Royal Gold, Inc. (NASDAQ: RGLD) (together with its
subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) reports
net income of $28.6 million, or $0.44 per share, on revenue of
$112.5 million in its fiscal first quarter ended September 30,
2017. Subsequent to our first quarter-end, New Gold declared
commercial production at Rainy River.
Fiscal First Quarter Highlights Compared to Prior Year
Quarter:
- Revenue of $112 million, a decrease of
5%
- Operating cash flow of $72 million, an
increase of 30%
- Volume of 88,000 GEOs,1 in line with
the prior year quarter
- Dividends paid of $16 million, an
increase of 4%
- Repaid $50 million on revolving credit
facility
- Average gold price of $1,278, down
4%
“The first fiscal quarter reflected steady results, strong cash
flow generation, debt reduction, and growth that is already bought
and paid for,” commented Tony Jensen, President and CEO. “Our gold
and silver stream at Rainy River will further complement Royal
Gold’s results in the December quarter. We congratulate New Gold on
achieving commercial production at Rainy River ahead of schedule,
and we are very pleased to add another Canadian property to our
portfolio of 40 worldwide producing interests.”
Recent Developments
New Gold’s Rainy River
On October 19, 2017, New Gold announced that its Rainy River
mine, located near Fort Frances, Ontario, achieved commercial
production approximately two weeks ahead of schedule. In its first
30 days of operation, New Gold reported that Rainy River
successfully processed approximately 457,000 tonnes of ore and that
both grade and recoveries have been consistent with its
commissioning plan. For the period October 1 to October 24, Rainy
River processed an average of 18,500 tonnes per day, which is
approximately 88% of nameplate capacity.
On September 28, New Gold announced the approval of its Schedule
2 Amendment that was required to complete construction of the main
tailing storage facility.
Royal Gold has a streaming interest on 6.5% of the gold (3.25%
after delivery of 230,000 ounces) and 60% of the silver (30% after
delivery of 3,100,000 ounces) produced at Rainy River. At calendar
year-end 2016, New Gold reported reserves of approximately 3.9
million ounces of gold reserves and 10 million ounces of silver
reserves at Rainy River.2
First Fiscal Quarter 2018 Overview
First quarter revenue was $112.5 million compared to $118.0
million in the prior year quarter. Stream and royalty revenue
totaled $78.8 million and $33.7 million, respectively, for the
quarter. Revenue decreased due to a lower gold price and lower gold
sales at Mount Milligan and Andacollo, partially offset by higher
sales at Wassa and Prestea and new copper sales from Mount
Millligan. Copper deliveries from Mount Milligan began in the June
2017 quarter.
First quarter cost of sales of $20.4 million was below the $22.7
million recorded in the prior year quarter, driven by lower gold
sales from Andacollo and Mount Milligan.
General and administrative expenses decreased to $6.9 million in
the first quarter, compared to $10.5 million in the prior year
quarter. The decrease was primarily related to $1.8 million in
lower non-cash stock-based compensation charges and a decrease in
legal costs of approximately $1.1 million.
Exploration costs, which are related to our Peak Gold Joint
Venture, were $3.2 million in the first quarter, which was in line
with the prior year quarter.
Interest and other expense of $8.6 million was in line with the
prior year quarter of $8.3 million.
We recognized first quarter income tax expense of $7.5 million,
compared to $7.2 million during the prior year quarter. This
resulted in an effective tax rate of 22.1% compared to 21.1% in the
prior year quarter. The increase was primarily related to a
re-measurement of Canadian dollar deferred tax liabilities due to
foreign exchange rate changes.
At September 30, 2017, we had current assets of
$155.8 million compared to current liabilities of
$39.7 million, resulting in working capital of $116.1
million. This compares to current assets of $143.6 million and
current liabilities of $34.3 million at June 30, 2017,
resulting in working capital of $109.3 million.
During the first quarter, liquidity needs were met from our
available cash resources and $84.6 million in revenue net of
our streaming payments. The Company repaid $50 million of the
outstanding revolving credit facility during the quarter resulting
in $800 million available and $200 million outstanding
under its revolving credit facility as of September 30, 2017.
