- Total revenues increased 5% to $10.4
billion in the third quarter
- Shareholders’ net income for the
third quarter was $560 million, or $2.21 per share
- Adjusted income from
operations1 in the third quarter was $716 million, or
$2.83 per share
- Global medical customer2
growth projection increased to approximately 650,000 lives in
2017
- Adjusted income from
operations1,3 is now projected to be in the range of
$2.60 billion to $2.65 billion in 2017, or $10.20 to $10.40 per
share4, which represents per share growth of 26% to
28% over 2016
Cigna Corporation (NYSE: CI) today reported third quarter 2017
results with strong performance across the company’s Global Health
Care, Global Supplemental Benefits and Group Disability & Life
segments.
“Cigna’s third quarter results are driven by consistent, strong
execution of our strategy to provide affordable and personalized
solutions for our customers and clients around the globe,” said
David M. Cordani, President and Chief Executive Officer. “As we
look ahead to 2018, we expect to drive continued innovation and
growth as we deliver sustained value in a rapidly changing and
dynamic environment.”
Total revenues in the quarter were $10.4 billion, an increase of
5% over third quarter 2016, driven by continued growth in Cigna's
targeted customer segments.
For the third quarter of 2017, shareholders’ net income was $560
million, or $2.21 per share, compared with $456 million, or $1.76
per share, for the third quarter of 2016.
Cigna's adjusted income from operations1 for the third quarter
of 2017 was $716 million, or $2.83 per share, compared with $503
million, or $1.94 per share, for the third quarter of 2016. This
reflects significantly increased earnings contributions from each
of our business segments.
Reconciliations of shareholders’ net income to adjusted income
from operations1 are provided on the following page, and on Exhibit
2 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and
reconciliations of consolidated operating revenues5 to total
revenues and adjusted income from operations1 to shareholders’ net
income:
Consolidated Financial Results (dollars in millions, customers
in thousands): Nine Months
Three Months Ended Ended September 30, June
30, September 30, 2017
2016 2017 2017
Total Revenues $ 10,382 $ 9,880 $ 10,318 $ 31,085 Net
Realized Investment (Gains) (117) (75)
(51) (214) Consolidated Operating Revenues5 $
10,265 $ 9,805 $ 10,267 $ 30,871
Consolidated Earnings,
net of taxes Shareholders’ Net Income $ 560 $ 456 $ 813 $ 1,971
Net Realized Investment (Gains) (75) (48) (34) (140) Amortization
of Other Acquired Intangible Assets 16 24 18 54 Special Items1
215 71 (47) 300
Adjusted Income from Operations1 $ 716 $ 503 $ 750
$ 2,185 Shareholders’ Net Income, per share $ 2.21
$ 1.76 $ 3.15 $ 7.67 Adjusted Income from
Operations1, per share $ 2.83 $ 1.94 $ 2.91 $
8.50
- Third quarter 2017 shareholders’ net
income included special item1 charges of $215 million after-tax, or
$0.85 per share, predominantly associated with the previously
disclosed early extinguishment of debt, compared with special item1
charges in third quarter 2016 of $71 million after-tax, or $0.28
per share, for merger-related transaction costs and a litigation
matter.
- Cash and marketable investments at the
parent company were $1.7 billion at September 30, 2017 and $2.8
billion at December 31, 2016.
- Year to date, as of November 1, 2017,
the Company repurchased 13.2 million shares of common stock for
approximately $2.3 billion.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 2 for a reconciliation of adjusted income (loss)
from operations1 to shareholders’ net income.
Global Health
Care
This segment includes Cigna’s Commercial and Government
businesses that deliver medical and specialty health care products
and services to domestic and multi-national clients and customers
using guaranteed cost, retrospectively experience-rated and
administrative services only (“ASO”) funding arrangements.
Specialty health care includes behavioral, dental, disease and
medical management, stop loss and pharmacy-related products and
services.
