FuelCell Energy, Inc. (the “Company”) (Nasdaq: FCEL), a global
leader in delivering clean, innovative and affordable fuel cell
solutions for the supply, recovery and storage of energy, today
reported financial results for its third fiscal quarter ended July
31, 2019 and key business highlights.
“FuelCell Energy had a dynamic third quarter of
2019,” commented Jason Few, President and Chief Executive Officer
of FuelCell Energy. “The Company focused on numerous restructuring
and improvement initiatives, resulting in an improved balance
sheet, a leaner spending profile, and a reinvigorated team. We
continued to build on our long-standing relationship with
ExxonMobil, entering into a license agreement in the quarter. We
continue to focus on execution of our projects, including nearing
completion on our Tulare BioMAT 2.8 megawatt plant and commencing
large-scale onsite work on the U.S. Navy base in Groton, CT. We
have a lot more work ahead of us, but I’m encouraged by the
progress made over the past several months as well as the team’s
commitment and passion for customers and our business.”
Business Highlights and
Recent Developments
- Appointed Jason Few as President and Chief Executive Officer
effective August 26, 2019.
- Acquired the 14.9 megawatt (“MW”) Bridgeport fuel cell project
(the “Bridgeport Fuel Cell Project”) in May from Dominion
Generation, Inc., with project lending provided by Fifth Third
Bank, Liberty Bank and the Connecticut Green Bank.
- Entered into a $10 million license agreement with ExxonMobil
Research and Engineering Company (“ExxonMobil”).
- Decreased the amount of our outstanding corporate debt with
Hercules Capital, our senior secured lender.
- Relaunched the sub-megawatt distributed generation solution to
the European market with the SureSource 250 and SureSource 400 fuel
cell systems.
- Celebrated the one-year anniversary and strong performance of
the 20 MW KOSPO project in South Korea.
- Entered into a new Carbon Capture FEED study with Drax Power
Station in the United Kingdom.
Key Operating Metrics
In the third quarter of fiscal 2019:
- Total revenues increased 88% to $22.7 million in the quarter
when compared to the third quarter of fiscal 2018 driven by the
ExxonMobil license agreement and an increase in Generation revenues
related to the Bridgeport Fuel Cell Project.
- Unrestricted cash and cash equivalents totaled $16.0 million as
of July 31, 2019 compared to $14.9 million as of April 30, 2019.
Cash and cash equivalents, including restricted cash, totaled $45.8
million at July 31, 2019, a decrease of $7.2 million when compared
with April 30, 2019.
- Hercules senior secured debt totaled $7.4 million at the end of
the third quarter of fiscal 2019, a decrease of $16.4 million when
compared with the end of the second quarter of fiscal 2019.
- Backlog and project awards totaled $2.1 billion at the end of
the third quarter of fiscal 2019, compared to $1.9 billion at the
end of the third quarter of fiscal 2018.
Third Quarter of Fiscal 2019
Results
Total revenue increased to $22.7 million in the
third quarter of fiscal 2019, up $10.6 million, or 88%, from the
third quarter of fiscal 2018. Composition of revenue compared to
the prior year is as follows:
- Service and license revenue totaled $11.5 million for the third
quarter of fiscal 2019, compared to $5.5 million for the third
quarter of fiscal 2018. The difference between the periods is
primarily due to $10.0 million of revenue recognized in connection
with the ExxonMobil license agreement offset by lower service
revenue recorded as a result of fewer module replacements in the
third quarter of fiscal 2019 and no revenue recorded for the
Bridgeport Fuel Cell Project under the service agreement due to the
acquisition.
- Generation revenue totaled $5.4 million for the third quarter
of fiscal 2019 compared to $1.7 million for the third quarter of
fiscal 2018 primarily as a result of revenue recognized from the
Bridgeport Fuel Cell Project which was acquired during the third
quarter of fiscal 2019.
- Advanced technologies contract revenue totaled $5.8 million for
the third quarter of fiscal 2019, compared to $3.6 million for the
third quarter of fiscal 2018. Revenue was higher for the
third quarter of fiscal 2019 primarily due to the timing of project
activity under existing contracts.
- Product revenue totaled $0 for the third quarter of fiscal 2019
compared to $1.3 million for the third quarter of fiscal 2018.
Product revenue for the three months ended July 31, 2018 included
revenues from the 20 MW order from Hanyang Industrial Development
Co., Ltd (“HYD”), pursuant to which the Company provided equipment
to HYD for a fuel cell project with Korea Southern Power Co., Ltd.
The commissioning of this plant was completed in July 2018.
