IDEX Corporation (NYSE: IEX) today announced its financial
results for the three- and twelve- month periods ended December 31,
2015.
2015 Highlights
- Adjusted EPS of $3.55 with adjusted
operating margin of 21.0 percent, up 30 basis points
- Gross margin of 44.8 percent, up 60
basis points
- Free cash flow of $322 million, 114
percent of net income
- Repurchased 2.8 million shares of
common stock for $210 million
- Deployed $200 million to acquire
Novotema, Alfa Valvole and CiDRA Precision Services
- Sold the Ismatec business for a pre-tax
gain of $18.1 million, or 17 cents per share
Full Year 2015
Orders of $2 billion were down 5 percent (-2 percent organic, +1
percent acquisitions and -4 percent foreign currency translation)
compared with the prior year. Sales of $2 billion were down 6
percent (-4 percent organic, +2 percent acquisitions and -4 percent
foreign currency translation) compared with the prior year.
Gross margin of 44.8 percent was up 60 basis points from the
prior year, while adjusted operating margin of 21.0 percent was up
30 basis points from the prior year.
Adjusted net income of $277 million decreased 4 percent from the
prior year, while adjusted earnings per share of $3.55 decreased 2
cents, or 1 percent, from the prior year. Adjusted EBITDA of $505
million was 25 percent of sales and covered interest expense by
over 12 times, while free cash flow of $322 million was 114 percent
of net income.
Fourth Quarter 2015
Orders of $495 million were down 4 percent (-4 percent organic,
+3 percent acquisitions and -3 percent foreign currency
translation) compared with the prior year period. Sales of $500
million were down 5 percent (-4 percent organic, +2 percent
acquisitions and -3 percent foreign currency translation) compared
with the prior year period.
Gross margin of 44.7 percent was up 100 basis points from the
prior year period, while adjusted operating margin of 21.0 percent
was up 40 basis points from the prior year period.
Adjusted net income of $72 million increased 2 percent compared
with the prior year period, while adjusted earnings per share of 94
cents increased 5 cents, or 6 percent, from the prior year period.
Adjusted EBITDA of $126 million was 25 percent of sales and covered
interest expense by over 12 times, while free cash flow of $88
million was 130 percent of net income.
The Company repurchased 409 thousand shares of common stock for
$31 million in the fourth quarter of 2015.
Fourth quarter and full year 2015 net income and earnings per
share included a $2.6 million, or 3 cents per share, income tax
benefit as a result of a decrease in the Italian statutory tax rate
enacted in December 2015.
“In 2015 IDEX once again expanded gross margin and adjusted
operating margin by 60 and 30 basis points, respectively. Our teams
were well prepared to deliver productivity, despite the growth of
global markets being hampered by depressed oil prices, slow North
American industrial activity, and the contraction of China’s
economy. In the second half of the year, we also executed a
restructuring plan, which will provide approximately $12 million of
savings in 2016.
Value creation through focused capital deployment is key to our
2016 success. Investments in long-term organic growth opportunities
continue to be made, while shareholder dividends are funded and
share repurchases continue at a balanced pace. In 2015 we deployed
$200 million toward the strategic acquisitions of Alfa Valvole,
Novotema and CiDRA Precision Services. With strong free cash flow,
balance sheet capacity, and a healthy pipeline of opportunities, we
now expect to significantly exceed this level of M&A activity
in 2016.
The current contraction of global industrial economies will
continue to pressure our end markets, creating an unstable 2016,
resulting in roughly flat organic growth. Productivity will remain
a focus allowing us to expand full year 2016 operating margins and
deliver full year 2016 EPS of $3.60 to $3.70, with first quarter
EPS in the range of 80 to 82 cents.”
Andrew K. SilvernailChairman and Chief Executive Officer
Fourth Quarter 2015 Segment
Highlights
Fluid & Metering Technologies
- Sales of $215 million reflected a 5
percent decrease compared to the fourth quarter of 2014 (-5 percent
organic, +3 percent acquisition and -3 percent foreign currency
translation).
- Adjusted operating margin of 25.3
percent represented a 40 basis point increase compared with the
fourth quarter of 2014 primarily due to productivity improvements
partially offset by lower volume.
