Third quarter 2022 revenue grew 41%
year-over-year to $50.0 million
Non-GAAP operating margin improved by over 12
percentage points
Remaining performance obligations increased 39%
year-over-year to $158.0 million
Similarweb Ltd. (NYSE: SMWB) ("Similarweb" or the "Company"), a
leading digital intelligence company, today announced financial
results for its third quarter ended September 30, 2022. The Company
published a letter to shareholders from management discussing these
results, which can be accessed at the link:
https://ir.similarweb.com/financials/quarterly-results, located on
the Company's investor relations website.
“We delivered solid results in the third quarter despite the
challenging demand environment,” said Or Offer, Founder and Chief
Executive Office of Similarweb. “We saw both new customer growth
and expansion from existing customers. Interest in our products
remains high, even as customers are carefully scrutinizing their
spending, because the return on investment is measurable. Our
digital intelligence solutions provide visibility to company
decision-makers when they need it most.”
Third Quarter 2022 Financial
Highlights
- Total revenue was $50.0 million, an increase of 41% compared to
$35.6 million for the third quarter of 2021.
- GAAP operating loss was $(20.6) million or (41)% of revenue,
compared to $(16.7) million or (47)% of revenue for the third
quarter of 2021.
- GAAP net loss per share was $(0.28), compared to $(0.23) for
the third quarter of 2021.
- Non-GAAP operating loss was $(13.3) million or (27)% of
revenue, compared to $(13.9) million or (39)% of revenue for the
third quarter of 2021.
- Non-GAAP operating loss per share was $(0.18), compared to
$(0.19) for the third quarter of 2021.
- Cash and cash equivalents totaled $90.6 million as of September
30, 2022, compared to $128.9 million as of December 31, 2021.
- Net cash used in operating activities was $(21.7) million,
compared to $(16.6) million for the third quarter of 2021.
- Free cash flow was $(29.5) million, compared to $(17.1) million
for the third quarter of 2021.
- Normalized free cash flow was $(25.1) million, compared to
$(17.1) million for the third quarter of 2021.
Recent Business
Highlights
- Grew number of customers to 3,911 as of September 30, 2022, an
increase of 21% compared to September 30, 2021.
- Grew average annual revenue per customer to approximately
$51,570 in the third quarter of 2022, an increase of 15% compared
to the third quarter of 2021.
- Grew number of customers with ARR of $100,000 or more to 322 as
of September 30, 2022, an increase of 31% compared to September 30,
2021.
- Customers with ARR of $100,000 or more contributed 53% of the
total ARR as of September 30, 2022, compared to 51% as of September
30, 2021.
- Dollar-based net retention rate for customers with ARR of
$100,000 or more increased to 123% in the third quarter of 2022 as
compared to 122% in the third quarter of 2021.
- Overall dollar-based net retention rate increased to 112% in
the third quarter of 2022 as compared to 110% in the third quarter
of 2021.
- Multi-year subscriptions now comprise 37% of our overall ARR as
of September 30, 2022, as compared to 31% as of September 30,
2021.
- Remaining performance obligations increased 39% year-over-year,
to $158.0 million as of September 30, 2022, as compared to $114.0
million as of September 30, 2021.
Organizational Changes
The Company also announced organizational changes today. “Over
the course of 2022, while our business has continued to grow, we
have also seen substantial economic shifts around the globe,” said
Mr. Offer. “As a result of these shifts, we have made the very
difficult decision to reduce our headcount in preparation for
prolonged changes in demand. This is part of an ongoing plan to
accelerate our path to cash flow profitability during 2023. We are
balancing our resources to align with this strategy, and to enhance
our flexibility.”
The headcount reduction represents approximately 10% of the
Company’s global workforce.
Financial Outlook
“While we are pleased with our third quarter results, we are
seeing signs of changes ahead as we end the year,” said Jason
Schwartz, Chief Financial Officer of Similarweb. “We are adjusting
our revenue outlook and improving our operating loss outlook for
the full year 2022.” Mr. Schwartz added, “We are aligning our
strategic priorities to balance our revenue growth with
profitability. As part of this optimization process we are
implementing cost-saving measures across the company. Our continued
focus on disciplined execution in this challenging environment will
be critical to accelerating our plans to achieve positive free cash
flow during 2023.”
