Company Raises Full Year Outlook for Sales and
Profits
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today
announced financial results for the third quarter of Fiscal Year
2018.
- Q3 sales were an all-time record $812
million, up 22 percent in US dollars and 18 percent in constant
currency, compared to Q3 of the prior year.
- Q3 GAAP operating income amounted to
$100 million, compared to $96 million in the same quarter a year
ago. Q3 GAAP earnings per share (EPS) amounted to $0.48, compared
to $0.59 in the same quarter a year ago. GAAP profitability was
impacted by a one-time $16 million net tax expense following the
reduction in the U.S. federal income tax rate and other
reforms.
- Q3 non-GAAP operating income grew 18
percent to $117 million, compared to $99 million in the same
quarter a year ago. Q3 non-GAAP EPS grew 16 percent to $0.65,
compared to $0.56 in the same quarter a year ago.
- Cash flow from operations grew 27
percent to $189 million, the highest quarterly level ever.
“This holiday quarter, we’ve delivered our highest quarterly
sales ever and highest sales growth in seven years,” said Bracken
Darrell, Logitech president and chief executive officer. “Video
Collaboration, Gaming and Mobile Speakers all grew 25% or more, and
we gained share broadly across our product categories. Our ASTRO
acquisition also performed better than expected. We are raising our
Fiscal Year 2018 outlook.”
Outlook
Logitech raised its Fiscal Year 2018 outlook to 12 to 14 percent
sales growth in constant currency, up from its previous range of 10
to 12 percent sales growth in constant currency. The Company also
increased its non-GAAP operating income outlook for Fiscal Year
2018 to a range of $270 million to $280 million, up from its prior
range of $260 million to $270 million.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial
results teleconference available online on the Logitech corporate
website at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss
the results for Q3 FY 2018 on Tuesday, January 23, 2018 at 8:30
a.m. Eastern Standard Time and 2:30 p.m. Central European Time. A
live webcast of the call will be available on the Logitech
corporate website at http://ir.logitech.com.
Use of Non-GAAP Financial Information and Constant
Currency
To facilitate comparisons to Logitech’s historical results,
Logitech has included non-GAAP adjusted measures, which exclude
share-based compensation expense, amortization of intangible
assets, purchase accounting effect on inventory,
acquisition-related costs, change in fair value of contingent
consideration for business acquisition, restructuring charges
(credits), gain (loss) on investments in privately held companies,
investigation and related expenses, non-GAAP income tax adjustment,
and other items detailed under “Supplemental Financial Information”
after the tables below. Logitech also presents percentage sales
growth in constant currency to show performance unaffected by
fluctuations in currency exchange rates. Percentage sales growth in
constant currency is calculated by translating prior period sales
in each local currency at the current period’s average exchange
rate for that currency and comparing that to current period sales.
Logitech believes this information, used together with the GAAP
financial information, will help investors to evaluate its current
period performance and trends in its business. With respect to the
Company’s outlook for non-GAAP operating income, most of these
excluded amounts pertain to events that have not yet occurred and
are not currently possible to estimate with a reasonable degree of
accuracy. Therefore, no reconciliation to the GAAP amounts has been
provided for Fiscal Year 2018.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. More than 35 years ago, Logitech started connecting
people through computers, and now it’s a multi-brand company
designing products that bring people together through music,
gaming, video and computing. Brands of Logitech include Ultimate
Ears, Jaybird, Logitech G and ASTRO Gaming. Founded in 1981, and
headquartered in Lausanne, Switzerland, Logitech International is a
Swiss public company listed on the SIX Swiss Exchange (LOGN) and on
the Nasdaq Global Select Market (LOGI). Find Logitech at
www.logitech.com, the company blog or @Logitech.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including, without
limitation, statements regarding: our preliminary financial results
for the three and nine months ended December 31, 2017 and our
outlook for Fiscal Year 2018 operating income and sales growth. The
forward-looking statements in this release involve risks and
uncertainties that could cause Logitech’s actual results and events
to differ materially from those anticipated in these
forward-looking statements, including, without limitation: if our
product offerings, marketing activities and investment
prioritization decisions do not result in the sales, profitability
or profitability growth we expect, or when we expect it; if we fail
to innovate and develop new products in a timely and cost-effective
manner for our new and existing product categories; if we do not
successfully execute on our growth opportunities or our growth
opportunities are more limited than we expect; the effect of
pricing, product, marketing and other initiatives by our
competitors, and our reaction to them, on our sales, gross margins
and profitability; if our products and marketing strategies fail to
separate our products from competitors’ products; if we do not
fully realize our goals to lower our costs and improve our
operating leverage; if there is a deterioration of business and
economic conditions in one or more of our sales regions or product
categories, or significant fluctuations in exchange rates. A
detailed discussion of these and other risks and uncertainties that
could cause actual results and events to differ materially from
such forward-looking statements is included in Logitech’s periodic
filings with the Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2017 and our Annual Report on Form 10-K for the
fiscal year ended March 31, 2017, available at www.sec.gov, under
the caption Risk Factors and elsewhere. Logitech does not undertake
any obligation to update any forward-looking statements to reflect
new information or events or circumstances occurring after the date
of this press release.
