LL Flooring Holdings, Inc. ("LL Flooring" or "Company") (NYSE:
LL), a leading specialty retailer of hard-surface flooring in the
U.S., today announced financial results for the quarter ended
September 30, 2023.
"We continue to navigate uncertainty in the macroeconomic
environment due to low consumer confidence, inflation, an elevated
interest and mortgage rate environment and lower existing home
sales. Despite external headwinds, we remain confident in our
ability to deliver the high-touch service of an independent
flooring retailer combined with the value, assortment, and
convenience of a national brand," said President and Chief
Executive Officer Charles Tyson.
"We are disappointed in our third quarter results, which
continued to be negatively impacted by the macroeconomic
environment, as well as internal challenges that we are focused on
as we execute against our strategic initiatives. To that end, we
remain committed and continue to execute on our brand
transformation strategy and our five strategic initiatives, which
include: focusing investments on our top growth priorities; growing
our brand awareness; enhancing our product offerings by innovating
products; ensuring a consistent customer experience across our
omnichannel network; and improving operating efficiencies. We
believe each initiative will improve sales productivity and
profitability long term."
"I believe that we are seeing promising signs that our strategic
initiatives are starting to improve our capabilities, and this
gives us confidence that we will return to growth as the economic
environment improves and, in the long term, regain share in what we
believe will be a growing industry that is driven by long-term
tailwinds for hard surface flooring and remodels such as aging
housing stock, increased household formation, and rising home
values."
Third Quarter Financial Highlights
- Net sales of $215.8 million decreased $53.0 million, or
19.7%, versus the third quarter of 2022, driven by a decrease in
transaction count reflecting lower spending by consumers and
Pros.
- Total comparable store sales decreased 20.5% versus the
same period last year.
- During the third quarter, the Company opened one store,
bringing total stores to 443 as of September 30, 2023.
- Gross profit of $68.5 million decreased 28.3%, or $27.1
million, and gross margin of 31.7% decreased 390 basis points. The
decrease in gross profit and margin was driven by an unfavorable
$10.7 million 2012-2013 antidumping duty rate change and $1.6
million in incremental costs related to U.S. Customs ("CBP")
detentions on certain vinyl flooring products from Asia that
contain PVC as a consequence of the Uyghur Forced Labor Prevention
Act ("UFLPA"). Excluding the 2023 charges related to antidumping
duties and vinyl delays, adjusted gross profit1 of $80.9 million
decreased $14.7 million and adjusted gross margin1 of 37.5%
increased 190 basis points. The decrease in adjusted gross profit1
is driven by a decrease in transaction count reflecting lower
spending by Pros and consumers, while the increase in adjusted
gross margin1 primarily reflects freight cost relief and the
sourcing team's agility in finding alternative country / vendor
sourcing strategies.
- SG&A expense of $98.1 million was 45.5% as a
percentage of net sales, compared to $99.7 million or 37.1% of net
sales in the third quarter of 2022. SG&A expense in the third
quarter of 2023 included a $0.1 million charge for legal fees
charged to earnings related to the vinyl CBP detentions, and
SG&A expense in the third quarter of 2022 included a $0.2
million insurance recovery related to the Gold litigation.
Excluding the impact of the legal fees and recoveries, adjusted
SG&A1 expense was $98.0 million, or 45.4% as a percentage of
net sales, compared to $99.8 million or 37.1% of net sales in the
prior period.
- The decreases in both SG&A and adjusted SG&A1 expense
for the quarter reflected restructuring cost savings and lower
variable costs due to lower sales volumes, partially offset by
investment in our growth priorities and long-term initiatives such
as the Dallas distribution center, increases in labor and
occupancy, and store closure costs.
- The increases in both SG&A and adjusted SG&A1 expense
as a percentage of net sales were due primarily to expense
deleverage from lower sales volumes.
