# HAPPINET CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/04/01－2026/03/31) (S100YCH4)
> Page: https://vizora.meequs.com/en/company/happinet
> Retrieved: 2026-09-30T18:04:21.631Z

## Company

Happinet, founded in 1969, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,113 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAPPINET CORPORATION |
| Ticker | 7552 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7552.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区駒形二丁目4番5号 |
| Representative (per filing) | 代表取締役社長 水谷 敏之 |
| Founded | Jun 1969 |
| Share capital | ¥2.75B |
| Employees (consolidated) | 1,113 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.happinet.co.jp (https://www.happinet.co.jp/) |
| Corporate number | 5010501011416 |
| EDINET | E02869 |
| Industries (Vizora) | Specialty Trading & Wholesale, Toys & Hobbies, Film & Anime, Games, Amusement Centers & Karaoke |

> Profile source: annual securities report (S100YCH4, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 22.7 | 11 |
| Cash conversion | 50 | 9 |
| Efficiency | 95.5 | 11 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 44% of Happinet's sales come from Toy business, with Video-game business and Amusement business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +20.5% from the prior year, operating profit +33.5%.

## Company structure

- Segment revenue mix: Toy business 43.8%、Video-game business 27.1%、Amusement business 14.9%、Visual and Music business 14.2%
- Revenue → net income: ¥439052000000 → ¥10096000000
- Net income → operating cash flow: ¥10096000000 → ¥15831000000（difference ¥5735000000）
- Main uses of operating cash flow: CapEx ¥648000000 / dividends ¥2925000000 / buybacks ¥1872000000
- Change in cash: ¥9848000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥439.1B |  |
| Operating income | ¥15.6B | Margin 3.6% |
| Net income | ¥10.1B | Margin 2.3% |
| Free cash flow | ¥15.2B |  |
| Largest business | Toy business | of segment revenue 43.8% |
| Employees (consolidated) | 1,113 |  |
| EPS | ¥374.16 |  |
| Diluted EPS | ¥368.24 |  |
| Book value per share | ¥1230.92 |  |
| Equity ratio | 41.6% |  |
| Shares outstanding | 48,100,000 |  |
| Treasury shares | 3,114,200 |  |
| Shareholders | 34,252 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 35.3% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | +0.7 pp | Specialty Trading & Wholesale |
| ROE | 19.1% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, employees -1% while operating income rose 34%
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥259313000000 | ¥439052000000 | +69.3% |
| Operating income | ¥4249000000 | ¥15590000000 | +266.9% |
| Operating margin | 1.6% | 3.6% | +1.9 pp |
| Employees | 968 people | 1,113 people | +15.0% |
| Cash and equivalents | ¥21744000000 | ¥50825000000 | +133.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 玩具事業 → 玩具事業 | 34.8% |
| 映像音楽事業 → 映像音楽事業 | 14.2% |
| 映像音楽事業 → 事業再編・廃止 | 11.9% |
| ビデオゲーム事業 → ビデオゲーム事業 | 27.1% |
| ビデオゲーム事業 → 事業再編・廃止 | 4.9% |
| アミューズメント事業 → アミューズメント事業 | 7.1% |
| 新設・再編 → 玩具事業 | 9.0% |
| 新設・再編 → アミューズメント事業 | 7.8% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Toy business | 5 years | +16.3% | ¥192417000000 | 5.9% | 2 |
| Video-game business | 5 years | +7.5% | ¥119019000000 | 1.8% | 2 |
| Amusement business | 5 years | +28.7% | ¥65398000000 | 7.9% | 2 |
| Visual and Music business | 5 years | -1.6% | ¥62216000000 | -1.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 439,052 | 100.0% | S100YCH4 |
| Cost of revenue | 386,422 | 88.0% | S100YCH4 |
| Gross profit | 52,630 | 12.0% | S100YCH4 |
| SG&A | 37,040 | 8.4% | S100YCH4 |
| Operating income | 15,590 | 3.6% | S100YCH4 |
| Ordinary income | 15,701 | 3.6% | S100YCH4 |
| Pretax income | 15,655 | 3.6% | S100YCH4 |
| Income tax | 5,559 | 1.3% | S100YCH4 |
| Net income | 10,096 | 2.3% | S100YCH4 |
| Net income attributable to owners | 10,096 | 2.3% | S100YCH4 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 12.0% → Operating margin 3.6% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.5%; Core profit growth: +33.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.64×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 364,418 | 439,052 | 74,634 | +20.5% |
| Gross profit | 44,928 | 52,630 | 7,702 | +17.1% |
| Operating income | 11,677 | 15,590 | 3,913 | +33.5% |
| Net income attributable to owners | 6,764 | 10,096 | 3,332 | +49.3% |
| Operating cash flow | 18,121 | 15,831 | -2,290 | -12.6% |
| Free cash flow | 15,574 | 15,183 | -391 | -2.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 233,347 | 2,572 | 1.1% | 1,224 | -1,056 | -1,877 | S100LN06 |
| FY ending Mar 2021 | 259,313 | 4,249 | 1.6% | 2,591 | 10,262 | 9,260 | S100OAQU |
| FY ending Mar 2022 | 282,441 | 5,575 | 2.0% | 3,554 | 3,711 | 3,134 | S100R0CA |
| FY ending Mar 2023 | 307,253 | 5,842 | 1.9% | 3,561 | 6,744 | 5,732 | S100TNJU |
| FY ending Mar 2024 | 350,461 | 8,679 | 2.5% | 6,581 | 8,361 | 6,973 | S100VYP3 |
| FY ending Mar 2025 | 364,418 | 11,677 | 3.2% | 6,764 | 18,121 | 15,574 | S100YCH4 |
| FY ending Mar 2026 | 439,052 | 15,590 | 3.6% | 10,096 | 15,831 | 15,183 | S100YCH4 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥394.5M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥9.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 944 | 940 | 1,081 | 1,123 | 1,113 |
| Average salary (parent company) | ¥6.4M | ¥7.4M | ¥7.9M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 39.0 years | 38.0 years | 39.0 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 13.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +20.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Toy business | 192,417 | 43.8% | 11,317 | 5.9% |
| Visual and Music business | 62,216 | 14.2% | -1,115 | -1.8% |
| Video-game business | 119,019 | 27.1% | 2,201 | 1.8% |
| Amusement business | 65,398 | 14.9% | 5,192 | 7.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Toy business | 43.8% | 60.5% | 16.7 | 5.9% |
| Visual and Music business | 14.2% | — | — | -1.8% |
| Video-game business | 27.1% | 11.8% | -15.3 | 1.8% |
| Amusement business | 14.9% | 27.7% | 12.9 | 7.9% |

