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17:00 Mon 02 Sep 2019
viewCentralnic Group PLC
CentralNic Group PLC - Interim Results to 30 June 2019
RNS Number : 8004K
("CentralNic" or "the Company" or "the Group")
HALF YEAR RESULTS 2019
Trading at the top end of market expectations for 2019:
Revenues and Adjusted EBITDA triple Year-on-Year
CentralNic Group Plc (AIM: CNIC), the global internet platform that derives revenue from the subscription sales of domain names and web services, is pleased to announce its half year results for the six months ended 30 June 2019. Both revenues and Adjusted EBITDA have tripled year-on-year, driven by a combination of growth through acquisition and underlying organic growth of c.6%. As indicated in the 2018 year end results, the Directors were considering amending the Group's presentational currency to US Dollars and in H1 2019 concluded to revise the Group's presentational currency for all periods ending after 1 January 2019, bringing it in line with its principal trading currency and industry peers.
Financial Summary:
· Revenue increased by 225% to $49.7m (H1 2018: $15.3m), which was virtually all subscription based
· Gross profit increased by 127% to $19.7m (H1 2018: $8.7m)
· Adjusted EBITDA* increased by 203% to $9.2m (H1 2018: $3.1m)
· Operating profit increased by 266% to $2.4m (H1 2018: operating loss of $1.4m)
· Cash balance increased 73% to $17.9m (H1 2018: $10.4m)
· Net debt** was reduced by 47% to $6.0m (H1 2018: $11.3m)
*Excludes impact of share-based payments expense for options, premium domain sales, foreign exchange, and non-core operating costs
** Includes gross cash, debt and prepaid costs; please see section "Post half year end highlights"
Operational Highlights:
· Numerous notable client wins, including:
o Automattic, the parent company of WordPress and of the .blog TLD
o The Alpnames portfolio of c. 680,000 domain names assigned by ICANN
o The Kingdom of Bahrain, for registry services
o A major contract from a global luxury car manufacturer
o A significant registry project from a South East Asian government
· On track to make more than $1.0m of cost savings in the full year ending December 2019, from the integration of the KeyDrive acquisition, as demonstrated by strong H1 2019 performance
· Completion of first stage of earn-out for the KeyDrive acquisition, which exceeded financial targets
· Successful placing of the debut offering of a €50.0m oversubscribed senior secured bond, used to repay debt and to fund acquisitions
Post half year end highlights:
· TPP Wholesale acquisition completed 1 August 2019 for a gross consideration of c. $16.6m
· Hexonet acquisition completed 7 August 2019 after CentralNic paid an initial cash consideration of c.$7.8m for all Hexonet shares
· Ideegeo acquisition completed 7 August 2019 for a total consideration of c.$3.4m
· Settlement of the €50.0m senior secured bond issue on 3 July 2019 and repayment of the prior acquisition facility provided by Silicon Valley Bank on 30 July 2019
· The debt markets have demonstrated confidence in our recurring business model and acquisition strategy by over subscribing to our debut bond offering
· The cumulative annual adjusted EBITDA (including ongoing cost reductions of Hexonet) from the three newly acquired businesses, as per their latest completed financial years is $4.6m
· Net Debt restated for the bond issuance and the three new acquisitions would be approximately $35m, assuming the simultaneous completion of all the transactions on 30 June 2019
· Strong growth in the first half and three successful acquisitions, taking the Company to c. $130m revenues on a proforma annualised basis, demonstrate the successful execution of our buy and build strategy
· Performance of last year's key acquisition, KeyDrive, demonstrates CentralNic's ability to generate network effect and economies of scale beyond initial hard cost synergies, thereby improving gross margin and adjusted EBITDA margin
· This gives us confidence to continue with this consolidation strategy and we continue to assess a number of opportunities in what is a huge, fragmented and growing market
· Having achieved strong results in the first half of 2019, management is confident that the full year result should be around the top end of the current range of analyst forecasts
Ben Crawford, CEO of CentralNic, commented: "In the first half of 2019 CentralNic's adjusted EBITDA exceeded our full year performance in 2018. These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth. Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.
"Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions. We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry."
Ben Crawford, Chief Executive Officer
Don Baladasan, Group Managing Director
Michael Riedl, Chief Financial Officer
Zeus Capital - NOMAD and Joint Broker
Nick Cowles / Jamie Peel (Corporate Finance)
John Goold / Rupert Woolfenden (Institutional Sales)
Stifel - Joint Broker
Fred Walsh / Neil Shah / Alex Price
Newgate Communications (for Media)
Bob Huxford
Tom Carnegie
Robin Tozer
This document includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to CentralNic at the date of this document and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution.
About CentralNic Group Plc
CentralNic (AIM: CNIC) is a London-based AIM-listed company which drives the growth of the global digital economy by developing and managing software platforms allowing businesses globally to buy subscriptions to domain names, used for their own websites and email, as well as for protecting their brands online. Its core growth strategy is identifying and acquiring cash-generative businesses in its industry with annuity revenue streams and exposure to growth markets and migrating them onto the CentralNic software and operating platforms.
CentralNic operates globally with customers in almost every country in the world. It earns recurring revenues from the worldwide sales of internet domain names and other services on an annual subscription basis.
For more information please visit: www.centralnicgroup.com
CHIEF EXECUTIVE OFFICER'S STATEMENT
CentralNic's acquisition of KeyDrive in August 2018 substantially increased the scale and capabilities of the Company. The effect of this is fully demonstrated in our H1 2019 results which show a transformational increase in revenues and adjusted EBITDA, both of which have more than tripled against the comparative period for 2018. Contributing to this strong performance in H1 2019, the Company is on track to make more than $1.0m of cost savings in 2019 from the integration of KeyDrive.
Our strategy to rapidly consolidate the recurring revenue domain name industry has continued apace with a further four acquisitions since KeyDrive. The three acquisitions post 30 June 2019 were funded through an oversubscribed €50.0m senior secured bond issue. Together, these acquisitions further increase our scale and global presence, improve our product set and competitive positioning, and are earnings enhancing. We are therefore confident of further strong growth with the support of both our investors and new bond lenders providing considerable financial flexibility over the medium term to continue to pursue accretive acquisitions.
The Company has performed strongly during the period with the key financial metrics listed below:
$'000
Adjusted EBITDA1
Operating profit / (loss)
Loss after tax
EPS - Basic (cents)
EPS - Adjusted earnings - Basic (cents) 2
1 Excludes impact of share-based payments expense for options, premium domain sales, foreign exchange, and non-core operating costs
2 Please refer to note 11
The KeyDrive acquisition represented a significant proportion of the strong performance in the period, with the acquisition exceeding the first stage of its earn-out targets. As a result of this, the Company released additional consideration in cash and shares in respect of KeyDrive's FY2018 earn-out target on 14 June 2019. The Company grew by c.6% organically in H1 2019, as compared to H1 2018 performance on a proforma basis.
Soon after, on 24 June 2019, the Company announced the successful completion of its first senior secured bond issue of €50.0m, which was oversubscribed. The bond, which matures in July 2023, has a coupon of 7% above EURIBOR p.a., with quarterly interest payments. The bond settled on 3 July 2019 with the proceeds released on 30 July 2019 and used to repay incumbent debt and fund the acquisitions of TPP Wholesale, Hexonet and Ideegeo. Therefore, the bond debt was reflected in the financial statements post half year end.
The acquired businesses have similar patterns of recurring revenue and cash conversion as CentralNic's prior business, and hence recurring revenue and cash conversion are expected to remain in line with the long-term trend. This underpins the Company's financial stability and visibility of earnings. The decrease in average gross margin from 57% to 40% reflects the change in the business blend as a result of the KeyDrive acquisition, with the current rate, being the minimum expected rate, maintained throughout the first half.
Reseller customers
We achieved significant scale in our reseller customer segment, with revenues increasing by $19.4m or 317%, from $6.1m to $25.5m, chiefly driven by the KeyDrive acquisition.
During the period, the Company successfully completed a number of key integration projects within its reseller segment, including the migration of KS Registry customers to CentralNic Registry and the migration of CentralNic EPP Gateway customers to the Key-Systems reseller platform.
At the same time, CentralNic continued to secure new reseller clients. Notable wins in the period include Automattic, the parent company of WordPress, for the provision of their domain names and the exclusive distribution of .blog, one of the top 25 new gTLD registries; exclusive registry back-end provision for the Kingdom of Bahrain; and major projects for middle Eastern and South East Asian ccTLDs.
These wins helped the Company to successfully maintain its position as the leading distributor of new Top-Level Domains to retailers, as well as supplier of the long tail of country code domain names to many of the world's leading domain resellers.
Small business customers
Revenue from our small business customers grew by $11.1m or 127%, from $8.7m to $19.8m, which was mainly driven due to the KeyDrive acquisition.
In addition, the Company was assigned the business of defunct domain registrar Alpnames at no consideration, resulting in the bulk transfer of 679,840 domain names onto the CentralNic platform. This followed a competitive application process with ICANN (the gTLD governance body), the winning of which was a clear endorsement of CentralNic's industry reputation and the quality of the Company's platform. Revenues from these are received when individual domain names are renewed.
Progress was also made within the small business customer segment in migrating the Instra websites to the Key-Systems retail platform.
The fastest growing segment of CentralNic's business was from corporate customers where total revenues grew by $3.9m or 826%, from $0.5m to $4.4m through the KeyDrive acquisition.
Key wins in the corporate segment include exclusive domain name registration projects from a luxury car manufacturer; a major fashion retailer and one of the world's largest online gaming organisations. CentralNic continues to expand its service offering in intellectual property management and protection for the biggest global brands.
Post half year end acquisitions
Acquisition of TPP Wholesale:
On 1 August 2019, CentralNic completed the acquisition of TPP Wholesale in an asset deal for a headline consideration of $24m AUD. TPP Wholesale is the leading platform for resellers of domain names and hosting in Australasia, with around 14,000 reseller customers and 840,000 domains under management. The acquisition highlights CentralNic's strategy as a rapidly growing global consolidator in the domain name industry. Further, it introduces new subscription revenue streams to CentralNic - selling Microsoft Office 365 and Amazon's AWS hosting, as well as increasing the Group's exposure to the soon-to-be-launched new .au country code domain for Australia.
TPP Wholesale's stand-alone revenues and Adjusted EBITDA for the financial year ended 31 December 2018 were determined to be $17.0m AUD ($11.7m) and $3.9m AUD ($2.7m) respectively on an unaudited basis.
Acquisition of Hexonet:
CentralNic completed the acquisition of Hexonet, with operations in Canada and Germany, on 7 August 2019. Hexonet sells domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8 million domains on its proprietary software platforms. The acquisition increases CentralNic's domains under management by c.28%.
CentralNic paid €7.0m ($7.8m) on a net cash/debt free basis for all shares in Hexonet and will make a deferred payment of up to €3.0m ($3.3m) on the first anniversary of completion, payable in cash or CentralNic shares at prevailing market price, at the Company's discretion. In 2018 Hexonet's revenues were c.€16.5m (c.$19.4m), representing a CAGR of 8% on a US Dollar basis for the two preceding years, with an EBITDA of c.€0.8m (c.$0.9m). Hexonet was delivered by the seller with over €0.3m (c.$0.4m) of ongoing cost reductions compared to the 2018 cost base, which is materially completed, and CentralNic is filling staff vacancies budgeted at €0.3m (c.$0.4m) with staff from Hexonet.
Acquisition of Ideegeo:
The acquisition of Ideegeo on 7 August 2019 was the Company's fifth in 12 months. CentralNic acquired Ideegeo, a privately owned domain name retailer registered in New Zealand serving an international customer base, for a purchase price on a net cash/debt free basis of $5.2m NZD (c.$3.4m), of which $520,000 NZD (c.$0.3m) constitutes a deferred payment, held in escrow until May 2021.
For the financial year ended 31 March 2019, Ideegeo's revenues were c. $6.2m NZD (c.$4.2m), with an EBITDA (adjusted for the emoluments of the shareholders leaving the business) of $0.9m NZD (c.$0.6m). The consideration represents a multiple of 5.8 times trailing adjusted EBITDA and is paid in cash.
The cumulative annual adjusted EBITDA (including ongoing cost reductions of Hexonet) from the three newly acquired businesses, as per their latest completed financial years is $4.6m.
In the first half of 2019 CentralNic's adjusted EBITDA exceeded our full year performance in 2018. Having achieved strong results in the first half of 2019, management is confident that the full year result should be around the top end of the current range of analyst forecasts.
These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth. Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.
Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions. We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry.
ended 30 Jun 2019
Restated(c) Unaudited
ended 30 Jun
2018(b)
Restated(c) Audited
ended 31 Dec 2018
Administrative expenses
Share based payments expense
Adjusted EBITDA(a)
Fair value movement of investment
Non-core operating expenses(d)
Premium domain sales
Share of associate income
Share based payment expense
Operating profit /(loss)
Finance income
Net finance costs
Loss before taxation
Loss after taxation
Items that may be reclassified subsequently to profit and loss
Exchange difference on translation of foreign operation
Total comprehensive loss for the financial year
Loss is attributable to:
Owners of CentralNic Plc
Non-controlling interest
Total comprehensive loss is attributable to:
Earnings per share (note 11):
Basic (cents)
Diluted (cents)
Adjusted earnings - Basic (cents)
Adjusted earnings - Diluted (cents)
All amounts relate to continuing activities.
(a)Earnings before interest, tax, depreciation and amortisation, acquisition costs and non-cash charges
(b)H1 2018 numbers have been restated to reclassify salaries of $2.5m from cost of sales into administrative expenses, in line with the 2018 presentational change
(c)The comparative figures have been restated in respect of changes to the presentational currency as described in note 6 (b)
(d) Non-core operating expenses include items related to acquisition and integration costs, which are not incurred as part of the underlying trading performance of the Business, and therefore adjusted for, in line with Group policy
Restated (c)
Restated(c)
Right-of-use assets
Deferred receivables
Investments fair value through other comprehensive income
Deferred tax assets
Trade and other receivables
Taxation receivable
EQUITY AND LIABILITIES
Share premium
Merger relief reserve
Share based payments reserve
Foreign exchange translation reserve
CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE GROUP
Non-controlling interests
Other payables
Deferred tax liabilities
Borrowings
Trade and other payables and accruals
Taxation payable
Borrowings(e)
TOTAL EQUITY AND LIABILITIES
(e)As at 30 June 2019, the SVB term loan has been reflected in short term due to its repayment in July 2019 from the Bond proceeds. In July 2019, this will be replaced with the €50.0m bond proceeds under long term borrowings category
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Equity attributable to owners of the Parent Company
Balance as at 1 January 2018
Profit/(loss) for the period
other comprehensive income/(expense)
- translation of foreign operation
Total comprehensive income for the period
Transactions with owners
Issue of new shares
Share based payments
Share based payments - deferred tax asset
Share based payments - exercised and lapsed
Balance as at 30 June 2018
Loss for the period
Shares issued
Share issue costs
Balance as at 31 December 2018
Impact of IFRS 16
Adjustment to non-controlling Interest
Share based payments - reclassify lapsed options
· Share capital represents the nominal value of the company's cumulative issued share capital.
· Share premium represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable share issue costs and other permitted reductions.
· Merger relief reserve represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable shares issue costs and other permitted reductions.
· Retained earnings represent the cumulative value of the profits not distributed to shareholders but retained to finance the future capital requirements of the CentralNic Group.
· Share based payments reserve represents the cumulative value of share-based payments recognised through equity.