- Q4 2022 Guidance
- Total revenue between $50.5 million and $50.9 million,
representing 26% growth year-over-year at the mid-point of the
range.
- Non-GAAP operating loss between $(14.5) million and $(15.0)
million. This includes non-GAAP gross margin anticipated in the
range of 75% to 76%.
- FY 2022 Guidance
- Total revenue between $192.4 million and $192.8 million,
representing 40% growth year-over-year at the mid-point of the
range.
- Non-GAAP operating loss between $(67.4) million and $(67.9)
million, which includes non-GAAP gross margin anticipated at
approximately 75%, reflecting continued investment to further
expand our data moats through the previously reported acquisitions
of Embee Mobile and SimilarTech, and the data licensing agreement
with data.ai (formerly App Annie), as well as increased investment
in research and development.
The Company’s fourth quarter and full year 2022 financial
outlook is based upon a number of assumptions and trends observed
from prior quarters that are subject to change and many of which
are outside the Company’s control. Actual results may vary from
these assumptions and trends from prior quarters, and the Company’s
expectations may change. There can be no assurance that the Company
will achieve these results.
The Company does not provide guidance for operating loss and
gross margin, the most directly comparable GAAP measures to
non-GAAP operating loss and non-GAAP gross margin, respectively,
and similarly cannot provide a reconciliation to these measures to
their closest GAAP equivalents without unreasonable effort due to
the unavailability of reliable estimates for certain items, such as
share-based compensation. These items are not within the Company’s
control and may vary greatly between periods and could
significantly impact future financial results.
Conference Call
Information
The financial results and business highlights will be discussed
on a conference call and webcast scheduled at 8:30 a.m. Eastern
Time on Wednesday, November 16, 2022. A live webcast of the call
can be accessed from Similarweb’s Investor Relations website at
https://ir.similarweb.com. An archived webcast of the conference
call will also be made available on the Similarweb website
following the call. The live call may also be accessed via
telephone at (877) 407-0726 toll-free and at (201) 689-7806
internationally.
About Similarweb: As a trusted platform for understanding
online behavior, millions of people rely on Similarweb insights to
strengthen their knowledge of the digital world. We empower anyone
— from the curious individual to the enterprise business leader —
to make smarter decisions by understanding why things happen across
the digital ecosystem.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements relating to
our guidance for the fourth quarter and full year of 2022 described
under "Financial Outlook". Forward-looking statements include all
statements that are not historical facts. Such statements may be
preceded by the words “intends,” “may,” “will,” “plans,” “expects,”
“anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. These
forward-looking statements reflect our current views regarding our
intentions, products, services, plans, expectations, strategies and
prospects, which are based on information currently available to us
and assumptions we have made. Actual results may differ materially
from those described in such forward-looking statements and are
subject to a variety of assumptions, uncertainties, risks and
factors that are beyond our control. Such risks and uncertainties
include, without limitation, risks and uncertainties associated
with (i) challenges associated with forecasting our revenue given
our recent growth and rapid technological development, particularly
in light of current macroeconomic uncertainty, (ii) our history of
net losses and desire to increase operating expenses, thereby
limiting our ability to achieve profitability, (iii) challenges
related to effectively managing our growth, including as result of
macroeconomic factors, (iv) intense competition in the market and
services categories in which we participate, (v) potential
reductions in participation in our contributory network and/or
increase in the volume of opt-out requests from individuals with
respect to our collection of their data, or a decrease in our
direct measurement dataset, which could lead to a deterioration in
the depth, breadth or accuracy of our data, (vi) our inability to
attract new customers and expand subscriptions of current
customers, (vii) changes in laws, regulations, and public
perception concerning data privacy or change in the patterns of
enforcement of existing laws and regulations, (viii) our inability
to introduce new features or solutions and make enhancements to our
existing solutions, (ix) real or perceived errors, failures,
vulnerabilities or bugs in our platform, (x) potential security
breaches to our systems or to the systems of our third-party
service providers, (xi) our inability to obtain and maintain
comprehensive and reliable data to generate our insights, (xii)
changes in laws and regulations related to the Internet or changes
in the internet infrastructure itself that may diminish the demand
for our solutions, (xiii) failure to effectively develop and expand
our direct sales capabilities, which could harm our ability to
increase the number of organizations using our platform and achieve
broader market acceptance for our solutions and (xiv) the impact
that current worldwide geopolitical and macroeconomic uncertainty,
including uncertainty resulting from the COVID-19 pandemic or other
public health crises and the Russian military operations in
Ukraine, and any related economic downturn could have on our or our
customers' businesses, financial condition and results of
operations.
