Semantix, Inc. (NASDAQ: STIX), a leading Latin American enterprise
AI platform and applications provider, today announced its
financial results for the third quarter ended September 30, 2023.
"We're excited to report another quarter of
substantial year-over-year growth in our proprietary SaaS
offerings, primarily driven by the success of our AI applications,
especially within the specific industry sectors we've prioritized.
We continue to see promising growth opportunities in these areas,"
shared Leonardo Santos, CEO and Founder of Semantix. "This positive
shift in our revenue mix, alongside strategic decisions aimed at
ensuring our business's sustainability, is evident in Semantix's
highest-ever quarterly gross margin of 62%. In line with our
commitment to sound financial management, we're pleased to announce
our goal of achieving positive operational cash flow by 2024,
underscoring the significant impact of our AI applications."
Third Quarter 2023 Financial
Highlights
- Proprietary SaaS
revenue for the third quarter of 2023 grew 41% year-over-year.
- Gross margin
improved 14 percentage points year-over-year to 62% in the third
quarter of 2023, reflecting the higher share of Proprietary SaaS in
Semantix's revenue mix.
- Net revenue for
the third quarter of 2023 of R$40 million, reflecting a decrease of
51% year-over-year as compared to the third quarter of 2022.
- Semantix had 10
customers in the third quarter of 2023 each contributing more than
US$1 million in revenue in the last twelve months.
- Adjusted EBITDA
loss in the third quarter of 2023 was R$17 million. Cash and cash
equivalents of R$111 million as of September 30, 2023. Net cash
(net of the loans and borrowings) was R$57 million as of September
30, 2023.
Key Business
Highlights
- Cash Management
and Enhanced Efficiency: Semantix has proactively identified new
avenues to reduce cash outflows, achieving a remarkable reduction
of over 30% in annualized costs1 and expenses, as compared to June
2023. As a result, Semantix expects to achieve operational cash
break-even status by 2024.
1 – do not consider Resale of Third-party
Software related costs.
- Product
Development:
- Semantix has
introduced an advanced integrated solution for the retail industry.
The first module, already available, is meticulously crafted to
elevate the customer journey by gathering and analyzing data from
e-commerce and digital marketing channels. This, in turn, empowers
retailers to enhance the overall shopping experience. Importantly,
this product finds its strategic placement within those retailers
who have already a data integration solution in place. Moreover,
this comprehensive solution provides retailers with actionable
intelligence derived from their data, granting them a competitive
advantage in comprehending customer behavior and staying attuned to
emerging market trends.
- Semantix
introduced ChatPharma, a cutting-edge application that empowers
pharmaceutical industry executives to query Semantix's unique
health data set by using generative AI, facilitating rapid access
to insights, including tables and charts developed by GenAI.
- Semantix has
successfully integrated four AI algorithms into its health
applications within hospital operations. These algorithms were
implemented during the third quarter and have significantly
improved the competitiveness of Semantix's products while
maintaining minimal cost impact.
- Semantix has extended its GenAI Hub
offering by incorporating multiple LLMs, reinforcing its truly
multi-generative AI nature. The company now features specialized
LLM models for a diverse range of tasks, from source code
generation to natural language understanding and inference, among
others. By synergizing these models, Semantix can create agents
that harness the strengths of each LLM available. Beyond its appeal
to Semantix's customers, the GenAI Hub also streamlines the
development of Semantix's AI applications. Semantix’s GenAI hub
creates an abstraction layer for companies to apply GenAI within
their own infrastructure in a much simpler and secure way. The
company is currently involved in numerous application development
and testing initiatives in collaboration with its valued
clients.
