Revenue increased 52% year-over-year to $34.2
million
Dollar-based net revenue retention of 133%
Alteryx, Inc. (NYSE: AYX), a leading provider of an end-to-end
analytics platform for the enterprise, today announced financial
results for its third quarter ended September 30, 2017.
“This was another strong quarter for Alteryx, highlighted by 52%
year-over-year revenue growth and dollar-based net revenue
retention rates that were again above 130% for the fourth
consecutive quarter,” said Dean Stoecker, CEO of Alteryx, Inc.
Stoecker continued, “Our third quarter results further
demonstrate the power of our end-to-end analytics platform through
both the addition of a meaningful number of new customers as well
as our strong dollar-based net revenue retention rate. The
evolution of our platform, driven by ongoing innovation, the launch
of Alteryx Connect, and the announcement of Alteryx Promote, are
designed to serve not only the millions of analysts and
statisticians around the world, but also the rise of chief data
officers and analytic leaders who are driving digital
transformation across the enterprise. We believe our opportunity is
large and growing, we continue to increase our differentiation, and
we are positioned for long term success.”
Third Quarter 2017 Financial Highlights
- Revenue: Revenue for the third
quarter was $34.2 million, an increase of 52% year-over-year.
- Gross Profit: GAAP gross profit
for the third quarter was $28.7 million, or a GAAP gross margin of
84%, an increase compared to GAAP gross profit of $18.4 million, or
a GAAP gross margin of 82%, in the third quarter of 2016. Non-GAAP
gross profit for the third quarter was $29.3 million, or a non-GAAP
gross margin of 86%, an increase compared to non-GAAP gross profit
of $18.4 million, or a non-GAAP gross margin of 82%, in the third
quarter of 2016.
- Income (Loss) from Operations:
GAAP loss from operations for the third quarter was $(2.6) million,
compared to a loss from operations of $(3.9) million for the third
quarter of 2016. Non-GAAP income from operations for the third
quarter was $0.9 million, an improvement compared to non-GAAP loss
from operations of $(2.9) million for the third quarter of
2016.
- Net Income (Loss) Attributable to
Common Stockholders: GAAP net loss attributable to common
stockholders for the third quarter was $(3.3) million, an
improvement compared to a GAAP net loss attributable to common
stockholders of $(5.9) million for the third quarter of 2016. GAAP
net loss per share attributable to common stockholders for the
third quarter was $(0.06), based on 58.9 million weighted-average
basic and diluted shares outstanding, compared to a GAAP net loss
per share attributable to common stockholders of $(0.18), based on
32.5 million weighted-average basic and diluted shares outstanding,
for the third quarter of 2016.Non-GAAP net income for the third
quarter was $1.2 million, an improvement compared to a non-GAAP net
loss of $(3.3) million for the third quarter of 2016. Non-GAAP net
income per diluted share for the third quarter was $0.02, based on
62.3 million non-GAAP weighted-average diluted shares outstanding,
compared to a non-GAAP net loss per share of $(0.07), based on 47.2
million non-GAAP weighted-average diluted shares outstanding, for
the third quarter of 2016.
- Balance Sheet and Cash Flow: As
of September 30, 2017, Alteryx had cash, cash equivalents, and
short- and long-term investments of $182.6 million, compared with
$182.7 million as of June 30, 2017. Cash provided by operating
activities for the third quarter of 2017 was $0.7 million compared
to $(5.2) million used in operating activities in the same period
last year. For the first nine months of 2017, cash provided by
operating activities was $6.4 million, compared to $(9.1) million
used in operating activities for the same period last year.
A reconciliation of GAAP to non-GAAP financial measures is
provided in the tables included in this press release. An
explanation of these measures is also included below under the
heading “Non-GAAP Financial Measures.”
Third Quarter and Recent Business Highlights
- Ended the third quarter of 2017 with
3,054 customers, a 49% increase from the third quarter of 2016.
Added 231 net new customers in the third quarter of 2017.
- Achieved a dollar-based net revenue
retention rate of 133% for the third quarter of 2017.
