HPE
Hewlett Packard Enterprise
Fourth Quarter Fiscal 2024 Earnings Conference Call
Thursday, December 05, 2024, 5:00 PM Eastern
CORPORATE PARTICIPANTS
Antonio Neri - President, Chief Executive Officer
Marie Myers - Chief Financial Officer
Paul Glaser - Head of Investor Relations
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PRESENTATION
Operator
Good afternoon and welcome to the Fourth Quarter Fiscal 2024 Hewlett Packard Enterprise Earnings Conference Call. At this time, all participants will be in a listen-only mode. We will be facilitating a question and answer session towards the end of the conference. Should you need assistance during the call, please signal a conference specialist by pressing the "*" key followed by "0." As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's call, Paul Glaser, Head of Investor Relations. Please go ahead, sir.
Paul Glaser
Good afternoon. I'm Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to our fiscal 2024 fourth quarter earnings conference call, with Antonio Neri, HPE's President and Chief Executive Officer and Marie Myers, HPE's Chief Financial Officer.
Before handing the call to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be available shortly after the call concludes. We have posted the press release and the slide presentation accompanying the release on our HPE investor relations web page. Elements of the financial information referenced on this call are forward-looking and are based on our best view of the world and our businesses as we see them today. HPE assumes no obligation and does not intend to update any such forward-looking statements.
We also note that the financial information discussed on this call reflects estimates based on information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-K for the fiscal year ended October 31st, 2024. For more detailed information, please see the disclaimers on the earnings materials relating to forward- looking statements that involve risks, uncertainties, and assumptions. Please refer to HPE's filings with the SEC for a discussion of these risks.
For financial information we have expressed on a non-GAAP basis, we have provided reconciliations to the comparable GAAP information on our website. Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. Throughout this conference call, all revenue growth rates, unless noted otherwise, are presented on a year-over-year basis and adjusted to exclude the impact of currency. Finally, Antonio and Marie will reference our earnings presentation in their prepared comments.
With that, let me turn it over to Antonio.
Antonio Neri
Thank you, Paul, and thank you all for joining us today. Before I share my comments on our quarterly and yearly performance, I would like to provide an update on the Juniper Networks acquisition.
We have received approvals from key geographies around the world, including the European Union, UK, India, South Korea and Australia, which have given unconditional clearance and see the competitive benefits of the transaction. In the United States, we are engaged with the Department of Justice, and we expect the review will continue into the new calendar year. We anticipate the deal will close in the early part of 2025, within the previously stated timeframe.
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Both HPE and Juniper continue to believe the transaction will enable us to provide a complete portfolio of modern, secure networking solutions that offer essential foundations for both Hybrid Cloud and AI. The combined companies' enhanced ability to compete and innovate will fundamentally improve the networking industry. This transaction will also strengthen US National Security interests by advancing HPE's position as a strong US Innovator among global technology companies.
Turning to results, we had an exceptional fourth quarter to cap off a strong year. In actual dollar terms, we generate a record quarterly revenue of $8.5 billion, up 15% year-over-year, exceeding $8 billion for the first time in our history. Our results reflect the continued adoption of HPE GreenLake and the acceleration of our revenue growth in AI.
Q4 and fiscal year 2024 results exceeded our expectations for revenue, dilute and net earnings per share and free cash flow. We draw sequential revenue growth across each of our segments, a continuation of the positive momentum we saw build throughout the year across our business.
Q4 constituted our third consecutive quarter of improved year-over-year growth rates and revenue, non-GAAP operating profit, and non-GAAP diluted net earnings per share. Contributing significantly to our performance was record server revenue of $4.7 billion, up 31% year-over-year, a third consecutive quarter of double-digit growth.
Sequentially, AI systems revenue was up 16% to $1.5 billion, exiting fiscal year 2024 with $6.7 billion in cumulative orders since Q1 of fiscal year 2023. After the close of Q4, I am pleased to share that our AI systems demand remains strong. We have received new orders bringing AI systems backlog to over $3.5 billion.
Our traditional server business also continues to reflect the improvement market dynamics, as we draw our third consecutive quarter of year-over-year double-digit orders growth.
