89.1% Paid Subscriber Growth Year Over
Year
Arlo Technologies, Inc. (NYSE: ARLO), the #1 network connected
camera brand (1), today reported financial results for the first
quarter ended March 31, 2019.
First Quarter 2019 Financial Highlights
- Revenue of $57.9 million
- GAAP gross margin of 3.4%; non-GAAP
gross margin of 4.7%.
- GAAP net loss per diluted share of
$0.55, non-GAAP net loss per diluted share of $0.47.
“I am proud that our team achieved our operational and financial
objectives while continuing our innovation momentum. In Q1, we
exceeded guidance for all metrics, delivered 89% paid subscriber
growth year over year, and maintained our market leadership
position. Importantly, we have made strong progress with our
channel and continue to expect an upward trajectory in our revenue
through the rest of the year,” said Matthew McRae, Chief Executive
Officer of Arlo Technologies. “In March, Arlo completed the
worldwide launch of Ultra, our newest flagship camera, and it has
been receiving excellent reviews since. We continue to innovate to
expand our addressable market and announced a video integrated
doorbell that will add to our already strong slate of upcoming new
product releases. While Arlo is committed to delivering the
innovation that has been our hallmark, in 2019 and beyond we are
committed to driving efficient and vigilant execution to improve
our path to profitability.”
Business Highlights
- Service revenue of $11.3 million for
Q1’19, for growth of 37.3% year over year
- 89.1% year over year paid subscriber
growth in Q1
- 62.1% year over year cumulative
registered user growth in Q1
- Announced worldwide availability of the
flagship Arlo Ultra camera system, the most advanced DIY monitoring
solution launched to date. Arlo Ultra includes a one-year
subscription to Arlo Smart Premier, Arlo’s AI and computer vision
powered storage and detection service
- Announced all-new video doorbell with
integrated high-resolution video and built-in two-way audio, an
all-in-one unit for a unified video and audio smart entry
solution
- Announced partnership with I-View Now
to offer verified alarm monitoring services later this year for
select Arlo security camera systems, leveraging I-View Now’s
award-winning monitoring station video and signaling
interface.
_________________________
(1) The NPD Group, Inc., U.S. Retail Tracking Service, Security
& Monitoring, Camera Technology: Decentralized IP Camera and
Centralized IP Camera, based on Dollars, Jan 2018-Dec 2018.
Second Quarter 2019 Business Outlook (1)
- Revenue of $75 million to $80
million
- GAAP gross margin between 9.0% and
12.0%, and non-GAAP gross margin between 10.0% and 13.0%
- GAAP net loss per diluted share of
($0.51) to ($0.55), and non-GAAP net loss per diluted share of
($0.40) to ($0.44)
A reconciliation of our business outlook on a GAAP and non-GAAP
basis is provided in the following table:
Three Months Ending March 31,
2019 Gross
Margin Rate
Net Loss
per Diluted Share
Tax
Expense
(in thousands) GAAP 9.0% - 12.0% ($0.51) - ($0.55) $300
Estimated adjustments for (1): Separation expense __ $0.01 __
Stock-based compensation expense 0.5% $0.08 __ Amortization of
intangibles 0.5% $0.01 __ Activist shareholder response costs __
$0.01 __ Tax effects of non-GAAP adjustments __ __ __ Non-GAAP
10.0% - 13.0% ($0.40) - ($0.44) $300
_________________________
(1) Business outlook does not include estimates for any
currently unknown income and expense items which, by their nature,
could arise late in a quarter, including: restructuring and other
charges; litigation reserves, net; acquisition-related charges;
impairment charges; discrete tax benefits or detriments relating to
tax windfalls or shortfalls from equity awards; and any additional
impacts relating to the implementation of U.S. tax reform. New
material income and expense items such as these could have a
significant effect on our guidance and future results.
Investor Conference Call / Webcast Details
Arlo will review the first quarter of 2019 results and discuss
management’s expectations for the second quarter of 2019 today,
Tuesday, April 30, 2019 at 5:00 p.m. ET (2:00 p.m. PT). The
toll free dial-in number for the live audio call is (866) 393-4306.
