Hawkins, Inc. (Nasdaq: HWKN) today announced results for the three
and six months ended October 1, 2023, its second quarter of
fiscal 2024.
Second Quarter Fiscal Year 2024
Highlights:
- Second quarter sales of $236.5 million, with Water Treatment
group sales growth of 17% over the same quarter in the prior
year.
- Record quarterly gross profit of $53.9 million, a 16% increase
over the prior year, contributing to record quarterly operating
income of $33.0 million, a 25% year-over-year increase.
- Record second quarter diluted earnings per share ("EPS") of
$1.10, 28% higher than the same period last year.
- Record quarterly earnings before interest, taxes, depreciation
and amortization ("EBITDA"), a non-GAAP measure, of $41.5 million,
a 22% increase over the same period of the prior year.
- Record quarterly operating cash flow of $57.8 million, a
portion of which was used to pay down $28.6 million on our
revolving line of credit, reducing our debt to $60.0 million and
bringing our leverage ratio to 0.45x adjusted EBITDA.
- Year-to-date diluted EPS of $2.22 grew 24% over the prior
year.
- After quarter-end, added six Water Treatment locations through
acquisitions of Water Solutions Unlimited, Inc. and The Miami
Products & Chemical Company.
Executive Commentary – Patrick H. Hawkins, Chief
Executive Officer and President:
“We are pleased with our strong year-over-year performance in
the second quarter, with our bottom line growing 29%, following our
strong first-quarter growth of 19%. Our Water Treatment group once
again led the way with revenue growth of 17% and operating income
growth of nearly 70%. We continue to see profit growth within this
segment, as we execute on our strategy to grow both the legacy
business and the businesses we have acquired over the last few
years. Although our Industrial group sales declined year-over-year,
operating income was up 2%. In addition, the year-over-year second
quarter sales decline in our Health and Nutrition group slowed to
about half of what it was in the first quarter, showing signs of
improvement."
Mr. Hawkins continued, "The strong first-half results, combined
with disciplined inventory management, allowed us to pay down $52
million on our debt in the first six months of the year. Our strong
financial position has allowed us to continue our strategy of Water
Treatment growth as we added six additional locations through two
acquisitions after quarter-end. We expect continued growth in our
Water Treatment segment for the remainder of the year, remain
cautiously optimistic about our Industrial segment, and expect the
Health and Nutrition distribution business to improve on a
year-over-year basis beginning in calendar 2024. With the diversity
of our businesses and the overall strength of our Company, we
believe we will continue to generate strong operating cash flow and
will continue to manage our balance sheet during the remainder of
the fiscal year."
Second Quarter Financial
Highlights:
NET INCOME
For the second quarter of fiscal 2024, the Company reported net
income of $23.2 million, or $1.10 per diluted share, compared to
net income for the second quarter of fiscal 2023 of $18.0 million,
or $0.86 per diluted share.
REVENUE
Sales were $236.5 million for the second quarter of fiscal 2024,
a decrease of $4.7 million, or 2%, from sales of $241.2 million in
the same period a year ago. Decreased sales in our Industrial and
Health and Nutrition segments more than offset increased sales in
our Water Treatment segment. Industrial segment sales decreased
$15.4 million, or 14%, to $98.5 million for the current quarter,
from $113.9 million in the same period a year ago. The sale of our
consumer bleach packaging business at the end of fiscal 2023
resulted in $4.0 million lower sales in the current quarter. In
addition, Industrial segment sales declined due to overall lower
volumes. Water Treatment segment sales increased $14.4 million or
17%, to $100.9 million for the current quarter, from $86.5 million
in the same period a year ago. Water Treatment sales increased as a
result of increased selling prices on many of our products as well
as increased sales volumes of certain of our products. Health and
Nutrition segment sales decreased $3.7 million, or 9%, to $37.1
million for the current quarter, from $40.8 million in the same
period a year ago. Health and Nutrition segment sales decreased
primarily due to lower demand from our customers, which we believe
was driven by excess inventory at some of our customers as well as
lower consumer demand for health and immunity products. The sales
decline experienced in the second quarter of fiscal 2023 was about
half the decline experienced in the first quarter of fiscal
2023.
