Bio-Rad Laboratories Q1 2024 Earnings Call Transcript

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May 7, 2024

There are 9 speakers on the call.

Operator

Good afternoon, everyone, and welcome to today's Bio Rad First Quarter 2024 Earnings Results Conference Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star 1 on your telephone keypad. You may also withdraw yourself from the queue at any time by pressing star 2.

Operator

Also, today's call is being recorded and I will be standing by should anyone need any assistance. And now at this time, I'll turn things over to Mr. Edward Chung, Head of Investor Relations. Please go ahead, Mr. Chung.

Speaker 1

Thanks, Bo. Good afternoon, everyone, and thank you for joining us. Today, we will review the Q1 2024 financial results and provide an update on key business trends for Bio Rad. With me on the call today are Norman Schwartz, our Chief Executive Officer Andy Last, Executive Vice President and Chief Operating Officer and Roop Lakkaraju, Executive Vice President and Chief Financial Officer. Before we begin our review, I would like to remind everyone that we will be making forward looking statements about management's goals, plans and expectations, our future financial performance and other matters.

Speaker 1

These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Our actual results may differ materially from these plans, goals and expectations. You should not place undue reliance on these forward looking statements, and I encourage you to review our filings with the SEC, where we discuss in detail the risk factors in our business. The company does not intend to update any forward looking statements made during the call today. Finally, our remarks today will include references to non GAAP financials, including net income and diluted earnings per share, which are financial measures that are not defined under generally accepted accounting principles.

Speaker 1

Investors should review the reconciliation of these non GAAP measures to the comparable GAAP results contained in our earnings release. With that, I'll now turn the call over to our CEO, Norman Schwartz.

Speaker 2

Thanks, Ed. First, what I want to do is officially welcome and introduce Roop Lakkaraju, our new CFO. He comes to us with a wealth of financial and operational experience, which will certainly be valuable as we move forward. Roop has now been on board about 4 weeks and already contributing. In fact, Roop will walk you through our financial results for the Q1 in a few minutes.

Speaker 2

But just I just want to say a few words. We have received questions about management turnover and succession in the last 6 months. I thought it'd be useful to say a few words. So in short, as I think about it, each of these discrete departures is really centered around personal decisions either related to other opportunities or retirement. From my perspective, it's all part of a normal progression for these individuals and for the company.

Speaker 2

And of course, with all of these individuals, I just want to take a minute to recognize and thank them for their contributions. So as we move forward, we are making good progress filling some of these open positions. Some positions are being filled with external candidates like group, which gives the company an opportunity to bring in fresh outside experience and perspective. And others are being filled with internal candidates like Jim Barry, who we've recently announced as our new Head of Life Science. Jim brings a deep understanding of the company, along with significant expertise in a variety of areas.

Speaker 2

So as I think about it today with Roop on board, the finance team is fully staffed and we're close to an announcement on the new Head of Diagnostics. In addition, we have good initial candidate pool for the COO position. I do view these changes as opportunities to bring fresh insights and ideas to the table as we continue our transformational journey. So with that, maybe I'll turn the call over to Andy to provide an update on Bio Rad's global operations. Andy?

Speaker 2

Okay.

Speaker 3

Thank you, Norman. Good afternoon, everybody. Thank you for joining us. The Q1 of 2024 reflected a continuation of the same macroeconomic and market trends we had experienced in 2023 in the Biotech and Biopharma segments as well as China and Russia. As a result, our Life Science group was in line with expectations and presented a soft quarter sales with a year over year decline, which also reflected a tough comparison from Q1 of 2023.

Speaker 3

In contrast, we were pleased with our clinical diagnostics group, which showed growth across all regions and provided a solid offsetting balance for overall Bio Rad sales. Our Life Science business experienced double digit declines both across our core and bioprocessing product families. As previously communicated, our process chromatography sales, which have quarter to quarter lumpiness, were down significantly against a tough compare in Q1 2023. This reflects the general destocking trend across the industry and for us is the result of a few large customers still working through excess inventory. While we have seen indications of some customers starting to forecast purchase improvements, overall, we are expecting a further decline for process chromatography sales this year.

