Stock Analysis on Net

Hershey Co. (NYSE:HSY)

This company has been moved to the archive! The financial data has not been updated since July 27, 2023.

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

Hershey Co., profitability ratios (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Return on Sales
Gross profit margin 43.91% 43.16% 43.18% 43.27% 44.42% 45.44% 45.13% 45.27% 46.22% 46.19% 45.42% 45.45% 44.22% 44.92% 45.36% 46.23% 45.54% 44.59% 45.89%
Operating profit margin 22.51% 21.78% 21.70% 21.73% 22.74% 23.68% 22.78% 22.53% 23.32% 23.23% 21.87% 20.71% 19.04% 19.23% 19.98% 21.89% 21.35% 20.19% 20.84%
Net profit margin 16.48% 15.81% 15.79% 15.69% 16.76% 17.29% 16.47% 16.23% 16.52% 16.69% 15.69% 14.87% 13.50% 13.94% 14.40% 16.18% 15.51% 14.44% 15.11%
Return on Investment
Return on equity (ROE) 48.45% 49.11% 49.85% 51.38% 56.35% 55.40% 53.59% 56.69% 63.38% 62.21% 57.23% 57.82% 61.16% 66.81% 66.10% 72.97% 72.69% 79.99% 84.19%
Return on assets (ROA) 15.53% 15.29% 15.02% 14.62% 15.39% 15.17% 14.19% 15.19% 16.16% 15.53% 14.00% 12.91% 12.04% 12.61% 14.12% 15.11% 15.62% 14.40% 15.29%

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Hershey Co. gross profit margin ratio deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 exceeding Q4 2022 level.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Hershey Co. operating profit margin ratio improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Hershey Co. net profit margin ratio improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Hershey Co. ROE deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.
ROA A profitability ratio calculated as net income divided by total assets. Hershey Co. ROA improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Gross Profit Margin

Hershey Co., gross profit margin calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Gross profit 1,132,099 1,382,322 1,144,806 1,108,500 999,999 1,245,480 1,012,867 1,061,335 925,445 1,048,951 962,071 1,080,024 792,552 866,622 911,912 943,318 874,744 892,504 944,352 863,493 793,420 974,060
Net sales 2,490,280 2,987,614 2,652,338 2,728,153 2,372,582 2,666,221 2,326,128 2,359,839 1,989,422 2,295,948 2,185,244 2,219,829 1,707,329 2,037,317 2,068,125 2,134,422 1,767,217 2,016,488 1,987,902 2,079,593 1,751,615 1,971,959
Profitability Ratio
Gross profit margin1 43.91% 43.16% 43.18% 43.27% 44.42% 45.44% 45.13% 45.27% 46.22% 46.19% 45.42% 45.45% 44.22% 44.92% 45.36% 46.23% 45.54% 44.59% 45.89%
Benchmarks
Gross Profit Margin, Competitors2
Altria Group Inc. 57.43% 56.98% 56.77% 55.67% 55.06% 54.48% 53.79% 53.04% 52.53% 51.96% 49.80% 50.13% 49.79% 49.43% 50.62%
Coca-Cola Co. 58.52% 58.09% 58.14% 58.49% 58.89% 60.27% 60.27% 60.72% 60.61% 59.42% 59.31% 59.90% 60.04% 60.66% 60.77%
PepsiCo Inc. 53.58% 53.28% 53.03% 53.03% 53.13% 53.20% 53.35% 53.87% 54.23% 54.65% 54.82% 55.19% 55.28% 55.15% 55.13%
Philip Morris International Inc. 62.58% 63.07% 64.10% 65.32% 66.49% 67.17% 68.06% 68.14% 68.02% 67.59% 66.65% 66.25% 65.83% 65.41% 64.73%

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Gross profit margin = 100 × (Gross profitQ2 2023 + Gross profitQ1 2023 + Gross profitQ4 2022 + Gross profitQ3 2022) ÷ (Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022)
= 100 × (1,132,099 + 1,382,322 + 1,144,806 + 1,108,500) ÷ (2,490,280 + 2,987,614 + 2,652,338 + 2,728,153) = 43.91%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Hershey Co. gross profit margin ratio deteriorated from Q4 2022 to Q1 2023 but then improved from Q1 2023 to Q2 2023 exceeding Q4 2022 level.

