AeroVironment, Inc. (“AeroVironment” or the “Company”) reported
today financial results for the fiscal second quarter ended October
28, 2023.
Second Quarter Highlights:
- Second quarter revenue of $180.8 million, up 62%
year-over-year
- Second quarter net income of $17.8 million and Adjusted EBITDA
of $39.5 million, increases of 366% and 481%, year-over-year,
respectively
- Funded backlog of $487.0 million as of October 28, 2023
- Increasing fiscal year 2024 revenue guidance to between $685
million and $705 million, including the recently completed
acquisition of Tomahawk Robotics
“Our results exceeded expectations, underscored by the highest
second quarter revenue in company history combined with strong
bottom-line performance,” said Wahid Nawabi, AeroVironment
chairman, president and chief executive officer. “Sales rose
significantly year-over-year, reflecting increasing demand, strong
operational execution and effective supply chain management. At the
same time, we successfully completed the acquisition of Tomahawk
Robotics, and we are well on our way to fully integrating these two
great organizations – leveraging our combined technology to
accelerate the implementation of AI and autonomy applications
across our portfolio of unmanned platforms through a common
operating platform.
“Given our standout performance and solid backlog, along with
the addition of Tomahawk, we are again raising our revenue guidance
for fiscal year 2024. Our optimism not only reflects near-term
demand dynamics but also reflects an ongoing shift in battlefield
priorities to the more frequent use of distributed, intelligent,
multi-domain unmanned systems.”
FISCAL 2024 SECOND QUARTER RESULTS
Revenue for the second quarter of fiscal 2024 was $180.8
million, an increase of 62% as compared to $111.6 million for the
second quarter of fiscal 2023, reflecting higher product sales of
$83.4 million, partially offset by lower service revenue of $14.2
million. From a segment standpoint, the year-over-year increase was
due to revenue growth in Unmanned Systems (“UMS”) of 115%,
partially offset by decreases in MacCready Works (“MW”) of 6% and
Loitering Munitions Systems (“LMS”) of 3%.
Gross margin for the second quarter of fiscal 2024 was $75.4
million, an increase of 191% as compared to $25.9 million for the
second quarter of fiscal 2023, reflecting higher product margin of
$43.8 million and higher service gross margin of $5.6 million. As a
percentage of revenue, gross margin increased to 42% from 23%,
primarily due to an increase in the proportion of product revenue
to total revenue and a favorable product mix. Gross margin was
favorably impacted by a decrease in depreciation charges for
in-service assets of $7.1 million related to the closure of COCO
site locations during fiscal year 2023. Gross margin was negatively
impacted by $3.2 million of intangible amortization expense and
other related non-cash purchase accounting expenses in the second
quarter of fiscal 2024 as compared to $4.0 million in the second
quarter of fiscal 2023.
Income from operations for the second quarter of fiscal 2024 was
$25.2 million as compared to loss from operations of $(14.3)
million for the second quarter of last fiscal year. The increase
year-over-year was primarily due higher gross margin of $49.5
million, partially offset by increases in research and development
(“R&D”) expense of $5.4 million and selling, general and
administrative (“SG&A”) expense of $4.5 million.
Other loss, net, for the second quarter of fiscal 2024 was $4.8
million, as compared to $1.5 million for the second quarter of last
fiscal year. The increase in other expense was primarily due to an
increase in unrealized losses on investment holdings.
Provision for income taxes for the second quarter of fiscal 2024
was $1.1 million, as compared to a benefit from income taxes of
$(10.5) million for the second quarter of last fiscal year. The
increase in provision for income taxes was primarily due to the
increase in pre-tax income.
Net income attributable to AeroVironment for the second quarter
of fiscal 2024 was $17.8 million, or $0.66 per diluted share, as
compared to net loss attributable to AeroVironment of $(6.7)
million, or $(0.27) per diluted share, in the prior-year period,
respectively.
Non-GAAP adjusted EBITDA for the second quarter of fiscal 2024
was $39.5 million and non-GAAP earnings per diluted share were
$0.97, as compared to $6.8 million and $0.01, respectively, for the
second quarter of fiscal 2023.
BACKLOG
As of October 28, 2023, funded backlog (defined as remaining
performance obligations under firm orders for which funding is
currently appropriated to us under a customer contract) was $487.0
million, as compared to $424.1 million as of April 30, 2023.
FISCAL 2024 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2024, the Company now expects revenue of between
$685 million and $705 million, net income of between $45 million
and $51 million, Non-GAAP adjusted EBITDA of between $119 million
and $127 million, earnings per diluted share of between $1.66 and
$1.90 and non-GAAP earnings per diluted share, which excludes
amortization of intangible assets, other non-cash purchase
accounting expenses and equity securities investments gains or
losses, of between $2.46 and $2.70.