GROSS PROFIT
Gross profit increased $7.5 million, or 16%, to $53.9 million,
or 23% of sales, for the current quarter, from $46.4 million, or
19% of sales, in the same period a year ago. During the current
quarter, the LIFO reserve decreased, and gross profit increased, by
$3.2 million due primarily to decreasing raw material prices. In
the same quarter a year ago, the LIFO reserve increased, and gross
profit decreased, by $5.3 million due primarily to rising raw
material prices. Gross profit for the Industrial segment increased
$0.1 million, or 1%, to $17.8 million, or 18% of sales, for the
current quarter, from $17.7 million, or 16% of sales, in the same
period a year ago. Industrial segment gross profit increased
slightly due to improved unit margins on certain products. Gross
profit for the Water Treatment segment increased $8.8 million, or
43%, to $29.3 million, or 29% of sales, for the current quarter,
from $20.5 million, or 24% of sales, in the same period a year ago.
Water Treatment segment gross profit increased as a result of
improved per-unit margins on many of our products as well as
increased sales. Gross profit for our Health and Nutrition segment
decreased $1.5 million, or 18%, to $6.7 million, or 18% of sales,
for the current quarter, from $8.2 million, or 20% of sales, in the
same period a year ago. Health and Nutrition segment gross profit
decreased as a result of lower sales and lower per-unit margins on
certain products.
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
Selling, general and administrative expenses increased $1.1
million, or 6%, to $20.9 million, or 9% of sales, for the current
quarter, from $19.8 million, or 8% of sales, in the same period a
year ago. Expenses increased largely due to increased variable pay
as well as added costs from acquired businesses.
ADJUSTED EBITDA
Adjusted EBITDA, a non-GAAP financial measure, is an important
performance indicator and a key compliance measure under the terms
of our credit agreement. An explanation of the computation of
adjusted EBITDA is presented below. Adjusted EBITDA for the three
months ended October 1, 2023 was $41.5 million, an increase of
$7.5 million, or 22%, from $34.0 million in the same period a year
ago.
INCOME TAXES
Our effective income tax rate was 27% for both the current
quarter and the same period a year ago. The effective tax rate is
impacted by projected levels of annual taxable income, permanent
items, and state taxes. Our effective tax rate for the full year is
currently expected to be approximately 26-27%.
BALANCE SHEET
During the second quarter, our working capital demands decreased
in large part due to favorable cash collections on accounts
receivable and disciplined management of our inventory levels. This
improvement, along with higher net income, allowed us to reduce our
debt by $28.6 million in the quarter and $52 million year to date.
We now have total outstanding debt of $60 million, which is 0.45x
our trailing twelve-month adjusted EBITDA, down from 0.96x at the
end of fiscal 2023.
About Hawkins, Inc.
Hawkins, Inc. was founded in 1938 and is a leading specialty
chemical and ingredients company that formulates, distributes,
blends, and manufactures products for its Industrial, Water
Treatment, and Health & Nutrition customers. Headquartered in
Roseville, Minnesota, the Company has 58 facilities in 26 states
and creates value for its customers through superb customer service
and support, quality products and personalized applications.
Hawkins, Inc. generated $935 million of revenue in fiscal 2023 and
has approximately 950 employees. For more information, including
registering to receive email alerts, please visit
www.hawkinsinc.com/investors.
Reconciliation of Non-GAAP Financial Measures
We report our consolidated financial results in accordance with
U.S. generally accepted accounting principles (GAAP). To assist
investors in understanding our financial performance between
periods, we have provided certain financial measures not computed
according to GAAP, including adjusted EBITDA. This non-GAAP
financial measure is not meant to be considered in isolation or as
a substitute for comparable GAAP measures. The method we use to
produce non-GAAP results is not computed according to GAAP and may
differ from the methods used by other companies.