Hybrid cloud revenue grew 18% year-over-year and 21% sequentially, resulting in revenue of $1.6 billion, with increasing revenue for HPE Private Cloud and continued growth in HPE Storage.
We are seeing customers like Lupin Limited, a large India pharmaceutical company, repatriate workloads from the public cloud to enhance their data security amid regulatory and compliance requirements.
Customer adoption of our HPE Alletra Storage MP solutions continues to rise at an accelerated pace. Since launch, we have sold approximately 3,000 systems. Miami-Dade County, the seventh most populous county in the United States, implemented HPE Alletra Storage MP to consolidate an existing storage footprint to lower TCO and improve performance and sustainability.
Our Intelligent Edge business achieved its third consecutive quarter of orders growth, reflecting our expectations for an improving demand environment. We are particularly pleased with the double-digit year-over-year orders growth that we saw in data center networking, an important growth market for our HPE Aruba Networking business.
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HPE financial services financing volumes of $2.1 billion rose to an all-time high this quarter, driven by strong demand for HPE GreenLake and AI Financing. It is clear customers need more investment capacity whether to deploy AI or to accelerate the adoption of Hybrid Cloud.
Our record-breaking revenue performance in Q4 resulted in record profitability with non-GAAP operating profit of $938 million. That translated to non-GAAP operating margin of more than 11%, a 110 basis points increase sequentially.
As a result of our exceptional Q4 performance, fiscal year 2024 revenue growth topped 3% year-over-year, exceeding $30 billion as we added more than 9,000 new customers across the portfolio. Combined with our discipline operating expense management, which accelerated in the back-half of the year, we generated a record-breaking $2.3 billion in free cash flow, exceeding our guidance of at least $1.9 billion for the year.
We closed the year on a strong note, exceeding our full year commitments for revenue, diluted net earnings per share, and free cash flow. We are very pleased with our results and excited about the opportunities ahead for HPE.
It is clear our strategy is working. We have a tremendous set of assets, including extensive solutions from edge to cloud, enabling us to meet our customer needs across AI, networking, and hybrid cloud. Providing a full stack of product and services clearly differentiates us versus our competition and accelerates value for our shareholders.
In Q4, we continue our investment in innovation, which further enhances our product portfolio and positions us to capture additional market share. AI is clearly transformative for our customers, and HPE is positioned to lead in the next wave of innovation. At our recent AI day, we announced the industry-first, 100% fanless direct liquid cooling architecture, a critical capability for customers to leverage the next generation of direct liquid cooled GPUs and CPUs, while facilitating peak performance as they manage increased energy densities.
This industry-first architecture is unique to HPE and results from decades of experience in liquid cooling technologies. Two weeks ago, at SC24, we announced our newest 400 gigabits HPE Slingshot direct liquid cool networking fabric of products, engineered to support both generative AI cluster workloads and exascale supercomputing.
These innovations are enhancing the performance of our AI systems and supercomputing product lines, differentiating us from the competition. At SC24, we also announced that HPE has delivered the fastest verified supercomputer in the world to the US Department of Energy's Lawrence Livermore National Laboratory. El Capitan is not only the world's fastest supercomputer at more than 1.7 exaflop, it is also among the most energy efficient in the world.
HPE now has deployed seven of the top 10 fastest supercomputers in the world, including numbers one, two, and three on the list. We also continue to innovate to help accelerate enterprise adoption of AI. Since launching HPE Private Cloud AI, we have expanded our collaboration with Deloitte to help businesses of all sizes to deploy AI solutions tailored for their industry-specific use cases such as C-suite AI and many others.
In addition, we introduced the Unleash AI Partner Program to grow our ecosystem and expand customers' ability to address their AI use cases with HPE Private Cloud AI. While we are still in early days, interest is strong with hundreds of customers in the pipeline, with many compelling proof-of-concept underway.
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We closed our first deals during Q4, including RWE, a leading company in the field of renewable energy, which selected HPE Private Cloud AI to unlock insights from weather data. Customers are also asking us to help them simplify their VMware private clouds and optimize their virtualization costs.