Operating expenses for the third quarter of
fiscal 2019 totaled $9.0 million, a decrease of 27%, when compared
to $12.4 million of operating expenses for the third quarter of
fiscal 2018. The decrease related to the reduction in spending
resulting from the Company’s restructuring initiatives and
resources being allocated to funded Advanced Technologies projects,
partially offset by higher legal and professional fees related to
the Company’s on-going restructuring and refinancing
initiatives.
Net loss attributable to common stockholders for
the third quarter of fiscal 2019 totaled $8.3 million, or $0.18 per
basic and diluted share, compared to a net loss attributable to
common stockholders of $17.6 million, or $2.45 per basic and
diluted share, for the third quarter of fiscal 2018. Net loss
attributable to common stockholders in the third quarter of fiscal
2019 includes dividends of $0.8 million on the Company’s Series B
Preferred Stock (as defined below), deemed contributions totaling
$0.9 million on the Company’s Series C Convertible Preferred Stock,
as well as deemed dividends of $3.1 million on the Company’s Series
D Convertible Preferred Stock. See the appendix at the end of this
release for further details regarding the deemed contributions and
deemed dividends.
Adjusted earnings before interest, taxes,
depreciation and amortization (“Adjusted EBITDA”, a non-GAAP
measure) totaled $3.2 million in the third quarter of fiscal 2019
compared to an Adjusted EBITDA loss of $11.3 million in the third
quarter of fiscal 2018. Refer to the discussion of non-GAAP
financial measures in the appendix at the end of this release
regarding the Company’s calculation of Adjusted EBITDA.
Cautionary Language This
news release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results and
statements regarding the Company’s plans and expectations regarding
the continuing development, commercialization and financing of its
fuel cell technology and business plans. All forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. Factors
that could cause such a difference include, without limitation,
changes to projected deliveries and order flow, changes to
production rate and product costs, general risks associated with
product development, manufacturing, changes in the regulatory
environment, customer strategies, unanticipated manufacturing
issues that impact power plant performance, changes in critical
accounting policies, potential volatility of energy prices, rapid
technological change, competition, and the Company’s ability to
achieve its sales plans and cost reduction targets, as well as
other risks set forth in the Company’s filings with the Securities
and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in the Company’s expectations or any change in events,
conditions or circumstances on which any such statement is
based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) delivers
state-of-the-art fuel cell power plants that provide
environmentally responsible solutions for various applications such
as utility-scale and on-site power generation, carbon capture,
local hydrogen production for both transportation and industry, and
long duration energy storage. Our systems cater to the needs
of customers across several industries, including utility
companies, municipalities, universities, government entities and a
variety of industrial and commercial enterprises. With our
megawatt-scale SureSource™ installations on three continents and
with more than 9 million megawatt hours of ultra-clean power
produced, FuelCell Energy is a global leader in designing,
manufacturing, installing, operating and maintaining
environmentally responsible fuel cell distributed power solutions.
Visit us online at www.fuelcellenergy.com and follow us on Twitter
@FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Capital, FuelCell Energy, and FuelCell Energy logo are
all trademarks of FuelCell Energy, Inc.
Contact: |
FuelCell Energy, Inc.ir@fce.com203.205.2491 Source:
FuelCell Energy |
|
|
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
|
July 31, 2019 |
|
|
October 31, 2018 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents, unrestricted |
