Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Anthony Folger was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 09
CSP Inc. announces Quarterly dividend, payable on June 15, 2026 CSP Inc. announced Quarterly dividend of USD 0.0300 per share payable on June 15, 2026, ex-date on May 21, 2026 and record date on May 21, 2026. Aankondiging • May 05
CSP Inc. to Report Q2, 2026 Results on May 07, 2026 CSP Inc. announced that they will report Q2, 2026 results Pre-Market on May 07, 2026 Aankondiging • Feb 06
CSP Inc. to Report Q1, 2026 Results on Feb 12, 2026 CSP Inc. announced that they will report Q1, 2026 results Pre-Market on Feb 12, 2026 Aankondiging • Jan 05
CSP Inc., Annual General Meeting, Feb 10, 2026 CSP Inc., Annual General Meeting, Feb 10, 2026. Location: csp inc. office, located at 951 broken sound pkwy, nw 250, florida 33487., boca raton, United States Aankondiging • Dec 18
CSP Inc. announces Quarterly dividend, payable on January 15, 2026 CSP Inc. announced Quarterly dividend of USD 0.0300 per share payable on January 15, 2026, ex-date on December 26, 2025 and record date on December 26, 2025. Aankondiging • Dec 13
CSP Inc. to Report Q4, 2025 Results on Dec 16, 2025 CSP Inc. announced that they will report Q4, 2025 results Pre-Market on Dec 16, 2025 Aankondiging • Aug 16
CSP Inc. announces Quarterly dividend, payable on September 15, 2025 CSP Inc. announced Quarterly dividend of USD 0.0300 per share payable on September 15, 2025, ex-date on August 29, 2025 and record date on August 29, 2025. Aankondiging • Aug 07
CSP Inc. to Report Q3, 2025 Results on Aug 14, 2025 CSP Inc. announced that they will report Q3, 2025 results Pre-Market on Aug 14, 2025 Aankondiging • May 17
CSP Inc. announces Quarterly dividend, payable on June 11, 2025 CSP Inc. announced Quarterly dividend of USD 0.0300 per share payable on June 11, 2025, ex-date on May 28, 2025 and record date on May 28, 2025. Aankondiging • May 08
CSP Inc. to Report Q2, 2025 Results on May 14, 2025 CSP Inc. announced that they will report Q2, 2025 results at 9:30 AM, US Eastern Standard Time on May 14, 2025 Aankondiging • Feb 11
CSP Inc. Declares Quarterly Dividend, Payable on March 10, 2025 CSP Inc. announced that the board of directors declared a quarterly dividend of $0.03 per share payable March 10, 2025, to shareholders of record at the close of business on February 24, 2025. Aankondiging • Feb 05
CSP Inc. to Report Q1, 2025 Results on Feb 10, 2025 CSP Inc. announced that they will report Q1, 2025 results Pre-Market on Feb 10, 2025 Aankondiging • Jan 02
CSP Inc., Annual General Meeting, Feb 04, 2025 CSP Inc., Annual General Meeting, Feb 04, 2025. Location: our south florida office, located at 1182 east newport center drive, florida, deerfield beach United States Aankondiging • Dec 19
CSP Inc. to Report Q4, 2024 Results on Dec 20, 2024 CSP Inc. announced that they will report Q4, 2024 results at 9:30 AM, US Eastern Standard Time on Dec 20, 2024 Aankondiging • Dec 18
CSP Inc. Announces Board Changes CSP Inc. announced that the size of the Company's Board of Directors has been increased from five to seven members, adding two new directors: Steven Webber and Anthony Folger. Both new members will join the Board effective immediately following the upcoming filing of Company's Form 10-K. Mr. Webber has over 30 years of financial management experience and was a certified public accountant. Currently, Mr. Webber is Chief Operational Officer and Chief Financial Officer at Quickbase, where he is responsible for overseeing the organization's operations, systems, and finances. Prior to joining Quickbase, Mr. Webber held a number of financial and operations leadership roles with technology companies, both public and private. Most recently, he was CFO at Carbon Black; he also worked as Chief Operating Officer and CFO at Syniti (formally BackOffice Associates) and CFO at Cynosure. Mr. Webber also spent 19 years at EMC Corporation-in his last role there, he served as Senior Vice President and CFO of Virtustream. Mr. Folger has more than 30 years of financial and operational experience, including more than a decade serving as a public company chief financial officer. Currently, Mr. Folger is the CFO of Progress, where he is responsible for all areas of finance and accounting, budgeting and planning, treasury, tax and investor relations. Previously, Mr. Folger was the CFO of Carbonite, where his day-to-day responsibilities included finance, investor relations, information technology and security, business analytics, human resources, corporate development, data center operations and customer service. Mr. Folger has also held CFO and other senior finance positions with Acronis, Starent Networks, PricewaterhouseCoopers and Deloitte. The Company also announced that Board members Charles Blackmon and C. Shelton James will not seek re-election. Their departures from the board will be effective on February 3, 2025. Aankondiging • Aug 16
CSP Inc. announced delayed 10-Q filing On 08/15/2024, CSP Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Aankondiging • Aug 14
CSP Inc. Declares Quarterly Dividend, Payable on September 10, 2024 CSP Inc. declared a quarterly dividend of $0.03 per share payable September 10, 2024, to shareholders of record at the close of business on August 23, 2024. Aankondiging • Aug 08
CSP Inc. to Report Q3, 2024 Results on Aug 13, 2024 CSP Inc. announced that they will report Q3, 2024 results at 9:30 AM, US Eastern Standard Time on Aug 13, 2024 Declared Dividend • May 14
Second quarter dividend of US$0.03 announced Shareholders will receive a dividend of US$0.03. Ex-date: 23rd May 2024 Payment date: 12th June 2024 Dividend yield will be 1.2%, which is lower than the industry average of 2.2%. Payout Ratios Payout ratio: 7%. Cash payout ratio: 10%. Reported Earnings • May 10
Second quarter 2024 earnings released: EPS: US$0.17 (vs US$0.034 in 2Q 2023) Second quarter 2024 results: EPS: US$0.17 (up from US$0.034 in 2Q 2023). Revenue: US$13.7m (up 3.3% from 2Q 2023). Net income: US$1.59m (up 426% from 2Q 2023). Profit margin: 12% (up from 2.3% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Aankondiging • May 09
Csp Inc. Declares Quarterly Dividend, Payable June 12, 2024 CSP Inc. declared a quarterly dividend of $0.03 per share payable June 12, 2024, to shareholders of record on the close of business on May 24, 2024. Aankondiging • May 05
CSP Inc. to Report Q2, 2024 Results on May 08, 2024 CSP Inc. announced that they will report Q2, 2024 results at 9:30 AM, US Eastern Standard Time on May 08, 2024 Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to US$14.24, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 24x in the IT industry in the US. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$41.16, the stock trades at a trailing P/E ratio of 51.2x. Average trailing P/E is 23x in the IT industry in the US. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to US$45.64, the stock trades at a trailing P/E ratio of 56.8x. Average trailing P/E is 22x in the IT industry in the US. Total returns to shareholders of 475% over the past three years. New Risk • Feb 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Shareholders have been diluted in the past year (4.1% increase in shares outstanding). New Risk • Feb 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Declared Dividend • Feb 17
First quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 23rd February 2024 Payment date: 8th March 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.2%. Payout Ratios Payout ratio: 17%. Cash payout ratio: 8%. Reported Earnings • Feb 16
First quarter 2024 earnings released: US$0.016 loss per share (vs US$0.21 profit in 1Q 2023) First quarter 2024 results: US$0.016 loss per share (down from US$0.21 profit in 1Q 2023). Revenue: US$15.4m (down 16% from 1Q 2023). Net loss: US$73.0k (down 108% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 15
CSP Inc. Declares Quarterly Dividend, Payable on March 08, 2024 CSP Inc. announced that the Board of Directors declared and raised the quarterly dividend to $0.05 per share payable March 08, 2024, to shareholders of record on the close of business on February 26, 2024. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to US$29.31, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 23x in the IT industry in the US. Total returns to shareholders of 187% over the past three years. Aankondiging • Feb 07
CSP Inc. to Report Q1, 2025 Results on Feb 14, 2024 CSP Inc. announced that they will report Q1, 2025 results at 9:30 AM, US Eastern Standard Time on Feb 14, 2024 Buy Or Sell Opportunity • Feb 06
Now 21% undervalued Over the last 90 days, the stock has risen 10% to US$21.30. The fair value is estimated to be US$27.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$24.88, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 22x in the IT industry in the US. Total returns to shareholders of 145% over the past three years. Buy Or Sell Opportunity • Jan 19
