Underlying Revenue Rises 3% Reflecting
Growth Across All Four Operating Companies
Strong Growth in GAAP Operating Income of
16% and Adjusted Operating Income of 14%
GAAP EPS Rises 17% to $.90 and Adjusted EPS
Increases 14% to $.91
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global
professional services firm offering clients advice and solutions in
risk, strategy and people, today reported financial results for the
second quarter ended June 30, 2016.
Marsh & McLennan Companies President and CEO Dan Glaser
said: "We delivered another strong quarter with 14% growth in
adjusted EPS and margin expansion in both segments. Underlying
revenue rose 3% on a consolidated basis, reflecting an increase of
2% in Risk & Insurance Services and 5% in Consulting. Adjusted
operating income was up 14%, with both segments contributing
double-digit growth. We continue to produce strong results as we
help clients navigate global uncertainty. We expect to deliver
underlying revenue growth, meaningful margin expansion and strong
growth in earnings per share in 2016."
Consolidated Results
Consolidated revenue in the second quarter of 2016 was $3.4
billion, an increase of 5% compared with the second quarter of
2015. On an underlying basis, revenue increased 3%. Operating
income rose 16% to $726 million. Adjusted operating income, which
excludes noteworthy items as presented in the attached supplemental
schedules, increased 14%, to $734 million. Net income attributable
to the Company was up 13% to $472 million. Earnings per share
increased 17% to $.90. Adjusted earnings per share was up 14% to
$.91 compared with $.80 in last year’s second quarter.
For the six months ended June 30, 2016, net income attributable
to the Company increased 6% to $953 million. Earnings per share
rose 9% to $1.81. Adjusted earnings per share increased 8% to $1.83
compared with $1.70 for the comparable period in 2015.
Risk & Insurance Services
Risk & Insurance Services revenue was $1.8 billion in the
second quarter of 2016, an increase of 6%. Revenue grew 2% on an
underlying basis. Operating income was $490 million, an increase of
15%. Adjusted operating income rose 11% to $493 million compared
with $445 million in last year’s second quarter. For the six months
ended June 30, 2016, revenue was $3.7 billion, an increase of 5%,
or 2% on an underlying basis. Operating income rose 7% to $1
billion. Adjusted operating income rose 5% to $1.0 billion,
compared with $991 million last year.
Marsh's revenue in the second quarter of 2016 was $1.6 billion,
an increase of 2% on an underlying basis. International operations
produced underlying revenue growth of 4%: EMEA grew 3%, Asia
Pacific rose 2% and Latin America increased 11%, while the
U.S./Canada division was flat. Guy Carpenter's second quarter
revenue was $285 million, an increase of 3% on an underlying
basis.
Consulting
Consulting revenue was $1.5 billion in the second quarter, an
increase of 4%. Revenue grew 5% on an underlying basis. Operating
income rose 15% to $285 million. Adjusted operating income
increased 18% to $288 million compared with $244 million in last
year’s second quarter. For the first six months of 2016, revenue
was $3 billion, up 4%, or 5% on an underlying basis. Operating
income rose 7% to $530 million. Adjusted operating income increased
7% to $526 million compared with $491 million in 2015.
Mercer’s revenue was $1.1 billion in the second quarter, an
increase of 4% on an underlying basis. Investments grew 6% on an
underlying basis; Talent increased 6%; Health grew 5%; and
Retirement rose 2%. Oliver Wyman Group’s revenue was $460 million
in the second quarter, an increase of 5% on an underlying
basis.
Other Items
The Company repurchased 3.5 million shares of stock for $225
million in the second quarter. Through six months, the Company has
repurchased 7.0 million shares for $425 million. In May, the Board
of Directors increased the quarterly dividend 10%, to $.34 per
share, effective with the third quarter payment on August 15,
2016.
