Amtech Reports Second Quarter Fiscal 2015 Results






TEMPE, Ariz., May 7, 2015 /PRNewswire/ — Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production equipment and related supplies for the solar, semiconductor, and LED markets, today reported results for its second fiscal quarter ending March 31, 2015.

Second Quarter Fiscal 2015 Financial and Operational Highlights:

  • Successful close of BTU acquisition
  • Integration of BTU and SoLayTec progressing as planned
  • Cost synergies on target
  • Customer orders of $30.9 million (solar $15.8 million)
  • Quarter-end backlog of $56.0 million (solar $41.4 million)
  • Net revenue of $24.3 million (solar $7.9 million)
  • Book to bill ratio of 1.2:1 (solar 1.9:1)
  • Net loss of $2.3 million, or $0.19 per share

Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, “We made much progress in the quarter including the successful close of the BTU acquisition and the integration of both BTU and SoLayTec is progressing according to plan.  Bookings continued at a healthy and balanced rate in the quarter and our backlog is at the highest level in the last three years.  The mix of product in our backlog, including PECVD, ion implant, and atomic layer deposition systems (ALD), is a direct result of our decision several years ago to invest in expanding the size of our served available markets through product development and acquisition. Global solar installations continue to grow and the balance between supply and demand continues to improve. Along with strong growth of the market in 2015 and beyond, we see an increase in activity among top tier solar cell manufacturers to expand production both inside and outside of China and we are pleased to fully participate in the industry’s selective capacity expansion and technology adaptation.”

Customer orders in the second quarter of fiscal 2015 were $30.9 million ($15.8 million solar), compared to $30.0 million ($21.1 million solar) in the preceding quarter and $21.5 million ($13.6 million solar) in the second quarter of fiscal 2014.

At March 31, 2015, the Company’s total order backlog was $56.0 million (solar $41.4 million), compared to total backlog of $48.3 million (solar $37.5 million) at December 31, 2014. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.

Net revenue for the second quarter of fiscal 2015 was $24.3 million compared to $12.4 million in the preceding quarter and $12.7 million in the second quarter of fiscal 2014. The increase is due primarily to higher solar revenues and the inclusion of BTU revenues since January 30, 2015.

Gross margin in the second quarter of fiscal 2015 was 28%, compared to 28% in the preceding quarter and 23% in the second quarter of fiscal 2014. The higher margin compared to a year ago resulted primarily from inclusion of BTU’s gross margin since the acquisition date and higher volumes in the company’s various other semiconductor business.

Selling, general and administrative (SG&A) expenses in the second quarter of fiscal 2015 were $8.1 million compared to $6.4 million in the preceding quarter and $5.3 million in the second quarter of fiscal 2014.  The increase results primarily from inclusion of BTU’s SG&A since January 30, 2015, and acquisition related expenses.  Partially offsetting the increase is a decrease in bad debt expense.

Research, development  and engineering (RD&E) expense was $0.8 million in the second quarter of fiscal 2015 compared to $1.8 million in the preceding quarter and $2.2 million in the second quarter of fiscal 2014.  The lower RD&E expense is primarily due to an increase in the recognition of government grant funding, partially offset by increases in spending resulting from inclusion of BTU and SoLayTec RD&E since acquisition.                                         

Depreciation and amortization in the second quarter of fiscal 2015 was $937,000, compared to $705,000 in the preceding quarter and $583,000 in the second quarter of fiscal 2014. The increase is primarily due to the acquisitions of BTU and SoLayTec.

Income tax expense was $170,000 for the three months ended March 31, 2015 compared to $180,000 in the preceding quarter.  In the second quarter of fiscal 2014, income tax expense was approximately zero, due to the effect of book/tax differences and valuation allowances on net operating losses in certain tax jurisdictions in which the company operates.

The net loss for the second quarter of fiscal 2015 was $2.3 million, or $0.19 per share, compared to a net loss of $5.2 million or $0.53 per share in the preceding quarter and a net loss of $3.8 million, or $0.39 per share for the second quarter of fiscal 2014.