Financial Results (dollars in millions, customers in
thousands): Nine Months
Three Months Ended Ended September 30,
June 30,
September 30, 2017 2016
2017
2017 Premiums and Fees $ 7,197 $ 6,807
$ 7,179 $ 21,715 Adjusted Income from Operations1 $ 575 $ 416 $ 591
$ 1,776 Adjusted Margin, After-Tax6 7.1% 5.4% 7.3% 7.3%
As of the Periods Ended September 30,
June 30,
December 31,
Customers:
2017 2016
2017 2016 Commercial 15,332 14,594
15,163 14,631 Government 484 583
491 566 Medical2 15,816 15,177 15,654 15,197
Behavioral Care7 26,636 25,643 26,014 25,790 Dental 15,776 14,960
15,760 14,981 Pharmacy 8,959 8,370 8,902 8,461 Medicare Part D 812
999 823 972
- Global Health Care results in the third
quarter reflect strong performance led by our Commercial
business.
- Third quarter 2017 premiums and fees
increased 6% relative to third quarter 2016, driven by customer
growth and specialty contributions in our Commercial business,
partially offset by lower enrollment in our Government business, as
expected.
- The medical customer base2 at the end
of the third quarter 2017 totaled 15.8 million, an increase of
619,000 customers year to date, driven by organic growth across our
Commercial market segments.
- Third quarter 2017 adjusted income from
operations1 and adjusted margin, after-tax6 reflect strong medical
and specialty results, continued effective medical cost management
and operating expense discipline.
- Adjusted income from operations1 for
third quarter 2017 and second quarter 2017 included favorable prior
year reserve development on an after-tax basis of $19 million and
$36 million, respectively. Third quarter of 2016 did not have a
meaningful amount of net prior year reserve development.
Year-to-date 2017 adjusted income from operations1 includes
favorable prior year reserve development on an after-tax basis of
$116 million.
- The Total Commercial medical care
ratio8 (“MCR”) of 78.6% for third quarter 2017 reflects strong
performance and effective medical cost management in both our
Employer and Individual books of business, as well as the impact of
the health insurance tax moratorium.
- The Total Government MCR8 of 84.0% for
third quarter 2017 reflects solid performance in our Medicare
Advantage and Medicare Part D businesses.
- The third quarter 2017 Global Health
Care operating expense ratio8 of 21.1% reflects the impact of the
health insurance tax moratorium, business mix changes and continued
effective expense management.
- Global Health Care net medical costs
payable9 was approximately $2.52 billion at September 30, 2017 and
$2.26 billion at December 31, 2016.
Global Supplemental
Benefits
This segment includes Cigna’s global individual supplemental
health, life and accident insurance business, primarily in Asia,
and Medicare supplement coverage in the United States.
Financial Results (dollars in millions, policies in
thousands):
Nine Months Three Months Ended
Ended September 30,
June 30,
September 30, 2017 2016
2017
2017 Premiums and Fees10 $ 937 $ 833 $
914 $ 2,720 Adjusted Income from Operations1 $ 109 $ 81 $ 105 $ 288
Adjusted Margin, After-Tax6 11.1% 9.4% 11.0% 10.1%
As of
the Periods Ended September 30,
June 30,
December 31, 2017 2016
2017 2016
Policies10 13,087 12,069 13,058 12,151
- Global Supplemental Benefits results
continue to reflect the value created by affordable and
personalized solutions delivered directly to individual consumers
through a diversified set of distribution channels.
- Third quarter 2017 premiums and fees10
grew 12% over third quarter 2016, reflecting continued business
growth.
- Third quarter 2017 adjusted income from
operations1 and adjusted margin, after-tax6 reflect business
growth, favorable claims experience, particularly in South Korea,
and effective operating expense management.
Group Disability and
Life
This segment includes Cigna’s group disability, life and
accident insurance operations.
Financial Results (dollars in millions):
Nine Months Three Months
Ended Ended September 30,
June 30,
September 30, 2017 2016
2017 2017 Premiums
and Fees $ 1,015 $ 1,024 $ 1,022 $ 3,068 Adjusted Income (Loss)
from Operations1 $ 73 $ 53 $ 83 $ 224 Adjusted Margin, After-Tax6
6.6% 4.8% 7.5% 6.7%
- Group Disability and Life results
reflect the value created for our customers and clients through
differentiated solutions that enhance health, productivity and
sense of security.
