Record net sales up 32 percent for the
quarter and 31 percent for nine months
Motorcar Parts of America, Inc. (Nasdaq: MPAA) today
reported results for its fiscal 2022 third quarter ended December
31, 2021.
Fiscal Third Quarter Highlights
- Record net sales of $161.8 million versus $122.6 million a year
earlier, reflecting strong organic growth and favorable industry
dynamics.
- Net income of $3.1 million, or $0.16 per diluted share,
compared with $8.5 million, or $0.44 per diluted share a year ago.
Net income for the fiscal third quarter of 2022 was impacted by
$4.8 million of non-cash items, or $0.25 per diluted share, and
$3.7 million, or $0.19 per diluted share, due to transitory cost
pressures related to supply chain disruptions.
- EBITDA of $11.9 million, which was impacted by $6.4 million of
non-cash items and $4.9 million of transitory cost pressures
related to the aforementioned supply chain disruptions. EBITDA in
the prior-year period was $18.8 million.
“We delivered record net sales for the quarter and nine months
despite continued global supply chain constraints. This is
indicative of the strategic success of our organic growth
initiatives and sustainable industry tailwinds from an aging car
fleet, driving continuously greater demand for parts replacement.
We achieved growth across all product categories and increased
momentum in our emerging brake caliper business,” said Selwyn
Joffe, chairman, president, and chief executive officer.
“While industry dynamics remain positive, we continue to operate
in a challenging supply chain environment. We have taken concrete
measures to mitigate increases in freight rates, inflationary
costs, and wage increases by implementing freight surcharges and
price increases. We expect these initiatives to be in effect in the
fiscal first quarter ending June 30, 2022. In addition to these
measures, we have resumed production in Malaysia -- allowing for
elimination of the temporary higher tariff expenses incurred during
recent months due to necessary outsourcing of production to
countries subject to higher import tariffs. Lastly, we are focused
on the safety and well-being of our employees. It is a testament of
our employees’ commitment that more than 93 percent globally have
been vaccinated, helping mitigate operational risk,” Joffe
said.
“Our business is strong. We have numerous multi-year strategic
growth initiatives underway, including our growth strategy in the
electric vehicle market. As the EV market continues to gain
momentum, we will benefit from increased demand for battery power
emulation, testing and development of inverters, electric motors,
and high-speed battery-charging station applications offered by our
wholly owned D&V subsidiary,” Joffe added.
Fiscal Third Quarter 2022 Financial Results
- Net sales for the fiscal 2022 third quarter increased 32
percent to a record $161.8 million from $122.6 million in the
prior-year period – reflecting the success of our strategic growth
initiatives, growth across all product lines, and continued
tailwinds in the automotive aftermarket parts industry.
- Net income for the fiscal 2022 third quarter was $3.1
million, or $0.16 per diluted share, compared with $8.5 million, or
$0.44 per diluted share, a year ago. Net income was impacted by
approximately $4.8 million, or $0.25 per diluted share, of non-cash
items – including core and finished goods premium amortization,
revaluation of cores on customer shelves, and share-based
compensation, as detailed in Exhibit 1. The company also incurred
an impact of approximately $3.7 million, or $0.19 per diluted
share, due to increased shipping rates, higher relative tariffs,
and other transitory cost pressures related to supply chain
disruptions due to COVID-19. Freight surcharges and price increases
to offset these expenses are expected to take effect in the fourth
quarter of fiscal 2022 to mitigate these headwinds. Net income for
the prior-year third quarter was impacted favorably by $6.1 million
of non-cash items, or $0.31 per diluted share, including a non-cash
gain from the foreign exchange impact of lease liabilities and
forward contracts of $12.5 million, or $0.64 per diluted share on a
pre-tax basis. Cash impacts to net income for the prior-year period
totaled $4.3 million, or $0.22 per diluted share, due to brake
caliper start-up costs, product relocation expenses related to the
expansion in Mexico, and other costs associated with COVID-19.
- Gross profit for the fiscal 2022 third quarter increased
34.4 percent to $32.6 million from $24.2 million a year earlier.
Gross profit as a percentage of net sales for the fiscal 2022 third
quarter was 20.1 percent compared with 19.8 percent a year earlier.