- Operating loss was $29.6 million compared to $4.1
million in the prior year, and operating margin of (13.7)%
decreased 1,220 basis points compared to the third quarter of last
year. Adjusted operating loss1 was $17.1 million dollars compared
to $4.3 million last year, and adjusted operating margin1 of (7.9)%
decreased 630 basis points compared to the third quarter of last
year.
- Other expense of $6.4 million increased $5.7 million
compared to the prior year quarter, driven primarily by a $5.5
million interest charge related to an unfavorable 2012-2013
antidumping duty rate change. Excluding the interest charge related
to the antidumping duty rate change, adjusted other expense1
increased $0.2 million to $0.9 million for the quarter.
- Loss per diluted share was $1.25 for the third quarter
compared to $0.13 for the third quarter of last year. Adjusted loss
per diluted share1 was $0.78 for the third quarter compared to
$0.14 for the third quarter of last year.
1Please refer to the "Non-GAAP and Other Information" section
and the GAAP to non-GAAP reconciliation tables below for more
information.
Cash Flow & Liquidity
As of September 30, 2023, the Company had liquidity of $120.2
million, consisting of excess availability under its Credit
Agreement of $110.2 million, and cash and cash equivalents of $10.0
million.
During the first nine months of 2023, the Company generated $8.4
million of cash flows from operating activities primarily driven by
sell throughs of merchandise inventories and reduced inventory
purchases. Merchandise inventories decreased approximately 14.9%,
or $49.7 million, from December 31, 2022, returning to a
historically optimal level.
2023 Business Outlook
The Company continues to navigate uncertainty in the
macroeconomic environment due to consumer confidence, inflation, a
volatile interest and mortgage rate environment and lower existing
home sales. As a result, the Company is not providing financial
guidance at this time.
The Company is, however, providing the following commentary:
- The Company expects full year revenues to continue to be
challenged due to macro uncertainty. However, the Company is
focusing investments on our top growth priorities to drive sales,
including further harnessing the capabilities of our Customer
Relationship Management ("CRM") system to generate more
opportunities, expanding our carpet offering across our store
portfolio, and delivering exceptional service to the Pro
customer.
- We continue enhancing our omnichannel brand campaign as we
continue to focus on growing our brand awareness. Further, we
believe brands that are innovating and creating new products will
win in the long-term, and we continuously build on the strengths of
our merchandising and sourcing teams to enhance our product
offerings.
- We remain focused on identifying further efficiencies and
further improving our inventory management practices to yield
continued improvements in our overall working capital. We regularly
review our store portfolio for profitability and cash flow, and in
the third quarter, we implemented a new, more disciplined approach
through which we identified 8 underperforming stores we will be
closing in 2023 and early 2024. The Company expects to incur
expense between $2 million and $3 million to close these stores,
with approximately $1.7 million of this expense recorded in the
third quarter of 2023 related to lease, property and equipment, and
inventory write-downs, employee termination benefits, and
accelerated depreciation of property and equipment.
- Since we initiated a strategic review of our cost structure
early this year, we have achieved $7.3 million of realized savings
year-to-date, with $3.7 million of those savings realized in the
third quarter. We continue to prudently manage expenses and focus
on aligning our cost structure with our current rate of sales to
preserve profitability.
- We expect to spend approximately $20 million in 2023 primarily
to support our strategic investments, including the Dallas
distribution center, carpet rollout, and CRM. We remain on track to
roll out CRM capabilities for all customers by the end of the
year.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving: https://llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and
Twitter.
The information contained on, or that may be accessed through,
our website or social media channels are not incorporated by
reference into, and are not a part of, this document.
Conference Call and Webcast Information
The Company plans to host a conference call and audio webcast on
November 8, 2023, at 8:00 a.m. Eastern Time. The conference may be
accessed by dialing (833) 470-1428 or (929) 526-1599 and entering
pin number 252818. A replay will be available approximately two
hours after the call ends through November 15, 2023 and may be
accessed by dialing (929) 458-6194 and entering pin number 310154.
