Ormat Technologies, Inc. (NYSE:ORA) today announced financial
results for the first quarter ended March 31, 2018.
|
|
|
|
($ millions, except per share amounts) |
Q1 2018 |
Q1 2017 |
Change (%) |
Revenues |
|
|
|
Electricity |
132.5 |
|
115.8 |
|
14.4 |
% |
Product |
48.7 |
|
74.1 |
|
(34.3 |
%) |
Other |
2.8 |
|
- |
|
- |
|
Total
Revenues |
184.0 |
|
189.9 |
|
(3.1 |
%) |
Gross
margin (%) |
|
|
|
Electricity |
44.5 |
% |
43.0 |
% |
- |
|
Product |
30.7 |
% |
33.3 |
% |
- |
|
Other |
(20.3 |
%) |
- |
|
- |
|
Gross
margin (%) |
39.9 |
% |
39.2 |
% |
- |
|
|
|
|
|
Operating income |
54.6 |
|
59.5 |
|
(8.2 |
%) |
|
|
|
|
Net
income attributable to the Company’s shareholders |
44.7 |
|
35.3 |
|
26.5 |
% |
Diluted
EPS |
0.88 |
|
0.70 |
|
25.2 |
% |
|
|
|
|
Adjusted
Net income attributable to the Company’s stockholders 1 |
24.4 |
|
35.3 |
|
(30.9 |
%) |
Diluted
Adjusted EPS1 |
0.48 |
|
0.70 |
|
(31.4 |
%) |
Adjusted EBITDA2 |
98.4 |
|
91.8 |
|
7.2 |
% |
|
|
|
|
|
|
|
1 Adjusted Net income attributable to the Company’s stockholders
and diluted EPS for the first quarter of 2018 excludes the $20.3
million tax benefits recorded for the reduction of the valuation
allowance related to foreign tax credits2 The way we compute
Adjusted EBITDA and a reconciliation of GAAP net income to EBITDA
and Adjusted EBITDA is set forth below in this release.
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS AND RECENT
DEVELOPMENTS:
- Total revenues of $184.0 million, down 3.1% compared to the
first quarter of 2017;
- Electricity segment revenues of $132.5 million, up 14.4%
compared to the first quarter of 2017;
- Electricity generation increased 6.7%, compared to the first
quarter of 2017, from 1.43 million MWh to 1.52 million MWh;
- Product segment revenues of $48.7 million, down 34.3% compared
to the first quarter of 2017;
- Product segment backlog increased 15.6% to $281.0 million as of
May 7, 20183;
- Other revenue, representing the contribution of Ormat’s energy
storage initiatives, were $3.0 million in the quarter;
- Gross margin was 39.9% of total revenues compared to 39.2% in
the first quarter of 2017, due to improved efficiency in the
Electricity segment; Electricity segment gross margin increased to
44.5% from 43.0%;
- Net income attributable to the company's shareholders was $44.7
million, or $0.88 per diluted share, compared to $35.3 million, or
$0.70 per diluted share, in the first quarter of 2017;
- Adjusted net income attributable to the company's shareholders
of $24.4 million, or $0.48 per diluted share, compared to $35.3
million, or $0.70 per diluted share, in the first quarter of
2017;
- Adjusted EBITDA of $98.4 million, up 7.2% compared to $91.8
million in the first quarter of 2017;
- Declared a quarterly dividend of $0.10 per share for the first
quarter of 2018;
- Closed a $100.0 million senior, unsecured loan to fund capital
needs to support long-term growth plans.
- Ormat’s Viridity Energy Solutions, Inc., remains on track to
start construction of two 20MW/20MWh utility scale,
in-front-of-the-meter battery energy storage systems (BESS) located
in Plumsted Township and Alpha, New Jersey;
- Ormat closed the acquisition of U.S. Geothermal, Inc. (USG)
which became an indirect subsidiary of Ormat and Ormat indirectly
acquired the interests held by USG and its subsidiaries in, among
other assets, three power plants at Neal Hot Springs, Oregon, San
Emidio, Nevada and Raft River, Idaho with a total net generating
capacity of approximately 38 MW, which will be fully integrated
into Ormat electricity segment;
- Signed a finance agreement with the Overseas Private Investment
Corporation (OPIC), United States government’s development finance
institution, to provide an approximately $125.0 million loan (on a
non-recourse basis) for the 35 MW Platanares geothermal power plant
in Honduras;
- On May 3, 2018, the Kilauea volcano located in close proximity
to our Puna geothermal power plant in Hawaii erupted. Necessary
steps to secure the Puna facilities, including, among others,
taking electricity generation offline, were taken. The impact of
the volcanic eruption is still under assessment and may have a
material adverse impact on our business and results of
operations.
