Marrone Bio Innovations, Inc. (NASDAQ: MBII)
(“Marrone Bio” or the “company”), an international leader in
providing growers with sustainable bioprotection and plant health
solutions to support global agricultural needs, has provided its
financial results for the third quarter ended September 30, 2020.
Selected Financial
Highlights
$ in millions |
Q32020 |
Q32019 |
% Increase(Decrease) |
YTD2020 |
YTD2019 |
% Increase(Decrease) |
Revenues |
$8.8 |
$7.0 |
27% |
$30.7 |
$22.7 |
35% |
Gross Profit |
$5.0 |
$3.6 |
40% |
$18.0 |
$12.4 |
45% |
Gross Margin |
56.7% |
51.5% |
+520bps |
58.6% |
54.6% |
+400bps |
Operating Expenses |
$10.4 |
$13.4 |
(22%) |
$31.1 |
$32.2 |
(4%) |
Operating Expense Ratio |
118% |
192% |
-7,300bps |
101% |
142% |
-4,100bps |
Net Income
(Loss) |
($6.1) |
($16.4) |
(63%) |
($16.0) |
($27.0) |
(41%) |
Adjusted EBITDA1 |
($3.6) |
($4.3) |
(18%) |
($8.8) |
($10.7) |
(18%) |
Cash Used in Operations |
($0.9) |
($5.7) |
(85%) |
($8.6) |
($16.4) |
(48%) |
1Adjusted EBITDA is a non-GAAP
financial measure and is described in relation to its most directly
comparable GAAP measure under "Use of Non-GAAP Financial
Information" below.
Third-Quarter 2020
Financial and Operational
Summary
- The company’s 27% increase in
third-quarter revenues reflected growth from its strategic
expansion in international and seed treatment markets. In the
United States, Marrone Bio’s biological seed treatments for corn
and soybeans are entering their third year in the market, and
delivering positive performance that supported the sales increase
in the quarter. Sales also benefitted in the quarter from the
introduction in Latin America of a new foliar treatment to promote
plant health for soybeans.
- Gross profit and margins benefitted
from the positive mix effect of sales into high-value markets.
Gross profit in the quarter rose 40% to $5 million, with gross
margins of 56.7%.
- Operating expenses in the third
quarter declined 22% to $10.4 million, reflecting the benefit of
cost savings measures put in place earlier in the year in response
to the COVID-19 pandemic, partially offset by the addition of
operating expenses from the acquisition of Pro Farm. In comparison,
operating expenses in the third quarter of 2019 were $13.4 million,
which included $3.7 million in acquisition-related expenses.
- The operating expense ratio – a key
performance indicator that compares operating expenses to revenues
– declined by 7,300 basis points to 118% as a result of lower
expenses and higher revenues.
- Net income (loss) in the third
quarter improved 63% to a loss of $6.1 million, and benefitted from
increases in revenues and gross profit, and a decrease in operating
expenses. In comparison, the $16.4 million net loss in the third
quarter of 2019 included $6.3 million in non-cash charges related
to the estimated fair value of a warrant exercise and
modification.
- Adjusted EBITDA improved 18% to a
loss of $3.6 million in the third quarter. The improvement
reflected the increase in revenues and gross profit, as well as
lower operating expenses. Adjusted EBITDA is further
described under “Use of Non-GAAP Financial Information” below.
- Cash used in operations in the third
quarter was $0.9 million, an 85% improvement when compared with
$5.7 million of cash used in operations in the third quarter of
2019. The combination of higher revenues and lower operating
expenses contributed to the reduction.
Year-to-Date 2020 Financial
and Operational Summary
- Revenues for the first nine months
of 2020 increased 35% to $30.7 million as the company gained
greater market penetration across its portfolio of crop protection,
crop health and crop nutrition product families. Year to date
September, the company has gained share in both fungicides and
insecticides in the key California market for fruits and
vegetables, despite difficult market conditions. The
portfolio performed particularly well in strawberries and wine
grapes. Regalia bio-fungicide was one of the market leaders
in its category in California. In row crops the company expanded
its international presence for seed treatments and foliar
applications.