- Adjusted EBITDA of $61.7 million
resulted in an adjusted EBITDA margin of 28.7 percent, a 90 basis
point increase compared with the fourth quarter of 2014.
Health & Science Technologies
- Sales of $187 million reflected a 1
percent decrease compared to the fourth quarter of 2014 (-2 percent
organic, +3 percent acquisitions and -2 percent foreign currency
translation).
- Adjusted operating margin of 22.3
percent represented a 60 basis point decrease compared with the
fourth quarter of 2014 primarily due to lower volume.
- Adjusted EBITDA of $52.5 million
resulted in an adjusted EBITDA margin of 28.1 percent, a 40 basis
point decrease compared with the fourth quarter of 2014.
Fire & Safety/Diversified Products
- Sales of $98 million reflected a 10
percent decrease compared to the fourth quarter of 2014 (-6 percent
organic and -4 percent foreign currency translation).
- Adjusted operating margin of 25.3
percent represented a 280 basis point increase compared with the
fourth quarter of 2014 primarily due to favorable mix within the
Dispensing platform along with productivity improvements across the
entire segment, partially offset by lower volume.
- Adjusted EBITDA of $26.7 million
resulted in an adjusted EBITDA margin of 27.2 percent, a 290 basis
point increase compared with the fourth quarter of 2014.
For the fourth quarter of 2015, Fluid & Metering
Technologies contributed 43 percent of sales, 44 percent of
operating income and 43 percent of EBITDA; Health & Science
Technologies accounted for 37 percent of sales, 35 percent of
operating income and 38 percent of EBITDA; and Fire &
Safety/Diversified Products represented 20 percent of sales, 21
percent of operating income and 19 percent of EBITDA.
Non-U.S. GAAP Measures of Financial
Performance
The Company supplements certain U.S. GAAP financial performance
metrics with non-U.S. GAAP financial performance metrics in order
to provide investors with better insight and increased transparency
while also allowing for a more comprehensive understanding of the
financial information used by management in its decision making.
Reconciliations of non-U.S. GAAP financial performance metrics to
their most comparable U.S. GAAP financial performance metrics are
defined and presented below and in no way are considered a
substitute for, nor superior to, the financial data prepared in
accordance with U.S. GAAP. There were no adjustments to U.S. GAAP
financial performance metrics other than the items noted below.
- Adjusted operating income is calculated
as operating income plus restructuring expenses less the gain on
sale of a business.
- Adjusted operating margin is calculated
as adjusted operating income divided by net sales.
- Adjusted net income is calculated as
net income plus restructuring expenses less the gain on sale of a
business, net of the statutory tax expense/benefit.
- Consolidated EBITDA is calculated as
net income plus interest expense plus provision for income taxes
plus depreciation and amortization; while segment EBITDA is
calculated as operating income plus or minus other income (expense)
plus depreciation and amortization.
- Adjusted EBITDA is calculated as EBITDA
plus restructuring expenses less the gain on sale of a
business.
- Free cash flow is calculated as cash
flow from operating activities less capital expenditures plus the
excess tax benefit from share-based compensation.