Note that unless noted otherwise, comparisons are year over
year.
Logitech and other Logitech marks are trademarks or registered
trademarks of Logitech Europe S.A and/or its affiliates in the U.S.
and other countries. All other trademarks are the property of their
respective owners. For more information about Logitech and its
products, visit the company’s website at www.logitech.com.
LOGITECH INTERNATIONAL S.A.PRELIMINARY RESULTS
*(In thousands, except per share amounts) - unaudited
Three Months EndedDecember
31, Nine Months EndedDecember 31, GAAP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (A)
2017 2016 2017 2016 Net sales $
812,021 $ 666,707 $ 1,974,437 $ 1,710,875 Cost of goods sold
533,631 418,015 1,271,127 1,083,908 Amortization of intangible
assets and purchase accounting effect on inventory 2,789
1,929 6,304 4,705 Gross profit 275,601
246,763 697,006 622,262 Operating
expenses: Marketing and selling 116,153 102,036 325,917 279,700
Research and development 34,398 32,284 106,144 96,867 General and
administrative 22,291 24,598 72,850 75,543 Amortization of
intangible assets and acquisition-related costs 2,496 1,494 6,377
4,535 Change in fair value of contingent consideration for business
acquisition — (9,925 ) (4,908 ) (9,925 ) Total operating
expenses 175,338 150,487 506,380 446,720
Operating income 100,263 96,276 190,626 175,542 Interest
income 874 202 3,097 263 Other income (expense), net (324 ) 2,634
(894 ) 943 Income before income taxes 100,813 99,112
192,829 176,748 Provision for income taxes 20,040 1,647
18,691 10,297 Net income $ 80,773 $
97,465 $ 174,138 $ 166,451 Net income
per share: Basic $ 0.49 $ 0.60 $ 1.06 $ 1.03 Diluted $ 0.48 $ 0.59
$ 1.03 $ 1.01 Weighted average shares used to compute net
income per share: Basic 164,248 161,977 163,924 162,070 Diluted
169,079 165,901 168,832 165,211 Cash dividend per share $ —
$ — $ 0.63 $ 0.57
LOGITECH INTERNATIONAL
S.A.PRELIMINARY RESULTS *(In thousands) -
unaudited CONDENSED CONSOLIDATED BALANCE
SHEETS (A) December 31,2017 March
31,2017 Current assets: Cash and cash
equivalents $ 564,888 $ 547,533 Accounts receivable, net 351,753
185,179 Inventories 278,979 253,401 Other current assets 57,530
41,732 Total current assets 1,253,150 1,027,845
Non-current assets: Property, plant and equipment, net
86,901 85,408 Goodwill 275,563 249,741 Other intangible assets, net
92,371 47,564 Other assets 122,839 88,119
Total
assets $ 1,830,824 $ 1,498,677
Current
liabilities: Accounts payable $ 429,119 $ 274,805 Accrued and
other current liabilities 278,055 232,273 Total
current liabilities 707,174 507,078
Non-current liabilities:
Income taxes payable 34,410 51,797 Other non-current liabilities
82,004 83,691
Total liabilities 823,588
642,566
Shareholders’ equity: Registered
shares, CHF 0.25 par value: 30,148 30,148 Issued and authorized
shares — 173,106 at December 31 and March 31, 2017 Conditionally
authorized shares — 50,000 at December 31 and March 31, 2017
Additional paid-in capital 38,902 26,596 Shares in treasury, at
cost — 8,899 at December 31, 2017 and 10,727 at March 31, 2017
(164,559 ) (174,037 ) Retained earnings 1,197,912 1,074,110
Accumulated other comprehensive loss (95,167 ) (100,706 )
Total
shareholders’ equity 1,007,236 856,111
Total
liabilities and shareholders’ equity $ 1,830,824 $
1,498,677
LOGITECH INTERNATIONAL
S.A.PRELIMINARY RESULTS *(In thousands) -
unaudited Three Months EndedDecember
31, Nine Months EndedDecember 31,
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (A)
2017 2016 2017 2016