Gross margin for the fiscal 2022 third quarter was impacted by 2.5
percent by the aforementioned non-cash items and 2.7 percent by the
transitory supply chain disruptions that affected net income, as
detailed in Exhibit 3.
- EBITDA for the fiscal 2022 third quarter was $11.9
million. EBITDA was impacted by $6.4 million of non-cash items, as
well as by $4.9 million in cash items from the transitory cost
pressures related to supply chain disruptions. For the comparable
prior-year period, EBITDA was $18.8 million, favorably impacted by
$8.1 million of non-cash items, particularly related to foreign
exchange items and unfavorably impacted by $5.7 million of cash
expenses – primarily related to the company’s successful new brake
caliper product line expansion, as detailed in Exhibit 5.
- Net cash provided by operating activities was $2.2
million for the fiscal 2022 third quarter.
- Net debt was $122.9 million at December 31, 2021
compared with $120.6 million at September 30, 2021 – reflecting
share buy backs, working capital, including inventory increases to
support business growth, and strategic investments designed to
address potential supply chain disruptions.
Fiscal 2022 Nine-Month Results
- Net sales increased 31 percent to a record $486.4
million from $372.7 million a year earlier. Net sales included
$13.3 million in core revenue compared with $12.8 million in the
prior-year period, due to a realignment of inventory at customer
distribution centers with expected future sales benefits as product
mix changes.
- Net income for the fiscal 2022 nine-month period was
$7.7 million, or $0.39 per diluted share, compared with net income
of $20.6 million, or $1.07 per diluted share, a year ago. Net
income was impacted by approximately $14.9 million, or $0.76 per
diluted share, of non-cash items – including core and finished
goods premium amortization, revaluation of cores on customer
shelves, share-based compensation, and foreign exchange impacts, as
detailed in Exhibit 2. The company also incurred an impact of
approximately $10.8 million, or $0.55 per diluted share, from
supply chain disruptions, brake caliper start-up costs, and other
product relocation expenses related to the expansion in Mexico. The
start-up costs related to the expansion in Mexico, primarily brake
calipers, were realized during the six months ended September 30,
2021, and no costs were incurred during the fiscal 2022 third
quarter. In addition, results for the nine-month period were
impacted by other transitory cost pressures related to supply chain
disruptions due to COVID-19. Net income for the prior-year nine
months was impacted favorably by $7.0 million of non-cash items, or
$0.36 per diluted share. Cash impacts to net income for the
prior-year period totaled $8.2 million, or $0.42 per diluted share,
due to brake caliper start-up costs, product relocation expenses
related to the expansion in Mexico, and other costs associated with
COVID-19.
- Gross Profit for the fiscal 2022 nine-month period
increased 19.1 percent to $92.1 million from $77.4 million a year
earlier. Gross profit as a percentage of net sales for the fiscal
2022 nine-month period was 18.9 percent compared with 20.8 percent
a year earlier. Gross margin for the nine-month period ended
December 31, 2021 was impacted by 2.6 percent of non-cash items and
3.1 percent, primarily by the transitory supply chain disruptions
that affected net income, as detailed in Exhibit 4.
- EBITDA for the fiscal 2022 nine-month period was $33.6
million. EBITDA was impacted by $19.9 million of non-cash items, as
well as the impact of $14.2 million primarily from transitory cost
pressures related to supply chain disruptions. For the comparable
prior-year period, EBITDA was $49.3 million, favorably impacted by
$9.3 million of non-cash items, particularly due to foreign
exchange items, and unfavorably impacted by $10.6 million of cash
items, primarily related to the company’s successful new brake
caliper product line expansion, and other costs associated with
COVID-19, as detailed in Exhibit 5.
- Net cash used in operating activities was $22.2 million
during the nine months ended December 31, 2021, reflecting working
capital, including inventory increases to support business growth
and strategic investments designed to address potential supply
chain disruptions.
