- Fourth quarter revenue of $49.4M, up 64% year-over-year
- Fiscal 2021 revenue of $167.3M, up 63% year-over-year
- Current Remaining Performance Obligations of $137.3M, up 60%
year over year
Amplitude, Inc. (Nasdaq: AMPL), the pioneer in digital
optimization, today announced financial results for its fourth
quarter and fiscal year ended December 31, 2021.
"2021 was a breakthrough year for Amplitude. Digital products
are becoming the central driver for how businesses operate, go to
market and generate revenue,” said Spenser Skates, CEO and
co-founder of Amplitude. “Strong execution combined with demand for
the Amplitude Digital Optimization System drove our fiscal year
2021 results. We believe we are in the very early stages of a large
market opportunity, and we’re excited to help companies realize the
business outcomes of digital optimization.”
Fourth Quarter 2021 Financial
Highlights:
(in millions, except per share and
percentage amounts)
Fourth Quarter 2021
Fourth Quarter 2020
Y/Y Change
Revenue
$49.4
$30.1
64%
Remaining Performance Obligations
$170.1
$95.6
78%
Current Remaining Performance
Obligations
$137.3
$85.7
60%
GAAP Loss from Operations
$(21.5)
$(5.1)
$(16.4)
Non-GAAP Loss from Operations
$(5.0)
$(0.2)
$(4.8)
GAAP Net Loss Per Share
$(0.20)
$(0.21)
$0.01
Non-GAAP Net Loss Per Share
$(0.05)
$(0.02)
$(0.03)
Net Cash used in Operating Activities
$(11.1)
$(3.0)
$(8.1)
Free Cash Flow
$(12.2)
$(3.8)
$(8.4)
Fiscal Year 2021 Financial
Highlights:
(in millions, except per share and
percentage amounts)
FY 2021
FY 2020
Y/Y Change
Revenue
$167.3
$102.5
63%
Remaining Performance Obligations
$170.1
$95.6
78%
Current Remaining Performance
Obligations
$137.3
$85.7
60%
GAAP Loss from Operations
$(74.1)
$(24.0)
$(50.1)
Non-GAAP Loss from Operations
$(14.6)
$(6.6)
$(8.0)
GAAP Net Loss Per Share
$(1.46)
$(0.98)
$(0.48)
Non-GAAP Net Loss Per Share
$(0.30)
$(0.29)
$(0.01)
Net Cash used in Operating Activities
$(31.7)
$(10.4)
$(21.3)
Free Cash Flow
$(34.9)
$(12.6)
$(22.3)
Non-GAAP loss from operations and non-GAAP net loss per share
exclude expenses related to stock-based compensation expense and
related employer payroll taxes, amortization of acquired intangible
assets, and non-recurring costs, such as direct listing costs.
Stock-based compensation expense and employer related payroll taxes
were $16.0 million in the fourth quarter of 2021 compared to $4.7
million in the fourth quarter of 2020, and $39.7 million for the
full year 2021 compared to $16.6 million for the full year 2020.
These increases were driven by an increase in the fair value of
Amplitude’s common stock and increases in our employee headcount.
Free cash flow is GAAP net cash used in operating activities, less
cash used for purchases of property and equipment and capitalized
internal-use software costs. The section titled "Non-GAAP Financial
Measures" below contains a description of the non-GAAP financial
measures and reconciliations between historical GAAP and non-GAAP
information are contained in the tables below.
Fourth Quarter and Recent Business Highlights:
- Number of paying customers grew 54% year-over-year to
1,597.
- Dollar-based net retention rate at the end of December 31,
2021, was 123% compared to 119% at the end of December 31,
2020.
- G2’s 2022 Best Software Awards ranked Amplitude as the #3 best
software product overall and #5 best enterprise product. The G2
Winter 2022 Report also ranked Amplitude as the #1 Product
Analytics solution for the sixth quarter in a row and #1 in Mobile
Analytics.