Working capital, combined with the Company’s undrawn revolving
credit facility, totals $916 million of liquidity at
September 30, 2017.
______________________________
1 Gold Equivalent Ounces, (“GEOs”) are calculated as revenue
divided by the average gold price for the same period. GEOs net of
stream payments were 72,000 in the first quarter, compared to
71,300 in the prior year quarter.
2 Cautionary Note to U.S. Investors Concerning Estimates of
Proven and Probable Mineral Reserves and Measured and Indicated
Mineral Resources: The mineral reserve estimates reported by
New Gold were prepared in accordance with Canadian Institute
of Mining, Metallurgy and Petroleum Definition Standards for
Mineral Resources and Mineral Reserves. Royal Gold has not
reconciled the reserve estimates provided by New Gold with
definitions of reserves used by the U.S. Securities and
Exchange Commission.
PROPERTY HIGHLIGHTS
A summary of first quarter and historical production reported
can be found on Tables 1 and 2. Calendar year 2017 operator
production estimates of certain properties in which we have
interests compared to actual production through September 30, 2017
can be found on Table 3. Results of our streaming business for the
first quarter, compared to the prior year quarter, can be found on
Table 4. Highlights at certain of the Company’s principal producing
and development properties during the first quarter, compared to
the prior year quarter, are detailed in our Annual Report on Form
10-K.
CORPORATE PROFILE
Royal Gold is a precious metals stream and royalty company
engaged in the acquisition and management of precious metal
streams, royalties and similar production based interests. The
Company owns interests on 197 properties on six continents,
including interests on 40 producing mines and 23 development stage
projects. Royal Gold is publicly traded on the NASDAQ Global Select
Market under the symbol “RGLD.” The Company’s website is located at
www.royalgold.com.
Note: Management’s conference call reviewing the first
quarter results will be held on Thursday, November 2, 2017, at noon
Eastern Time (10:00 a.m. Mountain Time). The call will be webcast
and archived on the Company’s website for a limited time.
First Quarter Earnings Call Information:
Dial-In Numbers: 855-209-8260 (U.S.);
toll free 855-669-9657 (Canada); toll free 412-542-4106
(International) Conference Title: Royal Gold Webcast URL:
www.royalgold.com under Investors, Events
& Presentations
Cautionary “Safe Harbor” Statement Under the Private
Securities Litigation Reform Act of 1995: With the exception of
historical matters, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking
statements include statements about cash flow growth, debt
reduction and growth already bought and paid for; Rainy River as a
new source of revenue providing further growth and revenue
diversification; and operators’ production estimates for calendar
year 2017. Net gold and metal reserves attributable to Royal Gold’s
stream, royalty and other interests are subject to certain
assumptions and, like reserves, do not reflect actual ounces that
will be produced. Like any stream, royalty or similar interest on a
non-producing or not-yet-in-development project, our interests on
development projects are subject to certain risks, such as the
ability of the operators to bring the projects into production and
operate in accordance with their feasibility studies and mine
plans, and the ability of Royal Gold to make accurate assumptions
regarding valuation and timing and amount of payments. In addition,
many of our interests are subject to risks associated with
conducting business in a foreign country, including application of
foreign laws to contract and other disputes, foreign environmental
laws and enforcement and uncertain political and economic
environments. Factors that could cause actual results to differ
materially from the projections include, among others, precious
metals, copper and nickel prices; performance of and production at
the Company's stream and royalty properties, including gold and
copper production at Mount Milligan and gold and silver production
at Pueblo Viejo; the ability of operators of development properties
to finance project construction to completion and bring projects
into production as expected; operators’ delays in securing or
inability to secure or maintain necessary governmental permits;
decisions and activities of the operators of the Company's stream
and royalty properties; unanticipated grade, environmental,
geological, seismic, metallurgical, processing, liquidity or other
problems the operators of the Company’s stream and royalty
properties may encounter; changes in operators’ project parameters
as plans continue to be refined; changes in estimates of reserves
and mineralization by the operators of the Company’s stream and
royalty properties; contests to the Company’s stream and royalty
interests and title and other defects to the Company’s stream and
royalty properties; errors or disputes in calculating stream
deliveries and royalty payments, or deliveries or payments not made
in accordance with stream and royalty agreements; economic and
market conditions; changes in laws governing the Company and its
stream and royalty interests or the operators of the properties
subject to such interests, and other subsequent events; as well as
other factors described in the Company's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. Most of these factors are
beyond the Company’s ability to predict or control. The Company
disclaims any obligation to update any forward-looking statement
made herein. Readers are cautioned not to put undue reliance on
forward-looking statements.
