AvePoint Announces Second Quarter 2021 Financial Results
August 10 2021 - 4:07PM
AvePoint, Inc. (NASDAQ: AVPT), the largest data management
solutions provider for Microsoft 365, today announced
financial results for the second quarter ended June 30,
2021.
“In the second quarter we delivered record results,
with revenue of $45.3 million, up
38% year-over-year, driven by the continued growth of
Microsoft Teams and strong adoption of our collaboration security
technologies,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder of
AvePoint. “With the investments we are making across our
go-to-market organization, including sales, customer success and
channel, we aim to increase our market share of the Microsoft 365
user base, boost our customer retention rate and continue our
strong growth in the SMB market via our channel partners.”
Second Quarter 2021 Financial
Results
- Total Revenue of $45.3 million, up 38% year-over-year
- Total ARR1 of $139.0 million as of June 30, 2021, up
33% year-over-year
- SaaS Revenue of $20.6 million,
up 76% year-over-year
- GAAP Operating Loss of $11.2 million; GAAP Operating
Margin of (24.7%)
- Non-GAAP Operating Income of $3.3 million; Non-GAAP
Operating Margin of 7.3%
- GAAP net loss attributable to AvePoint, Inc. of $11.6
million or $0.98 per share
- Cash and Cash Equivalents of
approximately $66.3 million as of June 30, 2021
- Net proceeds of $204.5 million from business combination
which closed on July 1st, subsequent to second quarter end
Second Quarter 2021 Key
Highlights
- The AvePoint SaaS cloud platform, AvePoint Online Services,
achieved FedRAMP Authorization signifying its SaaS solutions are
approved for use across all United States federal agencies at the
moderate impact level. The platform was also assessed against the
Information Security Registered Assessors Program (IRAP), which
ensures compliance with information security and requirements as
mandated by the Australian Government
- AvePoint released its Salesforce Cloud Backup for managed
service providers (MSPs) across 36 countries and via 58 distributor
app marketplaces
- APAC’s leading distributor of cloud solutions and services,
rhipe, now offers AvePoint solutions to its managed service
provider (MSP) customers
- Continued expansion in user base with more than 8 million cloud
users
Financial Outlook
For the third quarter of 2021, AvePoint currently
expects:
- Total revenues between $51.5 and $53.5 million
- Non-GAAP operating income between $1.7 and $3.2 million
For the full year ending December 31, 2021,
AvePoint currently expects:
- Total revenues between $192.0 and $196.0 million
- Non-GAAP operating income between $4.7 and $7.7 million
Conference CallAvePoint will host
a conference call today on August 10, 2021 to review its second
quarter 2021 financial results and to discuss its financial
outlook. The call is scheduled to begin at 4:30pm Eastern Time.
Investors are invited to join the webcast by visiting
https://ir.avepoint.com/events. The webcast will be available live,
and a replay will be available following the completion of the live
broadcast for approximately 90 days.
About AvePointCollaborate with
confidence. AvePoint is the largest Microsoft 365 data management
solutions provider, offering a full suite of SaaS solutions to
migrate, manage and protect data. More than 8 million cloud users
rely on our solutions. Our SaaS solutions are also available to
managed service providers via more than 100 cloud marketplaces, so
they can better support and manage their small and mid-sized
business customers. Founded in 2001, AvePoint is a five-time Global
Microsoft Partner of the Year and headquartered in Jersey City, New
Jersey. For more information, visit https://www.avepoint.com.
Non-GAAP Financial MeasuresTo
supplement AvePoint’s consolidated financial statements presented
in accordance with GAAP, the company uses non-GAAP measures of
certain components of financial performance. These non-GAAP
measures include non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses (including percentage of revenue
figures), non-GAAP operating income and non-GAAP operating margin.
In order for AvePoint’s investors to be better able to compare its
current results with those of previous periods, the company has
included a reconciliation of GAAP to non-GAAP financial measures at
the end of this press release. These reconciliations adjust the
related GAAP financial measures to exclude stock-based compensation
expense. AvePoint believes the presentation of its non-GAAP
financial measures enhances the user’s overall understanding of its
historical financial performance. The presentation of AvePoint’s
non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for its financial results prepared in
accordance with GAAP, and AvePoint’s non-GAAP measures may be
different from non-GAAP measures used by other companies.