Use of Non-GAAP Measure
This press release includes the following non-GAAP measure -
EBITDA, which is not a measure of financial performance under GAAP
and should not be considered as an alternative to net income as a
measure of financial performance. The company believes this
non-GAAP measure, when considered together with the corresponding
GAAP measures, provides useful information to investors and
management regarding financial and business trends relating to the
company’s results of operations. However, this non-GAAP measure has
significant limitations in that it does not reflect all the costs
and other items associated with the operation of the company’s
business as determined in accordance with GAAP. In addition, the
company’s non-GAAP measures may be calculated differently and are
therefore not comparable to similar measures by other companies.
Therefore, investors should consider non-GAAP measures in addition
to, and not as a substitute for, or superior to, measures of
financial performance in accordance with GAAP. For a reconciliation
of EBITDA to its corresponding GAAP measures, see the financial
tables included in this press release. Also, refer to our Form 8-K
to which this release is attached, and other filings we make with
the SEC, for further information regarding these measures.
Earnings Conference Call and Webcast
Selwyn Joffe, chairman, president and chief executive officer,
and David Lee, chief financial officer, will host an investor
conference call today at 10:00 a.m. Pacific time to discuss the
company’s financial results and operations. The call will be open
to all interested investors either through a live audio webcast at
www.motorcarparts.com or live by calling (888)-440-5584 (domestic)
or (646)-960-0457 (international). For those who are not available
to listen to the live broadcast, the call will be archived on
Motorcar Parts of America’s website www.motorcarparts.com. A
telephone playback of the conference call will also be available
from approximately 1:00 p.m. Pacific time on February 9, 2022
through 8:59 p.m. Pacific time on February 16, 2022 by calling
(800)-770-2030 (domestic) or (647)-362-9199 (international) and
using access code: 1545314.
About Motorcar Parts of America, Inc.
Motorcar Parts of America, Inc. is a remanufacturer,
manufacturer, and distributor of automotive aftermarket parts --
including alternators, starters, wheel bearings and hub assemblies,
brake calipers, brake master cylinders, brake power boosters,
turbochargers, and diagnostic testing equipment utilized in
imported and domestic passenger vehicles, light trucks, and
heavy-duty applications. Its products are sold to automotive retail
outlets and the professional repair market throughout the United
States, Canada, and Mexico, with facilities located in California,
New York, Mexico, Malaysia, China and India, and administrative
offices located in California, Tennessee, Mexico, Singapore,
Malaysia, and Canada. In addition, the company’s electrical vehicle
subsidiary designs and manufactures testing solutions for
performance, endurance, and production of multiple components in
the electric power train – providing simulation, emulation, and
production applications for the electrification of both automotive
and aerospace industries, including electric vehicle charging
systems. Additional information is available at
www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. The
statements contained in this press release that are not historical
facts are forward-looking statements based on the company’s current
expectations and beliefs concerning future developments and their
potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk Factors
set forth in the company’s Form 10-K Annual Report filed with the
Securities and Exchange Commission (SEC) in June 2021 and in its
Forms 10-Q filed with the SEC for additional risks and
uncertainties facing the company. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise.
(Financial tables follow)
MOTORCAR PARTS OF AMERICA,
INC. AND SUBSIDIARIES
Consolidated Statements of
Operations
(Unaudited)
Three Months Ended
Nine Months Ended
December 31,
December 31,
2021
2020
2021
2020
Net sales
$
161,810,000
$
122,568,000
$
486,392,000
$
372,654,000
Cost of goods sold
129,235,000
98,327,000
394,295,000
295,300,000
Gross profit
32,575,000
24,241,000
92,097,000
77,354,000
Operating expenses: General and administrative
14,605,000
14,005,000
41,556,000
38,210,000