At HPE Discover Barcelona two weeks ago, we launched HPE VM Essentials, which enables customers to manage their virtualization states across HPE VMware and many others. We have built on our recent acquisitions of Morpheus Data and OpsRamp, giving customers operational flexibility and allowing them to no longer be locked into a single virtualization vendor.
With HPE VM Essentials, they can achieve up to five times lower TCO. As a part of our HPE VM Essentials, we also provide an enterprise-grade open-source KVM virtualization solution. This allows customers to dramatically reduce costs, while increasing their flexibility to innovate across a full suite of hybrid cloud operations capabilities in an on-premises multi-stack and a multi-cloud public environment.
In storage, we continue to invest in our multi-protocol HPE Alletra Storage MP platform as we transition our storage portfolio to an AI-driven, cloud-native, and disaggregated architecture. Our new HPE Alletra Storage MP X 10000 is a revolutionary new high-performance object storage designed for AI exabyte scale and optimized for high-speed unstructured data lakes with rapid restore for backup and recovery.
Our AWS S3 compatible object storage interface and deduplication, supports up to 20 times data reduction and streamlines integration with any available backup solution in the market. With HPE Alletra Storage MP X 10000, customers can achieve up to six times faster object storage performance compared to competitor solutions in the market.
Finally, our Innovation Intelligent Edge are helping us to advance HPE Aruba Networking Central with AIOps copilot capabilities built into our HPE GreenLake cloud. During the quarter, we announced two new solutions to enhance the networking operators experience and security for our customers.
The first is the integration with HPE OpsRamp to monitor third-party devices. We also introduced a behavioral analytical-based network detection and response capability, where we are leveraging network and telemetry to train AI models to monitor customer IoT devices. We have an important place in the market, as a leading technology innovator. I am proud that HPE team members around the globe bring our innovations to customers every day to help them modernize their IT infrastructure and transform for the better.
I am very pleased with our exceptional fourth quarter results and the resulting outperformance in several of our full year commitments to our shareholders. Our strategy is well aligned to the megatrends reshaping networking, hybrid cloud, and AI, and our unique product portfolio is well- positioned to capture new customers and accelerate value for our shareholders. We expect the pending acquisition of Juniper Networks to further enhance our portfolio providing customers with complete edge-to-cloud solutions.
I am extremely excited about the significant opportunity we have in the coming fiscal year to drive increased value for our shareholders. I am optimistic about what we can achieve and look forward to the year ahead.
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Now let me turn the call over to Marie, who will provide more details about our Q4 results and guide for the first quarter. Marie.
Marie Myers
Thank you, Antonio and good afternoon. We ended fiscal 2024 on solid footing and exceeded what we said we would do. We achieved record quarterly revenue, delivered solid profitability, and generated free cash flow above our guidance. We executed well in a dynamic environment, growing revenue sequentially in each segment as investments in AI are leading to infrastructure refreshes.
In Q4, we also maintained disciplined cost management and improved non-GAAP operating profit. A few highlights from our 2024 results. We grew AI systems revenue more than 150% to $4.1 billion and met our server non-GAAP operating margin target. We continued our product transition within storage and ended the year with Alletra MP accounting for a meaningful portion of total storage orders. Our transition to more software defined storage will drive a greater mix of higher-margin recurring revenue over the long-term.
Lastly, in Intelligent Edge, we rightsized our cost structure as we navigated a digestion period. We grew fiscal 2024 revenue 3% to $30.1 billion exceeding the high-end of the outlook range we provided in September.
Non-GAAP diluted net EPS of $1.99 and free cash flow of $2.3 billion both came in above our revised outlook ranges. In total we returned $826 million to shareholders via dividends and share repurchases. Overall, our results reflect focused execution and improving demand as customers implement AI strategies.
Let me dive into the details of the quarter. We delivered record quarterly revenue and our second highest non-GAAP diluted net EPS, both of which came in above the high end of guidance. Total revenue grew 15% year-over-year and 9% quarter-over-quarter to a record $8.5 billion. Growth in the quarter was led by strong conversion of AI systems backlog, refreshes in traditional compute, better than expected performance within Hybrid Cloud, and a continued recovery in networking.