- In November at re:Invent, the Amazon Web Services (AWS) team
announced Amplitude’s designation as an AI for Data Analytics
(AIDA) solution, a set of solutions that leverage AWS artificial
intelligence (AI) and machine learning (ML) services to take the
complexity out of AI-based insights.
Financial Outlook:
The first quarter and full year 2022 outlook information
provided below are based on Amplitude’s current estimates and are
not a guarantee of future performance. These statements are
forward-looking and actual results may differ materially. Refer to
the “Forward-Looking Statements” section below for information on
the factors that could cause Amplitude’s actual results to differ
materially from these forward-looking statements.
For the first quarter and full year 2022, the Company
expects:
First Quarter 2022
Full Year 2022
Revenue
$50 - $51 million
$226 - $234 million
Non-GAAP Operating Margin
(22%) - (20%)
(22%) - (20%)
Non-GAAP Net Loss Per Share
$(0.10) - $(0.09)
$(0.44) - $(0.42)
Weighted Average Shares Outstanding
109.5 million
111.9 million
An outlook for GAAP loss from operations, GAAP operating margin,
and GAAP net loss per share and a reconciliation of expected
non-GAAP loss from operations to GAAP loss from operations,
expected non-GAAP operating margin to GAAP operating margin, and
expected non-GAAP net loss per share to GAAP net loss per share
have not been provided as the quantification of certain items
included in the calculation of GAAP loss from operations, GAAP
operating margin, and GAAP net loss per share cannot be reasonably
calculated or predicted at this time without unreasonable efforts.
For example, the non-GAAP adjustment for stock-based compensation
expense requires additional inputs such as the number and value of
awards granted that are not currently ascertainable, and the
non-GAAP adjustment for amortization of acquired intangible assets
depends on the timing and value of intangible assets acquired that
cannot be accurately forecasted.
Conference Call Information:
Amplitude will host a live video webcast to discuss its
financial results for the fourth quarter and fiscal year ended
December 31, 2021, as well as the financial outlook for its first
quarter and full year 2022 today at 2:00 PM Pacific Time / 5:00 PM
Eastern Time. Interested parties may access the webcast, earnings
press release, and investor presentation on the events section of
Amplitude’s investor relations website at investors.amplitude.com.
A replay will be available in the same location a few hours after
the conclusion of the live webcast.
Forward-Looking Statements:
This press release contains express and implied "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the Company’s
financial outlook for the first quarter of 2022 and full year 2022,
the Company’s growth strategy and business aspirations and its
market position and market opportunity. These statements are often,
but not always, made through the use of words or phrases such as
“may,” “should,” “could,” “predict,” “potential,” “believe,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “projection,” “would,” and “outlook,” or the
negative version of those words or phrases or other comparable
words or phrases of a future or forward-looking nature. These
forward-looking statements are not statements of historical fact,
and are based on current expectations, estimates, and projections
about the Company’s industry as well as certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond the Company’s control. These statements are
subject to numerous uncertainties and risks that could cause actual
results, performance, or achievement to differ materially and
adversely from those anticipated or implied in the statements,
including risks related to: the Company’s limited operating history
and rapid growth over the last several years, which makes it
difficult to forecast the Company’s future results of operations;
the Company’s history of losses; any decline in the Company’s
customer retention or expansion of its commercial relationships
with existing customers or an inability to attract new customers;
expected fluctuations in the Company’s financial results, making it
difficult to project future results; the Company’s focus on sales
to larger organizations and potentially increased dependency on
those relationships, which may increase the variability of the
Company’s sales cycles and results of operations; downturns or
upturns in new sales, which may not be immediately reflected in the
Company’s results of operations and may be difficult to discern;
unfavorable conditions in the Company’s industry or the global
economy, or reductions in information technology spending, which
could limit the Company’s ability to grow its business; the market
for SaaS applications, which may develop more slowly than the
Company expects or decline; the Company’s intellectual property
rights, which may not protect its business or provide the Company
with a competitive advantage; and evolving privacy and other
data-related laws. Additional risks and uncertainties that could
cause actual outcomes and results to differ materially from those
contemplated by the forward-looking statements are or will be
included under the caption "Risk Factors" and elsewhere in the
reports and other documents that the Company files with the