· Foreign exchange translation reserve represents the cumulative exchange differences arising on Group consolidation.
· Foreign currency hedging reserve represents the effective portion of changes in the fair value of derivatives.
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flow from operating activities
Depreciation of property, plant and equipment
Profit on investment in associate
Finance income/(cost) - net
(Increase)/Decrease in trade and other receivables
Increase/(Decrease) in trade and other payables (f)
(Increase)/Decrease in inventories
Income tax paid
Net cash flow from operating activities
Cash flow used in investing activities
Purchase of property, plant and equipment
Purchase of intangible assets, net of cash acquired
Payment of deferred consideration
Acquisition of a subsidiary, net of cash acquired
Net cash flow used in investing activities
Cash flow used in financing activities
(Repayments) / Proceeds from borrowings (net)
Proceeds from issuance of ordinary shares (net)
Costs from share issue
Payment of liabilities arising from KeyDrive acquisition
Lease rentals
Lease interest
Net cash flow generated from / (used in) financing activities
Cash and cash equivalents at beginning of the period/year
Exchange differences on cash and cash equivalents
Cash and cash equivalents at end of the period/year
Bank borrowings (excluding prepaid costs)
Net (debt)/cash excluding issue costs of debts
(f) One off unwinding negative effect from delayed revenue share payment of $5.3m (full year 2018: positive impact)
NOTES TO THE FINANCIAL INFORMATION
CentralNic Group Plc is the UK holding company of a group of companies which are engaged in the provision of global domain name services. The company is registered in England and Wales. Its registered office and principal place of business is 4th Floor, Saddlers House, 44 Gutter Lane, London, England, EC2V 6BR.
The CentralNic Group provides Wholesale ("registry"), Retail ("registrar") and Enterprise services and strategic consultancy for new Top Level Domains ("TLDs"), Country Code TLD's ("ccTLDs") and Second-Level Domains ("SLDs") and it is the owner and registrant for a portfolio of domain names, which it uses as SLD domain extensions and for resale on the domain aftermarket.
2. Basis of preparation
The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies set out in the Group's 2018 statutory accounts in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2016. The financial information for the year ended 31 December 2018 is based on the statutory accounts for the year ended 31 December 2018. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the estimation of income tax, and the adoption of new and amended standards and accounting policies as set out below.
As reflected in these financial statements, the Group has generated more than half of its adjusted EBITDA in the first half of the year, against the full year market consensus due to seasonality.
3. New and amended standards adopted by the Group
As described in the 2018 Annual Report, the Accounting Standard IFRS 16 has been adopted as of 1 January 2019. Directors have completed their detailed review of IFRS 16 and further guidance on this change in accounting policy is given in note 6 below.
A number of other new or amended standards became applicable for the current reporting period but did not have any impact on the Group's accounting policies and did not require retrospective adjustments.
4. Critical accounting judgments and key sources of estimating uncertainty
In the application of the CentralNic Group's accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date that have a significant risk of causing a significant adjustment to the carrying amounts of assets and liabilities in the financial statements:
Impairment Testing
The recoverable amounts of individual non-financial assets are determined based on the higher of the value-in-use calculations and the recoverable amount, or fair value less costs to sell. These calculations will require the use of estimates and assumptions. It is reasonably possible that assumptions may change, which may impact the Directors' estimates and may then require a material adjustment to the carrying value of tangible and intangible assets.
The Directors review and test the carrying value of tangible and intangible assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. For the purposes of performing impairment tests, assets are grouped at the lowest level for which identifiable cash flows are largely dependent on cash flows of other assets or liabilities. If there are indications that impairment may have occurred, estimates of expected future cashflows will be prepared for each group of assets.
Expected future cash flows used to determine the value in use of tangible and intangible assets will be inherently uncertain and could materially change over time.
Estimation of useful life
The charge in respect of periodic amortisation and depreciation is derived after determining an estimate of an asset's expected useful life. The useful lives of the assets are determined by management at the time the asset is acquired and are reviewed continually for appropriateness.
Deferred Consideration
The fair value of the contingent deferred consideration arising on the business combination/acquisition is a key area of accounting estimate. Judgement was exercised in determining the fair value of the deferred consideration in the KeyDrive acquisition, as described in note 16.
5. Significant accounting policy
a) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the course of ordinary activities, net of discounts and sales related taxes.
Revenue from the sale of services is recognised when the performance obligations are met under the customer contract. In particular:
(i) Sale of Reseller services for domain names to registrars
Reseller revenues are derived from their customer base, registrars, via the following three channels:
(a) Registry channel - These revenues are being generated from the provision of services through the registry service provider mechanism. CentralNic operates as a back-end service provider for third party Top Level Domains on an exclusive basis, enabling the registrars to sell domain names to registrants.
(b) Reseller channel - Revenues are derived by facilitating the sale of domain names to registrars by acting as a reseller platform provider.
(c) Registry Operator channel - CentralNic is an asset holder for Country Code TLD .SK, and therefore generates revenues through sale of domain names of .SK extension to registrars.
In accordance with IFRS 15, each segment evaluates the representation of the underlying customer contracts with the registrars and identifies the performance obligation that are required to be met under the customer contract. Determining the transaction price and allocating the transaction price to the performance obligation is done is also considered, followed by the fulfilment of the performance obligation, therefore leading to the revenue recognition of the sale.
For the Registry revenues and Registry operator channels, upon evaluation of the customer contract, the registry channel has several performance obligations that need to be met over the term of the domain name sale. An invoice under these divisions could cover the sale of a domain name for a fixed term period which could vary between one and ten years, and the performance obligations are expected to be fulfilled over the course of this term on a straight-line basis. Revenues that relate to the period in which the services are performed are recognised in the income statement of that period, with the amounts relating to future periods being deferred into 'Deferred revenues'.
For the Reseller channel, upon evaluation of the customer contract, the registry channel has performance obligations that are met at point of sale of the domain name. An invoice under this division could cover the license to utilise the domain name for a fixed term period which could vary between one and ten years, however, all performance obligations are met at the point of sale, and therefore no revenue is deferred.
(ii) Sale of Small business services for domain names to domain registrants
Small business revenues are generated from the provision of retail and similar services to domain registrants. The sub revenue streams would be those of new registrations and renewals. Revenue originates when a transaction is generated on the service registry platform by the customer.
For the small business division, upon evaluation of the customer contract, the registry channel has performance obligations that are met at point of sale of the domain name. An invoice under this division could cover the license to utilise the domain name for a fixed term period which could vary between one and ten years, however, all performance obligations are met at the point of sale, and therefore no revenue is deferred.
(iii) Sale of Corporate services
Revenue from the provision of computer software to a customer is recognised when the Group has delivered the related software and completed all of the adaptions required by the customer for either the whole contract or for a specific milestone deliverable within the contract. The revenue is recognised at the point of fulfilment of the performance obligation, in line with the customer contract.
Revenue from strategic consultancy and similar services is recognised in profit and loss in proportion to the stage of completion of the performance obligation at the reporting date. The stage of performance obligation fulfilment is determined based on completion of work performed to date as a percentage of total services to be performed.
(iv) Changes in previous year
By exception, due to the refund policy which has been amended on 1 November 2018 as part of the integration, revenues of Instra (Small business and Reseller segments) and UK (small business segments) billed before the 1 November 2018 have been recognised over the course fixed term period of domain name sale, with the amounts relating to future periods being deferred into 'Deferred revenues' which are effectively customer payments on account in advance of satisfaction of the performance obligations.
6. Changes in accounting policy
a) Adjustments recognised on adoption of IFRS 16
CentralNic has adopted the IFRS 16 modified retrospective approach from 1 January 2019 but has not restated comparatives for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the opening statement of financial position on 1 January 2019.
CentralNic previously classified leases as operating or finance lease based on its assessment of whether the lease transferred substantially all the risks and rewards of ownership. Under IFRS 16, CentralNic recognises right-of-use assets and the corresponding lease liabilities for most leases by recording them on the balance sheet.
In applying IFRS 16 on transition, the Group has used the following practical expedients permitted by the standard:
• The Group has elected not to reassess whether a contract is or contains a lease as defined in IFRS 16 at the date of initial application. For contracts entered into before the transition date, the Group relied on its assessment made when applying IAS 17 and IFRIC 4.
• For the majority of leases, reliance has been placed on previous assessments of whether leases are onerous under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. For leases where the right-of-use asset has been determined as if IFRS 16 had been applied since the lease commencement date, this expedient has not been taken.
• Accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases.
The Group has elected not to recognise the right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less or leases that are of low value ($5,000). Lease payments associated with these leases are expensed on a straight-line basis over the lease term.
At inception or on assessment of a contract that contains a lease component, CentralNic allocates the consideration in the contract to each lease and non-lease component based on their relative stand-alone prices. However, for leases of properties, CentralNic elected not to separate non-lease components and will instead account for the lease and non-lease component as a single lease component.
The Group's leases primarily relate to properties and motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Property leases will often include extension and termination options, open market rent reviews, and uplifts.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the individual lessee company's incremental borrowing rate taking into account the duration of the lease.
The lease liability is subsequently measured at amortised cost using the effective interest method, with the finance cost charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. It is remeasured when there is a change in future lease payments arising from a change in index or rate, or if the Group changes its assessment of whether it will exercise an extension or termination option. The lease liability is recalculated using a revised discount rate if the lease term changes as a result of a modification or re-assessment of an extension or termination option.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is typically depreciated on a straight-line basis over the lease terms. In addition, the right-of-use asset may be adjusted for certain remeasurements of the lease liability, such as indexation and market rent review uplifts.
The table below summarises the IFRS 16 impact on transition for lease liabilities and the corresponding right-of-use assets along with the movement from 1 January 2019 to 30 June 2019:
Operating lease commitment disclosed as at 31 December 2018
Less short-term and low value lease
Exchange difference
Operating lease commitment at 31 December 2018 falls under IFRS 16
Discounted using borrowing incremental rate at initial application
Lease liabilities recognised at 1 January 2019
Current lease liabilities
Non-current lease liabilities
Lease liabilities movement from 1 Jan 2019 to 30 June 2019
At 1 January 2019
New leases in period
Prepaid and accrued lease payments
Interest charge
Total lease liabilities at 30 June 2019
$,000
Total right-of-use assets
b) Change of presentation currency - basis of presentation
In the 2018 Annual Report, CentralNic indicated that the Directors were considering amending the currency in which it presents its financial results from UK pounds sterling ('GBP') to US Dollars ('USD') for all financial years beginning after 1 January 2019. In 2019 the Directors concluded to change the presentational currency to US Dollars as the board believes that US Dollar financial reporting provides more relevant presentation of the Group's financial affairs given more than half its trade is in US Dollar and the industry in which it operates is predominantly trading in US Dollars.
To assist shareholders during this change, comparative financial information for the financial year ended 31 December 2018, interim financial report ended 30 June 2018 and financial year ended 31 December 2017 have been restated in US Dollars. For comparative purposes, only financial year ended 31 December 2018 and interim financial report ended 30 June 2018 have been presented in this report.
The change in presentation currency represents a change in accounting policy in terms of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requiring the restatement of comparative information. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the following methodology was followed in restating historical financial information from Sterling into US Dollars:
· Assets and liabilities were translated into US Dollars at closing rates of exchange at the end of the reporting period. Trading results were translated into US Dollars at average rates of exchange for the period. Differences resulting from the re-translation on the opening net assets and the results for the year have been taken to the foreign currency translation reserve;
· The equity section of the Consolidated Statement of Financial Position, including share capital and premium, foreign currency translation reserve and other reserves, as appropriate, were translated at the historic rates prevailing at the dates of underlying transactions;
· The effects of translating the Group's financial results and financial position into US Dollars were recognised in the foreign currency translation reserve; and
· All exchange rates used were extracted from the Group's underlying financial records.
The exchange rates used were as follows:
GBP/US$ exchange rate
Closing rate
7. Segment analysis
CentralNic is an independent global domain name service provider. It provides Reseller, Small business and Corporate services and is the owner and registrant of a portfolio of domain names. Operating segments are prepared in a manner consistent with the internal reporting provided to the management as its chief operating decision maker in order to allocate resources to segments and to assess their performance.
The Directors do not rely on segmental cash flows or analysis of segment assets and liabilities arising from the operating, investing and financing activities for each reportable segment for their decision making and have therefore not included them. There was a change in the composition in the segmental analysis and the comparatives have been updated. The segmental analysis is organised around the products and services of the business.
The Reseller division is a global distributor of domain names and provides consultancy services to retailers. The Small business division provides domain names and ancillary services to end users, also on a global basis. The Corporate division represents revenue generated by providing technical and consultancy services to corporate clients, licencing of the Group's in house developed registry management platform, and selling premium domain names.
Management reviews the activities of the CentralNic Group in the segments disclosed below:
Period to 30 June 2019
Total administrative expenses
Amortisation of intangibles assets
Non-core operating expenses
Finance cost (net)
Year to 31 December 2018
8. Revenue
The CentralNic Group's revenue is generated from the following geographical areas:
Unaudited 30 Jun 2019
Reseller domain sales
Small business domain sales
Corporate sales including premium domain name sales by nature are subject to annual variation depending on customer demand.
No customer contributes greater than 10% or more of the Small business sales division.
