- Annual Recurring Revenue was
$259.1 million, up 15% from 2019
- Total revenue for the fourth
quarter was $63.3 million and for the full year 2020 was $243.6
million, of which 92% was subscription revenue for both
periods
- Ended 2020 with 51 customers
with greater than $1.0 million in ARR, up 34% from 2019
- Ping Identity ranked first in
all use cases in the Gartner 2020 Critical Capabilities for Access
Management report
Ping Identity Holding Corp. (“Ping Identity,” or the “Company”)
(NYSE: PING), the Intelligent Identity solution for the enterprise,
today announced its financial results for the three months and year
ended December 31, 2020.
“We exceeded our expectations in the quarter related to our
Annual Recurring Revenue -- the key measure of our growth,” said
Andre Durand, Ping Identity’s Chief Executive Officer. “With the
growth and rising demand for our cloud offerings, we now have more
than half of our customers accessing our solutions in the cloud and
a rapidly growing portion of our ARR from SaaS. This is a key
indicator that our investments related to cloud and new product
innovations are gaining strong traction in the market.
“As we build our capabilities, it is particularly gratifying to
be recognized by Gartner for our leadership in their Magic Quadrant
across all use cases,” added Durand. “We continue to roll out new
services on our SaaS platform at an accelerated pace. Our latest
SaaS service, PingOne Verify, leverages the capabilities of our
ShoCard acquisition we completed in 2020. For our most
forward-thinking enterprise customers with cloud-first mandates,
we’re seeing accelerating demand for our advanced services running
on our cloud platform. Helping these enterprises achieve Zero
Trust, seamless digital experiences, and passwordless
authentication while driving to the cloud is becoming our number
one focus and we’re directing our investments into these
areas.”
Financial Highlights for the Fourth
Quarter of 2020
ARR: Ending ARR at December 31, 2020 was $259.1 million
and represented a 15% increase compared with ARR at December 31,
2019. Ping Identity defines ARR as the annualized value of all
subscription contracts as of the end of the period.
Revenue: Total revenue for the fourth quarter of 2020 was
$63.3 million. Subscription revenue was $57.9 million. Total
revenue for the full year 2020 was $243.6 million and total
subscription revenue for the full year 2020 was $224.1 million.
Given the impact that deployment mix and contract duration have on
GAAP revenue, management continues to believe that ARR is the key
growth metric of a subscription business.
Cash Flow: Net cash provided by operating activities was
$22.4 million for the year ended December 31, 2020 compared with
$5.8 million in the year ended December 31, 2019. Unlevered Free
Cash Flow was $8.8 million for the year ended December 31, 2020
compared with $(1.2) million for the year ended December 31,
2019.
Please refer to the section titled “Use of Non-GAAP Financial
Information” and the tables within this press release which contain
explanations and reconciliations of the Company’s non-GAAP
financial measures.
Recent Business
Highlights
- In the fourth quarter, Ping Identity was ranked first in all
Identity Use Cases (Internal, External and Multiconstitutency) in
the Gartner 2020 Critical Capabilities for Access Management
report. The Company was also named a leader for the fourth
consecutive year in the 2020 Gartner Magic Quadrant for Access
Management, increasing its positioning among key competitors.
- Ended the year with 1,411 customers, of which 51 had more than
$1.0 million in ARR, up 34% year-over-year in that cohort of
customers, and 260 had more than $250,000 in ARR, representing a
12% year-over-year growth rate in that customer cohort.
- Recently added Hall of Fame CIO Paul Martin to its board of
directors. Martin, an acclaimed IT visionary with international
experience, served most recently as CIO and senior vice president
for Baxter International, Inc.
- Introduced PingOne Verify, a new cloud service that helps
enterprises make it easy for customers to verify their identity for
rapid account onboarding, authentication and fraud prevention. The
new PingOne Service is the latest addition to Ping Identity’s suite
of cloud services for identity and access management, and leverages
its 2020 acquisition of ShoCard, using facial recognition
technology to match the live-face capture with the customer’s image
on their government ID. In the fourth quarter, the company added
PingOne Risk to its PingOne suite, and is seeing strong early
traction among new and existing customers.