Management uses this non-GAAP financial measure internally to
understand, manage and evaluate our business and to make operating
decisions. Management believes that this non-GAAP financial measure
reflects an additional way of viewing aspects of our operations
that, when viewed with our GAAP results, provides a more complete
understanding of the factors and trends affecting our financial
condition and results of operations.
We define adjusted EBITDA as GAAP net income adjusted for the
impact of the following: net interest expense resulting from our
net borrowing position; income tax expense; non-cash expenses
including amortization of intangibles, depreciation and charges for
the employee stock purchase plan and restricted stock grants; and
non-recurring items of income or expense, if applicable.
Adjusted
EBITDA |
Three Months Ended |
|
Six months ended |
(In thousands) |
October 1, 2023 |
|
October 2, 2022 |
|
October 1, 2023 |
|
October 2, 2022 |
Net Income (GAAP) |
$ |
23,216 |
|
|
$ |
18,000 |
|
|
$ |
46,646 |
|
|
$ |
37,695 |
|
Interest expense, net |
|
717 |
|
|
|
1,383 |
|
|
|
1,865 |
|
|
|
2,312 |
|
Income tax expense |
|
8,769 |
|
|
|
6,707 |
|
|
|
17,015 |
|
|
|
13,184 |
|
Amortization of intangibles |
|
1,724 |
|
|
|
1,749 |
|
|
|
3,394 |
|
|
|
3,506 |
|
Depreciation expense |
|
5,675 |
|
|
|
5,064 |
|
|
|
11,112 |
|
|
|
9,865 |
|
Non-cash compensation expense |
|
1,260 |
|
|
|
1,085 |
|
|
|
2,219 |
|
|
|
1,680 |
|
Non-recurring acquisition expenses |
|
122 |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
41,483 |
|
|
$ |
33,988 |
|
|
$ |
82,373 |
|
|
$ |
68,242 |
|
|
HAWKINS, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(In thousands, except share and per-share
data) |
|
|
Three Months Ended |
|
Six Months Ended |
|
October 01, 2023 |
|
October 02, 2022 |
|
October 01, 2023 |
|
October 02, 2022 |
Sales |
$ |
236,526 |
|
|
$ |
241,192 |
|
|
$ |
487,646 |
|
|
$ |
487,735 |
|
Cost of sales |
|
(182,640 |
) |
|
|
(194,818 |
) |
|
|
(381,769 |
) |
|
|
(394,612 |
) |
Gross profit |
|
53,886 |
|
|
|
46,374 |
|
|
|
105,877 |
|
|
|
93,123 |
|
Selling, general and
administrative expenses |
|
(20,895 |
) |
|
|
(19,838 |
) |
|
|
(40,399 |
) |
|
|
(38,723 |
) |
Operating income |
|
32,991 |
|
|
|
26,536 |
|
|
|
65,478 |
|
|
|
54,400 |
|
Interest expense, net |
|
(717 |
) |
|
|
(1,383 |
) |
|
|
(1,865 |
) |
|
|
(2,312 |
) |
Other (expense) income |
|
(289 |
) |
|
|
(446 |
) |
|
|
48 |
|
|
|
(1,209 |
) |
Income before income
taxes |
|
31,985 |
|
|
|
24,707 |
|
|
|
63,661 |
|
|
|
50,879 |
|
Income tax expense |
|
(8,769 |
) |
|
|
(6,707 |
) |
|
|
(17,015 |
) |
|
|
(13,184 |
) |
Net income |
$ |
23,216 |
|
|
$ |
18,000 |
|
|
$ |
46,646 |
|
|
$ |
37,695 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding - basic |
|
20,903,690 |
|
|
|
20,814,686 |
|
|
|
20,905,707 |
|
|
|
20,861,754 |
|
Weighted average number of
shares outstanding - diluted |
|
21,026,428 |
|
|
|
20,956,897 |
|
|
|
21,034,153 |
|
|
|
21,004,454 |
|
Basic earnings per share |
$ |
1.11 |
|
|
$ |
0.86 |
|
|
$ |
2.23 |
|
|
$ |