The following table shows customers that represented 10% or more of the reseller domain division:
Customer B
Customer C
In the six months ended 30 June 2019, in the corporate sales division, one customer represented over 10% of the sector revenues totaling $710k. In the six months ended 30 June 2018, corporate sales revenues were principally driven by $140k of Dotbrand registry support, software licensing and consulting of $448k, and premium domain name sales of $30k. There were four customers representing over 10% of the revenues totaling $46k, $99k, $103k, and $186k.
9. Finance costs
Unaudited 6 months ended 30 Jun 2019
Audited year ended 31 Dec 2018
Impact of unwinding of discount on Net Present Value of deferred consideration
Reappraisal of deferred consideration
Arrangement fees on borrowings
Interest expense on loans from Shareholders
Interest expense on short-term borrowings
Interest expense on long-term borrowings
Interest expense on leases
Details on the impact of deferred consideration on the Finance costs is discussed in detail in note 16.
10. Income tax expense
Current tax on profits for the period- UK and foreign
Adjustments in respect of previous periods
Current income tax
Deferred income tax
A reconciliation of the current income tax expense applicable to the profit before taxation at the statutory tax rate to the
current income tax expense at the effective tax rate of the CentralNic Group are as follows:
6 months end
(Loss)/profit before taxation
Tax calculated at domestic tax rates applicable to profits in the respective countries
Tax effects of:
Expenses not deductible for tax purposes
Profit set off against goodwill amortisation - SK-NIC
Effects of different jurisdictional tax rates
Tax loss movement
Deferred consideration amounts capitalised in local entity
Current tax credit/(expense) for the period/year
The Company estimates for income taxes in the condensed financial statements on the basis of its income for financial reporting purposes, adjusted for items that are not assessable or deductible for income tax purposes, in accordance with the regulations of domestic tax authorities.
The effective rate of tax for the period was 84% (Six months ended 2018: 21.6%), mainly driven by the different jurisdictions tax rate, local tax treatment of deferred consideration amounts, tax losses carried forward and the impact of SK-NIC's profits set off against amortisation of goodwill. As illustrated above the business incurs a high level of non-cash charges which are mainly not deductible for income taxes in the relevant jurisdictions and largely represent permanent differences between accounting and taxable profits. As a percentage of the adjusted EBITDA less non-core operating expenses, the tax charge was 19.4% for the six months ended 30 June 2019, which in the opinion of the Directors is a more appropriate measure of the tax cost to the business.
In the UK, the applicable statutory tax rate for 2019/20 is 19% (2018/19: 19%).
In the USA, federal taxes are due at 21% on taxable income. Under California tax legislation a statutory minimum of $800 of state tax is due.
In Germany, federal taxes are due at 15% on taxable income. With an additional 5.5% solidarity surcharge due on the income tax. A community business tax of 14%-c.17% is also levied with rates determined by the municipality taking the total effective tax charge to circa 30%-34%.
In Australia and New Zealand, income taxes are due at 30% and 28% respectively on taxable income.
In Slovakia, income tax is due at 21% of taxable income.
Earnings per share has been calculated by dividing the consolidated profit/(loss) after taxation attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share has been calculated on the same basis as above, except that the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares (arising from the Group's share option scheme and warrants) into ordinary shares has been added to the denominator. There are no changes to the profit (numerator) as a result of the dilutive calculation.
As at
Loss after tax attributable to owners
Finance costs (excluding deferred consideration related amounts - note 9)
Adjusted Earnings
Weighted average number of shares:
Effect of dilutive potential ordinary shares
At 30 June 2018, 31 December 2018 and 30 June 2019, for the purposes of the unadjusted Earnings Per share calculation, the contingently issuable potential ordinary shares included within the share options are anti-dilutive and are not included in the calculation.
12. Property, plant and equipment
Right of use assets
Exchange differences
At 30 June 2018
Acquisition of subsidiary
At 31 December 2018
IFRS 16 adjustment on 1 January 2019
Charge for the period
Property, plant and equipment- carrying value
At 1 January 2019 restated NBV
The carrying value of property, plant and equipment excluding right of use assets recognised under IFRS 16 at 30 June 2019 was $1,082k.
Cost or deemed cost
Amortisation of intangible assets is included in administrative expenses in the combined and consolidated statement of comprehensive income.
14. Deferred receivables
Deferred costs
Loans to related parties
15. Trade and other receivables
Accrued revenue
Prepayments and other receivables
Supplier payments on account
Amounts due from shareholders
16. Trade and other payables and accruals
Other taxes and social security
Customer payments on account
Accrued interest
Other liabilities
On 2 August 2018 CentralNic Group completed the acquisition of the entire share capital of KeyDrive S.A. for an initial consideration of US$35.8m plus a performance based deferred consideration of US$10.5m (discounted at US$6.5m). It was agreed that if certain financial performance tests were met, CentralNic would pay inter.services a performance-based earn-out of up to US$10.5m, a minimum of 15% of which shall be settled in cash and up to 85% of which may be settled by the issue of additional consideration shares. As at 31 December 2018, the deferred consideration of US$10.5m was discounted to US$6.5m. The KeyDrive acquisition delivered a strong performance exceeding the first stage of its earn-out targets. As a result of this, the Company settled additional consideration in cash of $1,025k and in shares of $5,809k on 14 June 2019. The second stage of its earn-out is dependent on KeyDrive's 2019 financial performance, and payable in 2020. Due to the continual strong performance of the KeyDrive, in 2019, there was an upward reappraisal of the deferred consideration amounts for KeyDrive. These costs were recorded in the finance cost in the Consolidated Statement of Comprehensive Income as described in note 9. The deferred consideration and the finance costs also reflected the unwinding of the discount factor resulting from the passage of time.
17. Financial instruments
The CentralNic Group is exposed to market risk, credit risk and liquidity risk arising from financial instruments. The CentralNic Group's overall financial risk management policy focusses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the CentralNic Group's financial performance. The Group does not trade in financial instruments.
The principal financial instruments used by the CentralNic Group, from which financial instrument risk arises, are as follows:
Loan and receivables
Financial liabilities measure at amortised costs
Trade and other payables
Loan and borrowings (short and long term)
18. Share capital
Merger Relief
Options exercised on 1 February 2018
Shares issued in respect of KeyDrive acquisition
Transactions costs
Foreign exchange movement
Proceeds from shares issued in connection with the employee share option schemes
Shares issued to settle the deferred consideration in respect of KeyDrive acquisition
On 1 April 2019, share options of 100,000 exercised at 35p each, resulted in additional share premium of $44k being recognised in the period.
On 14 June 2019, 7,384,798 shares were issued to settle the deferred consideration in respect of the Keydrive acquisition.
19. Borrowings
At 30 June 2019, the contractual maturities of the Group's non-derivative financial liabilities were as follows:
Less than 6-12 months
Between 1 and 2 years
Total contractual cash flows
Carrying amount (assets)/liabilities
Borrowings (include prepaid costs)
Total non-derivatives
As at 30 June 2019, the SVB term loan has been reflected in short term due to its repayment in July 2019 from the Bond proceeds. In July 2019, this will be replaced with the €50.0m bond proceeds under long term borrowings category.
At 31 December 2018, the contractual maturities of the Group's non-derivative financial liabilities were as follows:
20. Events occurring after the reporting period
The below transactions are completed since 30 June 2019. The financial effects of the transactions below have not been brought into account at 30 June 2019. The operating results together with the assets and liabilities of the companies will be brought into the Group financial statements from the respective dates of acquisition.
Senior Secured bond
On 23 May 2019, CentralNic mandated Pareto Securities to arrange a series of fixed income investor meetings to potentially issue a senior secured non-convertible bond of approximately €50.0m which was successfully completed on 24 June 2019 for c.$56.8m. The bond has a maturity of 4 years and a coupon rate of three-month EURIBOR plus 7% per annum with a quarterly interest payment.
On 30 July 2019, CentralNic received the disbursement of the Bond issue amounting to €50.0m less associated costs of €1.125m. Following the disbursement, the proceeds were used to repay the existing SVP interest bearing loan for an amount of €25.2m and fund the following acquisitions:
- The Sydney-based business, TPP Wholesale for a total cash consideration amount of $21.3m AUD (Headline consideration of $24.0m AUD);
- The Hexonet group of companies for an amount of €7.9m, including a purchase price adjustment and;
- The Ideegeo transaction amounting to €3.4m.
The senior secured bond has been listed on the Open Market of Frankfurt Stock Exchange and an application made to list the bond on the Oslo Stock Exchange.
Share Awards and exercise of Options
On 1 August 2019, CentralNic awarded ordinary shares of £0.001 each ("Ordinary Shares") under the CentralNic Group Plc Long Term Incentive Plan and Share Option Plan (the "LTIP" and "SOP" and together, the "Plans") to Group employees including persons discharging managerial responsibilities ("PDMRs"). These awards were granted to regularise the position in relation to Awards previously agreed in principle by the Remuneration Committee and the options granted were as follows;
Awards granted
PDMR
Type of Award
No of Ordinary Shares subject to award
LTIP Award
Don Baladasan
Stuart Fuller
Michael Riedl
Conditions attached to the Awards Granted:
1. The LTIP awards granted to Ben Crawford and Don Baladasan are subject to stretching performance targets for the share price and only on achievement of these targets and them remaining in employment with CentralNic, the LTIP will vest three years from the acquisition of KeyDrive S.A, i.e 16 July 2021.
2. The LTIP Award granted to Stuart Fuller will vest on 27 February 2020, three years from the date of his recruitment as Group Commercial Director and subject to his continued employment with CentralNic.
3. The LTIP Award granted to Michael Riedl will vest three years from the date issue subject to his continued employment with CentralNic.
The awards granted to the remaining PDMRs in the table above and to certain other employees were granted as nil-cost options under the terms of the LTIP and/or the SOP (as relevant) over a total of 1,893,276 Ordinary Shares. The Awards under the LTIP and SOP vest subject to the continued employment of the Award holder.
Issue of Ordinary Shares
On 1 August 2019, CentralNic issued and allotted 3,655,698 Ordinary Shares to satisfy:
1. The exercise by certain employees of share options previously granted by the Company ("Options"), including to the following PDMRs:
No of Ordinary Shares acquired on exercise of options
Date of grant options
2. The awards previously granted, will be held jointly by the participant and RBC Cees Trustee Limited (''RBC''), the trustee of CentralNic Employee Benefit Trust ("EBT"). These Ordinary shares have no voting and dividend rights whilst unvested and the table below summarises the issue:
Granted date of original option
No of Ordinary Shares subject to options
Tom Pridmore
Iain McDonald
Please note that the resulting Ordinary Shares have been purchased by the EBT at a price of £0.59 per Ordinary Share from the Option holders and an application has been made to the London Stock Exchange for the admission of the Ordinary Shares which are expected to be admitted to trading on 8 August 2019.
Further on 1 August 2019, CentralNic has agreed to allow Ben Crawford to retain the 850,000 options which were previously announced to be cancelled in partial recognition of his performance in leading the Company over the 12 months since the acquisition of KeyDrive S.A.
A total number of 11,869,412 Ordinary Shares are held under options granted to all employees and Directors of the CentralNic Group.
TPP Wholesale
On 1 August 2019, the Group completed the acquisition of TPP Wholesale, a carve out of certain trade and assets from ARQ Group Limited (ASX: ARQ) (''ARQ''), a company listed on the Australian Securities Exchange. TPP Wholesale is Australasia's leading domain name and hosting reseller platform business with around 14,000 reseller customers and 840,000 domains under management, including 19% of all.com.au registrations. The total cash consideration for the acquisition comprises an initial purchase price of $22m AUD less the Purchase Price Adjustment of $0.7m AUD which is an estimated Working Capital Adjustment restated at the completion date representing a total gross consideration/headline consideration of $24.0m AUD including taxes. The initial purchase price of TPP Wholesale amounting to $22m AUD represent 4.5 x EBITDA, less $0.7m AUD of adjustment. Given the nature of the acquisition, the transition period is expected to stipulate a 2 years transition in order to migrate the customer base giving rise to a number of one-off costs of approximately $1.8m AUD, of which $0.7m AUD are expected to be incurred in CentralNic's financial year ending 31 December 2019.
The table below summarises the cash consideration paid and the total acquisition costs of the trade and business assets:
Cash consideration
AUD$'000
Purchase price adjustment
Total Cash Consideration
Acquisition costs
Stamp Duty @ 5.5%
Customer's deposits
Employee Liabilities
Total Gross Consideration/Headline Consideration
Fair value recognised on acquisition
Goodwill purchased
Total identifiable intangible assets at fair value
Hexonet
On 7 August 2019, CentralNic Group completed the acquisition of the entire issued share capital of Mediasiren Advertising Inc. and Hexonet GmbH for €5.0m and €5.9m respectively, a privately-owned Group of companies with operations in Canada and Germany. The companies sell domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8 million domains on its proprietary software platforms. The acquisition increases the number of domains under management on CentralNic's reseller platforms by c.28%. The total consideration comprises a $7.8m (€7m) cash payment plus a purchase price adjustment of $0.9m at the completion date and a deferred consideration payment €3.0m on the first anniversary of the completion, either payable in cash or CentralNic shares at prevailing market price, at the Company's discretion.
The following table summarises the consideration paid for the share capital of Mediasiren Advertising Inc. and Hexonet GmbH and the provisional fair value of the assets and liabilities at the acquisition date on a combined basis:
€'000
Initial Cash consideration
Deferred consideration (in cash or shares)
Total consideration
Property, plant & equipment
Other payables and accruals
Corporation and deferred tax liabilities
Total identifiable estimated net assets at fair value
Initial estimated goodwill arising on acquisition+
Purchase consideration
Ideegeo
On 7 August 2019, the Company completed the acquisition of Ideegeo Group Limited, a privately-owned domain name retailer serving an international customer base from New Zealand for a total consideration of $5.2m NZD (c.$3.4m), of which $0.5m NZD (c.$0.3m) constitutes a deferred payment which will be held in an escrow account until May 2021. The total consideration represents a multiple of 5.8 times trailing adjusted EBITDA. Ideegeo Group Limited, sells domain name subscriptions directly to small business customers, with a high level of recurring revenues and excellent customer retention. Further, CentralNic strongly believes that there would be cross selling opportunities by providing Ideegeo's existing 80,000 customers with CentralNic's extended product offering such as hosting, SSL certificates and other additional subscription products and services.
The following table summarises the consideration paid for the share capital of Ideegeo and the provisional fair value of the assets and liabilities at the acquisition date in line with Group accounting policies.
NZD$'000
Total identifiable estimated net assets and liabilities at fair value
+ The Company will be reviewing further the fair value of assets and liabilities acquired and to determine the Purchase Price Allocation for the acquisition of Hexonet and Ideegeo.
IR UASWRKVAKRAR
Quick facts: Centralnic Group PLC
CentralNic Group PLC set to double in size with KeyDrive acquisition
Ben Crawford, chief executive of CentralNic Group PLC (LON:CNIC), tells Proactive's Andrew Scott they've entered into a conditional agreement to acquire the entire share capital of KeyDrive. The initial consideration is US$35.8 million, representing an enterprise value of US$44.5 million,...
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Lush blackberry tart aromas mingle with layers of inviting dark cherry, toasty oak, black pepper and warm brown spices. The complexity and flavors found in the nose are repeated on the palate. The smooth mouthfeel is accented by a spice-laden texture that offers creamy dark cherry, ripe dark berries and vanillin oak. The supple tannins cradle the luscious flavors, while providing structure and support.
Enjoy with a hearty plate of osso bucco, or a slow-cooked maple syrup glazed pork loin.