- Announced Alteryx Promote, a component
of the Alteryx platform that empowers both data scientists and
citizen data scientists to deploy predictive models directly into
business systems through an API and then manage model performance
over time. Alteryx Promote is the result of the Alteryx’s
acquisition of Yhat, an end-to-end data science platform for
developing, deploying, and managing real-time decision APIs.
- Made Alteryx Connect generally
available as an add-on to Alteryx Server. Alteryx Connect is a data
exploration platform that empowers users to discover and
collaborate on data assets, visualizations, reports, and workflows
typically siloed across large enterprises.
- Announced a partnership with Plotly,
the preferred data visualization platform for modern data science,
to enhance inline “visualytics” within the Alteryx platform. As
modern organizations seek to distribute analytics capabilities
across a variety of business users, there has been a significant
shift towards self-service platforms — and now — for more intuitive
visual representations (or inline visualytics) of data as it moves
through the analytics pipeline. With this integration,
line-of-business analysts can work in a more agile environment that
supports sophisticated analytics techniques.
- Named the Gold winner in the first-ever
Gartner Peer Insights Customer Choice Awards for Business
Intelligence and Analytics. The Customer Choice Awards are a rating
of vendors by verified end-user professionals, taking into account
several criteria. Alteryx received Gold Status as many users across
a range of industries praised Alteryx as an intuitive end-to-end
analytics platform that drives significant time savings and
business results, and opens doors for more advanced analytics.
Financial Outlook
As of November 9, 2017, guidance for the fourth quarter 2017 and
full year 2017 is as follows:
- Fourth Quarter 2017 Guidance:
- Revenue is expected to be in the range
of $35.5 million to $36.0 million.
- Non-GAAP loss from operations is
expected to be in the range of $(1.0) million to $(2.0)
million.
- Non-GAAP net loss per share is expected
to be in the range of $(0.02) to $(0.03) based on approximately
60.0 million non-GAAP weighted-average basic and diluted shares
outstanding.
- Full Year 2017 Guidance:
- Revenue is now expected to be in the
range of $128.5 million to $129.0 million.
- Non-GAAP loss from operations is now
expected to be in the range of $(9.2) million to $(10.2)
million.
- Non-GAAP net loss per share is now
expected to be in the range of $(0.15) to $(0.17) based on
approximately 56.4 million non-GAAP weighted-average basic and
diluted shares outstanding.
The financial outlook above for non-GAAP loss from operations
and non-GAAP net loss per share exclude estimates for stock-based
compensation expense, acquisition related adjustments, follow-on
public offering costs, impairment of long-lived assets, and the
accretion of Series A redeemable convertible preferred stock. A
reconciliation of the non-GAAP financial guidance measures to
corresponding GAAP measures is not available on a forward-looking
basis primarily as a result of the uncertainty regarding, and the
potential variability of, stock-based compensation expense and
amortization of intangible assets. In particular, stock-based
compensation expense is impacted by our future hiring and retention
needs, as well as the future fair market value of our Class A
common stock, all of which is not within our control, is difficult
to predict, and is subject to constant change. The actual amount of
these expenses during 2017 will have a significant impact on our
future GAAP financial results. Accordingly, a reconciliation of the
non-GAAP financial guidance measures to the corresponding GAAP
measures is not available without unreasonable effort.
Quarterly Conference Call
Alteryx will host a conference call today at 5:00 p.m. Eastern
Time to discuss the Company’s financial results. To access this
call, dial 877-407-9716 (domestic) or 201-493-6779 (international).
A live webcast of this conference call will be available on the
“Investors” page of the Company’s website at www.alteryx.com.
Following the conference call, a telephone replay will be
available through November 16, 2017, at 844-512-2921 (domestic) or
412-317-6671 (international). The replay passcode is 13672160. An
archived webcast of this conference call will also be available in
the “Investors” section of the Company’s website.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with GAAP, we use
the following non-GAAP financial measures: non-GAAP gross profit,
non-GAAP gross margin, non-GAAP income (loss) from operations,
non-GAAP net income (loss), non-GAAP net income (loss) per share,
and non-GAAP weighted-average diluted shares outstanding. The
presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP.