Securities and Exchange Commission from time to time. The
forward-looking statements made in this press release relate only
to events as of the date on which the statements are made. The
Company undertakes no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
Non-GAAP Financial Measures:
This press release includes financial information that has not
been prepared in accordance with GAAP. The Company uses non-GAAP
financial measures internally in analyzing its financial results
and believes they are useful to investors, as a supplement to GAAP
measures, in evaluating the Company’s ongoing operational
performance. The Company believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
the Company’s financial results with other companies in the
industry, many of which present similar non-GAAP financial measures
to investors. There are a number of limitations related to the use
of non-GAAP financial measures versus comparable financial measures
determined under U.S. GAAP. For example, other companies in the
Company’s industry may calculate these non-GAAP financial measures
differently or may use other measures to evaluate their
performance. In addition, free cash flow does not reflect the
Company’s future contractual commitments and the total increase or
decrease of its cash balance for a given period.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. A reconciliation of the Company’s
non-GAAP financial measures to their most directly comparable GAAP
measures has been provided in the financial statement tables
included below in this press release. Investors are encouraged to
review the reconciliation of these non-GAAP financial measures to
their most directly comparable GAAP financial measures below.
Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP
Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP
Operating Margin, Non-GAAP Net Loss, and Non-GAAP Loss per
Share.
The Company defines these non-GAAP financial measures as their
respective GAAP measures, excluding expenses related to stock-based
compensation expense and related employer payroll taxes,
amortization of acquired intangible assets, and non-recurring
costs, such as direct listing costs. The Company excludes
stock-based compensation expense and related employer payroll
taxes, which is a non-cash expense, from certain of its non-GAAP
financial measures because it believes that excluding this item
provides meaningful supplemental information regarding operational
performance. The Company excludes amortization of intangible
assets, which is a non-cash expense, related to business
combinations from certain of its non-GAAP financial measures
because such expenses are related to business combinations and have
no direct correlation to the operation of the Company’s business.
Although the Company excludes these expenses from certain non-GAAP
financial measures, the revenue from acquired companies subsequent
to the date of acquisition is reflected in these measures and the
acquired intangible assets contribute to the Company’s revenue
generation. The Company excludes non-recurring costs from certain
of its non-GAAP financial measures because such expenses do not
repeat period over period and are not reflective of the ongoing
operation of the Company’s business.
The Company uses non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP loss from operations,
non-GAAP operating margin, non-GAAP net loss and non-GAAP loss per
share in conjunction with its traditional U.S. GAAP measures to
evaluate the Company’s financial performance. The Company believes
that these measures provide its management and investors
consistency and comparability with its past financial performance
and facilitates period-to-period comparisons of operations.
Free Cash Flow and Margin. The Company defines free cash
flow as net cash used in operating activities, less cash used for
purchases of property and equipment and capitalized internal-use
software costs. The Company believes that free cash flow is a
useful indicator of liquidity that provides its management, board
of directors, and investors with information about its future
ability to generate or use cash to enhance the strength of its
balance sheet and further invest in its business and pursue
potential strategic initiatives. Free cash flow margin is
calculated as free cash flow divided by total revenue.
Definitions of Business Metrics
Dollar-based net retention rate
The Company calculates dollar-based net retention rate as of a
period end by starting with the Annual Recurring Revenue (“ARR”)
from the cohort of all customers as of 12 months prior to such
period-end (the “Prior Period ARR”). The Company then calculates
the ARR from these same customers as of the current period-end (the
“Current Period ARR”). Current Period ARR includes any expansion
and is net of contraction or attrition over the last 12 months, but
excludes ARR from new customers as well as any overage charges in
the current period. The Company then divides the total Current
Period ARR by the total Prior Period ARR to arrive at the
point-in-time dollar-based net retention rate. The Company then
calculates the weighted-average of the trailing 12-month
point-in-time dollar-based net retention rates, to arrive at the
dollar-based net retention rate.