Everyone loves this springtime bloom for different reasons. We just think they're gorgeous.
Light, soft, and full of meaning….while peonies represent wealth, honor and romance, sweet peas symbolize blissful pleasure and a sweet goodbye. Whether you're coming or going (down the aisle) what traditional bride wouldn't love this bouquet? If you're getting hitched in the ballroom of a swanky hotel in a full skirted gown, pair your wedding-day look with this bouquet, which also has astilbe and white ranunculus by City Blossoms, 62 Trinity Place, near Rector St., (212) 346-0756 and 312 East 46th Street, near 2nd Ave., (212) 867-5964.
With four (count 'em four) types of peonies in these bouquets, it's no wonder we just love their lush beauty, vibrant color, and overall romantic appeal. David Beahm's bright bouquet consists of true Japanese fuchsia peonies, Sarah Bernhardt peonies, Kansas peonies, jewel peonies, and capriccio roses. David Beahm Design, 529 West 20th Street, at 10th Ave., Suite 11 West, (212) 279-1344.
Weddings by MWD Lifestyles created this bouquet of Japanese white peonies accented with elegant feathery pale pink sweet pea, ivory spray roses, and spray rose buds. The hosta leaves add just enough greenery to frame the pastel hues, while the pearl pins in the wrap hold everything in its place. Weddings by MWD Lifestyles, 327 St. Nicholas Avenue near West 126th St., (212)666-2537.