We use non-GAAP measures to internally evaluate and analyze
financial results. We believe these non-GAAP financial measures
provide investors with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and enable comparison of our
financial results with other public companies, many of which
present similar non-GAAP financial measures. We exclude the
following items from one or more of our non-GAAP financial
measures:
Stock-based compensation expense. We exclude stock-based
compensation expense, which is a non-cash expense, from certain of
our non-GAAP financial measures because we believe that excluding
this item provides meaningful supplemental information regarding
operational performance. In particular, companies calculate
stock-based compensation expense using a variety of valuation
methodologies and subjective assumptions.
Acquisition related adjustments. We exclude amortization of
intangible assets, changes in fair value of contingent
consideration, and related income tax adjustments, which are
non-cash, related to business combinations from certain of our
non-GAAP financial measures. We exclude such expenses as they are
related to a business combination and have no direct correlation to
the operation of our business.
Accretion of Series A redeemable convertible preferred stock. We
exclude accretion relating to our Series A redeemable convertible
preferred stock from non-GAAP net loss per share because this is a
non-cash item that will not recur in the periods following our
initial public offering.
Follow-on public offering costs. We exclude the costs relating
to our follow-on public offering in September 2017 from certain of
our non-GAAP financial measures because the costs do not have a
direct correlation to the operation of our business.
Impairment of long-lived assets. We exclude the impairment of
long-lived assets from certain of our non-GAAP financial measures,
because the expenses are non-cash and do not have a direct
correlation to the operation of our business.
In addition, we adjust non-GAAP weighted-average diluted shares
outstanding to include the conversion of the redeemable convertible
preferred stock into shares of common stock as though the
conversion had occurred at the beginning of each of the respective
periods. In periods of non-GAAP net income, we adjust non-GAAP
weighted-average diluted shares outstanding to include the effect
of dilutive shares.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, we exclude stock-based compensation
expense and amortization of intangible assets which are recurring
and will be reflected in our financial results for the foreseeable
future. The non-GAAP measures we use may be different from non-GAAP
financial measures used by other companies, limiting their
usefulness for comparison purposes. We compensate for these
limitations by providing specific information regarding the GAAP
items excluded from these non-GAAP financial measures.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding our
outlook for the fourth quarter 2017 and full year 2017, our market
opportunity, our ability to execute the Company’s long-term growth
strategy, and other future events. These forward-looking statements
are only predictions and may differ materially from actual results
due to a variety of factors including, but not limited to: our
limited operating history under our current business model; our
ability to manage our growth effectively; the rate of growth in the
market for analytics products and services; our ability to attract
new customers and expand sales to existing customers; our ability
to develop and release product and service enhancements and new
products and services to respond to rapid technological change in a
timely and cost-effective manner; intense and increasing
competition in our market; our ability to develop, maintain,
and enhance our brand and reputation cost-effectively; our ability
to expand our sales force and the effectiveness of our sales force;
our ability to establish and maintain successful relationships with
our channel partners; risks associated with our international
operations; litigation, and related costs; security breaches; and
other general market, political, economic, and business
conditions.
Additional risks and uncertainties that could affect our
financial results are included under the caption “Risk Factors” in
our Quarterly Report on Form 10-Q for the three months
ended June 30, 2017, which is available on the Investor
Relations page of our website at www.alteryx.com and on
the SEC website at www.sec.gov. Additional
information will also be set forth in our Quarterly Report on Form
10-Q for the three months ended September 30, 2017. All
forward-looking statements contained herein are based on
information available to us as of the date hereof and we do not
assume any obligation to update these statements as a result of new
information or future events.
About Alteryx, Inc.
Alteryx (NYSE: AYX) is a leading provider of an end-to-end
analytics platform for the enterprise. The Alteryx platform
provides analysts with the unique ability to easily prep, blend and
analyze all of their data using a repeatable workflow, then deploy
and share analytics at scale for deeper insights in hours, not
weeks. Analysts love the Alteryx platform because they can connect
to and cleanse data from data warehouses, cloud applications,
spreadsheets and other sources, easily join this data together,
then perform analytics — predictive, statistical and spatial —
using the same intuitive user interface, without writing any code.
