Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, today reported results for the fourth quarter and year
ended Dec. 31, 2016.
Fourth Quarter and Record Setting Full Year 2016 Results:
- Q4 EPS up 73% to $0.45; adjusted EPS up
76% to $0.58
- Q4 net income increased 50% to $9.5
million
- Q4 adjusted EBITDA up 37% to $23.1
million
- 2016 EPS increased 96% to $3.09;
adjusted EPS up 64% to $3.59
- 2016 net income increased 68% to $66.0
million
- 2016 adjusted EBITDA up 28% over 2015
to $141.2 million
- Full year 2017 adjusted EPS guidance of
$4.21 to $4.42, a 17% to 23% increase over 2016
Fourth Quarter Results
Fourth quarter 2016 net income and diluted earnings per share of
$9.5 million and $0.45, represented increases of 50% and 73%,
respectively compared to the fourth quarter of 2015. Adjusted
diluted earnings per share were $0.58, a 76% increase over the
fourth quarter of 2015. Adjusted EBITDA increased 37% to $23.1
million.
“Our strong fourth quarter results capped off a record setting
2016 and set the stage for continuing double-digit worksite
employee growth and profitability in 2017,” said Paul J. Sarvadi,
Insperity chairman and chief executive officer. “A successful
year-end transition, combined with a record level of trained
Business Performance Advisors positions us for accelerating
worksite employee growth over the course of the year.”
Revenues for the fourth quarter of 2016 increased to $729.1
million on a 13% increase in the average number of worksite
employees paid per month. The worksite employee growth was the
result of new client sales driven by an increase in the number of
trained Business Performance Advisors, combined with a continuing
high level of client retention. Net hiring of worksite employees by
our clients continued to show weakness, and was overall a slight
negative for the fourth quarter.
Gross profit increased 14% over the fourth quarter of 2015 to
$110.5 million, with both benefits and workers’ compensation costs
managed to favorable trends. Adjusted operating expenses increased
10% over the fourth quarter of 2015, and included the growth in the
number of Business Performance Advisors, while producing operating
leverage in other areas of the business. This was demonstrated by a
decrease in adjusted operating expense per worksite employee per
month from $191 in the fourth quarter of 2015 to $186 in the fourth
quarter of this year, inclusive of the increase in Business
Performance Advisors.
Adjusted EBITDA increased 37% over the fourth quarter of 2015 to
$23.1 million, and increased 22% on a per worksite employee per
month basis from $37 in the fourth quarter of 2015 to $45 in the
fourth quarter of 2016. The fourth quarter and full year 2016
effective income tax rates were 34% and 37%, respectively and were
positively impacted by lower non-deductible items and an increase
in R&D activity.
Full Year Results
For the year ended Dec. 31, 2016, reported net income increased
68% over 2015 to $66.0 million, and diluted net income per share
increased 96% to $3.09. Adjusted diluted earnings per share
increased 64% over 2015 to $3.59. Adjusted EBITDA increased 28% to
$141.2 million.
Revenues in 2016 increased to $2.9 billion, on a 14% increase in
the average number of worksite employees paid per month over 2015.
This growth was driven by an increase in worksite employees paid
from new sales and a further improvement in worksite employee
retention from 84% in 2015 to a new historical high of 86% in 2016.
Gross profit for the year ended Dec. 31, 2016 increased 12% to
$491.6 million, while adjusted operating expenses increased only 7%
to $385.0 million and declined 6% on a per worksite employee per
month basis from $206 in 2015 to $193 in 2016.
Adjusted EBITDA per worksite employee per month increased 13%
from $63 in 2015 to $71 in 2016 on double-digit worksite employee
growth, effective pricing and direct cost management and operating
leverage.
Cash outlays in 2016 included the repurchase of approximately
3.5 million shares of stock at a cost of $175.9 million, dividends
totaling $20.6 million and capital expenditures of $34.0 million.
Adjusted cash, cash equivalents and marketable securities at Dec.