3 The Product segment backlog includes revenues for the period
between April 1, 2018 and May 7, 2018. The increase in the backlog
is compared with the Backlog of $243 million as of February 26,
2018.
“This was a milestone quarter for Ormat, as we
closed the acquisition of U.S. Geothermal, which broadens and
diversifies our operations in the United States, expanding our
presence into Idaho and Oregon and gives us additional
opportunities to strengthen our development pipeline,” commented
Isaac Angel, Chief Executive Officer. “The implementation of our
growth plan combined with the efforts to improve efficiency and
resource performance at our plants continues to drive enhanced
financial performance. We had record results in the Electricity
segment with 14.4% increase in revenues and 3.7% improvement in the
segment’s gross margin, reaching 44.5% margin. This performance
helped to largely offset the expected decline in revenue related to
our products segment, ultimately driving a 7.2% increase in our
Adjusted EBITDA to a quarterly record of $98.4 million. With the
contribution of USG's 38 MW operating portfolio and the completion
of the 4 MW enhancement at our Brady project, we increased our
generation portfolio to approximately 837 MW and we are on track to
achieve our growth target of between 186 MW and 196 MW by the end
of 2020.”
Mr. Angel added, “I am encouraged with the
increase in our product segment backlog. This $281.0 million
backlog secures revenues for our product segment in 2019. We are
also seeing progress in our energy storage initiatives. We remain
on track to start construction of two 20MW/20MWh utility scale,
in-front-of-the-meter battery energy storage systems (BESS) located
in New Jersey. We continue to view energy storage, and our
differentiated Battery Storage as a Service (BSAAS) offering as a
long-term growth opportunity for Ormat, helping to further solidify
our position as a leader in the broader renewable energy
sector.”
GUIDANCE
Mr. Angel added, “We update our full-year 2018
guidance to include the financial contribution of U.S. Geothermal’s
assets and now expect total revenues between $711.0 million and
$735.0 million with electricity segment revenues between $523.0
million and $533.0 million and product segment revenues between
$180.0 million and $190.0 million. Revenues from energy storage and
demand response activity are expected to be between $8.0 million
and $12.0 million. We expect 2018 Adjusted EBITDA between $368.0
million and $378.0 million for the full year. We expect annual
Adjusted EBITDA attributable to minority interest to be
approximately $28.0 million.”
FIRST QUARTER 2018 FINANCIAL RESULTS
For the three months ended March 31, 2018, total
revenues were $184.0 million, down 3.1% compared to the quarter
ended March 31, 2017. Electricity segment revenues increased 14.4%
to $132.5 million for the three months ended March 31, 2018, up
from $115.8 million for the three months ended March 31, 2017.
Product segment revenues decreased 34.3% to $48.7 million for the
three months ended March 31, 2018, from $74.1 million for the three
months ended March 31, 2017. Other revenue, representing the
contribution of Ormat’s energy storage initiatives, were $3.0
million in the quarter.
General and administrative expenses for the
three months ended March 31, 2018 were $13.8 million, or 7.5% of
total revenues, compared to $9.9 million, or 5.2% of total
revenues, for the three months ended March 31, 2017. The increase
was primarily attributable to general and administrative expenses
from Viridity which was acquired on March 15, 2017; and an increase
of approximately $2.0 million in costs associated with our tax
material weakness that was identified in the fourth quarter of 2017
and the additional work and controls to compensate for that
material weakness.
The Income tax benefit for the three months
ended March 31, 2018 was $2.1 million compared to income tax
provision of $10.9 million for the three months ended March 31,
2017. Due to the continuous evolution of the "Tax Cuts and
Jobs Act" signed into law on December 22, 2017, certain estimates,
as defined by Staff Accounting Bulletin 118 ("SAB 118"), were
refined and will continue to be refined pursuant to potential
legislative amendments and interpretations of the new law as they
become available. As a result of amendments and
interpretations during 2018, the Company recorded a tax benefits of
$20.3 million for the reduction of the valuation allowance related
to foreign tax credits.
The company reported net income attributable to
the company’s shareholders of $44.7 million, or $0.88 per diluted
share, compared to net income attributable to the company’s
shareholders of $35.3 million, or $0.70 per diluted share, for the
year ago period.