Sales and marketing
6,274,000
4,698,000
17,162,000
13,224,000
Research and development
2,635,000
2,100,000
7,631,000
6,014,000
Foreign exchange impact of lease liabilities and forward contracts
385,000
(12,455,000
)
1,769,000
(21,257,000
)
Total operating expenses
23,899,000
8,348,000
68,118,000
36,191,000
Operating income
8,676,000
15,893,000
23,979,000
41,163,000
Interest expense, net
3,949,000
4,051,000
11,510,000
12,074,000
Income before income tax expense
4,727,000
11,842,000
12,469,000
29,089,000
Income tax expense
1,588,000
3,373,000
4,786,000
8,448,000
Net income
$
3,139,000
$
8,469,000
$
7,683,000
$
20,641,000
Basic net income per share
$
0.16
$
0.44
$
0.40
$
1.09
Diluted net income per share
$
0.16
$
0.44
$
0.39
$
1.07
Weighted average number of shares outstanding: Basic
19,184,339
19,053,232
19,124,824
19,016,302
Diluted
19,544,174
19,436,793
19,604,780
19,333,758
MOTORCAR PARTS OF AMERICA,
INC. AND SUBSIDIARIES
Consolidated Balance
Sheets
December 31, 2021
March 31, 2021
ASSETS
(Unaudited)
Current assets: Cash and cash equivalents
$
7,769,000
$
15,523,000
Short-term investments
2,212,000
1,652,000
Accounts receivable — net
57,691,000
63,122,000
Inventory
358,738,000
302,913,000
Contract assets
26,609,000
26,940,000
Prepaid expenses and other current assets
11,743,000
12,706,000
Total current assets
464,762,000
422,856,000
Plant and equipment — net
50,636,000
53,854,000
Operating lease assets
82,029,000
71,513,000
Long-term deferred income taxes
20,255,000
19,381,000
Long-term contract assets
311,756,000
270,213,000
Goodwill and intangible assets — net
7,341,000
8,534,000
Other assets
1,501,000
1,531,000
TOTAL ASSETS
$
938,280,000
$
847,882,000
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Accounts payable and accrued liabilities
$
149,314,000
$
152,735,000
Customer finished goods returns accrual
37,333,000
31,524,000
Contract liabilities
40,190,000
41,072,000
Revolving loan
113,000,000
84,000,000
Other current liabilities
6,708,000
6,683,000
Operating lease liabilities
6,444,000
6,439,000
Current portion of term loan
3,670,000
3,678,000
Total current liabilities
356,659,000
326,131,000
Term loan, less current portion
13,951,000
16,786,000
Long-term contract liabilities
165,599,000
125,223,000
Long-term deferred income taxes
75,000
73,000
Long-term operating lease liabilities
82,287,000
70,551,000
Other liabilities
6,589,000
7,973,000
Total liabilities
625,160,000
546,737,000
Commitments and contingencies Shareholders' equity: Preferred
stock; par value $.01 per share, 5,000,000 shares authorized; none
issued
-
-
Series A junior participating preferred stock; par value $.01 per
share, 20,000 shares authorized; none issued
-
-
Common stock; par value $.01 per share, 50,000,000 shares
authorized; 19,100,298 and 19,045,386 shares issued and outstanding
at December 31, 2021 and March 31, 2021, respectively
191,000
190,000
Additional paid-in capital
225,319,000
223,058,000
Retained earnings
93,276,000
85,593,000
Accumulated other comprehensive loss
(5,666,000
)
(7,696,000
)
Total shareholders' equity
313,120,000
301,145,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
938,280,000
$
847,882,000
Additional Information and Non-GAAP Financial
Measures
To supplement the consolidated financial statements presented in
accordance with U.S. generally accepted accounting principles
("GAAP"), the company has included the following additional
information and non-GAAP financial measures for the three and nine
months ended December 31, 2021 and 2020. Among other things, the
company uses such additional information and non-GAAP adjusted
financial measures in addition to and together with corresponding
GAAP measures to help analyze the performance of its business.
The company believes this information helps provide a more
complete understanding of the company's results of operations and
the factors and trends affecting the company's business. However,
this information should be considered as a supplement to, and not
as a substitute for, or superior to, information contained in the
company’s financial statements prepared in accordance with GAAP. In
addition, the company’s non-GAAP measures may be calculated
differently and are therefore not comparable to similar measures by
other companies.
The company defines EBITDA as earnings before interest, taxes,
depreciation, and amortization. A reconciliation of EBITDA to net
income is provided below along with information regarding such
items.
