Strong Global Entertainment, Inc. (NYSE American:
SGE) (the “Company” or “Strong Global Entertainment”) today
announced operating results for the second quarter ended June 30,
2024.
Second Quarter Highlights -
- Revenue and gross profit from
continuing operations continued to improve, with growth in service
offerings and contributions from the recent ICS acquisition
contributing favorably.
- In April 2024, announced a
transaction to merge Strong/MDI Screen Systems, Inc. (“Strong/MDI”)
with FG Acquisition Corp., a Canadian special purpose acquisition
company, which will be renamed Saltire Holdings, Ltd. (“Saltire”)
- Proposed transaction values
Strong/MDI subsidiary at $30 million. Strong Global Entertainment
will retain a significant economic stake, participating in the
future growth and success of Strong/MDI and Saltire.
- The transaction is expected to
close in the third quarter of 2024.
- In May 2024, announced a
transaction to merge Strong Global Entertainment into Fundamental
Global Inc. (“Fundamental Global”)
- Stockholders of Strong Global
Entertainment will receive 1.5 common shares of Fundamental Global
for each share of Strong Global Entertainment.
- Proposed transaction expected to
reduce overhead associated with operating separate companies.
- The transaction is expected to
close in the third quarter of 2024.
Mark Roberson, Chief Executive Officer,
commented, “The second quarter operating results demonstrated
double digit growth with improvements at Strong Technical Services
and positive contributions from the ICS acquisition. We also
announced two merger transactions that we believe will continue to
streamline and reduce the overall overhead levels going forward.
The Strong/MDI transaction with Saltire represents a compelling
valuation and the potential to participate in their future growth.
The planned merger of Strong Global Entertainment into Fundamental
Global will reduce the burden and duplicate costs associated with
operating separate public companies.”
Select Financial Comparisons for
Continuing Operations -
As a result of the pending transaction between
Strong/MDI and FG Acquisition Corp., the current year and
historical results of operations of Strong/MDI have been
reclassified to discontinued operations and are not discussed
below.
- Revenue increased 18.7% to $8.1
million for the second quarter and increased 18.3% to $15.8 million
for the first half with increased sales of digital equipment and
increased demand for services. The increase in demand from cinema
customers was due to a combination of increased sales efforts,
expanded market share, laser projection upgrades and the
acquisition of ICS contributing favorably to overall revenue
growth.
- Gross profit increased $0.6 million
to $1.5 million or 18.8% of revenues in the second quarter and
increased $0.9 million to $2.8 million or 17.9% of revenue for the
first half. The increase in gross profit resulted primarily from
increased demand for installation and maintenance services, and
contributions from the Innovative Cinema Solutions, LLC (“ICS”)
acquisition.
- Loss from operations improved to
$0.7 million in the second quarter of 2024 compared to $1.6 million
during the second quarter of 2023 and $1.4 million in the first
half of 2024 compared to $1.6 million during the first half of
2023. Administrative expenses were higher in the second quarter for
2023 largely due to one-time costs incurred upon the completion of
the IPO in May 2023, which did not repeat in the current period.
However, we incurred higher general and administrative expenses in
connection with operating as an independent public company
following the separation in May 2023, which partially offset
increases in gross profit.
- Net loss from continuing operations
improved to $0.7 million in the second quarter of 2024 compared to
$1.3 million during the second quarter of 2023 and $1.5 million in
the first half of 2024 compared to $1.7 million during the first
half of 2023. The improvements in gross profit and favorable
comparison to the one-time IPO costs in the prior year were
partially offset by the increased expenses in connection with
operating as an independent public company.
- Adjusted EBITDA was ($0.2) million
in the second quarter of 2024 as compared to ($0.3) million during
the second quarter of 2023, and ($0.7) million in the first half of
2024 compared with ($0.8) million during the first half of
2023.
About Strong Global Entertainment,
Inc.
Strong Global Entertainment, Inc., a majority
owned subsidiary of Fundamental Global Inc., is a leader in the
entertainment industry, providing mission critical products and
services to cinema exhibitors and entertainment venues for over 90
years. The Company manufactures and distributes premium large
format projection screens, provides comprehensive managed services,
technical support and related products and services primarily to
cinema exhibitors, theme parks, educational institutions, and
similar venues. In addition to traditional projection screens, the
Company manufactures and distributes its Eclipse curvilinear
screens, which are specially designed for theme parks, immersive
exhibitions, as well as simulation applications. It also provides
maintenance, repair, installation, network support services and
other services to cinema operators, primarily in the United
States.
