Ocwen Financial
Corporation, (NYSE:OCN)
(“Ocwen” or the
“Company”), a leading financial services holding company,
today announced preliminary operating results for the second
quarter of 2017. Ocwen incurred a GAAP net loss of $(44.4) million,
or $(0.36) per share, for the three months ended June 30, 2017
compared to a net loss of $(87.2) million for the three months
ended June 30, 2016. Ocwen generated revenue of $311.3 million,
down 16.6% compared to the second quarter of the prior year,
primarily driven by the impact of portfolio run-off and lower HAMP
fees due to the expiration of the program offset by mortgage
lending growth. Cash Flows from Operating Activities were $195.1
million for the second quarter and $280.7 million for the six
months ended June 30, 2017, compared to $172.2 million during the
first six months of last year.
“Despite the recent regulatory setbacks, we made
progress during the second quarter on a number of fronts. We signed
our agreements relating to mortgage servicing rights transfer and
subservicing with New Residential Investment Corp. We settled
additional legacy litigation matters further reducing future
uncertainty; and we specifically identified approximately $12
million in annual corporate overhead cost savings that we expect to
realize in the second half of this year. We also saw our servicing
business achieve its fourth consecutive quarterly pre-tax profit,
and for this quarter, after adjusting for various items such as
legal settlements, Ocwen recorded an overall adjusted pre-tax
profit of $2.8 million,” commented Ron Faris, President and CEO of
Ocwen. Mr. Faris continued, “Just as important, we continued our
successful community outreach efforts, assisting over 11,000
struggling families.”
Second Quarter 2017 Results
Pre-tax loss for the second quarter of 2017 was
$(41.6) million, a $54.8 million improvement from the second
quarter of 2016. Pre-tax results for the quarter include a number
of significant items: $(33.6) million of legal settlement-related
expenses (after allowing for expected insurance and other
recoveries), $(5.6) million of CFPB and state regulatory
matter-related defense costs, $(3.7) million of unfavorable GNMA
& GSE MSR Fair Value changes and $(1.5) million of severance
and other items. Excluding these significant items, the Company had
an adjusted pre-tax income of $2.8 million during the second
quarter of 2017.
The Servicing segment recorded $9.2 million of
pre-tax income, a $21.4 million improvement versus the second
quarter of 2016, despite $(23.0) million lower HAMP fees.
The Lending segment recorded $(0.6) million of
pre-tax loss for the second quarter of 2017, a $(5.6) million
decline versus the second quarter of 2016. Total mortgage lending
volume declined by 26.1% over the second quarter of 2016, driven by
a 70% reduction in the Forward Lending Correspondent channel as the
Company decided to exit that channel in the second quarter of
2017. The Correspondent volume decline was offset by a 96%
increase in the higher margin Forward Lending Retail channel and
33% overall growth in Reverse Lending volumes.
Additional Business
Highlights
- Completed 11,029 modifications in the quarter, 24% of which
were HAMP modifications.
- Delinquencies decreased from 11.2% at December 31, 2016 to 9.6%
at June 30, 2017, primarily driven by loss mitigation
efforts.
- The constant pre-payment rate (CPR) increased from 14.0% in the
first quarter of 2017 to 15.0% in the second quarter of 2017.
In the second quarter of 2017, prime CPR was 18.2%, and non-prime
CPR was 13.0%.
- In the second quarter of 2017, Ocwen originated forward and
reverse mortgage loans with unpaid principal balance of $699.5
million and $275.4 million, respectively. The Forward Lending
originations decrease of 16.9% versus the first quarter of 2017 was
primarily driven by our exit from the Correspondent channel and
focus on higher margin retail and wholesale originations.
- Our reverse mortgage portfolio ended the quarter with an
estimated $105.4 million in undiscounted future gains from future
draws on existing loans. Neither the anticipated future gains nor
the future funding liability are included in the Company’s
financial statements.
- Partnered with the Hardest Hit Fund Program across 18 states
and launched "Summer of Help & Hope" borrower outreach
events.
Webcast and Conference Call
Ocwen will host a webcast and conference call on
Wednesday, August 2, 2017, at 8:30 a.m., Eastern Time, to discuss
its financial results for the second quarter of 2017. The
conference call will be webcast live over the internet from the
Company’s website at www.Ocwen.com, click on the “Shareholders”
section. A replay of the conference call will be available via the
website approximately two hours after the conclusion of the call
and will remain available for approximately 30 days.