These risks and uncertainties are more fully described in our
filings with the Securities and Exchange Commission, including in
the section entitled “Risk Factors” in our Form 20-F filed with the
Securities and Exchange Commission on March 25, 2022, and
subsequent reports that we file with the Securities and Exchange
Commission. Moreover, we operate in a very competitive and rapidly
changing environment. New risks emerge from time to time. It is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties and
assumptions, we cannot guarantee future results, levels of
activity, performance, achievements, or events and circumstances
reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions
only as of the date of this press release. Except as required by
law, we undertake no duty to update any forward-looking statements
contained in this release as a result of new information, future
events, changes in expectations or otherwise.
Non-GAAP Financial Measures
This press release contains certain financial measures that are
expressed on a non-GAAP basis. We use these non-GAAP financial
measures internally to facilitate analysis of our financial and
business trends and for internal planning and forecasting purposes.
We believe these non-GAAP financial measures, when taken
collectively, may be helpful to investors because they provide
consistency and comparability with past financial performance by
excluding certain items that may not be indicative of our business,
results of operations, or outlook. However, non-GAAP financial
measures have limitations as an analytical tool and are presented
for supplemental informational purposes only. They should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. Free cash flow
represents net cash provided by (used in) operating activities less
capital expenditures and capitalized internal-use software costs.
Normalized free cash flow represents free cash flow less capital
investments related to the Company's new headquarters, payments
received in connection with these capital investments and deferred
payments related to business combinations. Non-GAAP operating
income (loss), non-GAAP gross profit, Non-GAAP research and
development expenses, non-GAAP sales and marketing expenses and
non-GAAP general and administrative expenses represent the
comparable GAAP financial figure operating income (loss) or
expense, less share-based compensation, adjustments and payments
related to business combinations, amortization of intangible assets
and certain other non-recurring items, as applicable and indicated
in the above tables.
Other Metrics
Customer acquisition costs (CAC) represent the portion of sales
and marketing expenses allocated to acquire new customers. Customer
retention costs (CRC) represent the portion of sales and marketing
expenses allocated to retain existing customers and to increase
existing customers’ subscriptions. Annual recurring revenue (ARR)
represents the annualized subscription revenue we would
contractually expect to receive from customers assuming no
increases or reductions in their subscriptions. CAC payback period
is the estimated time in months to recover CAC in terms of
incremental gross profit that newly acquired customers generate.
Net retention rate (NRR) represents the comparison of our ARR from
the same set of customers as of a certain point in time, relative
to the same point in time in the previous year ago period,
expressed as a percentage.
Similarweb Ltd.