About Fundamental Global Inc.
Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and
its subsidiaries engage in diverse business activities including
reinsurance, asset management, merchant banking, manufacturing and
managed services.
The FG® logo and Fundamental Global® are registered trademarks
of Fundamental Global LLC.
Use of Non-GAAP Measures
Strong Global Entertainment, Inc. prepares its
consolidated financial statements in accordance with United States
generally accepted accounting principles (“GAAP”). In addition to
disclosing financial results prepared in accordance with GAAP, the
Company discloses information regarding Adjusted EBITDA (“Adjusted
EBITDA”), which differs from the commonly used EBITDA (“EBITDA”).
Adjusted EBITDA both adjusts net income (loss) to exclude income
taxes, interest, and depreciation and amortization, and excludes
share-based compensation, impairment charges, severance, foreign
currency transaction gains (losses), transactional gains and
expenses, gains on insurance recoveries, and other cash and
non-cash charges and gains.
EBITDA and Adjusted EBITDA are not measures of
performance defined in accordance with GAAP. However, Adjusted
results EBITDA is used internally in planning and evaluating the
Company’s operating performance. Accordingly, management believes
that disclosure of these metrics offers investors, bankers and
other stakeholders an additional view of the Company’s operations
that, when coupled with the GAAP results, provides a more complete
understanding of the Company’s financial.
EBITDA and Adjusted EBITDA should not be
considered as an alternative to net income (loss) or to net cash
from operating activities as measures of operating results or
liquidity. The Company’s calculation of EBITDA and Adjusted EBITDA
may not be comparable to similarly titled measures used by other
companies, and the measures exclude financial information that some
may consider important in evaluating the Company’s performance.
EBITDA and Adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or
as substitutes for analysis of the Company’s results as reported
under GAAP. Some of these limitations are: (i) they do not reflect
the Company’s cash expenditures, or future requirements for capital
expenditures or contractual commitments, (ii) they do not reflect
changes in, or cash requirements for, the Company’s working capital
needs, (iii) EBITDA and Adjusted EBITDA do not reflect interest
expense, or the cash requirements necessary to service interest or
principal payments, on the Company’s debt, (iv) although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in
the future, and EBITDA and Adjusted EBITDA do not reflect any cash
requirements for such replacements, (v) they do not adjust for all
non-cash income or expense items that are reflected in the
Company’s statements of cash flows, (vi) they do not reflect the
impact of earnings or charges resulting from matters management
considers not to be indicative of the Company’s ongoing operations,
and (vii) other companies in the Company’s industry may calculate
these measures differently than the Company does, limiting their
usefulness as comparative measures.
Management believes EBITDA and Adjusted EBITDA
facilitate operating performance comparisons from period to period
by isolating the effects of some items that vary from period to
period without any correlation to core operating performance or
that vary widely among similar companies. These potential
differences may be caused by variations in capital structures
(affecting interest expense), tax positions (such as the impact on
periods or companies of changes in effective tax rates or net
operating losses) and the age and book depreciation of facilities
and equipment (affecting relative depreciation expense). The
Company also presents EBITDA and Adjusted EBITDA because (i)
management believes these measures are frequently used by
securities analysts, investors and other interested parties to
evaluate companies in the Company’s industry, (ii) management
believes investors will find these measures useful in assessing the
Company’s ability to service or incur indebtedness, and (iii)
management uses EBITDA and Adjusted EBITDA internally as benchmarks
to evaluate the Company’s operating performance or compare the
Company’s performance to that of its competitors.
Forward-Looking Statements
In addition to the historical information
included herein, this press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” “will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in the final
prospectus related to the public offering filed with the SEC, our
Annual Report on Form 10-K for the year ended December 31, 2023,
and the Company’s other reports filed with the SEC. Forward-looking
statements contained in this announcement are made as of this date,
and the Company undertakes no duty to update such information
except as required under applicable law.