3Q23 Financial Metrics(In BRL
million, except for percentages)
|
3Q 2023 |
3Q 2022 |
Y/Y Change |
9M 2023 |
9M 2022 |
Y/Y Change |
Net Revenue |
R$40 |
R$81 |
(51 |
)% |
R$128 |
R$166 |
(23 |
)% |
Gross Profit |
R$25 |
R$39 |
(36 |
)% |
R$64 |
R$67 |
(4 |
)% |
Gross Margin |
62 |
% |
48 |
% |
14 pp |
50 |
% |
40 |
% |
10 pp |
Loss for the period |
R$(29) |
R$(204) |
(86 |
)% |
R$(112) |
R$(293) |
(62 |
)% |
Adjusted EBITDA |
R$(17) |
R$(6) |
183 |
% |
R$(75) |
R$(42) |
79 |
% |
Adjusted EBITDA Margin |
(43 |
)% |
(8 |
)% |
(35 pp) |
(59 |
)% |
(25 |
)% |
(34 pp) |
|
Sep 30, 2023 |
Dec 31, 2022 |
Change |
Cash and Cash Equivalents |
R$111 |
R$338 |
(67 |
)% |
Net Cash (Debt) |
R$57 |
R$259 |
(78 |
)% |
Financial Outlook
Semantix has been closely monitoring market
conditions and have recalibrated its strategic priorities towards
achieving operational cash break-even by 2024. In this context, the
company has decided not to provide specific revenue guidance for
the rest of the year.
Conference Call and Webcast
Information
Semantix will host a conference call today,
November 8, 2023, at 8:30 a.m. Eastern Time to discuss its
financial results and financial outlook. The conference call will
be webcast live on Semantix’s Investor Relations website at
ir.semantix.ai/news-events/events. Parties interested in
participating via telephone may register using this online form.
Upon registration, all telephone participants will receive the
dial-in number along with a unique PIN number that can be used to
access the call. A replay of the conference call webcast will be
archived on Semantix’s Investor Relations website for at least 30
days.
Forward-Looking Statements
This report on form 6-K (“6-K”) contain
forward-looking statements and forward-looking information within
the meaning of applicable United States securities legislation that
involve substantial risks and uncertainties (collectively herein
referred to as “forward-looking statements”). All statements other
than statements of historical facts contained in this 6-K including
statements regarding our future financial position, results of
operations, business strategy and plans and objectives of
management for future operations, are forward-looking statements.
For example, forward-looking statements include, without
limitation, statements concerning the following: the growth of
Semantix’s business and its ability to realize expected results,
including with respect to its net revenue, gross profit, gross
margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA
margin, cash and cash equivalents and net cash (debt); the
viability of its growth strategy, including with respect to its
ability to grow market share in Brazil and internationally,
particularly through the expansion of its proprietary SaaS data
solutions, grow revenue from existing customers, and consummate and
achieve expected benefits through acquisitions; opportunities,
trends and developments in the data industry, including with
respect to future financial performance in the industry; the size
of Semantix’s total addressable market; macroeconomic and
geopolitical factors, including as a result of the policies and
actions of the new administration in Brazil following the 2022
presidential election. In some cases, you can identify forward
looking statements by terminology such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “could,” “plan,” “project,” “forecast,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” “target,” “trend”
or other similar expressions (or the negative versions of such
words or expressions).
Such forward-looking statements are based on the
current expectations of our management and are inherently subject
to uncertainties and changes in circumstance and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements and could adversely affect the
outcome and financial effects of the plans and events described
herein. In addition, even if the outcome and financial effects of
the plans and events described herein are consistent with the
forward-looking statements contained in this 6-K, those results or
developments may not be indicative of results or developments in
subsequent periods. Although Semantix has attempted to identify
important risks and factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors and risks
that cause actions, events or results not to be as anticipated,
estimated or intended. Forward-looking information contained in
this 6-K are based on current estimates, assumptions, expectations
and projections, including with respect to the management’s
expectations regarding Semantix’s growth based on historical
financial results and anticipated commercial developments, the
anticipated success of current strategies for market penetration in
Brazil and globally in light of competition from existing market
participants and the emergence of competitors in the future,
management’s expectations with respect to the development of
technology and other proprietary intellectual property by Semantix
based on existing technological realities and strategies with
respect to intellectual property development, management’s
expectations regarding the likelihood Semantix will be able to
enter into commercial arrangements with relevant third-parties and
customers, Semantix’s ability to maintain adequate margins based on
financial metrics available to management, the ability of Semantix
to finance its ongoing capital needs, the continued involvement of
Semantix’s management in Semantix’s operations and the ability of
Semantix to attract and retain talent in the future, which are
based on the information available as of the date of this 6-K, and,
while considered reasonable by Semantix, are inherently uncertain.