Adjusted net income attributable to the
company's shareholders of $24.4 million, or $0.48 per diluted
share, compared to $35.3 million, or $0.70 per diluted share, in
the first quarter of 2017; Adjusted Net income attributable to the
Company’s stockholders and diluted EPS for the first quarter of
2018 excludes the $20.3 million tax benefits mentioned above.
Adjusted EBITDA for the three months ended March
31, 2018 was $98.4 million, compared to $91.8 million for the three
months ended March 31, 2017, an increase of 7.2%. The
reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is
set forth below in this release.
DIVIDEND
On May 7, 2018, the Company’s Board of Directors
approved and authorized payment of a quarterly dividend of $0.10
per share pursuant to the company’s dividend policy. The dividend
will be paid on May 30, 2018 to shareholders of record as of the
close of business on May 21, 2018. In addition, the company expects
to pay quarterly dividends of $0.10 per share in the next two
quarters.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Tuesday, May 8, at 9 a.m. ET. The call will be available as a
live, listen-only webcast at investor.ormat.com. During the
webcast, management will refer to slides that will be posted on the
website. The slides and accompanying webcast can be accessed
through the News & Events in the Investor Relations section of
Ormat’s website.
An archive of the webcast will be available
approximately 30 minutes after the conclusion of the live call.
Please ask to be joined into the Ormat Technologies, Inc. call.
Participant telephone numbersParticipant dial in
(toll free): 1-877-511-6790Participant international dial in:
1-412-902-4141Canada Toll Free: 1-855-669-9657
Conference replayUS Toll Free:
1-877-344-7529International Toll: 1-412-317-0088Replay Access Code:
10118617
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (REG), with the objective of becoming a leading
global provider of renewable energy. The company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter – a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 770
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for the vast range of resource characteristics.
The company has engineered, manufactured and constructed power
plants, which it currently owns or has installed to utilities and
developers worldwide, totaling over 2,600 MW of gross capacity.
Ormat’s current approximately 837 MW generating portfolio is spread
globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia
and Kenya. In March 2017, Ormat expanded its operations to provide
energy storage and energy management solutions, by leveraging its
core capabilities and global presence as well as through its
Viridity Energy Solutions, Inc. subsidiary, a Philadelphia-based
company with nearly a decade of expertise and leadership in demand
response, energy management and storage.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties. For a discussion of such
risks and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Form 10-K filed with the SEC on March 16,
2018.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
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|
|
|
ORMAT
TECHNOLOGIES, INC. AND SUBSIDIARIES |
|
|
|
|
|
Ormat
Technologies, Inc. and Subsidiaries |
|
|
|
|
|
Condensed Consolidated Statements of Operations |
|
|
|
|
|
For
the Three-Month Periods Ended March 31, 2018 and 2017 |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
(In thousands, except
per share data) |
Revenues: |
|
|
|
|
|
Electricity |
$ |
132,489 |
|
|
$ |
115,776 |
|
Product |
|
48,672 |
|
|
|
74,122 |
|
Other |
|
2,862 |
|
|
|
— |
|
Total
revenues |
|
184,023 |
|
|
|
189,898 |
|
Cost of
revenues: |
|
|
|
|
|
Electricity |
|
73,482 |
|
|
|
66,036 |
|
Product |
|
33,726 |
|
|
|
49,452 |
|
Other |
|
3,443 |
|
|
|
— |
|
Total
cost of revenues |
|
110,651 |
|
|
|
115,488 |
|
Gross
profit |
|
73,372 |
|
|
|
74,410 |
|
Operating expenses: |
|
|
|
|
|
Research
and development expenses |
|
1,108 |