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Christmas in the desert at La Mamounia.
Picture this, a quiet holiday by the fireplace, sipping on eggnog and watching Home Alone before Christmas lunch is served. If that's the last thing you want to do this holiday, then this post is for you.
Christmas at home with the family is a great thing. But if you'd like to cap off 2016 with something a little different, you're going to have to look elsewhere.
In fact, you may want to look to the deserts of Marrakech.
From the 19th of December to 2nd of January, La Mamounia invites you to discover Christmas on the edge of the desert in an exotic and palatial setting which the whole family can enjoy.
From the 19th of December to the 2nd of January, La Mamounia's three restaurants – Le Français, Le Marocain, and L'Italien – offers guests the opportunity to discover another side of Christmas with their exclusively designed menus for the festive season.
The hotel's elegant and creative cuisine is a reinterpretation of the traditional Christmas feast that is sure to delight the gastronomes among you.
However, some Christmas traditions are unchanged.
In a first at La Mamounia, Le Français restaurant will propose a Christmas lunch to guests along with the seasonal yule log cake (or alternative if preferred) and fans of Christmas Brunch can enjoy their meal al fresco by La Mamounia's outdoor pool for a unique end of year experience.
The second half of La Mamounia's Christmas event is when the partying starts.
From the 28th of December to the 1st of January is when the Grande Dame of Marrakech becomes a four-day extravaganza of music and gastronomy right until the new year. With a host of international acts drafted in to provide the fun and cheer and a paradisaical setting in which to enjoy it in; this is unique event might well be the best way to welcome 2017.
First up, are London party circuit regulars' "Three and a Half Men". The four piece's retro pop anthems ( that have rocked nothing less than Poppy Delevigne's and Jo Malone's private events in the past ) are the perfect way to get you into the groove and on the dance floor in no time.
Then it's time to simmer down with the smoky vocals of smooth Jazz vocalist Dawn Joseph (former front woman of the Brand New Heavies) before resident DJ "LeAM" and official DJ for the London, Paris and New York fashion weeks turns it up a notch till the late hours. Day one done.
Now we're getting into the swing of things. For their Starter Party, La Mamounia introduces two new acts into the mix, "The Phly Boyz" and "BEAT".
The Phly Boyz may be an acoustic 4 piece, but their performances are absolutely electric and they've made a name for themselves on the international circuit by taking their pop cover songs to no less than 40 different countries. So you're in good hands. For the rest of the evening, music from BEAT (DJ, sax, vocalists and percussionist) and DJ LeAM will provide the perfect atmosphere to meet fellow guests and revelers to get you warmed up for what's to come.
The Before Party sees talented vocalist Kirsten kick off the evening with her intoxicating acoustic sounds before the infectious enthusiasm of Three and a Half Men hit the stage again. Prepare to rock out till late in the evening to the sounds of DJ LeAM's eclectic mixes.
We hope you've got some energy left because this is the main event. La Mamounia's grande finale sees off 2016 in a flurry of music, lights, and gastronomic delights to start the new year off the right way.
The Phly Boyz will set the tone by performing their rhythmic tunes in no less than 11 different languages. Then, the ALR Live Experience bring their electrifying performance to the stage with DJ beats, live saxophones and percussion for a glorious blending of sounds. Three and a Half men return one last time before handing you over to House DJ's "Soul Jet Allstars" to take you all the way to 2017.
To recover and relax La Mamounia will be serving up a 1st of January brunch, poolside, to enjoy out in the sun with family and friends the next day.
If you'd like to be part of this unique experience and spice up your Christmas this year, all you have to do is get in touch with us and we'll be happy to do the rest.
What's new at the Mandarin Oriental hotels?
Hotel Lungarno: Re-opening on the first of June.