Historical statements contained in this document regarding past
trends or activities should not be taken as a representation that
such trends or activities will continue in the future. In this
regard, certain financial information contained herein has been
extracted from, or based upon, information available in the public
domain and/or provided by Semantix. In particular, historical
results should not be taken as a representation that such trends
will be replicated in the future. No statement in this document is
intended to be nor may be construed as a profit forecast.
Nothing in this 6-K should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements in
this 6-K, which speak only as of the date they are made and are
qualified in their entirety by reference to the cautionary
statements herein. This 6-K also contains certain financial
forecast information of Semantix. Such financial forecast
information constitutes forward-looking information and is for
illustrative purposes only and should not be relied upon as
necessarily being indicative of future results. The assumptions and
estimates underlying such financial forecast information are
inherently uncertain and are subject to a wide variety of
significant business, economic, competitive, and other risks and
uncertainties. Actual results may differ materially from the
results contemplated by the financial forecast information
contained in this 6-K, and the inclusion of such information in
this 6-K should not be regarded as a representation by any person
that the results reflected in such forecasts will be achieved. You
must make your own determinations as to the reasonableness of these
projections, estimates, goals, trends and other statements and
should also note that if one or more estimates change, or one or
more assumptions are not met, or one or more unexpected events
occur, the performance and results set forth in such projections,
estimates, goals, trends and other statements may not be achieved.
We can give no assurance as to future operations, performance,
results or events.
WE DO NOT UNDERTAKE ANY OBLIGATION AND EXPRESSLY
DISCLAIM ANY RESPONSIBILITY TO UPDATE OR REVISE, OR PUBLICLY
DISCLOSE ANY UPDATE OR REVISION TO, ANY FINANCIAL FORECASTS
CONTAINED HEREIN TO REFLECT CIRCUMSTANCES OR EVENTS, INCLUDING
UNANTICIPATED EVENTS, THAT MAY HAVE OCCURRED OR THAT MAY OCCUR
AFTER THE PREPARATION OF THESE FORECASTS. HOWEVER, WE MAY ELECT TO
UPDATE OUR BUSINESS OUTLOOK AT ANY TIME FOR ANY REASON.
Non-GAAP Financial Measures
This 6-K includes certain non-IFRS financial
measures and industry metrics such as EBITDA, EBITDA margin,
Adjusted EBITDA, Adjusted EBITDA margin and net cash (debt). These
measures are an addition, and not a substitute for or superior to,
measures of financial performance prepared in accordance with IFRS
and should not be considered as an alternative to net income,
operating income or any other performance measures derived in
accordance with IFRS. Semantix believes that these measures provide
useful supplemental information to investors about Semantix,
particularly as they exclude the impacts of certain events that we
believe are isolated in nature incurred as part of our recent
expansion and, therefore, not reflective of our underlying results.
Semantix’s management does not consider these non-IFRS measures in
isolation or as an alternative to financial measures determined in
accordance with IFRS. However, there are a number of limitations
related to the use of these measures, including that they exclude
significant expenses that are required by IFRS to be recorded in
Semantix’s financial statements, including certain expenses with
share based plan expenses, D&O insurance, gains from fair value
of Semantix’s warrants and concentrated expenses of an
extraordinary nature incurred in connection with our completed
business combination with a SPAC occurred in 2022 and the earn-out
compensation related to our acquisitions. In addition, other
companies may calculate non-IFRS measures or industry metrics
differently or may use other measures to calculate their financial
performance, and therefore, Semantix’s non-IFRS measures and
industry metrics may not be directly comparable to similarly titled
measures of other companies
Other Business Metrics
Proprietary SaaS and Resale of
Third-party Software: Proprietary SaaS consists of
Semantix’s data platform software, while resale of third-party
Software consists of the resale of licenses from third-party data
platform software providers.
Customers with Trailing 12-Month Revenue
Greater than US$1 Million: Large customer relationships
lead to scale and operating leverage in our business model.
Compared with smaller customers, large customers present a greater
opportunity for us to sell additional capacity because they have
larger budgets, and a wider range of potential use cases. As a
measure of our ability to scale with our customers and attract
large enterprises, we count the number of customers that
contributed more than US$1 million in revenues in the trailing 12
months, considering the Brazilian real to US Dollar exchange rate
as of September 30, 2023. Our customer count is subject to
adjustments for acquisitions, consolidations, spin-offs, and other
market activity.
Net Cash (Debt): Net cash
(debt) reflects Semantix’s cash and cash equivalents balance at a
given date in time, net of the loans and borrowings balance as of
the same date.
Semantix, Inc. Unaudited
Consolidated Statement of Profit or Loss (in BRL
thousands)
|
Three Months Ended, Sep 30 |
Nine Months Ended, Sep 30 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues |
40,041 |
|
80,638 |
|
127,723 |
|
166,180 |
|
Cost of sales |
(15,214 |
) |
(41,563 |
) |
(63,365 |
) |
(99,356 |
) |
Gross profit |
24,827 |
|
39,075 |
|
64,358 |
|
66,824 |
|
Operating expenses |
|
|
|
|
Sales and marketing expenses |
(12,203 |
) |
(13,466 |
) |
(39,407 |
) |
(38,296 |
) |
General and administrative expenses |
(29,788 |
) |
(37,359 |
) |
(106,091 |
) |
(64,278 |
) |
Research and development |
(13,370 |
) |
(4,127 |
) |
(34,692 |
) |
(24,692 |
) |
Listing expenses and Others |
— |
|
(198,733 |
) |
— |
|
(231,312 |
) |
Operating loss |
(30,534 |
) |
(214,610 |
) |
(115,832 |
) |
(291,754 |
) |
|
|
|
|
|
Financial income |
4,434 |
|
23,272 |
|
24,284 |
|
29,902 |
|
Financial expenses |
(2,669 |
) |
(12,284 |
) |
(20,833 |
) |
(31,492 |
) |
Net financial results |
1,765 |
|
10,988 |
|
3,451 |
|
(1,590 |
) |
|
|
|
|
|
Loss before income tax |
(28,769 |
) |
(203,622 |
) |
(112,381 |
) |
(293,344 |
) |
Income tax |
358 |
|
4,102 |
|
112 |
|
7,674 |
|
Loss for the period |
(28,411 |
) |
(199,520 |
) |
(112,269 |
) |
(285,670 |
) |
|
|
|
|
|
Semantix, Inc. Unaudited
Revenue Mix(in BRL thousands)
|
Three Months Ended, September 30 |
Nine Months Ended, September 30 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Third-party software |
21,321 |
|
64,363 |
|
71,791 |
|
116,609 |
|
Deductions on third-party software |
(2,573 |
) |
(7,243 |
) |
(7,917 |
) |
(12,186 |
) |
Revenue from Third-party software |
18,748 |
|
57,120 |
|
63,874 |
|
104,423 |
|
|
|
|
|
|
AI & data analytics services |
6,827 |
|
13,998 |
|
24,658 |
|
33,074 |
|
Deductions on AI & data analytics services |
(459 |
) |
(987 |
) |
(1,653 |
) |
(2,237 |
) |
Revenue from AI & data analytics services |
6,368 |
|
13,011 |
|
23,005 |
|
30,837 |
|
|
|
|
|
|
Proprietary software as a service (SaaS) |
15,925 |
|
11,192 |
|
43,425 |
|
33,031 |
|
Deductions on proprietary software as a service (SaaS) |
(1,151 |
) |
(685 |
) |
(3,044 |
) |
(2,114 |
) |
Revenue from proprietary software as a service
(SaaS) |
14,774 |
|
10,507 |
|
40,381 |
|
30,917 |
|
|
|
|
|
|
Other revenue |
151 |
|
— |
|
463 |
|
3 |
|
|
|
|
|
|
Total revenue |
40,041 |
|
80,638 |
|
127,723 |
|
166,180 |
|
Semantix, Inc.Unaudited