The Company defines ARR as the annual recurring revenue of
subscription agreements at a point in time based on the terms of
customers’ contracts. ARR should be viewed independently of
revenue, and does not represent the Company’s U.S. GAAP revenue on
an annualized basis, as it is an operating metric that can be
impacted by contract start and end dates and renewal rates.
About Amplitude
Amplitude is the pioneer in digital optimization software.
Nearly 1,600 customers, including Atlassian, Instacart,
NBCUniversal, Shopify, and Under Armour rely on Amplitude to help
them innovate faster and smarter by answering the strategic
question: "How do our digital products drive our business?" The
Amplitude Digital Optimization System makes critical data
accessible and actionable to every team — unifying product,
marketing, developers, and executive teams around a new depth of
customer understanding and common visibility into what drives
business outcomes. Amplitude is the best-in-class product analytics
solution, ranked #1 in G2’s 2022 Winter Report. Learn how to
optimize your digital products and business at amplitude.com.
AMPLITUDE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) (unaudited) December 31,
2021 December 31, 2020 Assets Current assets: Cash and
cash equivalents
$
307,445
$
117,783
Restricted cash, current
—
1,080
Accounts receivable, net
20,444
17,396
Prepaid expenses and other current assets
19,116
6,857
Deferred commissions, current
8,112
5,563
Total current assets
355,117
148,679
Property and equipment, net
4,832
2,673
Intangible assets, net
3,554
1,955
Goodwill
4,073
1,000
Restricted cash, noncurrent
850
—
Deferred commissions, noncurrent
20,573
13,877
Other noncurrent assets
11,389
6,898
Total assets
$
400,388
$
175,082
Liabilities, Redeemable Convertible Preferred Stock and
Stockholders' Equity (Deficit) Current liabilities: Accounts
payable
$
3,363
$
4,417
Accrued expenses
17,936
8,110
Deferred revenue
69,294
40,797
Total current liabilities
90,593
53,324
Noncurrent liabilities
3,247
1,067
Total liabilities
93,840
54,391
Redeemable convertible preferred stock
—
187,811
Stockholders’ equity (deficit): Common stock
1
—
Additional paid-in capital
486,354
37,704
Accumulated deficit
(179,807
)
(104,824
)
Total stockholders’ equity (deficit)
306,548
(67,120
)
Total liabilities, redeemable convertible preferred stock, and
stockholders’ equity (deficit)
$
400,388
$
175,082
AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue
$
49,424
$
30,076
$
167,261
$
102,464
Cost of revenue (1)
15,392
9,202
51,764
30,483
Gross profit
34,032
20,874
115,497
71,981
Operating expenses: Research and development (1)
14,229
6,371
48,251
26,098
Sales and marketing (1)
27,016
14,968
86,025
51,819
General and administrative (1)
14,272
4,651
55,370
18,067
Total operating expenses
55,517
25,990
189,646
95,984
Loss from operations
(21,485
)
(5,116
)
(74,149
)
(24,003
)
Other income (expense), net
52
24
195
269
Loss before provision for income taxes
(21,433
)
(5,092
)
(73,954
)
(23,734
)
Provision for income taxes
469
278
1,029
833
Net loss
$
(21,902
)
$
(5,370
)
$
(74,983
)
$
(24,567
)
Net loss per share Basic and diluted
$
(0.20
)
$
(0.21
)
$
(1.46
)
$
(0.98
)
Weighted-average shares used in calculating net loss per share:
Basic and diluted
107,925
25,981
51,360
25,060
(1) Amounts include stock-based compensation expense as