Operating Profit Margin

Hershey Co., operating profit margin calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Operating profit 560,665 799,924 526,646 556,620 456,531 720,990 459,172 574,831 456,675 553,044 405,115 611,410 383,373 382,800 286,198 460,815 410,070 438,869 421,165 406,263 315,724 480,512
Net sales 2,490,280 2,987,614 2,652,338 2,728,153 2,372,582 2,666,221 2,326,128 2,359,839 1,989,422 2,295,948 2,185,244 2,219,829 1,707,329 2,037,317 2,068,125 2,134,422 1,767,217 2,016,488 1,987,902 2,079,593 1,751,615 1,971,959
Profitability Ratio
Operating profit margin1 22.51% 21.78% 21.70% 21.73% 22.74% 23.68% 22.78% 22.53% 23.32% 23.23% 21.87% 20.71% 19.04% 19.23% 19.98% 21.89% 21.35% 20.19% 20.84%
Benchmarks
Operating Profit Margin, Competitors2
Altria Group Inc. 46.58% 47.31% 47.49% 46.89% 45.82% 45.44% 44.44% 43.77% 44.01% 43.46% 41.57% 41.46% 41.04% 40.34% 41.12%
Coca-Cola Co. 24.76% 24.99% 25.37% 24.81% 24.96% 27.39% 26.67% 29.03% 28.49% 27.93% 27.25% 26.36% 26.29% 26.98% 27.06%
PepsiCo Inc. 11.60% 10.08% 13.33% 15.85% 15.96% 17.46% 14.04% 14.90% 15.12% 14.68% 14.32% 14.52% 14.48% 14.98% 15.32%
Philip Morris International Inc. 33.73% 36.46% 38.56% 38.69% 40.11% 40.64% 41.32% 42.07% 42.31% 42.31% 40.66% 38.91% 37.09% 37.31% 35.33%

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Operating profit margin = 100 × (Operating profitQ2 2023 + Operating profitQ1 2023 + Operating profitQ4 2022 + Operating profitQ3 2022) ÷ (Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022)
= 100 × (560,665 + 799,924 + 526,646 + 556,620) ÷ (2,490,280 + 2,987,614 + 2,652,338 + 2,728,153) = 22.51%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Hershey Co. operating profit margin ratio improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Net Profit Margin

Hershey Co., net profit margin calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Net income attributable to The Hershey Company 406,983 587,185 396,296 399,487 315,556 533,478 335,556 444,927 301,230 395,799 291,387 447,283 268,901 271,137 207,187 325,307 312,840 304,358 336,791 263,713 226,855 350,203
Net sales 2,490,280 2,987,614 2,652,338 2,728,153 2,372,582 2,666,221 2,326,128 2,359,839 1,989,422 2,295,948 2,185,244 2,219,829 1,707,329 2,037,317 2,068,125 2,134,422 1,767,217 2,016,488 1,987,902 2,079,593 1,751,615 1,971,959
Profitability Ratio
Net profit margin1 16.48% 15.81% 15.79% 15.69% 16.76% 17.29% 16.47% 16.23% 16.52% 16.69% 15.69% 14.87% 13.50% 13.94% 14.40% 16.18% 15.51% 14.44% 15.11%
Benchmarks
Net Profit Margin, Competitors2
Altria Group Inc. 27.39% 22.44% 22.97% 18.61% 6.88% 11.64% 9.51% 10.65% 17.22% 16.80% 17.08% 2.84% -3.57% -3.33% -5.15%
Coca-Cola Co. 23.81% 22.69% 22.19% 23.44% 23.16% 25.69% 25.28% 23.31% 22.19% 21.59% 23.47% 24.90% 26.77% 26.95% 23.94%
PepsiCo Inc. 8.76% 7.48% 10.31% 11.61% 11.28% 12.57% 9.59% 10.62% 11.01% 10.51% 10.12% 10.27% 10.13% 10.62% 10.89%
Philip Morris International Inc. 24.26% 27.20% 28.49% 27.57% 28.56% 28.58% 29.00% 29.25% 29.51% 29.69% 28.08% 26.57% 24.98% 25.35% 24.11%

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
Net profit margin = 100 × (Net income attributable to The Hershey CompanyQ2 2023 + Net income attributable to The Hershey CompanyQ1 2023 + Net income attributable to The Hershey CompanyQ4 2022 + Net income attributable to The Hershey CompanyQ3 2022) ÷ (Net salesQ2 2023 + Net salesQ1 2023 + Net salesQ4 2022 + Net salesQ3 2022)
= 100 × (406,983 + 587,185 + 396,296 + 399,487) ÷ (2,490,280 + 2,987,614 + 2,652,338 + 2,728,153) = 16.48%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Hershey Co. net profit margin ratio improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Return on Equity (ROE)