31, 2016 was $44.9 million.
“We had an exceptional year with worksite employee growth of
13.7% and a record level of adjusted EBITDA, up 28% to $141
million,” said Douglas S. Sharp, senior vice president of finance,
chief financial officer and treasurer. “We are positioned for
exceptional shareholder return in 2017 as we execute our strategic
growth plan and continue our share repurchase and dividend
programs.”
2017 Guidance
The company also announced its guidance for 2017, including the
first quarter of 2017. Please refer to the accompanying financial
tables at the end of this press release for the reconciliation of
non-GAAP financial measures to the comparable GAAP financial
measures.
Q1 2017 Full Year
2017 Average WSEEs 174,200
-
175,800 185,000
-
188,000 Year-over-year increase 10%
-
11% 11.5%
-
13.4% Adjusted EPS $1.78
-
$1.87 $4.21
-
$4.42 Year-over-year increase 9%
-
15% 17%
-
23% Adjusted EBITDA (in millions) $63
-
$66 $161
-
$168 Year-over-year increase 3%
-
8% 14%
-
19%
Definition of Key Metrics
Average WSEEs - Determined by calculating the company’s
cumulative worksite employees paid during the period divided by the
number of months in the period.
Adjusted EPS - Represents diluted net income per share computed
in accordance with GAAP, excluding the impact of non-cash
impairment and other charges, stockholder advisory expenses and
stock-based compensation.
Adjusted EBITDA - Represents net income computed in accordance
with GAAP, plus interest expense, income taxes, depreciation and
amortization expense, non-cash impairment and other charges, costs
associated with stockholder advisory expenses and stock-based
compensation.
Insperity will be hosting a conference call today at 10 a.m. ET
to discuss these results, provide guidance for the first quarter
and full year 2017 and answer questions from investment analysts.
To listen in, call 877-651-0053 and use conference i.d. number
56690992. The call will also be webcast at http://ir.insperity.com.
The conference call script will be available at the same website
later today. A replay of the conference call will be available at
855-859-2056, conference i.d. 56690992. The webcast will be
archived for one year.
Insperity, a trusted advisor to America’s best businesses for
more than 30 years, provides an array of human resources and
business solutions designed to help improve business performance.
Insperity® Business Performance Advisors offer the most
comprehensive suite of products and services available in the
marketplace. Insperity delivers administrative relief, better
benefits, reduced liabilities and a systematic way to improve
productivity through its premier Workforce Optimization® solution.
Additional company offerings include Human Capital Management,
Payroll Software, Time and Attendance, Performance Management,
Organizational Planning, Recruiting Services, Employment Screening,
Financial Services, Expense Management, Retirement Services and
Insurance Services. Insperity business performance solutions
support more than 100,000 businesses with over 2 million employees.
With 2016 revenues of $2.9 billion, Insperity operates in 61
offices throughout the United States. For more information, visit
http://www.insperity.com.
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (i) adverse
economic conditions; (ii) regulatory and tax developments and
possible adverse application of various federal, state and local
regulations; (iii) the ability to secure competitive replacement
contracts for health insurance and workers’ compensation insurance
at expiration of current contracts; (iv) cancellation of client
contracts on short notice, or the inability to renew client
contracts or attract new clients; (v) vulnerability to regional
economic factors because of our geographic market concentration;
(vi) increases in health insurance costs and workers’ compensation
rates and underlying claims trends, health care reform, financial
solvency of workers’ compensation carriers, other insurers or
financial institutions, state unemployment tax rates, liabilities
for employee and client actions or payroll-related claims; (vii)
failure to manage growth of our operations and the effectiveness of
our sales and marketing efforts; (viii) the impact of the
competitive environment in the PEO industry on our growth and/or
profitability; (ix) our liability for worksite employee payroll,
payroll taxes and benefits costs; (x) our liability for disclosure
of sensitive or private information; (xi) our ability to integrate
or realize expected returns on our acquisitions; (xii) failure of
our information technology systems; (xiii) an adverse final
judgment or settlement of claims against Insperity; and (xiv)
disruptions to our business resulting from the actions of certain
stockholders. These factors are discussed in further detail in
Insperity’s filings with the U.S. Securities and Exchange
Commission. Any of these factors, or a combination of such factors,
could materially affect the results of our operations and whether
forward-looking statements we make ultimately prove to be
accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
Insperity, Inc.