Forward-Looking StatementsThis
press release contains certain forward-looking statements within
the meaning of the federal securities laws including statements the
future performance of and market opportunities for AvePoint. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: changes in the competitive and regulated industries in
which AvePoint operates, variations in operating performance across
competitors, changes in laws and regulations affecting AvePoint's
business and changes in AvePoint’s ability to implement business
plans, forecasts, and to identify and realize additional
opportunities, and the risk of downturns in the market and the
technology industry. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
"Risk Factors" section of the registration statement on Form S-4
and other documents filed by AvePoint from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and AvePoint does not assume any obligation and does
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. AvePoint does not gives any assurance that it will
achieve its expectations.
Investor Contact
AvePoint, Inc., Sapphire Investor Relations,
LLC.Erica Mannionir@avepoint.com617-542-6180
Media Contact
AvePoint, Inc.Nicole
Cacinicole.caci@avepoint.com201-201-8143
AvePoint Operations, Inc. and
SubsidiariesCondensed Consolidated Statements of Operations(In
thousands, except per share amounts)(Unaudited)
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS |
|
$ |
20,586 |
|
|
$ |
11,699 |
|
|
$ |
38,845 |
|
|
$ |
21,942 |
|
Term license and support |
|
|
11,088 |
|
|
|
7,357 |
|
|
|
19,815 |
|
|
|
15,101 |
|
Services |
|
|
7,302 |
|
|
|
7,724 |
|
|
|
13,218 |
|
|
|
15,303 |
|
Maintenance and OEM |
|
|
5,458 |
|
|
|
5,776 |
|
|
|
10,867 |
|
|
|
11,781 |
|
Perpetual license |
|
|
910 |
|
|
|
400 |
|
|
|
1,399 |
|
|
|
1,490 |
|
Total revenue |
|
|
45,344 |
|
|
|
32,956 |
|
|
|
84,144 |
|
|
|
65,617 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS |
|
|
4,564 |
|
|
|
2,543 |
|
|
|
9,004 |
|
|
|
5,057 |
|
Term license and support |
|
|
230 |
|
|
|
348 |
|
|
|
503 |
|
|
|
820 |
|
Services |
|
|
6,508 |
|
|
|
5,877 |
|
|
|
12,093 |
|
|
|
12,889 |
|
Maintenance and OEM |
|
|
418 |
|
|
|
305 |
|
|
|
898 |
|
|
|
674 |
|
Total cost of revenue |
|
|
11,720 |
|
|
|
9,073 |
|
|
|
22,498 |
|
|
|
19,440 |
|
Gross profit |
|
|
33,624 |
|
|
|
23,883 |
|
|
|
61,646 |
|
|
|
46,177 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
29,001 |
|
|
|
14,010 |
|
|
|
48,302 |
|
|
|
28,051 |
|
General and administrative |
|
|
11,664 |
|
|
|
5,291 |
|
|
|
21,956 |
|
|
|
10,449 |
|
Research and development |
|
|
3,883 |
|
|
|
2,863 |
|
|
|
7,985 |
|
|
|
5,757 |
|
Depreciation and amortization |
|
|
279 |
|
|
|
268 |
|
|
|
537 |
|
|
|
541 |
|
Total operating expenses |
|
|
44,827 |
|
|
|
22,432 |
|
|
|
78,780 |
|
|
|
44,798 |
|
Income (loss) from
operations |
|
|
(11,203 |
) |
|
|
1,451 |
|
|
|
(17,134 |
) |
|
|
1,379 |
|
Interest income, net |
|
|
11 |
|
|
|
5 |
|
|
|
24 |
|
|
|
9 |
|
Other income (expense),
net |
|
|
62 |
|
|
|
439 |
|
|
|
(1 |
) |
|
|
(389 |
) |
Income (loss) before income
taxes |
|
|
(11,130 |
) |
|
|
1,895 |
|
|
|
(17,111 |
) |
|
|
999 |
|
Income tax benefit |
|
|
(73 |
) |
|
|
(6,149 |
) |
|
|
(1,112 |
) |
|
|
(6,316 |
) |
Net income (loss) |
|
$ |