Unrestricted cash and cash equivalents at March 31, 2015 were $32.6 million, compared to $28.6 million at December 31, 2014.  The increase in cash and cash equivalents is primarily due to the cash acquired in the BTU acquisition.

Outlook

The company expects revenues for the quarter ending June 30, 2015 to be in the range of $33 to $35 million. Gross margin for the quarter ending June 30, 2015, is expected to be in the high 20s percent range, negatively influenced by anticipated revenue deferrals due to higher shipment levels, Along with operating margin slightly negative.

Operating results could be impacted by the timing of system shipments, the net impact of revenue deferral on those shipments, and recognition of revenue based on customer acceptances, all of which can easily have actually a substantial effect on operating results.  Operating results could likewise be significantly impacted by the timing of recognition of government grant revenue related to research and development projects in China and The Netherlands.

A substantial portion of Amtech’s revenues are denominated in Euros. The revenue outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Euro. A substantial decrease in the value of the Euro in relation to the United States Dollar could cause actual revenues to be lower than anticipated. 

Conference Call

Amtech Systems will certainly host a conference call and webcast today at 5:00pm ET to discuss second quarter fiscal 2015 financial results. Those in the USA wishing to participate in the live call need to dial (877) 317-6789. From Canada, dial (866)-605-3852, and internationally, dial (412) 317-6789. Request “Amtech” when connected to the operator. A replay of the call will certainly be available one hour after the end of the conference call through May 15, 2015.  To access the replay please dial US toll free (877) 344-7529 and enter code 10065282. Internationally, dial (412) 317-0088 and use the same code.  A live and archived web cast of the conference call can easily be accessed in the investor relations section of Amtech’s website at www.amtechsystems.com.

About Amtech Systems, Inc.

Amtech Systems, Inc. is a global supplier of advanced thermal processing equipment to the solar, semiconductor / electronics, and LED manufacturing markets. Amtech’s equipment includes diffusion, ALD and PECVD systems, ion implanters, and solder reflow systems. Amtech likewise supplies wafer handling automation and polishing equipment and related consumable products. The Company’s wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, and deposition steps used in the fabrication of solar cells, LEDs, semiconductors, MEMS, printed circuit boards, semiconductor packaging, and the polishing of newly sliced sapphire and silicon wafers. Amtech’s products are recognized under the leading brand names Tempress SystemsTM, Bruce TechnologiesTM, PR HoffmanTM, R2D AutomationTM, Kingstone Semiconductor, SoLayTec, and BTU International. 

Cautionary Note Regarding Forward-Looking Statements

Certain guide contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries (“Amtech”), various other than statements of historical fact, are hereby identified as “forward-looking statements” (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). In some cases, forward-looking statements can easily be identified by terminology such as “may,” “will,” “should,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or various other comparable terminology or our management are intended to identify such forward-looking statements.  Examples of forward-looking statements include statements regarding Amtech’s future financial results, operating results, business strategies, projected costs, products under development, competitive positions, and plans and objectives of Amtech and its management for future operations.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  The Form 10-K that Amtech filed Along with the Securities and Exchange Commission (the “SEC”) for the year-ended September 30, 2014, listed various important factors that could affect the company’s future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf.  These factors can easily be found under the heading “Risk Factors” in the Form 10-Ks and investors need to refer to them.  Because it is not possible to predict or identify all such factors, any such list cannot be considered a finish set of all potential risks or uncertainties.  Except as needed by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of Brand-new information, future events, or otherwise.

Contacts:

 

Condensed Consolidated Statements of Operations

Unaudited

(in thousands, except per share data)

Three Months Ended March 31,

Six Months Ended March 31,

2015

2014

2015

2014

Revenues, net of returns and allowances

$24,273

$12,717

$36,669

$27,488

Cost of sales

17,384

9,819

26,352

20,055

Gross profit

6,889

2,898

10,317

7,433

Selling, general and administrative

8,075

5,277

14,459

9,402

Research, development and engineering

750

2,155

2,586

3,044

Operating loss

(1,936)

(4,534)

(6,728)

(5,013)

Interest and various other income, net

(217)

(20)

(120)

87

Loss before income taxes

(2,153)

(4,554)

(6,848)

(4,926)

Income tax provision

170

350

560

    Net loss

(2,323)

(4,554)

(7,198)

(5,486)

Add: net loss (income) attributable to noncontrolling interest

2

803

(317)

941

    Net loss attributable to Amtech Systems, Inc.

