- Third quarter 2020 total revenue of $94.0 million, up 24%
year-over-year
- Third quarter 2020 subscription revenue of $51.0 million, up
36% year-over-year
SailPoint Technologies Holdings, Inc. (NYSE: SAIL), the leader
in enterprise identity governance, today announced financial
results for the third quarter ended September 30, 2020.
“We achieved impressive financial results in Q3, which were
underpinned by solid execution across all geographies and strong
momentum in our SaaS business as more enterprises continue to
recognize and prioritize identity as a core IT investment area,”
said Mark McClain, SailPoint CEO and co-founder.
“Our results were driven by continued broad demand for a
comprehensive identity security platform that both fully protects
all business assets and securely enables today’s digital workforce
and their access to the tools and technologies that fuel the cloud
enterprise. As we look towards the close of 2020, we’re focused on
building on our continued momentum to deliver innovative,
differentiated enterprise-class SaaS identity solutions that
protect and provision today’s digital workforce with confidence and
at scale for enterprises worldwide.”
Financial Highlights for Third Quarter 2020:
- Revenue: Total revenue was $94.0 million, a 24% increase
over Q3 2019. Subscription revenue was $51.0 million, a 36%
increase over Q3 2019. License revenue was $30.9 million, a 15%
increase from Q3 2019. Services and other revenue was $12.1
million, a 4% increase over Q3 2019.
- Operating Income: Income from operations was $1.0
million compared to $1.3 million in Q3 2019. Non-GAAP income from
operations was $12.0 million compared to $9.0 million in Q3
2019.
- Net Income (Loss): Net loss was $(0.7) million compared
to net income of $3.7 million in Q3 2019. Net loss per diluted
share was $(0.01) compared to net income per diluted share of $0.04
in Q3 2019. Non-GAAP net income was $10.1 million compared to $6.8
million in Q3 2019. Non-GAAP net income per diluted share was $0.11
compared to $0.07 in Q3 2019.
The tables included in this press release present a
reconciliation of non-GAAP income from operations to GAAP income
(loss) from operations, non-GAAP net income to GAAP net income
(loss) and non-GAAP to GAAP weighted average outstanding shares,
each for the three and nine months ended September 30, 2020 and
2019. An explanation of these measures is also included below under
the heading "Non-GAAP Financial Measures."
Financial Outlook:
“We are pleased with our performance in the third quarter,” said
Jason Ream, SailPoint CFO. “We are also pleased with the strength
in our subscription business in the quarter, driven by strong new
SaaS sales which came in ahead of our plan.”
For the fourth quarter of 2020, SailPoint expects:
- Revenue in the range of $93.0 million to $95.0 million
- Non-GAAP loss from operations in the range of $(2.0) million to
breakeven
- Non-GAAP net loss per basic and diluted common share in the
range of $(0.02) to $(0.01), based on an estimated non-GAAP income
tax rate of 24% and 91.5 million basic and diluted common shares
outstanding. Expectations of non-GAAP loss from operations and
non-GAAP net loss per basic and diluted common share exclude items
outlined in the “Non-GAAP Financial Measures” section below.
For the full year 2020, SailPoint expects:
- Revenue in the range of $355.0 million to $357.0 million
- Non-GAAP income from operations in the range of $33.0 million
to $35.0 million
- Non-GAAP net income per diluted common share in the range of
$0.27 to $0.29, based on an estimated non-GAAP income tax rate of
22% and 95.0 million diluted common shares outstanding.
Expectations of non-GAAP income from operations and non-GAAP net
income per diluted common share exclude items outlined in the
“Non-GAAP Financial Measures” section below.
These statements regarding SailPoint’s expectations of its
financial outlook are forward-looking and actual results may differ
materially. Refer to “Forward-Looking Statements” below for
information on the factors that could cause its actual results to
differ materially from these forward-looking statements.