The international dial-in number for the live audio call is (734)
385-2616. The conference ID for the call is 966379. A live webcast
of the conference call will be available on Arlo’s Investor
Relations website at http://investor.arlo.com. A replay of the call
will be available via the web at http://investor.arlo.com.
About Arlo Technologies, Inc.
Arlo (NYSE: ARLO) is the award-winning, industry leader that is
transforming the way people experience the connected lifestyle.
Arlo’s deep expertise in product design, wireless connectivity,
cloud infrastructure and cutting-edge AI capabilities focuses on
delivering a seamless, smart home experience for Arlo users that is
easy to setup and interact with every day. Arlo’s cloud-based
platform provides users with visibility, insight and a powerful
means to help protect and connect in real-time with the people and
things that matter most, from any location with a Wi-Fi or a
cellular connection. To date, Arlo has launched several categories
of award-winning smart connected devices, including wire-free smart
Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart
security lights.
© 2019 Arlo Technologies, Inc., Arlo and the Arlo logo are
trademarks and/or registered trademarks of Arlo Technologies, Inc.
and/or certain of its affiliates in the United States and/or other
countries. Other brand and product names are for identification
purposes only and may be trademarks or registered trademarks of
their respective holder(s). The information contained herein is
subject to change without notice. Arlo shall not be liable for
technical or editorial errors or omissions contained herein. All
rights reserved.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. The words “anticipate,” “expect,” “believe,” “will,” “may,”
“should,” “estimate,” “project,” “outlook,” “forecast” or other
similar words are used to identify such forward-looking statements.
However, the absence of these words does not mean that the
statements are not forward-looking. The forward-looking statements
represent Arlo Technologies, Inc.’s expectations or beliefs
concerning future events based on information available at the time
such statements were made and include statements regarding: Arlo’s
future operating performance and financial condition, expected
revenue, GAAP and non-GAAP gross margins, operating margins, and
tax expense; expectations regarding market expansion and future
growth; and plans to invest in product innovation. These statements
are based on management's current expectations and are subject to
certain risks and uncertainties, including the following: future
demand for the Company's products may be lower than anticipated;
consumers may choose not to adopt the Company's new product
offerings or adopt competing products; product performance may be
adversely affected by real world operating conditions; the Company
may be unsuccessful or experience delays in manufacturing and
distributing its new and existing products; telecommunications
service providers may choose to slow their deployment of the
Company's products or utilize competing products; the Company may
be unable to collect receivables as they become due; the Company
may fail to manage costs, including the cost of developing new
products and manufacturing and distribution of its existing
offerings; the Company may fail to successfully continue to effect
operating expense savings; changes in the level of Arlo's cash
resources and the Company's planned usage of such resources;
changes in the Company's stock price and developments in the
business that could increase the Company's cash needs; fluctuations
in foreign exchange rates; and the actions and financial health of
the Company's customers. Further, certain forward-looking
statements are based on assumptions as to future events that may
not prove to be accurate. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in such
forward-looking statements. Further information on potential risk
factors that could affect Arlo and its business are detailed in the
Company's periodic filings with the Securities and Exchange
Commission, including, but not limited to, those risks and
uncertainties listed in the section entitled “Part I - Item 1A.