text:
package javax.usb;

import java.io.UnsupportedEncodingException;
import java.util.*;

import javax.usb.event.*;

/**
 * Interface for a USB device.
 *

 * The submission methods contained in this UsbDevice operate on the device's Default Control Pipe.
 * The device does not have to be {@link #isConfigured() configured} to use the Default Control Pipe.
 *

 * The implementation is not required to be Thread-safe.  If a Thread-safe UsbDevice
 * is required, use a {@link javax.usb.util.UsbUtil#synchronizedUsbDevice(UsbDevice) synchronizedUsbDevice}.
 * @author Dan Streetman
 * @author E. Michael Maximilien
 */
public interface UsbDevice
{
	/**
	 * Get the UsbPort on the parent UsbHub that this device is connected to.
	 * @return The port on the parent UsbHub that this is attached to.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public UsbPort getParentUsbPort() throws UsbDisconnectedException;

    /**
	 * If this is a UsbHub.
	 * @return true if this is a UsbHub.
	 */
    public boolean isUsbHub();

    /**
	 * Get the manufacturer String.
	 *

	 * This is a convienence method, which uses
	 * {@link #getString(byte) getString}.
	 * @return The manufacturer String, or null.
	 * @exception UsbException If there was an error getting the UsbStringDescriptor.
	 * @exception UnsupportedEncodingException If the string encoding is not supported.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
    public String getManufacturerString() throws UsbException,UnsupportedEncodingException,UsbDisconnectedException;

    /**
	 * Get the serial number String.
	 *

	 * This is a convienence method, which uses
	 * {@link #getString(byte) getString}.
	 * @return The serial number String, or null.
	 * @exception UsbException If there was an error getting the UsbStringDescriptor.
	 * @exception UnsupportedEncodingException If the string encoding is not supported.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
    public String getSerialNumberString() throws UsbException,UnsupportedEncodingException,UsbDisconnectedException;

    /**
	 * Get the product String.
	 *

	 * This is a convienence method, which uses
	 * {@link #getString(byte) getString}.
	 * @return The product String, or null.
	 * @exception UsbException If there was an error getting the UsbStringDescriptor.
	 * @exception UnsupportedEncodingException If the string encoding is not supported.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
    public String getProductString() throws UsbException,UnsupportedEncodingException,UsbDisconnectedException;

    /**
	 * Get the speed of the device.
	 *

	 * The speed will be one of:
	 *

	 *
{@link javax.usb.UsbConst#DEVICE_SPEED_UNKNOWN UsbConst.DEVICE_SPEED_UNKNOWN}

	 *
{@link javax.usb.UsbConst#DEVICE_SPEED_LOW UsbConst.DEVICE_SPEED_LOW}

	 *
{@link javax.usb.UsbConst#DEVICE_SPEED_FULL UsbConst.DEVICE_SPEED_FULL}

	 *

	 * @return The speed of this device.
	 */
    public Object getSpeed();

    /**
	 * Get all UsbConfigurations for this device.
	 *

	 * The List is unmodifiable.
	 * @return All UsbConfigurations for this device.
	 */
    public List getUsbConfigurations();

	/**
	 * Get the specified UsbConfiguration.
	 *

	 * If the specified UsbConfiguration does not exist, null is returned.
	 * Config number 0 is reserved for the Not Configured state (see the USB 1.1 specification
	 * section 9.4.2).  Obviously, no UsbConfiguration exists for the Not Configured state.
	 * @return The specified UsbConfiguration, or null.
	 */
	public UsbConfiguration getUsbConfiguration( byte number );

	/**
	 * If this UsbDevice contains the specified UsbConfiguration.
	 *

	 * This will return false for zero (the Not Configured state).
	 * @return If the specified UsbConfiguration is contained in this UsbDevice.
	 */
	public boolean containsUsbConfiguration( byte number );