Summary Financial Information
(in thousands, except per share amounts
and statistical data)
Dec. 31, Dec. 31,
2016 2015 Assets: Cash and cash equivalents $ 286,034
$ 269,538 Restricted cash 42,637 37,418 Marketable securities 1,851
9,875 Accounts receivable, net 270,284 200,665 Prepaid insurance
15,041 7,417 Other current assets 19,526 17,135 Income taxes
receivable 4,949
-
Total current assets 640,322 542,048 Property and
equipment, net 80,261 61,759 Prepaid health insurance 9,000 9,000
Deposits 148,638 140,162 Goodwill and other intangible assets, net
13,088 13,588 Deferred income taxes, net 14,025 16,976 Other assets
1,840 1,379 Total assets $ 907,174
$ 784,912 Liabilities and stockholders'
equity: Accounts payable $ 4,189 $ 5,381 Payroll taxes and other
payroll deductions payable 247,766 205,393 Accrued worksite
employee payroll cost 215,214 161,917 Accrued health insurance
costs 26,360 13,643 Accrued workers’ compensation costs 44,231
39,053 Accrued corporate payroll and commissions 40,761 39,103
Other accrued liabilities 22,437 20,250 Income taxes payable
-
2,971 Total current liabilities 600,958
487,711 Accrued workers’ compensation costs 141,291 124,746
Long-term debt 104,400
-
Total noncurrent liabilities 245,691 124,746
Stockholders’ equity: Common stock 277 308 Additional paid-in
capital 9,240 144,701 Treasury stock, at cost (227,152 ) (205,325 )
Accumulated other comprehensive income, net of tax (3 )
-
Retained earnings 278,163 232,771 Total
stockholders’ equity 60,525 172,455
Total liabilities and stockholders’ equity $ 907,174 $
784,912
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts
and statistical data)
Three months ended Dec. 31, Year ended Dec.
31, 2016 2015
Change 2016 2015
Change Operating results:
Revenues (gross billings of $4.892
billion, $4.337 billion, $17.933 billion and $15.806 billion, less
worksite employee payroll cost of $4.163 billion, $3.687 billion,
$14.992 billion and $13.202 billion, respectively)
$ 729,069 $ 650,011 12.2% $ 2,941,347 $ 2,603,614 13.0% Direct
costs: Payroll taxes, benefits and workers’ compensation costs
618,530 552,966 11.9% 2,449,737
2,165,747 13.1% Gross profit 110,539 97,045 13.9% 491,610 437,867
12.3% Operating expenses: Salaries, wages and payroll taxes
58,679 52,749 11.2% 229,589 211,060 8.8% Stock-based compensation
4,116 3,171 29.8% 16,643 13,345 24.7% Commissions 5,642 5,556 1.5%
19,288 18,479 4.4% Advertising 3,148 2,724 15.6% 16,447 15,980 2.9%
General and administrative expenses 20,337 19,256 5.6% 86,693
84,259 2.9% Impairment charges and other
-
(640) (100.0)%
-
10,480 (100.0)% Depreciation and amortization 4,150
4,203 (1.3)% 16,644 18,565 (10.3)% Total operating
expenses 96,072 87,019 10.4% 385,304
372,168 3.5% Operating income 14,467 10,026 44.3% 106,306 65,699
61.8% Other income (expense): Interest income 340 43 690.7% 1,267
379 234.3% Interest expense (481) (109) 341.3%
(2,396) (459) 422.0% Income before income tax expense 14,326
9,960 43.8% 105,177 65,619 60.3% Income tax expense 4,806
3,621 32.7% 39,186 26,229 49.4% Net income $
9,520 $ 6,339 50.2% $ 65,991 $ 39,390 67.5% Less distributed and
undistributed earnings allocated to participating securities
(222) (160) 38.8% (1,496) (981) 52.5% Net
income allocated to common shares $ 9,298 $ 6,179 50.5% $ 64,495 $
38,409 67.9% Basic net income per share of common stock $ 0.45 $
0.26 73.1% $ 3.10 $ 1.58 96.2% Diluted net income per share of
common stock $ 0.45 $ 0.26 73.1% $ 3.09 $ 1.58 95.6%
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts
and statistical data)
Three months ended Dec. 31, Year ended Dec.
