Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Target Corp., short-term (operating) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Target Corp. inventory turnover ratio deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 exceeding Q2 2024 level. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Target Corp. payables turnover ratio decreased from Q2 2024 to Q3 2024 but then increased from Q3 2024 to Q4 2024 not reaching Q2 2024 level. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Target Corp. number of days of inventory outstanding deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 exceeding Q2 2024 level. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Target Corp. number of days of payables outstanding increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024 not reaching Q2 2024 level. |
Inventory Turnover
Target Corp., inventory turnover calculation (quarterly data)
| Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Cost of sales | 23,403) | 18,149) | 17,798) | 18,386) | 23,946) | 19,680) | 20,142) | 18,461) | 22,761) | 18,206) | 17,280) | 16,716) | 20,485) | 15,509) | 15,673) | 14,510) | 17,056) | 12,935) | 12,625) | 12,248) | 16,900) | 12,535) | 12,239) | 11,625) | |||||||
| Inventory | 11,886) | 14,731) | 12,684) | 12,616) | 13,499) | 17,117) | 15,320) | 15,083) | 13,902) | 14,958) | 11,259) | 10,539) | 10,653) | 12,712) | 8,876) | 8,584) | 8,992) | 11,396) | 9,122) | 9,060) | 9,497) | 12,393) | 9,112) | 8,652) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||
| Inventory turnover1 | 6.54 | 5.31 | 6.29 | 6.51 | 6.09 | 4.73 | 5.19 | 5.09 | 5.39 | 4.86 | 6.22 | 6.49 | 6.21 | 4.94 | 6.78 | 6.65 | 6.10 | 4.80 | 5.95 | 5.95 | 5.61 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 12.77 | 11.96 | 12.77 | 12.68 | 12.82 | 10.94 | 11.13 | 10.81 | 11.14 | 10.46 | 12.01 | 11.62 | 11.19 | 10.08 | 11.84 | 12.70 | 11.63 | 9.73 | 11.66 | 11.52 | 11.28 | 10.34 | |||||||
| Walmart Inc. | 8.93 | 7.56 | 8.43 | 8.29 | 8.20 | 7.01 | 7.40 | 7.06 | 7.59 | 7.46 | 8.88 | 9.09 | 9.35 | 7.96 | 9.94 | 9.79 | 8.88 | 7.60 | 8.81 | 8.64 | 8.70 | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q4 2024 Calculation
Inventory turnover
= (Cost of salesQ4 2024
+ Cost of salesQ3 2024
+ Cost of salesQ2 2024
+ Cost of salesQ1 2024)
÷ Inventory
= (23,403 + 18,149 + 17,798 + 18,386)
÷ 11,886 = 6.54
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Target Corp. inventory turnover ratio deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 exceeding Q2 2024 level. |
Payables Turnover
Target Corp., payables turnover calculation (quarterly data)
| Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Cost of sales | 23,403) | 18,149) | 17,798) | 18,386) | 23,946) | 19,680) | 20,142) | 18,461) | 22,761) | 18,206) | 17,280) | 16,716) | 20,485) | 15,509) | 15,673) | 14,510) | 17,056) | 12,935) | 12,625) | 12,248) | 16,900) | 12,535) | 12,239) | 11,625) | |||||||
| Accounts payable | 12,098) | 14,291) | 12,278) | 11,935) | 13,487) | 15,438) | 14,891) | 14,053) | 15,478) | 16,250) | 12,632) | 11,637) | 12,859) | 14,203) | 10,726) | 9,625) | 9,920) | 11,258) | 9,152) | 8,360) | 9,761) | 11,959) | 9,116) | 8,131) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||
| Payables turnover1 | 6.43 | 5.48 | 6.50 | 6.88 | 6.10 | 5.25 | 5.34 | 5.46 | 4.84 | 4.47 | 5.54 | 5.88 | 5.15 | 4.42 | 5.61 | 5.94 | 5.53 | 4.86 | 5.93 | 6.45 | 5.46 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 12.46 | 10.57 | 12.16 | 12.28 | 12.56 | 11.07 | 11.17 | 10.80 | 10.74 | 9.06 | 10.49 | 10.45 | 10.79 | 8.83 | 10.23 | 12.93 | 12.45 | 9.31 | 11.38 | 11.49 | 11.96 | 9.61 | |||||||
| Walmart Inc. | 8.63 | 7.92 | 8.45 | 8.70 | 8.63 | 7.93 | 8.18 | 8.17 | 7.76 | 7.50 | 8.55 | 8.75 | 8.55 | 7.62 | 8.81 | 9.15 | 8.40 | 7.87 | 8.48 | 8.57 | 8.19 | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q4 2024 Calculation
Payables turnover
= (Cost of salesQ4 2024
+ Cost of salesQ3 2024
+ Cost of salesQ2 2024
+ Cost of salesQ1 2024)
÷ Accounts payable
= (23,403 + 18,149 + 17,798 + 18,386)
÷ 12,098 = 6.43
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Target Corp. payables turnover ratio decreased from Q2 2024 to Q3 2024 but then increased from Q3 2024 to Q4 2024 not reaching Q2 2024 level. |