Risk Factors,” in the Company's annual report on Form 10-K for the
fiscal year ended December 31, 2018, filed with the Securities and
Exchange Commission on February 22, 2019. Given these
circumstances, you should not place undue reliance on these
forward-looking statements. Arlo undertakes no obligation to
release publicly any revisions to any forward-looking statements
contained herein to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Information:
To supplement our unaudited selected financial data presented on
a basis consistent with Generally Accepted Accounting Principles
(“GAAP”), we disclose certain non-GAAP financial measures that
exclude certain charges, including non-GAAP gross profit, non-GAAP
gross margin, non-GAAP research and development, non-GAAP sales and
marketing, non-GAAP general and administrative, non-GAAP total
operating expenses, non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net income(loss) and non-GAAP net income
(loss) per diluted share. These supplemental measures exclude
adjustments for separation expense, stock-based compensation
expense, amortization of intangibles restructuring and other
charges, litigation reserves, and the related tax effects. These
non-GAAP measures are not in accordance with or an alternative for
GAAP, and may be different from similarly-titled non-GAAP measures
used by other companies. We believe that these non-GAAP measures
have limitations in that they do not reflect all of the amounts
associated with our results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate our results of operations in conjunction with the
corresponding GAAP measures. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the most directly comparable GAAP measures. We
compensate for the limitations of non-GAAP financial measures by
relying upon GAAP results to gain a complete picture of our
performance.
In calculating non-GAAP financial measures, we exclude certain
items to facilitate a review of the comparability of our operating
performance on a period-to-period basis because such items are not,
in our view, related to our ongoing operational performance. We use
non-GAAP measures to evaluate the operating performance of our
business, for comparison with forecasts and strategic plans, and
for benchmarking performance externally against competitors. In
addition, management’s incentive compensation is determined using
certain non-GAAP measures. Since we find these measures to be
useful, we believe that investors benefit from seeing results
“through the eyes” of management in addition to seeing GAAP
results. We believe that these non-GAAP measures, when read in
conjunction with our GAAP measures, provide useful information to
investors by offering:
· the ability to make more meaningful period-to-period
comparisons of our on-going operating results;
· the ability to better identify trends in our underlying
business and perform related trend analyses;
· a better understanding of how management plans and measures
our underlying business; and
· an easier way to compare our operating results against analyst
financial models and operating results of competitors that
supplement their GAAP results with non-GAAP financial measures.
The following are explanations of the adjustments that we
incorporate into non-GAAP measures, as well as the reasons for
excluding them in the reconciliations of these non-GAAP financial
measures:
Separation expense consists of expenses that are related to the
separation of our business from NETGEAR. These consist primarily of
third-party consulting fees, legal fees, IT costs, employee bonuses
for services related to the separation, and other one-time expenses
incurred to complete the separation. We consider our operating
results without these charges when evaluating our ongoing
performance and forecasting our earnings trends, and therefore
exclude such charges when presenting non-GAAP financial measures.
We believe that the assessment of our operations excluding these
costs is relevant to our assessment of internal operations and
comparisons to the performance of our competitors.
Stock-based compensation expense consists of non-cash charges
for the estimated fair value of stock options, performance-based
stock options, restricted stock units and shares under the employee
stock purchase plan granted to employees. We believe that the
exclusion of these charges provides for more accurate comparisons
of our operating results to peer companies due to the varying
available valuation methodologies, subjective assumptions and the
variety of award types. In addition, we believe it is useful to
investors to understand the specific impact stock-based
compensation expense has on our operating results.
Amortization of intangibles consists primarily of non-cash
charges that can be impacted by, among other things, the timing and
magnitude of acquisitions. We consider our operating results
without these charges when evaluating our ongoing performance and
forecasting our earnings trends, and therefore exclude such charges
when presenting non-GAAP financial measures. We believe that the
assessment of our operations excluding these costs is relevant to
an assessment of our internal operations and comparisons to our
prior and future periods and to the performance of our
competitors.
Activist shareholder response costs primarily consist of legal
fees and third-party consulting costs incurred. We consider our
operating results without these charges when evaluating our ongoing
performance and forecasting our earnings trends, and therefore
exclude such charges when presenting non-GAAP financial measures.
We believe that the assessment of our operations excluding these
costs is relevant to our assessment of internal operations and
comparisons to the performance of our competitors.
Other items are the result of either unique or unplanned events,
including, when applicable: restructuring and other charges and
litigation reserves, net. It is difficult to predict the occurrence
or estimate the amount or timing of these items in advance.
Although these events are reflected in our GAAP financial
statements, these unique transactions may limit the comparability
of our on-going operations with prior and future periods. The
amounts result from events that often arise from unforeseen
circumstances, which often occur outside of the ordinary course of
continuing operations. Therefore, the amounts do not accurately
reflect the underlying performance of our continuing business
operations for the period in which they are incurred.
