Tucows Reports Continuing Strong Financial Results for First Quarter 2018
May 09 2018 - 3:05PM
Tucows Inc. (NASDAQ:TCX) (TSX:TC), a provider of network access,
domain names and other Internet services, today reported its
financial results for the first quarter ended March 31, 2018. All
figures are in U.S. dollars.
Summary Financial
Results(In Thousands of US Dollars, Except Per
Share Data)
|
3 Months Ended March 31 |
2018(Unaudited) |
2017(Unaudited) |
% Change |
Net revenue |
95,796 |
69,568 |
38% |
Net income |
3,744 |
2,446 |
53% |
Basic Net earnings per common share |
0.35 |
0.23 |
52% |
Adjusted EBITDA1 |
10,378 |
6,339 |
64% |
Net cash provided by operating activities |
9,573 |
2,402 |
299% |
|
|
|
|
- This Non-GAAP financial measure is described below and
reconciled to GAAP net income in the accompanying table.
Summary of Revenues and Gross
Margin(In Thousands of US Dollars)
|
Revenue |
Gross Margin |
|
3 Months ended March 31 |
3 Months ended March 31 |
|
2018(Unaudited) |
2017(Unaudited) |
2018(Unaudited) |
2017(Unaudited) |
Network Access Services: |
Mobile Services |
21,872 |
17,963 |
10,606 |
8,396 |
Other Services |
1,736 |
1,287 |
795 |
462 |
Total Network Access Services |
23,608 |
19,250 |
11,401 |
8,857 |
|
|
|
|
|
Domain Services: |
Wholesale |
|
|
|
|
Domain Services |
58,428 |
39,092 |
7,114 |
4,629 |
Value Added Services |
4,435 |
3,908 |
3,577 |
3,332 |
Total Wholesale |
62,862 |
43,000 |
10,691 |
7,961 |
|
|
|
|
|
Retail |
8,437 |
6,402 |
4,027 |
2,784 |
Portfolio |
889 |
917 |
704 |
655 |
Total Domain Services |
72,187 |
50,318 |
15,422 |
11,400 |
|
|
|
|
|
Network Expenses: |
Network, other costs |
- |
- |
(2,574) |
(2,343) |
Network, depreciation and amortization costs |
- |
- |
(1,630) |
(971) |
Total Network expenses |
- |
- |
(4,204) |
(3,314) |
|
|
|
|
|
Total revenue/gross margin |
95,796 |
69,568 |
22,619 |
16,944 |
|
|
|
|
|
“The first quarter was a solid start to 2018, with strong
year-over-year growth in revenue, net income, adjusted EBITDA and
cash flow from operations,” said Elliot Noss, President and Chief
Executive Officer, Tucows Inc. “Our domains business continued its
consistent performance as the Enom integration continues to
progress on plan. Ting Mobile posted another quarter of solid
year-over-year revenue and margin growth. On Ting Internet,
we continued to see strong adoption in our three active towns and
we prepared to start lighting up customers in our next two.
Meanwhile, we announced our next Ting town, Fuquay-Varina, North
Carolina.”
Financial Results
Net revenue for the first quarter of 2018 increased 38% to $95.8
million from $69.6 million for the first quarter of 2017 and
benefited from the accelerated revenue recognition of $14.6 million
related to a bulk transfer of 2.65 million domain names during the
first quarter of 2018.
Net income for the first quarter of 2018 increased to $3.7
million, or $0.35 per share, from $2.4 million, or $0.23 per share,
for the first quarter of 2017 driven by the growth in Adjusted
EBITDA and lower statutory tax rates as a result of the Tax Cuts
and Jobs Act of 2017.
Adjusted EBITDA1 for the first quarter of 2018 increased
64% to $10.4 million from $6.3 million for the first quarter of
2017 driven by Enom and Ting Mobile.
