Revenue of $122.3 million in the Second
Quarter of 2023
Network revenue of $20.2 million; a
79.3% YoY increase
GAAP Loss Per Share of $0.01; Non-GAAP
Earnings Per Share of $0.33
Proto Labs, Inc. (the "Company" or "Protolabs") (NYSE: PRLB),
the world’s leading provider of digital manufacturing services,
today announced financial results for the second quarter ended June
30, 2023.
Second Quarter 2023 Highlights:
- Revenue for the second quarter of 2023 was $122.3 million,
representing a 3.7 percent decrease compared to revenue of $126.9
million in the second quarter of 2022.
- Revenue generated from our digital network powered by Hubs was
$20.2 million in the second quarter, representing growth of 79.3
percent over the second quarter of 2022 and 17.6 percent sequential
growth compared to the first quarter of 2023.
- Net loss for the second quarter of 2023 was $0.4 million, or
$0.01 per diluted share.
- Non-GAAP net income was $8.7 million, or $0.33 per diluted
share. See “Non-GAAP Financial Measures” below.
“Our broad customer offer, powered by internal digital factories
and network manufacturing partners, allows us to offer customers a
differentiated value proposition and serve their varying needs in
any economic climate,” said Rob Bodor, President and Chief
Executive Officer. “Amidst the continued contraction of
manufacturing, Protolabs improved gross and operating margins
sequentially while continuing to delight our customers and advance
our 2023 strategic initiatives.”
Additional Second Quarter 2023
Highlights:
- Protolabs served 23,377 unique product developers during the
quarter.
- The Company repurchased $9.0 million of shares during the
quarter.
- Gross margin was 43.4 percent of revenue in the second quarter
of 2023.
- Non-GAAP gross margin was 44.1 percent of revenue in the second
quarter of 2023, representing a sequential increase of 70 basis
points. See “Non-GAAP Financial Measures” below.
- EBITDA was $11.4 million, or 9.3 percent of revenue, in the
second quarter of 2023, compared to $15.1 million, or 11.9 percent
of revenue, in the second quarter of 2022. See “Non-GAAP Financial
Measures” below.
- Adjusted EBITDA was $19.2 million, or 15.7% of revenue, in the
second quarter of 2023, compared to $24.6 million, or 19.4% of
revenue, in the second quarter of 2022. See “Non-GAAP Financial
Measures” below.
- Cash and investments balance was $102.8 million as of June 30,
2023.
“Driven by the current economic climate, through the first half
of 2023 demand for our longer lead times and lower-priced offerings
has outpaced demand for our quick-turn offer, and we will continue
to adapt our operations to align with demand,” said Dan Schumacher,
Chief Financial Officer. “We are among the most profitable and
positive cash generating digital manufacturers, enabling us to
continue to invest in future growth among economic volatility and
dynamic customer preferences.”
Non-GAAP Financial Measures
The Company has included non-GAAP revenue growth by region and
by service line that excludes the impact of changes in foreign
currency exchange rates (collectively, “non-GAAP revenue growth”).
Management believes these metrics, when viewed in conjunction with
the comparable GAP metrics, are useful in evaluating the underlying
business trends and ongoing operating performance of the
Company.
The Company has included earnings before interest, taxes,
depreciation and amortization (“EBITDA”) and EBITDA, adjusted for
stock-based compensation expense, unrealized (gain) loss on foreign
currency and costs related to the Japan closure activities
(collectively, “Adjusted EBITDA”), in this press release to provide
investors with additional information regarding the Company’s
financial results. The Company has also included earnings before
interest, taxes, depreciation and amortization margin (“EBITDA
margin”) and EBITDA margin, adjusted for stock-based compensation
expense, unrealized (gain) loss on foreign currency and costs
related to the Japan closure activities (collectively, “Adjusted
EBITDA margin”), in this press release to provide investors with
additional information regarding the Company’s financial
results.
The Company has included non-GAAP gross margin, adjusted for
stock-based compensation expense and amortization expense in this
press release to provide investors with additional information
regarding the Company’s financial results.
The Company has included non-GAAP operating margin, adjusted for
stock-based compensation expense, amortization expense and costs
related to the closure of Japan (collectively, “non-GAAP operating
margin”), in this press release to provide investors with
additional information regarding the Company’s financial
results.