Tax effects consist of the various above adjustments that we
incorporate into non-GAAP measures in order to provide a more
meaningful measure on non-GAAP net income. We also believe
providing financial information with and without the income tax
effects relating to our non-GAAP financial measures provides our
management and users of the financial statements with better
clarity regarding the on-going performance of our business.
Source: Arlo-F
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
As of March 31, 2019 December
31, 2018 (in thousands) ASSETS Current assets:
Cash and cash equivalents $ 135,582 $ 151,290 Short-term
investments 44,792 49,737 Accounts receivable, net 71,566 166,045
Inventories 131,227 124,791 Receivables from NETGEAR, net 130
12,184 Prepaid expenses and other current assets 11,121
11,427 Total current assets 394,418 515,474 Property and
equipment, net 28,988 49,428 Operating lease right-of-use assets
27,033 — Intangibles, net 2,442 2,823 Goodwill 15,638 15,638
Restricted cash 4,133 4,134 Other non-current assets 7,722
8,449 Total assets $ 480,374 $ 595,946
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $ 55,016 $ 82,542 Deferred revenue 25,961 26,678 Accrued
liabilities 119,055 172,036 Income tax payable 1,140 734
Total current liabilities 201,172 281,990 Non-current
deferred revenue 21,776 23,313 Non-current operating lease
liabilities 25,256 — Non-current financing lease obligation —
19,978 Non-current income taxes payable 22 22 Other non-current
liabilities 7 1,141 Total liabilities 248,233 326,444
Stockholders’ Equity: Common stock 75 74 Additional paid-in capital
318,862 315,277 Accumulated other comprehensive income 56 —
Accumulated deficit (86,852 ) (45,849 ) Total stockholders’ equity
232,141 269,502 Total liabilities and stockholders’
equity $ 480,374 $ 595,946
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2019
December 31, 2018
(1)
April 1,
2018 (2)
(in thousands, except percentage
and per share data)
Revenue: Products $ 46,608 $ 111,435 $ 92,431 Services 11,272
10,723 8,207 Total revenue 57,880 122,158
100,638 Cost of revenue: Products 50,284 112,215 67,843 Services
5,651 4,962 3,742 Total cost of revenue 55,935
117,177 71,585 Gross profit 1,945 4,981 29,053 Gross margin 3.4 %
4.1 % 28.9 % Operating expenses: Research and development 18,161
16,865 12,025 Sales and marketing 14,221 15,470 11,212 General and
administrative 10,536 8,656 4,878 Separation expense 906
3,603 6,557 Total operating expenses 43,824
44,594 34,672 Loss from operations (41,879 ) (39,613
) (5,619 ) Operating margin (72.4 )% (32.4 )% (5.6 )% Interest
income 862 736 — Other income (expense), net (47 ) (254 ) 575
Loss before income taxes (41,064 ) (39,131 ) (5,044 )
Provision for (benefit from) income taxes 220 (58 ) 319
Net loss $ (41,284 ) $ (39,073 ) $ (5,363 ) Net loss per
share: Basic $ (0.55 ) $ (0.53 ) $ (0.09 ) Diluted $ (0.55 ) $
(0.53 ) $ (0.09 ) Weighted average shares used to compute net loss
per share: Basic 74,409 74,247 62,500 Diluted 74,409 74,247 62,500
________________________
(1) Subsequent to the Company filing a Current Report on Form
8-K on February 5, 2019 announcing financial results for the
fourth quarter and full year ended December 31, 2018, the
Company has made certain adjustments that resulted in differences
between the financial statements contained in the Annual Report on
Form 10-K from the information furnished in the Press Release on
February 5, 2019.
(2) First quarter of 2018 is based on carve-out financials
whereas financial periods after the third quarter of 2018 are based
on standalone financials. Further detail regarding carve-out
financials is contained in our SEC filings, including our
previously filed Form 10-K, Form S-1 and related public offering
prospectus, standalone financials represents our actual results for
the period as a standalone public company.
