Stock Analysis on Net

Elevance Health Inc. (NYSE:ELV)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Elevance Health Inc., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.64 0.66 0.64 0.60 0.63
Debt to equity (including operating lease liability) 0.66 0.69 0.67 0.63 0.65
Debt to capital 0.39 0.40 0.39 0.38 0.39
Debt to capital (including operating lease liability) 0.40 0.41 0.40 0.39 0.40
Debt to assets 0.23 0.23 0.24 0.23 0.26
Debt to assets (including operating lease liability) 0.24 0.24 0.25 0.24 0.27
Financial leverage 2.77 2.83 2.70 2.61 2.44
Coverage Ratios
Interest coverage 8.49 10.13 10.93 8.96 9.02
Fixed charge coverage 7.51 8.82 8.48 6.10 7.34

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Elevance Health Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Elevance Health Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Elevance Health Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Elevance Health Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Elevance Health Inc. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Elevance Health Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Elevance Health Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Elevance Health Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Elevance Health Inc. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Debt to Equity

Elevance Health Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
 
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Solvency Ratio
Debt to equity1 0.64 0.66 0.64 0.60 0.63
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.38 0.46 0.50 0.57 0.58
Cigna Group 0.67 0.69 0.71 0.65 0.83
CVS Health Corp. 0.81 0.74 0.75 0.93 1.07
Danaher Corp. 0.34 0.39 0.49 0.53 0.72
Humana Inc. 0.74 0.75 0.80 0.51 0.49
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.47 0.46 0.51 0.49 0.51
UnitedHealth Group Inc. 0.70 0.74 0.64 0.66 0.71
Debt to Equity, Sector
Health Care Equipment & Services 0.59 0.60 0.61 0.64 0.72
Debt to Equity, Industry
Health Care 0.81 0.72 0.79 0.89 0.90

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 25,120 ÷ 39,306 = 0.64

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Elevance Health Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Debt to Equity (including Operating Lease Liability)

Elevance Health Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
Operating leases, lease liabilities, current (located in Other current liabilities) 164 181 133 110 158
Operating leases, lease liabilities, noncurrent (located in Other noncurrent liabilities) 685 751 864 847 482
Total debt (including operating lease liability) 25,969 25,046 24,028 20,992 20,725
 
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Solvency Ratio
Debt to equity (including operating lease liability)1 0.66 0.69 0.67 0.63 0.65
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.41 0.49 0.54 0.61 0.61
Cigna Group 0.68 0.70 0.73 0.67 0.84
CVS Health Corp. 1.04 1.00 1.01 1.23 1.39
Danaher Corp. 0.37 0.41 0.52 0.56 0.74
Humana Inc. 0.77 0.79 0.84 0.54 0.53
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.49 0.48 0.53 0.51 0.51
UnitedHealth Group Inc. 0.76 0.80 0.70 0.73 0.77
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.66 0.67 0.69 0.72 0.80
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.86 0.78 0.84 0.95 0.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 25,969 ÷ 39,306 = 0.66

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Elevance Health Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Capital

Elevance Health Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Total capital 64,426 60,421 59,091 53,234 51,813
Solvency Ratio
Debt to capital1 0.39 0.40 0.39 0.38 0.39
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.28 0.31 0.34 0.36 0.37
Cigna Group 0.40 0.41 0.42 0.40 0.45
CVS Health Corp. 0.45 0.42 0.43 0.48 0.52
Danaher Corp. 0.26 0.28 0.33 0.35 0.42
Humana Inc. 0.42 0.43 0.44 0.34 0.33
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.32 0.31 0.34 0.33 0.34
UnitedHealth Group Inc. 0.41 0.43 0.39 0.40 0.41
Debt to Capital, Sector
Health Care Equipment & Services 0.37 0.37 0.38 0.39 0.42
Debt to Capital, Industry
Health Care 0.45 0.42 0.44 0.47 0.47

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,120 ÷ 64,426 = 0.39

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Elevance Health Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Debt to Capital (including Operating Lease Liability)

Elevance Health Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
Operating leases, lease liabilities, current (located in Other current liabilities) 164 181 133 110 158
Operating leases, lease liabilities, noncurrent (located in Other noncurrent liabilities) 685 751 864 847 482
Total debt (including operating lease liability) 25,969 25,046 24,028 20,992 20,725
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Total capital (including operating lease liability) 65,275 61,353 60,088 54,191 52,453
Solvency Ratio
Debt to capital (including operating lease liability)1 0.40 0.41 0.40 0.39 0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.29 0.33 0.35 0.38 0.38
Cigna Group 0.40 0.41 0.42 0.40 0.46
CVS Health Corp. 0.51 0.50 0.50 0.55 0.58
Danaher Corp. 0.27 0.29 0.34 0.36 0.43
Humana Inc. 0.44 0.44 0.46 0.35 0.34
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.33 0.32 0.35 0.34 0.34
UnitedHealth Group Inc. 0.43 0.45 0.41 0.42 0.44
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.40 0.40 0.41 0.42 0.45
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.46 0.44 0.46 0.49 0.49

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 25,969 ÷ 65,275 = 0.40

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Elevance Health Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Assets

Elevance Health Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
 
Total assets 108,928 102,772 97,460 86,615 77,453
Solvency Ratio
Debt to assets1 0.23 0.23 0.24 0.23 0.26
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.20 0.23 0.24 0.26 0.27
Cigna Group 0.20 0.22 0.22 0.21 0.24
CVS Health Corp. 0.25 0.23 0.24 0.28 0.31
Danaher Corp. 0.22 0.23 0.27 0.28 0.35
Humana Inc. 0.26 0.27 0.29 0.20 0.20
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.27 0.27 0.28 0.27 0.28
UnitedHealth Group Inc. 0.23 0.23 0.22 0.22 0.23
Debt to Assets, Sector
Health Care Equipment & Services 0.23 0.23 0.24 0.24 0.27
Debt to Assets, Industry
Health Care 0.29 0.27 0.28 0.30 0.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,120 ÷ 108,928 = 0.23