The Company has included non-GAAP gross margin excluding Japan,
adjusted for stock-based compensation expense and amortization
expense in this press release to provide investors with additional
information regarding the Company’s financial results. The Company
has included non-GAAP operating margin excluding Japan, adjusted
for stock-based compensation expense, amortization expense, and
costs related to the Japan closure activities (collectively,
“non-GAAP operating margin”), in this press release to provide
investors with additional information regarding the Company’s
financial results.
The Company has included non-GAAP net income, adjusted for
stock-based compensation expense, amortization expense, unrealized
(gain) loss on foreign currency and costs related to the closure of
Japan (collectively, “non-GAAP net income”), in this press release
to provide investors with additional information regarding the
Company’s financial results.
The Company has provided below reconciliations of GAAP to
non-GAAP net income, non-GAAP gross margin, non-GAAP gross margin
excluding Japan, non-GAAP operating margin, non-GAAP operating
margin excluding Japan, non-GAAP revenue growth by region and by
service, and Adjusted EBITDA and Adjusted EBITDA margin, the most
directly comparable measures calculated and presented in accordance
with GAAP. These non-GAAP measures are used by the Company’s
management and board of directors to understand and evaluate
operating performance and trends and provide useful measures for
period-to-period comparisons of the Company’s business.
Accordingly, the Company believes that these non-GAAP measures
provide useful information to investors and others in understanding
and evaluating operating results in the same manner as our
management and board of directors.
Conference Call
The Company has scheduled a conference call to discuss its
second quarter 2023 financial results and third quarter 2023
outlook today, August 4, 2023 at 8:30 a.m. EDT. To access the call
in the U.S. please dial 877-709-8150 or outside the U.S. dial
201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start
time. No participant code is required. A simultaneous webcast of
the call and accompanying presentation will be available via the
investor relations section of the Protolabs website and the
following link: https://edge.media-server.com/mmc/p/ik5odgi6. A
replay will be available for 14 days following the call on the
investor relations section of the Protolabs website.
About Protolabs
Protolabs is the fastest and most comprehensive digital
manufacturing service in the world. Our digital factories produce
low-volume parts in days while our digital network of manufacturing
partners powered by Hubs unlocks advanced capabilities and volume
pricing at higher quantities. The result? One manufacturing
source—from prototyping to production—for product developers,
engineers, and supply chain teams across the globe. See what's next
at protolabs.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical or current facts are “forward-looking
statements” within the meaning of The Private Securities Litigation
Reform Act of 1995. These statements involve known and unknown
risks, uncertainties and other factors which may cause the results
of Protolabs to be materially different than those expressed or
implied in such statements. Certain of these risk factors and
others are described in the “Risk Factors” section within reports
filed with the SEC. Other unknown or unpredictable factors also
could have material adverse effects on Protolabs’ future results.
The forward-looking statements included in this press release are
made only as of the date hereof. Protolabs cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, Protolabs expressly disclaims
any intent or obligation to update any forward-looking statements
to reflect subsequent events or circumstances.
Proto Labs, Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
June 30, 2023
December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
66,493
$
56,558
Short-term marketable securities
19,945
23,568
Accounts receivable, net
75,034
76,225
Inventory
14,311
13,578
Income taxes receivable
868
4,042
Prepaid expenses and other current
assets
8,501
12,597
Total current assets
185,152
186,568
Property and equipment, net
248,614
257,785
Goodwill
273,991
273,991
Other intangible assets, net
28,353
31,250
Long-term marketable securities
16,344
26,419
Operating lease assets
3,084
3,844
Finance lease assets
16,934
17,532
Other long-term assets
4,738
4,779
Total assets
$
777,210
$
802,168
Liabilities and shareholders'
equity
Current liabilities
Accounts payable
$
16,474
$
17,356
Accrued compensation
12,486
12,743
Accrued liabilities and other
19,155
22,384
Current operating lease liabilities
1,209
1,561
Current finance lease liabilities
16,549
17,537
Income taxes payable
348
—
Total current liabilities
66,221
71,581
Long-term operating lease liabilities
1,833
2,255
Long-term finance lease liabilities
745
—
Long-term deferred tax liabilities