Investor Relations
Contacts:IR@strong-entertainment.com
Strong Global Entertainment, Inc. and
Subsidiaries |
Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
June 30, 2024 |
|
|
|
December 31, 2023 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,483 |
|
|
$ |
4,822 |
|
Accounts receivable, net |
|
|
4,308 |
|
|
|
3,528 |
|
Inventories, net |
|
|
2,548 |
|
|
|
1,482 |
|
Assets of discontinued operations |
|
|
12,730 |
|
|
|
14,329 |
|
Other current assets |
|
|
399 |
|
|
|
317 |
|
Total current assets |
|
|
23,468 |
|
|
|
24,478 |
|
Property, plant and equipment, net |
|
|
429 |
|
|
|
487 |
|
Operating lease right-of-use assets |
|
|
267 |
|
|
|
350 |
|
Finance lease right-of-use asset |
|
|
1,071 |
|
|
|
1,201 |
|
Other long-term assets |
|
|
- |
|
|
|
10 |
|
Total assets |
|
$ |
25,235 |
|
|
$ |
26,526 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,448 |
|
|
$ |
2,569 |
|
Accrued expenses |
|
|
2,302 |
|
|
|
1,712 |
|
Payable to Fundamental Global Inc. |
|
|
- |
|
|
|
129 |
|
Short-term debt |
|
|
43 |
|
|
|
18 |
|
Current portion of long-term debt |
|
|
271 |
|
|
|
270 |
|
Current portion of operating lease obligations |
|
|
180 |
|
|
|
183 |
|
Current portion of finance lease obligations |
|
|
264 |
|
|
|
253 |
|
Deferred revenue and customer deposits |
|
|
1,151 |
|
|
|
849 |
|
Liabilities of discontinued operations |
|
|
9,503 |
|
|
|
11,257 |
|
Total current liabilities |
|
|
17,162 |
|
|
|
17,240 |
|
Operating lease obligations, net of current portion |
|
|
129 |
|
|
|
216 |
|
Finance lease obligations, net of current portion |
|
|
836 |
|
|
|
971 |
|
Long-term debt, net of current portion |
|
|
166 |
|
|
|
301 |
|
Other long-term liabilities |
|
|
5 |
|
|
|
4 |
|
Total liabilities |
|
|
18,298 |
|
|
|
18,732 |
|
|
|
|
|
|
|
|
|
|
Commitments, contingencies and
concentrations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
|
- |
|
|
|
- |
|
Paid-in-capital related to: |
|
|
|
|
|
|
|
|
Class A Common stock, no par value |
|
|
|
|
|
|
|
|
Class B Common stock, no par value |
|
|
15,881 |
|
|
|
15,740 |
|
Accumulated deficit |
|
|
(3,377 |
) |
|
|
(2,712 |
) |
Accumulated other comprehensive loss |
|
|
(5,567 |
) |
|
|
(5,234 |
) |
Total stockholders' equity |
|
|
6,937 |
|
|
|
7,794 |
|
Total liabilities and stockholders' equity |
|
$ |
25,235 |
|
|
$ |
26,526 |
|
Strong Global Entertainment, Inc. and
Subsidiaries |
Consolidated Statements of Operations |
(In thousands, except per share amounts) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net product sales |
|
$ |
4,782 |
|
|
$ |
3,794 |
|
|
$ |
9,417 |
|
|
$ |
7,564 |
|
Net service revenues |
|
|
3,339 |
|
|
|
3,049 |
|
|
|
6,387 |
|
|
|
5,796 |
|
Total net revenues |
|
|
8,121 |
|
|
|
6,843 |
|
|
|
15,804 |
|
|
|
13,360 |
|
Cost of products |
|
|
3,973 |
|
|
|
3,542 |
|
|
|
7,874 |
|
|
|
6,875 |
|
Cost of services |
|
|
2,624 |
|
|
|
2,340 |
|
|
|
5,099 |
|
|
|
4,505 |
|
Total cost of revenues |
|
|
6,597 |
|
|
|
5,882 |
|
|
|
12,973 |
|
|
|
11,380 |
|
Gross profit |
|
|
1,524 |
|
|
|
961 |
|
|
|
2,831 |
|
|
|
1,980 |
|
Selling and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