The revised outlook includes the impacts of the recent
acquisition of Tomahawk Robotics, Inc. The foregoing estimates are
forward-looking and reflect management’s view of current and future
market conditions, subject to certain risks and uncertainties,
including certain assumptions with respect to our ability to
efficiently and on a timely basis integrate acquisitions, obtain
and retain government contracts, changes in the timing and/or
amount of government spending, react to changes in the demand for
our products and services, activities of competitors, changes in
the regulatory environment, and general economic and business
conditions in the United States and elsewhere in the world.
Investors are reminded that actual results may differ materially
from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host
a conference call today, Tuesday, December 5, 2023, at 4:30 pm
Eastern Time that will be webcast live. Wahid Nawabi, chairman,
president and chief executive officer, Kevin P. McDonnell, chief
financial officer and Jonah Teeter-Balin, senior director corporate
development and investor relations, will host the call.
Investors may access the call by registering via the following
participant registration link up to ten minutes prior to the start
time.
Participant registration URL:
https://register.vevent.com/register/BI64ffae409eb84e6c946d9347cf5e6c50
Investors may also listen to the live audio webcast via the
Investor Relations page of the AeroVironment, Inc. website,
http://investor.avinc.com. Please allow 15 minutes prior to the
call to download and install any necessary audio software.
A supplementary investor presentation for the second quarter
fiscal year 2024 can be accessed at
https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor
Relations section of the Company's website at
http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at
the intersection of robotics, sensors, software analytics and
connectivity that deliver more actionable intelligence so you can
Proceed with Certainty. Headquartered in Virginia,
AeroVironment is a global leader in intelligent, multi-domain
robotic systems, and serves defense, government and commercial
customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements are based on current expectations, forecasts and
assumptions that involve risks and uncertainties, including, but
not limited to, economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from the
forward-looking statements.
Factors that could cause actual results to differ materially
from the forward-looking statements include, but are not limited
to, the impact of our ability to successfully close and integrate
acquisitions into our operations and avoid disruptions from
acquisition transactions that will harm our business, including the
acquisition of Tomahawk Robotics; the recording of goodwill and
other intangible assets as part of acquisitions that are subject to
potential impairments in the future and any realization of such
impairments; any actual or threatened disruptions to our
relationships with our distributors, suppliers, customers and
employees, including shortages in components for our products; the
ability to timely and sufficiently integrate international
operations into our ongoing business and compliance programs;
reliance on sales to the U.S. government, including uncertainties
in classification, pricing or potentially burdensome imposed terms
for certain types of government contracts; availability of U.S.
government funding for defense procurement and R&D programs;
changes in the timing and/or amount of government spending,
including due to continuing resolutions; adverse impacts of a U.S.
government shutdown; our reliance on limited relationships to fund
our development of HAPS UAS; our ability to perform under existing
contracts and obtain new contracts; risks related to our
international business, including compliance with export control
laws; potential need for changes in our long-term strategy in
response to future developments; the extensive and increasing
regulatory requirements governing our contracts with the U.S.
government and international customers; the consequences to our
financial position, business and reputation that could result from
failing to comply with such regulatory requirements; unexpected
technical and marketing difficulties inherent in major research and
product development efforts; the impact of potential security and
cyber threats or the risk of unauthorized access to and resulting
misuse of our, our customers’ and/or our suppliers’ information and
systems; changes in the supply and/or demand and/or prices for our
products and services; increased competition; uncertainty in the
customer adoption rate of commercial use unmanned aircraft systems;
failure to remain a market innovator, to create new market
opportunities or to expand into new markets; unexpected changes in
significant operating expenses, including components and raw
materials; failure to develop new products or integrate new
technology into current products; any increase in litigation
activity or unfavorable results in legal proceedings, including
pending class actions; our ability to respond and adapt to
unexpected legal, regulatory and government budgetary changes,
including those resulting from the COVID-19 pandemic or future
pandemics, such as supply chain disruptions and delays, potential
governmentally-mandated shutdowns, travel restrictions and site
access, diversion of government resources to non-defense
priorities, and other business restrictions affecting our ability
to manufacture and sell our products and provide our services; our
ability to comply with the covenants in our loan documents; our
ability to attract and retain skilled employees; the impact of
inflation; and general economic and business conditions in the
United States and elsewhere in the world; and the failure to
establish and maintain effective internal control over financial
reporting. For a further list and description of such risks and
uncertainties, see the reports we file with the Securities and
Exchange Commission. We do not intend, and undertake no obligation,
to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this earnings
release also contains non-GAAP financial measures. See in the
financial tables below the calculation of these measures, the
reasons why we believe these measures provide useful information to
investors, and a reconciliation of these measures to the most
directly comparable GAAP measures.