20,790
26,322
Other long-term liabilities
4,936
4,362
Shareholders' equity
682,685
697,648
Total liabilities and shareholders'
equity
$
777,210
$
802,168
Proto Labs, Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
Injection Molding
$
48,819
$
53,355
$
100,767
$
106,753
CNC Machining
48,297
48,222
96,401
94,320
3D Printing
21,005
19,963
42,330
39,635
Sheet Metal
3,939
5,160
8,187
9,847
Other Revenue
205
202
439
515
Total Revenue
122,265
126,902
248,124
251,070
Cost of revenue
69,142
69,480
141,225
137,844
Gross profit
53,123
57,422
106,899
113,226
Operating expenses
Marketing and sales
21,730
21,055
44,181
41,641
Research and development
9,865
9,450
20,542
20,007
General and administrative
15,822
16,522
32,655
33,293
Closure of Japan business
98
5,194
164
5,194
Total operating expenses
47,515
52,221
97,542
100,135
Income from operations
5,608
5,201
9,357
13,091
Other (loss) income, net
(3,368
)
1
(2,078
)
(299
)
Income before income taxes
2,240
5,202
7,279
12,792
Provision for income taxes
2,623
2,645
5,003
5,140
Net (loss) income
$
(383
)
$
2,557
$
2,276
$
7,652
Net (loss) income per share:
Basic
$
(0.01
)
$
0.09
$
0.09
$
0.28
Diluted
$
(0.01
)
$
0.09
$
0.09
$
0.28
Shares used to compute net (loss) income
per share:
Basic
26,210,478
27,530,739
26,414,467
27,515,583
Diluted
26,210,478
27,536,823
26,445,427
27,524,019
Proto Labs, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June
30,
2023
2022
Operating activities
Net income
$
2,276
$
7,652
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
18,883
20,274
Stock-based compensation expense
7,370
8,428
Deferred taxes
(5,605
)
(5,653
)
Interest on finance lease obligations
568
-
Loss on foreign currency translation
3,906
-
Impairments related to closure of Japan
business
-
1,792
Gain on disposal of property and
equipment
(428
)
-
Other
215
32
Changes in operating assets and
liabilities:
4,682
(1,485
)
Net cash provided by operating
activities
31,867
31,040
Investing activities
Purchases of property, equipment and other
capital assets
(6,829
)
(6,030
)
Proceeds from sales of property, equipment
and other capital assets
623
-
Purchases of marketable securities
-
(38,882
)
Proceeds from sales of marketable
securities
—
1,000
Proceeds from call redemptions and
maturities of marketable securities
14,020
7,396
Net cash provided by (used in) investing
activities
7,814
(36,516
)
Financing activities
Proceeds from exercises of stock
options
1,986
2,311
Purchases of shares withheld for tax
obligations
(1,425
)
(1,615
)
Repurchases of common stock
(30,064
)
(5,239
)
Principal repayments of finance lease
obligations
(163
)
(278
)
Net cash used in financing activities
(29,666
)
(4,821
)
Effect of exchange rate changes on cash
and cash equivalents
(80
)
(966
)
Net increase (decrease) in cash and
cash equivalents
9,935
(11,263
)
Cash and cash equivalents, beginning of
period
56,558
65,929
Cash and cash equivalents, end of
period
$
66,493
$
54,666
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Net Income per Share
(In thousands, except share
and per share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Non-GAAP net income, adjusted for
stock-based compensation expense, amortization expense, unrealized
(gain) loss on foreign currency and costs related to Japan closure
activities
GAAP net (loss) income
$
(383
)
$
2,557
$
2,276
$
7,652
Add back:
Stock-based compensation expense
3,675
4,031
7,370
8,428
Amortization expense
1,484
1,527
3,010
3,072
Unrealized (gain) loss on foreign
currency
187
271
115
360
Costs related to Japan closure
activities
4,004
5,194
4,070
5,194
Total adjustments 1
9,350
11,023
14,565
17,054
Income tax benefits on adjustments 2
(296
)
(776
)
(298
)
(1,458
)
Non-GAAP net income
$
8,671
$
12,804
$
16,543
$
23,248
Non-GAAP net income per share:
Basic
$
0.33
$
0.47
$
0.63
$
0.84
Diluted
$
0.33
$
0.46
$
0.63
$
0.84
Shares used to compute non-GAAP net income
per share:
Basic
26,210,478
27,530,739
26,414,467
27,515,583
Diluted
26,224,562
27,536,823
26,445,427
27,524,019
1 Stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency
and costs related to Japan closure activities were included in the
following GAAP consolidated statement of operations categories:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Cost of revenue
$
803
$
870
$
1,611
$
1,799
Marketing and sales
855
813
1,547
1,550
Research and development
641
471
1,212
1,100
General and administrative
2,861
3,404
6,010
7,051
Closure of Japan business
98
5,194
164
5,194
Total operating expenses
4,455
9,882
8,933
14,895
Other income (loss), net
4,092
271
4,021
360
Total adjustments
$
9,350
$
11,023
$
14,565
$
17,054
2 For the three and six months ended June
30, 2023 and 2022, income tax effects were calculated using the
effective tax rate for the relevant jurisdictions. The Company's
non-GAAP tax rates differ from its GAAP tax rates due primarily to
the mix of activity incurred in domestic and foreign tax
jurisdictions and removing effective tax rate benefits from
stock-based compensation activity in the quarter.