The live conference call and replay can also be accessed via audio
webcast at the Investor Relations section of the Company's website,
www.LLFlooring.com.
About LL Flooring
LL Flooring is one of the country’s leading specialty retailers
of hard-surface flooring with 443 stores nationwide. The Company
seeks to offer the best customer experience online and in stores,
with more than 500 varieties of hard-surface floors featuring a
range of quality styles and on-trend designs. LL Flooring's online
tools also help empower customers to find the right solution for
the space they've envisioned. LL Flooring's extensive selection
includes waterproof hybrid resilient, waterproof vinyl plank, solid
and engineered hardwood, laminate, bamboo, porcelain tile, and
cork, with a wide range of flooring enhancements and accessories to
complement. In addition, the Company also began offering carpet
during 2023, with 61 store locations offering carpet as of the end
of the third quarter. LL Flooring stores are staffed with flooring
experts who provide advice, Pro partnership services and
installation options for all of LL Flooring's products, the
majority of which is in stock and ready for delivery.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes statements of the Company’s
expectations, intentions, plans and beliefs that constitute
"forward-looking statements" within the meanings of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be identified by words such as "may," "will," "should,"
"expects," "intends," "plans," "anticipates," "assumes,"
"believes," "thinks," "estimates," "seeks," "predicts," "could,"
"projects," "targets," "potential," "will likely result," and other
similar terms and phrases, are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements. These statements are subject to risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company’s control.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws. For a discussion of the risks and uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, see the "Risk Factors" section of
the Company’s annual report on Form 10-K for the year ended
December 31, 2022, and the Company’s other filings with the
Securities and Exchange Commission ("SEC"). Such filings are
available on the SEC’s website at www.sec.gov and the Company’s
Investor Relations website at https://investors.llflooring.com.
Non-GAAP and Other Information
To supplement the financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), the Company
uses the following non-GAAP financial measures in the body of this
press release and in the supplemental tables at the end of the
release: (i) Adjusted Gross Profit; (ii) Adjusted Gross Margin;
(iii) Adjusted SG&A; (iv) Adjusted SG&A as a Percentage of
Net Sales; (v) Adjusted Operating (Loss) Income; (vi) Adjusted
Operating Margin; (vii) Adjusted Other Expense; (viii) Adjusted
Other Expense as a Percentage of Net Sales; (ix) Adjusted (Loss)
Earnings; and (x) Adjusted (Loss) Earnings per Diluted Share. These
non-GAAP financial measures should be viewed in addition to, and
not in lieu of, financial measures calculated in accordance with
GAAP. These supplemental measures may vary from, and may not be
comparable to, similarly titled measures by other companies.
The non-GAAP financial measures are presented because we believe
the non-GAAP financial measures provide useful information to
management and investors regarding certain financial and business
trends related to our financial condition and results of
operations, These measures provide an additional tool for investors
to use in evaluating our ongoing operating performance, and
management, in certain cases, uses them to determine incentive
compensation. The presented non-GAAP financial measures exclude
items that management does not believe reflect our core operating
performance, which include incremental costs of sales and
associated legal costs related to disruptions to supply chain and
other trade regulations and changes in antidumping and
countervailing duties, as such items are outside of our control or
due to their inherent unusual, non-operating, unpredictable,
non-routine, or non-cash nature. Reconciliations of these non-GAAP
financial measures are provided on the pages that follow (certain
numbers may not sum due to rounding).
(Tables Follow)
LL Flooring Holdings,
Inc.