Loss-making segment (excluded from profit shares): Visual and Music business -1,115 JPY mn

Segment → industry: Toy business → Specialty Trading & Wholesale / Toy business → Toys & Hobbies / Visual and Music business → Specialty Trading & Wholesale / Visual and Music business → Film & Anime / Video-game business → Specialty Trading & Wholesale / Video-game business → Games / Amusement business → Specialty Trading & Wholesale / Amusement business → Amusement Centers & Karaoke

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,831 | 3.6% | S100YCH4 |
| Capital expenditure | 648 | 0.1% | S100YCH4 |
| Free cash flow | 15,183 | 3.5% | 算出 |
| Investing cash flow | -1,184 | -0.3% | S100YCH4 |
| Financing cash flow | -4,798 | -1.1% | S100YCH4 |
| Dividends paid | 2,925 | 0.7% | S100YCH4 |
| Share buyback | 1,872 | 0.4% | S100YCH4 |
| Change in cash | 9,848 | 2.2% | S100YCH4 |
| Cash and equivalents | 50,825 | 11.6% | S100YCH4 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,330 | 27,846 | 29,652 | 40,977 | 50,825 | S100TNJU, S100VYP3, S100YCH4 |
| Total assets | 85,325 | 94,275 | 113,415 | 121,452 | 144,003 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Net assets | 43,494 | 45,213 | 51,299 | 55,672 | 60,285 | S100TNJU, S100VYP3, S100YCH4 |
| Share capital | 2,751 | 2,751 | 2,751 | 2,751 | 2,751 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Inventories | 6,383 | 7,480 | 7,706 | 8,160 | 8,689 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Property, plant and equipment | 1,165 | 1,207 | 4,289 | 5,629 | 5,172 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Intangible assets excluding goodwill | 2,158 | 1,796 | 6,604 | 3,911 | 3,046 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Goodwill | 383 | — | 2,628 | 2,044 | 1,460 | S100R0CA, S100VYP3, S100YCH4 |
| Investment securities | 9,162 | 8,364 | 6,800 | 9,136 | 7,997 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Current assets | 67,607 | 77,872 | 90,341 | 96,938 | 120,888 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Current liabilities | 37,051 | 43,971 | 55,615 | 58,522 | 76,261 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Trade payables | 27,413 | 33,594 | 40,022 | 41,814 | 55,154 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Total liabilities | 41,831 | 49,061 | 62,115 | 65,780 | 83,717 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Equity attributable to owners of parent | 39,875 | 42,187 | 47,425 | 50,212 | 55,539 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Retained earnings | 35,981 | 38,087 | 43,187 | 47,103 | 54,275 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |
| Treasury stock | -1,810 | -1,974 | -1,866 | -2,996 | -4,840 | S100R0CA, S100TNJU, S100VYP3, S100YCH4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YCH4 |
| Inventories | 6% | S100YCH4 |
| Property, plant and equipment | 4% | S100YCH4 |
| Intangibles and goodwill | 3% | S100YCH4 |
| Investment securities | 6% | S100YCH4 |
| Other assets | 46% | S100YCH4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 38% | S100YCH4 |
| Other liabilities | 20% | S100YCH4 |
| Equity | 42% | S100YCH4 |
| Other liabilities | 0% | S100YCH4 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 85,325 | 94,275 | 113,415 | 121,452 | 144,003 |
| Equity | 43,494 | 45,213 | 51,299 | 55,672 | 60,285 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,330 | 27,846 | 29,652 | 40,977 | 50,825 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.2% | S100YCH4 |
| Fixed assets ÷ total assets | 3.6% | S100YCH4 |
| Goodwill ÷ parent equity | 2.6% | S100YCH4 |