1.81 |
|
Diluted earnings per
share |
$ |
1.10 |
|
|
$ |
0.86 |
|
|
$ |
2.22 |
|
|
$ |
1.79 |
|
Cash dividends declared per
common share |
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
HAWKINS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(In thousands, except share data) |
|
|
|
|
October 1,2023 |
|
April 2,2023 |
ASSETS |
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and
cash equivalents |
$ |
10,974 |
|
|
$ |
7,566 |
|
|
Trade
accounts receivables, net |
|
124,813 |
|
|
|
129,252 |
|
|
Inventories |
|
68,500 |
|
|
|
88,777 |
|
|
Prepaid expenses
and other current assets |
|
2,966 |
|
|
|
6,449 |
|
|
|
Total current assets |
|
207,253 |
|
|
|
232,044 |
|
PROPERTY, PLANT,
AND EQUIPMENT: |
|
361,362 |
|
|
|
344,753 |
|
|
Less accumulated
depreciation |
|
168,504 |
|
|
|
158,950 |
|
|
|
Net property, plant, and
equipment |
|
192,858 |
|
|
|
185,803 |
|
OTHER ASSETS: |
|
|
|
|
Right-of-use
assets |
|
11,323 |
|
|
|
10,199 |
|
|
Goodwill |
|
77,401 |
|
|
|
77,401 |
|
|
Intangible assets,
net of accumulated amortization |
|
71,491 |
|
|
|
73,060 |
|
|
Deferred
compensation plan asset |
|
8,917 |
|
|
|
7,367 |
|
|
Other |
|
6,054 |
|
|
|
4,661 |
|
|
|
Total other assets |
|
175,186 |
|
|
|
172,688 |
|
|
|
Total assets |
$ |
575,297 |
|
|
$ |
590,535 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable —
trade |
$ |
61,192 |
|
|
$ |
53,705 |
|
|
Accrued payroll
and employee benefits |
|
12,416 |
|
|
|
17,279 |
|
|
Income tax
payable |
|
4,319 |
|
|
|
3,329 |
|
|
Current portion of
long-term debt |
|
9,913 |
|
|
|
9,913 |
|
|
Other current
liabilities |
|
6,622 |
|
|
|
6,645 |
|
|
|
Total current liabilities |
|
94,462 |
|
|
|
90,871 |
|
LONG-TERM DEBT,
LESS CURRENT PORTION |
|
49,775 |
|
|
|
101,731 |
|
LONG-TERM LEASE
LIABILITY |
|
9,522 |
|
|
|
8,687 |
|
PENSION WITHDRAWAL
LIABILITY |
|
3,726 |
|
|
|
3,912 |
|
DEFERRED INCOME
TAXES |
|
24,190 |
|
|
|
23,800 |
|
DEFERRED
COMPENSATION LIABILITY |
|
10,317 |
|
|
|
9,343 |
|
OTHER LONG-TERM
LIABILITIES |
|
649 |
|
|
|
2,175 |
|
|
|
Total liabilities |
|
192,641 |
|
|
|
240,519 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
Common stock;
authorized: 60,000,000 shares of $0.01 par value; 20,787,626 and
20,850,454 shares issued and outstanding as of October 1, 2023
and April 2, 2023, respectively |
|
208 |
|
|
|
209 |
|
|
Additional paid-in
capital |
|
35,918 |
|
|
|
44,443 |
|
|
Retained
earnings |
|
342,535 |
|
|
|
302,424 |
|
|
Accumulated other
comprehensive income |
|
3,995 |
|
|
|
2,940 |
|
|
|
Total shareholders’
equity |
|
382,656 |
|
|
|
350,016 |
|
|
|
Total liabilities and
shareholders’ equity |
$ |
575,297 |
|
|
$ |
590,535 |
|
|
HAWKINS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
(In thousands) |
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
October 1,2023 |
|
October 2,2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net income |
$ |
46,646 |
|
|
$ |
37,695 |
|
|
Reconciliation to
cash flows: |
|
|
|
|
|
Depreciation and
amortization |
|
14,506 |
|
|
|
13,371 |
|
|
|
Operating
leases |
|
1,115 |
|