- Was honored as a Best Place to Work in 2021 with the Glassdoor
Employees’ Choice Award. This award is based solely on the input of
employees who provide anonymous feedback about their job, work
environment and employer on Glassdoor, the worldwide leader on
insights about jobs and companies.
- Achieved a world-class Net Promoter Score of 65 in the fourth
quarter based on a survey of its customers.
Commenting on the company’s financial results, Raj Dani, Ping
Identity’s CFO added, “We delivered strong quarterly and annual
financial results, even in the face of a challenging economic
climate characterized by tempered enterprise spending. With ARR
growth of 15%, 2020 cash flow from operations increasing $16.6
million year-over-year, and $10 million in full-year improvement in
our Unlevered Free Cash Flow, we feel good about our ability to
continue generating profitable growth. In 2021 we expect to put our
cash to work investing into cloud and channel solutions that enable
zero trust, seamless digital experiences, and passwordless
authentication.”
Financial Outlook
Ping Identity provides the following expected financial guidance
for the quarter ending March 31, 2021:
Total ARR of $263.0 million to $264.0
million
Total Revenue of $61.5 million to
$63.5 million
Unlevered Free Cash Flow of $12.0
million to $14.0 million
The company also reinstated its annual financial outlook, with
the following guidance for the year ending December 31, 2021:
Total ARR of $295.5 million to $298.5
million
Total Revenue of $255.0 million to
$265.0 million
Unlevered Free Cash Flow of $7.0
million to $11.0 million
Webcast / Conference Call Details
In conjunction with this announcement, Ping Identity will host a
webcast conference call today, February 24, 2021, at 5:00 p.m.
Eastern Time to discuss its financial results. The listen-only
webcast is available at https://investor.pingidentity.com.
Investors and participants can register for the telephonic version
of the conference call in advance by visiting
http://www.directeventreg.com/registration/event/4265887. After
registering, instructions will be shared on how to join the call
including dial-in information as well as a unique passcode and
registrant ID. At the time of the call, registered participants
will dial in using the numbers from the confirmation email, and
upon entering their unique passcode and ID, will be entered
directly into the conference.
Following the conference call, a replay will be available until
11:59 p.m. Eastern time on March 3, 2021. The replay dial-in number
will be (800) 585-8367 or for international (416) 621-4642, using
the replay number pin: 4265887. An archived webcast of the call
will also be available at https://investor.pingidentity.com.
Use of Non-GAAP Financial Information
In addition to Ping Identity’s results determined in accordance
with generally accepted accounting principles in the United States
(“GAAP”), the Company believes the following non-GAAP measures
presented in this press release and discussed on the related
teleconference call are useful in evaluating its operating
performance: Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin,
Non-GAAP Operating Expenses, Non-GAAP Net Income, Non-GAAP Net
Income Per Share, Levered Free Cash Flow and Unlevered Free Cash
Flow. Certain of these non-GAAP measures exclude stock-based
compensation, depreciation and amortization expense, loss on
extinguishment of debt and acquisition-related expenses. Ping
Identity believes that non-GAAP financial information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance and
assists in comparisons with other companies, some of which use
similar non-GAAP financial information to supplement their GAAP
results. The non-GAAP financial information is presented for
supplemental informational purposes only, and should not be
considered a substitute for financial information presented in
accordance with GAAP, and may be different from similarly titled
non-GAAP measures used by other companies. A reconciliation is
provided herein for each non-GAAP financial measure to the most
directly comparable financial measure stated in accordance with
GAAP. Investors are encouraged to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial
measures.