	/**
	 * Get the number of the active UsbConfiguration.
	 *

	 * If the device is in a Not Configured state, this will return zero.
	 * @return The active config number.
	 */
	public byte getActiveUsbConfigurationNumber();

    /**
	 * Get the active UsbConfiguration.
	 *

	 * If this device is Not Configured, this returns null.
	 * @return The active UsbConfiguration, or null.
	 */
    public UsbConfiguration getActiveUsbConfiguration();

	/**
	 * If this UsbDevice is configured.
	 *

	 * This returns true if the device is in the configured state
	 * as shown in the USB 1.1 specification table 9.1.
	 * @return If this is in the Configured state.
	 */
	public boolean isConfigured();

	/**
	 * Get the device descriptor.
	 *

	 * The descriptor may be cached.
	 * @return The device descriptor.
	 */
	public UsbDeviceDescriptor getUsbDeviceDescriptor();

	/**
	 * Get the specified string descriptor.
	 *

	 * This is a convienence method.  The UsbStringDescriptor may be cached.
	 * If the device does not support strings or does not define the
	 * specified string descriptor, this returns null.
	 * @param index The index of the string descriptor to get.
	 * @return The specified string descriptor.
	 * @exception UsbException If an error occurred while getting the string descriptor.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public UsbStringDescriptor getUsbStringDescriptor( byte index ) throws UsbException,UsbDisconnectedException;

	/**
	 * Get the String from the specified string descriptor.
	 *

	 * This is a convienence method, which uses
	 * {@link #getUsbStringDescriptor(byte) getUsbStringDescriptor()}.
	 * {@link javax.usb.UsbStringDescriptor#getString() getString()}.
	 * @param index The index of the string to get.
	 * @return The specified String.
	 * @exception UsbException If an error occurred while getting the String.
	 * @exception UnsupportedEncodingException If the string encoding is not supported.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public String getString( byte index ) throws UsbException,UnsupportedEncodingException,UsbDisconnectedException;

	/**
	 * Submit a UsbControlIrp synchronously to the Default Control Pipe.
	 * @param irp The UsbControlIrp.
	 * @exception UsbException If an error occurrs.
	 * @exception IllegalArgumentException If the UsbControlIrp is not valid.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public void syncSubmit( UsbControlIrp irp ) throws UsbException,IllegalArgumentException,UsbDisconnectedException;

	/**
	 * Submit a UsbControlIrp asynchronously to the Default Control Pipe.
	 * @param irp The UsbControlIrp.
	 * @exception UsbException If an error occurrs.
	 * @exception IllegalArgumentException If the UsbControlIrp is not valid.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public void asyncSubmit( UsbControlIrp irp ) throws UsbException,IllegalArgumentException,UsbDisconnectedException;

	/**
	 * Submit a List of UsbControlIrps synchronously to the Default Control Pipe.
	 *

	 * All UsbControlIrps are guaranteed to be atomically (with respect to other clients
	 * of this API) submitted to the Default Control Pipe.  Atomicity on a native level
	 * is implementation-dependent.
	 * @param list The List of UsbControlIrps.
	 * @exception UsbException If an error occurrs.
	 * @exception IllegalArgumentException If the List contains non-UsbControlIrp objects or those UsbIrp(s) are invalid.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public void syncSubmit( List list ) throws UsbException,IllegalArgumentException,UsbDisconnectedException;

	/**
	 * Submit a List of UsbControlIrps asynchronously to the Default Control Pipe.
	 *

	 * All UsbControlIrps are guaranteed to be atomically (with respect to other clients
	 * of this API) submitted to the Default Control Pipe.  Atomicity on a native level
	 * is implementation-dependent.
	 * @param list The List of UsbControlIrps.
	 * @exception UsbException If an error occurrs.
	 * @exception IllegalArgumentException If the List contains non-UsbControlIrp objects or those UsbIrp(s) are invalid.
	 * @exception UsbDisconnectedException If this device has been disconnected.
	 */
	public void asyncSubmit( List list ) throws UsbException,IllegalArgumentException,UsbDisconnectedException;

	/**
	 * Create a UsbControlIrp.
	 *

	 * This creates a UsbControlIrp that may be optimized for use on
	 * this UsbDevice.  Using this UsbIrp instead of a
	 * {@link javax.usb.util.DefaultUsbControlIrp DefaultUsbControlIrp}
	 * may increase performance or decrease memory requirements.
	 *

	 * The UsbDevice cannot require this UsbControlIrp to be used, all submit
	 * methods must accept any UsbControlIrp implementation.
	 * @param bmRequestType The bmRequestType.
	 * @param bRequest The bRequest.
	 * @param wValue The wValue.
	 * @param wIndex The wIndex.
	 * @return A UsbControlIrp ready for use.
	 */
	public UsbControlIrp createUsbControlIrp(byte bmRequestType, byte bRequest, short wValue, short wIndex);

	/**
	 * Add a UsbDeviceListener to this UsbDevice.
	 * @param listener The UsbDeviceListener to add.
	 */
	public void addUsbDeviceListener( UsbDeviceListener listener );

	/**
	 * Remove a UsbDeviceListener from this UsbDevice.
	 * @param listener The listener to remove.
	 */
	public void removeUsbDeviceListener( UsbDeviceListener listener );

}

redpajama_set_name: RedPajamaGithub


THE SAVE Our Sorting office campaign is gathering pace in Alderley Edge as residents rally to show support for the closure threatened office.
A two pronged campaign was launched after Royal Mail announced plans to close the historic sorting office.
It said staff will be moved to Wilmslow and the building put up for sale.
But Dave Kennedy, of the Communication Workers Union, said the post workers union had been flooded with messages of support.
And he called on residents to keep them coming: "It has been well supported at this stage, my inbox has been flooded with messages of support so hopefully, the same number of people will have sent messages to Allan Leighton, Royal Mail chairman and the MP George Osborne. But we need as many people as possible to get involved."
The post workers union delivered leaflets around Alderley village, calling on residents to help them fight to keep the service in the village.
And Alderley Edge Parish Council has stepped up to the plate with its own scheme to save the building itself.
A Crown building dating back to 1907, the parish council wants English Heritage to 'spot list' the sorting office and place it on the register of protected buildings.
Without this, chairman Mary Maczkowiak is concerned that the building could be purchased by developers and altered or even demolished.
She said: "It is our building, and an important building, and I hope the village will step up and help us fight to keep it."
Royal Mail says services will not be affected by the sorting office move and residents can have any undelivered mail re-sent at a more appropriate time.
It said the move is necessary to provide a more suitable and safer work place and to save money in a competitive market.


text:
'Dangerous idiot': Jesse Watters rips Rashida Tlaib over calls to empty US prisons
November 24, 2021 | Jon Dougherty | Print Article
Fox News' "The Five" co-host Jesse Watters blasted Rep. Rashida Tlaib (D-Mich.) on Tuesday as a "dangerous idiot" for championing legislation that would mostly empty all U.S. prisons over the course of a decade.
The program opened with a discussion of the vehicular attack Christmas parade marchers and spectators in Waukesha, Wis., on Sunday involving Darrell Brooks, a career criminal who has been charged with five counts of intentional homicide and is expected to be charged with a sixth count after an 8-year-old boy succumbed to his injuries earlier in the day.
"While many are furious and wondering how this could happen, members of the squad, well, they are doubling down on criminal justice reforms. AOC criticizing excessive bail in New York City, and Congresswoman Rashida Tlaib being confronted over a plan to release everyone from federal prison," co-host Dana Perino said to segue into the segment.
Perino was referencing an interview Tlaib did on Axios with HBO correspondent Jonathan Swan, in which he asked her about her support for the BREATHE Act, going on to play a clip of her comments.
"In 2020, you endorsed the BREATHE Act, which is a series of proposals to transform America's criminal justice system and create, quote, 'a roadmap for prison abolition.' The BREATHE Act proposes emptying federal detention facilities within 10 years," Swan asked. "To what extent have you wrestled with any potential downsides of releasing into society every single person who's currently in a federal prison?"
"Yeah, I think that everyone's like, 'Oh my God, we're going to just release everybody,'" Tlaib said in response. "That's not what I'm—"
"That's what the act says," Swan interjected.
"Yeah, but did you see how many people are mentally ill that are in prison right now," Tlaib countered.
"No, I know," Swan said. "But the act you endorsed actually says release everyone in 10 years. … There are like, human traffickers, child sex [predators]. Do you mean that you don't actually support that? Because you endorsed the bill."
After the clip, Perino made a reference to the tragedy in Waukesha, saying, "On the very same day that this is happening, the squad is advocating for even more reforms of this sort."
"The congresswoman's an idiot, and she has power, so that makes her a very dangerous idiot," Watters responded. He also said as live footage of Brooks in court Tuesday was playing that the suspect was pushing "a lot of anti-Trump, anti-capitalism content" online, as well as "wacky conspiracy theories about Jews and Hitler."
In her interview, Tlaib went on to claim that "many prisoners "are mentally ill or struggling with substance abuse issues and that those people should be rehabilitated instead of incarcerated," Fox News noted.
"Why aren't you asking me about them?" the Michigan Democrat said. "You're asking me about the human traffickers and others that should be able to be held accountable."
"What I'm trying to understand is, your proposal is so sweeping," Swan responded. "It does release everyone."
"Oh, yeah, within 10 years," Tlaib explained. "Obviously there's a process of looking at how we can get away from mass incarceration and move toward care first."
Jon Dougherty
Jon has over 30 years' worth of reporting experience, as well as an author and U.S. Army veteran. He has a BA in political science from Ashford University and an MA in national security studies/intelligence analysis from American Military University.
Latest posts by Jon Dougherty (see all)
MSNBC host tells viewers Americans don't care about 'Build Back Better' price tag - January 1, 2022
Domestic migration chart show stark differences between red and blue states - January 1, 2022
Progressives planning 2024 primary challenge against 'deeply unpopular' Biden - January 1, 2022