Speaker 3

However, we have converted some early customers from competing resins to our platform during the first quarter and have not lost any customers. As such, we remain positive on the long term growth potential for this business. Overall, our core life science business excluding process chromatography resins declined in the mid teens in all regions, which was in line with expectations. Notably, declines were concentrated in instrument sales, whereas consumable and reagent sales were essentially flat both sequentially and year over year. We are also looking forward to new product launches this year, more particularly the new Chemi.

Speaker 3

Go platform and our new single cell sample prep solution in Q2, and of course the QX continuum later in the year, all of which are contemplated on our outlook for the year. Our digital our Droplet Digital PCR franchise was soft in Q1, again with a tough Q1 2023 compare, but the decline was single digit compared to our overall core life science sales. During the quarter, we continued to make progress on our strategy and we announced 2 deals in support of driving penetration of the platform into advanced clinical diagnostic uses. The first with Allegheny Health Network is focused on generating clinical evidence across a range of cancer types using Bio Rad's droplet digital PCR technology for tumor informed minimal residual disease monitoring of patients with solid tumor cancer following treatment. The second agreement is a collaboration with OncoCytes to commercialize their advanced transplant monitoring assays deploying Bio Rad's QX600 droplet digital PCR system to provide a highly sensitive solution that could provide a more attractive alternative for laboratories that currently rely on centralized next generation sequencing test providers.

Speaker 3

During Q1, we also released a new mutation detection assay providing a comprehensive status readout of mutations in ESR1, which is a key gene in breast cancer. We are very excited by the initial response we have seen for this assay. We're also pleased to see a key partner, Geneoscopy, announcing FDA approval of Colasense, a new non invasive RNA based colorectal cancer screening test that runs on our digital PCR platform. Moving on to our clinical diagnostics business. We were very pleased with the broad based performance of our products in Q1 as we saw solid mid single digit growth compared to a softer Q1 2020 3 with particular strength in EMEA and Asia Pacific.

Speaker 3

Strong sales in quality controls, immunohematology and diabetes were of instrument supply for our clinical platform is now stabilized as we benefit from our new manufacturing facility in Singapore, which is fully operational. Reflecting on the Q1's macroeconomic and market conditions, they broadly matched our expectations. We were pleased to see the positive trend for capital raises flowing into Biotech and Biopharma markets, which is a prerequisite for second half growth. Although we have not yet seen any signs of the funding making its way into orders and expect this to be a second half of the year impact. China remains soft for the Life Science business, although the Chinese government stimulus announcement was encouraging for the longer term recovery of the market.

Speaker 3

We also continue to navigate the sanctions imposed on Russia where we maintain supply of some critical clinical diagnostic products. In the U. S, finalization of the NIH budget was delayed until late March and at a slightly lower level than anticipated. And in the key European markets, government funding was more of a mixed bag with Germany down and generally flat in the UK and France. With this backdrop in mind, we remain cautious on the magnitude and timing of the recovery in Life Science Markets, but are still anticipating improvements in the second half.

Speaker 3

We continue to expect normalized growth for our clinical diagnostics business in 2024. With that, I'll say thank you and I'll now pass you to Roop to review the financial results.

Speaker 4

Thank you, Andy. I'd now like to review the results for the Q1. Net sales for the Q1 of 2024 was $611,000,000 which is a 9.8% decline on a reported basis versus $677,000,000 in Q1 of 2023. On a currency neutral basis, the year over year revenue decline was 9.6%. As Andy mentioned, the year over year decline was primarily the result of ongoing weakness in key life science end markets, somewhat offset by steady growth of the Clinical Diagnostics Group.

Speaker 4

Sales of the life science group in the Q1 of 2024 were $242,000,000 compared to $324,000,000 in Q1 of 2023, which is a decrease of 25.3% on a reported basis and a decline of 25.2% on a currency neutral basis. The year over year decline impacted most product in geographic areas. Excluding process chromatography sales, which can fluctuate quarter to quarter, Life Science Group revenue decreased 16.6% on a currency neutral basis. Sales of the Clinical Diagnostics Group in the Q1 were 369,000,000 dollars compared to $352,000,000 in Q1 of 2023, which is an increase of 4.7% on a reported basis and 4.8% on a currency neutral basis. Growth of the Clinical Diagnostics Group was primarily driven by increased demand for quality controls, blood typing and diabetes.