Cash flows from operating activities: Net income $
80,773 $ 97,465 $ 174,138 $ 166,451 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
10,850 8,863 30,218 32,479 Amortization of intangible assets 4,415
2,751 10,653 6,618 Gain on investments in privately held companies
(114 ) (375 ) (550 ) (547 ) Loss (gain) on disposal of property,
plant and equipment (5 ) — 7 — Share-based compensation expense
11,556 9,387 33,239 26,354 Deferred income taxes 18,661 (88 ) 6,728
(473 ) Change in fair value of contingent consideration for
business acquisition — (9,925 ) (4,908 ) (9,925 ) Changes in assets
and liabilities, net of acquisitions: Accounts receivable, net
(72,310 ) (42,413 ) (164,028 ) (139,414 ) Inventories 52,386 13,123
(5,692 ) (15,194 ) Other assets (10,463 ) (1,608 ) (18,953 ) (6,346
) Accounts payable 41,575 25,419 151,711 109,095 Accrued and other
liabilities 51,260 46,162 43,521 71,549
Net cash provided by operating activities 188,584
148,761 256,084 240,647
Cash flows from
investing activities: Purchases of property, plant and
equipment (10,405 ) (8,614 ) (27,593 ) (23,372 ) Investment in
privately held companies (360 ) (160 ) (880 ) (640 ) Acquisitions,
net of cash acquired (3,323 ) — (88,323 ) (66,987 ) Proceeds from
return of investment in privately held companies — — 237 — Changes
in restricted cash — — — 715 Purchases of short-term investments —
— (6,789 ) — Sales of short-term investments 6,789 — 6,789 —
Purchases of trading investments (1,843 ) (597 ) (2,842 ) (5,868 )
Proceeds from sales of trading investments 2,152 616
3,209 5,912
Net cash used in investing
activities (6,990 ) (8,755 ) (116,192 ) (90,240 )
Cash flows
from financing activities: Payment of cash dividends — —
(104,248 ) (93,093 ) Payment of contingent consideration for
business acquisition (5,000 ) — (5,000 ) — Purchases of registered
shares (9,726 ) (20,870 ) (20,408 ) (63,764 ) Proceeds from
exercises of stock options and purchase rights 947 5,871 30,947
20,355 Tax withholdings related to net share settlements of
restricted stock units (1,799 ) (2,007 ) (25,505 ) (13,054 )
Net
cash used in financing activities (15,578 ) (17,006 ) (124,214
) (149,556 ) Effect of exchange rate changes on cash and cash
equivalents 24 (4,623 ) 1,677 (6,468 )
Net
increase (decrease) in cash and cash equivalents 166,040
118,377 17,355 (5,617 ) Cash and cash
equivalents, beginning of the period 398,848 395,201
547,533 519,195 Cash and cash equivalents, end of the
period $ 564,888 $ 513,578 $ 564,888 $ 513,578
LOGITECH INTERNATIONAL S.A.PRELIMINARY
RESULTS *(In thousands) - unaudited
NET SALES Three Months
EndedDecember 31, Nine Months EndedDecember
31, SUPPLEMENTAL FINANCIAL INFORMATION 2017
2016 Change 2017 2016 Change
Net sales by product category: Pointing Devices $
140,983 $ 142,166 (1 )% $ 386,700 $ 382,249 1 % Keyboards &
Combos 126,372 125,289 1 361,685 359,824 1 PC Webcams 27,280 30,503
(11 ) 80,371 80,072 — Tablet & Other Accessories 26,648 24,852
7 80,650 59,351 36 Video Collaboration 46,252 35,807 29 128,008
88,298 45 Mobile Speakers 147,377 106,578 38 300,843 261,046 15
Audio-PC & Wearables 84,435 67,225 26 197,082 186,058 6 Gaming
173,802 107,181 62 365,232 242,874 50 Smart Home 38,692 26,942 44
73,481 49,916 47 Other (1) 180 164 10 385
1,187 (68 )
Total net sales $ 812,021 $
666,707 22 $ 1,974,437 $ 1,710,875 15
(1) Other category includes products that we currently intend to
transition out of, or have already transitioned out of, because
they are no longer strategic to our business.