Visit www.alteryx.com or call 1-888-836-4274.
Alteryx is a registered trademark of Alteryx, Inc. All other
product and brand names may be trademarks or registered trademarks
of their respective owners.
Alteryx, Inc. Condensed
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data) (unaudited)
Three Months Ended
Nine Months Ended
September 30, September 30, 2017 2016
2017 2016 Revenue $ 34,155 $ 22,462 $ 93,019 $
60,828 Cost of revenue 5,425 4,062
15,545 11,727 Gross profit 28,730
18,400 77,474 49,101 Operating expenses: Research and
development 7,774 4,496 20,943 12,419 Sales and marketing 15,514
13,456 48,731 42,530 General and administrative 8,005
4,298 24,115 11,623 Total
operating expenses 31,293 22,250
93,789 66,572 Loss from operations (2,563 )
(3,850 ) (16,315 ) (17,471 ) Other expense, net (711 )
(284 ) (277 ) (562 ) Loss before provision for
(benefit of) income taxes (3,274 ) (4,134 ) (16,592 ) (18,033 )
Provisions for (benefit of) income taxes 25 58
(632 ) 148 Net loss $ (3,299 ) $ (4,192
) $ (15,960 ) $ (18,181 ) Less: Accretion of Series A
redeemable convertible preferred stock -
(1,733 ) (1,983 ) (4,466 ) Net loss attributable to
common stockholders $ (3,299 ) $ (5,925 ) $ (17,943 ) $ (22,647 )
Net loss per share attributable to common stockholders,
basic and diluted $ (0.06 ) $ (0.18 ) $ (0.35 ) $ (0.70 )
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
58,942 32,538 50,864
32,390 Other comprehensive income (loss), net of tax:
Net unrealized holding gain (loss) on investments, net of tax (15 )
(9 ) (101 ) 75 Foreign currency translation adjustments, net of tax
(40 ) - (148 ) - Other
comprehensive income (loss), net of tax (55 ) (9 )
(249 ) 75 Total comprehensive loss $ (3,354 )
$ (4,201 ) $ (16,209 ) $ (18,106 )
Alteryx,
Inc. Stock-Based Compensation Expense (in thousands)
(unaudited)
Three Months Ended Nine Months
Ended September 30, September 30,
2017
2016
2017
2016
Cost of revenue $ 123 $ 24 $
368 $ 72 Research and development 458
99 1,157 243 Sales and marketing 459 308 1,642 942 General and
administrative 1,239 475
3,342 1,077 Total $
2,279 $ 906 $ 6,509 $
2,334
Alteryx, Inc.
Condensed Consolidated Balance Sheets (in thousands, except
par value) (unaudited)
September 30, December
31, 2017 2016 Assets Current
assets: Cash and cash equivalents $ 95,776 $ 31,306 Short-term
investments 60,812 21,394 Accounts receivable, net 30,820 35,367
Deferred commissions 6,700 7,358 Prepaid expenses and other current
assets 6,211 5,013 Total current assets
200,319 100,438 Property and equipment, net 6,913 6,212
Long-term investments 25,989 - Goodwill 8,741 - Intangible assets,
net 8,456 - Other assets 3,928 4,765
Total assets $ 254,346 $ 111,415
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit) Current liabilities: Accounts
payable $ 4,014 $ 1,780 Accrued payroll and payroll related
liabilities 6,108 7,760 Accrued expenses and other current
liabilities 8,063 4,987 Deferred revenue 78,656
71,050 Total current liabilities 96,841 85,577
Deferred revenue 3,522 3,084 Other liabilities 2,531
1,182 Total liabilities 102,894
89,843 Commitments and contingencies
Redeemable convertible preferred stock,
$0.0001 par value: no shares and 14,899 shares authorized as of
September 30, 2017 and December 31, 2016, respectively; no shares
and 14,647 shares issued and outstanding as of September 30, 2017
and December 31, 2016, respectively; aggregate liquidation
preference of $0 and $87,448 as of September 30, 2017 and December
31, 2016, respectively