About Ocwen Financial
Corporation
Ocwen Financial Corporation is a financial
services holding company which, through its subsidiaries,
originates and services loans. We are headquartered in West Palm
Beach, Florida, with offices throughout the United States and in
the U.S. Virgin Islands and operations in India and the
Philippines. We have been serving our customers since 1988. We may
post information that is important to investors on our
website (www.Ocwen.com).
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements may be
identified by a reference to a future period or by the use of
forward-looking terminology.
Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Our
business has been undergoing substantial change which has magnified
such uncertainties. Readers should bear these factors in mind when
considering such statements and should not place undue reliance on
such statements.
Forward-looking statements involve a number of
assumptions, risks and uncertainties that could cause actual
results to differ materially. In the past, actual results have
differed from those suggested by forward looking statements and
this may happen again.
Important factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements include, but are not limited to, the
following: uncertainty related to claims, litigation, cease and
desist orders and investigations brought by government agencies and
private parties regarding our servicing, foreclosure, modification,
origination and other practices, including uncertainty related to
past, present or future investigations, litigation, cease and
desist orders and settlements with state regulators, the Consumer
Financial Protection Bureau (CFPB), State Attorneys General, the
Securities and Exchange Commission (SEC), the Department of Justice
or the Department of Housing and Urban Development (HUD) and
actions brought under the False Claims Act by private parties on
behalf of the United States of America regarding incentive and
other payments made by governmental entities; adverse effects on
our business as a result of regulatory investigations, litigation,
cease and desist orders or settlements; reactions to the
announcement of such investigations, litigation, cease and desist
orders or settlements by key counterparties, including lenders;
increased regulatory scrutiny and media attention; any adverse
developments in existing legal proceedings or the initiation of new
legal proceedings; our ability to effectively manage our regulatory
and contractual compliance obligations; our ability to contain and
reduce our operating costs, including our ability to successfully
execute on our cost improvement initiative; the adequacy of our
financial resources, including our sources of liquidity and ability
to sell, fund and recover advances, repay borrowings and comply
with debt covenants, including the financial and other covenants
contained in them; our ability to timely transfer mortgage
servicing rights under our July 2017 agreements with NRZ; our
ability to maintain our long-term relationship with NRZ under these
new arrangements; our ability to realize anticipated future gains
from future draws on existing loans in our reverse mortgage
portfolio; our servicer and credit ratings as well as other actions
from various rating agencies, including the impact of prior or
future downgrades of our servicer and credit ratings; volatility in
our stock price; the characteristics of our servicing portfolio,
including prepayment speeds along with delinquency and advance
rates; our ability to successfully modify delinquent loans, manage
foreclosures and sell foreclosed properties; uncertainty related to
legislation, regulations, regulatory agency actions, government
programs and policies, industry initiatives and evolving best
servicing practices; as well as other risks detailed in Ocwen’s
reports and filings with the SEC, including its amended annual
report on Form 10-K/A for the year ended December 31, 2016 (filed
with the SEC on 5/15/17) and any current and quarterly reports
since such date. Ocwen’s forward-looking statements speak only as
of the date they are made and, we disclaim any obligation to update
or revise forward-looking statements whether as a result of new
information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures,
such as our reference to adjusted pre-tax income. We believe these
non-GAAP financial measures provide a useful supplement to
discussions and analysis of our financial condition. We believe
these non-GAAP financial measures provide an alternative way to
view certain aspects of our business that is instructive. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, Ocwen's reported results under accounting
principles generally accepted in the United States. Other companies
may use non-GAAP financial measures with the same or similar titles
that are calculated differently to our non-GAAP financial measures.
As a result, comparability may be limited. Further information may
be found on Ocwen's website.
Preliminary Results
The financial results and other financial data
presented in this press release are preliminary, based upon the
Company's estimates and subject to completion of the Company's
financial closing procedures and issuance of its financial
statements as of and for the quarter ended June 30, 2017.
Moreover, the financial results and other financial data have been
prepared on the basis of currently available information. The
Company's final financial results and other financial data could
differ materially from its preliminary financial results and other
financial data. The Company's final financial results will be
set forth in the Company's Form 10-Q for the second quarter of
2017.
Residential Servicing Statistics (Preliminary,
Unaudited)(Dollars in thousands) |
|
At or for the Three Months Ended |
June 30, 2017 |
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
Total unpaid principal
balance of loans and REO serviced |
$ |
194,798,424 |
|
$ |
202,369,014 |
|
$ |
209,092,130 |
|
$ |
216,892,002 |
|
$ |
229,276,001 |
|
|
|
|
|
|
|
Non-performing loans
and REO serviced as a % of total UPB (1) |
9.6 |
% |
10.7 |
% |
11.2 |
% |
11.4 |
% |
11.9 |
% |
|
|
|
|
|
|
Prepayment speed
(average CPR)(2) (3) |
15.0 |
% |
14.0 |
% |
15.1 |
% |
15.0 |
% |
14.2 |
% |
(1) Performing loans include those loans that are less than 90
days past due and those loans for which borrowers are making
scheduled payments under loan modification, forbearance or
bankruptcy plans. We consider all other loans to be
non-performing.