follows:
Three Months Ended December 31, Year Ended
December 31,
2021
2020
2021
2020
Cost of revenue
$
1,042
$
180
$
1,951
$
590
Research and development
4,159
1,082
13,613
5,582
Sales and marketing
3,870
2,312
7,871
6,512
General and administrative
5,186
1,054
10,959
3,869
Total stock-based compensation expense
$
14,257
$
4,628
$
34,394
$
16,553
AMPLITUDE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Cash flows from operating activities: Net loss
$
(21,902
)
$
(5,370
)
$
(74,983
)
$
(24,567
)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities Depreciation and amortization
883
549
3,093
1,690
Stock-based compensation expense
14,257
4,630
34,394
16,553
Other
34
125
(377
)
251
Changes in operating assets and liabilities: Accounts receivable
2,356
(1,675
)
(3,033
)
(5,561
)
Prepaid expenses and other current assets
(291
)
(3,103
)
(12,222
)
(1,469
)
Deferred commissions
(2,574
)
(3,392
)
(9,245
)
(7,180
)
Other noncurrent assets
(965
)
(3,492
)
(4,491
)
(5,719
)
Accounts payable
146
2,057
(1,054
)
2,414
Accrued expenses
(1,990
)
1,866
5,556
1,726
Deferred revenue
(2,163
)
4,516
28,470
11,047
Noncurrent liabilities
1,105
298
2,179
423
Net cash provided by (used in) operating activities
(11,104
)
(2,991
)
(31,713
)
(10,392
)
Cash flows from investing activities: Purchase of property and
equipment
(572
)
(506
)
(1,529
)
(984
)
Cash paid for acquisitions, net of cash acquired
—
—
1,724
(3,700
)
Capitalization of internal-use software costs
(568
)
(300
)
(1,693
)
(1,224
)
Net cash used in investing activities
(1,140
)
(806
)
(1,498
)
(5,908
)
Cash flows from financing activities: Proceeds from issuance of
redeemable convertible preferred stock, net
—
—
199,802
49,820
Proceeds from the exercise of stock options
5,149
3,053
21,783
4,427
Cash received for tax withholding obligations on equity award
settlements
38,562
898
145,481
1,299
Cash paid for tax withholding obligations on equity award
settlements
(42,864
)
(898
)
(144,420
)
(1,299
)
Repurchase of unvested stock options
(2
)
—
(3
)
(2
)
Net cash provided by financing activities
845
3,053
222,643
54,245
Net increase in cash, cash equivalents, and restricted cash
(11,399
)
(744
)
189,432
37,945
Cash, cash equivalents, and restricted cash at beginning of the
period
319,694
119,607
118,863
80,918
Cash, cash equivalents, and restricted cash at end of the period
$
308,295
$
118,863
$
308,295
$
118,863
AMPLITUDE, INC. Reconciliation of GAAP to Non-GAAP
Data (In thousands, except percentages)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Reconciliation of gross profit and gross margin GAAP gross
profit
$
34,032
$
20,874
$
115,497
$
71,981
Plus: stock-based compensation expense and related employer payroll
taxes
1,043
180
1,952
590
Plus: amortization of acquired intangible assets
500
227
1,651
227
Non-GAAP gross profit
$
35,575
$
21,281
$
119,100
$
72,798
GAAP gross margin
68.9%
69.4%
69.1%
70.3%
Non-GAAP adjustments
3.1%
1.4%
2.2%
0.8%
Non-GAAP gross margin
72.0%
70.8%
71.2%
71.0%
Reconciliation of operating expenses GAAP research and
development
$
14,229
$
6,371
$
48,251
$
26,098
Less: stock-based compensation expense and related employer payroll
taxes
(4,446
)
(1,099
)
(16,469
)
(5,607
)
Less: amortization of acquired intangible assets
—
—
—
(518
)
Non-GAAP research and development
$
9,783
$
5,272
$
31,782
$
19,973