Table 1: Reconciliations of Reported-to-Adjusted Operating
Income and Margin (dollars in thousands)
For the
Three Months Ended December 31, 2015 2014
FMT HST FSDP IDEX
FMT HST FSDP IDEX
Reported operating income $ 49,841 $
40,060 $ 24,565 $ 98,259 $
50,065 $ 38,419 $ 23,506 $ 94,454
Restructuring expenses
4,585 1,634
297 6,516 6,413
4,912 1,034 13,672
Adjusted operating income $ 54,426
$ 41,694 $ 24,862
$ 104,775 $ 56,478 $ 43,331 $
24,540 $ 108,126
Net sales $
215,150 $ 186,578 $ 98,343
$ 499,798 $ 226,869 $ 189,122 $ 108,970 $ 523,899
Operating margin 23.2 % 21.5 %
25.0 % 19.7 % 22.1 % 20.3 % 21.6 % 18.0
%
Adjusted operating margin 25.3 % 22.3
% 25.3 % 21.0 % 24.9 % 22.9 %
22.5 % 20.6 %
For the Year Ended December 31,
2015 2014 FMT HST
FSDP IDEX FMT HST
FSDP IDEX Reported operating income
$ 204,506 $ 157,948 $
115,745 $ 431,738 $ 216,886 $ 152,999 $
130,494 $ 431,224
Restructuring expenses 7,090
3,408 576 11,239 6,413 4,912 1,034 13,672
Gain on sale of business -
- - (18,070
) - - - -
Adjusted operating income $ 211,596
$ 161,356 $ 116,321
$ 424,907 $ 223,299 $ 157,911
$ 131,528 $ 444,896
Net sales
$ 860,792 $ 738,996 $
423,915 $ 2,020,668 $ 899,588 $ 752,021 $
502,749 $ 2,147,767
Operating margin 23.8 %
21.4 % 27.3 % 21.4 % 24.1
% 20.3 % 26.0 % 20.1 %
Adjusted operating margin 24.6
% 21.8 % 27.4 % 21.0
% 24.8 % 21.0 % 26.2 % 20.7 %
Table 2: Reconciliations of Reported-to-Adjusted Net Income
and EPS (in thousands, except EPS)
For the Three Months For the Year
Ended December 31, Ended December 31, 2015
2014 2015 2014 Reported net
income $ 67,763 $ 61,620
$ 282,807
$ 279,386
Restructuring expenses, net of tax 4,574
9,437
7,653 9,437
Gain on sale of business, net of
tax - -
(13,231 )
-
Adjusted net income $ 72,337 $ 71,057
$ 277,229 $ 288,823
Reported EPS
$ 0.88 $ 0.77
$ 3.62 $ 3.45
Restructuring expenses, net of tax 0.06 0.12
0.10 0.12
Gain on sale of business, net of tax
- -
(0.17 ) -
Adjusted
EPS $ 0.94 $ 0.89
$ 3.55 $
3.57
Diluted weighted average shares 77,091
79,632
77,972 80,728
Table 3: Reconciliations of Consolidated EBITDA and Free Cash
Flow (in thousands)
For the Three Months
Ended For the Year Ended December 31, Sept
30, December 31, 2015 2014 2015
2015 2014 Net income $ 67,763 $
61,620 $ 79,505
$ 282,807 $ 279,386
Interest
expense 10,226 10,572 10,229
41,636 41,895
Provision for income taxes 20,924 23,722 32,772
109,538 113,054
Depreciation and amortization
20,146 18,625 20,377
78,120 76,907
EBITDA
119,059 114,539 142,883
512,101 511,242
Restructuring expenses 6,516 13,672 4,723
11,239 13,672
Gain on sale of business
- - (18,070 )
(18,070 ) -
Adjusted EBITDA
$ 125,575 $ 128,211 $ 129,536
$ 505,270 $ 524,914
Cash flow from operating activities $ 98,540 $
101,378 $ 113,353
$ 360,321 $ 367,961
Capital
expenditures (11,165 ) (14,177 ) (8,785 )
(43,776 ) (47,997 )
Excess tax benefit from
share-based compensation 915 915
267
5,265 6,275
Free cash flow $ 88,290 $ 88,116
$ 104,835
$ 321,810 $ 326,239
Table 4: Reconciliations of Segment EBITDA (dollars in
thousands)
For the Three Months
Ended December 31, 2015 2014 FMT
HST FSDP FMT HST
FSDP Operating income $ 49,841 $
40,060 $ 24,565 $ 50,065 $ 38,419 $ 23,506
Other income (expense) (54 ) (169
) 362 189 518 346
Depreciation and
amortization 7,341 10,953
1,477 6,431 10,074
1,634
EBITDA 57,128
50,844 26,404 56,685 49,011 25,486
Restructuring
expenses 4,585 1,634
297 6,413 4,912
1,034
Adjusted EBITDA $ 61,713
$ 52,478 $ 26,701
$ 63,098 $ 53,923 $ 26,520
Net
sales $ 215,150 $ 186,578 $
98,343 $ 226,869 $ 189,122 $ 108,970
EBITDA margin
26.6 % 27.3 % 26.8 % 25.0
% 25.9 % 23.4 %
Adjusted EBITDA margin 28.7 %
28.1 % 27.2 % 27.8 % 28.5 % 24.3 %
For the Year Ended December 31, 2015
2014 FMT HST FSDP
FMT HST FSDP Operating
income $ 204,506 $ 157,948 $
115,745 $ 216,886 $ 152,999 $ 130,494
Other income
(expense) 840 178 1,453 560 542 990
Depreciation and amortization 27,662
42,827 6,051
26,453 42,478 6,583
EBITDA 233,008 200,953 123,249 243,899
196,019 138,067
Restructuring expenses 7,090
3,408 576
6,413 4,912 1,034
Adjusted
EBITDA $ 240,098 $ 204,361
$ 123,825 $ 250,312 $ 200,931
$ 139,101
Net sales $
860,792 $ 738,996 $ 423,915 $
899,588 $ 752,021 $ 502,749
EBITDA margin 27.1
% 27.2 % 29.1 % 27.1 % 26.1 %
27.5 %
Adjusted EBITDA margin 27.9 %
27.7 % 29.2 % 27.8 % 26.7 % 27.7 %
Conference Call to be Broadcast over
the Internet
IDEX will broadcast its fourth quarter earnings conference call
over the Internet on Thursday, January 28, 2016 at 9:30 a.m. CT.