369 |
|
|
|
161 |
|
|
|
655 |
|
|
|
397 |
|
Administrative |
|
|
1,866 |
|
|
|
2,372 |
|
|
|
3,588 |
|
|
|
3,212 |
|
Total selling and administrative expenses |
|
|
2,235 |
|
|
|
2,533 |
|
|
|
4,243 |
|
|
|
3,609 |
|
Loss from operations |
|
|
(711 |
) |
|
|
(1,572 |
) |
|
|
(1,412 |
) |
|
|
(1,629 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(21 |
) |
|
|
(17 |
) |
|
|
(55 |
) |
|
|
(31 |
) |
Foreign currency transaction loss |
|
|
(6 |
) |
|
|
- |
|
|
|
(5 |
) |
|
|
(4 |
) |
Other income, net |
|
|
2 |
|
|
|
1 |
|
|
|
28 |
|
|
|
11 |
|
Total other expense |
|
|
(25 |
) |
|
|
(16 |
) |
|
|
(32 |
) |
|
|
(24 |
) |
Loss from continuing operations before income taxes |
|
|
(736 |
) |
|
|
(1,588 |
) |
|
|
(1,444 |
) |
|
|
(1,653 |
) |
Income tax (benefit) expense |
|
|
(6 |
) |
|
|
279 |
|
|
|
(6 |
) |
|
|
(81 |
) |
Net loss from
continuing operations |
|
|
(742 |
) |
|
|
(1,309 |
) |
|
|
(1,450 |
) |
|
|
(1,734 |
) |
Net income
from discontinued operations |
|
|
150 |
|
|
|
893 |
|
|
|
785 |
|
|
|
1,694 |
|
Net loss |
|
$ |
(592 |
) |
|
$ |
(416 |
) |
|
$ |
(665 |
) |
|
$ |
(40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
$ |
(0.09 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.28 |
) |
Discontinued
operations |
|
|
0.02 |
|
|
|
0.14 |
|
|
|
0.10 |
|
|
|
0.27 |
|
Basic net loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
$ |
(0.09 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.28 |
) |
Discontinued
operations |
|
|
0.02 |
|
|
|
0.14 |
|
|
|
0.10 |
|
|
|
0.27 |
|
Diluted net loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used
in computing net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,904 |
|
|
|
6,553 |
|
|
|
7,891 |
|
|
|
6,278 |
|
Diluted |
|
|
7,904 |
|
|
|
6,553 |
|
|
|
7,891 |
|
|
|
6,278 |
|
Strong Global Entertainment, Inc. and
Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net loss from continuing operations |
|
$ |
(1,450 |
) |
|
$ |
(1,734 |
) |
Adjustments to reconcile net income to net cash (used in) provided
by operating activities: |
|
|
|
|
|
|
|
|
Provision for (recovery of) doubtful accounts |
|
|
30 |
|
|
|
(26 |
) |
(Benefit from) provision for obsolete inventory |
|
|
(38 |
) |
|
|
30 |
|
Provision for warranty |
|
|
3 |
|
|
|
6 |
|
Depreciation and amortization |
|
|
207 |
|
|
|
126 |
|
Gain on acquisition of ICS assets |
|
|
(17 |
) |
|
|
- |
|
Amortization and accretion of operating leases |
|
|
94 |
|
|
|
32 |
|
Deferred income taxes |
|
|
- |
|
|
|
(432 |
) |
Stock-based compensation expense |
|
|
147 |
|
|
|
766 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(387 |
) |
|
|
(45 |
) |
Inventories |
|
|
(1,027 |
) |
|
|
395 |
|
Current income taxes |
|
|
(51 |
) |
|
|
9 |
|
Other assets |
|
|
1 |
|
|
|
438 |
|
Accounts payable and accrued expenses |
|
|
1,262 |
|
|
|
2,594 |
|
Deferred revenue and customer deposits |
|
|
304 |
|
|
|
(569 |
) |
Operating lease obligations |
|
|
(100 |
) |
|
|
(38 |
) |
Net cash (used in) provided by operating activities from continuing
operations |
|
|
(1,022 |
) |
|
|
1,552 |
|
Net cash used in operating activities from discontinued
operations |
|
|