$ (2,321)

$ (3,751)

$ (7,515)

$ (4,545)

Loss Per Share:

Basic loss per share attributable to Amtech shareholders

$   (0.19)

$   (0.39)

$   (0.69)

$   (0.47)

Weighted standard shares outstanding

11,997

9,679

10,914

9,619

Diluted loss per share attributable to Amtech shareholders

$   (0.19)

$   (0.39)

$   (0.69)

$   (0.47)

Weighted standard shares outstanding

11,997

9,679

10,914

9,619

 

 

 

Condensed Consolidated Balance Sheets

(in thousands)

March 31,

September 30,

Assets

2015

2014

(Unaudited)

Current Assets

Cash and cash equivalents  

$           32,607

$           27,367

Restricted cash

1,584

2,380

Accounts receivable 

Trade (much less allowance for doubtful accounts of $3,423 and $2,846 at

17,312

8,896

        March 31, 2015 and September 30, 2014, respectively)

Unbilled and other

9,450

6,880

Inventories

33,057

16,760

Deferred income taxes

1,650

1,060

Other

6,637

2,082

Total current assets

102,297

65,425

Property, Plant and Equipment – Net

20,179

9,752

Deferred Income Taxes – Long Term

120

1,300

Intangible Assets – Net

5,378

2,678

Goodwill 

14,596

8,323

Other Assets – Long Term

3,212

2,426

Total Assets

$         145,782

$           89,904

Liabilities and Stockholders’  Equity

Current Liabilities

Accounts payable

$           22,517

$             6,003

Current maturities of long-term debt

670

Accrued compensation and related taxes

6,574

4,269

Accrued warranty expense  

1,051

628

Deferred profit

5,497

6,908

Customer deposits 

11,894

4,992

Other accrued liabilities

7,426

5,346

Income taxes payable 

4,090

4,990

Total current liabilities

59,719

33,136

Long-term Debt

8,548

Income Taxes Payable – Long-Term

5,140

3,180

Deferred Income Taxes – Long-Term

250

Total liabilities

73,657

36,316

Stockholders’ Equity

Common stock; $0.01 par value; 100,000,000 shares authorized;

shares issued and outstanding: 13,067,057 and 9,848,253

at March 31, 2015 and  September 30, 2014, respectively

131

98

Additional paid-in capital

109,100

81,884

Accumulated various other comprehensive loss

(8,992)

(5,790)

Retained deficit

(28,566)

(21,051)

Total stockholders’ equity

71,673

55,141

Noncontrolling interest

452

(1,553)

Total equity

72,125

53,588

Total Liabilities and Stockholders’ Equity

$         145,782

$           89,904

 

 

 

Condensed Consolidated Statements of Cash Flows

Unaudited

(in thousands)

Six Months Ended March 31,

2015

2014

Operating Activities

Net loss

$  (7,198)

$  (5,486)

Adjustments to reconcile net loss to net

cash provided by (used in) operating activities:

Depreciation and amortization

1,641

1,206

Write-down of inventory

81

93

Deferred income taxes

901

Non-cash share based compensation expense 

568

373

Provision for (reversal of) allowance for doubtful accounts

(281)

1,408

Changes in operating assets and liabilities:

Restricted cash

844

2,846

Accounts receivable

(1,406)

(9,646)

Inventories

(7,482)

4,860

Income taxes refundable and payable, net

(922)

5,849

Prepaid expenses and various other assets

(2,027)

716

Accounts payable

7,664

456

Accrued liabilities and customer deposits

5,269

(8,799)

Deferred profit

(643)

4,234

 Net cash used in operating activities

(2,991)

(1,890)

Investing Activities

Purchases of property, plant and equipment

(125)

(214)