Goodwill over 4 years: 383 → 1,460 JPY; total investing cash flow: -11,070 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 35.3% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.5% |
| Cash vs. profit gap | 5,735 JPY mn (of net income 56.8%) |
| Shareholder returns / net income | 47.5% |
| Shareholder returns / FCF | 31.6% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 19.3% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 7.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.3% | 3.31× | 4.2% | 2.14× | 8.9% | S100R0CA |
| 2023 | 1.2% | 3.42× | 4.0% | 2.19× | 8.7% | S100TNJU |
| 2024 | 1.9% | 3.37× | 6.3% | 2.32× | 14.7% | S100VYP3 |
| 2025 | 1.9% | 3.10× | 5.8% | 2.41× | 13.9% | S100YCH4 |
| 2026 | 2.3% | 3.31× | 7.6% | 2.51× | 19.1% | S100YCH4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社バンダイナムコホールディングス | Major shareholder | 26.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社SMBC信託銀行（株式会社三井住友銀行退職給付信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 井平 祐二 | Major shareholder | 2.1% | 2026-03-31 |
| 河合 洋 | Major shareholder | 1.3% | 2026-03-31 |
| ハピネット社員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE GIC PRIVATE LIMITED （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| 苗手 一彦 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥439.1B, up +20.5% from ¥364.4B.
- Profit grew faster than sales: operating income rose +33.5% from ¥11.7B to ¥15.6B, and net income rose +49.3% from ¥6.76B to ¥10.1B.
- Operating cash flow fell -12.6% to ¥15.8B, mainly because more money was tied up in customer receivables.

### Drivers

- Nintendo's new console, its accessories and related game titles sold strongly, lifting the video game business.
- In toys, lottery-style prize items such as Ichiban Kuji and the hit Tamagotchi Paradise did well, and the company widened its distribution of plastic models and figures.
- The capsule toy market stayed strong and more shops opened, including its own Gashacoco stores. The video and music business fell into a loss after an investment loss on a foreign film it had bought.

### Risks

- Results depend heavily on consumer spending, so shifts from falling birth rates or the move to digital could hurt.
- A large share of purchases and sales goes through a few big partners, so changes in those relationships matter.
- As a wholesaler it holds a lot of inventory, and a wrong demand forecast could leave it with too much stock.

Cited: Annual securities report: management analysis (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report: business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YCH4 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCH4,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100VYP3 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYP3,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TNJU | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNJU,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R0CA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0CA,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OAQU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAQU,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LN06 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN06,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ㈱バンダイ | Supply/OEM | バンダイの玩具をハピネットが仕入れて卸売（商品売買取引契約） | S100YCH4 |
| ㈱BANDAI SPIRITS | Supply/OEM | BANDAI SPIRITS の商品をハピネットが仕入れて卸売（商品売買取引契約） | S100YCH4 |
| ㈱ソニー・インタラクティブエンタテインメント | Supply/OEM | SIE のゲーム商品をハピネットが特約店として販売 | S100YCH4 |
| 任天堂販売㈱ | Supply/OEM | 任天堂販売の商品をハピネットの子会社が仕入れて販売 | S100YCH4 |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).