ARLO TECHNOLOGIES, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2019
April 1, 2018 (In thousands) Cash
flows from operating activities: Net loss $ (41,284 ) $ (5,363
) Adjustments to reconcile net loss to net cash provided by (used
in) operating activities: Depreciation and amortization 3,025 887
Premium amortization / discount accretion on investments, net (137
) — Stock-based compensation 4,653 852 Deferred income taxes (12 )
— Changes in assets and liabilities: Accounts receivable, net
94,479 56,248 Inventories (6,436 ) (21,274 ) Receivables from
NETGEAR, net 12,054 — Prepaid expenses and other assets 1,060 (737
) Accounts payable (27,486 ) 35 Deferred revenue (2,254 ) 2,583
Accrued liabilities and other liabilities (53,553 ) (8,160 ) Income
taxes payable 406 319 Net cash provided by (used in)
operating activities (15,485 ) 25,390
Cash flows from
investing activities: Purchases of property and equipment
(4,260 ) (410 ) Purchases of short-term investments (9,897 ) —
Maturities of short-term investments 15,000 — Net
cash provided by (used in) investing activities 843 (410 )
Cash flows from financing activities: Proceeds related to
employee benefit plans 1 — Restricted stock unit withholdings
(1,068 ) — Net investment from parent — (24,910 ) Net cash
used in financing activities (1,067 ) (24,910 ) Net increase
(decrease) in cash and cash equivalents and restricted cash (15,709
) 70 Cash and cash equivalents and restricted cash, at beginning of
period 155,424 108 Cash and cash equivalents and
restricted cash, at end of period $ 139,715 $ 178
Non-cash investing activities: Purchases of property and
equipment included in accounts payable and accrued liabilities $
(1,095 ) $ (120 ) De-recognition of build-to-suit assets and
liabilities $ (21,610 ) $ —
ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO
NON-GAAP MEASURES
STATEMENT OF OPERATIONS DATA: Three Months
Ended March 31, 2019
December 31, 2018
(1)
April 1, 2018 (in thousands, except percentage
data) GAAP gross profit $ 1,945 $ 4,981 $ 29,053 GAAP gross
margin 3.4 % 4.1 % 28.9 % Stock-based compensation expense 369 272
336 Amortization of intangibles 381 382 382
Non-GAAP gross profit $ 2,695 $ 5,635 $ 29,771
Non-GAAP gross margin 4.7 % 4.6 % 29.6 % GAAP research and
development $ 18,161 $ 16,865 $ 12,025 Stock-based compensation
expense (1,297 ) (892 ) (733 ) Non-GAAP research and development $
16,864 $ 15,973 $ 11,292 GAAP sales and
marketing $ 14,221 $ 15,470 $ 11,212 Stock-based compensation
expense (940 ) (753 ) (672 ) Non-GAAP sales and marketing $ 13,281
$ 14,717 $ 10,540 GAAP general and
administrative $ 10,536 $ 8,656 $ 4,878 Stock-based compensation
expense (2,047 ) (1,578 ) (954 ) Non-GAAP general and
administrative $ 8,489 $ 7,078 $ 3,924
GAAP total operating expenses $ 43,824 $ 44,594 $ 34,672 Separation
expense (906 ) (3,603 ) (6,557 ) Stock-based compensation expense
(4,284 ) (3,223 ) (2,359 ) Non-GAAP total operating expenses $
38,634 $ 37,768 $ 25,756
________________________
(1) Subsequent to the Company filing a Current Report on Form
8-K on February 5, 2019 announcing financial results for the
fourth quarter and full year ended December 31, 2018, the
Company has made certain adjustments that resulted in differences
between the financial statements contained in the Annual Report on
Form 10-K from the information furnished in the Press Release on
February 5, 2019.
ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(CONTINUED) STATEMENT OF OPERATIONS DATA
(CONTINUED):
Three Months Ended March 31,
2019
December 31, 2018
(1)
April 1, 2018 (in thousands, except percentage
and per share data)
GAAP operating loss $ (41,879 ) $ (39,613 ) $ (5,619 ) GAAP
operating margin (72.4 )% (32.4 )% (5.6 )% Separation expense 906
3,603 6,557 Stock-based compensation expense 4,653 3,495 2,695
Amortization of intangibles 381 382 382
Non-GAAP operating income (loss) $ (35,939 ) $ (32,133 ) $ 4,015
Non-GAAP operating margin (62.1 )% (26.3 )% 4.0 %
GAAP net loss $ (41,284 ) $ (39,073 ) $ (5,363 ) Separation expense
906 3,603 6,557 Stock-based compensation expense 4,653 3,495 2,695
Amortization of intangibles 381 382 382 Tax effects — 200
— Non-GAAP net income (loss) $ (35,344 ) $ (31,393 )
$ 4,271 NET INCOME (LOSS) PER DILUTED SHARE: GAAP net loss
per diluted share $ (0.55 ) $ (0.53 ) $ (0.09 ) Separation expense
0.01 0.05 0.11 Stock-based compensation expense 0.06 0.05 0.04
Amortization of intangibles 0.01 0.01 0.01 Tax effects —
0.00 — Non-GAAP net income (loss) per diluted share $
(0.47 ) $ (0.42 ) $ 0.07 Shares used in computing
GAAP net loss per diluted share 74,409 74,247 62,500 Shares used in
computing non-GAAP net income (loss) per diluted share 74,409
74,247 62,500
________________________
(1) Subsequent to the Company filing a Current Report on Form
8-K on February 5, 2019 announcing financial results for the
fourth quarter and full year ended December 31, 2018, the
Company has made certain adjustments that resulted in differences
between the financial statements contained in the Annual Report on
Form 10-K from the information furnished in the Press Release on
February 5, 2019.
ARLO TECHNOLOGIES, INC.
UNAUDITED SUPPLEMENTAL FINANCIAL
INFORMATION
Three Months Ended March 31, 2019
December 31, 2018
September 30, 2018 July 1,
2018 April 1, 2018 (in
thousands, except per share data) Cash, cash equivalents and
short-term investments $ 180,374 $ 201,027 $ 187,846 $ 133 $ 178
Cash, cash equivalents and short-term investments per diluted share
$ 2.42 $ 2.71 $ 2.70 $ 0.00 $ 0.00 Accounts receivable, net
$ 71,566 $ 166,045 $ 117,119 $ 111,113 $ 102,259 Days sales
outstanding 111 125 81 91 92 Inventories $ 131,227 $ 124,791
$ 132,479 $ 123,195 $ 103,849 Ending inventory turns 1.5 3.6 2.9
2.5 2.6 Weeks of channel inventory: U.S. retail channel 14.5
8.1 12.6 9.5 8.9 U.S. distribution channel 8.9 10.9 9.1 3.9 4.2
EMEA distribution channel 4.4 6.7 4.4 3.6 9.2 APAC distribution
channel 6.7 6.0 9.2 17.4 7.9 Deferred revenue (current and
non-current) $ 47,737 $ 49,991 $ 45,906 $ 42,389 $ 40,420
Cumulative registered users 3,126 2,850 2,498 2,204 1,929 Paid
subscribers 174 144 125 102 92 Headcount 401 386 344 153 144
Non-GAAP diluted shares 74,409 74,247 69,600 62,500 62,500
REVENUE BY GEOGRAPHY
Three Months Ended March 31, 2019
December 31, 2018 April
1, 2018 (in thousands, except percentage data)
Americas $ 44,366 77 % $ 102,552 84 % $
74,723 74 % EMEA 9,302 16 % 15,046 12 % 19,266 19 %
APAC 4,212 7 % 4,560 4 % 6,649
7 % Total $ 57,880 100 % $ 122,158
100 % $ 100,638 100 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190430006075/en/
Arlo Investor RelationsErik Bylininvestors@arlo.com(510)
315-1004
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