31, 2016 2015
Change 2016 2015
Change Statistical Data: Average number of
worksite employees paid per month 172,578 153,144 12.7 % 165,850
145,830 13.7 % Revenues per worksite employee per month (1) $ 1,408
$ 1,415 (0.5 )% $ 1,478 $ 1,488 (0.7 )% Gross profit per worksite
employee per month 214 211 1.4 % 247 250 (1.2 )% Operating expenses
per worksite employee per month 186 189 (1.6 )% 194 212 (8.5 )%
Operating income per worksite employee per month 28 22 27.3 % 53 38
39.5 % Net income per worksite employee per month 18 14 28.6 % 33
23 43.5 % (1) Gross billings of $9,449, $9,440, $9,011 and
$9,032 per worksite employee per month, less payroll cost of
$8,041, $8,025, $7,533 and $7,544 per worksite employee per month,
respectively.
Insperity, Inc.
Summary Financial Information
(continued)
(in thousands, except per share amounts and statistical
data) (Unaudited) GAAP to Non-GAAP
Reconciliation Tables
Three months ended Year ended Dec.
31, Dec. 31, 2016 2015
Change 2016 2015
Change Payroll cost (GAAP) $ 4,163,210
$ 3,686,902 12.9 % $ 14,991,510 $ 13,202,564 13.5 % Less: Bonus
payroll cost 598,288 573,542 4.3 % 1,648,936
1,611,857 2.3 % Non-bonus payroll cost $ 3,564,922 $
3,113,360 14.5 % $ 13,342,574 $ 11,590,707
15.1 %
Payroll cost per worksite employee
per month (GAAP)
$ 8,041 $ 8,025 0.2 % $ 7,533 $ 7,544 (0.1 )%
Less: Bonus payroll cost per
worksite employee per month
1,156 1,248 (7.4 )% 829 921 (10.0 )%
Non-bonus payroll cost per
worksite employee per month
$ 6,885 $ 6,777 1.6 % $ 6,704 $ 6,623
1.2 %
Non-bonus payroll cost represents payroll cost excluding the
impact of bonus payrolls paid to the company’s worksite employees.
Bonus payroll cost varies from period to period, but has no direct
impact to the company’s ultimate workers’ compensation costs under
the current program. As a result, Insperity management refers to
non-bonus payroll cost in analyzing, reporting and forecasting the
company’s workers’ compensation costs.
December 31,
2016
December 31,
2015
Cash, cash equivalents and marketable securities (GAAP) $
287,885 $ 279,413
Less: Amounts payable for withheld federal
and state income taxes, employment taxes and other payroll
deductions
221,710 185,719 Customer prepayments 21,256 17,037 Adjusted
cash, cash equivalents and marketable securities $ 44,919 $
76,657
Adjusted cash, cash equivalents and marketable securities
excludes funds associated with federal and state income tax
withholdings, employment taxes and other payroll deductions, as
well as client prepayments. Insperity management believes adjusted
cash, cash equivalents and marketable securities is a useful
measure of the company’s available funds.