Chairman and Chief Executive Officer Andy Silvernail and Senior
Vice President and Chief Financial Officer Heath Mitts will discuss
the Company’s recent financial performance and respond to questions
from the financial analyst community. IDEX invites interested
investors to listen to the call and view the accompanying slide
presentation, which will be carried live on its website at
www.idexcorp.com. Those who wish to participate should log on
several minutes before the discussion begins. After clicking on the
presentation icon, investors should follow the instructions to
ensure their systems are set up to hear the event and view the
presentation slides, or download the correct applications at no
charge. Investors will also be able to hear a replay of the call by
dialing 877.660.6853 (or 201.612.7415 for international
participants) using the ID #13620002.
Forward-Looking
Statements
This news release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These statements may relate to, among other
things, capital expenditures, acquisitions, cost reductions, cash
flow, revenues, earnings, market conditions, global economies and
operating improvements, and are indicated by words or phrases such
as “anticipate,” “estimate,” “plans,” “expects,” “projects,”
“forecasts,” “should,” “could,” “will,” “management believes,” “the
company believes,” “the company intends,” and similar words or
phrases. These statements are subject to inherent uncertainties and
risks that could cause actual results to differ materially from
those anticipated at the date of this news release. The risks and
uncertainties include, but are not limited to, the following:
economic and political consequences resulting from terrorist
attacks and wars; levels of industrial activity and economic
conditions in the U.S. and other countries around the world;
pricing pressures and other competitive factors, and levels of
capital spending in certain industries – all of which could have a
material impact on order rates and IDEX’s results, particularly in
light of the low levels of order backlogs it typically maintains;
its ability to make acquisitions and to integrate and operate
acquired businesses on a profitable basis; the relationship of the
U.S. dollar to other currencies and its impact on pricing and cost
competitiveness; political and economic conditions in foreign
countries in which the company operates; interest rates; capacity
utilization and the effect this has on costs; labor markets; market
conditions and material costs; and developments with respect to
contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ
materially from those reflected in the forward-looking statements
include, but are not limited to, the risks discussed in the “Risk
Factors” section included in the Company’s most recent annual
report on Form 10-K filed with the SEC and the other risks
discussed in the Company’s filings with the SEC. The
forward-looking statements included here are only made as of the
date of this news release, and management undertakes no obligation
to publicly update them to reflect subsequent events or
circumstances, except as may be required by law. Investors are
cautioned not to rely unduly on forward-looking statements when
evaluating the information presented here.
About IDEX
IDEX Corporation is an applied solutions company specializing in
fluid and metering technologies, health and science technologies,
and fire, safety and other diversified products built to its
customers’ exacting specifications. Its products are sold in niche
markets to a wide range of industries throughout the world. IDEX
shares are traded on the New York Stock Exchange and Chicago Stock
Exchange under the symbol “IEX”.
For further information on IDEX Corporation
and its business units, visit the company’s website at
www.idexcorp.com.