|
|
945 |
|
|
|
(Gain) loss on
deferred compensation assets |
|
(48 |
) |
|
|
1,208 |
|
|
|
Stock compensation
expense |
|
2,219 |
|
|
|
1,680 |
|
|
|
Other |
|
(34 |
) |
|
|
187 |
|
|
|
Changes in
operating accounts providing (using) cash: |
|
|
|
|
|
|
Trade
receivables |
|
4,909 |
|
|
|
(8,481 |
) |
|
|
|
Inventories |
|
20,752 |
|
|
|
(18,077 |
) |
|
|
|
Accounts
payable |
|
6,421 |
|
|
|
(4,609 |
) |
|
|
|
Accrued
liabilities |
|
(7,149 |
) |
|
|
(8,600 |
) |
|
|
|
Lease
liabilities |
|
(1,127 |
) |
|
|
(972 |
) |
|
|
|
Income taxes |
|
990 |
|
|
|
2,031 |
|
|
|
|
Other |
|
3,430 |
|
|
|
2,425 |
|
|
|
|
|
Net cash provided by operating activities |
|
92,630 |
|
|
|
18,803 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Purchases of
property, plant, and equipment |
|
(16,922 |
) |
|
|
(20,668 |
) |
|
Acquisitions |
|
(3,355 |
) |
|
|
— |
|
|
Other |
|
335 |
|
|
|
296 |
|
|
|
|
|
Net cash used in investing
activities |
|
(19,942 |
) |
|
|
(20,372 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Cash dividends
declared and paid |
|
(6,535 |
) |
|
|
(5,900 |
) |
|
New shares
issued |
|
1,147 |
|
|
|
1,004 |
|
|
Payroll taxes paid
in exchange for shares withheld |
|
(2,140 |
) |
|
|
(1,550 |
) |
|
Shares
repurchased |
|
(9,752 |
) |
|
|
(6,557 |
) |
|
Payments on
revolving loan |
|
(52,000 |
) |
|
|
(30,000 |
) |
|
Proceeds from
revolving loan borrowings |
|
— |
|
|
|
45,000 |
|
|
|
|
|
Net cash (used in) provided by
financing activities |
|
(69,280 |
) |
|
|
1,997 |
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS |
|
3,408 |
|
|
|
428 |
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD |
|
7,566 |
|
|
|
3,496 |
|
CASH AND CASH
EQUIVALENTS, END OF PERIOD |
$ |
10,974 |
|
|
$ |
3,924 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
Cash paid for
income taxes |
$ |
16,025 |
|
|
$ |
11,148 |
|
|
Cash paid for
interest |
$ |
2,002 |
|
|
$ |
1,879 |
|
|
Noncash investing
activities - capital expenditures in accounts payable |
$ |
2,970 |
|
|
$ |
2,535 |
|
|
HAWKINS, INC. |
REPORTABLE SEGMENTS (UNAUDITED) |
(In thousands) |
|
|
Industrial |
|
WaterTreatment |
|
Health and Nutrition |
|
Total |
Three months ended October 1,
2023: |
|
|
|
|
|
|
|
Sales |
$ |
98,535 |
|
|
$ |
100,925 |
|
|
$ |
37,066 |
|
|
$ |
236,526 |
|
Gross profit |
|
17,844 |
|
|
|
29,308 |
|
|
|
6,734 |
|
|
|
53,886 |
|
Selling, general, and administrative expenses |
|
6,806 |
|
|
|
10,145 |
|
|
|
3,944 |
|
|
|
20,895 |
|
Operating income |
|
11,038 |
|
|
|
19,163 |
|
|
|
2,790 |
|
|
|
32,991 |
|
Three months ended October 2,
2022: |
|
|
|
|
|
|
|
Sales |
$ |
113,939 |
|
|
$ |
86,488 |
|
|
$ |
40,765 |
|
|
$ |
241,192 |
|
Gross profit |
|
17,713 |
|
|
|
20,504 |
|
|
|
8,157 |
|
|
|
46,374 |
|
Selling, general, and administrative expenses |
|
6,891 |
|
|
|
9,082 |
|
|
|
3,865 |
|
|
|
19,838 |
|
Operating income |
|
10,822 |
|
|
|
11,422 |
|
|
|
4,292 |
|
|
|
26,536 |
|
Six months ended October 1,
2023: |
|
|
|
|
|
|
|
Sales |
$ |
219,408 |
|
|
$ |
194,576 |
|
|
$ |
73,662 |
|
|
$ |
487,646 |
|
Gross profit |
|
37,150 |
