
Mobile Subscriptions 803 338 442 585 2,168
CEM Subscriptions 595 531 441 432 1,999
CEM Engagements 2,743 2,431 2,541 2,548 10,263
-------- -------- -------- -------- --------
Subtotal CEM Revenue 3,338 2,962 2,982 2,980 12,262
-------- -------- -------- -------- --------
Total Revenue $13,588 $13,165 $13,465 $13,474 $53,692
======== ======== ======== ======== ========
FY 2004
Internet
Subscriptions $8,364 $8,416 $8,688 $8,957 $34,425
Internet Engagements 812 808 813 1,196 3,629
-------- -------- -------- -------- --------
Subtotal Internet
Revenue 9,176 9,224 9,501 10,153 38,054
Mobile Subscriptions 358 414 555 700 2,027
CEM Subscriptions 73 111 420 518 1,122
CEM Engagements 116 70 238 776 1,200
-------- -------- -------- -------- --------
Subtotal CEM Revenue 189 181 658 1,294 2,322
-------- -------- -------- -------- --------
Total Revenue $9,723 $9,819 $10,714 $12,147 $42,403
======== ======== ======== ======== ========
Keynote Systems, Inc. and Subsidiaries
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CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW
(In Thousands)
(Unaudited)
Twelve
months
Three months ended ended
Dec 31 March 31 June 30 Sept 30 Sept 30
-------- -------- -------- -------- --------
FY 2007
Total Revenue $15,815
Cash Flow from
Operations $5,098
% of Revenue 32%
Free Cash Flow (1) $3,976
% of Revenue 25%
FY 2006
Total Revenue $13,716 $12,739 $13,867 $15,186 $55,508
Cash Flow from
Operations $ 3,717 $ 2,729 $ 2,938 $1,231 $10,615
% of Revenue 27% 21% 21% 8% 19%
Free Cash Flow (1) $ 3,168 $ 1,886 $ 2,146 $357 $7,557
% of Revenue 23% 15% 15% 2% 14%
FY 2005
Total Revenue $13,588 $13,165 $13,465 $13,474 $53,692
Cash Flow from
Operations $2,773 $1,838 $2,788 3,562 $10,961
% of Revenue 20% 14% 21% 26% 20%
Free Cash Flow (1) $2,061 $1,114 $1,769 $2,383 $7,327
% of Revenue 15% 8% 13% 18% 14%
FY 2004
Total Revenue $9,723 $9,819 $10,714 $12,147 $42,403
Cash Flow from
Operations $4,318 $4,052 $3,777 $3,016 $15,163
% of Revenue 44% 41% 35% 25% 36%
Free Cash Flow (1) $3,913 $3,521 $3,032 $682 $11,148
% of Revenue 40% 36% 28% 6% 26%
(1) Keynote defines free cash flow as cash flow from operations less
cash used for purchases of property, equipment and software
Keynote Systems, Inc. and Subsidiaries
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DEFERRED REVENUE
(In thousands, except per share data)
(Unaudited)
December December
31, September 31,
2006 30, 2006 2005
-------- --------- --------
Deferred revenue, net
Domestic $6,659 $5,936 $5,631
International 8,050 4,713 404
-------- --------- --------
Total $14,709 $10,649 $6,035
======== ========= ========
Add back: unpaid deferred revenue
Domestic $1,820 $804 $2,132
International 7,090 1,453 116
-------- --------- --------
Total $8,910 $2,257 $2,248
======== ========= ========
Deferred revenue, gross
Domestic $8,479 $6,740 $7,763
International 15,140 6,166 520
-------- --------- --------
Total $23,619 $12,906 $8,283
======== ========= ========
CONTACT: Keynote Systems, Inc.
Public Relations
Dan Berkowitz, 650-403-3305
dberkowitz@keynote.com
or
Investor Relations
Kirsten Chapman or Moriah Shilton, 415-433-3777
mshilton@lhai.com