Items Impacting Net Income for the
Three Months Ended December 31, 2021 and 2020
Exhibit 1
Three Months Ended December
31,
2021
2020
$
Per Share
$
Per Share
GAAP net income
$
3,139,000
$
0.16
$
8,469,000
$
0.44
Non-cash items impacting net income Core and finished
goods premium amortization and new business return accruals
$
3,146,000
$
0.16
$
1,528,000
$
0.08
Revaluation - cores on customers' shelves
846,000
0.04
1,304,000
0.07
Share-based compensation expenses and earn-out accruals
2,030,000
0.10
1,542,000
0.08
Foreign exchange impact of lease liabilities and forward contracts
385,000
0.02
(12,455,000
)
(0.64
)
Tax effect (a)
(1,602,000
)
(0.08
)
2,020,000
0.10
Total non-cash items impacting net income
$
4,805,000
$
0.25
$
(6,061,000
)
$
(0.31
)
Cash items impacting net income Impact of tariffs
$
-
$
-
$
(688,000
)
$
(0.04
)
New product line start-up costs and transition expenses (b)
-
-
4,550,000
0.23
Supply chain disruptions and costs related to COVID-19 (c)
4,935,000
0.25
1,933,000
0.10
Tax effect (a)
(1,234,000
)
(0.06
)
(1,449,000
)
(0.07
)
Total cash items impacting net income
$
3,701,000
$
0.19
$
4,346,000
$
0.22
(a)
Tax effect is calculated by
applying an income tax rate of 25.0% to items listed above; this
rate may differ from the period's actual income tax rate.
(b)
For the three-months ended
December 31, 2020, consists of $4,217,000 included in cost of goods
sold and $333,000 included in operating expenses.
(c)
For the three-months ended
December 31, 2021, consists of $4,344,000 impacting gross profit
and $591,000 included in operating expenses.
For the three-months ended
December 31, 2020, consists of $1,375,000 impacting gross profit
and $558,000 included in operating expenses.
Items Impacting Net Income for the Nine
Months Ended December 31, 2021 and 2020
Exhibit 2
Nine Months Ended December
31,
2021
2020
$
Per Share
$
Per Share
GAAP net income
$
7,683,000
$
0.39
$
20,641,000
$
1.07
Non-cash items impacting net income Core and finished
goods premium amortization and new business return accruals
$
9,013,000
$
0.46
$
4,576,000
$
0.24
Revaluation - cores on customers' shelves
3,517,000
0.18
3,580,000
0.19
Share-based compensation expenses and earn-out accruals
5,554,000
0.28
3,778,000
0.20
Foreign exchange impact of lease liabilities and forward contracts
1,769,000
0.09
(21,257,000
)
(1.10
)
Tax effect (a)
(4,963,000
)
(0.25
)
2,331,000
0.12
Total non-cash items impacting net income
$
14,890,000
$
0.76
$
(6,992,000
)
$
(0.36
)
Cash items impacting net income Impact of tariffs
$
-
$
-
$
(3,535,000
)
$
(0.18
)
New product line start-up costs and transition expenses (b)
3,067,000
0.16
12,564,000
0.65
Gain due to realignment of inventory at customer distribution
centers
(4,862,000
)
(0.25
)
(4,391,000
)
(0.23
)
Supply chain disruptions and costs related to COVID-19 (c)
16,257,000
0.83
6,276,000
0.32
Tax effect (a)
(3,616,000
)
(0.18
)
(2,729,000
)
(0.14
)
Total cash items impacting net income
$
10,846,000
$
0.55
$
8,185,000
$
0.42
(a)
Tax effect is calculated by
applying an income tax rate of 25.0% to items listed above; this
rate may differ from the period's actual income tax rate.
(b)
For the nine-months ended
December 31, 2021, consists of $2,744,000 included in cost of goods
sold and $323,000 included in operating expenses.
For the nine-months ended
December 31, 2020, consists of $11,572,000 included in cost of
goods sold and $992,000 included in operating expenses.
(c)
For the nine-months ended
December 31, 2021, consists of $14,557,000 impacting gross profit
and $1,700,000 included in operating expenses.
For the nine-months ended
December 31, 2020, consists of $4,748,000 impacting gross profit
and $1,528,000 included in operating expenses.