LOGITECH INTERNATIONAL S.A.PRELIMINARY RESULTS
*(In thousands, except per share amounts) - Unaudited
GAAP TO NON-GAAP RECONCILIATION
(A)(B) Three Months EndedDecember 31, Nine
Months EndedDecember 31, SUPPLEMENTAL FINANCIAL
INFORMATION 2017 2016 2017 2016
Gross profit - GAAP $ 275,601 $ 246,763 $ 697,006 $
622,262 Share-based compensation expense 960 617 2,762 1,930
Amortization of intangible assets and purchase accounting effect on
inventory 2,789 1,929 6,304 4,705
Gross profit - Non-GAAP $ 279,350 $ 249,309 $
706,072 $ 628,897 Gross margin - GAAP 33.9 %
37.0 % 35.3 % 36.4 % Gross margin - Non-GAAP 34.4 % 37.4 % 35.8 %
36.8 %
Operating expenses - GAAP $ 175,338 $ 150,487
$ 506,380 $ 446,720 Less: Share-based compensation expense 10,596
8,770 30,477 24,424 Less: Amortization of intangible assets and
acquisition-related costs 2,496 1,494 6,377 4,535 Less: Change in
fair value of contingent consideration for business acquisition —
(9,925 ) (4,908 ) (9,925 ) Less: Restructuring credits, net — (33 )
(116 ) (44 ) Less: Investigation and related expenses — —
— 612
Operating expenses - Non-GAAP $
162,246 $ 150,181 $ 474,550 $ 427,118
% of net sales - GAAP 21.6 % 22.6 % 25.6 % 26.1 % % of net
sales - Non - GAAP 20.0 % 22.5 % 24.0 % 25.0 %
Operating
income - GAAP $ 100,263 $ 96,276 $ 190,626 $ 175,542
Share-based compensation expense 11,556 9,387 33,239 26,354
Amortization of intangible assets 4,415 2,751 10,653 6,618 Purchase
accounting effect on inventory 500 457 614 1,160
Acquisition-related costs 370 215 1,412 1,462 Change in fair value
of contingent consideration for business acquisition — (9,925 )
(4,908 ) (9,925 ) Restructuring credits, net — (33 ) (116 ) (44 )
Investigation and related expenses — — — 612
Operating income - Non - GAAP $ 117,104 $
99,128 $ 231,520 $ 201,779 % of net
sales - GAAP 12.3 % 14.4 % 9.7 % 10.3 % % of net sales - Non - GAAP
14.4 % 14.9 % 11.7 % 11.8 %
Net income - GAAP $
80,773 $ 97,465 $ 174,138 $ 166,451 Share-based compensation
expense 11,556 9,387 33,239 26,354 Amortization of intangible
assets 4,415 2,751 10,653 6,618 Purchase accounting effect on
inventory 500 457 614 1,160 Acquisition-related costs 370 215 1,412
1,462 Change in fair value of contingent consideration for business
acquisition — (9,925 ) (4,908 ) (9,925 ) Restructuring credits, net
— (33 ) (116 ) (44 ) Investigation and related expenses — — — 612
Gain on investments in privately held companies (114 ) (375 ) (550
) (547 ) Non-GAAP income tax adjustment 13,015 (7,595 )
2,033 (8,649 )
Net income - Non - GAAP $ 110,515
$ 92,347 $ 216,515 $ 183,492
Net income per share: Diluted - GAAP $ 0.48 $ 0.59 $ 1.03 $
1.01 Diluted - Non - GAAP $ 0.65 $ 0.56 $ 1.28 $ 1.11
Shares used to compute net income per share: Diluted - GAAP
and Non - GAAP 169,079 165,901 168,832 165,211
LOGITECH
INTERNATIONAL S.A.PRELIMINARY RESULTS *(In thousands)
– unaudited SHARE-BASED
COMPENSATION EXPENSE Three Months EndedDecember
31, Nine Months EndedDecember 31, SUPPLEMENTAL
FINANCIAL INFORMATION 2017 2016 2017
2016 Share-based Compensation Expense Cost of
goods sold $ 960 $ 617 $ 2,762 $ 1,930 Marketing and selling 4,624
4,006 13,348 10,687 Research and development 1,621 1,176 4,797
3,007 General and administrative 4,351 3,588 12,332
10,730
Total share-based compensation
expense
11,556 9,387 33,239 26,354 Income tax benefit (provision) 3,038
(2,391 ) (11,921 ) (6,092 )
Total share-based