(2) Average CPR for the prior three months. CPR measures
prepayments as a percentage of the current outstanding loan balance
expressed as a compound annual rate.
(3) Average CPR for the three months ended June
30, 2017 includes 18.2% for prime loans and 13.0% for non-prime
loans.
Segment Results
(Preliminary, Unaudited) (Dollars in thousands) |
|
|
|
|
|
|
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Servicing |
|
|
|
|
|
|
|
Revenue |
$ |
271,784 |
|
|
$ |
325,120 |
|
|
$ |
555,802 |
|
|
$ |
632,547 |
|
Expenses |
201,928 |
|
|
257,751 |
|
|
418,842 |
|
|
532,070 |
|
Other
expense, net |
(60,638 |
) |
|
(79,553 |
) |
|
(124,613 |
) |
|
(178,340 |
) |
Income
(loss) before income taxes |
9,218 |
|
|
(12,184 |
) |
|
12,347 |
|
|
(77,863 |
) |
|
|
|
|
|
|
|
|
Lending |
|
|
|
|
|
|
|
Revenue |
32,776 |
|
|
35,376 |
|
|
63,522 |
|
|
58,660 |
|
Expenses |
32,886 |
|
|
31,181 |
|
|
62,217 |
|
|
55,558 |
|
Other
income (expense), net |
(504 |
) |
|
815 |
|
|
(810 |
) |
|
1,329 |
|
Income
(loss) before income taxes |
(614 |
) |
|
5,010 |
|
|
495 |
|
|
4,431 |
|
|
|
|
|
|
|
|
|
Corporate Items and Other |
|
|
|
|
|
|
|
Revenue |
6,740 |
|
|
12,558 |
|
|
13,840 |
|
|
12,604 |
|
Expenses |
45,666 |
|
|
96,086 |
|
|
75,804 |
|
|
126,047 |
|
Other
expense, net |
(11,286 |
) |
|
(5,696 |
) |
|
(22,984 |
) |
|
(11,648 |
) |
Loss
before income taxes |
(50,212 |
) |
|
(89,224 |
) |
|
(84,948 |
) |
|
(125,091 |
) |
|
|
|
|
|
|
|
|
Corporate Eliminations |
|
|
|
|
|
|
|
Revenue |
— |
|
|
— |
|
|
— |
|
|
— |
|
Expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
income (expense), net |
— |
|
|
— |
|
|
— |
|
|
— |
|
Income
(loss) before income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Consolidated loss before income taxes |
$ |
(41,608 |
) |
|
$ |
(96,398 |
) |
|
$ |
(72,106 |
) |
|
$ |
(198,523 |
) |
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands,
except per share data) (Preliminary,
Unaudited) |
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue |
|
|
|
|
|
|
|
Servicing
and subservicing fees |
$ |
255,801 |
|
|
$ |
307,262 |
|
|
$ |
528,303 |
|
|
$ |
604,758 |
|
Gain on
loans held for sale, net |
28,255 |
|
|
27,857 |
|
|
51,199 |
|
|
43,429 |
|
Other |
27,244 |
|
|
37,935 |
|
|
53,662 |
|
|
55,624 |
|
Total
revenue |
311,300 |
|
|
373,054 |
|
|
633,164 |
|
|
703,811 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Compensation and benefits |
90,411 |
|
|
98,422 |
|
|
182,212 |
|
|
194,671 |
|
Servicing
and origination |
64,516 |
|
|
89,987 |
|
|
132,423 |
|
|
185,679 |
|
Professional services |
65,405 |
|
|
121,399 |
|
|
107,234 |
|
|
192,306 |
|
Technology and communications |
24,254 |
|
|
32,709 |
|
|
51,601 |
|
|
59,578 |
|
Occupancy
and equipment |
16,480 |
|
|
20,708 |
|
|
34,229 |
|
|
45,453 |
|
Amortization of mortgage servicing rights |
12,697 |
|
|
8,347 |
|
|
25,412 |
|
|
21,153 |
|
Other |
6,717 |
|
|
13,446 |
|
|
23,752 |
|
|
14,835 |
|
Total
expenses |
280,480 |
|
|
385,018 |
|
|
556,863 |
|
|
713,675 |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest
income |
4,239 |
|
|
5,140 |
|
|
8,002 |
|
|
9,330 |
|
Interest
expense |
(81,128 |
) |
|
(91,033 |
) |
|
(165,190 |
) |
|
(197,122 |
) |
Gain on
sale of mortgage servicing rights, net |
1,033 |
|
|
853 |
|
|
1,320 |
|
|
2,028 |
|
Other,
net |
3,428 |
|
|
606 |
|
|
7,461 |
|
|
(2,895 |
) |
Total
other expense, net |
(72,428 |
) |
|
(84,434 |