(572 |
) |
|
|
(2,139 |
) |
Net cash used in operating activities |
|
|
(1,594 |
) |
|
|
(587 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(20 |
) |
|
|
(119 |
) |
Net cash used in investing activities from continuing
operations |
|
|
(20 |
) |
|
|
(119 |
) |
Net cash used in investing activities from discontinued
operations |
|
|
(59 |
) |
|
|
(283 |
) |
Net cash used in investing activities |
|
|
(79 |
) |
|
|
(402 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Principal payments on short-term debt |
|
|
(32 |
) |
|
|
- |
|
Principal payments on long-term debt |
|
|
(135 |
) |
|
|
(18 |
) |
Payments of withholding taxes for net share settlement of equity
awards |
|
|
(6 |
) |
|
|
(104 |
) |
Proceeds from initial public offering |
|
|
- |
|
|
|
2,411 |
|
Payments on finance lease obligations |
|
|
(124 |
) |
|
|
(60 |
) |
Net cash transferred to parent |
|
|
- |
|
|
|
(2,283 |
) |
Net cash used in financing activities from continuing
operations |
|
|
(297 |
) |
|
|
(54 |
) |
Net cash provided by financing activities from discontinued
operations |
|
|
477 |
|
|
|
1,930 |
|
Net cash provided by financing activities |
|
|
180 |
|
|
|
1,876 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents from discontinued
operations |
|
|
(11 |
) |
|
|
(132 |
) |
Net (decrease) increase in
cash and cash equivalents from continuing operations |
|
|
(1,339 |
) |
|
|
1,379 |
|
Net decrease in cash and cash
equivalents from discontinued operations |
|
|
(165 |
) |
|
|
(624 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
|
(1,504 |
) |
|
|
755 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents from
continuing operations at beginning of period |
|
|
4,822 |
|
|
|
2,889 |
|
Cash and cash equivalents from
continuing operations at end of period |
|
$ |
3,483 |
|
|
$ |
4,268 |
|
Strong Global Entertainment, Inc. and
SubsidiariesReconciliation of Net Loss to Adjusted
EBITDA(In
thousands)(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(592 |
) |
|
$ |
(416 |
) |
|
$ |
(665 |
) |
|
$ |
(40 |
) |
Net income from discontinued operations |
|
|
(150 |
) |
|
|
(893 |
) |
|
|
(785 |
) |
|
|
(1,694 |
) |
Net loss from continuing operations |
|
|
(742 |
) |
|
|
(1,309 |
) |
|
|
(1,450 |
) |
|
|
(1,734 |
) |
Interest expense, net |
|
|
21 |
|
|
|
17 |
|
|
|
55 |
|
|
|
31 |
|
Income tax (benefit) expense |
|
|
6 |
|
|
|
(279 |
) |
|
|
6 |
|
|
|
81 |
|
Depreciation and amortization |
|
|
104 |
|
|
|
67 |
|
|
|
207 |
|
|
|
301 |
|
EBITDA |
|
|
(611 |
) |
|
|
(1,504 |
) |
|
|
(1,182 |
) |
|
|
(1,321 |
) |
Stock-based compensation expense |
|
|
73 |
|
|
|
748 |
|
|
|
147 |
|
|
|
766 |
|
Transaction expenses |
|
|
370 |
|
|
|
- |
|
|
|
370 |
|
|
|
- |
|
IPO expenses |
|
|
- |
|
|
|
475 |
|
|
|
- |
|
|
|
475 |
|
Adjust gain on purchase of ICS |
|
|
5 |
|
|
|
- |
|
|
|
(17 |
) |
|
|
- |
|
Foreign currency transaction loss (gain) |
|
|
6 |
|
|
|
- |
|
|
|
5 |
|
|
|
(528 |
) |
Adjusted EBITDA |
|
$ |
(157 |
) |
|
$ |
(281 |
) |
|
$ |
(677 |
) |
|
$ |
(608 |
) |
Fundamental Global (NASDAQ:FGF)
過去 株価チャート
から 7 2024 まで 8 2024
Fundamental Global (NASDAQ:FGF)
過去 株価チャート
から 8 2023 まで 8 2024