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Margin
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
122,265
$
126,902
$
248,124
$
251,070
Gross profit
53,123
57,422
106,899
113,226
GAAP gross margin
43.4
%
45.2
%
43.1
%
45.1
%
Add back:
Stock-based compensation expense
461
528
927
1,115
Amortization expense
342
342
684
684
Total adjustments
803
870
1,611
1,799
Non-GAAP gross profit
$
53,926
$
58,292
$
108,510
$
115,025
Non-GAAP gross margin
44.1
%
45.9
%
43.7
%
45.8
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
122,265
$
126,902
$
248,124
$
251,070
Revenue excluding Japan
$
122,265
$
124,046
$
248,124
$
244,128
Gross profit
53,123
57,422
106,899
113,226
GAAP gross margin
43.4
%
45.2
%
43.1
%
45.1
%
Less: Japan gross profit
-
1,063
-
3,102
Gross Profit excluding Japan
53,123
56,359
106,899
110,124
GAAP gross margin excluding Japan
43.4
%
45.4
%
43.1
%
45.1
%
Add back:
Stock-based compensation expense
461
528
927
1,115
Amortization expense
342
342
684
684
Less:
Japan stock-based compensation expense
-
22
-
47
Japan amortization expense
-
-
-
-
Total adjustments
803
848
1,611
1,752
Non-GAAP gross profit excluding Japan
$
53,926
$
57,207
$
108,510
$
111,876
Non-GAAP gross margin excluding Japan
44.1
%
46.1
%
43.7
%
45.8
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
122,265
$
126,902
$
248,124
$
251,070
Income from operations
5,608
5,201
9,357
13,091
GAAP operating margin
4.6
%
4.1
%
3.8
%
5.2
%
Add back:
Stock-based compensation expense
3,675
4,031
7,370
8,428
Amortization expense
1,484
1,527
3,010
3,072
Costs related to Japan closure
activities
98
5,194
164
5,194
Total adjustments
5,257
10,752
10,544
16,694
Non-GAAP income from operations
$
10,865
$
15,953
$
19,901
$
29,785
Non-GAAP operating margin
8.9
%
12.6
%
8.0
%
11.9
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
122,265
$
126,902
$
248,124
$
251,070
Revenue excluding Japan
$
122,265
$
124,046
$
248,124
$
244,128
Income from operations
5,608
5,201
9,357
13,091
GAAP operating margin
4.6
%
4.1
%
3.8
%
5.2
%
Less: Japan (loss) income from
operations
(128
)
(542
)
(474
)
4
Income from operations excluding Japan
5,736
5,743
9,831
13,087
GAAP operating margin excluding Japan
4.7
%
4.6
%
4.0
%
5.4
%
Add back:
Stock-based compensation expense
3,675
4,031
7,370
8,428
Amortization expense
1,484
1,527
3,010
3,072
Costs related to Japan closure
activities
98
5,194
164
5,194
Less:
Japan stock-based compensation expense
7
147
17
297
Japan amortization expense
-
-
-
-
Total adjustments
5,250
10,605
10,527
16,397
Non-GAAP income from operations excluding
Japan
$
10,986
$
16,348
$
20,358
$
29,484
Non-GAAP operating margin excluding
Japan
9.0
%
13.2
%
8.2
%
12.1
%
Proto Labs, Inc.