|
|
|
602 |
|
Selling
and marketing expenses |
|
3,699 |
|
|
|
4,363 |
|
General
and administrative expenses |
|
13,849 |
|
|
|
9,949 |
|
Write-off
of unsuccessful exploration activities |
|
123 |
|
|
|
— |
|
Operating
income |
|
54,593 |
|
|
|
59,496 |
|
Other
income (expense): |
|
|
|
|
|
Interest
income |
|
113 |
|
|
|
244 |
|
Interest
expense, net |
|
(14,344 |
) |
|
|
(14,923 |
) |
Derivatives and foreign currency transaction gains (losses) |
|
(1,599 |
) |
|
|
1,338 |
|
Income
attributable to sale of tax benefits |
|
7,361 |
|
|
|
6,157 |
|
Other
non-operating expense, net |
|
(20 |
) |
|
|
(92 |
) |
Income
before income taxes and equity in |
|
|
|
|
|
losses of
investees |
|
46,104 |
|
|
|
52,220 |
|
Income
tax (provision) benefit |
|
2,121 |
|
|
|
(10,886 |
) |
Equity
in losses of investees, net |
|
1,210 |
|
|
|
(1,599 |
) |
|
|
|
|
|
|
Net
income |
|
49,435 |
|
|
|
39,735 |
|
Net
income attributable to noncontrolling interest |
|
(4,748 |
) |
|
|
(4,423 |
) |
Net
income attributable to the Company's stockholders |
$ |
44,687 |
|
|
$ |
35,312 |
|
|
|
|
|
|
|
Earnings per share attributable to the Company's stockholders -
Basic and diluted: |
Basic: |
|
|
|
|
|
Net
Income |
$ |
0.88 |
|
|
$ |
0.71 |
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
Net
Income |
$ |
0.88 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
Weighted
average number of shares used in computation of earnings per
share |
|
|
|
|
|
attributable to the Company's stockholders: |
|
|
|
|
|
Basic |
|
50,614 |
|
|
|
49,680 |
|
Diluted |
|
51,051 |
|
|
|
50,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORMAT
TECHNOLOGIES, INC. AND SUBSIDIARIES |
|
|
|
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|
|
Ormat
Technologies, Inc. and Subsidiaries |
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
As of
March 31, 2018 and December 31, 2017 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
ASSETS |
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
54,723 |
|
|
$ |
47,818 |
|
Restricted cash, cash equivalents and marketable securities |
|
|
50,332 |
|
|
|
48,825 |
|
Receivables: |
|
|
|
|
|
|
Trade |
|
|
103,580 |
|
|
|
110,410 |
|
Other |
|
|
10,018 |
|
|
|
13,828 |
|
Inventories |
|
|
20,069 |
|
|
|
19,551 |
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts |
|
|
41,134 |
|
|
|
40,945 |
|
Prepaid
expenses and other |
|
|
42,274 |
|
|
|
40,269 |
|
Total
current assets |
|
|
322,130 |
|
|
|
321,646 |
|
Investment in an
unconsolidated company |
|
|
63,109 |
|
|
|
34,084 |
|
Deposits and other |
|
|
21,205 |
|
|
|
21,599 |
|
Deferred income
taxes |
|
|
83,868 |
|
|
|
20,135 |
|
Deferred charges |
|
|
— |
|
|
|
49,834 |
|
Property, plant and
equipment, net |
|
|
1,723,560 |
|
|
|
1,734,691 |
|
Construction-in-process |
|
|
345,563 |
|
|
|
293,542 |
|
Deferred financing and
lease costs, net |
|
|
4,922 |
|
|
|
4,674 |
|
Intangible assets,
net |
|
|
84,771 |
|
|
|
85,420 |
|
Goodwill |
|
|
21,253 |
|
|
|
21,037 |
|
Total
assets |
|
$ |
2,670,381 |
|
|
$ |
2,586,662 |
|
LIABILITIES AND
EQUITY |
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
103,551 |
|
|
$ |
153,796 |
|
Short-term revolving credit lines with banks (full recourse) |
|
|
38,500 |
|
|
|
51,500 |
|
Billings
in excess of costs and estimated earnings on uncompleted
contracts |
|
|
10,458 |
|
|
|
20,241 |
|
Current
portion of long-term debt: |
|
|
|
|
|
|
Limited
and non-recourse: |
|
|
|
|
|
|
Senior
secured notes |
|
|
28,398 |
|
|
|
33,226 |
|
Other
loans |
|
|
21,495 |
|
|
|
21,495 |
|
Full
recourse |
|
|
2,809 |
|
|
|
3,087 |
|
Total
current liabilities |
|
|
205,211 |
|
|
|
283,345 |
|
Long-term debt, net of
current portion: |
|
|
|
|
|
|
Limited
and non-recourse: |
|
|
|
|
|
|
Senior
secured notes |
|
|
305,905 |
|
|
|
311,668 |
|
Other
loans |
|
|
237,245 |
|
|
|
242,385 |
|
Full
recourse: |
|
|
|
|
|
|
Senior
unsecured bonds |
|
|
303,469 |
|
|
|
203,752 |
|
Other
loans |
|
|
46,506 |
|
|
|
46,489 |
|
Liability associated
with sale of tax benefits |
|
|
42,622 |
|
|