redpajama_set_name: RedPajamaCommonCrawl


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text:
Home > Newsroom > Top Stories > Bishkek wants to see Russia-EU relations normalized
Bishkek wants to see Russia-EU relations normalized
BRUSSELS/BISHKEK. April 13 (Interfax) - Kyrgyzstan would like Russia-EU relations to be normalized as soon as possible, the head of the Kyrgyz Presidential Administration's foreign policy department, Daniyar Sydykov, told Interfax.
"The current situation in Russia-EU [relations] is absolutely disadvantageous to Kyrgyzstan and everyone else," Sydykov said.
"Any misunderstanding is harmful to others, so we want a rapid settlement of the situation in relations between Russia and the European Union," he said.
"We consider the promotion, deepening, and development of the bilateral alliance with Russia to be crucial, but we also need profound cooperation with EU institutions and the implementation of our democratic values," Sydykov said.
"We are very much interested in the rapid settlement of those issues [Russia-EU relations], which are part of the global agenda," he said.
As to whether Kyrgyzstan could mediate a dialogue between Russia and the EU, Sydykov said, "Kyrgyzstan would do probably everything in its power to establish a positive dialogue."
The issue of Russia-EU relations was not addressed at the talks between Kyrgyz President Sooronbai Jeenbekov and EU officials in Brussels on Thursday; the sides focused on bilateral cooperation between Kyrgyzstan and the EU, a source in the Kyrgyz delegation told Interfax.


boosted their current premium team of Springbok rugby ambassadors by bringing on board the young Jan Serfontein, the fast JJ Engelbrecht and the explosive Tendai 'Beast' Mtawarira.
The dynamic trio joins Springbok captain Jean De Villiers, Springbok coach Heyneke Meyer, Schalk Burger, Pierre Spies, Francois Steyn, Jannie du Plessis and Springbok rugby legend Victor Matfield in representing BMW's interests in rugby. As part of the agreement, Beast and Engelbrecht will each receive the use of a brand new BMW 330d while Serfontein, upon his request, will be driving a new BMW 120d.
"Our vehicles epitomise speed, power and dynamism in every respect and deliver ultimate performance in every field. This highlights all of the reasons we're involved in the dynamic, high-performance sport of Springbok rugby which has played such a huge role in showing the world just what South Africa is capable of," said Guy Kilfoil, General Manager, Communications and Public Affairs at BMW South Africa.
"Furthermore, together with our ambassadors BMW South Africa is able to facilitate different experiences and provide added value to our loyal customers and South African rugby fans."
As a BMW ambassador, Matfield for example, acts as host for BMW's VIP hospitality suites at local matches as well as provides expert opinion and analysis for BMW's rugby-specific micro-website.
"As part of our commitment to our Springbok sponsorship, BMW South Africa also offers sporting entertainment to South African rugby fans through activations such as 'The BMW Challenge' - an interactive area where fans attending the Gauteng games during the Castle Lager Rugby Championship were able to test their performance against their favourite rugby players," said Kilfoil. "The BMW Challenge provided a unique opportunity for rugby fans to experience first hand just how much speed and dynamism is inherent in Springbok rugby, and of course in our vehicles."


The sweat stops with MiraDry® at Bucay Center for Dermatology and Aesthetics.
Whether you're prone to sweating more than other people, or whether you're simply tired of using ineffective antiperspirants and ruining your clothes, miraDry® could be for you. MiraDry® is the only FDA-approved, non-invasive treatment that permanently eliminates sweat and odor glands in your underarms, vastly decreasing sweat production…and the irritation it causes.
Please schedule a custom consultation with Dr. Bhandari at our Sonterra Location to discuss your concerns and find out if you are a candidate for this procedure.
miraDry® is a non-surgical, non-invasive treatment that has been FDA-cleared for the permanent reduction of underarm sweat. This treatment, which uses microwaves to destroy sweat glands in that armpit area, has become one of the most highly-recommended therapies for individuals with hyperhidrosis in recent years.
Hyperhidrosis describes the condition in which excessive sweating occurs. Secondary hyperhidrosis is a term which describes excessive sweating related to a medical condition. What many people have is primary hyperhidrosis, the condition in which excessive sweating occurs without medical cause.
Excessive sweating may occur in a general sense, affecting nearly the entire body. Focal hyperhidrosis is a better description of the axillary excessive sweating that often presents discomfort.
Research has yet to discover an exact reason why some people develop hyperhidrosis and some do not. While it is possible to sometimes find a family history of excessive sweating, most studies indicate that the primary link is in the nervous system. Essentially, a person may have an overactive nervous system that stimulates the nervous response of sweating.
A handpiece delivers electromagnetic energy to your underarms. This energy causes thermolysis, decomposition by heat, of those sweat glands. And once they are destroyed, the sweat glands don't grow back, so they no longer produce sweat.
Will I Start to Sweat More in Other Places if I Stop the Sweat Under My Arms?
Studies have demonstrated that miraDry® treatment works where you want it to and not where you don't. Compensatory sweating in other parts of the body has not been noticed throughout clinical trials nor years of professional use of this hyperhidrosis treatment.
Would MiraDry® Be Right for Me?
Obviously, people who sweat excessively can benefit from miraDry®. But the procedure can also be great for anyone who is simply tired of dealing with antiperspirants, sweat-stained clothes, embarrassing sweaty underarms, and the like. MiraDry® has been used on over 90,000 patients worldwide and has a patient satisfaction rating of 92% on RealSelf.
First, we numb your underarms. Next you lie in reclined position and we map out the areas that will receive the electromagnetic energy. Then we use the miraDry® handpiece to deliver the energy to your underarms. The entire process is painless, as your underarms are numbed. Afterwards, you'll have some minor swelling, soreness, and possibly some numbness, but this will pass within a week or two.
Watch miraDry® ambassador Antonio Sabato, Jr receive the procedure that is now available in our office.
Is the Process Painful? and What About Recovery?
As noted above, there is no pain during your miraDry® session; we numb your underarms prior to the procedure. There will be some soreness and minor swelling afterwards, but it doesn't dictate any special "recovery" and usually is gone within a few days.
MiraDry® results are instant, and you'll have an immediate decrease in sweat production. During your consultation with Dr. Bucay, you'll discuss the degree of sweat production you can expect to experience. It's difficult to eliminate every sweat gland, but on average, sweat reduction is 82% with miraDry®. This decrease is permanent, as sweat glands do not regenerate.
Yes, you do need sweat glands to cool the body. But you won't mourn the loss of those under your arms. Humans have approximately two million sweat glands across their bodies. Your underarms make up only about 2% of that total, so eliminating most of the sweat glands from your underarms won't affect your body's ability to regular body temperature through sweat production. Eliminating sweat under your arms simply removes the most obvious, irritating, and odor-producing area.
How Many Treatments Will I Need to Lose the Sweat?
To destroy the appropriate number of sweat and odor glands, Dr. Bucay recommends two miraDry® sessions. These are spaced three months apart.
Will MiraDry® Permanently Stop the Sweat Under My Arms?
Studies confirm that miraDry® treatment is a permanent solution for axillary hyperhidrosis. Thousands of people have enjoyed 80 to 85% reduction in underarm sweat to date.
Can MiraDry® Be Combined with Other Treatments?
As noted above, you may have some temporary soreness, swelling, and numbness in your underarms, but these generally resolve themselves within a few days. You may experience some altered sensation in the underarms, but this is also a short-term phenomenon. To date, there have been no reports of permanent side effects with miraDry®.
Will The Treatment Affect My Armpit Hair?
The microwave energy that disables axillary glands can also affect hair follicles, reducing or eliminating hair for years after the completion of treatment.
Schedule an appointment at our Hardy Oak location by calling (210) 370-9995.
Ask About Our MiraDry® Gift Certificates!
Treat yourself, your family or your friends to a MiraDry® treatment at our Hardy Oak location.