compensation expense, net of income tax $ 14,594 $ 6,996
$ 21,318 $ 20,262
* Note: These preliminary results for the three and nine
months ended December 31, 2017 are subject to
adjustments, including subsequent events that may occur
through the date of filing our Quarterly Report on Form 10-Q.
(A) Preliminary valuation from the business acquisition
The preliminary fair value of assets acquired and liabilities
assumed from the business acquisition during the current period is
included in the tables. The fair value of identifiable intangible
assets acquired was based on estimates and assumptions made by us
at the time of the acquisition. As additional information becomes
available, such as finalization of purchase price adjustment and
the finalization of the estimated fair value of the assets acquired
and liabilities assumed, we may revise our preliminary or interim
estimated fair value of the assets acquired and liabilities assumed
during the remainder of the measurement periods (which will not
exceed 12 months from the acquisition dates).
(B) Non-GAAP Financial Measures
To supplement our condensed consolidated financial results
prepared in accordance with GAAP, we use a number of financial
measures, both GAAP and non-GAAP, in analyzing and assessing our
overall business performance, for making operating decisions and
for forecasting and planning future periods. We consider the use of
non-GAAP financial measures helpful in assessing our current
financial performance, ongoing operations and prospects for the
future as well as understanding financial and business trends
relating to our financial condition and results of operations.
While we use non-GAAP financial measures as a tool to enhance
our understanding of certain aspects of our financial performance
and to provide incremental insight into the underlying factors and
trends affecting both our performance and our cash-generating
potential, we do not consider these measures to be a substitute
for, or superior to, the information provided by GAAP financial
measures. Consistent with this approach, we believe that disclosing
non-GAAP financial measures to the readers of our financial
statements provides useful supplemental data that, while not a
substitute for GAAP financial measures, can offer insight in the
review of our financial and operational performance and enables
investors to more fully understand trends in our current and future
performance. In assessing our business during the quarter ended
December 31, 2017, we excluded items in the following general
categories, each of which are described below:
Share-based compensation expenses. We
believe that providing non-GAAP measures excluding share-based
compensation expense, in addition to the GAAP measures, allows for
a more transparent comparison of our financial results from period
to period. We prepare and maintain our budgets and forecasts for
future periods on a basis consistent with this non-GAAP financial
measure. Further, companies use a variety of types of equity awards
as well as a variety of methodologies, assumptions and estimates to
determine share-based compensation expense. We believe that
excluding share-based compensation expense enhances our ability and
the ability of investors to understand the impact of non-cash
share-based compensation on our operating results and to compare
our results against the results of other companies.