Three months ended
Year ended Dec. 31, Dec. 31,
2016 2015 Change
2016 2015
Change Operating expenses (GAAP) $ 96,072 $ 87,019
10.4 % $ 385,304 $ 372,168 3.5 % Less: Impairment charges and other
-
(640 ) (100.0 )%
-
10,480 (100.0 )% Stockholder advisory expenses
-
-
-
323 1,546 (79.1 )% Adjusted operating expenses
(non-GAAP) $ 96,072 $ 87,659 9.6 % $ 384,981 $
360,142 6.9 %
Operating expenses per worksite employee
per month (GAAP)
$ 186 $ 189 (1.6 )% $ 194 $ 212 (8.5 )%
Less: Impairment charges and other per
worksite employee per month
-
(2 ) (100.0 )%
-
5 (100.0 )%
Stockholder advisory expenses per worksite
employee per month
-
-
-
1 1
-
Adjusted operating expenses per
worksite employee per month (non-GAAP)
$ 186 $ 191 (2.6 )% $ 193 $ 206 (6.3 )%
Adjusted operating expenses represent operating expenses
excluding the impact of impairment and other charges related to the
sale of two aircraft and stockholder advisory expenses. Insperity
management believes adjusted operating expenses is a useful measure
of the company’s operating costs, as it allows for additional
analysis of the company’s operating expenses separate from the
impact of these items.
Three months ended
Year ended Dec. 31, Dec. 31,
2016 2015 Change
2016 2015 Change
Net income (GAAP) $ 9,520 $ 6,339 50.2 % $ 65,991 $ 39,390
67.5 % Income tax expense 4,806 3,621 32.7 % 39,186 26,229 49.4 %
Interest expense 481 109 341.3 % 2,396 459 422.0 % Depreciation and
amortization 4,150 4,203 (1.3 )% 16,644 18,565
(10.3 )% EBITDA 18,957 14,272 32.8 % 124,217 84,643 46.8 %
Impairment charges and other
-
(640 ) (100.0 )%
-
10,480 (100.0 )% Stock-based compensation 4,116 3,171 29.8 % 16,643
13,345 24.7 % Stockholder advisory expenses
-
-
-
323 1,546 (79.1 )% Adjusted EBITDA (non-GAAP) $
23,073 $ 16,803 37.3 % $ 141,183 $ 110,014
28.3 %
Net income per worksite employee per
month (GAAP)
$ 18 $ 14 28.6 % $ 33 $ 23 43.5 %
Income tax expense per worksite employee
per month
9 8 12.5 % 20 15 33.3 %
Interest expense per worksite employee per
month
1
-
-
-
(1 ) (100.0 )%
Depreciation and amortization per worksite
employee per month
9 9
-
9 11 (18.2 )%
EBITDA per worksite employee
per month
37 31 19.4 % 62 48 29.2 %
Impairment charges and other
per worksite employee per month
-
(1 ) (100.0 )%
-
6 (100.0 )%
Stock-based compensation per worksite
employee per month
8 7 14.3 % 8 8
-
Stockholder advisory expenses
per worksite employee per month
-
-
-
1 1
-
Adjusted EBITDA per worksite employee per
month (non-GAAP)
$ 45 $ 37 21.6 % $ 71 $ 63 12.7 %
EBITDA represents net income computed in accordance with
generally accepted accounting principles (“GAAP”), plus interest
expense, income tax expense, depreciation and amortization expense.
Adjusted EBITDA represents EBITDA plus non-cash impairment and
other charges, costs associated with stockholder advisory expenses
and stock-based compensation. Insperity management believes EBITDA
and Adjusted EBITDA are often useful measures of the company’s
operating performance, as they allow for additional analysis of the
company’s operating results separate from the impact of these
items.