Forward-Looking Statements
In addition to historical consolidated financial information,
certain statements in this press release and on the related
teleconference call may contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve substantial risks and uncertainties. All statements
other than statements of historical fact included in this press
release and on the related teleconference call are forward-looking
statements. These statements may include words such as
“anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,”
“believe,” “may,” “will,” “should,” “can have,” “likely” and other
words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events. For example, all statements Ping
Identity makes relating to its estimated and projected costs,
expenditures, cash flows, growth rates and financial results or its
plans and objectives for future operations, growth initiatives, or
strategies are forward-looking statements. All forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those that the Company
expected. Specific factors that could cause such a difference
include, but are not limited to, those disclosed previously in the
Company’s other filings with the SEC which include, but are not
limited to: the impact of the COVID-19 outbreak; our ability to
adapt to rapid technological change, evolving industry standards
and changing customer needs, requirements or preferences; our
ability to enhance and deploy our cloud-based offerings while
continuing to effectively offer our on-premise offerings; our
ability to maintain or improve our competitive position; the impact
on our business of a network or data security incident or
unauthorized access to our network or data or our customers’ data;
the effects on our business if we are unable to acquire new
customers, if our customers do not renew their arrangements with
us, or if we are unable to expand sales to our existing customers
or develop new solutions or solution packages that achieve market
acceptance; our ability to manage our growth effectively, execute
our business plan, maintain high levels of service and customer
satisfaction or adequately address competitive challenges; our
dependence on our senior management team and other key employees;
our ability to enhance and expand our sales and marketing
capabilities; our ability to attract and retain highly qualified
personnel to execute our growth plan; the risks associated with
interruptions or performance problems of our technology,
infrastructure and service providers; our dependence on Amazon Web
Services cloud infrastructure services; the impact of data privacy
concerns, evolving regulations of cloud computing, cross-border
data transfer restrictions and other domestic and foreign laws and
regulations; the impact of volatility in quarterly operating
results; the risks associated with our revenue recognition policy
and other factors may distort our financial results in any given
period; the effects on our customer base and business if we are
unable to enhance our brand cost-effectively; our ability to comply
with anti-corruption, anti-bribery and similar laws; our ability to
comply with governmental export and import controls and economic
sanctions laws; our ability to comply with HIPAA; the potential
adverse impact of legal proceedings; the impact of our frequently
long and unpredictable sales cycle; our ability to identify
suitable acquisition targets or otherwise successfully implement
our growth strategy; the impact of a change in our pricing model;
our ability to meet service level commitments under our customer
contracts; the impact on our business and reputation if we are
unable to provide high-quality customer support; our dependence on
strategic relationships with third parties; the impact of adverse
general and industry-specific economic and market conditions and
reductions in IT and identity spending; the ability of our
platform, solutions and solution packages to interoperate with our
customers’ existing or future IT infrastructures; our dependence on
adequate research and development resources and our ability to
successfully complete acquisitions; our dependence on the integrity
and scalability of our systems and infrastructures; our reliance on
software and services from other parties; the impact of real or
perceived errors, failures, vulnerabilities or bugs in our
solutions; our ability to protect our proprietary rights; the
impact on our business if we are subject to infringement claim or a
claim that results in a significant damage award; the risks
associated with our use of open source software in our solutions,
solution packages and subscriptions; our reliance on SaaS vendors
to operate certain functions of our business; the risks associated
with indemnity provisions in our agreements; the risks associated
with liability claims if we breach our contracts; the impact of the
failure by our customers to pay us in accordance with the terms of
their agreements; our ability to expand the sales of our solutions
and solution packages to customers located outside of the United
States; the risks associated with exposure to foreign currency
fluctuations; the impact of Brexit; the impact of potentially
adverse tax consequences associated with our international
operations; the impact of changes in tax laws or regulations; the
impact of the Tax Act; our ability to maintain our corporate
culture; our ability to develop and maintain proper and effective
internal control over financial reporting; our management team’s
limited experience managing a public company; the risks associated
with having operations and employees located in Israel; the risks
associated with doing business with governmental entities; and the
impact of catastrophic events on our business. Given these factors,
as well as other variables that may affect Ping Identity’s
operating results, you should not rely on forward-looking
statements, assume that past financial performance will be a
reliable indicator of future performance, or use historical trends
to anticipate results or trends in future periods. The
forward-looking statements included in this press release and on
the related teleconference call relate only to events as of the
date hereof. The Company undertakes no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
About Ping Identity
Ping Identity is the Intelligent Identity solution for the
enterprise. We enable companies to achieve Zero Trust
identity-defined security and more personalized, streamlined user
experiences. The Ping Intelligent Identity™ platform provides
customers, workforce, and partners with access to cloud, mobile,
SaaS and on-premises applications across the hybrid enterprise.