Speaker 4

On a geographic basis, currency neutral year over year revenue for the Diagnostics group posted balanced growth across all three regions. For the company, Q1 reported GAAP gross margin of 53.4% as compared to 53.5% in the Q1 of 2023 was in line with our expectations as we maintained a tight focus on manufacturing costs, which was partially offset by higher material costs and lower absorption. Amortization related to prior acquisitions recorded in cost of goods sold was approximately $4,000,000 in both periods. SG and A expenses for Q1 2024 were $215,000,000 or 35.2 percent of sales compared to $226,000,000 or 33 percent in Q1 of 2023. The decrease in SG and A spend was driven by the positive impact of our previously discussed cost reduction initiatives, including lower employee related expenses and discretionary spend, as well as higher restructuring charges in the year ago period.

Speaker 4

Total amortization expense related to acquisitions recorded in SG and A for the quarter is approximately $1,000,000 versus approximately 2,000,000 in Q1 of 2023. Research and development expense in the Q1 was $66,000,000 or 10.9 percent of sales compared to $75,000,000 or 11.1 percent of sales in Q1 of 2023. The year over year decrease was primarily due decreased employee related expenses and lower restructuring costs. Q1 operating income was $45,000,000 or 7.3 percent of sales compared to $62,000,000 or 9.1 percent of sales in Q1 of 2023, primarily due to lower sales versus the year ago period, which were partially offset by our expense management initiatives. Looking below the operating line, the change in fair market value of equity security holdings, which are substantially related to Bio Rad's ownership of Sartorius AG shares added $422,000,000 of income to the reported results.

Speaker 4

During the quarter, interest and other income resulted in net other income of $24,000,000 compared to net other income of $40,000,000 last year. The primary driver of the year over year change is the lower Sartorius dividend, which declined to $18,000,000 in Q1 of 2024 versus the quarter of 2023. The effective tax rate for the Q1 of 2024 was 21.8% compared to 18.7% the same period in 2023. The effective tax rate reported in these periods was primarily affected by the accounting treatment of our equity securities. First quarter reported net income was $384,000,000 or $13.45 diluted earnings per share compared to net income of $69,000,000 or diluted earnings per share of $2.32 in Q1 of 2023.

Speaker 4

This change from last year is largely related to changes in the valuation of our Sartorius holdings. Moving on to the non GAAP results. Looking at the results on a non GAAP basis, we have excluded certain atypical and unique items that impacted both the gross and operating margins as well as other income. These items are detailed in the reconciliation table in the press release. Looking GAAP to non GAAP results for the Q1, in cost of goods sold, we have excluded approximately $4,000,000 of amortization of purchased intangibles and approximately $1,000,000 of restructuring expense.

Speaker 4

These exclusions move the non GAAP gross margin to 54.2 percent for the Q1 of 2024, which is flat to Q1 of 2023. Non GAAP SG and A dollar spend was slightly lower on a year over year basis, but as a percentage of sales was higher due to lower revenue from Q1 '24. Specifically in the Q1 of 'twenty four, SG and A as a percent was 34% versus 31.3% in Q1 of 2023. In SG and A on a non GAAP basis, we have excluded amortization of intangibles of approximately 1,000,000 dollars approximately $2,000,000,000 for an in vitro diagnostic registration fee in Europe for previously approved products and approximately $4,000,000 of restructuring related expenses. Non GAAP R and D as a percentage of sales in the Q1 of 2024 was 10.5% versus 10.4% in Q1 of 2023.

Speaker 4

In R and D on a non GAAP basis, we have excluded approximately $2,000,000 of from 7.3% on a GAAP basis to 9.7% on a non GAAP basis. This non GAAP operating margin compares to non GAAP operating margin of 12.4 percent in Q1 of 2023. We've also excluded certain items below the operating line, which is primarily related to the increase in value of the Sartorius Equity Securities and loan receivable holdings of $422,000,000 The non GAAP effective tax rate for the Q1 of 2024 was 22.3% compared to 20.9% for the same period in 2023. A higher rate in 2024 was driven by geographical mix of earnings and change in valuation allowance related to our deferred tax assets. Finally, non GAAP net income for the Q1 of 2024 was 65,000,000 dollars or $2.29 diluted earnings per share compared to $99,000,000 or diluted earnings per share $3.34 in Q1 of 2023.