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Elevance Health Inc. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Elevance Health Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 225 265 275 700
Current portion of long-term debt 1,649 1,500 1,599 700 1,598
Long-term debt, less current portion 23,246 22,349 21,157 19,335 17,787
Total debt 25,120 24,114 23,031 20,035 20,085
Operating leases, lease liabilities, current (located in Other current liabilities) 164 181 133 110 158
Operating leases, lease liabilities, noncurrent (located in Other noncurrent liabilities) 685 751 864 847 482
Total debt (including operating lease liability) 25,969 25,046 24,028 20,992 20,725
 
Total assets 108,928 102,772 97,460 86,615 77,453
Solvency Ratio
Debt to assets (including operating lease liability)1 0.24 0.24 0.25 0.24 0.27
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.22 0.24 0.26 0.27 0.28
Cigna Group 0.21 0.22 0.22 0.22 0.24
CVS Health Corp. 0.32 0.31 0.33 0.37 0.40
Danaher Corp. 0.23 0.25 0.28 0.29 0.36
Humana Inc. 0.27 0.28 0.31 0.21 0.22
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.28 0.27 0.29 0.28 0.28
UnitedHealth Group Inc. 0.25 0.25 0.24 0.24 0.26
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.25 0.26 0.27 0.28 0.30
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.31 0.29 0.30 0.32 0.33

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 25,969 ÷ 108,928 = 0.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Elevance Health Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Elevance Health Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 108,928 102,772 97,460 86,615 77,453
Shareholders’ equity 39,306 36,307 36,060 33,199 31,728
Solvency Ratio
Financial leverage1 2.77 2.83 2.70 2.61 2.44
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 1.90 2.03 2.10 2.21 2.18
Cigna Group 3.30 3.21 3.29 3.09 3.44
CVS Health Corp. 3.27 3.21 3.10 3.32 3.48
Danaher Corp. 1.58 1.68 1.84 1.92 2.05
Humana Inc. 2.89 2.81 2.76 2.55 2.42
Intuitive Surgical Inc. 1.16 1.17 1.14 1.15 1.18
Medtronic PLC 1.77 1.73 1.81 1.79 1.79
UnitedHealth Group Inc. 3.08 3.16 2.96 3.01 3.02
Financial Leverage, Sector
Health Care Equipment & Services 2.59 2.59 2.58 2.62 2.69
Financial Leverage, Industry
Health Care 2.79 2.67 2.77 2.93 2.91

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 108,928 ÷ 39,306 = 2.77

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Elevance Health Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Interest Coverage

Elevance Health Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,987 6,025 6,104 4,572 4,807
Add: Net income attributable to noncontrolling interest 4 (6) (9)
Add: Income tax expense 1,724 1,750 1,830 1,666 1,178
Add: Interest expenses 1,030 851 798 784 746
Earnings before interest and tax (EBIT) 8,745 8,620 8,723 7,022 6,731
Solvency Ratio
Interest coverage1 8.49 10.13 10.93 8.96 9.02
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 11.46 15.89 16.41 10.10 7.09
Cigna Group 4.94 7.43 6.22 8.76 5.11
CVS Health Corp. 5.20 3.46 5.16 4.36 3.96
Danaher Corp. 18.64 40.30 32.92 17.35 31.44
Humana Inc. 7.73 9.89 11.49 17.52 15.34
Intuitive Surgical Inc.
Medtronic PLC 9.43 10.98 5.21 4.71 4.60
UnitedHealth Group Inc. 9.97 13.59 14.44 13.47 11.55
Interest Coverage, Sector
Health Care Equipment & Services 8.30 10.13 9.75 8.49 6.98
Interest Coverage, Industry
Health Care 7.10 12.65 12.22 7.86 8.92

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 8,745 ÷ 1,030 = 8.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Elevance Health Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Fixed Charge Coverage

Elevance Health Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Shareholders’ net income 5,987 6,025 6,104 4,572 4,807
Add: Net income attributable to noncontrolling interest 4 (6) (9)
Add: Income tax expense 1,724 1,750 1,830 1,666 1,178
Add: Interest expenses 1,030 851 798 784 746
Earnings before interest and tax (EBIT) 8,745 8,620 8,723 7,022 6,731
Add: Operating lease expense 155 143 261 438 198
Earnings before fixed charges and tax 8,900 8,763 8,984 7,460 6,929
 
Interest expenses 1,030 851 798 784 746
Operating lease expense 155 143 261 438 198
Fixed charges 1,185 994 1,059 1,222 944
Solvency Ratio
Fixed charge coverage1 7.51 8.82 8.48 6.10 7.34
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 7.71 10.10 10.21 6.68 5.14
Cigna Group 4.64 6.87 5.61 7.84 4.67
CVS Health Corp. 3.15 2.16 3.03 2.75 2.56
Danaher Corp. 9.55 13.41 10.85 7.10 8.38
Humana Inc. 6.20 7.10 8.05 12.02 9.76
Intuitive Surgical Inc. 74.09 63.52 93.66 58.48 79.65
Medtronic PLC 6.90 7.79 4.31 3.98 3.97
UnitedHealth Group Inc. 7.27 8.77 8.80 8.51 7.65
Fixed Charge Coverage, Sector
Health Care Equipment & Services 5.83 6.50 6.22 5.60 4.86
Fixed Charge Coverage, Industry
Health Care 5.54 8.98 8.66 5.80 6.65

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 8,900 ÷ 1,185 = 7.51

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Elevance Health Inc. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.