$ |
16,018 |
|
|
$ |
39,291 |
|
Restricted cash and cash equivalents – short-term |
|
1,381 |
|
|
|
5,806 |
|
Accounts receivable, net |
|
3,705 |
|
|
|
9,280 |
|
Unbilled receivables |
|
8,186 |
|
|
|
13,759 |
|
Inventories |
|
59,830 |
|
|
|
53,575 |
|
Other current assets |
|
7,254 |
|
|
|
8,592 |
|
Total current assets |
|
96,374 |
|
|
|
130,303 |
|
|
|
|
|
|
|
Restricted cash and cash
equivalents – long-term |
|
28,400 |
|
|
|
35,142 |
|
Project assets |
|
156,393 |
|
|
|
99,600 |
|
Long-term inventory |
|
2,179 |
|
|
|
- |
|
Property, plant and equipment,
net |
|
42,406 |
|
|
|
48,204 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets |
|
21,588 |
|
|
|
9,592 |
|
Other assets |
|
10,019 |
|
|
|
13,505 |
|
Total assets |
$ |
361,434 |
|
|
$ |
340,421 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of long-term debt |
$ |
43,416 |
|
|
$ |
17,596 |
|
Accounts payable |
|
30,250 |
|
|
|
22,594 |
|
Accrued liabilities |
|
8,582 |
|
|
|
7,632 |
|
Deferred revenue |
|
15,650 |
|
|
|
11,347 |
|
Preferred stock obligation of subsidiary |
|
950 |
|
|
|
952 |
|
Total current liabilities |
|
98,848 |
|
|
|
60,121 |
|
|
|
|
|
|
|
Long-term deferred
revenue |
|
22,190 |
|
|
|
16,793 |
|
Long-term preferred stock
obligation of subsidiary |
|
15,933 |
|
|
|
14,965 |
|
Long-term debt and other
liabilities |
|
79,696 |
|
|
|
71,619 |
|
Total liabilities |
|
216,667 |
|
|
|
163,498 |
|
|
|
|
|
|
|
Redeemable Series B preferred
stock (liquidation preference of $64,020 at July 31, 2019 and
October 31, 2018) |
|
59,857 |
|
|
|
59,857 |
|
Redeemable Series C preferred
stock (liquidation preference of $8,992 as of October 31,
2018) |
|
- |
|
|
|
7,480 |
|
Redeemable Series D preferred
stock (liquidation preference of $25 and $30,680 as of July 31,
2019 and October 31, 2018, respectively) |
|
27 |
|
|
|
27,392 |
|
Total Equity: |
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
Common stock ($0.0001 par value; 225,000,000 shares authorized at
July 31, 2019 and October 31, 2018; 118,387,637 and 7,972,686
shares issued and outstanding at July 31, 2019 and October 31,
2018, respectively) |
|
12 |
|
|
|
1 |
|
Additional paid-in capital |
|
1,125,212 |
|
|
|
1,073,463 |
|
Accumulated deficit |
|
(1,039,910 |
) |
|
|
(990,867 |
) |
Accumulated other comprehensive loss |
|
(431 |
) |
|
|
(403 |
) |
Treasury stock, Common, at cost (42,496 and 13,042 at July 31, 2019
and October 31, 2018, respectively) |
|
(466 |
) |
|
|
(363 |
) |
Deferred compensation |
|
466 |
|
|
|
363 |
|
Total stockholders’ equity |
|
84,883 |
|
|
|
82,194 |
|
Total liabilities and stockholders’ equity |
$ |
361,434 |
|
|
$ |
340,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
Three Months EndedJuly 31, |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
Product |
$ |
- |
|
|
$ |
1,328 |
|
Service and
license |
|
11,496 |
|
|
|
5,549 |
|
Generation |
|
5,448 |
|
|
|
1,695 |
|
Advanced
Technologies |
|
5,768 |
|
|
|
3,538 |
|
Total revenues |
|
22,712 |
|
|
|
12,110 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
4,547 |
|
|
|
4,099 |
|
Service and
license |
|
1,102 |
|
|
|
5,997 |
|
Generation |
|
5,726 |
|
|
|
1,375 |
|
Advanced
Technologies |
|
3,372 |
|
|
|
2,695 |
|
Total cost of revenues |
|
14,747 |
|
|
|
14,166 |
|
|
|
|
|
|
|
Gross profit (loss) |
|
7,965 |
|
|
|
(2,056 |
) |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Administrative and
selling expenses |
|
7,058 |
|
|
|
6,100 |
|
Research and
development expense |
|
1,977 |
|
|
|
6,318 |
|
Total costs and expenses |
|
9,035 |
|
|
|
12,418 |
|
|
|
|
|
|
|
Loss from operations |
|
(1,070 |
) |
|
|
(14,474 |
) |
|
|
|
|
|
|
Interest expense |
|
(3,536 |
) |
|
|
(2,434 |
) |
Other (expense) income,
net |
|
(685 |
) |
|
|
1,042 |
|
|
|
|
|
|
|
Loss before provision for
income taxes |
|
(5,291 |
) |
|
|
(15,866 |
) |
|
|
|
|
|
|
Provision for income taxes |
|
(20 |
) |
|
|
(15 |
) |
|
|
|
|
|
|
Net loss |
|
(5,311 |
) |
|
|
(15,881 |
) |
|
|
|
|
|
|
Series B preferred
stock dividends |
|
(810 |
) |
|
|
(800 |
) |
Series C preferred
stock deemed contributions (dividends) |
|
884 |
|
|
|
(939 |
) |
Series D preferred