All of SailPoint’s forward-looking non-GAAP financial measures
exclude estimates for stock-based compensation expense,
amortization of acquired intangibles, acquisition related costs and
severance of certain key executives. SailPoint has not reconciled
its expectations as to non-GAAP income (loss) from operations and
non-GAAP net income (loss) per basic and diluted common shares to
their most directly comparable GAAP measure due to the high
variability and difficulty in making accurate forecasts and
projections, particularly with respect to stock-based compensation
expense. Stock-based compensation expense is affected by future
hiring, turnover, and retention needs, as well as the future fair
market value of our common stock, all of which are difficult to
predict and subject to change. The actual amount of the excluded
stock-based compensation expense will have a significant impact on
SailPoint’s GAAP income (loss) from operations and GAAP net income
(loss) per basic and diluted common share. Accordingly,
reconciliations of our forward-looking non-GAAP income (loss) from
operations and non-GAAP net income (loss) per basic and diluted
common shares are not available without unreasonable effort.
Conference Call and Webcast:
SailPoint will host a conference call today, November 5, 2020,
at 5:00 p.m. Eastern Time to discuss its third quarter 2020
financial results. The dial-in number will be 1-855-327-6837 (toll
free) or 1-631-891-4304 (toll/international). Additionally, a live
webcast of the conference call will be available on SailPoint’s
website at https://investors.sailpoint.com.
Following the conference call, a replay will be available until
midnight on Thursday, November 19, 2020. The replay dial-in number
will be 1-844-512-2921 (toll free) or 1-412-317-6671
(toll/international), using the replay pin number: 10011339. An
archived webcast of the call will also be available at https://investors.sailpoint.com.
Non-GAAP Financial Measures:
In addition to SailPoint’s financial information presented in
accordance with generally accepted accounting principles in the
United States (“GAAP”), this press release includes certain
non-GAAP financial measures to clarify and enhance investors’
understanding of SailPoint’s past performance and future prospects.
Generally, a non-GAAP financial measure is a numerical measure of a
company’s operating performance, financial position or cash flow
that includes or excludes amounts that are included or excluded
from the most directly comparable measure calculated and presented
in accordance with GAAP. SailPoint’s management believes the
non-GAAP financial measures described below are helpful to
investors because they provide an additional tool to use in
evaluating SailPoint’s financial and business trends and operating
results and because they facilitate comparisons of SailPoint’s core
operating results from period to period. In addition, SailPoint’s
management uses non-GAAP income (loss) from operations for
budgeting and planning purposes.
Our non-GAAP financial measures are adjusted for the following
factors:
Stock-based compensation expense. We exclude stock-based
compensation expense because of varying available valuation
methodologies, the use of assumptions and the variety of equity
instruments that can impact our non-cash expense. We believe that
providing non-GAAP financial measures that exclude stock-based
compensation expense allows for more meaningful comparisons between
our operating results from period to period.
Amortization of acquired intangible assets. We believe that
excluding the impact of amortization of acquired intangible assets
allows for more meaningful comparisons between operating results
from period to period as the intangible assets are valued at the
time of acquisition and are amortized over the useful life, which
can be several years after the acquisition.
Amortization of debt discount and issuance costs. The expense
for the amortization of debt discount and issuance costs, which
relate to SailPoint’s credit agreement (which is undrawn) and the
convertible senior notes issued in 2019, is a non-cash item, and we
believe the exclusion of this interest expense provides a more
useful comparison of our operational performance from period to
period.
Acquisition related costs and severance of certain key
executives. We exclude these expenses because they are unrelated to
our current operations and are not comparable to the prior period
nor indicative of future results.
SailPoint’s non-GAAP financial measures may not provide
information that is directly comparable to that provided by other
companies in our industry because they may calculate non-GAAP
financial results differently. In addition, there are limitations
to using non-GAAP financial measures because they are not prepared
in accordance with GAAP and exclude expenses that may have a
material impact on our reported financial results. The presentation
of non-GAAP financial information is not meant to be considered in
isolation or as a substitute for the directly comparable financial
measures prepared in accordance with GAAP. SailPoint urges you to
review the reconciliations of our non-GAAP financial measures to
the comparable GAAP financial measures included below, and not to
rely on any single financial measure to evaluate its business.