Hershey Co., ROE calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Net income attributable to The Hershey Company 406,983 587,185 396,296 399,487 315,556 533,478 335,556 444,927 301,230 395,799 291,387 447,283 268,901 271,137 207,187 325,307 312,840 304,358 336,791 263,713 226,855 350,203
Total The Hershey Company stockholders’ equity 3,694,785 3,458,365 3,299,544 3,083,080 2,891,740 2,915,549 2,757,229 2,528,294 2,265,049 2,255,994 2,234,352 2,065,854 1,753,605 1,671,231 1,739,222 1,753,162 1,675,120 1,414,737 1,398,721 1,234,902 1,049,944 972,128
Profitability Ratio
ROE1 48.45% 49.11% 49.85% 51.38% 56.35% 55.40% 53.59% 56.69% 63.38% 62.21% 57.23% 57.82% 61.16% 66.81% 66.10% 72.97% 72.69% 79.99% 84.19%
Benchmarks
ROE, Competitors2
Altria Group Inc. 139.55% 148.95% 157.34% 23.38% -16.07% -13.16% -20.78%
Coca-Cola Co. 40.40% 39.13% 39.59% 43.52% 41.60% 41.49% 42.48% 39.74% 36.31% 35.46% 40.14% 44.78% 52.56% 55.17% 46.99%
PepsiCo Inc. 44.67% 38.62% 51.96% 51.19% 49.78% 55.85% 47.48% 51.29% 53.65% 53.75% 52.92% 52.22% 54.84% 53.76% 49.47%
Philip Morris International Inc.

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
ROE = 100 × (Net income attributable to The Hershey CompanyQ2 2023 + Net income attributable to The Hershey CompanyQ1 2023 + Net income attributable to The Hershey CompanyQ4 2022 + Net income attributable to The Hershey CompanyQ3 2022) ÷ Total The Hershey Company stockholders’ equity
= 100 × (406,983 + 587,185 + 396,296 + 399,487) ÷ 3,694,785 = 48.45%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Hershey Co. ROE deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.

Return on Assets (ROA)

Hershey Co., ROA calculation (quarterly data)

Microsoft Excel
Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018
Selected Financial Data (US$ in thousands)
Net income attributable to The Hershey Company 406,983 587,185 396,296 399,487 315,556 533,478 335,556 444,927 301,230 395,799 291,387 447,283 268,901 271,137 207,187 325,307 312,840 304,358 336,791 263,713 226,855 350,203
Total assets 11,525,676 11,111,518 10,948,820 10,832,907 10,588,874 10,645,044 10,412,231 9,439,183 8,883,863 9,038,128 9,131,845 9,255,034 8,911,071 8,855,443 8,140,395 8,464,260 7,793,560 7,857,376 7,703,020 7,836,189 7,405,653 7,332,798
Profitability Ratio
ROA1 15.53% 15.29% 15.02% 14.62% 15.39% 15.17% 14.19% 15.19% 16.16% 15.53% 14.00% 12.91% 12.04% 12.61% 14.12% 15.11% 15.62% 14.40% 15.29%
Benchmarks
ROA, Competitors2
Altria Group Inc. 18.35% 15.18% 15.60% 13.84% 4.77% 7.48% 6.26% 7.01% 10.24% 8.90% 9.42% 1.57% -1.82% -1.64% -2.62%
Coca-Cola Co. 10.67% 10.13% 10.29% 10.73% 10.27% 10.96% 10.36% 9.73% 8.96% 8.02% 8.87% 8.57% 9.70% 10.65% 10.33%
PepsiCo Inc. 8.24% 7.07% 9.67% 10.28% 9.92% 10.93% 8.25% 8.73% 8.88% 8.22% 7.66% 7.65% 7.65% 8.51% 9.31%
Philip Morris International Inc. 13.01% 14.04% 14.67% 21.48% 22.18% 21.62% 22.06% 21.62% 21.81% 21.73% 17.98% 19.67% 18.60% 20.42% 16.76%

Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).

1 Q2 2023 Calculation
ROA = 100 × (Net income attributable to The Hershey CompanyQ2 2023 + Net income attributable to The Hershey CompanyQ1 2023 + Net income attributable to The Hershey CompanyQ4 2022 + Net income attributable to The Hershey CompanyQ3 2022) ÷ Total assets
= 100 × (406,983 + 587,185 + 396,296 + 399,487) ÷ 11,525,676 = 15.53%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Hershey Co. ROA improved from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023.