Speaker 4

Moving on to the balance sheet. Total cash and short term investments at the end of Q1 2024 was $1,651,000,000 compared to $1,613,000,000 at the end of 2023. The change in cash and short term investments from the Q4 of 2023 was primarily due to the change in working capital. Inventory of $783,000,000 was essentially flat compared to $781,000,000 in the prior quarter. For the Q1 of 2024, net cash generated from operating activities was $70,000,000 which compares to $98,000,000 in Q1 of 2023.

Speaker 4

Net capital expenditures for the Q1 of 2024 were $40,000,000 and depreciation and amortization was 37,000,000 dollars Adjusted EBITDA for the Q1 of 2024 was $109,000,000 or 17.8 percent of sales and excluding the Sartorius dividend was 14.8%. The adjusted EBITDA for the Q1 of 2023 was 149,000,000 dollars or 21.9 percent of sales and excluding the Sartorius dividend was 16.8%. During the Q1, we purchased 14,250 shares of our stock for a total cost of approximately $5,000,000 or an average purchase price of approximately $3.30 per share. We continue to be opportunistic with our buyback program and still have approximately 275,000,000 dollars available for share repurchases under the current board authorized program. Moving on to the non GAAP guidance.

Speaker 4

As referenced in Andy's commentary, we are seeing some encouraging signs in the life science end markets. However, we remain cautious on the magnitude and timing of the recovery for the life science group, but are still anticipating improvement during the second half of the year. We continue to expect normalized growth for the Clinical Diagnostics Group in 2024. Taken together, we are maintaining our full year outlook with currency neutral revenue growth to be between 1% 2.5% and non GAAP operating margin projected to be between 13.5% 14%. I'll now hand the call back to Norman to make a few concluding remarks.

Speaker 2

Thanks, Drew. Just to close it out, I'd like to reiterate that in spite of all that's going on around us, our strategy and our focus for the future growth of the company is intact. In our clinical diagnostics business, we have these leading market positions globally for our core platforms and we continue to invest in supporting their growth and building a position and for example, the new molecular diagnostic segments through the development of PCR1, an acquisition we made some time ago and leveraging our Droplet Digital PCR platform into high value niches. In life science, we continue to maintain a focus on biopharma, especially for digital PCR, our process chromatography products and new products in development, say particularly around cell biology. We do believe the long term opportunity for sustained growth in this biopharma market segment is solid.

Speaker 2

And certainly, we also continue to invest to enhance our leadership in digital PCR and other leading platform positions in the academic markets that we serve. Overall, between life science and diagnostics, we do believe we're well positioned to drive long term growth as we move through this dynamic period.

Speaker 1

All right. That concludes our prepared remarks and we will now open the line to take your questions. Operator?

Operator

We go first this afternoon to Patrick Donnelly of Citi.

Speaker 5

Hey guys, thanks for taking the questions. Maybe starting on the Life Science business, came in a little bit light of what we were looking for. Can you talk about it seems like process chrome is an area you're calling out with a little bit of softness. Can you talk about what you saw in the quarter? And then obviously maintaining the full year guide, can you talk about the expectations for the Life Science business as we work our way through the year here and the growth expectations for the year at that segment?

Speaker 3

Hi, Patrick, it's Sandy. So let me take that question. So first on process chromatography in the quarter, I mean big a tough compare to 2023 for sure. I think the core Life Science business kind of really met expectations. So we did call out that I think for us, our process chromatography is softer than we anticipated and that kind of drove the delta for us.

Speaker 3

As we look forward to the rest of the year, at this point in time, we're considering the process chrome is going to be softer than originally anticipated. I just want to reiterate because it's a valid question. We're not seeing that we're losing customers. We're maintaining share. In fact, we still believe we are winning share as we called out on the script.

Speaker 3

On Life Science, it's just a higher level of uncertainty, I think is where we sit right now. And most of the, if not virtually all of the delta in life sciences instrument, the consumables and reagents are actually performing pretty consistently, sequentially and year over year. So it's kind of it's the spend on capital spend on equipment, which is the major delta for us right now.

Speaker 5

Okay. So I guess when you think about maintaining a guide for the year overall, process chrome softened a bit. Are there offsets that came in better than you expected that are now you're thinking a little bit higher growth for the year? I'm just trying to figure out the balance here and the visibility into IVs.