Conference Call
A conference call to discuss second quarter 2016 results will be
held today at 8:30 a.m. Eastern time. To participate in the
teleconference, please dial +1 888 857 6931. Callers from outside
the United States should dial +1 719 457 2603. The access code for
both numbers is 4828587. The live audio webcast may be accessed at
www.mmc.com. A replay of the webcast
will be available approximately two hours after the event.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global
professional services firm offering clients advice and solutions in
the areas of risk, strategy and people. Marsh is a leader in insurance broking and risk
management; Guy Carpenter is a leader
in providing risk and reinsurance intermediary services;
Mercer is a leader in talent, health,
retirement and investment consulting; and Oliver Wyman is a leader in management consulting.
With annual revenue of $13 billion and approximately 60,000
colleagues worldwide, Marsh & McLennan Companies provides
analysis, advice and transactional capabilities to clients in more
than 130 countries. The Company is committed to being a responsible
corporate citizen and making a positive impact in the communities
in which it operates. Visit www.mmc.com for more information and follow us on
LinkedIn and Twitter @MMC_Global.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management's current views
concerning future events or results, use words like "anticipate,"
"assume," "believe," "continue," "estimate," "expect," "future,"
"intend," "plan," "project" and similar terms, and future or
conditional tense verbs like "could," "may," "might," "should,"
"will" and "would." Forward-looking statements are subject to
inherent risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in our
forward-looking statements.
Factors that could materially affect our future results include,
among other things:
- our ability to maintain adequate
safeguards to protect the security of our information systems and
confidential, personal or proprietary information;
- our ability to successfully recover if
we experience a business continuity problem due to cyberattack,
natural disaster or otherwise;
- our exposure to potential losses and
liabilities, including reputational impact, arising from errors and
omissions, breach of fiduciary duty and similar claims against
us;
- our ability to compete effectively and
adapt to changes in the competitive environment, including to
technological and other types of innovation;
- the impact of potential changes in
global economic, political and market conditions on us, our clients
and the industries in which we operate, including the impact of the
vote in the U.K. to exit the EU and rising protectionist laws and
business practices;
- the impact of changes in applicable tax
laws and regulations, including of the regulations recently
proposed by the U.S. Treasury Department;
- the effect of our global pension
obligations on our financial position, earnings and cash flows and
the impact of low interest rates on those obligations;
- our exposure to potential civil
remedies or criminal penalties if we fail to comply with U.S. and
non-U.S. laws and regulations applicable in the jurisdictions in
which we operate;
- the financial and operational impact of
complying with laws and regulations where we operate;
- the impact of fluctuations in foreign
exchange, interest rates and securities markets on our
results;
- the impact on our competitive position
of our tax rate relative to our competitors;
- our ability to incentivize and retain
key employees; and
- the impact of changes in accounting
rules or in our accounting estimates or assumptions.
The factors identified above are not exhaustive. We caution
readers not to place undue reliance on any forward-looking
statements, which are based only on information currently available
to us and speak only as of the dates on which they are made. The
Company undertakes no obligation to update or revise any
forward-looking statement to reflect events or circumstances
arising after the date on which it is made. Further information
concerning Marsh & McLennan Companies and its businesses,
including information about factors that could materially affect
our results of operations and financial condition, is contained in
the Company's filings with the Securities and Exchange Commission,
including the "Risk Factors" section and the "Management’s
Discussion and Analysis of Financial Condition and Results of
Operations" section of our most recently filed Annual Report on
Form 10-K.