(Financial reports follow)
IDEX CORPORATION Condensed
Consolidated Statements of Operations (in thousands except
per share amounts) (unaudited) Three
Months Ended Year Ended December 31, December
31, 2015 2014
2015 2014 Net sales $
499,798 $ 523,899
$ 2,020,668 $ 2,147,767
Cost of sales 276,399
294,782
1,116,353
1,198,452
Gross profit 223,399 229,117
904,315 949,315
Selling, general and administrative
expenses 118,624 120,991
479,408 504,419
Restructuring expenses 6,516 13,672
11,239
13,672
Gain on sale of business -
-
(18,070 )
-
Operating income 98,259 94,454
431,738 431,224
Other (income) expense - net
(654 ) (1,460 )
(2,243 ) (3,111 )
Interest expense 10,226
10,572
41,636
41,895
Income before income taxes
88,687 85,342
392,345 392,440
Provision for income
taxes 20,924 23,722
109,538 113,054
Net income $ 67,763
$ 61,620
$ 282,807
$ 279,386
Earnings per Common Share
(a): Basic earnings per common share $
0.89 $ 0.78
$ 3.65 $ 3.48
Diluted earnings
per common share $ 0.88 $ 0.77
$
3.62 $ 3.45
Share Data: Basic
weighted average common shares outstanding 76,211 78,669
77,126 79,715
Diluted weighted average common
shares outstanding 77,091 79,632
77,972 80,728
Condensed Consolidated Balance Sheets (in
thousands) (unaudited) December 31, December
31, 2015
2014 Assets Current assets
Cash and cash equivalents $ 328,018 $ 509,137
Receivables - net 260,000 256,040
Inventories
239,124 237,631
Other current assets
35,542
72,983
Total current assets 862,684 1,075,791
Property, plant and equipment - net 240,945 219,543
Goodwill and intangible assets 1,684,366 1,592,441
Other noncurrent assets (b)
17,448 15,688
Total assets
$ 2,805,443 $ 2,903,463
Liabilities and shareholders' equity Current
liabilities Trade accounts payable $
128,911 $ 127,462
Accrued expenses 153,672
163,409
Short-term borrowings 1,087 98,946
Dividends payable
25,927 22,151
Total current
liabilities 309,597 411,968
Long-term borrowings
(b) 839,707 760,399
Other noncurrent
liabilities
212,848 244,645
Total
liabilities 1,362,152 1,417,012
Shareholders'
equity
1,443,291 1,486,451
Total
liabilities and shareholders' equity
$ 2,805,443 $ 2,903,463
IDEX CORPORATION Condensed Consolidated
Statements of Cash Flow (in thousands)
(unaudited) Year Ended December 31,
2015 2014 Cash flows from operating
activities Net income $ 282,807 $ 279,386
Adjustments to reconcile net income to net cash provided by
operating activities: Gain on sale of fixed assets
(114 ) (351 )
Gain on sale of business
(18,070 ) -
Asset impairments 795 2,473
Depreciation and amortization 35,694 33,720
Amortization of intangible assets 42,426 43,187
Amortization of debt issuance costs 1,612 1,723
Share-based compensation expense 20,048 20,717
Deferred income taxes (1,892 ) (8,593 )
Excess tax benefit from share-based compensation
(5,265 ) (6,275 )
Non-cash interest expense
associated with forward starting swaps 7,030 7,223
Changes in (net of the effect from acquisitions and
dispositions): Receivables 8,832 (11,110 )
Inventories 4,557 (7,821 )
Other current
assets (2,728 ) (5,201 )
Trade accounts
payable (2,828 ) (2,466 )
Accrued expenses
(12,878 ) 23,760
Other — net 295
(2,411 )
Net cash flows provided by
operating activities 360,321 367,961
Cash flows from
investing activities Purchases of property, plant and
equipment (43,776 ) (47,997 )
Proceeds from
sale of business 27,677 -
Acquisition of businesses,
net of cash acquired (195,013 ) (25,443 )
Proceeds from fixed asset disposals 894 1,460
Other — net (273 ) (280 )
Net cash flows used in investing activities (210,491
) (72,260 )
Cash flows from financing activities
Borrowings under revolving facilities 414,032 165,014
