Letter to Shareholders: Fiscal 2012 was another exciting year for Absolute Software. We raised our profile as a major player in the endpoint security and management industry, and cemented our role as a technology leader. Our market positioning of “Many Devices; One Solution.” is clearly resonating with our customers. This translated into solid year-over-year growth, with Absolute performing well across all of our expansion markets: healthcare, corporate, government and international. Sales contracts were $88.7 million, up 12 per cent over fiscal 2011, and cash from operating activities was $18.9 million, up 47 per cent.