Non-GAAP income from operations. SailPoint believes that
the use of non-GAAP income from operations is helpful to our
investors to clarify and enhance their understanding of past
performance and future prospects. Non-GAAP income from operations
is calculated as income (loss) from operations on a GAAP basis
excluding (i) stock-based compensation expense, (ii) amortization
of acquired intangibles, (iii) acquisition related costs and (iv)
severance expense of certain key executives.
Non-GAAP net income and non-GAAP net income per basic and
diluted share. SailPoint believes that the use of non-GAAP net
income and non-GAAP net income per basic and diluted share is
helpful to our investors to clarify and enhance their understanding
of past performance and future prospects. Non-GAAP net income is
calculated as net income (loss) on a GAAP basis (a) excluding (i)
stock-based compensation expense, (ii) amortization of acquired
intangibles, (iii) amortization of debt discount and issuance
costs, (iv) acquisition related costs, (v) severance expense of
certain key executives and (b) adjusted for the effect of income
taxes associated with such non-GAAP adjustments. SailPoint defines
non-GAAP net income per basic and diluted share as non-GAAP net
income divided by the non-GAAP weighted average outstanding common
shares.
SailPoint presentation of non-GAAP net income (loss) includes
the effect of income taxes associated with the non-GAAP
adjustments, which is calculated using an estimated effective
income tax rate that is commensurate with our non-GAAP pre-tax
income (loss). The non-GAAP effective income tax rate is adjusted
from the GAAP effective income tax rate to reflect the impact of
non-GAAP income (loss) adjustments. Due to the adjustments, the
non-GAAP estimated income taxes may differ from GAAP estimated
income taxes and actual tax liabilities. Estimated income taxes and
tax liabilities reflect currently available information, as well as
other factors and assumptions, including current operating
structure, existing tax positions in various jurisdictions and key
tax legislation in jurisdictions where SailPoint currently
operates. Non-GAAP estimated income taxes may change for a variety
of reasons, including global tax environment, significant changes
to geographic earnings mix, acquisitions, or other changes to
SailPoint’s strategy or business operations. SailPoint re-evaluates
its non-GAAP estimated income taxes at least annually, or more
frequently if significant events occur, which may materially impact
our non-GAAP income tax calculation.
The accompanying tables have more details on the reconciliations
of non-GAAP financial measures to their nearest comparable GAAP
measures.
Forward-Looking Statements:
This press release and statements made during the above
referenced conference call may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including regarding our strategy, future operations,
financial position, business outlook, prospects, plans and
objectives of management, growth rate and its expectations
regarding future revenue, operating income or loss or earnings or
loss per share. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,” “will
be,” “will likely result,” “should,” “expects,” “plans,”
“anticipates,” “could,” “would,” “foresees,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” “outlook” or “continue” or the negative of these words
or other similar terms or expressions that concern our
expectations, strategy, plans or intentions. These forward-looking
statements are not guarantees of future performance, but are based
on management's current expectations, assumptions and beliefs
concerning future developments and their potential effect on us,
which are inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Our expectations
expressed or implied in these forward-looking statements may not
turn out to be correct. Our results could be materially different
from our expectations because of various risks.