- Third quarter 2017 adjusted income from
operations1 and adjusted margin, after-tax6 reflect favorable
claims experience in our life business, and disability results
consistent with our expectations.
Corporate & Other
Operations
Adjusted loss from operations1 for Cigna's remaining operations
is presented below:
Financial Results (dollars in
millions):
Nine Months Three Months Ended
Ended September 30,
June 30,
September 30, 2017 2016
2017 2017
Corporate & Other Operations $ (41) $ (47) $ (29) $ (103)
2017 OUTLOOK
Cigna's outlook for full year 2017 consolidated adjusted income
from operations1,3 is in the range of $2.60 billion to $2.65
billion, or $10.20 to $10.40 per share. Cigna’s outlook excludes
the impact of additional prior year reserve development and
potential effects of any future capital deployment.4
(dollars in millions, except where noted
and per share amounts)
Projection for Full-Year Ending December 31,
2017 Adjusted Income (Loss) from
Operations1,3 Global Health Care $ 2,140 to 2,170 Global
Supplemental Benefits $ 345 to 355 Group Disability and Life $ 275
to 285 Ongoing Businesses $ 2,760 to 2,810 Corporate &
Other Operations $ (160) Consolidated Adjusted Income from
Operations1,3 $ 2,600 to 2,650 Consolidated Adjusted Income
from Operations, per share1,3,4 $ 10.20 to 10.40
2017 Operating
Metrics and Ratios Outlook
Total Revenue Growth
Approximately 4%
Full Year Total Commercial Medical Care Ratio8 80% to
81%
Full Year Total Government Medical Care
Ratio8
84.5% to 85.5%
Full Year Global Health Care Operating
Expense Ratio8
Approximately 21%
Global Medical Customer Growth2
Approximately 650,000 customers
The foregoing statements represent the Company’s current
estimates of Cigna's 2017 consolidated and segment adjusted income
from operations1,3 and other key metrics as of the date of this
release. Actual results may differ materially depending on a number
of factors. Investors are urged to read the Cautionary Note
Regarding Forward-Looking Statements included in this release.
Management does not assume any obligation to update these
estimates.
This quarterly earnings release and the Quarterly Financial
Supplement are available on Cigna’s website in the Investor
Relations section (http://www.cigna.com/aboutcigna/investors).
Management will be hosting a conference call to review third
quarter 2017 results and discuss full year 2017 outlook beginning
today at 8:30 a.m. EDT. A link to the conference call is available
in the Investor Relations section of Cigna's website located at
http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page.
The call-in numbers for the conference call are as follows:
Live Call(800) 369-1781
(Domestic)(210) 234-0090 (International)Passcode:
11022017
Replay(800) 945-7247 (Domestic)(203) 369-3951
(International)
It is strongly suggested you dial in to the conference call by
8:15 a.m. EDT.
Notes:
1.
Adjusted income (loss) from operations
is defined as shareholders’ net income (loss) excluding the
following after-tax adjustments: net realized investment results,
net amortization of other acquired intangible assets and special
items. Special items are identified in Exhibit 2 of this earnings
release.
Adjusted income (loss) from operations
is a measure of profitability used by Cigna’s management because it
presents the underlying results of operations of Cigna’s businesses
and permits analysis of trends in underlying revenue, expenses and
shareholders’ net income. This consolidated measure is not
determined in accordance with accounting principles generally
accepted in the United States (GAAP) and should not be viewed as a
substitute for the most directly comparable GAAP measure,
shareholders’ net income. See Exhibits 1 and 2 for a reconciliation
of adjusted income from operations to shareholders’ net
income.
2.
Global medical customers include
individuals who meet any one of the following criteria: are covered
under a medical insurance policy, managed care arrangement, or
service agreement issued by Cigna; have access to Cigna's provider
network for covered services under their medical plan; or have
medical claims and services that are administered by Cigna.
3.
Management is not able to provide a
reconciliation to shareholders’ net income (loss) on a
forward-looking basis because we are unable to predict, without
unreasonable effort, certain components thereof including (i)
future net realized investment results and (ii) future special
items. These items are inherently uncertain and depend on various
factors, many of which are beyond our control. As such, any
associated estimate and its impact on shareholders’ net income
could vary materially.