GAAP research and development as percentage of revenue
28.8%
21.2%
28.8%
25.5%
Non-GAAP research and development as percentage of revenue
19.8%
17.5%
19.0%
19.5%
GAAP sales and marketing
$
27,016
$
14,968
$
86,025
$
51,819
Less: stock-based compensation expense and related employer payroll
taxes
(5,149
)
(2,328
)
(9,693
)
(6,549
)
Less: direct listing expenses
—
—
(13
)
—
Non-GAAP sales and marketing
$
21,867
$
12,640
$
76,319
$
45,270
GAAP sales and marketing as percentage of revenue
54.7%
49.8%
51.4%
50.6%
Non-GAAP sales and marketing as percentage of revenue
44.2%
42.0%
45.6%
44.2%
GAAP general and administrative
$
14,272
$
4,651
$
55,370
$
18,067
Less: stock-based compensation expense and related employer payroll
taxes
(5,384
)
(1,071
)
(11,553
)
(3,902
)
Less: direct listing expenses
—
—
(18,178
)
—
Non-GAAP general and administrative
$
8,888
$
3,580
$
25,639
$
14,165
GAAP general and administrative as percentage of revenue
28.9%
15.5%
33.1%
17.6%
Non-GAAP general and administrative as percentage of revenue
18.0%
11.9%
15.3%
13.8%
Reconciliation of operating loss and operating margin GAAP
loss from operations
$
(21,485
)
$
(5,116
)
$
(74,149
)
$
(24,003
)
Plus: stock-based compensation expense and related employer payroll
taxes
16,022
4,678
39,667
16,648
Plus: amortization of acquired intangible assets
500
227
1,651
745
Plus: direct listing expenses
—
—
18,191
—
Non-GAAP loss from operations
$
(4,963
)
$
(211
)
$
(14,640
)
$
(6,610
)
GAAP operating margin
(43.5%
)
(17.0%
)
(44.3%
)
(23.4%
)
Non-GAAP adjustments
33.4%
16.3%
35.6%
17.0%
Non-GAAP operating margin
(10.0%
)
(0.7%
)
(8.8%
)
(6.5%
)
Reconciliation of net loss GAAP net loss
$
(21,902
)
$
(5,370
)
$
(74,983
)
$
(24,567
)
Plus: stock-based compensation expense and related employer payroll
taxes
16,022
4,678
39,667
16,648
Plus: amortization of acquired intangible assets
500
227
1,651
745
Plus: direct listing expenses
—
—
18,191
—
Non-GAAP net loss
$
(5,380
)
$
(465
)
$
(15,474
)
$
(7,174
)
Reconciliation of net loss per share GAAP net loss per
share, basic and diluted
$
(0.20
)
$
(0.21
)
$
(1.46
)
$
(0.98
)
Non-GAAP adjustments to net loss
0.15
0.19
1.16
0.69
Non-GAAP net loss per share, basic and diluted
$
(0.05
)
$
(0.02
)
$
(0.30
)
$
(0.29
)
Weighted-average shares used in GAAP and non-GAAP per share
calculation, basic and diluted
107,925
25,981
51,360
25,060
Note: Certain figures may not sum due to rounding
AMPLITUDE,
INC. Reconciliation of GAAP Cash Flows from Operations to
Free Cash Flows (In thousands, except for percentages)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Net cash provided by (used in) operating activities
$
(11,104
)
$
(2,991
)
$
(31,713
)
$
(10,392
)
Less: Purchases of property and equipment
(572
)
(506
)
(1,529
)
(984
)
Capitalization of internal-use software costs
(568
)
(300
)
(1,693
)
(1,224
)
Free cash flow
$
(12,244
)
$
(3,797
)
$
(34,935
)
$
(12,600
)
Net cash provided by (used in) operating activities margin
(22.5%
)
(9.9%
)
(19.0%
)
(10.1%
)
Non-GAAP adjustments
(2.3%
)
(2.7%
)
(1.9%
)
(2.2%
)
Free cash flow margin
(24.8%
)
(12.6%
)
(20.9%
)
(12.3%
)
Note: Certain figures may not sum due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220215006274/en/
Investor Relations Jason Starr ir@amplitude.com
Communications Darah Easton press@amplitude.com
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