Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Vertex Pharmaceuticals Inc., liquidity ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Vertex Pharmaceuticals Inc. current ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Vertex Pharmaceuticals Inc. quick ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Vertex Pharmaceuticals Inc. cash ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Current Ratio
Vertex Pharmaceuticals Inc., current ratio calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Current assets | 14,144,200) | 14,695,800) | 13,872,900) | 12,965,700) | 13,234,800) | 12,271,000) | 11,503,500) | 10,361,300) | 9,560,600) | 8,852,540) | 8,457,514) | 8,539,307) | 8,133,379) | 7,458,456) | 6,694,320) | 5,446,400) | 4,822,829) | 4,777,094) | 4,710,968) | 4,183,039) | ||||||
| Current liabilities | 3,547,400) | 3,599,400) | 3,352,100) | 3,026,200) | 2,742,100) | 2,609,300) | 2,556,200) | 2,180,200) | 2,142,000) | 1,914,264) | 1,836,448) | 1,944,050) | 1,877,533) | 2,004,026) | 1,798,640) | 1,538,750) | 1,334,827) | 1,388,894) | 1,259,220) | 1,106,468) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Current ratio1 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | 4.46 | 4.62 | 4.61 | 4.39 | 4.33 | 3.72 | 3.72 | 3.54 | 3.61 | 3.44 | 3.74 | 3.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||
| AbbVie Inc. | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | 0.79 | 1.01 | 0.91 | 0.83 | 0.84 | 0.95 | 0.86 | 3.14 | 3.18 | 1.15 | 0.89 | 1.04 | ||||||
| Amgen Inc. | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | 1.59 | 1.64 | 1.31 | 1.66 | 1.81 | 2.28 | 2.18 | 1.59 | 1.44 | 2.89 | 2.89 | 2.77 | ||||||
| Bristol-Myers Squibb Co. | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | 1.52 | 1.47 | 1.54 | 1.56 | 1.58 | 1.67 | 1.47 | 1.66 | 1.60 | 3.83 | 3.88 | 1.93 | ||||||
| Eli Lilly & Co. | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | 1.23 | 1.30 | 1.15 | 1.42 | 1.40 | 1.36 | 1.22 | 1.11 | 1.16 | 1.17 | 1.13 | 1.12 | ||||||
| Gilead Sciences Inc. | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | 1.27 | 1.37 | 1.36 | 1.37 | 1.40 | 3.25 | 2.33 | 3.04 | 3.10 | 2.96 | 3.76 | 3.62 | ||||||
| Johnson & Johnson | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | 1.35 | 1.34 | 1.39 | 1.28 | 1.21 | 1.48 | 1.25 | 1.31 | 1.26 | 1.26 | 1.33 | 1.44 | ||||||
| Merck & Co. Inc. | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | 1.27 | 1.31 | 1.31 | 1.02 | 1.02 | 1.30 | 1.32 | 1.11 | 1.24 | 1.26 | 1.21 | 1.37 | ||||||
| Pfizer Inc. | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | 1.40 | 1.39 | 1.37 | 1.48 | 1.35 | 1.40 | 1.42 | 1.03 | 0.88 | 0.90 | 1.47 | 1.54 | ||||||
| Regeneron Pharmaceuticals Inc. | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | 3.56 | 3.71 | 3.57 | 3.12 | 3.63 | 3.89 | 2.12 | 4.21 | 3.67 | 4.03 | 3.88 | 4.58 | ||||||
| Thermo Fisher Scientific Inc. | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | 1.50 | 3.19 | 2.78 | 2.53 | 2.13 | 2.93 | 2.62 | 2.32 | 1.92 | 1.80 | 1.49 | 1.69 | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 14,144,200 ÷ 3,547,400 = 3.99
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Vertex Pharmaceuticals Inc. current ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Quick Ratio