Condensed Consolidated Balance
Sheets (Unaudited)
In Thousands
September 30,
December 31,
2023
2022
Assets
Current Assets:
Cash and Cash Equivalents
$
9,965
$
10,800
Merchandise Inventories, Net
282,622
332,296
Prepaid Expenses
8,477
9,054
Other Current Assets
18,834
17,598
Total Current Assets
319,898
369,748
Property and Equipment, Net
98,979
101,758
Operating Lease Right-of-Use Assets
144,512
123,172
Deferred Tax Assets, Net
—
13,697
Other Assets
5,426
5,578
Total Assets
$
568,815
$
613,953
Liabilities and Stockholders’
Equity
Current Liabilities:
Accounts Payable
$
61,205
$
47,733
Customer Deposits and Store Credits
42,252
43,767
Accrued Compensation
6,867
9,070
Sales and Income Tax Liabilities
2,170
3,574
Accrual for Legal Matters and
Settlements
20,589
22,159
Operating Lease Liabilities - Current
31,666
34,509
Other Current Liabilities
26,488
19,712
Total Current Liabilities
191,237
180,524
Other Long-Term Liabilities
6,670
6,162
Operating Lease Liabilities -
Long-Term
120,048
99,186
Credit Agreement
77,000
72,000
Total Liabilities
394,955
357,872
Commitments and Contingencies
Stockholders’ Equity:
Common Stock ($0.001 par value; 35,000
shares authorized; 30,971 and 30,758 shares issued and 28,840 and
28,695 shares outstanding at September 30, 2023, and December 31,
2022, respectively)
31
31
Treasury Stock, at cost (2,131 and 2,063
shares, respectively)
(153,607
)
(153,331
)
Additional Capital
235,443
231,839
Retained Earnings
91,993
177,542
Total Stockholders’ Equity
173,860
256,081
Total Liabilities and Stockholders’
Equity
$
568,815
$
613,953
LL Flooring Holdings,
Inc.
Condensed Consolidated
Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
In Thousands, Except Per Share
Data
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net Sales
Net Merchandise Sales
$
183,579
$
229,204
$
596,267
$
731,044
Net Services Sales
32,267
39,617
96,699
115,766
Total Net Sales
215,846
268,821
692,966
846,810
Cost of Sales
Cost of Merchandise Sold
120,878
142,041
373,568
449,987
Cost of Services Sold
26,460
31,198
78,359
90,412
Total Cost of Sales
147,338
173,239
451,927
540,399
Gross Profit
68,508
95,582
241,039
306,411
Selling, General and Administrative
Expenses
98,109
99,692
304,294
300,804
Operating (Loss) Income
(29,601
)
(4,110
)
(63,255
)
5,607
Other Expense
6,391
646
8,225
830
(Loss) Income Before Income
Taxes
(35,992
)
(4,756
)
(71,480
)
4,777
Income Tax (Benefit) Expense
(30
)
(982
)
14,069
1,778
Net (Loss) Income and Comprehensive
(Loss) Income
$
(35,962
)
$
(3,774
)
$
(85,549
)
$
2,999
Net (Loss) Income per Common
Share—Basic
$
(1.25
)
$
(0.13
)
$
(2.97
)
$
0.10
Net (Loss) Income per Common
Share—Diluted
$
(1.25
)
$
(0.13
)
$
(2.97
)
$
0.10
Weighted Average Common Shares
Outstanding:
Basic
28,839
28,668
28,769
28,859
Diluted
28,839
28,668
28,769
29,010
LL Flooring Holdings,
Inc.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
In Thousands
Nine Months Ended September
30,
2023
2022
Cash Flows from Operating
Activities:
Net (Loss) Income
$
(85,549
)
$
2,999
Adjustments to Reconcile Net (Loss)
Income:
Depreciation and Amortization
14,597
13,723
Deferred Income Tax Provision
13,806
51
Income on Vouchers Redeemed for Legal
Settlements
(622
)
(1,051
)