Consolidated Balance Sheets
U.S. dollars in thousands (except
share and per share data)
December 31,
September 30,
2021
2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
128,879
$
90,633
Restricted deposits
11,474
10,321
Accounts receivable, net
31,017
25,050
Deferred contract costs
8,470
10,397
Prepaid expenses and other current
assets
7,847
6,891
Total current assets
187,687
143,292
Property and equipment, net
6,356
31,382
Deferred contract costs, non-current
9,208
9,410
Operating lease right-of-use assets
—
42,708
Intangible assets, net
11,617
10,762
Goodwill
11,318
13,072
Other non-current assets
813
944
Total assets
$
226,999
$
251,570
Liabilities and shareholders'
equity
Current liabilities:
Borrowings under credit facility
$
—
$
25,000
Accounts payable
11,303
9,242
Payroll and benefit related
liabilities
17,969
19,648
Deferred revenues
76,676
83,503
Other payables and accrued expenses
28,199
27,819
Operating lease liabilities
—
9,122
Total current liabilities
134,147
174,334
Deferred revenues, non-current
2,074
1,044
Operating lease liabilities,
non-current
—
41,458
Deferred rent
2,602
—
Other non-current liabilities
3,262
3,049
Total liabilities
142,085
219,885
Shareholders' equity
Ordinary Shares, NIS 0.01 par value
500,000,000 shares authorized as of December 31, 2021 and September
30, 2022 (unaudited); 74,847,609 and 76,023,878 shares issued as of
December 31, 2021 and September 30, 2022 (unaudited); 74,845,441
and 76,021,710 outstanding as of December 31, 2021 and September
30, 2022 (unaudited), respectively
205
208
Additional paid-in capital
324,614
341,164
Accumulated other comprehensive income
160
(959
)
Accumulated deficit
(240,065
)
(308,728
)
Total shareholders' equity
84,914
31,685
Total liabilities and shareholders'
equity
$
226,999
$
251,570
Similarweb Ltd.
Consolidated Statements of Comprehensive Income
(Loss)
U.S. dollars in thousands (except
share and per share data)
Nine months Ended September
30,
Three Months Ended September
30,
2021
2022
2021
2022
(Unaudited)
(Unaudited)
Revenues
$
97,517
$
141,888
$
35,597
$
50,022
Cost of revenues
21,061
40,848
7,795
13,749
Gross profit
76,456
101,040
27,802
36,273
Operating expenses:
Research and development
30,100
45,927
11,422
15,156
Sales and marketing
65,862
92,539
24,150
30,051
General and administrative
23,698
35,836
8,951
11,681
Total operating expenses
119,660
174,302
44,523
56,888
Loss from operations
(43,204
)
(73,262
)
(16,721
)
(20,615
)
Finance (expenses) income, net
(1,158
)
4,796
(294
)
(627
)
Loss before income taxes
(44,362
)
(68,466
)
(17,015
)
(21,242
)
Provision for (benefit from) income
taxes
807
197
319
(249
)
Net loss
$
(45,169
)
$
(68,663
)
$
(17,334
)
$
(20,993
)
Net loss per share attributable to
ordinary shareholders, basic and diluted
$
(0.98
)
$
(0.91
)
$
(0.23
)
$
(0.28
)
Weighted-average shares used in computing
net loss per share attributable to ordinary shareholders, basic and
diluted
45,961,751
75,557,954
74,506,187
75,975,356
Net loss
(45,169
)
(68,663
)
(17,334
)
(20,993
)
Other comprehensive (loss) income, net
of tax
Change in unrealized (loss) gain on
cashflow hedges
(53
)
(1,119
)
16
209
Total other comprehensive (loss) income,
net of tax
(53
)
(1,119
)
16
209
Total comprehensive loss
$
(45,222
)
$
(69,782
)
$
(17,318
)
$
(20,784
)
Share-based compensation costs included
above:
U.S. dollars in thousands
Nine months Ended September
30,
Three Months Ended
September 30,
2021
2022
2021
2022
(in thousands)
(in thousands)
Cost of revenues
$
121
$
463
$
55
$
143
Research and development
2,915
4,094
874
1,463
Sales and marketing
2,304
4,908
966
1,747
General and administrative
2,516
3,950
834
1,496
Total
$
7,856
$
13,415
$
2,729
$
4,849
Similarweb Ltd.