Important factors, some of which are beyond our control, that
could cause actual results to differ materially from our historical
results or those expressed or implied by these forward-looking
statements include the following: the effect of the novel
coronavirus disease (COVID-19) global pandemic and its aftermath,
as well as governmental, business and other actions in response, on
the global economy and on our business; our ability to achieve and
sustain profitability; our ability to sustain historical growth
rates; our ability to attract and retain customers and to deepen
our relationships with existing customers; an increased focus in
our business from selling licenses to selling subscriptions;
breaches in our security, cyber-attacks or other cyber-risks;
interruptions with the delivery of our SaaS solutions or
third-party cloud-based systems that we use in our operations; our
ability to compete successfully against current and future
competitors; the length and unpredictable nature of our sales
cycle; delayed effects on our operating results from ratably
recognizing some of our revenue; fluctuations in our quarterly
results; our ability to maintain successful relationships with our
channel partners; the increasing complexity of our operations; real
or perceived errors, failures or disruptions in our platform or
solutions; our ability to adapt and respond to rapidly changing
technology, industry standards, regulations or customer needs,
requirements or preferences; our ability to achieve and maintain an
effective system of disclosure controls and internal control over
financial reporting; our ability to comply with our privacy policy
or related legal or regulatory requirements; our ability to
accurately forecast our estimated annual effective tax rate for
financial accounting purposes; our ability to successfully
identify, acquire and integrate companies and assets; our ability
to maintain high-quality customer satisfaction; and our ability to
maintain and enhance our brand or reputation as an industry leader.
More information on these risks and other potential factors that
could affect our financial results is included in our filings with
the Securities and Exchange Commission, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our most recently
filed Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q. Moreover, we operate in a very competitive and
rapidly changing environment. New risks and uncertainties emerge
from time to time and it is not possible for us to predict all
risks and uncertainties that could have an impact on the
forward-looking statements contained in this press release. We
cannot assure you that the results, events and circumstances
reflected in the forward-looking statements will be achieved or
occur, and actual results, events or circumstances could differ
materially from those described in the forward-looking
statements.
Any forward-looking statement speaks only as of the date as of
which such statement is made, and, except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether because of new information,
future events, or otherwise.
About SailPoint
SailPoint, the leader in identity management, delivers an
innovative approach to securing access across the enterprise with
the SailPoint Predictive IdentityTM platform. With SailPoint,
enterprises can ensure that everyone and everything has the exact
access they need, exactly when they need it, intuitively and
automatically. Powered by patented Artificial Intelligence (AI) and
Machine Learning (ML) technologies, the SailPoint Predictive
IdentityTM platform is designed to securely accelerate the business
while delivering adaptive security, continuous compliance and
improved business efficiency. As an identity pioneer and market
leader serving some of the world’s most prominent global companies,
SailPoint consistently pushes the industry to rethink identity to
the benefit of their customers’ dynamic business needs.
Stay up-to-date on SailPoint by following us on Twitter and
LinkedIn and by subscribing to the SailPoint blog.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands, except per
share data)
Revenue
Licenses
$
30,864
$
26,825
$
86,748
$
64,827
Subscription
51,004
37,383
140,807
102,929
Services and other
12,145
11,671
34,358
31,760
Total revenue
94,013
75,879
261,913
199,516
Cost of revenue
Licenses (1)
1,083
1,083
3,269
3,157
Subscription (1)(2)
9,794
6,862
26,927
18,990
Services and other (2)
9,922
8,985
27,597
25,361
Total cost of revenue
20,799
16,930
57,793
47,508
Gross profit
73,214
58,949
204,120
152,008
Operating expenses
Research and development (1)(2)
19,314
14,148
52,775
40,318
General and administrative (2)
8,846
10,192
27,731
27,819
Sales and marketing (1)(2)
44,092
33,274
119,886
99,298
Total operating expenses
72,252
57,614
200,392
167,435
Income (loss) from operations
962
1,335
3,728
(15,427)
Other expense, net:
Interest income
349
418
1,790
843
Interest expense
(4,639)
(408)
(13,757)
(561)
Other income (expense), net
214
(295)
(222)
(1,018)