- Gross profit rose 45%, with gross
margins of 58.6% year to date in 2020. A higher value sales mix
drove the 400 basis point improvement from gross margins in the
first nine months of 2020.
- Operating expenses in the first nine
months of 2020 decreased 4% to $31.1 million. Cost savings were
partially offset by the addition of nine months of operating
expenses from Pro Farm. Year-to-date operating expenses in 2020
also benefited by $1.4 million from a Paycheck Protection Program
(PPP) loan secured to retain employees supporting the essential
agricultural industry during the COVID-19 pandemic, which has since
been forgiven.
- The operating expense ratio of 101%
was a step change from the operating expense ratio of 142% in the
first nine months of 2019, and reflected the reduction in spending
while revenues grew.
- Net loss for the first nine months
of 2020 was $16.0 million as compared with a net loss of $27
million in the same period last year. The 41% improvement was a
function of revenue and gross profit growth coupled with reduced
spending. The net loss for the first nine months of 2020 included
non-cash adjustments related to warrant exercises, stock
compensation and amortization charges. The net loss in the first
nine months of 2019 also included a non-cash charge related to a
warrant exercise.
- Adjusted EBITDA was a loss of $8.8
million year-to-date in 2020, as compared with a loss of $10.7
million for the same period in 2020. The improvement in Adjusted
EBITDA reflected the benefit of higher sales and gross profit, and
lower operating expenses. Adjusted EBITDA is further described
under “Use of Non-GAAP Financial Information” below.
- Cash used in operations was $8.6
million year-to-date, a 48 percent improvement that reflected
revenue and gross profit growth coupled with cost containment. Cash
used in operations in the first nine months of 2020 also benefited
from $1.7 million in proceeds from the PPP loan.
Management Commentary
“Our third-quarter results were particularly encouraging as we
delivered on our ambitions to expand our international presence and
to further penetrate the seed treatment market for row crops,” said
Chief Executive Officer Kevin Helash. “The benefit of this
strategic shift was reflected in another quarter of gross margins
in line with our annual target in the mid-50% range, and sales that
keep us on track to achieve full year revenue growth in the range
of our historical levels. Additionally, we continue to make
progress on cost management, reducing our operating expense ratio
while making targeted investments in the areas that will accelerate
our path to profitability.
“While we are expanding our business in Latin America, the
second half of the year is typically a smaller period for us in
terms of revenue,” Helash added. “While we anticipate that our 2020
full-year revenues will be in the range of our historical growth
rate, we continue to believe that our sales mix will continue on
the historical trend of being stronger in the first half of the
year than the second, and will continue to do so as we move
forward.”
Conference Call and Webcast
Management will host an investor conference call
today 1:30 p.m. PST (4:30 p.m. EST) to discuss Marrone Bio
Innovations’ third quarter 2020 financial results, provide a
corporate update, and conclude with a Q&A from participants. To
participate, please use the following information:
Q3
2020 Conference Call and
WebcastDate: Monday, November 9, 2020Time: 1:30 p.m. PST
(4:30 p.m. EST)U.S. Dial-in: 1-800-437-2398International Dial-in:
1-323-289-6576Conference ID: 1021625Webcast:
http://public.viavid.com/index.php?id=141814
Please dial in at least 10 minutes before the
start of the call to ensure timely participation.
A playback of the call will be available through
December 9, 2020. To listen, call 1-844-512-2921 within the United
States or 1-412-317-6671 when calling internationally. Please use
the replay pin number 1021625. A webcast will also be available for
30 days on the IR section of the Marrone Bio Innovations website or
by clicking here: MBII Q3 2020 Webcast
About Marrone Bio
InnovationsMarrone Bio Innovations Inc. (NASDAQ: MBII) is
a growth-oriented company leading the movement to a more
sustainable world through the discovery, development and sale of
innovative biological products for crop protection, plant health
and waterway systems treatment that help customers operate more
sustainably while increasing their return on investment. MBI has
screened over 18,000 microorganisms and 350 plant extracts,
leveraging its in-depth knowledge of plant and soil microbiomes
enhanced by advanced molecular technologies and natural product
chemistry to rapidly develop seven product lines. Supported by a
robust portfolio of over 400 issued and pending patents, MBI’s
currently available commercial products are Regalia®, Stargus®,
Grandevo®, Venerate®, Majestene®, Haven®, Pacesetter™, Zelto® Jet
Oxide® and Jet Ag® and Zequanox®, with a next-generation
insecticide-nematicide, a breakthrough bioherbicide and a
biofumigant in the Company’s product pipeline. MBI’s Pro Farm
Finland-based subsidiary employs a proprietary technology derived
from wood waste to stimulate plant growth and improve plant health,
resulting in improved yields and crop quality. Products include
UBP™ 110, Foramin®, UBP™ Seed Treatment, Foramin® ST.
Learn more about Marrone Bio Innovations at
www.marronebio.com. We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Non-GAAP Financial
Measures This
earnings release discusses Adjusted EBITDA which is not a financial
measure as defined by GAAP. This financial measure is presented as
a supplemental measure of operating performance because we believe
it can aid in, and enhance, the understanding of our financial
results. In addition, we use Adjusted EBITDA as a measure
internally for budgeting purposes.
For a reconciliation of the non-GAAP measures
presented in this earnings release to their most directly
comparable financial measure prepared in accordance with GAAP, see
“Non-GAAP Reconciliation” below. Other companies may define or
calculate this measure differently, limiting the usefulness as a
comparative measure. Because of this limitation, this non-GAAP
financial measure should not be considered in isolation or as
substitute for or superior to performance measures calculated in
accordance with GAAP and should be read in conjunction with the
financial statement
tables. We
define Adjusted EBITDA as net income (loss) before (1) interest
expense (income), net, (2) income tax expense (benefit), (3)
depreciation, (4) amortization of intangible assets, (5)
stock-based compensation expense, plus (6) from time to time,
certain other items which are specific transaction-related
items.
GAAP to non-GAAP
Reconciliation |
|
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
QTD Q3 |
|
QTD Q3 |
|
YTD Q3 |
|
YTD Q3 |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net Loss (AS REPORTED) |
$ |
(6,063 |
) |
$ |
(16,366 |
) |
$ |
(15,957 |
) |
$ |
(27,035 |
) |
Taxes |
|
37 |
|
|
- |
|
|
117 |
|
|
- |
|
Interest expense |
|
405 |
|
|
355 |
|
|
1,073 |
|
|
1,014 |
|
Depreciation and
amortization |
|
885 |
|
|
524 |
|
|
2,666 |
|
|
1,427 |
|
EBITDA |
$ |
(4,736 |
) |
$ |
(15,487 |
) |
$ |
(12,101 |
) |
$ |
(24,594 |
) |
Stock based compensation |
|
964 |
|
|
742 |
|
|
2,755 |
|
|
1,906 |
|
Acquisition related costs |
|
- |
|
|
2,690 |
|
|
- |
|
|
3,744 |
|
Litigation cost and
settlement |
|
- |
|
|
1,405 |
|
|
- |
|
|
1,914 |
|
Loss on modification of
warrants |
|
- |
|
|
1,564 |
|
|
- |
|
|
1,564 |
|
Loss on issuance of new
warrants |
|
- |
|
|
4,751 |
|
|
1,391 |
|
|
4,751 |
|
Change in fair value of
contingent consideration |
|
200 |
|
|
- |
|
|
563 |
|
|
- |
|
Reduction in expenses related to
PPP funds |
|
- |
|
|
- |
|
|
(1,396 |
) |
|
- |
|
Adjusted EBITDA |
$ |
(3,572 |
) |
$ |
(4,335 |
) |
$ |
(8,788 |
) |
$ |
(10,715 |
) |
Marrone Bio Innovations Forward Looking
Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding strategy, future operations and plans,
including assumptions underlying such statements, are
forward-looking statements, and should not be relied upon as
representing MBI’s views as of any subsequent date. Examples of
such statements include financial guidance and other statements
regarding the company’s future revenue growth, margins and other
financial results; future adoption of the company’s products; and
the potential benefits of the company’s products. Such
forward-looking statements are based on information available to
the company as of the date of this release and involve a number of
risks and uncertainties, some beyond the company’s control, that
could cause actual results to differ materially from those
anticipated by these forward-looking statements, including the
recent uncertainty in the global economy and industry-specific
economy caused by the COVID-19 pandemic, consumer, regulatory and
other factors affecting demand for the company’s products, any
difficulty in marketing MBI’s products in global markets,
competition in the market for pest management products, lack of
understanding of bio-based pest management products by customers
and growers, adverse decisions by regulatory agencies and other
relevant third parties and any difficulty in integrating the
acquired Pro Farm, Jet-Ag and Jet-Oxide businesses. Additional
information that could lead to material changes in MBI’s
performance is contained in its filings with the Securities and
Exchange Commission. MBI is under no obligation to, and expressly
disclaims any responsibility to, update or alter forward-looking
statements contained in this release, whether as a result of new
information, future events or otherwise.
Marrone Bio Innovations Contacts:Kevin Helash,
CEOJim Boyd, President and CFOTelephone: +1 (530) 750-2800Email:
Info@marronebio.com
Investor Relations:Lucas A. ZimmermanSenior
Vice PresidentMZ Group – MZ North AmericaMain: 949-259-4987
MBII@mzgroup.us
MARRONE BIO INNOVATIONS,
INC.Condensed Consolidated Balance
Sheets(In Thousands, Except Par Value)(Unaudited)
|
SEPTEMBER 30, |
|
|
DECEMBER 31, |
|
|
2020 |
|
|
2019 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
8,971 |
|
|
$ |
6,252 |
|
Accounts receivable |
|
6,827 |
|
|
|
5,925 |
|
Inventories, net |
|
6,193 |
|
|
|
8,149 |
|
Prepaid expenses and other current assets |
|
2,016 |
|
|
|
1,390 |
|
Total current assets |
|
24,007 |
|
|
|
21,716 |
|
Property, plant and equipment, net |
|
12,789 |
|
|
|
13,260 |
|
Right of use assets, net |
|
3,977 |
|
|
|
4,567 |
|
Intangible assets, net |
|
22,079 |
|
|
|
23,842 |
|
Goodwill |
|
6,740 |
|
|
|
6,764 |
|
Restricted cash |
|
1,560 |
|
|
|
1,560 |
|
Other assets |
|
911 |
|
|
|
1,008 |
|
Total assets |
$ |
72,063 |
|
|
$ |
72,717 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
1,985 |
|
|
$ |
3,379 |
|
Accrued liabilities |
|
13,101 |
|
|
|
12,467 |
|
Deferred revenue, current portion |
|
541 |
|
|
|
427 |
|
Lease liability, current portion |
|
981 |
|
|
|
913 |
|
Debt, current portion, net |
|
6,333 |
|
|
|
3,899 |
|
Total current liabilities |
|
22,941 |
|
|
|
21,085 |
|
Deferred revenue, less current portion |
|
1,688 |
|
|
|
1,986 |
|
Lease liability, less current portion |
|
3,303 |
|
|
|
3,970 |
|
Debt, less current portion, net |
|
11,367 |
|
|
|
11,847 |
|
Debt due to related parties |
|
7,300 |
|
|
|
7,300 |
|
Other liabilities |
|
2,359 |
|
|
|
2,971 |
|
Total liabilities |
|
48,958 |
|
|
|
49,159 |
|
Commitments and
contingencies |
|
- |
|
|
|
- |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock: $0.00001 par value; 20,000 shares authorized and
no shares issued or outstanding at September 30, 2020 and December
31, 2019 |
|
— |
|
|
|
— |
|
Common stock: $0.00001 par value; 250,000 shares authorized,
152,475 and 139,526 shares issued and outstanding as of September
30, 2020 and December 31, 2019 |
|
1 |
|
|
|
1 |
|
Additional paid in capital |
|
359,710 |
|
|
|
344,206 |
|
Accumulated deficit |
|
(336,606 |
) |
|
|
(320,649 |
) |
Total stockholders’
equity |
|
23,105 |
|
|
|
23,558 |
|
Total liabilities and
stockholders’ equity |
$ |
72,063 |
|
|
$ |
72,717 |
|
MARRONE BIO INNOVATIONS,
INC.Condensed Consolidated Statements of
Operations(In Thousands, Except Per Share
Amounts)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDEDSEPTEMBER
30, |
|
|
NINE MONTHS ENDEDSEPTEMBER
30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
8,697 |
|
|
$ |
6,859 |
|
|
$ |
30,295 |
|
|
$ |
22,342 |
|
License |
|
131 |
|
|
|
107 |
|
|
|
361 |
|
|
|
337 |
|
Total revenues |
|
8,828 |
|
|
|
6,966 |
|
|
|
30,656 |
|
|
|
22,679 |
|
Cost of product revenues |
|
3,826 |
|
|
|
3,381 |
|
|
|
12,701 |
|
|
|
10,298 |
|
Gross profit |
|
5,002 |
|
|
|
3,585 |
|
|
|
17,955 |
|
|
|
12,381 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research, development and patent |
|
3,112 |
|
|
|
3,760 |
|
|
|
8,658 |
|
|
|
10,336 |
|
Selling, general and administrative |
|
7,335 |
|
|
|
9,598 |
|
|
|
22,406 |
|
|
|
21,876 |
|
Total operating expenses |
|
10,447 |
|
|
|
13,358 |
|
|
|
31,064 |
|
|
|
32,212 |
|
Loss from operations |
|
(5,445 |
) |
|
|
(9,773 |
) |
|
|
(13,109 |
) |
|
|
(19,831 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(405 |
) |
|
|
(355 |
) |
|
|
(1,073 |
) |
|
|
(1,014 |
) |
Loss on modification of warrants |
|
— |
|
|
|
(1,564 |
) |
|
|
— |
|
|
|
(1,564 |
) |
Loss on issuance of new warrants |
|
— |
|
|
|
(4,751 |
) |
|
|
(1,391 |
) |
|
|
(4,751 |
) |
Change in fair value of contingent consideration |
|
(200 |
) |
|
|
— |
|
|
|
(563 |
) |
|
|
— |
|
Other income (expense), net |
|
24 |
|
|
|
77 |
|
|
|
296 |
|
|
|
126 |
|
Total other income (expense),
net |
|
(581 |
) |
|
|
(6,593 |
) |
|
|
(2,731 |
) |
|
|
(7,203 |
) |
Loss before taxes |
|
(6,026 |
) |
|
|
(16,366 |
) |
|
|
(15,840 |
) |
|
|
(27,034 |
) |
Income Taxes |
|
(37 |
) |
|
|
- |
|
|
|
(117 |
) |
|
|
- |
|
Net loss |
$ |
(6,063 |
) |
|
$ |
(16,366 |
) |
|
$ |
(15,957 |
) |
|
$ |
(27,034 |
) |
Basic and diluted net loss per
common share: |
$ |
(0.04 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.24 |
) |
Weighted-average shares
outstanding used in computing basic and diluted net loss per common
share: |
|
150,233 |
|
|
|
116,186 |
|
|
|
146,840 |
|
|
|
112,553 |
|
MARRONE BIO INNOVATIONS,
INC.Condensed Consolidated Statements of Cash
Flows(In Thousands)(Unaudited)
|
|
|
|
|
|
|
NINE MONTHS ENDEDSEPTEMBER
30, |
|
|
2020 |
|
|
2019 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net loss |
$ |
(15,957 |
) |
|
$ |
(27,034 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,666 |
|
|
|
1,427 |
|
Gain on disposal of equipment |
|
(9 |
) |
|
|
(9 |
) |
Right of use assets amortization |
|
590 |
|
|
|
602 |
|
Share-based compensation |
|
2,755 |
|
|
|
1,906 |
|
Non-cash interest expense |
|
175 |
|
|
|
213 |
|
Loss on modification of warrants |
|
— |
|
|
|
1,564 |
|
Loss on issuance of new warrants |
|
1,391 |
|
|
|
4,751 |
|
Change in fair value of contingent consideration |
|
563 |
|
|
|
— |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(902 |
) |
|
|
(4,043 |
) |
Inventories, net |
|
1,956 |
|
|
|
(84 |
) |
Prepaid Expenses and other assets |
|
(529 |
) |
|
|
(904 |
) |
Accounts payable |
|
(1,337 |
) |
|
|
(384 |
) |
Accrued and other liabilities |
|
981 |
|
|
|
6,571 |
|
Lease Liability |
|
(599 |
) |
|
|
(471 |
) |
Deferred revenue |
|
(344 |
) |
|
|
(500 |
) |
Net cash used in operating
activities |
|
(8,600 |
) |
|
|
(16,395 |
) |
Cash flows from investing
activities |
|
|
|
|
|
|
|
Payment of contingent consideration in connection with previous
asset purchase |
|
(890 |
) |
|
|
(544 |
) |
Sale of property, plant, equipment |
|
2 |
|
|
|
— |
|
Business combination, net of cash acquired |
|
- |
|
|
|
(5,849 |
) |
Purchases of property, plant and equipment |
|
(458 |
) |
|
|
(218 |
) |
Net cash used in investing
activities |
|
(1,346 |
) |
|
|
(6,611 |
) |
Cash flows from financing
activities |
|
|
|
|
|
|
|
Proceeds from secured borrowings |
|
32,837 |
|
|
|
24,005 |
|
Reductions in secured borrowings |
|
(30,461 |
) |
|
|
(21,123 |
) |
Net settlement of options |
|
— |
|
|
|
— |
|
Financing costs |
|
(64 |
) |
|
|
— |
|
Exercise of stock options |
|
31 |
|
|
|
55 |
|
Proceeds from employee stock purchase plan |
|
179 |
|
|
|
80 |
|
Exercise of warrants |
|
10,580 |
|
|
|
10,000 |
|
Repayment of debt |
|
(437 |
) |
|
|
(333 |
) |
Net cash provided by financing
activities |
|
12,665 |
|
|
|
12,684 |
|
Net increase (decrease) in
cash and cash equivalents and restricted cash |
|
2,719 |
|
|
|
(10,322 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
7,812 |
|
|
|
19,781 |
|
Cash and cash equivalents and
restricted cash, end of period |
$ |
10,531 |
|
|
$ |
9,459 |
|
|
|
|
|
|
|
|
|
Supplemental disclosure of
cash flow information |
|
|
|
|
|
|
|
Cash paid for interest |
$ |
884 |
|
|
$ |
794 |
|
Supplemental disclosure of
non-cash operating activities |
|
|
|
|
|
|
|
Reclass of restricted stock
units in lieu of cash bonus |
$ |
632 |
|
|
$ |
— |
|
Supplemental disclosure of
non-cash investing and financing activities |
|
|
|
|
|
|
|
Property, plant and equipment
included in accounts payable and accrued liabilities |
$ |
35 |
|
|
$ |
5 |
|
Fair value of non-cash
consideration issued in acquisition transactions |
|
— |
|
|
|
22,054 |
|
Marrone Bio Innovations (NASDAQ:MBII)
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Marrone Bio Innovations (NASDAQ:MBII)
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