Acquisitions, net of cash acquired

8,595

Net cash provided by (used in) investing activities

8,470

(214)

Financing Activities

Proceeds from the exercise of stock options

55

1,116

Payments on long-term debt

(121)

Borrowings on long-term debt

335

Excess tax benefit of stock options

100

Net cash provided by financing activities

269

1,216

Effect of Exchange Rate Changes on Cash

(508)

341

Net Increase (Decrease) in Cash and Cash Equivalents

5,240

(547)

Cash and Cash Equivalents, Beginning of Period

27,367

37,197

Cash and Cash Equivalents, End of Period

$ 32,607

$ 36,650

 

 

 

SOURCE Amtech Systems, Inc.

RELATED LINKS
http://www.amtechsystems.com

Après une audience avec le pape François, les Harlem Globetrotters lui remettent le titre de neuvième membre honoraire de leur équipe.









– Cette visite au Vatican survient en célébration de la tournée du 90e anniversaire des Globetrotters, qui débute à l’automne

PHOENIX, 6 mai 2015 /PRNewswire/ — Les mondialement célèbres Harlem Globetrotters, qui viennent de terminer une tournée tape-record en Amérique du Nord, ont, aujourd’hui au Vatican, remis au pape François le titre de neuvième Harlem Globetrotter honoraire de l’histoire de l’équipe. Les Ambassadeurs de Bonne Volonté™ prémoms and dad maintenant la tournée historique de leur 90e anniversaire, qui débute à l’automne.

Photo – http://photos.prnewswire.com/prnh/20150506/214248

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Logo – http://photos.prnewswire.com/prnh/20140617/118753

Le prestigieux titre de Harlem Globetrotter honoraire reconnaît une personnalité extraordinaire qui a marqué de son empreinte la face du monde.

Les vedettes des Harlem Globetrotters Hi-Lite Bruton, Ant Atkinson, Big Straightforward Lofton et Flight Time Lang ont rencontré le pape et lui ont remis un chandail encadré des Globetrotters portant le numéro 90 après l’audience pontificale du mercredi devant une foule de plus de 50 000 pèlerins sur la put Saint Pierre.

« Nous avons été très touchés d’avoir pu remettre ce titre le pape François », a déclaré le PDG des Harlem Globetrotters Kurt Schneider. « Son travail inlassable pour le bien-être des pauvres et des personnes âgées, ses initiatives humanitaires et son engagement à combler les écarts entre les personnes de différentes cultures sont les moyens qu’utilisent les Harlem Globetrotters qui, eux aussi, aspirent à toucher des vies dans le monde entier. Il incarne les initiatives que font les Globetrotters pour répandre dans le monde des services, des sourires et un bon esprit sportif ».

L’audience d’aujourd’hui marque la huitième rencontre des Globetrotters avec un pape. Les autres visites ont eu lieu en 1951, 1952, 1959, 1963, 1968, 1986, et en 2000, quand le pape Jean Paul II est devenu le septième Harlem Globetrotter honoraire de l’histoire de l’équipe au Vatican. Parmi les autres personnalités ayant reçu cet honneur, figurent le Dr Henry Kissinger (1976), Bob Hope (1977), et Nelson Mandela (1996).

Les Globetrotters vont entamer la tournée historique de leur 90anniversaire à l’automne, avec, rien qu’en Amérique du Nord, plus de 320 jeux prévus.

Parrainés par Globe Vision, Greyhound Lines et Baden Sports, les Harlem Globetrotters® perpétuent une célèbre heritage de maniement magique du ballon, de basket artistique, et de divertissement familial distinct en son genre qui keep on à enchanter les supporters de tous âges. Harlem Globetrotters International, Inc. est une filiale en propriété exclusive de Herschend Family Recreation Corporation, la plus grande entreprise familiale de divertissement à thème aux États-Unis. Au cours de leur histoire, les Harlem Globetrotters originaux ont présenté leurs talents emblématiques dans 122 pays et territoires sur les 6 continents, brisant souvent les barrières culturelles et sociétales pour offrir aux supporters leur toute première expérience de basket-ball. Fièrement intronisés au Basketball Hall of Fame, les Globetrotters ont diverti des centaines de thousands de supporters et aussi des papes, rois, reines, et présidents durant plus de huit décennies palpitantes. Pour obtenir les dernières nouvelles et informations sur les Harlem Globetrotters, et pour acheter des billets et des gadgets de l’équipe, visitez le website Web officiel des Globetrotters : www.harlemglobetrotters.com.