Vertex Pharmaceuticals Inc., quick ratio calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 10,369,100) | 11,110,200) | 10,151,100) | 9,289,900) | 10,504,000) | 9,171,500) | 8,702,200) | 7,600,100) | 6,795,000) | 6,275,698) | 6,063,678) | 6,304,330) | 5,988,187) | 5,358,087) | 4,831,332) | 3,593,412) | 3,109,322) | 3,397,941) | 3,294,684) | 2,893,885) | ||||||
| Marketable securities | 849,200) | 818,000) | 1,085,200) | 1,124,200) | 274,500) | 599,200) | 551,200) | 638,000) | 729,900) | 685,187) | 644,315) | 619,638) | 670,710) | 792,971) | 619,437) | 596,984) | 698,972) | 598,390) | 656,538) | 584,150) | ||||||
| Accounts receivable, net | 1,563,400) | 1,538,700) | 1,556,200) | 1,547,800) | 1,442,200) | 1,385,200) | 1,332,900) | 1,292,800) | 1,136,800) | 1,100,372) | 929,142) | 977,551) | 885,352) | 791,917) | 791,768) | 845,269) | 633,518) | 443,315) | 464,900) | 438,297) | ||||||
| Total quick assets | 12,781,700) | 13,466,900) | 12,792,500) | 11,961,900) | 12,220,700) | 11,155,900) | 10,586,300) | 9,530,900) | 8,661,700) | 8,061,257) | 7,637,135) | 7,901,519) | 7,544,249) | 6,942,975) | 6,242,537) | 5,035,665) | 4,441,812) | 4,439,646) | 4,416,122) | 3,916,332) | ||||||
| Current liabilities | 3,547,400) | 3,599,400) | 3,352,100) | 3,026,200) | 2,742,100) | 2,609,300) | 2,556,200) | 2,180,200) | 2,142,000) | 1,914,264) | 1,836,448) | 1,944,050) | 1,877,533) | 2,004,026) | 1,798,640) | 1,538,750) | 1,334,827) | 1,388,894) | 1,259,220) | 1,106,468) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Quick ratio1 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | 4.04 | 4.21 | 4.16 | 4.06 | 4.02 | 3.46 | 3.47 | 3.27 | 3.33 | 3.20 | 3.51 | 3.54 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||
| AbbVie Inc. | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.61 | 0.56 | 0.56 | 0.75 | 0.65 | 0.61 | 0.60 | 0.68 | 0.58 | 2.88 | 2.91 | 0.92 | 0.64 | 0.78 | ||||||
| Amgen Inc. | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | 1.06 | 1.19 | 0.86 | 1.16 | 1.30 | 1.65 | 1.60 | 1.10 | 1.01 | 2.28 | 2.41 | 2.37 | ||||||
| Bristol-Myers Squibb Co. | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | 1.20 | 1.16 | 1.16 | 1.25 | 1.28 | 1.43 | 1.26 | 1.38 | 1.26 | 3.63 | 3.61 | 1.64 | ||||||
| Eli Lilly & Co. | 0.52 | 0.58 | 0.63 | 0.79 | 0.63 | 0.71 | 0.67 | 0.77 | 0.80 | 0.79 | 0.67 | 0.83 | 0.85 | 0.79 | 0.68 | 0.64 | 0.68 | 0.66 | 0.67 | 0.65 | ||||||
| Gilead Sciences Inc. | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | 0.95 | 1.01 | 1.05 | 0.99 | 1.08 | 2.93 | 2.09 | 2.78 | 2.86 | 2.74 | 3.41 | 3.32 | ||||||
| Johnson & Johnson | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | 1.04 | 1.03 | 1.04 | 0.97 | 0.91 | 1.17 | 0.92 | 0.98 | 0.94 | 0.93 | 0.95 | 1.01 | ||||||
| Merck & Co. Inc. | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | 0.73 | 0.78 | 0.75 | 0.58 | 0.58 | 0.77 | 0.84 | 0.66 | 0.78 | 0.80 | 0.75 | 0.88 | ||||||
| Pfizer Inc. | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | 1.00 | 0.99 | 0.91 | 0.88 | 0.78 | 0.93 | 0.98 | 0.60 | 0.50 | 0.50 | 0.71 | 0.72 | ||||||
| Regeneron Pharmaceuticals Inc. | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | 2.98 | 3.03 | 2.92 | 2.39 | 2.86 | 3.02 | 1.61 | 3.38 | 2.81 | 3.14 | 2.99 | 3.66 | ||||||
| Thermo Fisher Scientific Inc. | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | 1.00 | 2.37 | 1.92 | 1.70 | 1.63 | 2.16 | 1.83 | 1.48 | 1.19 | 0.97 | 0.85 | 0.89 | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 12,781,700 ÷ 3,547,400 = 3.60