Reconciliation of GAAP Net
Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
122,265
$
126,902
$
248,124
$
251,070
GAAP net (loss) income
(383
)
2,557
2,276
7,652
GAAP net (loss) income margin
(0.3
%)
2.0
%
0.9
%
3.0
%
Add back:
Amortization expense
$
1,484
$
1,527
$
3,010
$
3,072
Depreciation expense
8,011
8,515
15,873
17,202
Interest income, net
(372
)
(149
)
(722
)
(194
)
Provision for income taxes
2,623
2,645
5,003
5,140
EBITDA
11,363
15,095
25,440
32,872
EBITDA Margin
9.3
%
11.9
%
10.3
%
13.1
%
Add back:
Stock-based compensation expense
3,675
4,031
7,370
8,428
Unrealized (gain) loss on foreign
currency
187
271
115
360
Costs related to Japan closure
activities
4,004
5,194
4,070
5,194
Total adjustments
7,866
9,496
11,555
13,982
Adjusted EBITDA
$
19,229
$
24,591
$
36,995
$
46,854
Adjusted EBITDA Margin
15.7
%
19.4
%
14.9
%
18.7
%
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP
Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended June
30, 2023
Three Months Ended June 30,
2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
96,321
$
-
$
96,321
$
100,655
(4.3
%)
(4.3
%)
Europe
25,944
512
26,456
23,391
10.9
%
13.1
%
Japan
-
-
-
2,856
(100.0
%)
(100.0
%)
Total revenue
$
122,265
$
512
$
122,777
$
126,902
(3.7
%)
(3.3
%)
Six Months Ended June
30, 2023
Six Months Ended June 30,
2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
194,067
$
-
$
194,067
$
196,151
(1.1
%)
(1.1
%)
Europe
54,057
2,977
57,034
47,977
12.7
%
18.9
%
Japan
-
-
-
6,942
(100.0
%)
(100.0
%)
Total revenue
$
248,124
$
2,977
$
251,101
$
251,070
(1.2
%)
—
%
1 Revenue for the three and six months
ended June 30, 2023 has been recalculated using 2022 foreign
currency exchange rates in effect during comparable periods to
provide information useful in evaluating the underlying business
trends excluding the impact of changes in foreign currency exchange
rates.
2 This column presents the percentage
change from GAAP revenue for the three and six months ended June
30, 2022 to GAAP revenue for the three and six months ended June
30, 2023.
3 This column presents the percentage
change from GAAP revenue for the three and six months ended June
30, 2022 to non-GAAP revenue for the three and six months ended
June 30, 2023 (as recalculated using the foreign currency exchange
rates in effect during the three and six months ended June 30,
2022) in order to provide a constant-currency comparison.
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP
Revenue Growth by Service Line
(In thousands)
(Unaudited)
Three Months Ended June
30, 2023
Three Months Ended June 30,
2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
48,819
$
257
$
49,076
$
53,355
(8.5
)%
(8.0
)%
CNC Machining
48,297
125
48,422
48,222
0.2
0.4
3D Printing
21,005
131
21,136
19,963
5.2
5.9
Sheet Metal
3,939
1
3,940
5,160
(23.7
)
(23.6
)
Other Revenue
205
(2
)
203
202
1.5
0.5
Total Revenue
$
122,265
$
512
$
122,777
$
126,902
(3.7
%)
(3.3
%)
Six Months Ended June
30, 2023
Six Months Ended June 30,
2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
100,767
$
1,436
$
102,203
$
106,753
(5.6
)%
(4.3
)%
CNC Machining
96,401
860
97,261
94,320
2.2
3.1
3D Printing
42,330
667
42,997
39,635
6.8
8.5
Sheet Metal
8,187
11
8,198
9,847
(16.9
)
(16.7
)
Other Revenue
439
3
442
515
(14.8
)
(14.2
)
Total Revenue
$
248,124
$
2,977
$
251,101
$
251,070
(1.2
%)
—
%
1 Revenue for the three and six months ended June 30, 2023 has
been recalculated using 2022 foreign currency exchange rates in
effect during comparable periods to provide information useful in
evaluating the underlying business trends excluding the impact of
changes in foreign currency exchange rates.
2 This column presents the percentage change from GAAP revenue
for the three and six months ended June 30, 2022 to GAAP revenue
for the three and six months ended June 30, 2023.
3 This column presents the percentage change from GAAP revenue
for the three and six months ended June 30, 2022 to non-GAAP
revenue for the three and six months ended June 30, 2023 (as
recalculated using the foreign currency exchange rates in effect
during the three and six months ended June 30, 2022) in order to
provide a constant-currency comparison.
Proto Labs, Inc.
Product Developer
Information
(Unaudited)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Unique product developers and engineers
served
23,377
24,058
35,743
36,878
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230804386438/en/
Investor Relations Contact Protolabs Ryan Johnsrud,
612-225-4873 Manager – Investor Relations and FP&A
ryan.johnsrud@protolabs.com
Media Contact Protolabs Brent Renneke, 763-479-7704 PR
& Media Strategist brent.renneke@protolabs.com
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