|
|
|
55,716 |
|
|
|
13,011 |
|
|
|
105,877 |
|
Selling, general and administrative expenses |
|
13,381 |
|
|
|
19,271 |
|
|
|
7,747 |
|
|
|
40,399 |
|
Operating income |
|
23,769 |
|
|
|
36,445 |
|
|
|
5,264 |
|
|
|
65,478 |
|
Six months ended October 2,
2022: |
|
|
|
|
|
|
|
Sales |
$ |
238,649 |
|
|
$ |
164,978 |
|
|
$ |
84,108 |
|
|
$ |
487,735 |
|
Gross profit |
|
37,722 |
|
|
|
39,457 |
|
|
|
15,944 |
|
|
|
93,123 |
|
Selling, general and administrative expenses |
|
13,276 |
|
|
|
17,783 |
|
|
|
7,664 |
|
|
|
38,723 |
|
Operating income |
|
24,446 |
|
|
|
21,674 |
|
|
|
8,280 |
|
|
|
54,400 |
|
Forward-Looking Statements. Various remarks in this press
release constitute forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include those relating to consumer demand for products
containing our ingredients and the impacts of those demands,
expectations for results in our business segments and the timing of
our filings with the Securities and Exchange Commission. These
statements are not historical facts, but rather are based on our
current expectations, estimates and projections, and our beliefs
and assumptions. Forward-looking statements may be identified by
terms, including “anticipate,” “believe,” “can,” “could,” “expect,”
“intend,” “may,” “predict,” “should,” or “will” or the negative of
these terms or other comparable terms. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our
control and are difficult to predict. Actual results may vary
materially from those contained in forward looking statements based
on a number of factors, including, but not limited to, changes in
regulation, changes in the labor markets, changes in competition
and price pressures, changes in demand and customer requirements or
processes for our products, availability of product and disruptions
to supplies, interruptions in production resulting from hazards,
transportation limitations or other extraordinary events outside
our control that may negatively impact our business or the supply
chains in which we participate, changes in imported products and
tariff levels, the availability of products and the prices at which
they are available, the acceptance of new products by our customers
and the timing of any such acceptance, and changes in product
supplies. Additional information concerning potential factors that
could affect future financial results is included in our Annual
Report on Form 10-K for the fiscal year ended April 2, 2023,
as updated from time to time in amendments and subsequent reports
filed with the SEC. Investors should take such risks into account
when making investment decisions. Shareholders and other readers
are cautioned not to place undue reliance on forward-looking
statements, which reflect our management’s view only as of the date
hereof. We do not undertake any obligation to update any
forward-looking statements.
Contacts: |
Jeffrey P. Oldenkamp |
|
Executive Vice President and Chief Financial Officer |
|
612/331-6910 |
|
ir@HawkinsInc.com |
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