(11,057 |
) |
|
$ |
8,044 |
|
|
$ |
(15,999 |
) |
|
$ |
7,315 |
|
Net income attributable to
redeemable noncontrolling interest |
|
|
(499 |
) |
|
|
— |
|
|
|
(896 |
) |
|
|
— |
|
Net income (loss) attributable
to AvePoint Operations, Inc. |
|
$ |
(11,556 |
) |
|
$ |
8,044 |
|
|
$ |
(16,895 |
) |
|
$ |
7,315 |
|
Deemed dividends on preferred
stock |
|
|
(24,742 |
) |
|
|
(8,063 |
) |
|
|
(33,536 |
) |
|
|
(15,798 |
) |
Net loss available to common
shareholders |
|
$ |
(36,298 |
) |
|
$ |
(19 |
) |
|
$ |
(50,431 |
) |
|
$ |
(8,483 |
) |
Net loss per share of common
stock, basic and diluted |
|
$ |
(3.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(4.32 |
) |
|
$ |
(0.87 |
) |
Weighted average of shares
used in computing net loss per share of common stock, basic and
diluted |
|
|
11,732 |
|
|
|
9,793 |
|
|
|
11,663 |
|
|
|
9,750 |
|
AvePoint Operations, Inc. and
SubsidiariesCondensed Consolidated Balance Sheets(In thousands,
except share and per share amounts)(Unaudited)
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
66,338 |
|
|
$ |
69,112 |
|
Short-term investments |
|
|
1,408 |
|
|
|
992 |
|
Accounts receivable, net of allowance of $1,030 and $1,767 at June
30, 2021 and December 31, 2020, respectively |
|
|
44,753 |
|
|
|
48,250 |
|
Prepaid expenses and other current assets |
|
|
4,319 |
|
|
|
2,343 |
|
Total current assets |
|
|
116,818 |
|
|
|
120,697 |
|
Property and equipment,
net |
|
|
3,039 |
|
|
|
2,663 |
|
Deferred contract costs |
|
|
33,781 |
|
|
|
31,943 |
|
Long-term unbilled
receivables |
|
|
6,440 |
|
|
|
5,499 |
|
Other assets |
|
|
12,238 |
|
|
|
8,252 |
|
Total assets |
|
$ |
172,316 |
|
|
$ |
169,054 |
|
Liabilities, mezzanine
equity, and stockholders’ deficiency |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
520 |
|
|
$ |
774 |
|
Accrued expenses and other liabilities |
|
|
22,115 |
|
|
|
26,245 |
|
Current portion of deferred revenue |
|
|
68,974 |
|
|
|
65,203 |
|
Total current liabilities |
|
|
91,609 |
|
|
|
92,222 |
|
Long-term portion of deferred
revenue |
|
|
7,596 |
|
|
|
9,485 |
|
Share-based awards classified
as liabilities |
|
|
50,220 |
|
|
|
43,502 |
|
Other non-current
liabilities |
|
|
3,587 |
|
|
|
3,658 |
|
Total liabilities |
|
|
153,012 |
|
|
|
148,867 |
|
Commitments and contingencies
(Note 10) |
|
|
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.0001 par value;
10,895,226 shares authorized, 4,832,409 and 4,832,409 shares issued
and outstanding with aggregate liquidation preferences of $508,273
and $403,361 at June 30, 2021 and December 31, 2020,
respectively |
|
|
216,926 |
|
|
|
183,390 |
|
Redemption value of common shares |
|
|
39,757 |
|
|
|
25,074 |
|
Share-based awards |
|
|
1,695 |
|
|
|
1,489 |
|
Redeemable noncontrolling interest |
|
|
4,143 |
|
|
|
3,061 |
|
Total mezzanine equity |
|
|
262,521 |
|
|
|
213,014 |
|
Stockholders’ deficiency: |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value; 28,000,000 and 28,000,000 shares
authorized, 11,946,412 and 11,513,451 shares issued and
outstanding, at June 30, 2021 and December 31, 2020,
respectively |
|
|
12 |
|
|
|
12 |
|
Additional paid-in capital |
|
|
112,953 |
|
|
|
105,159 |
|
Accumulated other comprehensive income |
|
|
1,848 |
|
|
|
1,791 |
|
Accumulated deficit |
|
|
(358,030 |
) |
|
|