Three Months Ended
Dec. 31,
Year Ended
Dec. 31,
2016 2015 Change
2016 2015 Change
Net income (GAAP) $ 9,520 $ 6,339 50.2 % $ 65,991 $ 39,390
67.5 % Impairment charges and other
-
(640 ) (100.0 )%
-
10,480 (100.0 )% Stock-based compensation 4,116 3,171 29.8 % 16,643
13,345 24.7 % Stockholder advisory expenses
-
-
-
323 1,546 (79.1 )% Total non-GAAP adjustments 4,116
2,531 62.6 % 16,966 25,371 (33.1 )% Tax effect on non-GAAP
adjustments (1,381 ) (920 ) 50.1 % (6,239 ) (10,242 ) (39.1 )%
Adjusted net income (non-GAAP) $ 12,255 $ 7,950 54.2
% $ 76,718 $ 54,519 40.7 %
Three Months
Ended
Dec. 31,
Year Ended
Dec. 31,
2016 2015 Change 2016 2015
Change
Diluted net income per share of common
stock
(GAAP)
$ 0.45 $ 0.26 73.1 % $ 3.09 $ 1.58 95.6 % Impairment charges
and other
-
(0.03 ) (100.0 )%
-
0.42 (100.0 )% Stock-based compensation 0.19 0.13 46.2 % 0.78 0.54
44.4 % Stockholder advisory expenses
-
-
-
0.02 0.06 (66.7 )% Total non-GAAP adjustments 0.19
0.10 90.0 % 0.80 1.02 (21.6 )% Tax effect on non-GAAP adjustments
(0.06 ) (0.03 ) 100.0 % (0.30 ) (0.41 ) (26.8 )%
Adjusted diluted net income per share
of
common stock (non-GAAP)
$ 0.58 $ 0.33 75.8 % $ 3.59 $ 2.19 63.9
%
Adjusted net income and adjusted diluted net income per share of
common stock represent net income and diluted net income per share
computed in accordance with GAAP, excluding the impact of non-cash
impairment and other charges related to the sale of two aircraft in
2015, stock-based compensation and costs associated with
stockholder advisory expenses. Insperity management believes
adjusted net income and adjusted diluted net income per share of
common stock are useful measures of the company’s operating
performance in this period, as they allow for additional analysis
of the company’s operating results separate from the impact of
these items.
Non-bonus payroll, adjusted cash, cash equivalents and
marketable securities, adjusted operating expenses, EBITDA,
adjusted EBITDA, adjusted net income and adjusted diluted net
income per share of common stock are not financial measures
prepared in accordance with GAAP and may be different from similar
measures used by other companies. Non-bonus payroll, adjusted cash,
cash equivalents and marketable securities, adjusted operating
expenses, EBITDA, adjusted EBITDA, adjusted net income and adjusted
diluted net income per share of common stock should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. Investors
are encouraged to review the reconciliation of the non-GAAP
financial measures used in this press release to their most
directly comparable GAAP financial measures as provided in the
tables above.
The following is a reconciliation of GAAP to non-GAAP financial
measures for first quarter and full year 2017 guidance (in
millions, except per share amounts):
Q1 2017
Full Year 2017 Guidance Guidance
Net income (GAAP) $35 - $37 $76 - $81 Income tax expense 19 - 20 45
- 47 Interest expense 1 3 Depreciation and amortization 4 18 EBITDA
59 - 62 142 - 149 Stock-based compensation 4 19 Adjusted EBITDA
(non-GAAP) $63 - $66 $161 - $168 Diluted net income per
share of common stock (GAAP) $1.66 - $1.75 $3.64 - $3.85
Stock-based compensation 0.19 0.90 Total non-GAAP adjustments 0.19
0.90 Tax effect on non-GAAP adjustments (0.07) (0.33) Adjusted EPS
(non-GAAP) $1.78 - $1.87 $4.21 - $4.42
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170213005196/en/
Insperity, Inc.Investor Relations Contact:Douglas
S. Sharp, (281) 348-3232Senior Vice President of Finance,Chief
Financial Officer and
TreasurerInvestor.Relations@Insperity.comorNews Media
Contact:Suzanne Haugen, (281) 312-3543Public Relations
ManagerMedia@Insperity.com
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