Semtech Corporation (Nasdaq: SMTC), a leading supplier of high
performance analog and mixed-signal semiconductors and advanced
algorithms, today reported unaudited financial results for its
second quarter of fiscal year 2020, which ended July 28, 2019.
Highlights for the Second Fiscal Quarter 2020
- Q2 FY2020 net sales increased 4% sequentially to $137.1
million
- Q2 FY2020 GAAP EPS of $0.08 and non-GAAP EPS of $0.38
- The Internet of Things (IoT) and hyper scale data center
markets experienced strong sequential growth
- Distributor Point of Sale (POS) increased 12% sequentially
- Cash flow from operations was $33.4 million or 24% of net
sales
Results on a GAAP basis for the Second Fiscal Quarter
2020
- GAAP Net sales were $137.1 million
- GAAP Gross margin was 61.9%
- GAAP SG&A expense was $39.9 million
- GAAP R&D expense was $25.6 million
- GAAP Operating margin was 11.3%
- GAAP Net income was $5.4 million or $0.08 per diluted
share
To facilitate a complete understanding of comparable financial
performance between periods, the Company also presents performance
results that exclude certain non-cash items and items that are not
considered reflective of the Company’s core results over time.
These non-GAAP financial measures exclude certain items and are
described below under “Non-GAAP Financial Measures.”
Results on a Non-GAAP basis for the Second Fiscal Quarter
2020 (see the list of non-GAAP items and the reconciliation of
these to the most relevant GAAP items set forth in the tables
below):
- Non-GAAP Gross margin was 62.2%
- Non-GAAP SG&A expense was $30.4 million
- Non-GAAP R&D expense was $23.3 million
- Non-GAAP Operating margin was 22.9%
- Non-GAAP Net income was $25.5 million or $0.38 per diluted
share
Mohan Maheswaran, Semtech’s President and Chief Executive
Officer, stated, “Strong sequential growth by our LoRa product
platforms addressing the exciting IoT markets and a stronger hyper
scale data center market, contributed to the 4% sequential net
sales growth for second fiscal quarter 2020. While geopolitical
headwinds and the restrictions on shipments of certain products to
Huawei has contributed to a weak first half performance and will
also have a negative impact in the second half, the underlying
fundamentals driving our core growth engines remain intact and we
believe our diversified customer base and end market exposure
position us well for future growth.”
Third Fiscal Quarter 2020 Outlook
Both the GAAP and non-GAAP third fiscal quarter 2020 outlook
below take into account the anticipated impact to the Company,
based on its current estimates, of the recently announced export
restrictions pertaining to Huawei and certain of its affiliates,
imposed by the U.S. Department of Commerce. The Company is
continuing to review and assess the impact of the export
restrictions on its products and services, but is unable to predict
the full impact such restrictions may have on its results of
operations.
GAAP Third Fiscal Quarter 2020 Outlook
- Net sales are expected to be in the range of $135.0 million to
$145.0 million
- GAAP Gross margin is expected to be in the range of 61.0% to
61.6%
- GAAP SG&A expense is expected to be in the range of $33.5
million to $34.5 million
- GAAP R&D expense is expected to be in the range of $26.9
million to $27.9 million
- GAAP Intangible amortization expense is expected to be
approximately $3.9 million
- GAAP Interest and other expense, net is expected to be
approximately $1.5 million
- GAAP Effective tax rate is expected to be in the range of 13%
to 17%
- GAAP Earnings per diluted share are expected to be in the range
of $0.21 to $0.27
- Fully-diluted share count is expected to be approximately 67.3
million shares
- Share-based compensation is expected to be approximately $8.0
million, categorized as follows: $0.6 million cost of sales, $4.5
million SG&A, and $2.9 million R&D
- Capital expenditures are expected to be approximately $7.0
million
- Depreciation expense is expected to be approximately $6.1
million
Non-GAAP Third Fiscal Quarter 2020 Outlook (see the list
of non-GAAP items and the reconciliation of these to the most
comparable GAAP items set forth in the tables below)
- Non-GAAP Gross margin is expected to be in the range of 61.4%
to 62.0%
- Non-GAAP SG&A expense is expected to be in the range of
$28.0 million to $29.0 million
- Non-GAAP R&D expense is expected to be in the range of
$24.0 million to $25.0 million
- Non-GAAP Interest and other expense, net is expected to be
approximately $1.5 million
- Non-GAAP Effective tax rate is expected to be in the range of
14% to 18%
- Non-GAAP Earnings per diluted share are expected to be in the
range of $0.38 to $0.42
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its
second fiscal quarter 2020 results at 2:00 p.m. Pacific time. An
audio webcast will be available on Semtech’s website at
www.semtech.com in the “Investor
Relations” section under “Investor News.” A replay of the call will
be available through September 28, 2019 at the same website or by
calling (877) 660-6853 and entering conference ID 13692181
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements
prepared in accordance with GAAP, this release includes a
presentation of select non-GAAP metrics. The Company's measure of
free cash flow is calculated as cash flow from operations less net
capital expenditures. The Company’s non-GAAP measures of gross
margin, SG&A expenses, R&D expenses, operating margin,
effective tax rate, net income and earnings per diluted share