|
44,634 |
|
Deferred lease
income |
|
|
50,745 |
|
|
|
51,520 |
|
Liability for
unrecognized tax benefits |
|
|
9,074 |
|
|
|
8,890 |
|
Liabilities for
severance pay |
|
|
20,874 |
|
|
|
21,141 |
|
Asset retirement
obligation |
|
|
27,639 |
|
|
|
27,110 |
|
Other long-term
liabilities |
|
|
21,625 |
|
|
|
18,853 |
|
Total
liabilities |
|
|
1,270,915 |
|
|
|
1,259,787 |
|
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
|
6,943 |
|
|
|
6,416 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
The
Company's stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
|
51 |
|
|
|
51 |
|
Additional paid-in capital |
|
|
890,485 |
|
|
|
888,778 |
|
Retained
earnings (accumulated deficit) |
|
|
418,004 |
|
|
|
351,622 |
|
Accumulated other comprehensive income (loss) |
|
|
(517 |
) |
|
|
(4,314 |
) |
|
|
|
1,308,023 |
|
|
|
1,236,137 |
|
Noncontrolling interest |
|
|
84,500 |
|
|
|
84,322 |
|
Total
equity |
|
|
1,392,523 |
|
|
|
1,320,459 |
|
Total
liabilities and equity |
|
$ |
2,670,381 |
|
|
$ |
2,586,662 |
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC. AND
SUBSIDIARIESReconciliation of EBITDA and Adjusted EBITDA For
the Three-Month Periods Ended March 31, 2018 and
2017(Unaudited)
We calculate EBITDA as net income before
interest, taxes, depreciation and amortization. We calculate
Adjusted EBITDA as net income before interest, taxes, depreciation
and amortization, adjusted for (i) termination fees, (ii)
impairment of long-lived assets, (iii) write-off of unsuccessful
exploration activities, (iv) any mark-to-market gains or losses
from accounting for derivatives, (v) merger and acquisition
transaction costs, (vi) stock-based compensation, (vii) gain from
extinguishment of liability, and (viii) gain on sale of subsidiary
and property, plant and equipment. EBITDA and Adjusted EBITDA are
not a measurement of financial performance or liquidity under
accounting principles generally accepted in the United States of
America and should not be considered as an alternative to cash flow
from operating activities or as a measure of liquidity or an
alternative to net earnings as indicators of our operating
performance or any other measures of performance derived in
accordance with accounting principles generally accepted in the
United States of America. EBITDA and Adjusted EBITDA are presented
because we believe they are frequently used by securities analysts,
investors and other interested parties in the evaluation of a
Company’s ability to service and/or incur debt. However, other
companies in our industry may calculate EBITDA and Adjusted EBITDA
differently than we do.
The following table reconciles net income to
EBITDA and Adjusted EBITDA for the three-month periods ended March
31, 2018 and 2017.
|
|
|
|
|
|
|
|
|
Three Months Ended March 31 |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(in thousands) |
Net income |
|
$ |
49,435 |
|
|
$ |
39,735 |
|
Adjusted for: |
|
|
|
|
|
|
Interest expense, net
(including amortization |
|
|
|
|
|
|
of
deferred financing costs) |
|
|
14,231 |
|
|
|
14,679 |
|
Income tax
provision |
|
|
(2,121 |
) |
|
|
10,886 |
|
Adjustment to
investment in uncosolidated company: |
|
|
|
|
|
|
Our proportionate share
in interest, tax and depreciation and amortization |
|
|
3,530 |
|
|
|
— |
|
Depreciation and
amortization |
|
|
29,437 |
|
|
|
25,542 |
|
EBITDA |
|
$ |
94,512 |
|
|
$ |
90,842 |
|
|
|
|
|
|
|
|
Mark-to-market on
derivatives instruments |
|
|
962 |
|
|
|
(1,523 |
) |
Stock-based
compensation |
|
|
1,707 |
|
|
|
1,713 |
|
Merger and acquisition
transaction cost |
|
|
1,095 |
|
|
|
800 |
|
Write-off of
unsuccessful exploration activities |
|
|
123 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
98,399 |
|
|
$ |
91,832 |
|
|
|
|
|
|
|
|
Ormat
Technologies Contact:Smadar LaviVP Corporate Finance and Head of
Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
|
|
|
Investor
Relations Agency Contact:Rob FinkHayden -
IR646-415-8972rob@haydenir.com |
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