SOURCE Harlem Globetrotters

Splash Into Summer At Fairmont Scottsdale Princess









SCOTTSDALE, Ariz., May 5, 2015 /PRNewswire/ — Excellent day, sunshine: it’s a summer to bear in mind at the Fairmont Scottsdale Princess, where sunny days begin along with cool rides down waterslides, zooming across a zip line and complete along with fireworks lighting up the night.  This AAA 5 Diamond play-cation paradise is presenting “Summer at the Princess,” a three-month calendar of robust entertainment for the entire family, all of along with a splash of savings. Memorial Day weekend break begins along with the “Princess Celebration on the Pier,” followed by the 4TH of July “Freedom Fest” and the “Dreamcation” finale of a South Seas cruise theme Labor Day weekend.

All summer long, poolside is the put to be along with the resort’s SplashRider X-treme, a thrilling, spinning water adventure and 200-foot twisting waterslides, which turns in to the Techno Glo Celebration After Dark weekend break nights. At the lagoons, Ranger Rick leads nature strolls and fishing derbies.

Other unique experiences contain sampling any type of of 240 tequilas at La Hacienda, escaping to Well & Being Spa, savoring an exquisite dish at Michael Mina’s Bourbon Steak or enjoying the sunset and Pan-Latin fare at the Brand-new Toro Latin Restaurant & Rum Bar by Richard Sandoval at the TPC Scottsdale Stadium Course. Then, fireworks light up the sky every Saturday evening.

Great vacation values feature the “Upgrade Your Summer” package along with an upgrade to a newly renovated Casita Signature Junior Suite at a Fairmont room price, starting from $169 per night weekdays and $189 weekends. These accommodations are much more spacious, secluded and residential in style. Or, the popular Sip, Savor & Splash Package begins from $169 per room, per night Sunday through Thursday and $189 weekend breaks and involves a $50 everyday credit for dining, spa or kid’s club. Summer package dates are based upon availability, May 22-September 6, 2015. Taxes and everyday resort fees are additional.

Set versus the backdrop of Arizona’s McDowell Mountains, the award-winning Fairmont Scottsdale Princess reflects its Southwestern establishing along with Spanish colonial-design architecture, expansive plazas and lush, flower-filled gardens. The resort features 648 oversized guest rooms, 5 swimming pools, the luxurious 44,000 square foot Well & Being Spa, world-class eating and championship golf at the adjacent TPC Scottsdale.

For reservations or much more short article on summer services at the Fairmont Scottsdale Princess, please dial (866) 540-4495 or visit scottsdaleprincess.com.  The resort is located at 7575 East Princess Drive in Scottsdale, Ariz.

Related Link   
www.scottsdaleprincess.com

 

 

 

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SOURCE Fairmont Scottsdale Princess

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Banner Health Technology Management department earns prestigious ‘TechNation Magazine’ award






PHOENIX, May 4, 2015 /PRNewswire/ — The Technology Management department at Phoenix-based Banner Health was recently awarded the 2015 ‘Department of the Year’ by TechNation Magazine. The publication began the award in 2011 to understand the leading technology management departments across the nation in terms of customer service, efficiency and exemplary procedures.

“Receiving the department of the year award by the best biomedical engineering magazine in the country is a real honor and distinction that separates Banner Good health from numerous of the fantastic departments across the county,” said Tim Riehm, Banner Health’s vice president of technology management.

TechNation is devoted to the technology management/biomedical engineering job fields. While focused on the troubles and current news within the technology management and biomedical engineering community, the publication is likewise dedicated to recognizing people and departments that make every effort to arrive and enhance the industry on a day-to-day basis.