Items Impacting Gross Profit for the
Three Months Ended December 31, 2021 and 2020
Exhibit 3
Three Months Ended December
31,
2021
2020
$
Gross Margin
$
Gross Margin
GAAP gross profit
$
32,575,000
20.1
%
$
24,241,000
19.8
%
Non-cash items impacting gross profit Core and
finished goods premium amortization and new business return
accruals
$
3,146,000
1.9
%
$
1,528,000
1.2
%
Revaluation - cores on customers' shelves
846,000
0.5
%
1,304,000
1.1
%
Total non-cash items impacting gross profit
$
3,992,000
2.5
%
$
2,832,000
2.3
%
Cash items impacting gross profit Impact of tariffs
$
-
-
$
(688,000
)
-0.6
%
New product line start-up costs and transition expenses
-
-
4,217,000
3.4
%
Supply chain disruptions and costs related to COVID-19
4,344,000
2.7
%
1,375,000
1.1
%
Total cash items impacting gross profit
$
4,344,000
2.7
%
$
4,904,000
4.0
%
Items Impacting Gross Profit for the
Nine Months Ended December 31, 2021 and 2020
Exhibit 4
Nine Months Ended December
31,
2021
2020
$
Gross Margin
$
Gross Margin
GAAP gross profit
$
92,097,000
18.9
%
$
77,354,000
20.8
%
Non-cash items impacting gross profit Core and
finished goods premium amortization and new business return
accruals
$
9,013,000
1.9
%
$
4,576,000
1.2
%
Revaluation - cores on customers' shelves
3,517,000
0.7
%
3,580,000
1.0
%
Total non-cash items impacting gross profit
$
12,530,000
2.6
%
$
8,156,000
2.2
%
Cash items impacting gross profit Impact of tariffs
$
-
-
$
(3,535,000
)
-0.9
%
New product line start-up costs and transition expenses
2,744,000
0.6
%
11,572,000
3.1
%
Gain due to realignment of inventory at customer distribution
centers (a)
(4,862,000
)
-0.5
%
(4,391,000
)
-0.5
%
Supply chain disruptions and costs related to COVID-19
14,557,000
3.0
%
4,748,000
1.3
%
Total cash items impacting gross profit
$
12,439,000
3.1
%
$
8,394,000
2.9
%
(a) gross margin reflecting impact to net
sales and cost of goods sold
Items Impacting EBITDA for the Three
and Nine Months Ended December 31, 2021 and 2020
Exhibit 5
Three Months Ended December
31,
Nine Months Ended December
31,
2021
2020
2021
2020
GAAP net income
$
3,139,000
$
8,469,000
$
7,683,000
$
20,641,000
Interest expense, net
3,949,000
4,051,000
11,510,000
12,074,000
Income tax expense
1,588,000
3,373,000
4,786,000
8,448,000
Depreciation and amortization
3,227,000
2,857,000
9,591,000
8,090,000
EBITDA
$
11,903,000
$
18,750,000
$
33,570,000
$
49,253,000
Non-cash items impacting EBITDA Core and finished
goods premium amortization and new business return accruals
$
3,146,000
$
1,528,000
$
9,013,000
$
4,576,000
Revaluation - cores on customers' shelves
846,000
1,304,000
3,517,000
3,580,000
Share-based compensation expenses and earn-out accruals
2,030,000
1,542,000
5,554,000
3,778,000
Foreign exchange impact of lease liabilities and forward contracts
385,000
(12,455,000
)
1,769,000
(21,257,000
)
Total non-cash items impacting EBITDA
$
6,407,000
$
(8,081,000
)
$
19,853,000
$
(9,323,000
)
Cash items impacting EBITDA Impact of tariffs
$
-
$
(688,000
)
$
-
$
(3,535,000
)
New product line start-up costs and transition expenses (a)
-
4,421,000
2,836,000
12,235,000
Gain due to realignment of inventory at customer distribution
centers
-
-
(4,862,000
)
(4,391,000
)
Supply chain disruptions and costs related to COVID-19
4,935,000
1,933,000
16,257,000
6,276,000
Total cash items impacting EBITDA
$
4,935,000
$
5,666,000
$
14,231,000
$
10,585,000
(a) Excludes depreciation, which is
included in the depreciation and amortization line item.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220209005310/en/
Gary S. Maier (310) 972-5124
Motorcar Parts and Assoc... (NASDAQ:MPAA)
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