Consolidated Statement of Cash Flows(in BRL thousands)
|
Nine months ended September 30 |
|
2023 |
|
2022 |
|
Loss for the period |
(112,269 |
) |
(285,670 |
) |
Adjustments to reconcile loss for the period |
26,630 |
|
219,450 |
|
Depreciation and amortization of property and equipment and
right-of-use assets and intangible assets |
23,755 |
|
12,324 |
|
Onerous contract |
(5,274 |
) |
(7,772 |
) |
(Reversal of) Provision for contingencies, net |
(3,109 |
) |
1,360 |
|
Interest accrued |
7,486 |
|
23,236 |
|
Other adjustments |
3,772 |
|
190,302 |
|
|
|
|
Change in operating assets and liabilities |
(27,666 |
) |
(34,281 |
) |
Trade and other receivables |
10,326 |
|
(57,969 |
) |
Tax receivables |
(651 |
) |
(1,718 |
) |
Prepaid expenses and other assets |
7,041 |
|
(20,841 |
) |
Account payables and accrued expenses |
(59,389 |
) |
41,885 |
|
Taxes payable |
(2,817 |
) |
6,626 |
|
Deferred consideration, contingent liabilities and others |
17,824 |
|
(2,264 |
) |
Cash used in operations |
(113,305 |
) |
(100,501 |
) |
Interest paid |
(2,790 |
) |
(33,895 |
) |
Net cash outflow from operating activities |
(116,095 |
) |
(134,396 |
) |
Purchase and development of intangible assets |
(28,057 |
) |
(23,919 |
) |
Acquisition of subsidiaries net of cash acquired |
(24,386 |
) |
(24,143 |
) |
Acquisitions of property and equipment |
(175 |
) |
(507 |
) |
Net cash outflow from investment activities |
(52,618 |
) |
(48,569 |
) |
Loans obtained |
— |
|
122,015 |
|
Proceeds from exercise of stock options |
477 |
|
276 |
|
Acquisition of non-controlling interest |
5,018 |
|
— |
|
Payment of loans |
(28,416 |
) |
(79,898 |
) |
Purchase of treasury shares |
(34,542 |
) |
— |
|
Lease payments |
(1,150 |
) |
(870 |
) |
Proceeds from SPAC merger,net |
— |
|
630,083 |
|
Net cash inflow (outflow) from financing
activities |
(58,613 |
) |
671,606 |
|
Increase (decrease) in cash and cash
equivalents |
(227,326 |
) |
488,641 |
|
Cash and cash equivalents at the beginning of the year |
338,020 |
|
52,149 |
|
Cash and cash equivalents at the end of the year |
111,434 |
|
532,416 |
|
Effect of exchange rate changes |
740 |
|
(8,374 |
) |
Increase (decrease) in cash and cash
equivalents |
(227,326 |
) |
488,641 |
|
Semantix, Inc. Unaudited
Consolidated Statement of Financial Position(in BRL
thousands)
|
September 30, 2023 |
December 31, 2022 |
ASSETS |
|
|
Cash and cash equivalents |
111,434 |
|
338,020 |
|
Trade receivables and other, net |
128,876 |
|
139,546 |
|
Tax receivables |
11,968 |
|
11,317 |
|
Prepaid expenses and other assets |
24,411 |
|
35,060 |
|
PP&E, Intangible and right of use asset |
166,745 |
|
156,110 |
|
Deferred tax asset |
20,105 |
|
22,488 |
|
Total current assets |
270,702 |
|
519,169 |
|
Total non-current assets |
192,837 |
|
183,372 |
|
Total assets |
463,539 |
|
702,541 |
|
|
|
|
LIABILITIES |
|
|
Loans and borrowings |
54,803 |
|
78,671 |
|
Trade and other payables |
48,782 |
|
107,695 |
|
Lease liabilities and other liabilities |
56,490 |
|
64,676 |
|
Taxes payable |
11,916 |
|
14,733 |
|
Derivatives financial instruments |
8,547 |
|
6,412 |
|
Deferred income tax |
6,517 |
|
8,929 |
|
Total current liabilities |