“We chance that by recognizing the leading achievers in our industry, we will certainly keep on to tempt focus to people and departments that set the bar and offer an excellent example for others in our industry,” noted TechNation Publisher John Krieg.

The Technology Management department at Banner Good health will certainly be presented along with the award on Oct. 23 at the 2015 MD Expo in Las Vegas.

Headquartered in Arizona, Banner Good health is among the largest nonprofit Good health care units in the country. The system owns and operates 28 acute-care hospitals, Banner Good health Network, Banner – University Medicine, Banner Medical Group, lasting care centers, outpatient surgery centers and an array of others services, including family clinics, residence care and hospice services, pharmacies and a nursing registry. Banner Good health is in seven states: Alaska, Arizona, California, Colorado, Nebraska, Nevada and Wyoming.

Contact: Public Relations
media@bannerhealth.com

 

SOURCE Banner Health

RELATED LINKS
http://www.bannerhealth.com

Phoenix Marks Fifth Global Gathering In A Row That Sells Out






DENVER, May 1, 2015 /PRNewswire-USNewswire/ — Scrum Alliance®, the largest, most established and influential professional membership organization and certifying physique in the Agile community, announces that its Global Collecting in Phoenix is sold out. A lot more compared to 700 participants from about the globe will certainly be attending this event next week, May 4-6, in Phoenix, Arizona. This marks the fifth sold-out Global Collecting for the organization and represents the solid and growing interest in Scrum throughout the world. 

“The excitement for Phoenix has actually been building due to the fact that it was announced last year, and we are excited that it is almost here,” said Scrum Alliance CEO Manny Gonzalez. “This will certainly be my initial Global Collecting as the Brand-new CEO for Scrum Alliance, and I am looking forward to experiencing it for myself. I have actually heard these are amazing events where participants continue to be engaged from sunup to sundown.”

Global Gatherings are held at least two times per year, once in the United States in the spring and again in Europe or Asia in the fall. The location of the Global Gatherings modifications each year to enable as numerous people as feasible the possibility to be section of one of these inspiring events. However, once you have actually been to a Global Gathering, you see that location has actually little bearing; participants travel from about the globe to attend. 

Co-Chair Stephen Forte said, “The PechaKucha and Ignite talks are several of the Brand-new trends in the conference world. They are even more interactive and community driven. They are spontaneous and crowd-sourced and much shorter compared to normal conference hour-long lectures. We based this year’s program on feedback we heard over the past year and chance to deliver exciting content that participants will certainly love.” 

The purpose of Global Gatherings is to offer practitioners international the opportunity to come with each other to share their passion for and knowledge of Scrum and Agile practices. Attendees will certainly hear presentations from experts in the field that will certainly inspire them along with stories of success, current implementation ideal practices, and creative applications of the Scrum framework. Participants additionally grab the possibility to meet people from about the globe that share a drive to deliver much better business results. Attendees share experiences, obtain Brand-new insights, and return estate to their job groups energized and all set to reach the next level.

Co-Chair Daniel Gullo said, “We are quite excited for this year’s Global Collecting in Phoenix due to the fact that we have actually outstanding presenters and the keynotes are exceptional this year. We actually worked hard to make this event one to remember and we believe it will certainly inspire discussions long after it ends.”

About SCRUM ALLIANCE®
Founded in 2001, SCRUM ALLIANCE® is the largest, most established and influential professional membership organization in the Agile community. SCRUM ALLIANCE® is a nonprofit association along with A lot more compared to 400,000 members worldwide. Its mission is to “Transform the globe of Work” by guiding organizations to become prosperous and sustainable, to inspire people, and to produce value for society. Scrum is at the foundation of Every one of its products, services, and solutions. For A lot more information, please visit www.scrumalliance.org.

Connect along with us on social media at: 
https://twitter.com/ScrumAlliance
https://www.facebook.com/scrumalliance
https://www.linkedin.com/company/scrum-alliance
https://plus.google.com/+scrumalliance/posts
https://www.youtube.com/user/scrumalliance

 

SOURCE Scrum Alliance

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http://www.scrumalliance.org