We are pleased to report non-GAAP diluted net EPS of $0.58 above the high-end of guidance despite dilution from the issuance of our convertible preferred securities in September which was not factored into our outlook. ARR grew 48% year-over-year to $1.9 billion, nearly doubling since Q1 2023 primarily driven by HPE GreenLake. We added approximately 2,000 new HPE GreenLake customers during the quarter ending the year with approximately 39,000 unique customers.
I am happy to report continued demand for our differentiated AI system offerings, which resulted in strong double-digit sequential revenue growth to $1.5 billion. This record contribution from AI systems revenue, combined with lower mix of Intelligent Edge, drove gross margin down 390 basis points year-over-year and 90 basis points quarter-over-quarter to 30.9%.
Non-GAAP operating expenses decreased 9% year-over-year, as reported and were down $5 million quarter-over-quarter, as we focus on streamlining our cost structure and are closely managing discretionary expenses. Non-GAAP operating margin was 11.1%, up 140 basis points year-over-year and up 110 basis points sequentially. Strong profitability rolled through to free cash flow, which exceeded our expectations and totaled $1.5 billion. Fiscal 2024 free cash flow was $2.3 billion our highest ever for the full year.
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GAAP diluted net EPS of $0.99 and non-GAAP diluted net EPS of $0.58 were both above guidance, benefiting from better than expected OI&E and expense management. GAAP EPS benefited primarily from a lower than previously expected tax expense on a aggregated H3C dispositions. Non-GAAP diluted net EPS excludes the gain, we recognized on the partial sale of our H3C investment at $162 million in net costs, primarily from stock-based compensation expense, acquisition and other related charges and amortization of intangibles.
Now let's turn to the segment results. Our server business was a key driver of record quarterly revenue and grew double-digits year-over-year for the third consecutive quarter. Server revenue achieved an all-time high of $4.7 billion, up 31% year-over-year and up 9% quarter- over-quarter with sequential growth in AI systems and traditional servers.
The traditional compute business continued its momentum during the quarter and grew sequentially for the fourth consecutive quarter, driven by ongoing refreshes to our Gen11 server products, which carry higher AUPs. Adoption has been strongest in North America and Europe, as customers are investing in new workloads. In the fourth quarter, Gen11 accounted for more than two-thirds of our core compute revenue and contributed to AUP growth.
In AI systems, we continue to grow the business to new highs. AI systems orders during the quarter were in-line with our expectations at approximately $1.2 billion. However, we had an order de-book in Q4, leaving our net orders for the quarter at approximately $500 million. Subsequent to the end of the quarter, we have received orders that bring our current backlog to over $3.5 billion. As we have mentioned before, AI systems orders can be lumpy and this is an example of that. Fourth quarter server operating margin was 11.6%, up 150 basis points year- over-year and up 80 basis points quarter-over-quarter.
Moving to Hybrid Cloud, we grew revenue 18% year-over-year and 21% quarter-over-quarter to $1.6 billion, materially exceeding our guidance of a slight revenue increase. Revenue growth was led by Private Cloud and the continued ramp of Alletra MP. During the quarter, we received our first orders for Private Cloud AI as we target a growing pipeline that includes corporations across verticals and regions.
Interest is strong in manufacturing, education, and financial services. We have also deployed Private Cloud AI internally and are moving use cases from the Public Cloud due to better cost performance and compliance.
In storage, we are balancing investments in owned IP products against market trends. Alletra MP remains ahead of our expectations and is the fastest ramping storage product in our company's history.
Keep in mind, these sales carry a higher portion of deferred software and services revenue, which takes longer to translate to the P&L but benefits margins long-term. Hybrid Cloud operating margin was 7.7%, up 390 basis points year-over-year and up 260 basis points sequentially, predominantly due to better OPEX controls.
Now, on to Intelligent Edge. We believe the business remains at a path of recovery and customers have largely digested excess inventories. Total Intelligent Edge revenue was $1.1 billion, down 20% year-over-year and essentially flat quarter-over-quarter. Sequentially, we saw growth in services, WLAN products and software, partially offset by declines in switching and campus.