stock deemed dividends |
|
(3,091 |
) |
|
|
- |
|
|
|
|
|
|
|
Net loss attributable to
common stockholders |
$ |
(8,328 |
) |
|
$ |
(17,620 |
) |
|
|
|
|
|
|
Loss per share basic and
diluted: |
|
|
|
|
|
Net loss per share attributable to common stockholders |
$ |
(0.18 |
) |
|
$ |
(2.45 |
) |
Basic and diluted weighted average shares outstanding |
|
45,069,911 |
|
|
|
7,191,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
Nine Months EndedJuly 31, |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
Product |
$ |
- |
|
|
$ |
43,058 |
|
Service and
license |
|
25,866 |
|
|
|
12,859 |
|
Generation |
|
8,560 |
|
|
|
5,329 |
|
Advanced
Technologies |
|
15,285 |
|
|
|
10,307 |
|
Total revenues |
|
49,711 |
|
|
|
71,553 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
14,362 |
|
|
|
44,183 |
|
Service and
license |
|
15,166 |
|
|
|
11,934 |
|
Generation |
|
9,047 |
|
|
|
5,020 |
|
Advanced
Technologies |
|
9,016 |
|
|
|
8,466 |
|
Total cost of revenues |
|
47,591 |
|
|
|
69,603 |
|
|
|
|
|
|
|
Gross profit |
|
2,120 |
|
|
|
1,950 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Administrative and
selling expenses |
|
23,622 |
|
|
|
19,327 |
|
Research and
development expense |
|
12,435 |
|
|
|
15,385 |
|
Total costs and expenses |
|
36,057 |
|
|
|
34,712 |
|
|
|
|
|
|
|
Loss from operations |
|
(33,937 |
) |
|
|
(32,762 |
) |
|
|
|
|
|
|
Interest expense |
|
(7,807 |
) |
|
|
(6,634 |
) |
Other (expense) income,
net |
|
(556 |
) |
|
|
3,138 |
|
|
|
|
|
|
|
Loss before (provision)
benefit for income taxes |
|
(42,300 |
) |
|
|
(36,258 |
) |
|
|
|
|
|
|
(Provision) benefit for income taxes |
|
(89 |
) |
|
|
3,020 |
|
|
|
|
|
|
|
Net loss |
|
(42,389 |
) |
|
|
(33,238 |
) |
|
|
|
|
|
|
Series A warrant
exchange |
|
(3,169 |
) |
|
|
- |
|
Series B preferred
stock dividends |
|
(2,410 |
) |
|
|
(2,400 |
) |
Series C preferred
stock deemed dividends and redemption value adjustment, net |
|
(6,522 |
) |
|
|
(8,601 |
) |
Series D preferred
stock deemed dividends and redemption accretion |
|
(9,752 |
) |
|
|
- |
|
|
|
|
|
|
|
Net loss attributable to
common stockholders |
$ |
(64,242 |
) |
|
$ |
(44,239 |
) |
|
|
|
|
|
|
Loss per share basic and
diluted: |
|
|
|
|
|
Net loss per share attributable to common stockholders |
$ |
(2.97 |
) |
|
$ |
(6.70 |
) |
Basic and diluted weighted average shares outstanding |
|
21,608,427 |
|
|
|
6,607,687 |
|
|
|
|
|
|
|
|
|
Appendix
Further Detail on Statement of
Operations Accounting for the Series B Preferred Stock, Series C
Convertible Preferred Stock and the Series D Convertible Preferred
Stock:
Net loss attributable to common stockholders in
the third quarter of fiscal 2019 includes a dividend totaling $0.8
million on the Company’s 5% Series B Cumulative Convertible
Perpetual Preferred Stock (“Series B Preferred Stock”), a deemed
contribution totaling $0.9 million on the Company’s Series C
Convertible Preferred Stock and deemed dividends totaling $3.1
million on the Company’s Series D Convertible Preferred
Stock. No dividends were declared or paid by the
Company on the Series B Preferred Stock in connection with the May
15, 2019 dividend payment date. Because such dividends were
not paid on May 15, under the terms of the Amended Certificate of
Designation with respect to the Series B Preferred Stock, the
holders of shares of Series B Preferred Stock will be entitled
to receive, when, as and if, declared by the Board of Directors of
the Company, dividends at a dividend rate per annum equal to: the
normal dividend rate of 5%, plus an amount equal to the number of
dividend periods for which the Company failed to pay or set apart
funds to pay dividends multiplied by 0.0625%, for each subsequent
dividend period until the Company has paid or provided for the
payment of all dividends on the shares of Series B Preferred Stock
for all prior dividend periods. Conversions of the Company’s Series
C Convertible Preferred Stock occurring during the three and nine
months ended July 31, 2019 resulted in a variable number of shares
being issued to settle the conversion amounts and were treated as a
partial redemption of the Series C Convertible Preferred Stock.
