BlackSky Reports Fourth Quarter and Full Year 2023 Results
- Record Q4 revenue of $35.5 million, up 83% from the prior year
- Full-year revenue of $94.5 million, up 45% from the previous year
- Positive Adjusted EBITDA of $9.3 million in Q4
- Secured over $265 million in new contracts and renewal agreements in 2023
- Recent contract wins with Indonesian Ministry of Defense and U.S. government agencies
- Year-end backlog of approximately $262 million
- Quarterly net loss of $3.8 million
- Yearly net loss of $53.9 million
- Operating expenses of $28.2 million in Q4
- Capital expenditures of $7.8 million in Q4 and $43.7 million for the full year
- 2024 outlook projects revenue between $102 million and $118 million
Insights
The financial results reported by BlackSky Technology Inc. indicate a significant revenue increase of 83% for Q4 and 45% for the full year, which is a strong performance metric for investors to consider. The positive Adjusted EBITDA of $9.3 million in Q4, compared to a loss in the previous year, suggests operational efficiency and potential for sustainable profitability. However, the reported net loss of $3.8 million for Q4, despite being an improvement over the previous year's $14.8 million loss, raises questions about the company's path to net profitability.
Investors should note the company's substantial backlog of $262 million, which could indicate future revenue stability. The increase in professional and engineering services revenue by 407% in Q4, largely due to the Indonesian contract, shows diversification in revenue streams but also introduces variability in quarter-over-quarter revenue due to the milestone-based nature of these contracts. The outlook for 2024 with projected revenue between $102 million and $118 million and Adjusted EBITDA of $8 million to $16 million provides a positive forward-looking statement, although the anticipated capital expenditures of up to $65 million highlight ongoing investments that could affect short-term cash flow.
The performance of BlackSky Technology Inc. reflects a growing market demand for space-based intelligence solutions, as evidenced by their expansion of U.S. government contracts and entry into the Indonesian defense sector. The company's focus on AI and software-first approach is aligned with industry trends towards data analytics and intelligence services. The improvement in cost of sales, from 38% to 34% in Q4, indicates an increasing efficiency which could be a competitive advantage.
However, the high capital expenditures anticipated for 2024, largely for Gen-3 satellites, suggest that BlackSky is in a capital-intensive phase of growth. While necessary for long-term expansion, it could impact financial performance and investor returns in the near term. The reliance on government contracts, which are often subject to political and budgetary fluctuations, adds a layer of risk to the company's revenue projections.
From a legal perspective, the disclosure of financial results is subject to the completion of financial closing procedures and adjustments from the audit of consolidated financial statements. This means that the reported net loss is an estimate and may change, which could have legal implications for investor communications and stock price volatility. Additionally, the multi-year contracts and expansion into international markets like Indonesia involve complex legal and regulatory compliance considerations, which could impact contract execution and revenue recognition.
It is also important to consider the legal aspects of the property lease for new office space as it relates to streamlining operating expenses. The terms of such leases could have long-term financial implications for the company, especially in terms of fixed costs and potential exit clauses.
Record Q4 and Full Year Revenue, up
Won Over
Quarterly Net Loss of
Fourth Quarter Financial Highlights:
-
Revenue of
$35.5 million 83% from the prior year quarter -
Imagery & software analytical services revenue grew
18% over the prior year quarter -
Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to
17% from24% in the prior year quarter
Full Year Financial Highlights:
-
Revenue of
$94.5 million 45% from the prior year -
Imagery & software analytical services revenue grew
38% over the prior year -
Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to
21% from31% in the prior year
“2023 was an exceptional year for BlackSky; we delivered record revenues, our total bookings exceeded a quarter billion dollars, and we achieved positive Adjusted EBITDA of over
Recent Highlights
-
Won approximately
$50 million - Awarded a multi-million dollar expansion contract with the Intelligence Advanced Research Projects Activity (IARPA) to deliver AI-based broad area search capability
- Signed a multi-million dollar contract in support of the Department of Defense to provide dynamic monitoring services leveraging AI for identifying moving targets and pattern-of-life changes
- Received nearly a million dollars in orders supporting the National Geospatial-Intelligence Agency’s (NGA) Economic Indicator Monitoring (EIM) program
- Renewed an agreement with an existing international government agency to continue providing BlackSky’s high resolution imagery and AI-driven analytics
- Secured a six-figure contract with a new international government to provide high-frequency imagery
-
Ended December 31, 2023 with approximately
$262 million -
Entered into a property lease for office space located in
Herndon, VA to further streamline operating expenses
Financial Results
Revenues
Total revenue for the fourth quarter of 2023 was
For the full year 2023, total revenue was
Cost of Sales(1)
Cost of sales as a percent of revenue improved to
For the full year 2023, cost of sales as a percent of revenue improved to
Operating Expenses
Operating expenses for the fourth quarter of 2023 were
For the full year 2023, operating expenses were
Net Loss(2)
Net loss for the fourth quarter of 2023 was
For the full year 2023, net loss was
(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense. |
(2) This represents our current estimate of net loss for the period ended December 31, 2023, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K. |
Adjusted EBITDA(3)
Adjusted EBITDA for the fourth quarter of 2023 was
For the full year 2023, the Adjusted EBITDA loss was
Balance Sheet & Capital Expenditures
As of December 31, 2023, cash and cash equivalents, restricted cash, and short-term investments totaled
2024 Outlook
BlackSky expects full year 2024 revenue to be between
Investment Community Conference Call
BlackSky will host a conference call and webcast for the investment community this morning at 8:30 AM ET. Senior management will review the results, discuss BlackSky’s business, and answer questions. To access the live webcast or the archived webcast following completion of the call, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events” for the link to the webcast. A presentation accompanying the webcast can also be found on the investor relations website. To access the conference call, participants should dial 1-877-589-7299 or 1-201-689-8778 at least ten minutes prior to the start of the call. To listen to a replay of the conference call, please dial 1-877-660-6853 or 1-201-612-7415 using access code 13744406. The audio replay will be available from approximately 12:30 PM EST on February 28, 2024, through March 13, 2024.