Stock-Based Compensation Expense
3,604
2,818
Provision for Inventory Obsolescence
Reserves
3,005
742
Loss on Disposal of Fixed Assets
29
—
Changes in Operating Assets and
Liabilities:
Merchandise Inventories
45,714
(113,828
)
Accounts Payable
15,589
(1,619
)
Customer Deposits and Store Credits
(1,515
)
(18,186
)
Prepaid Expenses and Other Current
Assets
(463
)
(4,861
)
Accrued Compensation
(2,203
)
(2,536
)
Accrual for Legal Matters and
Settlements
244
293
Payments for Legal Matters and
Settlements
(224
)
(8,123
)
Other Assets and Liabilities
2,406
5,814
Net Cash Provided by (Used in)
Operating Activities
8,418
(123,764
)
Cash Flows from Investing
Activities:
Purchases of Property and Equipment
(13,977
)
(16,787
)
Other Investing Activities
—
64
Net Cash Used in Investing
Activities
(13,977
)
(16,723
)
Cash Flows from Financing
Activities:
Borrowings on Credit Agreement
237,000
201,000
Payments on Credit Agreement
(232,000
)
(132,000
)
Common Stock Repurchased
—
(7,947
)
Other Financing Activities
(276
)
296
Net Cash Provided by Financing
Activities
4,724
61,349
Net Decrease in Cash and Cash
Equivalents
(835
)
(79,138
)
Cash and Cash Equivalents, Beginning of
Period
10,800
85,189
Cash and Cash Equivalents, End of
Period
$
9,965
$
6,051
Supplemental Disclosure of Non-Cash
Operating and Financing Activities:
Relief of Inventory for Vouchers Redeemed
for Legal Settlements
$
968
$
1,849
Tenant Improvement Allowance for
Leases
(196
)
(1,148
)
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
Items impacting gross margin with
comparisons to the prior-year periods include:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Gross Profit/Margin, as reported
(GAAP)
$
68,508
31.7
%
$
95,582
35.6
%
$
241,039
34.8
%
$
306,411
36.2
%
Vinyl Charges1
1,637
0.8
%
—
—
%
6,126
0.9
%
—
—
%
Antidumping and Countervailing
Adjustments2
10,713
5.0
%
—
—
%
10,713
1.5
%
977
0.1
%
Adjustment Items Subtotal
12,350
5.7
%
—
—
%
16,839
2.4
%
977
0.1
%
Adjusted Gross Profit/Margin (non-GAAP
measures)
$
80,858
37.5
%
$
95,582
35.6
%
$
257,878
37.2
%
$
307,388
36.3
%
1 This amount represents costs related to
CBP detentions on flooring products that contain PVC as a
consequence of the UFLPA.
2 This amount represents net antidumping
and countervailing income associated with applicable prior-year
shipments of engineered hardwood from China.
Items impacting SG&A with comparisons
to the prior-year periods include:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
SG&A, as reported (GAAP)
$
98,109
45.5
%
$
99,692
37.1
%
$
304,294
43.9
%
$
300,804
35.5
%
Recovery for Legal Matters and
Settlements3
—
—
%
(150
)
(0.1
)%
—
—
%
(150
)
—
%
Legal and Professional Fees4
143
0.1
%
—
—
%
922
0.1
%
—
—
%
Adjusted SG&A (a non-GAAP measure)
$
97,966
45.4
%
$
99,842
37.1
%
$
303,372
43.8
%
$
300,954
35.5
%
3 This amount represents insurance
recovery related to the Gold Litigation recorded in the third
quarter of 2022, described more fully in Item 1, Note 7 to the
Company's unaudited consolidated financial statements filed in the
September 30, 2022 10-Q.
4 This amount represents incremental legal
and professional fees charged to earnings related to the vinyl CBP
detentions. This does not include all legal costs incurred by the
Company.