Cash and cash equivalents at the end of the first quarter of
2018 was $16.6 million compared with $18.0 million at the end of
the fourth quarter of 2017 and $15.0 million at the end of the
first quarter of 2017.
Notes:
1. Adjusted EBITDA
Tucows reports all financial information required in accordance
with United States generally accepted accounting principles (GAAP).
Along with this information, to assist financial statement users in
an assessment of our historical performance, the Company typically
discloses and discusses a non-GAAP financial measure, adjusted
EBITDA, in press releases and on investor conference calls and
related events that exclude certain non-cash and other charges as
the Company believes that the non-GAAP information enhances
investors' overall understanding of our financial performance.
The Company believes that the provision of this supplemental
non-GAAP measure allows investors to evaluate the operational and
financial performance of the Company’s core business using similar
evaluation measures to those used by management. The Company uses
adjusted EBITDA to measure its performance and prepare its
budgets. Since adjusted EBITDA is a non-GAAP financial
performance measure, the Company’s calculation of adjusted EBITDA
may not be comparable to other similarly titled measures of other
companies; and should not be considered in isolation, as a
substitute for, or superior to measures of financial performance
prepared in accordance with GAAP. Because adjusted EBITDA is
calculated before recurring cash charges, including interest
expense and taxes, and is not adjusted for capital expenditures or
other recurring cash requirements of the business, it should not be
considered as a liquidity measure. Non-GAAP financial measures do
not reflect a comprehensive system of accounting and may differ
from non-GAAP financial measures with the same or similar captions
that are used by other companies and/or analysts and may differ
from period to period. The Company endeavors to compensate for
these limitations by providing the relevant disclosure of the items
excluded in the calculation of adjusted EBITDA to net income based
on U.S. GAAP, which should be considered when evaluating the
Company's results. Tucows strongly encourages investors to
review its financial information in its entirety and not to rely on
a single financial measure.
The Company’s adjusted EBITDA definition excludes depreciation,
amortization of intangible assets, income tax provision, interest
expense, interest income, stock-based compensation, asset
impairment, gains and losses from unrealized foreign currency
transactions and infrequently occurring items, including
acquisition and transitions costs. Gains and losses from unrealized
foreign currency transactions removes the unrealized effect of the
change in the mark-to-market values on outstanding unhedged foreign
currency contracts, as well as the unrealized effect from the
translation of monetary accounts denominated in non-U.S. dollars to
U.S. dollars.
The following table reconciles net income to adjusted EBITDA
(dollars in thousands):
|
3 months ended March 31 |
|
2018 (unaudited) |
2017 (unaudited) |
Net income for the period |
3,744 |
2,446 |
Depreciation of property and equipment |
1,232 |
757 |
Amortization of intangible assets |
2,331 |
1,761 |
Interest expense, net |
896 |
868 |
Provision for income taxes |
1,183 |
(125) |
Stock-based compensation |
578 |
318 |
Unrealized loss (gain) on change in fair value of forward
contracts |
(3) |
(18) |
Unrealized loss (gain) on foreign exchange revaluation of foreign
denominated monetary assets and liabilities |
176 |
(50) |
Acquisition and transition costs* |
241 |
382 |
|
|
|
Adjusted EBITDA |
10,378 |
6,339 |
*Acquisition and other costs represents
transaction-related expenses, transitional expenses, such as
duplicative post-acquisition expenses, related to our acquisition
of Enom in January 2017. Expenses include severance or
transitional costs associated with department, operational or
overall company restructuring efforts, including geographic
alignments. |
Conference CallTucows management will host a
conference call today, Wednesday, May 9, 2018 at 5:00 p.m. ET to
discuss the Company’s first quarter 2018 results and outlook for
the Company. Participants can access the conference call by dialing
1-888-231-8191 or 647-427-7450 or via the Internet at
http://www.tucows.com/investors.