Statement Regarding Third-Party Information: Certain
information provided in this press release, including production
estimates for calendar 2017, has been provided to us by the
operators of the relevant properties or is publicly available
information filed by these operators with applicable securities
regulatory bodies, including the Securities and Exchange
Commission. Royal Gold has not verified, and is not in a position
to verify, and expressly disclaims any responsibility for, the
accuracy, completeness or fairness of such third-party information
and refers the reader to the public reports filed by the operators
for information regarding those properties.
TABLE 1
First Quarter Fiscal 2018
Revenue and Reported Production for
Principal Stream and Royalty Interests
(In thousands, except reported
production in oz. and lbs.)
Three Months Ended Three Months Ended September
30, 2017 September 30, 2016
Reported Reported
Stream/Royalty
Metal(s)
Revenue
Production1
Revenue Production1
Stream:
Mount Milligan $ 31,952 $ 38,386
Gold 18,600 oz. 28,900 oz. Copper 2.6 Mlbs. N/A Pueblo
Viejo2 $ 25,403 $ 20,950 Gold 12,900 oz. 11,000 oz. Silver 536,600
oz. 323,300 oz. Andacollo Gold $ 12,337 9,700 oz. $ 20,169 15,200
oz. Wassa and Prestea Gold $ 9,070 7,100 oz. $ 5,999 4,500 oz.
Total stream revenue $ 78,762 $ 85,504
Royalty:
Peñasquito $ 7,796 $ 5,821 Gold 134,000
oz. 100,100 oz. Silver 5.9 Moz. 5.2 Moz. Lead 36.2 Mlbs. 33.0 Mlbs.
Zinc 92.4 Mlbs. 73.0 Mlbs. Cortez Gold $ 2,988 29,900 oz. $ 2,040
21,800 oz. Other3 Various $ 22,930 N/A $ 24,582 N/A Total royalty
revenue $ 33,714 $ 32,443
Total revenue $ 112,476
$ 117,947
TABLE 2
Historical Production
Reported Production For The Quarter Ended1
Property
Stream/Royalty
Operator
Metal(s) Sep. 30, 2017
Jun. 30, 2017 Mar. 31,
2017 Dec. 31, 2016 Sep.
30, 2016 Stream:
Mount Milligan4
35.00% of payablegold; 18.75% ofpayable
copper
Centerra Gold 18,600
oz. 19,800 oz. 28,900
oz. 25,700 oz. 28,900
oz.
Copper 2.6 Mlbs. 2.6
Mlbs. N/A N/A N/A
Pueblo Viejo
7.5% of goldproduced up to990,000
ounces;3.75% thereafter
Barrick (60%) Gold 12,900 oz.
10,500 oz. 15,600 oz.
13,700 oz. 11,000 oz.
75% of payablesilver up to 50million
ounces;37.5% thereafter
Silver 536,600 oz.
374,500 oz. 322,000 oz.
543,300 oz. 323,300 oz.
Andacollo
100% of goldproduced
Teck Gold 9,700
oz. 14,900 oz. 8,500 oz.
9,200 oz. 15,200 oz.
Wassa and Prestea
9.25% of goldproduced up to240,000
ounces;5.5% thereafter
Golden Star Gold 7,100
oz. 6,300 oz. 5,400
oz. 4,000 oz. 4,500
oz.
Royalty:
Peñasquito 2.0% NSR Goldcorp
Gold 134,000
oz. 133,300 oz. 137,500
oz. 185,400 oz. 100,100
oz. Silver 5.9 Moz. 5.6
Moz. 4.8 Moz. 5.0
Moz. 5.2 Moz. Lead 36.2
Mlbs. 27.4 Mlbs. 31.3
Mlbs. 33.6 Mlbs. 33.0
Mlbs.