Total other expense, net
(4,076)
(285)
(12,189)
(736)
Income (loss) before income taxes
(3,114)
1,050
(8,461)
(16,163)
Income tax benefit
2,438
2,618
2,410
2,244
Net income (loss)
$
(676)
$
3,668
$
(6,051)
$
(13,919)
Net income (loss) per share
Basic
$
(0.01)
$
0.04
$
(0.07)
$
(0.16)
Diluted
$
(0.01)
$
0.04
$
(0.07)
$
(0.16)
Weighted average shares outstanding
Basic
90,764
89,143
90,320
88,739
Diluted
90,764
90,808
90,320
88,739
(1) Includes amortization of acquired intangibles as
follows:
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
Cost of revenue - licenses
$
1,007
$
1,008
$
3,023
$
3,024
Cost of revenue - subscription
921
96
2,742
288
Research and development
162
159
543
477
Sales and marketing
1,069
1,068
3,206
3,204
Total amortization expense
$
3,159
$
2,331
$
9,514
$
6,993
(2) Includes stock-based compensation expense and the related
employer payroll tax expense as follows:
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
Cost of revenue - subscription
$
488
$
288
$
1,309
$
854
Cost of revenue - services and other
554
355
1,430
1,122
Research and development
1,718
823
4,786
2,711
General and administrative
1,963
1,711
5,004
4,761
Sales and marketing
3,188
1,354
9,148
4,972
Total stock-based compensation expense
$
7,911
$
4,531
$
21,677
$
14,420
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
As of
September 30, 2020
December 31, 2019
(In thousands, except per
share data)
Assets
Current assets
Cash and cash equivalents
$
483,721
$
443,795
Restricted cash
6,333
6,325
Accounts receivable, net of allowance
101,213
106,428
Prepayments and other current assets
36,308
27,870
Income taxes receivable
2,950
—
Total current assets
630,525
584,418
Property and equipment, net
19,464
21,300
Right-of-use assets, net
27,955
31,104
Other non-current assets, net of
allowance
45,455
30,554
Goodwill
241,121
241,051
Intangible assets, net
72,067
81,651
Total assets
$
1,036,587
$
990,078
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
$
4,257
$
3,224
Accrued expenses and other liabilities
50,199
40,214
Income taxes payable
—
1,994
Convertible senior notes, net
322,187
—
Deferred revenue
133,135
127,132
Total current liabilities
509,778
172,564
Deferred tax liability - non-current
8,787
8,900
Convertible senior notes, net -
non-current
—
309,051
Long-term operating lease liabilities
34,227
38,035
Other long-term liabilities
1,000
2,500
Deferred revenue - non-current
25,955
24,901
Total liabilities
579,747
555,951
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value
9
9
Preferred stock, $0.0001 par value
—
—
Additional paid in capital
471,530
442,407
Accumulated deficit
(14,699)
(8,289)
Total stockholders' equity
456,840
434,127
Total liabilities and stockholders’
equity
$
1,036,587
$
990,078
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30, 2020
September 30, 2019
(In thousands)
Operating activities
Net loss
$
(6,051)
$
(13,919)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization expense
13,758
10,562
Amortization of debt discount and issuance
costs
13,260
376
Amortization of contract acquisition
costs
10,127
7,346
(Gain) loss on disposal of fixed
assets
(12)
17
Provision for credit losses
435
183
Stock-based compensation expense
21,179
14,098
Operating leases, net
(297)
301
Deferred taxes
(113)
(7)
Net changes in operating assets and
liabilities
Accounts receivable
4,421
27,615
Prepayments and other current assets
(18,544)
(11,430)
Other non-current assets
(15,025)
(2,279)
Accounts payable
1,033
(2,004)
Accrued expenses and other liabilities
8,122
3,866
Income taxes
(4,944)
(4,608)
Deferred revenue
7,057
9,537
Net cash provided by operating
activities
34,406
39,654
Investing activities
Purchase of property and equipment
(2,434)
(5,096)
Proceeds from sale of property and
equipment
18
21
Net cash used in investing
activities
(2,416)
(5,075)
Financing activities
Payment of debt issuance costs
—
(9,572)
Proceeds from issuance of convertible
senior notes
—
400,000
Purchases of capped calls
—
(37,080)
Taxes associated with net issuances of
shares upon vesting of restricted stock units
(431)
—
Proceeds from employee stock purchase plan
contributions
3,466
2,926
Exercise of stock options
4,909
2,560
Net cash provided by financing
activities
7,944
358,834
Net increase in cash, cash equivalents and
restricted cash
39,934
393,413
Cash, cash equivalents and restricted
cash, beginning of period
450,120
77,236
Cash, cash equivalents and restricted
cash, end of period
$
490,054
$
470,649
RECONCILIATION OF NON-GAAP
INCOME FROM OPERATIONS
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
Income (loss) from operations on a GAAP
basis
$
962
$
1,335
$
3,728
$
(15,427)
Add back:
Stock-based compensation expense (1)
7,911
4,531
21,677
14,420
Amortization of acquired intangibles
3,159
2,331
9,514
6,993
Acquisition related costs (2)
—
810
—
810
Severance expense of certain key
executives (3)
—
—
—
1,126
Non-GAAP income from operations
$
12,032
$
9,007
$
34,919
$
7,922
(1) Stock-based compensation expense
includes employer related payroll tax expense.