For those unable to participate in the conference call at the
scheduled time, it will be archived for replay both by telephone
and via the Internet beginning approximately one hour following
completion of the call. To access the archived conference call by
telephone, dial 416-849-0833 or 1-855-859-2056 and enter the
passcode 5873817 followed by the pound key. The telephone replay
will be available until Wednesday, May 16, 2018 at midnight. To
access the archived conference call as an MP3 via the Internet, go
to http://www.tucows.com/investors.
About TucowsTucows is a provider of network
access, domain names and other Internet services. Ting
(https://ting.com) delivers mobile phone service and fixed Internet
access with outstanding customer support. OpenSRS
(http://opensrs.com) and Enom (http://www.enom.com) manage a
combined 24 million domain names and millions of value-added
services through a global reseller network of over 39,000 web hosts
and ISPs. Hover (http://hover.com) makes it easy for individuals
and small businesses to manage their domain names and email
addresses. More information can be found on Tucows’ corporate
website (http://tucows.com).
|
Tucows
Inc. |
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
(Dollar amounts in U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2018 |
|
2017 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
16,587,886 |
|
$ |
18,049,164 |
|
Accounts
receivable |
|
|
12,685,140 |
|
|
12,376,104 |
|
Inventory |
|
|
2,898,383 |
|
|
2,944,246 |
|
Prepaid
expenses and deposits |
|
|
14,710,902 |
|
|
14,185,586 |
|
Derivative instrument asset, current portion |
|
|
21,515 |
|
|
- |
|
Prepaid
domain name registry and ancillary services fees, current
portion |
|
|
95,019,044 |
|
|
103,302,472 |
|
Income
taxes recoverable |
|
|
2,625,063 |
|
|
3,003,873 |
|
Total
current assets |
|
|
144,547,933 |
|
|
153,861,445 |
|
|
|
|
|
|
|
Derivative instrument asset, long-term portion |
|
|
4,588 |
|
|
- |
|
|
|
|
|
|
|
|
|
Prepaid
domain name registry and ancillary services fees, long-term
portion |
|
|
20,640,539 |
|
|
23,700,931 |
|
Property and
equipment |
|
|
28,688,762 |
|
|
24,620,298 |
|
Contract
costs |
|
|
1,378,336 |
|
|
- |
|
Intangible assets |
|
|
56,047,310 |
|
|
58,414,178 |
|
Goodwill |
|
|
90,053,483 |
|
|
90,053,483 |
|
Total
assets |
|
$ |
341,360,951 |
|
$ |
350,650,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
9,343,179 |
|
$ |
7,026,282 |
|
Accrued
liabilities |
|
|
7,171,475 |
|
|
6,412,578 |
|
Customer
deposits |
|
|
12,980,327 |
|
|
15,255,305 |
|
Deferred
rent, current portion |
|
|
21,048 |
|
|
20,991 |
|
Loan
payable, current portion |
|
|
18,289,853 |
|
|
18,289,853 |
|
Deferred
revenue, current portion |
|
|
122,203,880 |
|
|
129,154,622 |
|
Accreditation fees payable, current portion |
|
|
1,226,544 |
|
|
1,174,733 |
|
Income
taxes payable |
|
|
984,707 |
|
|
1,226,157 |
|
Total
current liabilities |
|
|
172,221,013 |
|
|
178,560,521 |
|
|
|
|
|
|
|
Deferred revenue,
long-term portion |
|
|
28,779,438 |
|
|
31,426,906 |
|
Accreditation fees payable, long-term portion |
|
|
277,022 |
|
|
288,755 |
|
Deferred
rent, long-term portion |
|
|
129,885 |
|
|
129,777 |
|
Loan
payable, long-term portion |
|
|
54,127,120 |
|
|
58,634,174 |
|
Deferred
Gain |
|
|
300,580 |
|
|
429,400 |
|
Deferred
tax liability |
|
|
20,116,385 |
|
|
19,833,678 |
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
|
- |
|
|
1,136,390 |
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
Preferred
stock - no par value, 1,250,000 shares authorized; none issued and
outstanding |
|
|
- |
|
|
- |
|
Common
stock - no par value, 250,000,000 shares authorized; 10,592,115
shares issued and outstanding as of March 31, 2018 and 10,583,879
shares issued and outstanding as of December 31, 2017 |
|
|
15,426,104 |
|
|
15,368,161 |
|
Additional paid-in capital |
|
|
2,547,140 |
|
|
2,166,768 |
|
Retained
earnings |
|
|
47,418,839 |
|
|
42,675,805 |
|
Accumulated other comprehensive income |
|
|
17,425 |
|
|
- |
|
Total
stockholders' equity |
|
|
65,409,508 |
|
|
60,210,734 |
|
Total liabilities and
stockholders' equity |
|
$ |
341,360,951 |
|
$ |
350,650,335 |
|
|
|
|
|
|
|
|
|
Tucows
Inc. |
|
|
Consolidated Statements of
Operations |
|
|
(Dollar amounts in U.S.