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Importantly, we are seeing more large deals in our pipeline, giving us confidence that demand is improving. Keep in mind, we were still benefiting from the drawdown of networking backlog in Q1 of fiscal 2024. Operating margin of 24.4% was down 270 basis points year-over-year but up 200 basis points quarter-over-quarter due to lower OPEX in line with our expectations.
Lastly, Financial Services. Our Financial Services business generated $893 million of revenue, up 2% year-over-year and up 1% quarter-over-quarter. Financing volumes increased 41% year- over-year to a new all-time high of $2.1 billion. Our Q4 loss ratio remained steady near 0.5% and return on equity totaled 17%. Operating margin was 9.2%, up 120 basis points year-over- year and up 20 basis points quarter-over-quarter.
Moving to cash flow and capital allocation. We generated strong operating cash flow of $2 billion and free cash flow of $1.5 billion in the quarter, both of which exceeded our expectations due to higher revenue and increased collections. For the full year, free cash flow was a record $2.3 billion, above our guidance of $1.9 billion. Q4 cash conversion cycle was a negative 12 days, down eight days from Q4 '23 and down 16 days from last quarter.
Inventory ended the year at $7.8 billion, up 2% quarter-over-quarter due to the nature of our AI systems business. We are focused on reducing inventory during fiscal 2025 as we convert AI systems backlog and grow our storage business. During Q4, we returned $169 million via dividends and $50 million via share repurchases to common shareholders, respectively. We returned a total of $826 million during the full year.
Moving to our outlook for fiscal Q1 2025. As Antonio said, we expect to close the Juniper transaction in early 2025 at which time we will provide combined company guidance for fiscal 2025.
However, let me provide some high-level thoughts, as to how we are thinking about the upcoming year. Overall customer conversations indicate higher IT spending in 2025 with multiple tailwinds that should contribute to revenue growth. We expect continued recovery in traditional compute and growing adoption of AI systems by enterprises and sovereigns, although we expect orders to remain competitive and lumpy.
In Hybrid Cloud, we are beginning to see customers accelerate digital transformation projects in order to execute on AI strategies. And in networking, we expect demand will modestly recover throughout the year. For the first quarter we expect year-over-year revenue growth to be in the mid-teens.
On a sequential basis, this is in-line with normal seasonality. We expect server revenue to be down quarter-over-quarter. We expect flat to modest growth sequentially in traditional compute and lower AI systems contribution following a very strong quarter. Server operating margin will be closer to 10% to 11%, as customers navigate the transition to NextGen GPUs.
In Hybrid Cloud, we expect a sequential decline in the first quarter due to stronger than seasonal growth in Q4, with operating margin in the mid-single-digit range. And in networking, we are still managing prolonged sales cycles and expect the business to be around historical seasonality of flattish sequential growth. We expect Intelligent Edge operating margin to be in the low 20% range due to mix.
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Gross margin will benefit from a more favorable revenue mix, and we expect a modest sequential decrease in OPEX. OI&E is expected to positively contribute to the bottom-line with higher net interest income more than offsetting $0.02 of headwinds associated with the cost of our Juniper Financing.
Overall, we estimate Q1 GAAP diluted net EPS to be between $0.31 and $0.36 and non-GAAP diluted net EPS to be between $0.47 and $0.52 based on 1.4 billion diluted weighted average shares outstanding, including $76 million of dilution from our convertible preferred securities.
For free cash flow, we typically consume cash in the first quarter. We intend to procure components needed to meet current and future AI systems demand, while continuing to manage inventory. For Q1, we intend to buy back shares of common stock at a similar pace to Q4. We remain committed in the long-term to our balanced capital allocation framework, our dividend, and our investment-grade rating.
In summary, we delivered strong Q4 results and ended fiscal 2025, well-positioned to drive profitable growth and generate free cash flow that we can reinvest into the business while also returning capital to shareholders.
With that, I'll turn it over for Q&A.