Now 20% undervalued Over the last 90 days, the stock has risen 19% to US$21.50. The fair value is estimated to be US$26.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Meanwhile, the company has become profitable. Aankondiging • Dec 21
CSP Inc., Annual General Meeting, Feb 06, 2024 CSP Inc., Annual General Meeting, Feb 06, 2024, at 09:00 US Eastern Standard Time. Location: CSP Inc. Office in Deerfield Beach, Florida 1182 East Newport Center Drive 1182 East Newport Center Drive Florida United States Agenda: To elect the nominees named in the proxy statement to the board of directors as directors; to consider an advisory vote to approve executive compensation; to ratify the appointment of rsm us, llp as the company’s independent auditors for fiscal year 2024; and to discuss other matters. Aankondiging • Dec 13
CSP Inc. Declares A Quarterly Dividend, Payable January 9, 2024 The Board of Directors of CSP Inc. declared a quarterly dividend of $0.04 per share payable January 9, 2024, to shareholders of record on the close of business on December 22, 2023. Reported Earnings • Dec 13
Full year 2023 earnings released: EPS: US$1.19 (vs US$0.42 in FY 2022) Full year 2023 results: EPS: US$1.19 (up from US$0.42 in FY 2022). Revenue: US$64.6m (up 19% from FY 2022). Net income: US$5.20m (up 191% from FY 2022). Profit margin: 8.0% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$22.50, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 21x in the IT industry in the US. Total returns to shareholders of 189% over the past three years. Aankondiging • Dec 08
CSP Inc. to Report Fiscal Year 2023 Results on Dec 12, 2023 CSP Inc. announced that they will report fiscal year 2023 results at 9:30 AM, US Eastern Standard Time on Dec 12, 2023 Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$23.67, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 21x in the IT industry in the US. Total returns to shareholders of 211% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$20.85, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 18x in the IT industry in the US. Total returns to shareholders of 177% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to US$20.94, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 21x in the IT industry in the US. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$16.72, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 24x in the IT industry in the US. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$18.97, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 23x in the IT industry in the US. Total returns to shareholders of 115% over the past three years. Upcoming Dividend • Aug 15
Upcoming dividend of US$0.04 per share at 1.2% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.6%). New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Shareholders have been diluted in the past year (3.8% increase in shares outstanding). Market cap is less than US$100m (US$62.5m market cap). Aankondiging • Aug 11
CSP Inc. Declares Quarterly Dividend, Payable September 12, 2023 CSP Inc. announced that the Board of Directors declared a quarterly dividend of $0.04 per share payable September 12, 2023, to shareholders of record on the close of business on August 23, 2023. Reported Earnings • Aug 10
Third quarter 2023 earnings released: EPS: US$0.57 (vs US$0.15 in 3Q 2022) Third quarter 2023 results: EPS: US$0.57 (up from US$0.15 in 3Q 2022). Revenue: US$17.7m (up 33% from 3Q 2022). Net income: US$2.51m (up 289% from 3Q 2022). Profit margin: 14% (up from 4.8% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 04
CSP Inc. to Report Q3, 2023 Results on Aug 09, 2023 CSP Inc. announced that they will report Q3, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 09, 2023 Recent Insider Transactions • Jun 09
Insider recently bought US$57k worth of stock On the 7th of June, Joseph Nerges bought around 5k shares on-market at roughly US$12.43 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$98k. Insiders have collectively bought US$1.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 18
Insider recently bought US$98k worth of stock On the 16th of May, Joseph Nerges bought around 9k shares on-market at roughly US$10.70 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.1m more in shares than they have sold in the last 12 months. Upcoming Dividend • May 17
Upcoming dividend of US$0.04 per share at 1.5% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 13 June 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (5.2%). Lower than average of industry peers (2.9%). Aankondiging • May 11