exclude the following items, if any:
- Share-based compensation
- Amortization of purchased intangibles and impairments
- Restructuring, transaction and other acquisition or
disposition-related expenses and gains on dispositions
- Litigation expenses or dispute settlement charges or gains
- Environmental reserves
- Equity in net gains or losses of equity method investments
To provide additional insight into the Company's third quarter
outlook, this release also includes a presentation of
forward-looking non-GAAP measures. Management believes that the
presentation of these non-GAAP financial measures provide useful
information to investors regarding the Company’s financial
condition and results of operations because these non-GAAP
financial measures are adjusted to exclude the items identified
above because such items are either operating expenses which would
not otherwise have been incurred by the Company in the normal
course of the Company’s business operations or are not reflective
of the Company’s core results over time. These excluded items may
include recurring as well as non-recurring items, and no inference
should be made that all of these adjustments, charges, costs or
expenses are unusual, infrequent or non-recurring. For example:
certain restructuring and integration-related expenses (which
consist of employee termination costs, facility closure or lease
termination costs, and contract termination costs) may be
considered recurring given the Company’s ongoing efforts to be more
cost effective and efficient; certain acquisition and
disposition-related adjustments or expenses may be deemed recurring
given the Company's regular evaluation of potential transactions
and investments; and certain litigation expenses or dispute
settlement charges or gains (which may include estimated losses for
which we may have established a reserve, as well as any actual
settlements, judgments, or other resolutions against, or in favor
of, the Company related to litigation, arbitration, disputes or
similar matters, and insurance recoveries received by the Company
related to such matters) may be viewed as recurring given that the
Company may from time to time be involved in, and may resolve,
litigation, arbitration, disputes, and similar matters.
Notwithstanding that certain adjustments, charges, costs or
expenses may be considered recurring, in order to provide
meaningful comparisons, the Company believes that it is appropriate
to exclude such items because they are not reflective of the
Company's core results and tend to vary based on timing, frequency
and magnitude.
As noted in its first quarter fiscal year 2019 earnings release,
the Company is no longer adjusting prior-period non-GAAP
performance metrics of net sales and gross margin to exclude the
cost of the Comcast Warrant as the Comcast Warrant was fully vested
in the first quarter of fiscal year 2019. The Company in previous
periods had excluded the recognized cost of the Comcast Warrant
from non-GAAP net sales and non-GAAP gross margin because the cost
related to a non-routine, non-cash equity award that was provided
to Comcast as an incentive to deploy a network based on technology
developed by the Company and because the Comcast Warrant would not
have had an ongoing impact on revenues in future periods.
These non-GAAP financial measures are provided to enhance the
user's overall understanding of the Company's comparable financial
performance between periods. In addition, the Company’s management
generally excludes the items noted above when managing and
evaluating the performance of the business. The financial
statements provided with this release include reconciliations of
these non-GAAP measures to their most comparable GAAP measures for
the second quarter of fiscal year 2019 and the first and second
quarters of fiscal year 2020, along with a reconciliation of
forward-looking non-GAAP measures (other than the non-GAAP
effective tax rate) to their most comparable GAAP measures for the
third quarter of fiscal year 2020. The Company is unable to include
a reconciliation of the forward-looking non-GAAP measure of the
non-GAAP effective tax rate to the corresponding GAAP measure as
this is not available without unreasonable efforts due to the high
variability and low visibility with respect to the charges that are
excluded from this non-GAAP measure. We expect the variability of
the above charges to have a potentially significant impact on our
GAAP financial results. These additional non-GAAP financial
measures should not be considered substitutes for any measures
derived in accordance with GAAP and may be inconsistent with
similar measures presented by other companies.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended, based on the
Company’s current expectations, estimates and projections about its
operations, industry, financial condition, performance, results of
operations, and liquidity. Forward-looking statements are
statements other than historical information or statements of
current condition and relate to matters such as future financial
performance including the third quarter of fiscal year 2020
outlook, the Company’s expectations concerning the negative impact
on the Company’s results of operations from its inability to ship
certain products and provide certain support services due to the
export restrictions related to Huawei, future operational
performance, the anticipated impact of specific items on future
earnings, and the Company’s plans, objectives and expectations.