AeroVironment, Inc.
Consolidated Statements of
Operations
(In thousands except share and
per share data)
Three Months Ended
Six Months Ended
October 28,
October 29,
October 28,
October 29,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
145,779
$
62,343
$
265,250
$
120,317
Contract services
35,037
49,241
67,913
99,783
180,816
111,584
333,163
220,100
Cost of sales:
Product sales
79,032
39,445
140,640
72,344
Contract services
26,434
46,249
51,513
88,152
105,466
85,694
192,153
160,496
Gross margin:
Product sales
66,747
22,898
124,610
47,973
Contract services
8,603
2,992
16,400
11,631
75,350
25,890
141,010
59,604
Selling, general and administrative
28,147
23,613
51,974
45,556
Research and development
22,025
16,591
37,491
31,636
Income (loss) from operations
25,178
(14,314
)
51,545
(17,588
)
Other (loss) income:
Interest expense, net
(1,950
)
(2,309
)
(3,958
)
(3,912
)
Other (expense) income, net
(2,858
)
810
(3,987
)
404
Income (loss) before income taxes
20,370
(15,813
)
43,600
(21,096
)
Provision for (benefit from) income
taxes
1,137
(10,457
)
2,451
(7,851
)
Equity method investment loss, net of
tax
(1,393
)
(1,273
)
(1,414
)
(1,773
)
Net income (loss)
17,840
(6,629
)
39,735
(15,018
)
Net income attributable to noncontrolling
interest
—
(39
)
—
(45
)
Net income (loss) attributable to
AeroVironment, Inc.
$
17,840
$
(6,668
)
$
39,735
$
(15,063
)
Net income (loss) per share attributable
to AeroVironment, Inc.
Basic
$
0.66
$
(0.27
)
$
1.50
$
(0.61
)
Diluted
$
0.66
$
(0.27
)
$
1.50
$
(0.61
)
Weighted-average shares outstanding:
Basic
26,865,763
24,900,873
26,479,168
24,852,219
Diluted
26,956,806
24,900,873
26,569,267
24,852,219
AeroVironment, Inc.
Consolidated Balance
Sheets
(In thousands except share
data)
October 28,
April 30,
2023
2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
100,908
$
132,859
Accounts receivable, net of allowance for
doubtful accounts of $158 at October 28, 2023 and $156 at April 30,
2023
73,865
87,633
Unbilled receivables and retentions
141,812
105,653
Inventories, net
181,767
138,814
Income taxes receivable
5,735
—
Prepaid expenses and other current
assets
19,958
12,043
Total current assets
524,045
477,002
Long-term investments
20,611
23,613
Property and equipment, net
43,772
39,795
Operating lease right-of-use assets
30,632
27,363
Deferred income taxes
20,780
27,206
Intangibles, net
82,848
43,577
Goodwill
274,781
180,801
Other assets
9,231
5,220
Total assets
$
1,006,700
$
824,577
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
28,834
$
31,355
Wages and related accruals
26,671
35,637
Customer advances
20,440
16,645
Current portion of long-term debt
5,000
7,500
Current operating lease liabilities
8,818
8,229
Income taxes payable
595
2,342
Other current liabilities
18,946
19,626
Total current liabilities
109,304
121,334
Long-term debt, net of current portion
73,678
125,904
Non-current operating lease
liabilities
23,727
21,189
Other non-current liabilities
1,898
746
Liability for uncertain tax positions
2,705
2,705
Deferred income taxes
1,658
1,729
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued
or outstanding at October 28, 2023 and April 30, 2023
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—28,135,539
shares at October 28, 2023 and 26,216,897 shares at April 30,
2023
4
4
Additional paid-in capital
589,047
384,397
Accumulated other comprehensive loss
(6,077
)
(4,452
)
Retained earnings
210,756
171,021
Total stockholders' equity
793,730
550,970
Total liabilities and stockholders’
equity
$
1,006,700
$
824,577
AeroVironment, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
Six Months Ended
October 28,
October 29,
2023
2022
(Unaudited)
Operating activities
Net income (loss)
$
39,735
$
(15,018
)
Adjustments to reconcile net income (loss)
to cash (used in) provided by operating activities:
Depreciation and amortization
15,387