Amortization of intangible assets. We
incur intangible asset amortization expense, primarily in
connection with our acquisitions of various businesses and
technologies. The amortization of purchased intangibles varies
depending on the level of acquisition activity. We exclude these
various charges in budgeting, planning and forecasting future
periods and we believe that providing the non-GAAP measures
excluding these various non-cash charges, as well as the GAAP
measures, provides additional insight when comparing our gross
profit, operating expenses, and financial results from period to
period.
Purchase accounting effect on
inventory. Business combination accounting principles require
us to measure acquired inventory at fair value. The fair value of
inventory reflects the acquired company’s cost of manufacturing
plus a portion of the expected profit margin. The non-GAAP
adjustment excludes the expected profit margin component that is
recorded under business combination accounting principles
associated with our business acquisitions. We believe the
adjustment is useful to investors because such charges are not
reflective of our ongoing operations.
Acquisition-related costs and change in
fair value of contingent consideration for business
acquisition. We incurred expenses and credits in connection
with our acquisitions which we generally would not have otherwise
incurred in the periods presented as a part of our continuing
operations. Acquisition related costs include all incremental
expenses incurred to effect a business combination. Fair value of
contingent consideration is associated with our estimates of the
value of earn-outs in connection with certain acquisitions. We
believe that providing the non-GAAP measures excluding these costs
and credits, as well as the GAAP measures, assists our investors
because such costs are not reflective of our ongoing operating
results.
Restructuring charges (credits). These
expenses are associated with re-aligning our business strategies
based on current economic conditions. We have undertaken several
restructuring plans in recent years. In connection with our
restructuring initiatives, we incurred restructuring charges
related to employee terminations, facility closures and early
cancellation of certain contracts. We believe that providing the
non-GAAP measures excluding these charges, as well as the GAAP
measures, assists our investors because such charges (credits) are
not reflective of our ongoing operating results in the current
period.
Gain (loss) on investments in privately
held companies. We recognized gain (loss) related our
investments in various privately-held companies, which varies
depending on the operational and financial performance of the
privately-held companies in which we invested. We believe that
providing the non-GAAP measures excluding these charges, as well as
the GAAP measures, assists our investors because such charges are
not reflective of our ongoing operations.
Investigation and related expenses.
These expenses are forensic accounting, audit, consulting and legal
fees related to the Audit Committee’s investigation and the formal
investigation by and settlement with the Securities and Exchange
Commission (SEC), together with accruals based on settlement with
the SEC. We believe that providing the non-GAAP measures excluding
these charges, as well as the GAAP measures, assists our investors
because such charges are not reflective of our ongoing
operations.
Non-GAAP income tax adjustment.
Non-GAAP income tax adjustment primarily measures the income
tax effect of non-GAAP adjustments excluded above and other
events; the determination of which is based upon the nature of the
underlying items, the mix of income and losses in jurisdictions and
the relevant tax rates in which we operate.
Each of the non-GAAP financial measures described above, and
used in this press release, should not be considered in isolation
from, or as a substitute for, a measure of financial performance
prepared in accordance with GAAP. Further, investors are cautioned
that there are inherent limitations associated with the use of each
of these non-GAAP financial measures as an analytical tool. In
particular, these non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles and many of the
adjustments to the GAAP financial measures reflect the exclusion of
items that are recurring and may be reflected in the Company’s
financial results for the foreseeable future. We compensate for
these limitations by providing specific information in the
reconciliation included in this press release regarding the GAAP
amounts excluded from the non-GAAP financial measures. In addition,
as noted above, we evaluate the non-GAAP financial measures
together with the most directly comparable GAAP financial
information.
Additional Supplemental Financial Information - Constant
Currency
In addition, Logitech presents percentage sales growth in
constant currency to show performance unaffected by fluctuations in
currency exchange rates. Percentage sales growth in constant
currency is calculated by translating prior period sales in each
local currency at the current period’s average exchange rate for
that currency and comparing that to current period sales.
(LOGIIR)
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Logitech InternationalBen LuVice President, Investor Relations -
USA510-713-5568orKrista ToddVice President, Communications -
USA510-713-5834orBen StarkieCorporate Communications - Europe+41
(0) 79-292-3499
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