) |
|
(148,407 |
) |
|
(188,659 |
) |
|
|
|
|
|
|
|
|
Loss before income
taxes |
(41,608 |
) |
|
(96,398 |
) |
|
(72,106 |
) |
|
(198,523 |
) |
Income tax expense
(benefit) |
2,828 |
|
|
(9,180 |
) |
|
4,953 |
|
|
(104 |
) |
Net
loss |
(44,436 |
) |
|
(87,218 |
) |
|
(77,059 |
) |
|
(198,419 |
) |
Net income attributable
to non-controlling interests |
(71 |
) |
|
(160 |
) |
|
(172 |
) |
|
(290 |
) |
Net loss
attributable to Ocwen stockholders |
$ |
(44,507 |
) |
|
$ |
(87,378 |
) |
|
$ |
(77,231 |
) |
|
$ |
(198,709 |
) |
|
|
|
|
|
|
|
|
Loss per share
attributable to Ocwen stockholders |
|
|
|
|
|
|
|
Basic |
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.60 |
) |
Diluted |
$ |
(0.36 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.60 |
) |
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
Basic |
124,582,280 |
|
|
123,893,752 |
|
|
124,300,171 |
|
|
123,993,545 |
|
Diluted |
124,582,280 |
|
|
123,893,752 |
|
|
124,300,171 |
|
|
123,993,545 |
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except
share data)(Preliminary, Unaudited)
|
|
June 30, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
Cash |
$ |
251,472 |
|
|
$ |
256,549 |
|
Mortgage
servicing rights ($625,650 and $679,256 carried at fair value) |
975,185 |
|
|
1,042,978 |
|
Advances,
net |
219,214 |
|
|
257,882 |
|
Match
funded assets (related to variable interest entities (VIEs)) |
1,292,908 |
|
|
1,451,964 |
|
Loans
held for sale ($239,491 and $284,632 carried at fair value) |
260,959 |
|
|
314,006 |
|
Loans
held for investment, at fair value |
4,223,776 |
|
|
3,565,716 |
|
Receivables, net |
252,797 |
|
|
265,720 |
|
Premises
and equipment, net |
56,409 |
|
|
62,744 |
|
Other
assets ($18,037 and $20,007 carried at fair value) ($26,570 and
$43,331 related to VIEs) |
399,672 |
|
|
438,104 |
|
Total
assets |
$ |
7,932,392 |
|
|
$ |
7,655,663 |
|
|
|
|
|
Liabilities and
Equity |
|
|
|
Liabilities |
|
|
|
HMBS-related borrowings, at fair value |
$ |
4,061,626 |
|
|
$ |
3,433,781 |
|
Other
financing liabilities ($441,007 and $477,707 carried at fair
value) |
533,806 |
|
|
579,031 |
|
Match
funded liabilities (related to VIEs) |
1,108,377 |
|
|
1,280,997 |
|
Other
secured borrowings, net |
643,860 |
|
|
678,543 |
|
Senior
notes, net |
347,063 |
|
|
346,789 |
|
Other
liabilities ($11 and $1,550 carried at fair value) |
657,413 |
|
|
681,239 |
|
Total
liabilities |
7,352,145 |
|
|
7,000,380 |
|
|
|
|
|
Equity |
|
|
|
Ocwen
Financial Corporation (Ocwen) stockholders’ equity |
|
|
|
Common
stock, $.01 par value; 200,000,000 shares authorized; 124,778,548
and 123,988,160 shares issued and outstanding at June 30, 2017 and
December 31, 2016, respectively |
1,248 |
|
|
1,240 |
|
Additional paid-in capital |
529,188 |
|
|
527,001 |
|
Retained
earnings |
48,652 |
|
|
126,167 |
|
Accumulated other comprehensive loss, net of income taxes |
(1,338 |
) |
|
(1,450 |
) |
Total
Ocwen stockholders’ equity |
577,750 |
|
|
652,958 |
|
Non-controlling interest in subsidiaries |
2,497 |
|
|
2,325 |
|
Total
equity |
580,247 |
|
|
655,283 |
|
Total
liabilities and equity |
$ |
7,932,392 |
|
|
$ |
7,655,663 |
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in
thousands)(Preliminary, Unaudited)
|
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
Cash flows from
operating activities |
|
|
|
Net
loss |
$ |
(77,059 |
) |
|
$ |