Working Capital Turnover
Target Corp., working capital turnover calculation (quarterly data)
| Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Current assets | 17,498) | 18,599) | 16,098) | 15,773) | 17,846) | 20,393) | 18,453) | 17,953) | 21,573) | 22,576) | 20,231) | 19,931) | 20,756) | 20,309) | 17,623) | 14,615) | 12,902) | 13,805) | 12,119) | 11,607) | 12,519) | 14,639) | 11,503) | 10,876) | |||||||
| Less: Current liabilities | 19,304) | 21,502) | 19,332) | 17,867) | 19,500) | 23,783) | 22,445) | 20,724) | 21,747) | 23,351) | 19,422) | 18,598) | 20,125) | 19,357) | 15,892) | 14,412) | 14,487) | 16,608) | 14,364) | 13,239) | 15,014) | 17,590) | 14,038) | 12,044) | |||||||
| Working capital | (1,806) | (2,903) | (3,234) | (2,094) | (1,654) | (3,390) | (3,992) | (2,771) | (174) | (775) | 809) | 1,333) | 631) | 952) | 1,731) | 203) | (1,585) | (2,803) | (2,245) | (1,632) | (2,495) | (2,951) | (2,535) | (1,168) | |||||||
| Sales | 31,467) | 25,004) | 24,384) | 24,948) | 30,983) | 26,122) | 25,653) | 24,830) | 30,616) | 25,290) | 24,826) | 23,879) | 27,997) | 22,336) | 22,696) | 19,371) | 23,132) | 18,414) | 18,183) | 17,401) | 22,735) | 17,590) | 17,552) | 16,556) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | — | 122.42 | 72.70 | 146.43 | 91.95 | 48.30 | 389.66 | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 72.76 | 103.53 | 89.52 | 126.82 | 209.37 | 319.10 | 183.50 | 202.13 | 391.97 | 3,000.81 | — | — | — | 49.82 | 63.59 | 153.67 | 400.20 | 602.22 | — | — | 294.44 | |||||||
| Walmart Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q4 2024 Calculation
Working capital turnover
= (SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024
+ SalesQ1 2024)
÷ Working capital
= (31,467 + 25,004 + 24,384 + 24,948)
÷ -1,806 = —
2 Click competitor name to see calculations.
Average Inventory Processing Period
Target Corp., average inventory processing period calculation (quarterly data)
| Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||
| Inventory turnover | 6.54 | 5.31 | 6.29 | 6.51 | 6.09 | 4.73 | 5.19 | 5.09 | 5.39 | 4.86 | 6.22 | 6.49 | 6.21 | 4.94 | 6.78 | 6.65 | 6.10 | 4.80 | 5.95 | 5.95 | 5.61 | — | — | — | |||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||||
| Average inventory processing period1 | 56 | 69 | 58 | 56 | 60 | 77 | 70 | 72 | 68 | 75 | 59 | 56 | 59 | 74 | 54 | 55 | 60 | 76 | 61 | 61 | 65 | — | — | — | |||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 29 | 31 | 29 | 29 | 28 | 33 | 33 | 34 | 33 | 35 | 30 | 31 | 33 | 36 | 31 | 29 | 31 | 37 | 31 | 32 | 32 | 35 | |||||||
| Walmart Inc. | 41 | 48 | 43 | 44 | 45 | 52 | 49 | 52 | 48 | 49 | 41 | 40 | 39 | 46 | 37 | 37 | 41 | 48 | 41 | 42 | 42 | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q4 2024 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 6.54 = 56
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Target Corp. number of days of inventory outstanding deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 exceeding Q2 2024 level. |
Average Payables Payment Period
Target Corp., average payables payment period calculation (quarterly data)
| Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | Nov 3, 2018 | Aug 4, 2018 | May 5, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||
| Payables turnover | 6.43 | 5.48 | 6.50 | 6.88 | 6.10 | 5.25 | 5.34 | 5.46 | 4.84 | 4.47 | 5.54 | 5.88 | 5.15 | 4.42 | 5.61 | 5.94 | 5.53 | 4.86 | 5.93 | 6.45 | 5.46 | — | — | — | |||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||||
| Average payables payment period1 | 57 | 67 | 56 | 53 | 60 | 70 | 68 | 67 | 75 | 82 | 66 | 62 | 71 | 83 | 65 | 61 | 66 | 75 | 62 | 57 | 67 | — | — | — | |||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 29 | 35 | 30 | 30 | 29 | 33 | 33 | 34 | 34 | 40 | 35 | 35 | 34 | 41 | 36 | 28 | 29 | 39 | 32 | 32 | 31 | 38 | |||||||
| Walmart Inc. | 42 | 46 | 43 | 42 | 42 | 46 | 45 | 45 | 47 | 49 | 43 | 42 | 43 | 48 | 41 | 40 | 43 | 46 | 43 | 43 | 45 | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05).
1 Q4 2024 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 6.43 = 57
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Target Corp. number of days of payables outstanding increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024 not reaching Q2 2024 level. |