Zinc 92.4 Mlbs. 85.7
Mlbs. 88.5 Mlbs. 70.5
Mlbs. 73.0 Mlbs. Cortez
GSR1 and GSR2,GSR3, NVR1
Barrick Gold 29,900
oz. 16,600 oz. 11,300
oz. 14,500 oz. 21,800
oz.
FOOTNOTESTables 1 and 2
1 Reported production relates to the amount of metal sales
that are subject to our stream and royalty interests for the stated
period, as reported to us by operators of the mines. 2 The first
silver stream deliveries were in March 2016, with the first silver
sales made during the June 2016 quarter. 3 Individually, no stream
or royalty included within the “Other” category contributed greater
than 5% of our total revenue for the entire period. 4 Reflects the
October 20, 2016 amendment to our Mount Milligan streaming
agreement. Prior to the amendment, Royal Gold held a 52.25% gold
stream. Gold concentrate that was in transit at October 20, 2016
was delivered to us under the 52.25% gold stream. Royal Gold began
receiving gold and copper deliveries reflecting the amended stream
agreement in April 2017.
TABLE 3
Calendar 2017 Operator’s Production
Estimate vs Actual Production
Calendar 2017 Operator's Production Calendar 2017
Operator's Production Estimate1
Actual2,3 Gold Silver Base
Metals Gold Silver Base
Metals Stream/Royalty (oz.)
(oz.) (lbs.)
(oz.) (oz.)
(lbs.) Stream:
Andacollo4 61,600
40,500 Mount Milligan5
235,000-255,000 55
- 65 million 164,000
41.3 million Pueblo Viejo6
635,000-650,000 Not provided
468,000 Not provided
Wassa and Prestea7 255,000-280,000
195,800
Royalty:
Cortez GSR1 102,200
57,200
Cortez GSR2 1,600
600
Cortez GSR3 103,800
57,800 Cortez NVR1
63,900
29,900
Peñasquito8 410,000 Not provided
393,000 16.0
million Lead
125 million
96.8 million Zinc
325 million
263.2 million 1
Production estimates received from our operators are for
calendar 2017. There can be no assurance that production estimates
received from our operators will be achieved. Please refer to our
cautionary language regarding forward-looking statements and the
statement regarding third party information contained in this press
release, as well as the Risk Factors identified in Part I, Item 1A,
of our Fiscal 2016 Form 10-K for information regarding factors that
could affect actual results. 2
Actual production figures shown are from
our operators and cover the period January 1, 2017 through
September 30, 2017.
3 Actual production figures for Cortez are based on information
provided to us by Barrick Gold Corporation, and actual production
figures for Andacollo, Mount Milligan, Pueblo Viejo, Peñasquito
(gold) and Wassa and Prestea are the publicly reported figures of
the operators of those properties. 4 The estimated and actual
production figures shown for Andacollo are contained gold in
concentrate. 5 The estimated and actual production figures shown
for Mount Milligan are payable gold and copper in concentrate. 6
The estimated and actual production figures shown for Pueblo Viejo
are payable gold in doré and represent Barrick’s 60% interest in
Pueblo Viejo. 7 The estimated gold production figures shown for
Wassa and Prestea are payable gold in concentrate and doré. 8 The
estimated and actual gold production figures shown for Peñasquito
are payable gold in concentrate. The operator did not provide
estimated silver, lead and zinc production.
TABLE 4
Stream Summary
Three Months Ended Three Months Ended As
of As of September 30, 2017 September 30,
2016 September 30, 2017 June 30, 2017 Gold
Stream Purchases (oz.) Sales (oz.) Purchases
(oz.) Sales (oz.) Inventory (oz.)