(198,419 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Amortization of mortgage servicing rights |
25,412 |
|
|
21,153 |
|
Loss on
valuation of mortgage servicing rights, at fair value |
51,959 |
|
|
59,104 |
|
Impairment of mortgage servicing rights |
4,650 |
|
|
39,030 |
|
Gain on
sale of mortgage servicing rights, net |
(1,320 |
) |
|
(2,028 |
) |
Realized
and unrealized (gains) losses on derivative financial
instruments |
(31 |
) |
|
2,080 |
|
Provision
for bad debts |
31,918 |
|
|
32,785 |
|
Depreciation |
13,439 |
|
|
11,850 |
|
Amortization of debt issuance costs |
1,334 |
|
|
6,498 |
|
Equity-based compensation expense |
3,263 |
|
|
3,079 |
|
Net gain
on valuation of mortgage loans held for investment and HMBS-related
borrowings |
(11,381 |
) |
|
(14,451 |
) |
Gain on
loans held for sale, net |
(29,512 |
) |
|
(35,794 |
) |
Origination and purchase of loans held for sale |
(2,243,475 |
) |
|
(2,883,124 |
) |
Proceeds
from sale and collections of loans held for sale |
2,217,259 |
|
|
2,789,433 |
|
Changes
in assets and liabilities: |
|
|
|
Decrease
in advances and match funded assets |
226,742 |
|
|
215,525 |
|
Decrease
in receivables and other assets, net |
87,548 |
|
|
75,208 |
|
(Decrease) increase in other liabilities |
(28,053 |
) |
|
40,955 |
|
Other,
net |
8,043 |
|
|
9,285 |
|
Net cash
provided by operating activities |
280,736 |
|
|
172,169 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Origination of loans held for investment |
(698,473 |
) |
|
(675,665 |
) |
Principal
payments received on loans held for investment |
192,569 |
|
|
238,838 |
|
Purchase
of mortgage servicing rights |
(1,657 |
) |
|
(12,432 |
) |
Proceeds
from sale of mortgage servicing rights |
1,464 |
|
|
15,122 |
|
Proceeds
from sale of advances |
3,719 |
|
|
66,651 |
|
Issuance
of automotive dealer financing notes |
(85,076 |
) |
|
— |
|
Collections of automotive dealer financing notes |
76,264 |
|
|
— |
|
Additions
to premises and equipment |
(7,243 |
) |
|
(17,312 |
) |
Other |
2,277 |
|
|
8,179 |
|
Net cash
used in investing activities |
(516,156 |
) |
|
(376,619 |
) |
|
|
|
|
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — (continued) (Dollars in
thousands)(Preliminary, Unaudited) |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
Cash flows from
financing activities |
|
|
|
Repayment
of match funded liabilities, net |
(172,620 |
) |
|
(152,668 |
) |
Proceeds
from mortgage loan warehouse facilities and other secured
borrowings |
4,216,466 |
|
|
4,173,609 |
|
Repayments of mortgage loan warehouse facilities and other secured
borrowings |
(4,475,642 |
) |
|
(4,368,903 |
) |
Payment
of debt issuance costs |
(841 |
) |
|
(2,242 |
) |
Proceeds
from sale of reverse mortgages (HECM loans) accounted for as a
financing (HMBS-related borrowings) |
664,453 |
|
|
522,981 |
|
Repurchase of common stock |
— |
|
|
(5,890 |
) |
Other |
(1,473 |
) |
|
(794 |
) |
Net cash
provided by financing activities |
230,343 |
|
|
166,093 |
|
|
|
|
|
Net decrease in
cash |
(5,077 |
) |
|
(38,357 |
) |
Cash at beginning of
year |
256,549 |
|
|
257,272 |
|
Cash at end of
period |
$ |
251,472 |
|
|
$ |
218,915 |
|
|
|
|
|
FOR FURTHER INFORMATION CONTACT:
Investors:
Stephen Swett
T: (203) 614-0141
E: shareholderrelations@ocwen.com
Media:
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
Dan Rene
T: (202) 973 -1325
E: drene@levick.com
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