(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release. |
About BlackSky
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry’s most advanced, purpose-built commercial, real-time intelligence systems that combines the power of the BlackSky Spectra tasking and analytics software platform and our proprietary low earth orbit satellite constellation.
With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding
Non-GAAP Financial Measures
Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivative liabilities, severance, impairment losses, income on equity method investment, investment loss on short-term investments, transaction costs associated with debt and equity financings, forgiveness of non-trade receivables, and gain from discontinued operations, net of income taxes.
Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our filings with the
Forward-Looking Statements
Certain statements and other information included in this press release constitute forward-looking statements under applicable securities laws. Words such as "may", "will", "could", "should", "would", "plan", "potential", "intend", "anticipate", "believe", "estimate", "future", "opportunity", "will likely result", or "expect" and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical fact contained in this press release, including statements as to future performance, our guidance outlook for the year and expected capital expenditures, our ability to sustain revenue growth, expectations regarding global demand for our products and services, and our expectations related to future profitability on an adjusted basis, are forward-looking statements.
Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. As a result, although BlackSky's management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, factors such as long and unpredictable sales cycles, customer demand, and our ability to estimate resources for fixed-price contracts, expenses, and other operational and liquidity needs, as well as the risk factors discussed in our most recent Annual Report on Form 10-K and other disclosures about BlackSky and its business included in BlackSky's disclosure materials filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov or on BlackSky's Investor Relations website at ir.blacksky.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this press release and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, except as may be required under applicable securities law.
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Imagery & software analytical services |
$ |
19,039 |
|
|
$ |
16,166 |
|
|
$ |
65,391 |
|
|
$ |
47,415 |
|
Professional & engineering services |
|
16,469 |
|
|
|
3,251 |
|
|
|
29,101 |
|
|
|
17,935 |
|
Total revenue |
|
35,508 |
|
|
|
19,417 |
|
|
|
94,492 |
|
|
|
65,350 |
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Imagery & software analytical service costs, excluding depreciation and amortization |
|
3,159 |
|
|
|
3,925 |
|
|
|
13,793 |
|
|
|
14,462 |
|
Professional & engineering service costs, excluding depreciation and amortization |
|
8,851 |
|
|
|
3,374 |
|
|
|
19,988 |
|
|
|
21,365 |
|
Selling, general and administrative |
|
17,350 |
|
|
|
20,631 |
|
|
|
72,639 |
|
|
|
79,672 |
|
Research and development |
|
118 |
|
|
|
290 |
|
|
|
643 |
|
|
|
739 |
|
Depreciation and amortization |
|
10,696 |
|
|
|
9,495 |
|
|
|
43,431 |
|
|
|
35,661 |
|
Total costs and expenses |
|
40,174 |
|
|
|
37,715 |
|
|
|
150,494 |
|
|
|
151,899 |
|
Operating loss |
|
(4,666 |
) |
|
|
(18,298 |
) |
|
|
(56,002 |
) |
|
|
(86,549 |
) |
Gain on derivatives |
|
234 |
|
|
|
1,183 |
|
|
|
7,679 |
|
|
|
11,812 |
|
Income on equity method investments |
|
3,252 |
|
|
|
1,393 |
|
|
|
4,165 |
|
|
|
2,087 |
|
Interest income |
|
461 |
|
|
|
452 |
|
|
|
2,063 |
|
|
|
1,116 |
|
Interest expense |
|
(2,679 |
) |
|
|
(1,670 |
) |
|
|
(9,306 |
) |
|
|
(5,426 |
) |
Other income (expense), net |
|
1 |
|
|
|
2,135 |
|
|
|
(1,807 |
) |
|
|
2,081 |
|
Loss before income taxes |