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
Items impacting operating (loss) income
and operating margin with comparisons to the prior-year periods
include:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Operating (Loss) Income, as reported
(GAAP)
$
(29,601
)
(13.7
)%
$
(4,110
)
(1.5
)%
$
(63,255
)
(9.1
)%
$
5,607
0.7
%
Gross Margin Adjustment Items:
Vinyl Charges1
1,637
0.8
%
—
—
%
6,126
0.9
%
—
—
%
Antidumping and Countervailing
Adjustments2
10,713
5.0
%
—
—
%
10,713
1.5
%
977
0.1
%
Gross Margin Adjustment Items Subtotal
12,350
5.8
%
—
—
%
16,839
2.4
%
977
0.1
%
SG&A Adjustment Items:
Recovery for Legal Matters and
Settlements3
—
—
%
(150
)
(0.1
)%
—
—
%
(150
)
—
%
Legal and Professional Fees4
143
0.1
%
—
—
%
922
0.1
%
—
—
%
SG&A Adjustment Items Subtotal
143
0.1
%
(150
)
(0.1
)%
922
0.1
%
(150
)
—
%
Adjusted Operating (Loss) Income/ Margin
(a non-GAAP measure)
$
(17,108
)
(7.9
)%
$
(4,260
)
(1.6
)%
$
(45,494
)
(6.6
)%
$
6,434
0.8
%
1,2,3,4 See the Gross Profit and SG&A
sections above for more detailed explanations of these individual
items.
Items impacting other expense with
comparisons to the prior year periods include:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Other Expense, as reported (GAAP)
$
6,391
3.0
%
$
646
0.2
%
$
8,225
1.2
%
$
830
0.1
%
Interest Impact Related to Antidumping and
Countervailing Adjustments5
5,537
2.6
%
—
—
%
5,537
0.8
%
(2
)
—
%
Adjusted Other Expense/Adjusted Other
Expense as a % of Sales (a non-GAAP measure)
$
854
0.4
%
$
646
0.2
%
$
2,688
0.4
%
$
832
0.1
%
5 This amount represents the interest
income impact of certain antidumping and countervailing adjustments
related to applicable prior-year shipments of engineered hardwood
from China.
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
Items impacting (loss) earnings per
diluted share with comparisons to the prior-year periods
include:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in thousands, except per
share data)
Net (Loss) Income, as reported (GAAP)
$
(35,962
)
$
(3,774
)
$
(85,549
)
$
2,999
Net (Loss) Income per Diluted Share
(GAAP)
$
(1.25
)
$
(0.13
)
$
(2.97
)
$
0.10
Gross Margin Adjustment Items:
Vinyl Charges1
1,637
—
6,126
—
Antidumping and Countervailing
Adjustments2
10,713
—
10,713
977
Gross Margin Adjustment Items Subtotal
12,350
—
16,839
977
SG&A Adjustment Items:
Recovery for Legal Matters and
Settlements3
—
(150
)
—
(150
)
Legal and Professional Fees4
143
—
922
—
SG&A Adjustment Items Subtotal
143
(150
)
922
(150
)
Other Expense Adjustment Items:
Interest Impact Related to Antidumping and
Countervailing Adjustment5
5,537
—
5,537
(2
)
Other Expense Adjustment Items
Subtotal
5,537
—
5,537
(2
)
Income Tax Adjustment6
(4,634
)
40
(5,988
)
(218
)
Adjusted (Loss) Earnings
$
(22,566
)
$
(3,884
)
$
(68,239
)
$
3,606
Adjusted (Loss) Earnings per Diluted Share
(a non-GAAP measure)
$
(0.78
)
$
(0.14
)
$
(2.37
)
$
0.12
1,2,3,4,5 See the Gross Profit, SG&A
and Other Expense sections above for more detailed explanations of
these individual items.
6 Income tax adjustment is defined as the
sum of gross margin, SG&A, and other expense adjustment items
multiplied by the Company’s federal incremental rate, which was
25.7% and 26.4% for the three and nine month periods ended
September 30, 2023 and 2022, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108899020/en/
LL Flooring Investor Relations ICR Bruce Williams
ir@llflooring.com 804-420-9801
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