(2) Acquisition related costs are
transaction costs, which include legal, accounting and consulting
professional service fees.
(3) Severance expense of certain key
executives includes employer related payroll tax expense.
RECONCILIATION OF NON-GAAP NET
INCOME
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
Net income (loss) on a GAAP basis
$
(676)
$
3,668
$
(6,051)
$
(13,919)
Add back:
Stock-based compensation expense (1)
7,911
4,531
21,677
14,420
Amortization of acquired intangibles
3,159
2,331
9,514
6,993
Amortization of debt discount and issuance
costs (2)
4,472
325
13,260
376
Acquisition related costs (3)
—
810
—
810
Severance expense of certain key
executives (4)
—
—
—
1,126
Effect of income taxes associated with the
above adjustments (5)
(4,748)
(4,906)
(10,435)
(4,690)
Non-GAAP net income
$
10,118
$
6,759
$
27,965
$
5,116
Non-GAAP net income per share
Basic
$
0.11
$
0.08
$
0.31
$
0.06
Diluted
$
0.11
$
0.07
$
0.30
$
0.06
Non-GAAP weighted average outstanding
shares
Basic
90,764
89,143
90,320
88,739
Diluted
95,854
90,808
92,148
90,753
(1) Stock-based compensation expense
includes employer related payroll tax expense.
(2) Amortization of debt discount and
issuance costs includes approximately $4.4 million and $13.1
million of debt discount related to the issuance and sale of the
convertible senior notes for the three and nine months ended
September 30, 2020, respectively.
(3) Acquisition related costs are
transaction costs, which include legal, accounting and consulting
professional service fees.
(4) Severance expense of certain key
executives includes employer related payroll tax expense.
(5) The GAAP effective tax rates were
28.5% and 13.9% for the nine months ended September 30, 2020 and
2019, respectively, compared to non-GAAP effective tax rate for the
nine months ended September 30, 2020 and 2019 of 22.3% and 32.4%,
respectively.
RECONCILIATION OF NON-GAAP
WEIGHTED AVERAGE OUTSTANDING SHARES
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
Weighted average outstanding shares used
to compute net income (loss) per share, basic and diluted, on a
GAAP basis
Basic
90,764
89,143
90,320
88,739
Diluted
90,764
90,808
90,320
88,739
Non-GAAP weighted average outstanding
shares
Basic
90,764
89,143
90,320
88,739
Effect of potentially dilutive
securities
5,090
1,665
1,828
2,014
Diluted
95,854
90,808
92,148
90,753
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006129/en/
Investor Relations Brian Denyeau ICR for SailPoint
investor@sailpoint.com 512-664-8916 Media Relations Jessica
Sutera Jessica.Sutera@sailpoint.com 978-278-5411
SailPoint Technologies (NYSE:SAIL)
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