Consolidated Statements of Cash Flows
U.S. dollars in thousands
Nine months Ended September
30,
Three Months Ended September
30,
2021
2022
2021
2022
(Unaudited)
(Unaudited)
Cash flows from operating
activities:
Net loss
$
(45,169
)
$
(68,663
)
$
(17,334
)
$
(20,993
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,628
8,112
573
2,354
Finance (income) expense
(204
)
1,419
(112
)
282
Unrealized (gain) loss from hedging future
transactions
(18
)
473
4
126
Share-based compensation
7,856
13,415
2,729
4,849
Gain on sale of equipment
—
(132
)
—
(5
)
Provision for accrued interest on Credit
Facility
(53
)
—
—
—
Changes in operating assets and
liabilities:
—
—
Operating lease right-of-use assets and
liabilities, net
—
5,269
—
3,174
Decrease (increase) in accounts
receivable, net
854
6,198
(4,560
)
1,865
(Increase) decrease in deferred contract
costs
(4,057
)
(2,129
)
(1,532
)
229
(Increase) decrease in prepaid expenses
and other current assets
(2,712
)
886
(2,496
)
1,265
Decrease (increase) in other non-current
assets
71
(131
)
1
(46
)
Increase (decrease) in accounts
payable
4,837
(2,840
)
886
(4,242
)
Increase (decrease) in deferred
revenue
12,245
5,433
409
(6,900
)
Decrease in deferred rent
(335
)
—
(108
)
—
Increase (decrease) in other non-current
liabilities
628
(561
)
272
(133
)
Increase (decrease) in other liabilities
and accrued expenses
7,173
(554
)
4,676
(3,494
)
Net cash used in operating activities
(17,256
)
(33,805
)
(16,592
)
(21,669
)
Cash flows from investing
activities:
Purchases of property and equipment,
net
(1,415
)
(26,325
)
(395
)
(6,705
)
Capitalized internal-use software
costs
(228
)
(2,495
)
(115
)
(1,120
)
(Increase) decrease in restricted
deposits
(262
)
1,153
249
1,047
Decrease in short-term investments
30,000
—
—
—
Cash paid in relation to business
combinations (Schedule A)
(500
)
(3,787
)
—
—
Cash received in relation to business
combinations
—
294
—
294
Acquisitions of intangible assets
(300
)
—
—
—
Net cash provided by (used in) investing
activities
27,295
(31,160
)
(261
)
(6,484
)
Cash flows from financing
activities:
Proceeds from exercise of share
options
730
1,904
302
143
Proceeds from employee share purchase
plan
—
1,234
—
—
Borrowings under Credit Facility
30,000
25,000
—
25,000
Repayment of Credit Facility
(56,800
)
—
—
—
Proceeds from initial public offering, net
of underwriting fees and commissions and other issuance costs
150,936
—
(1,475
)
—
Net cash provided by (used in) financing
activities
124,866
28,138
(1,173
)
25,143
Effect of exchange rates on cash and cash
equivalents
204
(1,419
)
112
(282
)
Net increase (decrease) in cash and cash
equivalents
135,109
(38,246
)
(17,914
)
(3,292
)
Cash and cash equivalents, beginning of
period
23,943
128,879
176,966
93,925
Cash and cash equivalents, end of
period
$
159,052
$
90,633
$
159,052
$
90,633
Supplemental disclosure of cash flow
information:
Interest paid (received)
$
528
$
(16
)
$
—
$
—
Taxes paid
$
465
$
417
$
212
$
176
Supplemental disclosure of non-cash
operating, investing and financing activities:
Offering costs incurred during the period
included in accounts payable and accrued expenses
$
270
$
—
$
—
$
—
Additions to operating lease right-of-use
assets and liabilities
$
—
$
9,435
$
—
$
457
Deferred proceeds from exercise of share
options included in other current assets
$
—
$
—
$
—
$
—
Deferred costs of property and equipment
incurred during the period included in accounts payable
$
—
$
770
$
—
$
(2,684
)
Schedule A : Business
combinations
Working capital (deficit), net (excluding
cash and cash equivalents)
(668
)
Property, plant and equipment
43
Goodwill and other intangible assets
4,565
Deferred taxes, net
(153
)
$
3,787
Reconciliation of Non-GAAP
Financial Measures to the Most Directly Comparable GAAP Financial
Measures
Reconciliation of GAAP gross profit to
non-GAAP gross profit
Nine months Ended September
30,
Three Months Ended
September 30,
2021