Statements containing words such as “may,” “believes,”
“anticipates,” “expects,” “intends,” “plans,” “projects,”
“estimates,” “should,” “will,” “designed to,” “projections,” or
“business outlook,” or other similar expressions constitute
forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results and events to differ
materially from those projected. Potential factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the
Company's ability to manage expenses to achieve anticipated shifts
in demand among target customers, and other comparable changes or
protracted weakness in projected or anticipated markets;
competitive changes in the marketplace including, but not limited
to, the pace of growth or adoption rates of applicable products or
technologies; export restrictions and laws affecting the Company's
trade and investments including the adoption and expansion of trade
restrictions including with respect to Huawei, and tariffs or the
occurrence of trade wars; changes in the legal requirements related
to the sale of our products, including developments regarding the
restrictions on future shipments with respect to Huawei; shifts in
focus among target customers, and other comparable changes in
projected or anticipated end-user markets; the Company’s ability to
forecast its effective tax rates due to changing income in higher
or lower tax jurisdictions and other factors that contribute to the
volatility of the Company’s effective tax rates and impact
anticipated tax benefits; the Company’s ability to integrate its
acquisitions and realize expected synergies and benefits from its
acquisitions and dispositions; the continuation and/or pace of key
trends considered to be main contributors to the Company's growth,
such as demand for increased network bandwidth and connectivity,
demand for increasing energy efficiency in the Company's products
or end-use applications of the products, and demand for increasing
miniaturization of electronic components; adequate supply of
components and materials from the Company’s suppliers, to include
disruptions due to natural causes or disasters, weather, or other
extraordinary events; the Company's ability to forecast and achieve
anticipated net sales and earnings estimates in light of periodic
economic uncertainty, to include impacts arising from European,
Asian and global economic dynamics; and the amount and timing of
expenditures for capital equipment. Additionally, forward-looking
statements should be considered in conjunction with the cautionary
statements contained in the risk factors disclosed in the Company's
Annual Report on Form 10-K for the fiscal year ended January 27,
2019, subsequent Quarterly Reports on Form 10-Q, and other filings
with the Securities and Exchange Commission, and in material
incorporated therein, including, without limitation, information
under the captions “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”.
In light of the significant risks and uncertainties inherent in the
forward-looking information included herein that may cause actual
performance and results to differ materially from those predicted,
any such forward-looking information should not be regarded as
representations or guarantees by the Company of future performance
or results, or that its objectives or plans will be achieved or
that any of its operating expectations or financial forecasts will
be realized. Reported results should not be considered an
indication of future performance. Investors are cautioned not to
place undue reliance on any forward-looking information contained
herein, which reflect management’s analysis only as of the date
hereof. Except as required by law, the Company assumes no
obligation to publicly release the results of any update or
revision to any forward-looking statements that may be made to
reflect new information, events or circumstances after the date
hereof or to reflect the occurrence of unanticipated or future
events, or otherwise.
About Semtech
Semtech Corporation is a leading supplier of high performance
analog, mixed-signal semiconductors and advanced algorithms for
high-end consumer, enterprise computing, communications and
industrial equipment. Products are designed to benefit the
engineering community as well as the global community. The Company
is dedicated to reducing the impact it, and its products, have on
the environment. Internal green programs seek to reduce waste
through material and manufacturing control, use of green technology
and designing for resource reduction. Publicly traded since 1967,
Semtech is listed on the NASDAQ Global Select Market under the
symbol SMTC. For more information, visit http://www.semtech.com.