32,275
Loss from equity method investments
1,414
1,773
Amortization of debt issuance costs
424
422
Provision for doubtful accounts
4
19
Reserve for inventory excess and
obsolescence
8,338
2,859
Other non-cash expense, net
331
565
Non-cash lease expense
4,486
3,775
Gain on foreign currency transactions
(184
)
(59
)
Unrealized loss (gain) on
available-for-sale equity securities, net
3,463
(928
)
Deferred income taxes
(1,006
)
(808
)
Stock-based compensation
8,244
4,402
Loss on disposal of property and
equipment
136
825
Amortization of debt securities
discount
—
125
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
15,553
28,012
Unbilled receivables and retentions
(35,175
)
11,696
Inventories
(49,329
)
(26,695
)
Income taxes receivable
(5,735
)
(8,539
)
Prepaid expenses and other assets
(12,720
)
(1,117
)
Accounts payable
(6,105
)
6,823
Other liabilities
(12,851
)
(8,664
)
Net cash (used in) provided by operating
activities
(25,590
)
31,743
Investing activities
Acquisition of property and equipment
(10,104
)
(7,587
)
Equity method investments
(1,875
)
(2,774
)
Equity security investments
—
(5,100
)
Acquisition of intangibles
(1,500
)
—
Business acquisitions, net of cash
acquired
(24,156
)
(5,105
)
Proceeds from deconsolidation of
previously controlled subsidiary, net of cash deconsolidated
—
(635
)
Redemptions of available-for-sale
investments
—
25,945
Purchases of available-for-sale
investments
—
(1,326
)
Net cash (used in) provided by investing
activities
(37,635
)
3,418
Financing activities
Principal payments of term loan
(55,000
)
(22,500
)
Holdback and retention payments for
business acquisition
(500
)
—
Proceeds from shares issued, net of
issuance costs
88,437
11,778
Payment of debt issuance costs
(8
)
—
Tax withholding payment related to net
settlement of equity awards
(1,370
)
(853
)
Exercise of stock options
—
682
Other
(15
)
(14
)
Net cash provided by (used in) financing
activities
31,544
(10,907
)
Effects of currency translation on cash
and cash equivalents
(270
)
(257
)
Net (decrease) increase in cash, cash
equivalents, and restricted cash
(31,951
)
23,997
Cash, cash equivalents and restricted cash
at beginning of period
132,859
77,231
Cash, cash equivalents and restricted cash
at end of period
$
100,908
$
101,228
Supplemental disclosures of cash flow
information
Cash paid, net during the period for:
Income taxes
$
11,054
$
718
Interest
$
4,818
$
3,398
Non-cash activities
Issuance of common stock for business
acquisition
$
109,820
$
—
Unrealized gain on available-for-sale
investments, net of deferred tax expense of $0 for the six months
ended October 28, 2023 and October 29, 2022, respectively
$
—
$
(26
)
Change in foreign currency translation
adjustments
$
(1,625
)
$
(1,992
)
Issuances of inventory to property and
equipment, ISR in-service assets
$
—
$
4,085
Acquisitions of property and equipment
included in accounts payable
$
915
$
810
AeroVironment, Inc.
Reportable Segment Results
(Unaudited)
(In thousands)
Three Months Ended October 28,
2023
UMS
LMS
MW
Total
Revenue
$
132,773
$
30,249
$
17,794
$
180,816
Gross margin
62,742
9,343
3,265
75,350
Income (loss) from operations
33,859
(1,189
)
(7,492
)
25,178
Acquisition-related expenses
1,000
67
26
1,093
Amortization of acquired intangible assets
and other purchase accounting adjustments
3,744
—
669
4,413
Adjusted income (loss) from operations
$
38,603
$
(1,122
)
$
(6,797
)
$
30,684
Three Months Ended October 29,
2022
UMS
LMS
MW
Total
Revenue
$
61,634
$
31,101
$
18,849
$
111,584
Gross margin
7,903
12,636
5,351
25,890
(Loss) income from operations
(17,347
)
2,004
1,029
(14,314
)
Acquisition-related expenses
569
—
—
569
Amortization of acquired intangible assets
and other purchase accounting adjustments
7,250
—
592
7,842
Adjusted (loss) income from operations
$
(9,528
)
$
2,004
$
1,621
$
(5,903
)
AeroVironment, Inc.