2022
2021
2022
(In thousands)
(In thousands)
GAAP gross profit
$
76,456
$
101,040
$
27,802
$
36,273
Add:
Share-based compensation expenses
121
463
55
143
Retention payments related to business
combinations
—
1,656
—
511
Amortization of intangible assets related
to business combinations
—
3,319
—
1,168
Non-recurring expenses related to
termination of lease agreement and others
—
35
—
—
Non-GAAP gross profit
$
76,577
$
106,513
$
27,857
$
38,095
Non-GAAP gross margin
79
%
75
%
78
%
76
%
Reconciliation of Loss from operations
(GAAP) to Non-GAAP operating loss
Nine months Ended September
30,
Three Months Ended
September 30,
2021
2022
2021
2022
(In thousands)
(In thousands)
Loss from operations
$
(43,204
)
$
(73,262
)
$
(16,721
)
$
(20,615
)
Add:
Share-based compensation expenses
7,856
13,415
2,729
4,849
Retention payments related to business
combinations
814
1,991
118
737
Amortization of intangible assets related
to business combinations
—
3,371
—
1,201
Adjustment of fair value of contingent
consideration related to business combinations
—
744
—
62
Non-recurring expenses related to
termination of lease agreement and others
—
977
—
418
Non-recurring fees related to initial
public offering
1,214
—
—
—
Capital gain related to sale of operating
equipment
—
(127
)
—
—
Non-GAAP operating loss
$
(33,320
)
$
(52,891
)
$
(13,874
)
$
(13,348
)
Non-GAAP operating margin
(34
)%
(37
)%
(39
)%
(27
)%
Reconciliation of GAAP operating
expenses to non-GAAP operating expenses
Nine months Ended September
30,
Three Months Ended
September 30,
2021
2022
2021
2022
(In thousands)
(In thousands)
GAAP research and development
$
30,100
$
45,927
$
11,422
$
15,156
Less:
Share-based compensation expenses
2,915
4,094
874
1,463
Retention payments related to business
combinations
814
—
118
—
Non-recurring expenses related to
termination of lease agreement and others
—
87
—
—
Non-GAAP research and
development
$
26,371
$
41,746
$
10,430
$
13,693
GAAP sales and marketing
$
65,862
$
92,539
$
24,150
$
30,051
Less:
Share-based compensation expenses
2,304
4,908
966
1,747
Retention payments related to business
combinations
—
335
—
226
Amortization of intangible assets related
to business combinations
—
52
—
33
Non-recurring expenses related to
termination of lease agreement and others
—
799
—
418
Non-GAAP sales and marketing
$
63,558
$
86,445
$
23,184
$
27,627
GAAP general and administrative
$
23,698
$
35,836
$
8,951
$
11,681
Less:
Share-based compensation expenses
2,516
3,950
834
1,496
Adjustment of fair value of contingent
consideration related to business combinations
—
744
—
62
Non-recurring fees related to initial
public offering
1,214
—
—
—
Non-recurring expenses related to
termination of lease agreement and others
—
56
—
—
Capital gain related to sale of operating
equipment
—
(127
)
—
—
Non-GAAP general and
administrative
$
19,968
$
31,213
$
8,117
$
10,123
Reconciliation of Net cash used in
operating activities (GAAP) to Free cash flow and Normalized free
cash flow
Nine months Ended September
30,
Three Months Ended September
30,
2021
2022
2021
2022
(In thousands)
(In thousands)
Net cash used in operating activities
$
(17,256
)
$
(33,805
)
$
(16,592
)
$
(21,669
)
Purchases of property and equipment,
net
(1,415
)
(26,325
)
(395
)
(6,705
)
Capitalized internal use software
costs
(228
)
(2,495
)
(115
)
(1,120
)
Free cash flow
$
(18,899
)
$
(62,625
)
$
(17,102
)
$
(29,494
)
Cash payments related to the new
headquarters
—
25,440
—
7,161
Cash received in connection with purchases
of property and equipment
—
(11,192
)
—
(3,174
)
Deferred payments in relation to business
combinations
—
413
—
413
Normalized free cash flow
$
(18,899
)
$
(47,964
)
$
(17,102
)
$
(25,094
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221115006441/en/
Press: David Carr Similarweb
press@similarweb.com
Investors: Raymond "RJ"
Jones Similarweb ir@similarweb.com
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