Marsh & McLennan Companies, Inc. Consolidated
Statements of Income
(In millions, except per share
figures)
(Unaudited)
Three Months EndedJune
30,
Six Months EndedJune 30,
2016 2015
2016 2015
Revenue
$ 3,376 $
3,225
$ 6,712
$ 6,440
Expense:
Compensation and Benefits
1,872 1,826
3,726 3,556
Other Operating Expenses
778 770
1,527
1,520
Operating Expenses 2,650
2,596
5,253 5,076
Operating
Income 726 629
1,459 1,364
Interest Income
2 3
4 6
Interest Expense (48 )
(40 )
(94 ) (76 )
Investment Income (Loss)
1 3
(2 ) 5
Income
Before Income Taxes 681 595
1,367 1,299
Income
Tax Expense 201 166
397 372
Income from Continuing Operations 480 429
970 927
Discontinued Operations, Net of Tax —
—
— (3 )
Net Income Before
Non-Controlling Interests 480 429
970 924
Less: Net Income Attributable to Non-Controlling Interests
8 10
17 23
Net Income
Attributable to the Company $
472 $ 419
$
953 $ 901
Basic Net Income Per Share - Continuing Operations
$ 0.91 $
0.78
$ 1.83
$ 1.68
- Net Income Attributable to
the Company $ 0.91 $
0.78
$
1.83 $ 1.68
Diluted
Net Income Per Share - Continuing Operations $
0.90 $ 0.77
$ 1.81 $
1.66
- Net Income Attributable to the
Company $ 0.90 $
0.77
$
1.81 $ 1.66
Average
Number of Shares Outstanding - Basic 521
535
521 537
- Diluted 525
541
526 543
Shares
Outstanding at 6/30 519 531
519
531
Marsh & McLennan Companies,
Inc. Supplemental Information - Revenue Analysis
Three Months Ended June 30, 2016
(Millions) (Unaudited)
Components of Revenue Change*
Three Months EndedJune
30,
% ChangeGAAPRevenue
Currency Impact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2016 2015
Risk and
Insurance Services Marsh
$
1,559 $ 1,470 6% (2)% 6% 2% Guy
Carpenter
285 275 3%
1 %
—
3% Subtotal
1,844 1,745 6% (2)% 5% 2% Fiduciary Interest
Income
6 5 Total Risk and Insurance Services
1,850 1,750 6% (2)% 5% 2%
Consulting
Mercer
1,079 1,046 3% (2)%
—
4% Oliver Wyman Group
460 441 5% (1)% 1% 5%
Total Consulting
1,539 1,487 4% (2)% 1% 5%
Corporate / Eliminations (13 ) (12 )
Total
Revenue $ 3,376 $
3,225 5% (2)% 3% 3%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change* Three Months
EndedJune 30,
%
Change GAAP Revenue
Currency Impact
Acquisitions/DispositionsImpact
Underlying Revenue
2016 2015
Marsh:
EMEA
$ 479 $
439
9 %
(3)%
9 %
3 %
Asia Pacific
183 176
4 %
(2)%
3 %
2 %
Latin America
93 95 (1)% (12)%
—
11 %
Total International
755 710
6 %
(4)%
6 %
4 %
U.S. / Canada
804 760
6 %
—
6 %
—
Total Marsh
$ 1,559 $
1,470
6 %
(2)%
6 %
2 %
Mercer: Health
$ 410 $ 391
5 %
(1)%
—
5 %
Retirement
314 325 (4)% (2)% (4)%
2 %
Investments
210 207
2 %
(3)%
—
6 %
Talent
145 123
18 %
(1)%
13 %
6 %
Total Mercer
$ 1,079 $
1,046
3 %
(2)%
—
4 %
Notes Underlying revenue measures the change in revenue
using consistent currency exchange rates, excluding the impact of
certain items that affect comparability such as: acquisitions,
dispositions, transfers among businesses and the deconsolidation of
Marsh India. * Components of revenue change may not add due
to rounding.