100,926 |
|
181,390 |
|
Total non-current liabilities |
86,129 |
|
99,726 |
|
Total liabilities |
187,055 |
|
281,116 |
|
|
|
|
EQUITY |
|
|
Share capital |
425 |
|
425 |
|
Additional paid-in capital |
872,771 |
|
872,771 |
|
Capital reserves |
19,393 |
|
20,300 |
|
Other comprehensive income |
(7,209 |
) |
(6,840 |
) |
Treasury shares |
(31,904 |
) |
(508 |
) |
Accumulated loss |
(580,267 |
) |
(468,869 |
) |
Non-controlling interests |
3,275 |
|
4,146 |
|
Total equity |
276,484 |
|
421,425 |
|
Total equity + liabilities |
463,539 |
|
702,541 |
|
Semantix Inc. GAAP to
Non-GAAP Adjusted EBITDA, Adjusted EBITDA Margin Reconciliations
and Net Cash (Debt)(in BRL thousand)
|
Three Months Ended, Sep 30 |
Nine Months Ended, Sep 30 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Loss for the period |
(28,411 |
) |
(199,520 |
) |
(112,269 |
) |
(285,670 |
) |
(+/-) Net interest income (expenses) |
1,661 |
|
2,456 |
|
(8,815 |
) |
14,193 |
|
(+/-) Income tax |
(358 |
) |
(4,097 |
) |
(112 |
) |
(7,674 |
) |
(+) Depreciation and amortization |
7,591 |
|
4,943 |
|
23,755 |
|
12,420 |
|
EBITDA |
(19,516 |
) |
(196,218 |
) |
(97,441 |
) |
(266,731 |
) |
(+) Share based plan expenses (1) |
26 |
|
1,098 |
|
2,200 |
|
4,005 |
|
(+) Transaction expenses (2) |
— |
|
(8,224 |
) |
— |
|
23,183 |
|
(+) Listing expenses (3) |
— |
|
213,569 |
|
— |
|
213,569 |
|
(+) D&O Expenses (4) |
2,300 |
|
2 |
|
11,302 |
|
2 |
|
(+/-) Fair Value of Derivative Financial Instruments (5) |
(3,351 |
) |
(16,883 |
) |
1,728 |
|
(16,883 |
) |
(+) Earn-Outs (6) |
3,474 |
|
500 |
|
7,026 |
|
500 |
|
Adjusted EBITDA |
(17,067 |
) |
(6,156 |
) |
(75,186 |
) |
(42,355 |
) |
Net Revenue |
40,041 |
|
80,638 |
|
127,723 |
|
166,180 |
|
Adjusted EBITDA Margin |
(43)% |
(8)% |
(59)% |
(25)% |
(1) Consists of expenses
related to share based compensation grants, including payroll
expenses in the amounts of R$0.0 million and R$0.4 million in the
three and nine-month periods ended September 30, 2023,
respectively, and in the amounts of R$0.2 million and R$0.8 million
in the three and nine-month periods ended September 30, 2022,
respectively.
(2) Consists of concentrated
expenses of an extraordinary nature related to third-party
advisory, support services, travelling and events incurred in
connection with our business combination with a SPAC that are not
expected to be ongoing.
(3) Consists of a one-time
non-cash expense reflecting the accounting impact of the NASDAQ
listing in accordance with IFRS 2.
(4) Consists of expenses
related to D&O Insurance (directors’ and officers’ liability
insurance).
(5) Consists of gains from fair
value of Semantix Warrants.
(6) Consists of expenses
related to earn-out payment to the former shareholders of Zetta and
Elemeno.
|
September 30, 2023 |
December 31, 2023 |
(+) Cash and cash equivalents |
111,434 |
|
338,020 |
|
(-) Loans and borrowings |
(54,803 |
) |
(78,671 |
) |
(=) Total Net Cash (Debt) |
56,631 |
|
259,349 |
|
Investor ContactAdriano AlcaldeChief Financial
Officer & IRir@semantix.ai
Press
Contactsemantix@rpmacomunicacao.com.brSource: Semantix,
Inc
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