|
(3,397 |
) |
|
|
(14,805 |
) |
|
|
(53,208 |
) |
|
|
(74,879 |
) |
Income tax expense |
|
(447 |
) |
|
|
— |
|
|
|
(707 |
) |
|
|
— |
|
Loss from continuing operations |
|
(3,844 |
) |
|
|
(14,805 |
) |
|
|
(53,915 |
) |
|
|
(74,879 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
||||||||
Gain from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
707 |
|
Income tax (expense) benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
707 |
|
Net loss |
|
(3,844 |
) |
|
|
(14,805 |
) |
|
|
(53,915 |
) |
|
|
(74,172 |
) |
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total comprehensive loss |
$ |
(3,844 |
) |
|
$ |
(14,805 |
) |
|
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per share of common stock: |
|
|
|
|
|
|
|
||||||||
Loss from continuing operations |
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.64 |
) |
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Net loss per share of common stock |
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic and diluted |
|
141,343 |
|
|
|
119,064 |
|
|
|
135,451 |
|
|
|
117,821 |
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
32,815 |
|
|
$ |
34,181 |
|
Restricted cash |
|
619 |
|
|
|
2,835 |
|
Short-term investments |
|
19,697 |
|
|
|
37,982 |
|
Accounts receivable, net of allowance of |
|
7,071 |
|
|
|
3,112 |
|
Prepaid expenses and other current assets |
|
4,194 |
|
|
|
4,713 |
|
Contract assets |
|
15,213 |
|
|
|
5,706 |
|
Total current assets |
|
79,609 |
|
|
|
88,529 |
|
Property and equipment - net |
|
67,116 |
|
|
|
71,584 |
|
Operating lease right of use assets - net |
|
1,630 |
|
|
|
3,586 |
|
Goodwill |
|
9,393 |
|
|
|
9,393 |
|
Investment in equity method investees |
|
— |
|
|
|
5,285 |
|
Intangible assets - net |
|
1,357 |
|
|
|
1,918 |
|
Satellite procurement work in process |
|
55,976 |
|
|
|
50,954 |
|
Other assets |
|
9,263 |
|
|
|
2,841 |
|
Total assets |
$ |
224,344 |
|
|
$ |
234,090 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
11,573 |
|
|
$ |
14,368 |
|
Amounts payable to equity method investees |
|
10,843 |
|
|
|
3,728 |
|
Contract liabilities - current |
|
3,670 |
|
|
|
6,783 |
|
Other current liabilities |
|
1,739 |
|
|
|
2,048 |
|
Total current liabilities |
|
27,825 |
|
|
|
26,927 |
|
Operating lease liabilities |
|
3,041 |
|
|
|
3,132 |
|
Derivative liabilities |
|
15,149 |
|
|
|
5,113 |
|
Long-term debt |
|
83,502 |
|
|
|
76,219 |
|
Other liabilities |
|
1,724 |
|
|
|
825 |
|
Total liabilities |
|
131,241 |
|
|
|
112,216 |
|
Stockholders’ equity: |
|
|
|
||||
Class A common stock, |
|
14 |
|
|
|
12 |
|
Additional paid-in capital |
|
692,115 |
|
|
|
666,973 |
|
Accumulated deficit |
|
(599,026 |
) |
|
|
(545,111 |
) |
Total stockholders’ equity |
|
93,103 |
|
|
|
121,874 |
|
Total liabilities and stockholders’ equity |
$ |
224,344 |
|
|
$ |
234,090 |
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands) |
|||||||
|
Years Ended December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
707 |
|
Loss from continuing operations |
|
(53,915 |
) |
|
|
(74,879 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
43,431 |
|
|
|
35,661 |
|
Transfer of satellite procurement work in process to engineering service costs |
|
4,854 |
|
|
|
— |
|
Operating lease right of use assets amortization |
|
883 |
|
|
|
1,640 |
|
Bad debt expense (recovery) |
|
179 |
|
|
|
(22 |
) |
Stock-based compensation expense |
|
10,862 |
|
|
|
20,025 |
|
Income on equity method investment |
|
(4,165 |
) |
|
|
(2,087 |
) |
Loss on disposal of property and equipment |
|
127 |
|
|
|
— |
|
Loss on impairment of assets |
|
81 |
|
|
|
— |
|
Gain on derivatives |
|
(7,679 |
) |
|
|
(11,812 |
) |
Non-cash interest expense |
|
7,967 |
|
|
|
1,805 |
|
Non-cash interest income |
|
(796 |
) |
|
|
(656 |
) |
Other, net |
|
— |
|
|
|
106 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(4,137 |
) |
|
|
(461 |
) |
Contract assets - current and long-term |
|
(16,299 |
) |
|
|
(5,996 |
) |
Prepaid expenses and other current assets |