Csp Inc. Declares Quarterly Dividend, Payable on June 13, 2023 CSP Inc. announced that its Board of Directors has declared a 33% increase in the quarterly dividend, from $0.03 per share to $0.04 per share payable June 13, 2023 to shareholders of record on the close of business on May 25, 2023. Reported Earnings • May 10
Second quarter 2023 earnings released: EPS: US$0.073 (vs US$0.035 in 2Q 2022) Second quarter 2023 results: EPS: US$0.073 (up from US$0.035 in 2Q 2022). Revenue: US$13.3m (up 11% from 2Q 2022). Net income: US$321.0k (up 117% from 2Q 2022). Profit margin: 2.4% (up from 1.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Aankondiging • May 05
CSP Inc. to Report Q2, 2023 Results on May 10, 2023 CSP Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on May 10, 2023 Recent Insider Transactions • Mar 14
Insider recently bought US$76k worth of stock On the 13th of March, Joseph Nerges bought around 6k shares on-market at roughly US$11.75 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$80k. Insiders have collectively bought US$1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 24
Insider recently bought US$80k worth of stock On the 23rd of February, Joseph Nerges bought around 7k shares on-market at roughly US$11.42 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$989k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 16
Insider recently bought US$50k worth of stock On the 14th of February, Joseph Nerges bought around 4k shares on-market at roughly US$11.23 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$67k. Insiders have collectively bought US$873k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 09
First quarter 2023 earnings released: EPS: US$0.21 (vs US$0.087 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.21 (up from US$0.087 loss in 1Q 2022). Revenue: US$18.3m (up 48% from 1Q 2022). Net income: US$906.0k (up US$1.27m from 1Q 2022). Profit margin: 4.9% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Aankondiging • Feb 09
The Csp Inc. Declares Quarterly Dividend, Payable March 14, 2023 The CSP Inc. announced that the Board of Directors declared a quarterly dividend of $0.03 per share payable March 14, 2023, to shareholders of record on the close of business on February 24, 2023. Aankondiging • Feb 02
CSP Inc. to Report Q1, 2023 Results on Feb 08, 2023 CSP Inc. announced that they will report Q1, 2023 results at 9:30 AM, US Eastern Standard Time on Feb 08, 2023 Aankondiging • Dec 23
CSP Inc., Annual General Meeting, Feb 07, 2023 CSP Inc., Annual General Meeting, Feb 07, 2023, at 09:00 US Eastern Standard Time. Location: CSP Inc. Office in Deerfield Beach, Florida United States Agenda: To elect the nominees named in the proxy statement to the Board of Directors as directors; to consider an advisory vote to approve executive compensation; to approve an amendment to the company's 2014 Employee Stock Purchase Plan (the Plan") to increase the authorized number of shares of common stock available for issuance under the Plan by 300,000 shares and extend the term of the plan for an additional ten (10) year period; to ratify the appointment of RSM US, LLP as the company's independent auditors for fiscal year 2023; and to transact such other business as may properly come before the Annual Meeting or any adjournment thereof. Recent Insider Transactions • Dec 13
Insider recently bought US$67k worth of stock On the 12th of December, Joseph Nerges bought around 7k shares on-market at roughly US$9.26 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$862k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 13
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 20 December 2022. Payment date: 06 January 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.5%). Reported Earnings • Dec 07
Full year 2022 earnings released: EPS: US$0.42 (vs US$0.048 in FY 2021) Full year 2022 results: EPS: US$0.42 (up from US$0.048 in FY 2021). Revenue: US$54.4m (up 11% from FY 2021). Net income: US$1.79m (up US$1.59m from FY 2021). Profit margin: 3.3% (up from 0.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Dec 07
CSP Inc. Declares Quarterly Dividend, Payable, January 6, 2023 The Board of Directors OF CSP Inc. approved the quarterly dividend of $0.03 per share, payable, January 6, 2023, to shareholders of record on the close of business on December 21, 2022. Aankondiging • Dec 02
CSP Inc. to Report Q4, 2022 Results on Dec 06, 2022 CSP Inc. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Dec 06, 2022 