(299,789 |
) |
Total stockholders’ deficiency
attributable to AvePoint Operations, Inc. |
|
|
(243,217 |
) |
|
|
(192,827 |
) |
Total liabilities, mezzanine
equity, and stockholders’ deficiency |
|
$ |
172,316 |
|
|
$ |
169,054 |
|
AvePoint Operations, Inc. and
SubsidiariesCondensed Consolidated Statements of Cash Flows(In
thousands)(Unaudited)
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
Operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(15,999 |
) |
|
$ |
7,315 |
|
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
537 |
|
|
|
541 |
|
Foreign currency remeasurement (gain) loss |
|
|
(134 |
) |
|
|
220 |
|
Provision for doubtful accounts |
|
|
(732 |
) |
|
|
818 |
|
Stock-based compensation |
|
|
17,799 |
|
|
|
2,854 |
|
Gain on disposal of property and equipment |
|
|
(15 |
) |
|
|
— |
|
Deferred income taxes |
|
|
(981 |
) |
|
|
(5,788 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2,399 |
|
|
|
4,822 |
|
Prepaid expenses and other current assets |
|
|
(1,994 |
) |
|
|
407 |
|
Other assets |
|
|
(1,955 |
) |
|
|
719 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
(4,057 |
) |
|
|
(6,896 |
) |
Deferred revenue |
|
|
3,298 |
|
|
|
964 |
|
Accrued rent obligation |
|
|
(87 |
) |
|
|
(206 |
) |
Net cash provided by (used in)
operating activities |
|
|
(1,921 |
) |
|
|
5,770 |
|
Investing
activities |
|
|
|
|
|
|
|
|
Maturity (purchase) of
short-term investments, net |
|
|
(423 |
) |
|
|
1,034 |
|
Purchase of APXT shares |
|
|
(1,631 |
) |
|
|
— |
|
Purchase of property and
equipment |
|
|
(897 |
) |
|
|
(169 |
) |
Cash provided by (used in)
investing activities |
|
|
(2,951 |
) |
|
|
865 |
|
Financing
activities |
|
|
|
|
|
|
|
|
Repayments of capital
leases |
|
|
(14 |
) |
|
|
(33 |
) |
Payments of transaction
fees |
|
|
(1,872 |
) |
|
|
— |
|
Proceeds from stock option
exercises |
|
|
3,277 |
|
|
|
15 |
|
Proceeds from sale of common
shares of subsidiary |
|
|
753 |
|
|
|
— |
|
Payments of debt issuance
costs |
|
|
— |
|
|
|
(120 |
) |
Proceeds from issuance of
Common stock |
|
|
— |
|
|
|
7,000 |
|
Net cash provided by financing
activities |
|
|
2,144 |
|
|
|
6,862 |
|
Effect of exchange rates on
cash |
|
|
(46 |
) |
|
|
(284 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
|
(2,774 |
) |
|
|
13,213 |
|
Cash and cash equivalents at
beginning of period |
|
|
69,112 |
|
|
|
12,162 |
|
Cash and cash equivalents at
end of period |
|
$ |
66,338 |
|
|
$ |
25,375 |
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash received (paid) for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
24 |
|
|
$ |
8 |
|
Income taxes |
|
$ |
(2,389 |
) |
|
$ |
(529 |
) |
Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
Fixed assets acquired under capital leases |
|
$ |
— |
|
|
$ |
28 |
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Non-GAAP gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
33,624 |
|
|
$ |
23,883 |
|
|
$ |
61,646 |
|
|
$ |
46,177 |
|
Stock-based compensation
expense |
|
|
272 |
|
|
|
190 |
|
|
|
362 |
|
|
|
102 |
|
Non-GAAP gross profit |
|
$ |
33,896 |
|
|
$ |
24,073 |
|
|
$ |
62,008 |
|
|
$ |
46,279 |
|
Non-GAAP gross margin |
|
|
74.8 |
% |
|
|
73.0 |
% |
|
|
73.7 |
% |
|
|
70.5 |
% |
Non-GAAP sales and
marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
|
$ |