Speaker 3

Yes. So I think the core Life Sciences with the caveats that I just mentioned, I think is in line. There's some strength in clinical diagnostics that looks good to us right now, which kind of keeps us within our guide range overall.

Speaker 5

Okay. And then maybe just on BDPCR, how did that perform in the quarter? How are you seeing the competitive landscape there? How do things trend and expectations for the year on that front as well would be helpful?

Speaker 3

Yes. So interestingly, relative to core life science, which was down mid teens, the digital PCR franchise was down single digit percentage and it was all concentrated in the instruments. The consumable reagent pull through was pretty good. And as we look forward, we view the franchise recovering in line with market recovery as we go through the remaining quarters in the year. Competitively, we're not seeing any change to our win loss ratio.

Speaker 3

And of course, our major competition is calling out some improvement in their year over year performance. It's not lost on us. But we just want to reiterate that that's they're in a segment which we've not yet entered, which we'll be entering later this year.

Speaker 5

Okay. Thanks, guys.

Speaker 3

Okay.

Operator

Thank you. We go next now to Dan Leonard of UBS.

Speaker 6

Great. This is Lou on for Dan. Thank you for taking my questions. I think the first question, why don't you touch a little bit on the life sciences as well. Can you share a little bit more color in the order trends and maybe also the funnel activities?

Speaker 6

I think you mentioned like about that funding improvement. Have you seen any increasing activities in new customers?

Speaker 3

Yes. So thank you for the question. Sandy again. So I think where we sit right now, really encouraged by the influx It's

Speaker 7

not

Speaker 3

It's not showed up in our order books as yet. And the funnel is we're starting to have more positive sentiment and conversations within that segment, but it's not showed up yet as hard and fast orders.

Speaker 6

Got it. Appreciate it. So I guess I probably wanted to touch on a little bit on the guidance as well. So it does look that the second half, the ramp is a lot deeper, both in the revenue and margin. And then also you just mentioned you haven't seen anything in the orders yet.

Speaker 6

So, can you just maybe share a little bit in terms of the visibility and your confidence in maintaining the guide? And then also maybe how we should think about Q2 as well? Do you see improving signals in April? So could help you like to see the sequential improvement? Yes.

Speaker 3

I think I kind of answered that question as a carry on from my previous answer as it relates to Biotech Biopharma. And I do think that we need to see the kind of encouraging signs turn into orders for the second half, which obviously will generate the ramp. Process chromatography, we do view as being really a more challenging year overall due to destocking, But we see some good growth in our clinical diagnostics business and we envisage that continuing throughout the year. So I think really just reconfirmation of the comments that we made in the script and my earlier answer.

Speaker 6

Got it. Just final questions on the gross margin. It does come better than what we expected given the lower volume. Can you share a little bit the drivers of that? And then what's your expectation for the full year?

Speaker 4

Yes. Hi, this is Roop. I'll take this to start. First of all, it did come in a little bit stronger, which we were very happy about. And part of it was expected just based on the cost actions we've taken and these sort of things, but also what played a part is the mix.

Speaker 4

And so that helps support a little bit of a stronger gross margin there. I think as we think about the rest of the year and as Andy pointed out, we feel good about the overall view for the full year on the gross margin based on mix and quarter to quarter movement, we may see a slight movement in that gross margin. But overall for the full year, we still feel very confident as it relates to how it fits in with our overall outlook for the year.

Speaker 6

Got it. Thank you.

Operator

Thank you. We'll go next now to Jack Meehan with Nephron Research.

Speaker 8

Thank you. Good afternoon. First question is for Norman. I was just wondering if you could give a little bit more color on when we should expect updates in terms of the management hires for the new COO and also the plan for the new Head of Diagnostics?

Speaker 2

Yes, I think we're getting pretty close on the diagnostics higher. I think we'll have something to announce pretty soon. And we've got a really good pool of candidates on the COO side. That will probably take a little longer, but we're pretty encouraged.

Speaker 8

Great. And then for Roof, first, welcome to Bio Rad. And had a couple of questions for you. The first is, could you just talk about, like as you're new in the seat, how you went about sizing up the guidance for 2024? And second is, if you could just talk about the cadence you're expecting for margins starting from 9.7% to get to the full year target, like how you feel like that phases throughout the year and how you got confidence

Speaker 5

in that? Thanks.