Marsh & McLennan Companies,
Inc. Supplemental Information - Revenue Analysis Six
Months Ended June 30, 2016
(Millions) (Unaudited)
Components of Revenue Change* Six Months
EndedJune 30,
%
Change GAAP Revenue
Currency Impact
Acquisitions/DispositionsImpact
Underlying Revenue
2016 2015
Risk
and Insurance Services Marsh
$
3,047 $ 2,900 5% (3)% 6% 2% Guy
Carpenter
659 643 2% (1)%
—
3% Subtotal
3,706 3,543 5% (3)% 5% 2% Fiduciary Interest
Income
12 10 Total Risk and Insurance Services
3,718 3,553 5% (3)% 5% 2%
Consulting
Mercer
2,118 2,083 2% (3)% 1% 4% Oliver Wyman Group
899 825 9% (1)% 1% 9% Total Consulting
3,017 2,908 4% (2)% 1% 5%
Corporate /
Eliminations (23 ) (21 )
Total Revenue
$ 6,712 $
6,440 4% (2)% 3% 4%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change* Six Months
EndedJune 30,
%
Change
GAAP Revenue
Currency Impact
Acquisitions/DispositionsImpact
Underlying Revenue
2016 2015
Marsh:
EMEA
$ 1,049 $
1,002
5 %
(4)%
7 %
2% Asia Pacific
329 324
2 %
(3)%
2 %
2% Latin America
164 176 (7)% (15)%
—
9% Total International
1,542 1,502
3 %
(5)%
5 %
3% U.S. / Canada
1,505 1,398
8 %
(1)%
7 %
1% Total Marsh
$ 3,047 $
2,900
5 %
(3)%
6 %
2%
Mercer: Health
$ 810 $ 775
5 %
(1)%
—
6% Retirement
626 656 (5)% (3)% (3)% 1% Investments
406 412 (1)% (5)%
—
3% Talent
276 240
15 %
(2)%
13 %
4% Total Mercer
$ 2,118 $
2,083
2 %
(3)%
1 %
4% Notes Underlying revenue measures the change in revenue using
consistent currency exchange rates, excluding the impact of certain
items that affect comparability such as: acquisitions,
dispositions, transfers among businesses and the deconsolidation of
Marsh India. * Components of revenue change may not add due
to rounding.
Marsh & McLennan Companies,
Inc. Non-GAAP Measures Three Months Ended June 30
(Millions) (Unaudited)
The Company presents below certain additional financial
measures that are "non-GAAP measures," within the meaning of
Regulation G under the Securities Exchange Act of 1934. These
measures are: adjusted operating income (loss); adjusted operating
margin; and adjusted income, net of tax. The Company presents these
non-GAAP measures to provide investors with additional information
to analyze the Company's performance from period to period.
Management also uses these measures to assess performance for
incentive compensation purposes and to allocate resources in
managing the Company's businesses. However, investors should not
consider these non-GAAP measures in isolation from, or as a
substitute for, the financial information that the Company reports
in accordance with GAAP. The Company's non-GAAP measures reflect
subjective determinations by management, and may differ from
similarly titled non-GAAP measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating
Margin Adjusted operating income (loss) is calculated by
excluding the impact of certain noteworthy items from the Company's
GAAP operating income or loss. The following tables identify these
noteworthy items and reconcile adjusted operating income (loss) to
GAAP operating income or loss, on a consolidated and segment basis,
for the three months ended June 30, 2016 and 2015. The following
tables also present adjusted operating margin, which is calculated
by dividing adjusted operating income by consolidated or segment
GAAP revenue less the net gain on the deconsolidation of Marsh's
India subsidiary.
Risk
& Insurance Services
Consulting
Corporate/Eliminations
Total
Three Months Ended June 30, 2016 Operating income
(loss) $ 490 $
285 $
(49 ) $ 726
Add (Deduct) impact of Noteworthy Items: Restructuring charges (a)
2 1 2 5 Adjustments to acquisition
related accounts (b)
13 2 — 15
Disposal/deconsolidation of business (c)
(12 )
— — (12 ) Operating
income adjustments 3 3 2
8 Adjusted operating income (loss)
$ 493 $
288 $ (47
) $ 734
Operating margin 26.6 % 18.5 %
N/A 21.5 % Adjusted operating
margin 26.8 % 18.7 % N/A
21.8 % Three Months Ended June 30, 2015
Operating income (loss) $ 427 $
248 $ (46 ) $
629 Add (Deduct) impact of Noteworthy Items:
Restructuring charges (a) 2 — 1 3 Adjustments to acquisition
related accounts (b) 16 (4 ) — 12 Other — — (1 ) (1 )
Operating income adjustments 18 (4 ) — 14
Adjusted operating income (loss) $
445 $ 244 $
(46 ) $ 643
Operating margin
24.4 % 16.7 % N/A 19.5 %
Adjusted operating margin
25.4 % 16.4 % N/A 19.9 % (a) Primarily severance for
center led initiatives, future rent under non-cancellable leases,
and integration costs related to
recent acquisitions.