Inventory (oz.) Mount Milligan 18,767 18,618 29,900 28,900
227 100 Pueblo Viejo 10,482 12,889 13,700 11,000 10,482 12,900
Andacollo 13,023 9,655 15,300 15,200 3,518 100 Wassa and Prestea
7,351 7,073 4,500 4,500 1,213 1,000
Total 49,623
48,235 63,400 59,600 15,440
14,100 Three Months Ended Three Months
Ended As of As of September 30, 2017
September 30, 2016 September 30, 2017 June 30,
2017 Silver Stream Purchases (oz.) Sales
(oz.) Purchases (oz.) Sales (oz.) Inventory
(oz.) Inventory (oz.) Pueblo Viejo 470,007 536,605
543,300 323,300 470,212 536,800
Three Months Ended
Three Months Ended As of As of September
30, 2017 September 30, 2016 September 30, 2017
June 30, 2017 Copper Stream Purchases (tonnes)
Sales (tonnes) Purchases (tonnes) Sales
(tonnes) Inventory (tonnes) Inventory (tonnes)
Mount Milligan 1,169 1,169 N/A N/A - -
ROYAL GOLD, INC.
Consolidated Balance Sheets
As of September 30,
(In thousands except share data)
September 30, 2017 June 30, 2017 ASSETS
Cash and equivalents $ 88,395 $ 85,847 Royalty receivables 29,079
26,886 Income tax receivable 26,023 22,169 Stream inventory 7,794
7,883 Prepaid expenses and other 4,488 822 Total
current assets 155,779 143,607 Stream and royalty interests, net
2,852,598 2,892,256 Other assets 57,518 58,202 Total
assets $ 3,065,895 $ 3,094,065
LIABILITIES Accounts payable
$ 2,924 $ 3,908 Dividends payable 15,708 15,682 Income tax payable
11,686 5,651 Foreign withholding taxes payable 3,462 3,425 Other
current liabilities 5,915 5,617 Total current
liabilities 39,695 34,283 Debt 539,772 586,170 Deferred tax
liabilities 121,731 121,330 Uncertain tax positions 28,120 25,627
Other long-term liabilities 6,391 6,391 Total
liabilities 735,709 773,801 Commitments and
contingencies
EQUITY Preferred stock, $.01 par value,
10,000,000 shares authorized; and 0 shares issued - - Common stock,
$.01 par value, 200,000,000 shares authorized; and 65,306,271 and
65,179,527 shares outstanding, respectively 653 652 Additional
paid-in capital 2,184,639 2,185,796 Accumulated other comprehensive
income 1,076 879 Accumulated earnings 100,972 88,050
Total Royal Gold stockholders’ equity 2,287,340 2,275,377
Non-controlling interests 42,846 44,887 Total equity
2,330,186 2,320,264 Total liabilities and equity $
3,065,895 $ 3,094,065
ROYAL GOLD, INC.
Consolidated Statements of Operations and
Comprehensive Income (Loss)
(In thousands except for per share
data)
For The Three Months Ended September 30,
September 30, 2017 2016
Revenue $ 112,476 $ 117,947 Costs and expenses Cost of sales
20,419 22,662 General and administrative 6,899 10,507 Production
taxes 543 497 Exploration costs 3,203 3,288 Depreciation, depletion
and amortization 39,692 40,102 Total
costs and expenses 70,756 77,056
Operating income 41,720 40,891 Interest and other income 989
1,557 Interest and other expense (8,617 ) (8,305 )
Income before income taxes 34,092 34,143 Income tax expense
(7,544 ) (7,188 ) Net income 26,548 26,955 Net loss
attributable to non-controlling interests 2,083
2,832 Net income attributable to Royal Gold common
stockholders $ 28,631 $ 29,787 Net income $
26,548 $ 26,955 Adjustments to comprehensive income, net of tax
Unrealized change in market value of available-for-sale securities
197 - Comprehensive income 26,745 26,955
Comprehensive loss attributable to non-controlling interests
2,083 2,832 Comprehensive income attributable
to Royal Gold stockholders $ 28,828 $ 29,787
Net income per share available to Royal Gold common stockholders:
Basic earnings per share $ 0.44 $ 0.46 Basic weighted
average shares outstanding 65,235,496
65,116,686 Diluted earnings per share $ 0.44 $ 0.46
Diluted weighted average shares outstanding
65,404,680 65,280,904
Cash dividends declared per common
share
$ 0.24 $ 0.23
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(In thousands)
For The Three Months Ended September 30,
September 30, 2017 2016 Cash flows from operating activities: Net
income $ 26,548 $ 26,955 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation,
depletion and amortization 39,692 40,102 Amortization of debt
discount and issuance costs 3,679 3,351 Non-cash employee stock
compensation expense 2,373 4,144 Deferred tax expense (benefit)
(727 ) (1,030 ) Other (223 ) (153 ) Changes in assets and