Conversions of the Company’s Series D Convertible Preferred
Stock in which the conversion price was below $16.56 (the
conversion price of the Series D Convertible Preferred Stock as of
July 31, 2019 and during the three and nine months ended July 31,
2019) resulted in a variable number of shares being issued to
settle the conversion amounts and were treated as a partial
redemption of the Series D Convertible Preferred Stock.
Non-GAAP Financial Measures
Financial results are presented in accordance
with accounting principles generally accepted in the United States
(“GAAP”). Management also uses non-GAAP measures to analyze
and make operating decisions on the business. Earnings before
interest, taxes, depreciation and amortization (“EBITDA”) and
Adjusted EBITDA are alternate, non-GAAP measures of cash
utilization by the Company.
These supplemental non-GAAP measures are
provided to assist readers in determining operating performance.
Management believes EBITDA and Adjusted EBITDA are useful in
assessing performance and highlighting trends on an overall basis.
Management also believes these measures are used by companies in
the fuel cell sector and by securities analysts and investors when
comparing the results of the Company with those of other companies.
EBITDA differs from the most comparable GAAP measure, net loss
attributable to the Company, primarily because it does not include
finance expense, income taxes and depreciation of property, plant
and equipment and project assets. Adjusted EBITDA adjusts EBITDA
for stock-based compensation and restructuring charges, which are
considered either non-cash or non-recurring.
While management believes that these non-GAAP
financial measures provide useful supplemental information to
investors, there are limitations associated with the use of these
measures. The measures are not prepared in accordance with GAAP and
may not be directly comparable to similarly titled measures of
other companies due to potential differences in the exact method of
calculation. The Company’s non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures, and should be read only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with GAAP.
The following table calculates EBITDA and
Adjusted EBITDA and reconciles these figures to the GAAP financial
statement measure Net loss.
|
Three
Months Ended July 31, |
|
Nine
Months Ended July 31, |
(Amounts in thousands) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Net loss |
$ |
(5,311 |
) |
|
$ |
(15,881 |
) |
|
$ |
(42,389 |
) |
|
$ |
(33,238 |
) |
Depreciation |
|
3,921 |
|
|
|
2,223 |
|
|
|
8,319 |
|
|
|
6,525 |
|
Provision/(Benefit) for income
taxes |
|
20 |
|
|
|
15 |
|
|
|
89 |
|
|
|
(3,020 |
) |
Other expense/(income),
net(1) |
|
685 |
|
|
|
(1,042 |
) |
|
|
556 |
|
|
|
(3,138 |
) |
Interest expense |
|
3,536 |
|
|
|
2,434 |
|
|
|
7,807 |
|
|
|
6,634 |
|
EBITDA |
$ |
2,851 |
|
|
$ |
(12,251 |
) |
|
$ |
(25,618 |
) |
|
$ |
(26,237 |
) |
Stock-based compensation
expense |
|
385 |
|
|
|
931 |
|
|
|
2,325 |
|
|
|
2,309 |
|
Adjusted EBITDA |
$ |
3,236 |
|
|
$ |
(11,320 |
) |
|
$ |
(23,293 |
) |
|
$ |
(23,928 |
) |
- Other expense / (income), net includes gains and losses from
transactions denominated in foreign currencies, changes in fair
value of embedded derivatives, and other items incurred
periodically, which are not the result of the Company’s normal
business operations.
Backlog and Project Awards
Backlog represents definitive agreements executed by the Company
and our customers. Projects for which the Company has a power
purchase agreement (“PPA”) are included in generation backlog,
which represents future revenue under long-term PPAs.
Projects sold to customers (and not retained by the Company)
are included in product sales and service backlog and the related
generation backlog is removed upon the sale. Project awards
referenced by the Company are notifications that the Company has
been selected, typically through a competitive bidding process, to
enter into definitive agreements. These awards have been publicly
disclosed but are still subject to negotiation and execution with
the off-taker and are not yet definitive. The Company is
working to enter into definitive agreements with respect to these
project awards and, upon execution of a definitive agreement with
respect to a project award, that project award will become backlog.
Project awards that were not included in backlog as of July 31,
2019 include the 32.4 MW Long Island Power Authority (“LIPA”)
project awards (which are expected to become generation backlog).
These awards in total represent approximately $636.3 million of
future revenue potential over the life of such LIPA projects,
assuming the Company retains ownership of the LIPA projects.
If the Company were to sell such projects, the backlog amount would
be decreased (in an amount determined by the negotiated sales price
at the time of sale) and would consist of product sales to be
recognized over a one to two-year period and service revenue to be
recognized over a twenty-year term.
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