QUESTION AND ANSWER
Operator
Thank you. We will now begin the question and answer session. To ask a question, you may press "*" then "1" on your touchtone phone. If you are using a speakerphone, please pick-up your handset before pressing the keys. To withdraw your question, please press "*" then "2". We also request that you ask only one question. We will now pause for just a moment to assemble our roster.
And your first question today will come from Wamsi Mohan with Bank of America. Please go ahead.
Wamsi Mohan
Hi, yes. Thank you so much and congrats on the strong quarter and guide, especially given the dilution from the preferred stock. As we look at your AI business, can you maybe give us some sense of how your AI pipeline is shaping up, given that the backlog levels kind of dipped in the quarter? And I know you made some comments about how it's backed up intra-quarter. But can you give us some sense of how the pipeline looks and what the composition of that could be? Thank you.
Antonio Neri
Yes. Thanks, Wamsi. This is Antonio. And good afternoon. The pipeline is a multiple of the current backlog which we shared as of a day ago, which is basically more than $3.5 billion. And inside our pipeline, obviously remember there is four key segments of the market. Obviously, the biggest driver continues to be what I call segment one or model builders, hyperscalers as well as now the tier 2, tier 3 that they are in the business to provide GPU capacity on demand on a per hour basis. So they continue to be the two biggest driver. But what I'm really pleased, and Marie and I have made those comments in our remarks, is the fact that we see now the enterprise AI pipeline continue to grow steadily.
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There are hundreds of customers on that pipeline. The size of the deal will vary obviously because it's not the same size of the deal of the other two segments. But there are some very interesting large-size deals in the pipeline, and they are doing proof-of-concept. But the positive news is that, remember that we made the announcement of the offer that co-engineered solution with NVIDIA in June, and we made it available only on September 09.
So really, we had seven weeks to be able to collect orders. We already collected orders in enterprise AI and we already closed deals in enterprise AI. And two weeks ago, we made additional enhancement to that offer, particularly with a partner ecosystem, including Deloitte. So very pleased. This is going to be a growth driver in 2025, as we go forward. And then on the first two segment obviously, the transition, I would say, to the latest GPUs that will happen over the course of the next few quarters.
Wamsi Mohan
Very good. Thank you.
Paul Glaser
Thank you, Wamsi. Next question please.
Operator
And your next question today will come from Meta Marshall with Morgan Stanley. Please go ahead.
Meta Marshall
Great, thanks and congrats on the quarter. Maybe diving into gross margins. Can you just talk about some of the puts and takes on maybe particularly server margin this quarter and just kind of the weight of some of the XD servers versus El Capitan recognition or just some of the dynamics that play on gross margins would be helpful? Thank you.
Marie Myers
Hi, Meta, good afternoon. It's Marie. And first of all, I'll just add up by saying, as you know, we typically don't get into gross margin at the segment level, but let me give you some color around how we think about our op-margins. First of all, I'd say look, from a service segment perspective, really pleased with the performance in the quarter. We were at 11.6%. And if you think about it, we actually had our highest ever AI server revenue of $1.5 billion. So I think you can see just the performance there.
In terms of the color and how to think about it, El Capitan actually was included in the quarter, so we did actually get the final acceptances. A couple of points to note. If you look at the mix inside server, we see traditional compute particularly Gen11, we're about two-thirds of the mix so far to-date, and that particularly has higher configurations. And as a result, it is driving richer AUPs and obviously higher structural margins. And also, frankly, we've been really successful about passing over commodity costs. And if you look at both the GPU servers, it is competitive but you can see the revenue scale is helping us out there. And then finally, I think Meta we've been really prudent with our cost controls and all of that's playing off in terms of our OPEX discipline. So that's how we're thinking about server margins.
Antonio Neri
But in addition to what Marie said Meta, is this was the third consecutive quarter of double-digit year-over-year orders growth in the traditional server. And when I think about the opportunity ahead of us, there are just for HPE, 0.5 million units in the installed base that must be refreshed
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Disclaimer
Hewlett Packard Enterprise Co. published this content on December 09, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 09, 2024 at 19:59:02.509.