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Vertex Pharmaceuticals Inc. quick ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Cash Ratio
Vertex Pharmaceuticals Inc., cash ratio calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 10,369,100) | 11,110,200) | 10,151,100) | 9,289,900) | 10,504,000) | 9,171,500) | 8,702,200) | 7,600,100) | 6,795,000) | 6,275,698) | 6,063,678) | 6,304,330) | 5,988,187) | 5,358,087) | 4,831,332) | 3,593,412) | 3,109,322) | 3,397,941) | 3,294,684) | 2,893,885) | ||||||
| Marketable securities | 849,200) | 818,000) | 1,085,200) | 1,124,200) | 274,500) | 599,200) | 551,200) | 638,000) | 729,900) | 685,187) | 644,315) | 619,638) | 670,710) | 792,971) | 619,437) | 596,984) | 698,972) | 598,390) | 656,538) | 584,150) | ||||||
| Total cash assets | 11,218,300) | 11,928,200) | 11,236,300) | 10,414,100) | 10,778,500) | 9,770,700) | 9,253,400) | 8,238,100) | 7,524,900) | 6,960,885) | 6,707,993) | 6,923,968) | 6,658,897) | 6,151,058) | 5,450,769) | 4,190,396) | 3,808,294) | 3,996,331) | 3,951,222) | 3,478,035) | ||||||
| Current liabilities | 3,547,400) | 3,599,400) | 3,352,100) | 3,026,200) | 2,742,100) | 2,609,300) | 2,556,200) | 2,180,200) | 2,142,000) | 1,914,264) | 1,836,448) | 1,944,050) | 1,877,533) | 2,004,026) | 1,798,640) | 1,538,750) | 1,334,827) | 1,388,894) | 1,259,220) | 1,106,468) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Cash ratio1 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | 3.51 | 3.64 | 3.65 | 3.56 | 3.55 | 3.07 | 3.03 | 2.72 | 2.85 | 2.88 | 3.14 | 3.14 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||
| AbbVie Inc. | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.29 | 0.23 | 0.28 | 0.43 | 0.30 | 0.31 | 0.30 | 0.33 | 0.25 | 2.50 | 2.56 | 0.61 | 0.32 | 0.38 | ||||||
| Amgen Inc. | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | 0.66 | 0.87 | 0.55 | 0.82 | 0.91 | 1.24 | 1.09 | 0.68 | 0.69 | 1.94 | 2.05 | 2.07 | ||||||
| Bristol-Myers Squibb Co. | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | 0.78 | 0.73 | 0.68 | 0.75 | 0.83 | 1.03 | 0.92 | 0.95 | 0.84 | 3.10 | 3.02 | 0.99 | ||||||
| Eli Lilly & Co. | 0.11 | 0.11 | 0.15 | 0.23 | 0.13 | 0.18 | 0.18 | 0.19 | 0.26 | 0.28 | 0.22 | 0.26 | 0.29 | 0.30 | 0.20 | 0.14 | 0.21 | 0.15 | 0.20 | 0.19 | ||||||
| Gilead Sciences Inc. | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | 0.56 | 0.56 | 0.64 | 0.58 | 0.65 | 2.52 | 1.79 | 2.34 | 2.50 | 2.39 | 3.03 | 2.97 | ||||||
| Johnson & Johnson | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | 0.70 | 0.70 | 0.65 | 0.60 | 0.59 | 0.79 | 0.52 | 0.54 | 0.54 | 0.51 | 0.49 | 0.53 | ||||||
| Merck & Co. Inc. | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | 0.34 | 0.42 | 0.39 | 0.26 | 0.30 | 0.36 | 0.50 | 0.32 | 0.47 | 0.39 | 0.35 | 0.47 | ||||||
| Pfizer Inc. | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | 0.73 | 0.71 | 0.61 | 0.51 | 0.47 | 0.64 | 0.70 | 0.31 | 0.26 | 0.25 | 0.40 | 0.39 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | 1.45 | 1.56 | 1.05 | 1.09 | 1.33 | 1.29 | 0.85 | 1.95 | 1.53 | 1.63 | 1.56 | 2.14 | ||||||
| Thermo Fisher Scientific Inc. | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | 0.33 | 1.55 | 1.01 | 0.80 | 1.00 | 1.21 | 0.97 | 0.54 | 0.39 | 0.22 | 0.30 | 0.19 | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 11,218,300 ÷ 3,547,400 = 3.16
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Vertex Pharmaceuticals Inc. cash ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |