IBEX Limited (“ibex”), a leading global provider in business
process outsourcing and end-to-end customer engagement technology
solutions, today announced financial results for its first quarter
ended September 30, 2022.
“The first quarter of 2023 delivered the
company’s best start to a fiscal year on record, highlighted by
revenue growth of 17.8% year-over-year, EBITDA margins of 14.3%,
strong net income, EPS, and free cash flow,” said Bob Dechant, CEO
of ibex. “Ibex continues to execute, despite continued market
volatility and global inflationary cost pressures. Our powerful new
logo engine and ability to land and expand partnerships is driving
client and vertical growth and diversification.”
“Looking forward to the remainder of 2023, we
are confident in the resiliency of our business, supported by the
client diversification and strategic vertical expansions we’ve
built over the preceding years. These efforts have our company well
positioned in today’s market as we have less exposure to any one
client or any one vertical. As a result of our strong start to the
year, we are reiterating our prior guidance and remain confident in
our brand and ability to continue to win business,” concluded Mr.
Dechant.
First Quarter of Fiscal Year 2023
HighlightsBusiness Highlights
- Won 3 new logos across key
verticals and launched a total of 11 new clients in the
quarter.
- The FinTech & HealthTech
verticals continued to increase significantly to 30.1% of total
revenue in the first quarter, compared to 23.2% of total revenue in
the prior year quarter.
- Executing on
growth strategy selling into 10,000 seats of capacity available as
a result of removing social distancing requirements.
Revenue
- Revenue increased 17.8% to $127.9
million, compared to $108.6 million in the prior year quarter.
- Revenue related
to our BPO 2.0 clients won since fiscal year 2016 grew 44.3%
compared to the prior year quarter and now represents 76% of our
quarterly revenue.
Net Income
- Net income increased to $4.3
million, compared to $3.0 million in the prior year quarter. The
increase in net income was primarily driven by stronger operating
results, including the absence of non-recurring costs in Q1 FY23,
partially offset by a negative impact from the fair value
adjustment of share warrants and increased depreciation.
- Net income margin increased to
3.4%, compared to 2.8% in the prior year quarter.
- Non-GAAP adjusted net income
increased to $6.4 million, compared to $0.9 million in the prior
year quarter (see Exhibit 1 for reconciliation).
- Non-GAAP
adjusted net income margin increased to 5.0%, compared to 0.8% in
the prior year quarter (see Exhibit 1 for reconciliation).
Adjusted EBITDA
- Non-GAAP adjusted EBITDA increased
to $18.2 million, compared to $11.5 million in the prior year
quarter (see Exhibit 2 for reconciliation).
- Non-GAAP
adjusted EBITDA margin increased to 14.3%, compared to 10.6% in the
prior year quarter (see Exhibit 2 for reconciliation).
Earnings Per Share
- IFRS fully
diluted earnings per share increased to $0.23, compared to $0.16 in
the prior year quarter.
- Non-GAAP
adjusted fully diluted earnings per share increased to $0.34,
compared to $0.05 in the prior year quarter (see Exhibit 1 for
reconciliation).
Cash flow and balance sheet
- Cash flow from operations increased
to $8.8 million, compared to $6.9 million in the prior year quarter
primarily due to stronger operating results partially offset by an
increased use of working capital.
- Capex was $3.6 million compared to
$5.3 million in the prior year quarter.
- Free cash flow for the first
quarter increased to $5.2 million, compared to $1.6 million in the
prior year quarter.
- Cash and cash equivalents were
$42.9 million and availability on our revolving credit facilities
of $56.7 million as of September 30, 2022, compared to cash and
cash equivalents of $48.8 million and availability on our revolving
credit facilities of $50.5 million as of June 30, 2022.
- Total borrowings were $7.7 million as of September 30, 2022,
compared to total borrowings of $15.0 million as of June 30,
2022.
- DSOs were 59
days in the first quarter, down 4 days compared to prior year, and
up 4 days sequentially.
Reaffirming Fiscal Year 2023 Business
Outlook
- Fiscal year 2023 organic revenue between $545 million and $555
million with midpoint growth of 11.4% versus fiscal year 2022.
- Fiscal year adjusted EBITDA of $77
million to $79 million with midpoint margin of 14.2%.
- Fiscal year 2023 capex of $18
million to $22 million.
Conference Call and Webcast Information
IBEX Limited will host a conference call and
live webcast to discuss its first quarter of fiscal year 2023
financial results at 4:30 p.m. eastern time today, November 15,
2022. The conference e-call may be accessed by registering
here.
Live and archived webcasts can be accessed
at: https://investors.ibex.co/.
Financial Information
This announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standards 34, “Interim Financial
Reporting.” The financial information in this press release has not
been audited.
Non-GAAP Financial Measures
We present non-GAAP financial measures because
we believe that they and other similar measures are widely used by
certain investors, securities analysts and other interested parties
as supplemental measures of performance and liquidity. We also use
these measures internally to establish forecasts, budgets and
operational goals to manage and monitor our business, as well as
evaluate our underlying historical performance, as we believe that
these non-GAAP financial measures provide a more accurate depiction
of the performance of the business by encompassing only relevant
and manageable events, enabling us to evaluate and plan more
effectively for the future. The non-GAAP financial measures may not
be comparable to other similarly titled measures of other
companies, have limitations as analytical tools, and should not be
considered in isolation or as a substitute for analysis of our
operating results as reported under IFRS as issued by the IASB.
Non-GAAP financial measures and ratios are not measurements of our
performance, financial condition or liquidity under IFRS as issued
by the IASB and should not be considered as alternatives to
operating profit or net income or as alternatives to cash flow from
operating, investing or financing activities for the period, or any
other performance measures, derived in accordance with IFRS as
issued by the IASB or any other generally accepted accounting
principles.
ibex is not providing a quantitative
reconciliation of forward-looking non-GAAP adjusted EBITDA to the
most directly comparable IFRS measure because it is unable to
predict with reasonable certainty the ultimate outcome of certain
significant items without unreasonable effort. These items include,
but are not limited to, non-recurring expenses, fair value
adjustments, and share-based compensation expense. These items are
uncertain, depend on various factors, and could have a material
impact on IFRS reported results for the guidance period.
About ibex
ibex helps the world’s preeminent brands more
effectively engage their customers with services ranging from
customer support, technical support, inbound/outbound sales,
business intelligence and analytics, digital demand generation, and
CX surveys and feedback analytics.
Forward Looking Statements
In addition to historical information, this
release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by terminology
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “should,” “plan,” “expect,” “predict,”
“potential,” or the negative of these terms or other similar
expressions. These statements include, but are not limited to,
statements regarding our future financial and operating
performance, including our outlook and guidance, and our
strategies, priorities and business plans. Our expectations and
beliefs regarding these matters may not materialize, and actual
results in future periods are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. Factors that could impact our actual results include:
the effects of cyberattacks on our information technology systems;
our ability to attract new business and retain key clients; our
ability to enter into multi-year contracts with our clients at
appropriate rates; the potential for our clients or potential
clients to consolidate; our clients deciding to enter into or
further expand their insourcing activities; our ability to manage
portions of our business that have long sales cycles and long
implementation cycles that require significant resources and
working capital; our ability to manage our international
operations, particularly in the Philippines, Jamaica, Pakistan and
Nicaragua; our ability to comply with applicable laws and
regulations, including those regarding privacy, data protection and
information security; our ability to manage the inelasticity of our
labor costs relative to short-term movements in client demand; our
ability to realize the anticipated strategic and financial benefits
of our relationship with Amazon; our ability to recruit, engage,
motivate, manage and retain our global workforce; our ability to
anticipate, develop and implement information technology solutions
that keep pace with evolving industry standards and changing client
demands; our ability to maintain and enhance our reputation and
brand; developments relating to COVID-19; and other factors
discussed under the heading “Risk Factors” in our annual report on
Form 20-F filed with the U.S. Securities and Exchange Commission on
October 4, 2022 and any other risk factors we include in subsequent
reports on Form 6-K. Because of these uncertainties, you should not
make any investment decisions based on our estimates and
forward-looking statements. Except as required by law, we undertake
no obligation to publicly update any forward-looking statements for
any reason after the date of this press release whether as a result
of new information, future events or otherwise.
IR Contact: Michael Darwal,
EVP, Deputy CFO, Investor Relations, ibex,
michael.darwal@ibex.coMedia Contact: Daniel
Burris, Senior Director PR and Communication, ibex,
daniel.burris@ibex.co
IBEX LimitedUnaudited
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
September 30, |
|
June 30, |
US$ in
thousands |
2022 |
|
|
2022 |
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
42,851 |
|
|
$ |
48,831 |
|
Trade and other receivables |
|
98,803 |
|
|
|
93,430 |
|
Due from related parties |
|
156 |
|
|
|
108 |
|
Warrant asset |
|
926 |
|
|
|
908 |
|
Total current assets |
$ |
142,736 |
|
|
$ |
143,277 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property and equipment |
$ |
37,197 |
|
|
$ |
38,987 |
|
Right of use assets |
|
69,366 |
|
|
|
77,642 |
|
Goodwill |
|
11,832 |
|
|
|
11,832 |
|
Other intangible assets |
|
2,687 |
|
|
|
3,027 |
|
Warrant asset |
|
701 |
|
|
|
935 |
|
Investment in joint venture |
|
384 |
|
|
|
382 |
|
Deferred tax asset |
|
9,152 |
|
|
|
9,465 |
|
Other assets |
|
5,409 |
|
|
|
4,590 |
|
Total non-current assets |
$ |
136,728 |
|
|
$ |
146,860 |
|
Total assets |
$ |
279,464 |
|
|
$ |
290,137 |
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
$ |
63,197 |
|
|
$ |
59,813 |
|
Deferred revenue |
|
7,909 |
|
|
|
8,600 |
|
Lease liabilities |
|
12,704 |
|
|
|
13,705 |
|
Borrowings |
|
7,662 |
|
|
|
14,689 |
|
Due to related parties |
|
2,445 |
|
|
|
2,595 |
|
Income tax payables |
|
3,654 |
|
|
|
2,965 |
|
Total current liabilities |
$ |
97,571 |
|
|
$ |
102,367 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Deferred revenue |
$ |
3,420 |
|
|
$ |
3,993 |
|
Lease liabilities |
|
68,578 |
|
|
|
76,004 |
|
Borrowings |
|
- |
|
|
|
338 |
|
Other non-current liabilities |
|
6,503 |
|
|
|
7,146 |
|
Total non-current liabilities |
$ |
78,501 |
|
|
$ |
87,481 |
|
Total liabilities |
$ |
176,072 |
|
|
$ |
189,848 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
$ |
2 |
|
|
$ |
2 |
|
Additional paid-in capital |
|
154,531 |
|
|
|
154,786 |
|
Other reserves |
|
32,243 |
|
|
|
33,191 |
|
Accumulated deficit |
|
(83,384 |
) |
|
|
(87,690 |
) |
Total equity |
$ |
103,392 |
|
|
$ |
100,289 |
|
Total liabilities and equity |
$ |
279,464 |
|
|
$ |
290,137 |
|
|
|
|
|
|
|
IBEX LimitedUnaudited
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
Three months ended September 30, |
US$ in
thousands, except share and per share amounts |
2022 |
|
|
2021 |
|
Revenue |
$ |
127,876 |
|
|
$ |
108,573 |
|
|
|
|
|
|
|
Payroll and related costs |
|
87,079 |
|
|
|
76,437 |
|
Share-based payments |
|
1,122 |
|
|
|
360 |
|
Reseller commission and lead
expenses |
|
3,184 |
|
|
|
3,192 |
|
Depreciation and
amortization |
|
8,685 |
|
|
|
7,643 |
|
Fair value measurement of
share warrants |
|
2,165 |
|
|
|
(2,800 |
) |
Other operating costs |
|
18,376 |
|
|
|
18,024 |
|
Income from
operations |
$ |
7,265 |
|
|
$ |
5,717 |
|
|
|
|
|
|
|
Finance expenses |
$ |
(1,869 |
) |
|
$ |
(2,110 |
) |
Income before
taxation |
$ |
5,396 |
|
|
$ |
3,607 |
|
|
|
|
|
|
|
Income tax benefit /
(expense) |
$ |
(1,090 |
) |
|
$ |
(593 |
) |
Net
income |
$ |
4,306 |
|
|
$ |
3,014 |
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
Items that will be
subsequently reclassified to profit or loss |
|
|
|
|
|
Foreign currency translation
adjustment |
$ |
(1,493 |
) |
|
$ |
(445 |
) |
Cash flow hedges - changes in
fair value |
|
(261 |
) |
|
|
(311 |
) |
Total other
comprehensive income |
$ |
(1,754 |
) |
|
$ |
(756 |
) |
|
|
|
|
|
|
Total comprehensive
income |
$ |
2,552 |
|
|
$ |
2,258 |
|
|
|
|
|
|
|
Earnings per
share |
|
|
|
|
|
Basic |
$ |
0.24 |
|
|
$ |
0.17 |
|
Diluted |
$ |
0.23 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
Basic |
|
18,140,577 |
|
|
|
18,246,672 |
|
Diluted |
|
18,640,659 |
|
|
|
18,849,139 |
|
IBEX LimitedUnaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
Three months ended September 30, |
US$ in
thousands |
2022 |
|
|
2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Income before taxation |
$ |
5,396 |
|
|
$ |
3,607 |
|
Adjustments to reconcile income before taxation to net cash
provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
8,685 |
|
|
|
7,643 |
|
Amortization of warrant asset |
|
216 |
|
|
|
(294 |
) |
Foreign currency translation gain |
|
(849 |
) |
|
|
(22 |
) |
Fair value measurement of share warrants |
|
2,165 |
|
|
|
(2,800 |
) |
Share-based payments |
|
1,122 |
|
|
|
360 |
|
Allowance of expected credit losses |
|
2 |
|
|
|
(225 |
) |
Share of profit from investment in joint venture |
|
(152 |
) |
|
|
(225 |
) |
Gain on lease terminations |
|
(366 |
) |
|
|
(2 |
) |
Provision for defined benefit scheme |
|
(1 |
) |
|
|
19 |
|
Finance expenses |
|
1,869 |
|
|
|
2,110 |
|
Increase in trade and other receivables |
|
(6,258 |
) |
|
|
(7,597 |
) |
Increase in prepayments and other assets |
|
(793 |
) |
|
|
(269 |
) |
(Decrease) / increase in trade and other payables and other
liabilities |
|
(175 |
) |
|
|
6,916 |
|
Cash inflow from operations |
|
10,861 |
|
|
|
9,221 |
|
Interest paid |
|
(1,935 |
) |
|
|
(2,110 |
) |
Income taxes paid |
|
(121 |
) |
|
|
(213 |
) |
Net cash inflow from operating activities |
$ |
8,805 |
|
|
$ |
6,898 |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Purchase of property and equipment |
$ |
(3,489 |
) |
|
$ |
(4,935 |
) |
Purchase of other intangible assets |
|
(69 |
) |
|
|
(389 |
) |
Dividend received from joint venture |
|
151 |
|
|
|
205 |
|
Net cash outflow from investing activities |
$ |
(3,407 |
) |
|
$ |
(5,119 |
) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Proceeds from line of credit |
$ |
9,355 |
|
|
$ |
24,815 |
|
Repayments of line of credit |
|
(14,000 |
) |
|
|
(24,920 |
) |
Repayment of borrowings |
|
(2,686 |
) |
|
|
(2,238 |
) |
Exercise of options |
|
21 |
|
|
|
- |
|
Principal payments on lease obligations |
|
(3,476 |
) |
|
|
(3,023 |
) |
Purchase of treasury shares |
|
(276 |
) |
|
|
- |
|
Net cash outflow from financing activities |
$ |
(11,062 |
) |
|
$ |
(5,366 |
) |
Effects of exchange rate difference on cash and cash
equivalents |
|
(316 |
) |
|
|
(269 |
) |
Net decrease in cash and cash equivalents |
$ |
(5,980 |
) |
|
$ |
(3,856 |
) |
Cash and cash equivalents at beginning of the period |
$ |
48,831 |
|
|
$ |
57,842 |
|
Cash and cash equivalents at end of the
period |
$ |
42,851 |
|
|
$ |
53,986 |
|
|
|
|
|
|
|
Non-cash items |
|
|
|
|
|
New leases |
|
354 |
|
|
|
7,750 |
|
Change in accounts payable related to fixed assets |
|
(135 |
) |
|
|
4,339 |
|
IBEX
LimitedReconciliation of IFRS Financial Measures
to Non-GAAP Financial Measures
EXHIBIT 1: Adjusted net income and adjusted fully
diluted earnings per share
We define “adjusted net income” as net income
before the effect of the following items: non-recurring expenses
(including severance expense, litigation and settlement expenses,
costs related to COVID-19, and listing costs, as applicable),
amortization of warrant asset, foreign currency translation gains
or losses, fair value measurement of share warrants, share-based
payments, gain or loss on disposal of fixed assets and/or lease
terminations, and impairment of intangibles, as applicable, net of
the tax impact of such adjustments. The following table provides a
reconciliation of net income to adjusted net income for the periods
presented:
|
|
|
|
|
|
IBEX Limited |
Adjusted net income |
|
|
|
|
|
|
|
Three months ended September 30, |
|
2022 |
|
|
2021 |
US$ in
thousands, except share and per share amounts, unaudited |
Amount |
|
Amount |
Net income |
$ |
4,306 |
|
|
$ |
3,014 |
|
Net income
margin |
|
3.4% |
|
|
|
2.8% |
|
|
|
|
|
|
|
Non-recurring expenses |
|
- |
|
|
|
862 |
|
Amortization of warrant
asset |
|
216 |
|
|
|
(294 |
) |
Foreign currency translation
gain |
|
(849 |
) |
|
|
(22 |
) |
Fair value measurement of
share warrants |
|
2,165 |
|
|
|
(2,800 |
) |
Share-based payments |
|
1,122 |
|
|
|
360 |
|
Gain on lease
terminations |
|
(366 |
) |
|
|
(2 |
) |
Total
adjustments |
$ |
2,288 |
|
|
$ |
(1,896 |
) |
Tax impact of
adjustments(a) |
|
(166 |
) |
|
|
(250 |
) |
Adjusted net
income |
$ |
6,428 |
|
|
$ |
868 |
|
Adjusted net income
margin |
|
5.0% |
|
|
|
0.8% |
|
|
|
|
|
|
|
IBEX Limited |
Adjusted earnings per share - diluted |
|
|
|
|
|
|
Earnings per share - diluted |
$ |
0.23 |
|
|
$ |
0.16 |
|
Per
share impact of adjustments to net income |
|
0.11 |
|
|
|
(0.11 |
) |
Adjusted earnings per share - diluted |
$ |
0.34 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted |
|
18,640,659 |
|
|
|
18,849,139 |
|
(a) The tax impact of each
adjustment is calculated using the effective tax rate in the
relevant jurisdictions.