Semtech, the Semtech logo and LoRa are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Net sales
$
137,146
$
131,354
$
163,211
$
268,500
$
293,640
Cost of sales
52,262
50,079
63,087
102,341
122,047
Gross profit
84,884
81,275
100,124
166,159
171,593
Operating costs and expenses:
Selling, general and administrative
39,875
38,377
33,529
78,252
74,935
Product development and engineering
25,553
27,099
28,079
52,652
54,278
Intangible amortization
3,908
5,143
6,480
9,051
13,441
Changes in the fair value of contingent
earn-out obligations
—
(2,161
)
(900
)
(2,161
)
(900
)
Total operating costs and expenses
69,336
68,458
67,188
137,794
141,754
Operating income
15,548
12,817
32,936
28,365
29,839
Interest expense
(2,597
)
(2,467
)
(2,200
)
(5,064
)
(4,390
)
Non-operating income, net
1,213
1,043
542
2,256
732
Income before taxes and equity in net
gains (losses) of equity method investments
14,164
11,393
31,278
25,557
26,181
Provision (benefit) for taxes
8,966
(2,312
)
6,082
6,654
(11,428
)
Net income before equity in net gains
(losses) of equity method investments
5,198
13,705
25,196
18,903
37,609
Equity in net gains (losses) of equity
method investments
168
(411
)
(27
)
(243
)
(58
)
Net income
$
5,366
$
13,294
$
25,169
$
18,660
$
37,551
Earnings per share:
Basic
$
0.08
$
0.20
$
0.38
$
0.28
$
0.57
Diluted
$
0.08
$
0.20
$
0.37
$
0.28
$
0.55
Weighted average number of shares used in
computing earnings per share:
Basic
66,519
66,105
66,063
66,312
66,194
Diluted
67,746
67,976
68,880
67,814
68,428
SEMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
July 28, 2019
January 27, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
287,839
$
312,120
Accounts receivable, net
58,643
79,223
Inventories
75,060
63,679
Prepaid taxes
15,540
8,406
Other current assets
16,175
21,876
Total current assets
453,257
485,304
Non-current assets:
Property, plant and equipment, net
125,764
118,488
Deferred tax assets
17,896
14,362
Goodwill
351,141
351,141
Other intangible assets, net
27,506
36,558
Other assets
80,750
57,028
Total assets
$
1,056,314
$
1,062,881
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
38,903
$
43,183
Accrued liabilities
49,925
65,023
Deferred revenue
3,455
3,439
Current portion, long term debt
18,294
18,269
Total current liabilities
110,577
129,914
Non-current liabilities:
Deferred tax liabilities
3,620
3,363
Long term debt, less current portion
183,692
192,845
Other long-term liabilities
68,885
54,078
Stockholders’ equity
689,540
682,681
Total liabilities & stockholders'
equity
$
1,056,314
$
1,062,881
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
(in thousands)
(unaudited)
Six Months Ended
July 28, 2019
July 29, 2018
Net income
$
18,660
$
37,551
Net cash provided by operations
40,093
84,367
Net cash used in investing activities
(24,442
)
(21,126
)
Net cash used in financing activities
(39,932
)
(59,830
)
Net (decrease) increase in cash and
cash equivalents
(24,281
)
3,411
Cash and cash equivalents at beginning of
period
312,120
307,923
Cash and cash equivalents at end of
period
$
287,839
$
311,334
Three Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
Q220
Q120
Q219
Free Cash Flow:
Cash Flow from Operations
$
33,352
$
6,741
$
49,338
Net Capital Expenditures
(1,635
)
(15,258
)
(4,886
)
Free Cash Flow:
$
31,717
$
(8,517
)
$
44,452
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Gross Margin- GAAP
61.9
%
61.9
%
61.3
%
61.9
%
58.4
%
Share-based compensation
0.3
%
0.3
%
0.2
%
0.3
%
0.2
%
Adjusted Gross Margin
(Non-GAAP)
62.2
%
62.2
%
61.5
%
62.2
%
58.6
%
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Selling, general and administrative-
GAAP
$
39,875
$
38,377
$
33,529
$
78,252
$
74,935
Share-based compensation
(6,082
)
(8,344
)
(11,378
)
(14,426
)
(22,840
)
Transaction and integration related
14
(1,249
)
(264
)
(1,235
)
(498
)
Restructuring and other reserves
(2,571
)
(140
)
(337
)
(2,711
)
(684
)
Litigation cost, net of recoveries
(799
)
74
6,641
(725
)
6,082
Adjusted selling, general and
administrative (Non-GAAP)
$
30,437
$
28,718
$
28,191
$
59,155
$
56,995