(b) Primarily includes the change in fair value as measured
each quarter of contingent consideration related to acquisitions.
(c) Reflects the net gain on the deconsolidation of Marsh's
India subsidiary resulting from changes in local regulations. The
amount is removed from GAAP revenue in the calculation of adjusted
operating margin.
Marsh & McLennan Companies,
Inc. Non-GAAP Measures Six Months Ended June 30
(Millions) (Unaudited)
The Company presents below certain additional financial
measures that are "non-GAAP measures," within the meaning of
Regulation G under the Securities Exchange Act of 1934. These
measures are: adjusted operating income (loss); adjusted operating
margin; and adjusted income, net of tax. The Company presents these
non-GAAP measures to provide investors with additional information
to analyze the Company's performance from period to period.
Management also uses these measures to assess performance for
incentive compensation purposes and to allocate resources in
managing the Company's businesses. However, investors should not
consider these non-GAAP measures in isolation from, or as a
substitute for, the financial information that the Company reports
in accordance with GAAP. The Company's non-GAAP measures reflect
subjective determinations by management, and may differ from
similarly titled non-GAAP measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating
Margin Adjusted operating income (loss) is calculated by
excluding the impact of certain noteworthy items from the Company's
GAAP operating income or loss. The following tables identify these
noteworthy items and reconcile adjusted operating income (loss) to
GAAP operating income or loss, on a consolidated and segment basis,
for the six months ended June 30, 2016 and 2015. The following
tables also present adjusted operating margin, which is calculated
by dividing adjusted operating income by consolidated or segment
GAAP revenue less the net gain on the deconsolidation of Marsh's
India subsidiary and contingent proceeds related to the disposal of
Mercer's U.S. defined contribution recordkeeping business.
Risk
& Insurance Services
Consulting
Corporate/ Eliminations
Total
Six Months Ended June 30, 2016 Operating income
(loss) $ 1,025
$ 530 $
(96 ) $ 1,459
Add (Deduct) impact of Noteworthy Items: Restructuring
charges (a)
3 1 4 8 Adjustments to
acquisition related accounts (b)
20 1 —
21 Disposal/deconsolidation of business (c)
(12
) (6 ) — (18 )
Operating income adjustments 11 (4
) 4 11 Adjusted operating
income (loss) $ 1,036
$ 526 $
(92 ) $ 1,470
Operating margin 27.6 % 17.6
% N/A 21.7 % Adjusted
operating margin 28.0 % 17.5 %
N/A 22.0 % Six Months Ended June 30,
2015 Operating income (loss) $ 960
$ 496 $ (92 ) $
1,364 Add (Deduct) impact of Noteworthy Items:
Restructuring charges (a) 2 — 3 5 Adjustments to acquisition
related accounts (b) 29 (5 ) — 24 Other — — (1 ) (1 )
Operating income adjustments 31 (5 ) 2 28
Adjusted operating income (loss) $
991 $ 491 $ (90 )
$ 1,392
Operating margin 27.0 %
17.1 % N/A 21.2 %
Adjusted operating margin 27.9 %
16.9 % N/A 21.6 %
(a) Primarily severance for center led
initiatives, future rent under non-cancellable leases, and
integration costs related to recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions. (c)
Reflects the net gain on the deconsolidation of Marsh's India
subsidiary and contingent proceeds related to the disposal of
Mercer's U.S. defined contribution recordkeeping business. The
amounts are removed from GAAP revenue in the calculation of
adjusted operating margin.
Marsh & McLennan
Companies, Inc. Non-GAAP Measures Three and Six
Months Ended June 30
(Millions) (Unaudited)
Adjusted income, net of tax Adjusted income, net of
tax is calculated as: the Company's GAAP income from continuing
operations, adjusted to reflect the after-tax impact of the
operating income adjustments set forth in the preceding tables;
divided by MMC's average number of shares outstanding-diluted for
the period.