liabilities: Royalty receivables (2,193 ) (7,048 ) Stream inventory
89 (3,125 ) Income tax receivable (3,854 ) (3,215 ) Prepaid
expenses and other assets (1,654 ) (1,724 ) Accounts payable (985 )
1,777 Income tax payable 6,035 (13,264 ) Foreign withholding taxes
payable 37 1,086 Uncertain tax positions 2,493 6,374 Other
liabilities 299 878 Net cash provided
by operating activities $ 71,609 $ 55,108 Cash
flows from investing activities: Acquisition of stream and royalty
interests (5 ) (90,083 ) Other 100 (226 ) Net
cash provided by (used in) provided by investing activities $ 95
$ (90,309 ) Cash flows from financing activities:
Borrowings from revolving credit facility - 70,000 Repayment of
revolving credit facility (50,000 ) - Net payments from issuance of
common stock (3,529 ) (2,038 ) Common stock dividends (15,682 )
(15,012 ) Purchase of additional royalty interest from
non-controlling interest - (1,025 ) Other 55
(315 ) Net cash (used in) provided by financing activities $
(69,156 ) $ 51,610 Net increase in cash and equivalents
2,548 16,409 Cash and equivalents at beginning of period
85,847 116,633 Cash and equivalents at end of
period $ 88,395 $ 133,042
SCHEDULE A
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
generally accepted accounting principles (“GAAP”). These measures
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
Our management uses Adjusted EBITDA as a measure of operating
performance to assist in comparing performance from period to
period on a consistent basis; as a measure for planning and
forecasting overall expectations and for evaluating actual results
against such expectations; in communications with the board of
directors, stockholders, analysts and investors concerning our
financial performance; as useful comparisons to the performance of
our competitors; and as metrics of certain management incentive
compensation calculations. We believe that these measures are used
by and are useful to investors and other users of our financial
statements in evaluating our operating performance because they
provide an additional tool to evaluate our performance without
regard to special and non-core items, which can vary substantially
from company to company depending upon accounting methods, book
value of assets and capital structure. We have provided
reconciliations of all non-GAAP measures to their nearest U.S. GAAP
measures and have consistently applied the adjustments within our
reconciliations in arriving at each non-GAAP measure. We consider
these items to be necessary adjustments for purposes of evaluating
our ongoing business performance and are often considered
non-recurring. Such adjustments are subjective and involve
significant management judgment.
Adjusted EBITDA Reconciliation
Adjusted EBITDA is defined by the Company as net income (loss)
plus depreciation, depletion and amortization, non-cash charges,
income tax expense, interest and other expense, and any impairment
of mining assets, less non-controlling interests in operating loss
(income) of consolidated subsidiaries, interest and other income,
and any royalty portfolio restructuring gains or losses. Other
companies may define and calculate this measure differently.
Adjusted EBITDA identifies the cash generated in a given period
that will be available to fund the Company's future operations,
growth opportunities, shareholder dividends and to service the
Company's debt obligations. This information differs from measures
of performance determined in accordance with U.S. GAAP and should
not be considered in isolation or as a substitute for measures of
performance determined in accordance with U.S. GAAP. See the table
below for a reconciliation of net income to Adjusted EBITDA.
For The Three Months Ended September
30, (Unaudited, in thousands) 2017
2016 Net income $ 26,548 $ 26,955
Depreciation, depletion and amortization 39,692 40,102 Non-cash
employee stock compensation 2,373 4,144 Interest and other, net
7,628 6,748 Income tax expense 7,544 7,188 Non-controlling
interests in operating loss of consolidated subsidiaries 2,083
2,984
Adjusted EBITDA $ 85,868 $ 88,121
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171101006939/en/
Royal GoldKarli Anderson, 303-575-6517Vice President
Investor Relations
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