|
840 |
|
|
|
1,413 |
|
Other assets |
|
1,328 |
|
|
|
(12 |
) |
Accounts payable and accrued liabilities |
|
3,316 |
|
|
|
(73 |
) |
Other current liabilities |
|
(707 |
) |
|
|
(1,180 |
) |
Contract liabilities - current and long-term |
|
(3,053 |
) |
|
|
(4,942 |
) |
Other liabilities |
|
(538 |
) |
|
|
(2,984 |
) |
Net cash used in operating activities |
|
(17,421 |
) |
|
|
(44,454 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(15,274 |
) |
|
|
(11,679 |
) |
Satellite procurement work in process |
|
(28,441 |
) |
|
|
(32,385 |
) |
Purchases of short-term investments |
|
(40,078 |
) |
|
|
(50,343 |
) |
Proceeds from maturities of short-term investments |
|
59,110 |
|
|
|
13,000 |
|
Proceeds from sale of equity method investment |
|
9,450 |
|
|
|
— |
|
Proceeds from sale of property and equipment |
|
22 |
|
|
|
— |
|
Proceeds from equity method investment |
|
— |
|
|
|
804 |
|
Cash flows used in investing activities - continuing operations |
|
(15,211 |
) |
|
|
(80,603 |
) |
Cash flows used in investing activities - discontinued operations |
|
— |
|
|
|
(978 |
) |
Net cash used in investing activities |
|
(15,211 |
) |
|
|
(81,581 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from equity issuances, net of equity issuance costs |
|
32,733 |
|
|
|
— |
|
Proceeds from options exercised |
|
10 |
|
|
|
47 |
|
Withholding tax payments on vesting of restricted stock units |
|
(1,410 |
) |
|
|
(5,069 |
) |
Payments of transaction costs for debt modification |
|
(1,311 |
) |
|
|
— |
|
Payments of transaction costs related to derivative liabilities |
|
(905 |
) |
|
|
— |
|
Payments for deferred financing costs |
|
(67 |
) |
|
|
— |
|
Payments for deferred offering costs |
|
— |
|
|
|
(31 |
) |
Net cash provided by (used in) financing activities |
|
29,050 |
|
|
|
(5,053 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
|
(3,582 |
) |
|
|
(131,088 |
) |
Cash, cash equivalents, and restricted cash – beginning of year |
|
37,016 |
|
|
|
168,104 |
|
Cash, cash equivalents, and restricted cash – end of year |
$ |
33,434 |
|
|
$ |
37,016 |
|
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(3,844 |
) |
|
$ |
(14,805 |
) |
|
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
Interest income |
|
(461 |
) |
|
|
(452 |
) |
|
|
(2,063 |
) |
|
|
(1,116 |
) |
Interest expense |
|
2,679 |
|
|
|
1,670 |
|
|
|
9,306 |
|
|
|
5,426 |
|
Income tax expense |
|
447 |
|
|
|
— |
|
|
|
707 |
|
|
|
— |
|
Depreciation and amortization |
|
10,696 |
|
|
|
9,495 |
|
|
|
43,431 |
|
|
|
35,661 |
|
Stock-based compensation expense |
|
3,137 |
|
|
|
3,636 |
|
|
|
10,862 |
|
|
|
20,025 |
|
Gain on derivatives |
|
(234 |
) |
|
|
(1,183 |
) |
|
|
(7,679 |
) |
|
|
(11,812 |
) |
Income on equity method investment |
|
(3,252 |
) |
|
|
(1,393 |
) |
|
|
(4,165 |
) |
|
|
(2,087 |
) |
Transaction costs associated with debt and equity financings |
|
— |
|
|
|
— |
|
|
|
1,738 |
|
|
|
— |
|
Severance |
|
28 |
|
|
|
435 |
|
|
|
590 |
|
|
|
1,196 |
|
Impairment losses |
|
81 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
55 |
|
|
|
— |
|
Proceeds from earn-out payment |
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
|
|
(2,000 |
) |
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(707 |
) |
Forgiveness of non-trade receivables |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
Adjusted EBITDA |
$ |
9,277 |
|
|
$ |
(4,597 |
) |
|
$ |
(1,052 |
) |
|
$ |
(29,480 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228129284/en/
Investor Contact
Aly Bonilla
VP, Investor Relations
abonilla@blacksky.com
571-591-2864
Media Contact
Pauly Cabellon
Director, External Communications
pcabellon@blacksky.com
571-591-2865
Source: BlackSky Technology Inc.
FAQ
What was BlackSky's Q4 revenue, and how does it compare to the prior year?
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What recent contract wins did BlackSky announce?
What was BlackSky's year-end backlog for 2023?
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