Reconciliation of the Impact of Non-GAAP Measures on
diluted earnings per share -
Three Months Ended
June 30, 2016
Three Months Ended
June 30, 2015
Amount
DilutedEPS
Amount
DilutedEPS
Income from continuing operations
$ 480 $
429 Less: Non-controlling interest, net of tax
8 10 Subtotal
$ 472 $
0.90 $ 419 $ 0.77 Operating
income adjustments
$ 8 $
14 Impact of income taxes
— (2 )
8 0.01 12 0.03 Adjusted income,
net of tax
$ 480 $
0.91 $ 431
$ 0.80
Six Months Ended June
30, 2016 Six Months Ended June 30, 2015
Amount
DilutedEPS
Amount
DilutedEPS
Income from continuing operations
$ 970 $ 927 Less:
Non-controlling interest, net of tax
17 23
Subtotal
$ 953 $ 1.81 $ 904 $ 1.66
Operating income adjustments
$ 11 $ 28 Impact of
income taxes
— (7 )
11 0.02
21 0.04 Adjusted income, net of tax
$
964 $ 1.83
$ 925 $ 1.70
Marsh & McLennan Companies, Inc.
Supplemental Information Three and Six Months Ended June
30
(Millions) (Unaudited)
Three Months Ended
Six Months Ended June 30, June 30,
2016
2015
2016
2015
Consolidated Compensation and Benefits
$ 1,872 $ 1,826
$
3,726 $ 3,556 Other operating
expenses
778 770
1,527 1,520
Total Expenses
$ 2,650 $
2,596
$ 5,253 $
5,076 Depreciation and amortization expense
$ 76 $ 79
$ 154 $ 156 Identified
intangible amortization expense
34 24
67 48 Total
$ 110
$ 103
$ 221
$ 204 Stock option expense
$ 4 $
5
$ 15 $ 13 Capital expenditures
$ 63 $
85
$ 114 $ 176
Risk and Insurance
Services Compensation and Benefits
$ 934 $ 909
$ 1,855 $ 1,771 Other operating expenses
426
414
838 822 Total Expenses
$
1,360 $ 1,323
$ 2,693 $ 2,593
Depreciation and amortization expense
$ 34 $
37
$ 70 $ 72 Identified intangible amortization
expense
29 20
57 41 Total
$ 63 $ 57
$ 127 $ 113
Consulting Compensation and Benefits
$ 852 $
831
$ 1,699 $ 1,614 Other operating expenses
402 408
788 798 Total Expenses
$ 1,254 $ 1,239
$ 2,487 $
2,412 Depreciation and amortization expense
$
25 $ 27
$ 50 $ 53 Identified intangible
amortization expense
5 4
10 7
Total
$ 30 $ 31
$ 60 $ 60
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited) June
30, 2016
December 31,
2015
ASSETS Current assets: Cash and cash equivalents
$ 974 $ 1,374 Net
receivables
3,721 3,471 Other current assets
235
199
Total current assets 4,930 5,044
Goodwill and intangible assets
8,900 8,925 Fixed
assets, net
736 773 Pension related assets
1,197
1,159 Deferred tax assets
1,093 1,138 Other assets
1,220 1,177
TOTAL ASSETS $
18,076 $ 18,216
LIABILITIES AND EQUITY Current liabilities:
Short-term debt
$ 261 $ 12 Accounts payable and
accrued liabilities
1,868 1,886 Accrued compensation and
employee benefits
1,015 1,656 Accrued income taxes
182 154 Dividends payable
178 —
Total current liabilities 3,504 3,708
Fiduciary liabilities
4,538 4,146 Less - cash and
investments held in a fiduciary capacity
(4,538 )
(4,146 )
— — Long-term debt
4,496 4,402 Pension,
post-retirement and post-employment benefits
2,004 2,058
Liabilities for errors and omissions
322 318 Other
liabilities
1,045 1,128
Total equity
6,705 6,602
TOTAL LIABILITIES AND
EQUITY $ 18,076 $
18,216
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160728005683/en/
Media:Marsh & McLennan CompaniesLaura Schooler, +1
212-345-0370laura.schooler@mmc.comorInvestor:Marsh
& McLennan CompaniesKeith Walsh, +1 212-345-0057keith.walsh@mmc.com
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