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Product development and engineering-
GAAP
$
25,553
$
27,099
$
28,079
$
52,652
$
54,278
Share-based compensation
(2,162
)
(2,557
)
(2,282
)
(4,719
)
(4,506
)
Transaction and integration related
(47
)
(186
)
(135
)
(233
)
(429
)
Restructuring and other reserves
—
—
252
—
252
Litigation cost, net of recoveries
—
—
(784
)
—
(784
)
Adjusted product development and
engineering (Non-GAAP)
$
23,344
$
24,356
$
25,130
$
47,700
$
48,811
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Operating Margin- GAAP
11.3
%
9.8
%
20.2
%
10.6
%
10.2
%
Share-based compensation
6.3
%
8.6
%
8.6
%
7.4
%
9.5
%
Intangible amortization
2.8
%
3.9
%
4.0
%
3.4
%
4.6
%
Transaction and integration related
—
%
1.1
%
0.2
%
0.5
%
0.3
%
Restructuring and other reserves
1.9
%
0.1
%
0.1
%
1.0
%
0.1
%
Litigation cost, net of recoveries
0.6
%
(0.1
)%
(3.6
)%
0.3
%
(1.8
)%
Changes in the fair value of contingent
earn-out obligations
—
%
(1.6
)%
(0.6
)%
(0.8
)%
(0.3
)%
Adjusted Operating Margin
(Non-GAAP)
22.9
%
21.8
%
28.9
%
22.4
%
22.6
%
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (Continued)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
GAAP net income
$
5,366
$
13,294
$
25,169
$
18,660
$
37,551
Adjustments to GAAP net income:
Share-based compensation
8,646
11,328
13,966
19,974
27,980
Intangible amortization
3,908
5,143
6,480
9,051
13,441
Transaction and integration related
33
1,435
399
1,468
927
Restructuring and other reserves
2,571
140
85
2,711
431
Litigation cost, net of recoveries
799
(74
)
(5,857
)
725
(5,297
)
Changes in the fair value of contingent
earn-out obligations
—
(2,161
)
(900
)
(2,161
)
(900
)
Total Non-GAAP adjustments before
taxes
15,957
15,811
14,173
31,768
36,582
Associated tax effect
4,314
(6,504
)
(1,741
)
(2,190
)
(22,395
)
Equity in net (gains) losses of equity
method investments
(168
)
411
27
243
58
Total of supplemental information, net of
taxes
20,103
9,718
12,459
29,821
14,245
Non-GAAP net income
$
25,469
$
23,012
$
37,628
$
48,481
$
51,796
Diluted GAAP earnings per share
$
0.08
$
0.20
$
0.37
$
0.28
$
0.55
Adjustments per above
0.30
0.14
0.18
0.43
0.21
Diluted non-GAAP earnings per
share
$
0.38
$
0.34
$
0.55
$
0.71
$
0.76
Three Months Ended
Six Months Ended
July 28, 2019
April 28, 2019
July 29, 2018
July 28, 2019
July 29, 2018
Q220
Q120
Q219
Q220
Q219
Comcast Warrant*
Impact on Net Sales
$
—
$
—
$
—
$
—
$
(21,501
)
Associated tax effect
—
—
—
—
3,678
Impact on EPS
$
—
$
—
$
—
$
—
$
(0.26
)
*In consideration of discussions held with the Securities and
Exchange Commission, we will no longer adjust net sales for the
impact of the Warrant for any comparable historical periods
presented. The Company will instead provide GAAP net sales for
historical periods presented and will separately disclose the
impact of the Warrant on the financial statement line items
impacted by the Warrant.
SEMTECH CORPORATION
RECONCILIATION OF GAAP TO
NON-GAAP OUTLOOK
Third Quarter of Fiscal Year
2020 Outlook
(in millions, except per share
data)
Q3 FY20 Outlook
October 27, 2019
Low
High
Gross Margin–GAAP
61.0
%
61.6
%
Share-based compensation
0.4
%
0.4
%
Adjusted Gross Margin
(Non-GAAP)
61.4
%
62.0
%
Low
High
Selling, general and
administrative–GAAP
$
33.5
$
34.5
Share-based compensation
(4.5
)
(4.5
)
Transaction and integration related
(1.0
)
(1.0
)
Adjusted selling, general and
administrative (Non-GAAP)
$
28.0
$
29.0
Low
High
Product development and
engineering–GAAP
$
26.9
$
27.9
Share-based compensation
(2.9
)
(2.9
)
Adjusted product development and
engineering (Non-GAAP)
$
24.0
$
25.0
Low
High
Diluted GAAP earnings per share
$
0.21
$
0.27
Share-based compensation
0.12
0.12
Transaction, restructuring, and
acquisition related expenses
0.01
0.01
Amortization of acquired intangibles
0.06
0.06
Associated tax effect
(0.02
)
(0.04
)
Diluted adjusted earnings per share
(Non-GAAP)
$
0.38
$
0.42
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190828005713/en/
Sandy Harrison Semtech Corporation (805) 480-2004
webir@semtech.com
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