Speaker 4

Sure. So first of all, thank you for the welcome. In terms of the process on the guidance, first of all, the company has an existing process, business review cadence that was already in existence. And so part of this was really for me to seamlessly integrate into the existing processes. As part of those processes, we start out with looking at revenue on a quarterly basis with our sales teams and walking through revenue drivers and market conditions and these sort of things.

Speaker 4

And then profiling that against what we are expecting and understanding how mix might affect the next piece, which is the margins and these sort of things. There's also a number of cost actions that have been taken historically that we were also monitoring the impact of those cost actions as well as kind of market dynamics around materials, pricings, logistics, trends, these sort of things and how that might affect the margin progress. So we then just kind of walk down through the different areas of the P and L. When we got to the OpEx, it really is more around a run rate, the effect of things like merit and how that plays through. So we walked through that analytically.

Speaker 4

And then getting down obviously to the operating income. So based on the different drivers and our expectations and feedback from our sales team on how the ramp might look, how then that might flow through the factory from an absorption standpoint, it gave us confidence on reiterating our guidance overall. Then also just to finish off the thought, I think to your phasing conversation question that also gave us perspective on how to think about the quarter to quarter trend through the year. And if there's any kind of specific things that we need to call out or think about more specifically.

Operator

Thank you. We'll go next now to Conor McNamara at RBC Capital Markets.

Speaker 7

Hey guys. Thanks for the questions. I know just one for you. I appreciate the color on the management departures and how that the timing was a lot of it was personal related. But can you give us more color on how other non management employee retention has been?

Speaker 7

Has there been any fallout from some of these departures?

Speaker 2

No, there hasn't. I mean, obviously in a company of our size and actually any size, you have a certain amount of turnover that's natural every year in the kind of the 5% to 10% range. But no, these departures have not precipitated anything else.

Speaker 7

Okay. Thanks for that. And then just the color you gave on some of these ddPCR partnerships, so they're great announcements. But can you just kind of talk about some of the revenue opportunity for Bio Rad? And is that do you see additional equipment placements as a result of these consumable pull through?

Speaker 7

What's kind of the expected ramp of any sales benefit for some of those announced partnerships?

Speaker 3

Yes. Thanks, Connor. This is Andy. So there's slightly different profile for each of these announcements. Allegheny is much more focused on real clinical insight around minimal residual disease and how best to deploy our technology to be more effective in that area.

Speaker 3

So that's really a value creation through insight learning, clinical information. The Onka site is more tangible in that This is to generate longer term systems placements and test sales for OncoCyte in particular and then we will have some beneficial effect from that. But that's a kind of a long term strategy. It will have no material impact in the very near term. And in genoscopy, we are the platform they chose to develop on.

Speaker 3

And as they succeed and with that platform moving forward, they'll create a consumable and reagent stream for us. And if there's an opportunity, which we believe there is, to take that solution beyond the U. S. And into other markets that creates both test revenue and consumable reagent and system revenue opportunities. None of this is what I would call immediate near term impact, but it's really solid long term

Speaker 7

strategy. Great. Thanks for that color, Andy. And I don't know if this is your last earnings call, but if so, best of luck in retirement. And Roop, welcome to the team.

Speaker 7

Thanks, guys.

Speaker 4

Just to be clear, it won't be Andy's last earnings call. We've made sure of that. Okay. And so thank

Speaker 5

you. Okay.

Speaker 3

Well, thank you, Connor.

Speaker 5

And gentlemen, it appears we

Operator

have no further questions this afternoon. Mr. Cheung, I'd like to turn things back to you, sir, for any closing comments.

Speaker 1

Yes. Thank you for joining today's call. We will be at the RBC Capital Markets Global Healthcare Conference in New York next week and we'll be back in New York in June for the Jefferies Healthcare Conference. So as always, we appreciate your interest and we look forward to connecting soon. Thanks.

Operator

Thank you, Mr. Sean. Ladies and gentlemen, we'll conclude the Bio Rad first quarter earnings results call. Again, thanks so much for joining us, and we wish you all a great remainder of your day. Goodbye.

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Earnings Conference Call
Bio-Rad Laboratories Q1 2024
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