4.
The Company’s outlook excludes the
potential effects of any share repurchases or business combinations
that may occur after the date of this earnings release.
5.
The measure “consolidated operating
revenues” is not determined in accordance with GAAP and should not
be viewed as a substitute for the most directly comparable GAAP
measure, “total revenues.” We define consolidated operating
revenues as total revenues excluding realized investment results.
We exclude realized investment results from this measure because
our portfolio managers may sell investments based on factors
largely unrelated to the underlying business purposes of each
segment. As a result, gains or losses created in this process may
not be indicative of past or future underlying performance of the
business. See Exhibit 1 for a reconciliation of consolidated
operating revenues to total revenues.
6.
Adjusted margin, after-tax, is
calculated by dividing adjusted income (loss) from operations by
operating revenues for each segment.
7.
Prior period behavioral care customers
have been revised to conform to current presentation.
8.
Operating ratios are defined as
follows:
•
Total Commercial medical care ratio
represents medical costs as a percentage of premiums for all
commercial risk products, including medical, pharmacy, dental, stop
loss and behavioral products provided through guaranteed cost or
experience-rated funding arrangements in both the United States and
internationally.
•
Total Government medical care ratio
represents medical costs as a percentage of premiums for Medicare
Advantage, Medicare Part D, and Medicaid products.
•
Global Health Care operating expense
ratio represents operating expenses excluding acquisition related
amortization expense as a percentage of operating revenue in the
Global Health Care segment.
9.
Global Health Care medical costs
payable are presented net of reinsurance and other recoverables.
The gross Global Health Care medical costs payable balance was
$2.78 billion as of September 30, 2017 and $2.53 billion as of
December 31, 2016.
10.
Cigna owns a 50% noncontrolling
interest in its China joint venture. Cigna's 50% share of the joint
venture’s earnings is reported in Other Revenues using the equity
method of accounting under GAAP. As such, the premiums and fees and
policy counts for the Global Supplemental Benefits segment do not
include the China joint venture.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release, and oral statements made with respect to
information contained in this release, may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based on Cigna's
current expectations and projections about future trends, events
and uncertainties. These statements are not historical facts.
Forward-looking statements may include, among others, statements
concerning our projected adjusted income (loss) from operations
outlook for 2017, on both a consolidated and segment basis;
projected total revenue growth and global medical customer growth,
each over year end 2016; projected growth in 2018 and beyond;
projected medical care and operating expense ratios and medical
cost trends; future financial or operating performance, including
our ability to deliver personalized and innovative solutions for
our customers and clients; future growth, business strategy,
strategic or operational initiatives; economic, regulatory or
competitive environments, particularly with respect to the pace and
extent of change in these areas; financing or capital deployment
plans and amounts available for future deployment; our prospects
for growth in the coming years; and other statements regarding
Cigna's future beliefs, expectations, plans, intentions, financial
condition or performance. You may identify forward-looking
statements by the use of words such as “believe,” “expect,” “plan,”
“intend,” “anticipate,” “estimate,” “predict,” “potential,” “may,”
“should,” “will” or other words or expressions of similar meaning,
although not all forward-looking statements contain such terms.
Forward-looking statements are subject to risks and
uncertainties, both known and unknown, that could cause actual
results to differ materially from those expressed or implied in
forward-looking statements. Such risks and uncertainties include,
but are not limited to: our ability to achieve our financial,
strategic and operational plans or initiatives; our ability to
predict and manage medical costs and price effectively and develop
and maintain good relationships with physicians, hospitals and
other health care providers; the impact of modifications to our
operations and processes, including those in our disability
business; our ability to identify potential strategic acquisitions
or transactions and realize the expected benefits of such
transactions; the substantial level of government regulation over
our business and the potential effects of new laws or regulations
or changes in existing laws or regulations; the outcome of
litigation, regulatory audits, investigations, actions and/or
guaranty fund assessments; uncertainties surrounding participation
in government-sponsored programs such as Medicare; the
effectiveness and security of our information technology and other
business systems; unfavorable industry, economic or political
conditions including foreign currency movements; acts of war,
terrorism, natural disasters or pandemics; uncertainty as to the
outcome of the litigation between Cigna and Anthem, Inc. with
respect to the termination of the merger agreement, the reverse
termination fee and/or contract and non-contract damages for claims
each party has filed against the other, including the risk that a
court finds that Cigna has not complied with its obligations under
the merger agreement, is not entitled to receive the reverse
termination fee or is liable for breach of the merger agreement;,
as well as more specific risks and uncertainties discussed in our
most recent report on Form 10-K and subsequent reports on Forms
10-Q and 8-K available on the Investor Relations section of
www.cigna.com. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made, are not guarantees of future performance or results, and
are subject to risks, uncertainties and assumptions that are
difficult to predict or quantify. Cigna undertakes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as may be
required by law.