Over half of the Fortune 100 choose us for our identity expertise,
open standards, and partnerships with companies including Microsoft
and Amazon. We provide flexible identity solutions that accelerate
digital business initiatives, delight customers, and secure the
enterprise through multi-factor authentication, single sign-on,
access management, intelligent API security, directory, and data
governance capabilities. For more information, visit
www.pingidentity.com.
PING IDENTITY HOLDING
CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Revenue:
Subscription
$
57,932
$
63,958
$
224,131
$
225,345
Professional services and other
5,323
4,277
19,458
17,553
Total revenue
63,255
68,235
243,589
242,898
Cost of revenue:
Subscription (exclusive of amortization
shown below)(1)
8,088
7,216
30,797
24,044
Professional services and other (exclusive
of amortization shown below)(1)
4,823
4,320
17,145
15,322
Amortization expense
5,546
4,357
20,269
16,338
Total cost of revenue
18,457
15,893
68,211
55,704
Gross profit
44,798
52,342
175,378
187,194
Operating expenses:
Sales and marketing(1)
24,805
23,736
88,910
78,889
Research and development(1)
13,085
12,422
48,934
46,016
General and administrative(1)
12,968
11,561
47,198
38,293
Depreciation and amortization
4,292
4,305
16,997
16,639
Total operating expenses
55,150
52,024
202,039
179,837
Income (loss) from operations
(10,352
)
318
(26,661
)
7,357
Other income (expense):
Interest expense
(598
)
(847
)
(2,433
)
(12,914
)
Loss on extinguishment of debt
—
(1,382
)
—
(4,532
)
Other income (expense), net
2,231
1,130
2,947
363
Total other income (expense)
1,633
(1,099
)
514
(17,083
)
Loss before income taxes
(8,719
)
(781
)
(26,147
)
(9,726
)
Benefit for income taxes
5,319
2,995
14,256
8,222
Net income (loss)
$
(3,400
)
$
2,214
$
(11,891
)
$
(1,504
)
Net income (loss) per share:
Basic
$
(0.04
)
$
0.03
$
(0.15
)
$
(0.02
)
Diluted
$
(0.04
)
$
0.03
$
(0.15
)
$
(0.02
)
Weighted-average shares used in computing
net income (loss) per share:
Basic
81,104
79,205
80,430
68,906
Diluted
81,104
81,132
80,430
68,906
______________________________________
(1) Includes stock-based compensation as
follows:
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Subscription cost of revenue
$
189
$
141
$
675
$
141
Professional services and other cost of
revenue
116
80
397
80
Sales and marketing
1,258
714
4,467
1,407
Research and development
1,506
706
5,294
1,364
General and administrative
1,572
894
5,791
3,340
Total
$
4,641
$
2,535
$
16,624
$
6,332
PING IDENTITY HOLDING
CORP.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(unaudited)
December 31,
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
145,733
$
67,637
Accounts receivable, net of allowances of
$828 and $873
82,335
67,642
Contract assets, current
62,503
70,031
Deferred commissions, current
6,604
5,814
Prepaid expenses
17,608
12,768
Other current assets
1,940
3,774
Total current assets
316,723
227,666
Noncurrent assets:
Property and equipment, net
9,446
11,183
Goodwill
441,150
417,696
Intangible assets, net
180,422
187,868
Contract assets, noncurrent
11,288
15,979
Deferred commissions, noncurrent
9,325
7,856
Deferred income taxes, net
3,962
2,755
Operating lease right-of-use assets