Reconciliation of non-GAAP
Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Earnings (loss) per diluted share
$
0.66
$
(0.27
)
$
1.50
$
(0.61
)
Acquisition-related expenses
0.03
0.02
0.05
0.03
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.13
0.25
0.23
0.47
Equity method and equity securities
investments activity, net
0.15
0.01
0.18
0.03
Earnings (loss) per diluted share as
adjusted (Non-GAAP)
$
0.97
$
0.01
$
1.96
$
(0.08
)
Reconciliation of non-GAAP
adjusted EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
(in millions)
October 28, 2023
October 29, 2022
October 28, 2023
October 29, 2022
Net income (loss)
$
17.8
$
(6.7
)
$
39.7
$
(15.1
)
Interest expense, net
2.0
2.3
4.0
3.9
Provision for (benefit from) income
taxes
1.1
(10.5
)
2.5
(7.9
)
Depreciation and amortization
8.4
18.4
15.4
32.3
EBITDA (Non-GAAP)
29.3
3.5
61.6
13.2
Stock-based compensation
5.0
2.2
8.2
4.4
Equity method and equity securities
investments activity, net
3.9
0.3
4.9
0.8
Amortization of cloud computing
arrangement implementation
0.2
0.2
0.3
0.6
Acquisition-related expenses
1.1
0.6
1.8
0.9
Adjusted EBITDA (Non-GAAP)
$
39.5
$
6.8
$
76.8
$
19.9
Reconciliation of Forecast
Earnings per Diluted Share (Unaudited)
Fiscal year ending
April 30, 2024
Forecast earnings per diluted share
$
1.66 - 1.90
Acquisition-related expenses
0.05
Amortization of acquired intangible assets
and other purchase accounting adjustments
0.55
Equity method and equity securities
investments activity, net
0.20
Forecast earnings per diluted share as
adjusted (Non-GAAP)
$
2.46 - 2.70
Reconciliation of 2024
Forecast and Fiscal Year 2023 Actual Non-GAAP adjusted EBITDA
(Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2024
April 30, 2023
Net income (loss)
$
45 - 51
$
(176
)
Interest expense, net
7
9
Provision for (benefit from) income
taxes
1 - 3
(15
)
Depreciation and amortization
38
100
EBITDA (Non-GAAP)
91 - 99
(82
)
Amortization of cloud computing
arrangement implementation
1
1
Stock-based compensation
20
11
Equity method and equity securities
investments activity, net
5
3
Acquisition-related expenses
2
1
Goodwill impairment
—
156
Adjusted EBITDA (Non-GAAP)
$
119 - 127
$
90
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in
addition to, and not as a replacement for or superior to, the
comparable GAAP measures, and may not be comparable to similarly
titled measures reported by other companies. Management believes
that these measures provide useful information to investors by
offering additional ways of viewing our results that, when
reconciled to the corresponding GAAP measures, help our investors
to understand the long-term profitability trends of our business
and compare our profitability to prior and future periods and to
our peers. In addition, management uses these non-GAAP measures to
evaluate our operating and financial performance.
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before
intangible amortization, amortization of non-cash purchase
accounting adjustments, goodwill impairment and acquisition related
expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of
acquisition-related intangible assets, equity securities
investments gains or losses, goodwill impairment and one-time
non-operating items because we believe this facilitates more
consistent comparisons of operating results over time between our
newly acquired and existing businesses, and with our peer
companies. We believe, however, that it is important for investors
to understand that such intangible assets contribute to revenue
generation and that intangible asset amortization will recur in
future periods until such intangible assets have been fully
amortized.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA is defined as net income before interest income,
interest expense, income tax expense (benefit) and depreciation and
amortization including amortization of purchase accounting
adjustments, adjusted for the impact of certain other non-cash
items, including amortization of implementation of cloud computing
arrangements, stock-based compensation, acquisition related
expenses, equity method investment gains or losses, equity
securities investments gains or losses, goodwill impairment and
one-time non-operating gains or losses. We present Adjusted EBITDA,
which is not a recognized financial measure under U.S. GAAP,
because we believe it is frequently used by analysts, investors and
other interested parties to evaluate companies in our industry. We
believe this facilitates more consistent comparisons of operating
results over time between our newly acquired and existing
businesses, and with our peer companies. We believe, however, that
it is important for investors to understand that such intangible
assets contribute to revenue generation, intangible asset
amortization will recur in future periods until such intangible
assets have been fully amortized and that interest and income tax
expenses will recur in future periods. In addition, Adjusted EBITDA
may not be comparable to similarly titled measures used by other
companies in our industry or across different industries.
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version on businesswire.com: https://www.businesswire.com/news/home/20231205853249/en/
Jonah Teeter-Balin +1 (805) 520-8350 x4114
https://investor.avinc.com/contact-and-faq/contact-us
AeroVironment (NASDAQ:AVAV)
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