29,001 |
|
|
$ |
14,010 |
|
|
$ |
48,302 |
|
|
$ |
28,051 |
|
Stock-based compensation
expense |
|
|
(9,791 |
) |
|
|
(1,510 |
) |
|
|
(10,902 |
) |
|
|
(1,310 |
) |
Non-GAAP sales and
marketing |
|
$ |
19,210 |
|
|
$ |
12,500 |
|
|
$ |
37,400 |
|
|
$ |
26,741 |
|
Non-GAAP sales and marketing
as a % of revenue |
|
|
42.4 |
% |
|
|
37.9 |
% |
|
|
44.4 |
% |
|
|
40.8 |
% |
Non-GAAP research and
development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development |
|
$ |
3,883 |
|
|
$ |
2,863 |
|
|
$ |
7,985 |
|
|
$ |
5,757 |
|
Stock-based compensation
expense |
|
|
(83 |
) |
|
|
(72 |
) |
|
|
(180 |
) |
|
|
(147 |
) |
Non-GAAP research and
development |
|
$ |
3,800 |
|
|
$ |
2,791 |
|
|
$ |
7,805 |
|
|
$ |
5,610 |
|
Non-GAAP research and
development as a % of revenue |
|
|
8.4 |
% |
|
|
8.5 |
% |
|
|
9.3 |
% |
|
|
8.5 |
% |
Non-GAAP general and
administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
|
$ |
11,664 |
|
|
$ |
5,291 |
|
|
$ |
21,956 |
|
|
$ |
10,449 |
|
Stock-based compensation
expense |
|
|
(4,364 |
) |
|
|
(1,007 |
) |
|
|
(6,355 |
) |
|
|
(1,295 |
) |
Non-GAAP general and
administrative |
|
$ |
7,300 |
|
|
$ |
4,284 |
|
|
$ |
15,601 |
|
|
$ |
9,154 |
|
Non-GAAP general and
administrative as a % of revenue |
|
|
16.1 |
% |
|
|
13.0 |
% |
|
|
18.5 |
% |
|
|
14.0 |
% |
Non-GAAP depreciation
and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP depreciation and
amortization |
|
$ |
279 |
|
|
$ |
268 |
|
|
$ |
537 |
|
|
$ |
541 |
|
Non-GAAP depreciation and
amortization |
|
$ |
279 |
|
|
$ |
268 |
|
|
$ |
537 |
|
|
$ |
541 |
|
Non-GAAP depreciation and
amortization as a % of revenue |
|
|
0.6 |
% |
|
|
0.8 |
% |
|
|
0.6 |
% |
|
|
0.8 |
% |
Non-GAAP operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
44,827 |
|
|
$ |
22,432 |
|
|
$ |
78,780 |
|
|
$ |
44,798 |
|
Stock-based compensation
expense |
|
|
(14,238 |
) |
|
|
(2,589 |
) |
|
|
(17,437 |
) |
|
|
(2,752 |
) |
Non-GAAP operating
expenses |
|
$ |
30,589 |
|
|
$ |
19,843 |
|
|
$ |
61,343 |
|
|
$ |
42,046 |
|
Non-GAAP operating expenses as
a % of revenue |
|
|
67.5 |
% |
|
|
60.2 |
% |
|
|
72.9 |
% |
|
|
64.1 |
% |
Non-GAAP operating
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss) |
|
$ |
(11,203 |
) |
|
$ |
1,451 |
|
|
$ |
(17,134 |
) |
|
$ |
1,379 |
|
Stock-based compensation
expense |
|
|
14,510 |
|
|
|
2,779 |
|
|
|
17,799 |
|
|
|
2,854 |
|
Non-GAAP operating income |
|
$ |
3,307 |
|
|
$ |
4,230 |
|
|
$ |
665 |
|
|
$ |
4,233 |
|
Non-GAAP operating margin |
|
|
7.3 |
% |
|
|
12.8 |
% |
|
|
0.8 |
% |
|
|
6.5 |
% |
____________1 AvePoint calculates annual recurring
revenue (“ARR”) at the end of a particular period as the annualized
sum of: (1) contractually obligated Annual Contract Value from
subscription and maintenance revenue sources from all customers
with a contract duration exceeding three months, and (2) the
product of the current month’s monthly recurring revenue (“MRR”)
multiplied by twelve (to prospectively annualize subscription
revenue). MRR includes AvePoint’s channel business and customers
that sign contracts for less than one quarter in duration. ARR also
includes some recurring professional services revenue, such as
recurring technical account management services.
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