EXHIBIT 2: EBITDA and Adjusted
EBITDA
We define “EBITDA” as net income before the
effect of the following items: finance expenses (including finance
expense related to right-of-use lease liabilities), income tax
(benefit) / expense, and depreciation and amortization (including
depreciation of right-of-use assets). We define “Adjusted EBITDA”
as EBITDA before the effect of the following items: non-recurring
expenses (including severance expense, litigation and settlement
expenses, costs related to COVID-19, and listing costs, as
applicable), amortization of warrant asset, foreign currency
translation gains or losses, fair value measurement of share
warrants, share-based payments, gain or loss on disposal of fixed
assets and/or lease terminations, and impairment of intangibles, as
applicable. The following table provides a reconciliation of net
income to adjusted EBITDA for the periods presented:
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
US$ in
thousands, unaudited |
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
4,306 |
|
|
$ |
3,014 |
|
Net income margin |
|
|
3.4% |
|
|
|
2.8% |
|
|
|
|
|
|
|
|
Finance expenses |
|
|
1,869 |
|
|
|
2,110 |
|
Income tax expense |
|
|
1,090 |
|
|
|
593 |
|
Depreciation and amortization |
|
|
8,685 |
|
|
|
7,643 |
|
EBITDA |
|
$ |
15,950 |
|
|
$ |
13,360 |
|
Non-recurring expenses |
|
|
- |
|
|
|
862 |
|
Amortization of warrant asset |
|
|
216 |
|
|
|
(294 |
) |
Foreign currency translation gain |
|
|
(849 |
) |
|
|
(22 |
) |
Fair
value measurement of share warrants |
|
|
2,165 |
|
|
|
(2,800 |
) |
Share-based payments |
|
|
1,122 |
|
|
|
360 |
|
Gain
on lease terminations |
|
|
(366 |
) |
|
|
(2 |
) |
Adjusted
EBITDA |
|
$ |
18,238 |
|
|
$ |
11,464 |
|
Adjusted EBITDA margin |
|
|
14.3% |
|
|
|
10.6% |
|
EXHIBIT 3: Free cash flow
We define “free cash flow” as net cash provided
by operating activities less cash capital expenditures.
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
US$ in
thousands, unaudited |
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
8,805 |
|
|
$ |
6,898 |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Cash capital expenditures |
|
3,558 |
|
|
|
5,324 |
|
Free cash
flow(1) |
$ |
5,247 |
|
|
$ |
1,574 |
|
(1) Excluded from free cash flow are the
principal portion of right-of-use lease payments of $3,476 and
$3,015 for the three months ended September 30, 2022, and 2021,
respectively. We believe it is useful to consider these payments
when analyzing free cash flow as these amounts directly relate to
revenue generating assets used in operations.EXHIBIT 4: Net
debt
We define “net debt” as total debt less cash and
cash equivalents.
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
June 30, |
|
US$ in
thousands, unaudited |
|
2022 |
|
|
|
2022 |
|
Borrowings |
|
|
|
|
|
|
|
Current |
$ |
7,662 |
|
|
$ |
14,689 |
|
Non-current |
|
- |
|
|
|
338 |
|
|
$ |
7,662 |
|
|
$ |
15,027 |
|
Leases |
|
|
|
|
|
|
|
Current |
$ |
12,704 |
|
|
$ |
13,705 |
|
Non-current |
|
68,578 |
|
|
|
76,004 |
|
|
$ |
81,282 |
|
|
$ |
89,709 |
|
Total
debt |
$ |
88,944 |
|
|
$ |
104,736 |
|
Cash and cash equivalents |
|
42,851 |
|
|
|
48,831 |
|
Net debt |
$ |
46,093 |
|
|
$ |
55,905 |
|
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