CIGNA CORPORATION
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
Exhibit 1 (Dollars in millions, except per share amounts)
Three Months Ended Nine
Months Ended September 30, September 30,
2017 2016
2017 2016 REVENUES
Premiums $ 8,030 $ 7,605 $ 24,143 $ 23,005 Fees 1,137 1,086 3,417
3,346 Net investment income 298 282 909 848 Mail order pharmacy
revenues 733 762 2,200 2,207 Other revenues 67 70
202 208 Consolidated operating revenues 10,265 9,805
30,871 29,614 Net realized investment gains 117 75 214 110
Total revenues $ 10,382 $ 9,880
$ 31,085 $ 29,724
SHAREHOLDERS' NET INCOME
(LOSS) Shareholders' net income $ 560 $ 456 $
1,971 $ 1,485 After-tax adjustments to reconcile to adjusted income
from operations: Realized investment (gains) (75) (48) (140) (71)
Amortization of other acquired intangible assets, net 16 24 54 72
Special items 215 71 300 133
Adjusted income from
operations (1) $ 716 $ 503 $
2,185 $ 1,619
Adjusted income
(loss) from operations by segment
Global Health Care $ 575 $ 416 $ 1,776 $ 1,446 Global Supplemental
Benefits 109 81 288 231 Group Disability and Life 73
53 224 56 Ongoing Operations 757 550 2,288 1,733
Corporate and Other (41) (47) (103) (114)
Total
adjusted income from operations $ 716 $ 503
$ 2,185 $ 1,619
DILUTED EARNINGS PER
SHARE Shareholders' net income $ 2.21 $ 1.76 $ 7.67 $
5.72 After-tax adjustments to reconcile to adjusted income from
operations: Realized investment (gains) (0.29) (0.19) (0.54) (0.27)
Amortization of other acquired intangible assets, net 0.06 0.09
0.21 0.28 Special items 0.85 0.28
1.16 0.51 Adjusted income
from operations (1) $ 2.83 $ 1.94
$ 8.50 $ 6.24 Weighted average shares (in thousands)
253,410 259,754
257,058 259,568 Common shares outstanding (in
thousands)
247,573 256,720
SHAREHOLDERS' EQUITY at
September 30 $
14,145 $ 13,974
SHAREHOLDERS' EQUITY PER
SHARE at September 30
$ 57.13 $ 54.43
(1) Adjusted income (loss) from operations is defined as
shareholders' net income (loss) excluding the following after-tax
adjustments: realized investment results; net amortization of other
acquired intangible assets; and special items (identified and
quantified on Exhibit 2).