Payments under revolving facilities (333,630 )
(61,951 )
Payment of 2.58% Senior Euro Notes (88,420
) -
Debt issuance costs (1,739 ) -
Dividends paid (96,172 ) (85,726 )
Proceeds
from stock option exercises 19,217 17,161
Excess tax
benefit from share-based compensation 5,265 6,275
Purchase of common stock (210,822 ) (219,893 )
Unvested shares surrendered for tax withholding
(3,259 ) (4,952 )
Net cash flows
used in financing activities (295,528 ) (184,072
)
Effect of exchange rate changes on cash and cash
equivalents (35,421 )
(42,121 )
Net increase (decrease) in cash (181,119
) 69,508
Cash and cash equivalents at beginning of
year 509,137 439,629
Cash and cash equivalents at end of period $
328,018 $ 509,137
IDEX CORPORATION Company and Segment Financial
Information (dollars in thousands) (unaudited)
Three Months Ended Year Ended
December 31, (c) December 31, (c)
2015 2014 2015
2014 Fluid & Metering
Technologies Net sales $ 215,150 $ 226,869
$ 860,792 $ 899,588
Adjusted operating income
(d) 54,426 56,478
211,596 223,299
Adjusted
operating margin 25.3 % 24.9 %
24.6
% 24.8 %
Adjusted EBITDA $ 61,713 $
63,098
$ 240,098 $ 250,312
Adjusted EBITDA
margin 28.7 % 27.8 %
27.9 % 27.8 %
Depreciation and amortization $ 7,341 $ 6,431
$ 27,662 $ 26,453
Capital expenditures
4,997 7,060
22,846 18,215
Health &
Science Technologies Net sales $ 186,578 $
189,122
$ 738,996 $ 752,021
Adjusted operating
income (d) 41,694 43,331
161,356 157,911
Adjusted operating margin 22.3 % 22.9 %
21.8 % 21.0 %
Adjusted EBITDA $
52,478 $ 53,923
$ 204,361 $ 200,931
Adjusted EBITDA margin 28.1 % 28.5 %
27.7 % 26.7 %
Depreciation and amortization
$ 10,953 $ 10,074
$ 42,827 $ 42,478
Capital expenditures 4,349 5,170
13,104 19,161
Fire & Safety/Diversified Products Net
sales $ 98,343 $ 108,970
$ 423,915
$ 502,749
Adjusted operating income (d) 24,862
24,540
116,321 131,528
Adjusted operating margin
25.3 % 22.5 %
27.4 % 26.2 %
Adjusted
EBITDA $ 26,701 $ 26,520
$ 123,825
$ 139,101
Adjusted EBITDA margin 27.2 % 24.3 %
29.2 % 27.7 %
Depreciation and amortization
$ 1,477 $ 1,634
$ 6,051 $ 6,583
Capital expenditures 1,676 1,244
5,804 6,761
Company Net sales $ 499,798 $
523,899
$ 2,020,668 $ 2,147,767
Adjusted operating
income (d) 104,775 108,126
424,907 444,896
Adjusted operating margin 21.0 % 20.6 %
21.0 % 20.7 %
Adjusted EBITDA $
125,575 $ 128,211
$ 505,270 $ 524,914
Adjusted EBITDA margin 25.1 % 24.5 %
25.0 % 24.4 %
Depreciation and amortization
(e) $ 20,146 $ 18,625
$ 78,120 $
76,907
Capital expenditures 11,165 14,177
43,776 47,997
(a) Calculated by applying the two-class method of
allocating earnings to common stock and participating securities as
required by ASC 260, Earnings Per Share. (b)
Certain amounts in the prior year's balance sheet have been
reclassified to conform to the current presentation due to the
adoption of ASU 2015-03, Simplifying the Presentation of Debt
Issuance Costs. (c) Three and twelve month
data includes acquisition of Aegis (April 2014) and Alfa Valvole
(June 2015) in the Fluid & Metering Technologies segment and
Novotema (June 2015) and CiDRA Precision Services (July 2015) in
the Health & Science Technologies segment from the date of
acquisition. Twelve month data for 2015 includes the results of
Ismatec through the date of disposition in July 2015.
(d) Segment adjusted operating income excludes
unallocated corporate operating expenses. (e)
Depreciation and amortization excludes amortization of debt
issuance costs.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160127006456/en/
IDEX CorporationInvestor Contact:Heath MittsSenior
Vice President and Chief Financial Officer(847) 498-7070
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