15,619
—
Other noncurrent assets
2,516
1,808
Total noncurrent assets
673,728
645,145
Total assets
$
990,451
$
872,811
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
2,795
$
1,118
Accrued expenses and other current
liabilities
7,339
9,302
Accrued compensation
17,170
18,126
Deferred revenue, current
49,203
45,446
Operating lease liabilities, current
3,979
—
Total current liabilities
80,486
73,992
Noncurrent liabilities:
Deferred revenue, noncurrent
3,195
2,061
Long-term debt, net of current portion
149,014
50,941
Deferred income taxes, net
17,867
30,571
Operating lease liabilities,
noncurrent
17,213
—
Other liabilities, noncurrent
1,566
4,775
Total noncurrent liabilities
188,855
88,348
Total liabilities
269,341
162,340
Commitments and contingencies
Stockholders' equity:
Preferred stock
—
—
Common stock
81
80
Additional paid-in capital
739,051
718,446
Accumulated other comprehensive income
(loss)
1,373
(399
)
Accumulated deficit
(19,395
)
(7,656
)
Total stockholders' equity
721,110
710,471
Total liabilities and stockholders'
equity
$
990,451
$
872,811
PING IDENTITY HOLDING
CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Year Ended December
31,
2020
2019
Cash flows from operating
activities
Net loss
$
(11,891
)
$
(1,504
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Loss on extinguishment of debt
—
4,532
Depreciation and amortization
37,266
32,977
Stock-based compensation expense
16,624
6,332
Amortization of deferred commissions
8,045
6,423
Amortization of deferred debt issuance
costs
250
679
Operating leases, net
(258
)
—
Deferred taxes
(14,888
)
(9,379
)
Other
376
166
Changes in operating assets and
liabilities:
Accounts receivable
(14,666
)
(18,046
)
Contract assets
13,518
(18,542
)
Deferred commissions
(10,304
)
(9,060
)
Prepaid expenses and other current
assets
(3,331
)
(6,586
)
Other assets
(664
)
373
Accounts payable
1,323
(624
)
Accrued compensation
(3,412
)
(404
)
Accrued expenses and other
(504
)
6,318
Deferred revenue
4,891
12,140
Net cash provided by operating
activities
22,375
5,795
Cash flows from investing
activities
Purchases of property and equipment and
other
(2,595
)
(8,696
)
Capitalized software development costs
(13,255
)
(10,460
)
Payments for business acquisitions, net of
cash acquired
(32,470
)
—
Other investing activities
—
(600
)
Net cash used in investing activities
(48,320
)
(19,756
)
Cash flows from financing
activities
Payment of Elastic Beam consideration and
holdbacks
(424
)
(1,136
)
Proceeds from initial public offering, net
of underwriting discounts and commissions
—
200,531
Payment of offering costs
(295
)
(5,164
)
Proceeds from stock option exercises
10,404
1,571
Payment for tax withholding on equity
awards
(4,499
)
—
Proceeds from long-term debt
97,823
52,177
Payment of long-term debt
—
(248,750
)
Net cash provided by (used in) financing
activities
103,009
(2,020
)
Effect of exchange rates on cash and cash
equivalents and restricted cash
1,049
224
Net increase (decrease) in cash and cash
equivalents and restricted cash
78,113
(15,757
)
Cash and cash equivalents and
restricted cash
Beginning of period
68,386
84,143
End of period
$
146,499
$
68,386
PING IDENTITY HOLDING
CORP.