- 99,182 Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 10,000
and no shares authorized as of September 30, 2017 and December 31,
2016, respectively; no shares issued and outstanding as of
September 30, 2017 and December 31, 2016
- -
Common stock, $0.0001 par value: 1,000,000
and 56,025 shares authorized as of September 30, 2017 and December
31, 2016, respectively; 59,142 and 32,674 shares issued and
outstanding as of September 30, 2017 and December 31, 2016,
respectively
5 3 Additional paid-in capital 253,712 8,443 Accumulated
deficit (102,007 ) (86,047 ) Accumulated other comprehensive loss
(258 ) (9 ) Total stockholders’ equity (deficit)
151,452 (77,610 ) Total liabilities,
redeemable convertible preferred stock, and stockholders’ equity
(deficit) $ 254,346 $ 111,415
Alteryx, Inc. Condensed Consolidated
Statements of Cash Flows (in thousands) (unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016 2017 2016
Cash flows from operating activities: Net loss $
(3,299 ) $ (4,192 ) $ (15,960 ) $ (18,181 )
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization 1,231 493 2,670 1,182 Stock-based
compensation 2,279 906 6,454 2,334
Provision for doubtful accounts and sales
reserve, net of recoveries
(14 ) (36 ) 770 (36 ) Deferred income taxes (90 ) - (1,138 ) —
Impairment of long-lived assets 1,050 - 1,050 — Change in fair
value of contingent consideration 32 - 190 — Loss on disposal of
assets - (20 ) 32 56 Changes in operating assets and liabilities,
net of effect of business acquisitions: - - Accounts receivable
(3,766 ) (8,082 ) 3,892 (3,342 ) Deferred commissions (270 ) (335 )
827 249 Prepaid expenses and other current assets and other assets
(1,300 ) (1,302 ) (2,229 ) (1,209 ) Accounts payable (241 ) 1,579
1,720 2,646 Accrued payroll and payroll related liabilities (933 )
129 (1,667 ) (2,357 ) Accrued expenses and other current
liabilities 481 (429 ) 1,470 (241 ) Deferred revenue 5,508 4,564
8,071 8,430 Other liabilities 80 1,553
288 1,343 Net cash provided by (used
in) operating activities 748 (5,172 )
6,440 (9,126 )
Cash flows from investing
activities: Purchases of property and equipment (1,094 ) (1,136
) (2,303 ) (3,454 ) Cash paid in business acquisitions, net of cash
acquired - - (9,097 ) — Purchases of investments (11,498 ) -
(87,551 ) (5,706 ) Maturities of investments 8,791
3,273 21,768 11,382 Net
cash provided by (used in) investing activities (3,801 )
2,137 (77,183 ) 2,222
Cash flows from financing activities: Proceeds from initial
public offering, net of underwriting commissions and discounts - -
134,757 — Payment of initial public offering costs (1,070 ) (68 )
(1,867 ) (68 ) Payment of Series C convertible preferred stock
issuance costs - - - (350 ) Repurchase of common stock, net of
costs paid - (6 ) - (256 ) Principal payments on capital lease
obligations (83 ) (55 ) (247 ) (165 ) Proceeds from exercise of
stock options 1,556 96 2,562
270 Net cash provided by (used in) financing
activities 403 (33 ) 135,205
(569 ) Effect of exchange rate changes on cash 11 - 8
- Net increase (decrease) in cash and cash equivalents (2,639 )
(3,068 ) 64,470 (7,473 ) Cash and cash equivalents—beginning of
period 98,415 20,374 31,306
24,779 Cash and cash equivalents—end of period
$ 95,776 $ 17,306 $ 95,776 $ 17,306
Supplemental disclosure of noncash
investing and financing activities: Property and equipment
recorded in accounts payable $ 26 $ 108 $ 26 $
108
Consideration for business acquisition
initially included in accrued expenses and other current
liabilities and other liabilities