CIGNA CORPORATION
RECONCILIATION OF SHAREHOLDERS' NET INCOME
(LOSS) TO ADJUSTED INCOME FROM OPERATIONS
Exhibit 2
(Dollars in millions, except per share
amounts)
Diluted Global Group Corporate
Earnings Global Supplemental Disability
and Per Share Consolidated Health Care
Benefits and Life Other Three Months
Ended, 3Q17 3Q16 2Q17
3Q17 3Q16 2Q17
3Q17 3Q16 2Q17
3Q17 3Q16 2Q17
3Q17 3Q16 2Q17
3Q17 3Q16 2Q17
Shareholders' net income (loss) $ 2.21 $ 1.76 $ 3.15 $ 560 $ 456 $
813 $ 610 $ 413 $ 599 $ 105 $ 77 $ 101 $ 97 $ 65 $ 97 $ (252) $
(99) $ 16 After-tax adjustments to reconcile to adjusted income
(loss) from operations: Realized investment (gains) losses (0.29)
(0.19) (0.13) (75) (48) (34) (47) (42) (22) - - - (24) (12) (14)
(4) 6 2 Amortization of other acquired intangible assets, net 0.06
0.09 0.07 16 24 18 12 20 14 4 4 4 - - - - - - Special items: Debt
extinguishment costs 0.82 - - 209 - - - - - - - - - - - 209 - -
Merger-related transaction costs 0.03 0.18 (0.18) 6 46 (47) - - - -
- - - - - 6 46 (47) Charges associated with litigation matters
- 0.10 - -
25 - - 25
- - - -
- - - -
- - Adjusted income (loss) from operations $
2.83 $ 1.94 $ 2.91 $ 716 $ 503 $
750 $ 575 $ 416 $ 591 $ 109 $ 81
$ 105 $ 73 $ 53 $ 83 $ (41)
$ (47) $ (29) Weighted average shares (in thousands)
253,410 259,754 258,061 Special items, pre-tax: Debt
extinguishment costs $ 321 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$ - $ 321 $ - $ - Merger-related transaction costs 9 49 16 - - - -
- - - - - 9 49 16 Charges associated with litigation matters
- 40 - - 40
- - - -
- - - -
- - Total $ 330 $ 89 $ 16
$ - $ 40 $ - $ - $ - $ -
$ - $ - $ - $ 330 $ 49 $
16 (Dollars in millions, except per share
amounts)
Diluted Global Group
Corporate
Earnings Global Supplemental Disability
and Per Share Consolidated Health Care
Benefits and Life Other Nine Months Ended
September 30, 3Q17 3Q16
3Q17 3Q16
3Q17 3Q16 3Q17
3Q16 3Q17
3Q16
3Q17
3Q16
Shareholders' net income (loss) $ 7.67 $ 5.72 $ 1,971 $
1,485 $ 1,753 $ 1,414 $ 283 $ 214 $ 253 $ 81 $ (318) $ (224)
After-tax adjustments to reconcile to adjusted income (loss) from
operations: Realized investment (gains) losses (0.54) (0.27) (140)
(71) (85) (49) (9) 1 (44) (25) (2) 2 Amortization of other acquired
intangible assets, net 0.21 0.28 54 72 40 56 14 16 - - - - Special
items: Debt extinguishment costs 0.81 - 209 - - - - - - - 209 -
Merger-related transaction costs (1) 0.03 0.41 8 108 - - - - - - 8
108 Long-term care guaranty fund assessment 0.32 - 83 - 68 - - - 15
- - - Charges associated with litigation matters -
0.10 -
25 - 25
- - -
- -
- Adjusted income (loss) from operations $ 8.50
$ 6.24 $ 2,185 $ 1,619 $
1,776 $ 1,446 $ 288
$ 231 $ 224 $ 56 $ (103)
$ (114) Weighted average shares (in thousands)
257,058 259,568 Common shares outstanding as of September 30, (in
thousands) 247,573 256,720 Special items, pre-tax: Debt
extinguishment costs $ 321 $ - $ - $ - $ - $ - $ - $ - $ 321 $ -
Merger-related transaction costs (1) 88 123 - - - - - - 88 123
Long-term care guaranty fund assessment 129 - 106 - - - 23 - - -
Charges associated with litigation matters -
40 - 40
- - -
- -
- Total $ 538 $ 163 $ 106
$ 40 $ - $ - $ 23
$ - $ 409 $ 123
(1) For additional information related to a one-time tax benefit
of approximately $60 million recorded in the second quarter of
2017, please refer to Note 3 to the Consolidated Financial
Statements in Cigna's Form 10-Q for the period ended September 30,
2017 expected to be filed on November 2, 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171102005313/en/
Cigna CorporationWill McDowell, Investor Relations –
215-761-4198Matt Asensio, Media Relations –
860-226-2599
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