SUPPLEMENTAL FINANCIAL
INFORMATION
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL DATA
(In thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Gross profit
$
44,798
$
52,342
$
175,378
$
187,194
Amortization expense
5,546
4,357
20,269
16,338
Stock-based compensation
305
221
1,072
221
Non-GAAP Gross Profit
$
50,649
$
56,920
$
196,719
$
203,753
Non-GAAP Gross Profit Margin
80%
83%
81%
84%
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Total operating expenses
$
55,150
$
52,024
$
202,039
$
179,837
Stock-based compensation
(4,336
)
(2,314
)
(15,552
)
(6,111
)
Acquisition related expenses
(1,078
)
(522
)
(2,197
)
(3,321
)
Amortization expense
(3,412
)
(3,336
)
(13,453
)
(13,652
)
Non-GAAP Operating Expenses
$
46,324
$
45,852
$
170,837
$
156,753
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Net income (loss)
$
(3,400
)
$
2,214
$
(11,891
)
$
(1,504
)
Stock-based compensation
4,641
2,535
16,624
6,332
Acquisition related expenses
1,078
522
2,197
3,321
Amortization expense
8,958
7,693
33,722
29,990
Loss on extinguishment of debt
—
1,382
—
4,532
Provision for income taxes(1)
(3,669
)
(3,155
)
(13,136
)
(11,486
)
Non-GAAP Net Income
$
7,608
$
11,191
$
27,516
$
31,185
Net income (loss) per share:
Basic
$
(0.04
)
$
0.03
$
(0.15
)
$
(0.02
)
Diluted
$
(0.04
)
$
0.03
$
(0.15
)
$
(0.02
)
Weighted-average shares used in computing
net income (loss) per share:
Basic
81,104
79,205
80,430
68,906
Diluted
81,104
81,132
80,430
68,906
Non-GAAP Net Income per Share:
Basic
$
0.09
$
0.14
$
0.34
$
0.45
Diluted
$
0.09
$
0.14
$
0.33
$
0.44
Weighted-average shares used in computing
Non-GAAP Net Income per Share:
Basic
81,104
79,205
80,430
68,906
Diluted
83,642
81,132
83,236
70,382
_____________________________________
(1) The related tax effects of the
adjustments to Non-GAAP Net Income were calculated using the
respective statutory tax rates for applicable jurisdictions.
Year Ended December
31,
2020
2019
Net cash provided by operating
activities
$
22,375
$
5,795
Add:
Cash paid for interest
2,263
12,169
Less:
Purchases of property and equipment
(2,595
)
(8,696
)
Capitalized software development costs
(13,255
)
(10,460
)
Unlevered Free Cash Flow
$
8,788
$
(1,192
)
Net cash used in investing activities
$
(48,320
)
$
(19,756
)
Net cash provided by (used in) financing
activities
$
103,009
$
(2,020
)
Cash paid for Elastic Beam compensation
and bonus retention payments
$
4,173
$
4,868
Reconciliation of Unlevered Free Cash Flow
Guidance for the Three Months and Year Ended December 31, 2020:
Three Months Ended
March 31, 2021
Year Ended
December 31, 2021
Low
High
Low
High
Net cash provided by operating
activities
$
16,135
$
18,135
$
23,915
$
27,915
Add:
Cash paid for interest
355
355
1,150
1,150
Less:
Purchases of property and equipment
(815
)
(815
)
(2,315
)
(2,315
)
Capitalized software development costs
(3,675
)
(3,675
)
(15,750
)
(15,750
)
Unlevered Free Cash Flow
$
12,000
$
14,000
$
7,000
$
11,000
PING IDENTITY HOLDING
CORP.
SUPPLEMENTAL FINANCIAL
INFORMATION
KEY BUSINESS METRICS
(In thousands)
December 31,
Change
2020
2019
$
%
(dollars in thousands)
ARR
$
259,090
$
224,888
$
34,202
15
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210224005968/en/
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