$ - $ - $ 1,660 $ -
Consideration for business acquisition
from issuance of common stock
$ - $ - $ 5,285 $ -
Contingent consideration settled through
issuance of common stock
$ 375 $ - $ 375 $ - Accretion of
Series A redeemable convertible preferred stock $ - $ 1,733
$ 1,983 $ 4,466 Deferred initial public
offering costs recorded in accounts payable and accrued expenses $
529 $ 329 $ 529 $ 329 Property
and equipment funded by capital lease borrowing $ - $ -
$ - $ 987 Conversion of Series A
redeemable convertible preferred stock to common shares $ -
$ - $ 101,165 $ -
Alteryx, Inc. Reconciliation of GAAP Measures to
Non-GAAP Measures (in thousands, except percentages and per
share amounts) (unaudited)
Three Months Ended September
30, Nine Months Ended September 30, 2017
2016 2017 2016 Reconciliation of non-GAAP
gross profit: GAAP gross profit $ 28,730 $ 18,400 $ 77,474 $
49,101 GAAP gross margin 84 % 82 % 83 % 81 % Add
back: Stock-based compensation expense 123 24 368 72 Amortization
of intangible assets 456 - 757
- Non-GAAP gross profit $ 29,309
$ 18,424 $ 78,599 $ 49,173 Non-GAAP
gross margin 86 % 82 % 84 % 81 %
Reconciliation of
non-GAAP income (loss) from operations: GAAP loss from
operations $ (2,563 ) $ (3,850 ) $ (16,315 ) $ (17,471 )
GAAP operating margin -8 % -17 % -18 % -29 %
Add back:
Stock-based compensation expense 2,279 906 6,509 2,334 Amortization
of intangible assets 461 - 764 - Contingent consideration expense
32 - 190 - Follow-on public offering costs 676
- 676 - Non-GAAP Income
(loss) from operations $ 885 $ (2,944 ) $ (8,176 ) $ (15,137
) Non-GAAP operating margin 3 % -13 % -9 % -25 %
Reconciliation of non-GAAP net income (loss): GAAP net loss
attributable to common stockholders $ (3,299 ) $ (5,925 ) $ (17,943
) $ (22,647 )
Add back:
Stock-based compensation expense 2,279 906 6,509 2,334 Amortization
of intangible assets 461 - 764 - Accretion of Series A redeemable
convertible preferred stock - 1,733 1,983 4,466 Contingent
consideration expense 32 - 190 - Follow-on public offering costs
676 - 676 - Impairment of long-lived assets 1,050 - 1,050 - Income
tax adjustments - - (998 )
- Non-GAAP net income (loss) $ 1,199 $
(3,286 ) $ (7,769 ) $ (15,847 )
Non-GAAP diluted income
(loss) per share: Non-GAAP net income (loss) $ 1,199 $ (3,286 )
$ (7,769 ) $ (15,847 )
Non-GAAP weighted-average shares used to
compute net income (loss) per share attributable to common
stockholders, diluted
62,348 47,185 55,263 47,037 Non-GAAP net income (loss) per
share, diluted $ 0.02 $ (0.07 ) $ (0.14 ) $ (0.34 )
Reconciliation of non-GAAP diluted net income (loss) per
share GAAP net loss per share attributable to common
stockholders, diluted $ (0.06 ) $ (0.18 ) $ (0.35 ) $ (0.70 )
Add back: Non-GAAP adjustments to net loss per share
0.08 0.11 0.21 0.36
Non-GAAP net income (loss) per share, diluted $ 0.02
$ (0.07 ) $ (0.14 ) $ (0.34 )
Reconciliation of
non-GAAP diluted weighted-average shares outstanding
GAAP weighted-average shares used to
compute net loss per share attributable to common stockholders,
diluted
58,942 32,538 50,864 32,390 Add back: Conversion of
redeemable convertible preferred stock into common stock - 14,647
4,399 14,647 Effect of potentially dilutive shares 3,406
- - -
Non-GAAP weighted-average shares used to
compute non-GAAP net income (loss) per share, diluted
62,348 47,185 55,263
47,037
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171109006615/en/
Investor RelationsICRStaci Mortenson,
844-842-1912ir@alteryx.com
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