dollars) |
|
|
|
|
|
|
|
Three months ended March
31, |
|
|
2018 |
|
|
2017 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Net revenues |
$ |
95,795,691 |
|
$ |
69,568,062 |
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
Cost of
revenues |
|
68,972,220 |
|
|
49,310,712 |
|
Network
expenses (*) |
|
2,574,087 |
|
|
2,343,196 |
|
Depreciation of property and equipment |
|
1,131,143 |
|
|
590,347 |
|
Amortization of intangible assets |
|
499,032 |
|
|
380,162 |
|
Total
cost of revenues |
|
73,176,482 |
|
|
52,624,417 |
|
|
|
|
|
|
Gross profit |
|
22,619,209 |
|
|
16,943,645 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
Sales and
marketing (*) |
|
8,364,787 |
|
|
7,219,322 |
|
Technical
operations and development (*) |
|
2,094,689 |
|
|
1,694,141 |
|
General
and administrative (*) |
|
4,531,412 |
|
|
3,457,343 |
|
Depreciation of property and equipment |
|
101,072 |
|
|
166,317 |
|
Amortization of intangible assets |
|
1,831,730 |
|
|
1,380,809 |
|
Loss
(gain) on currency forward contracts |
|
(3,093 |
) |
|
(34,425 |
) |
Total
expenses |
|
16,920,597 |
|
|
13,883,507 |
|
|
|
|
|
|
Income from
operations |
|
5,698,612 |
|
|
3,060,138 |
|
|
|
|
|
|
Other income
(expenses): |
|
|
|
|
Interest
expense, net |
|
(895,962 |
) |
|
(867,993 |
) |
Other
income |
|
123,960 |
|
|
128,897 |
|
Total
other income (expenses) |
|
(772,002 |
) |
|
(739,096 |
) |
|
|
|
|
|
Income before provision
for income taxes |
|
4,926,610 |
|
|
2,321,042 |
|
|
|
|
|
|
Provision for income
taxes |
|
1,182,918 |
|
|
(125,449 |
) |
Net income before
redeemable non-controlling interest |
|
3,743,692 |
|
|
2,446,491 |
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
(26,336 |
) |
|
(125,764 |
) |
|
|
|
|
|
Net income attributable
to redeemable non-controlling interest |
|
26,336 |
|
|
125,764 |
|
Net income for the
period |
|
3,743,692 |
|
|
2,446,491 |
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax |
|
|
|
|
Unrealized income (loss) on hedging activities |
|
17,425 |
|
|
186,229 |
|
Net
amount reclassified to earnings |
|
- |
|
|
(80,620 |
) |
Other
comprehensive income (loss) net of tax of $5,585 and $60,079 for
the three months ended March 31, 2018 and March 31, 2017 |
|
17,425 |
|
|
105,609 |
|
|
|
|
|
|
Comprehensive income,
net of tax for the period |
$ |
3,761,117 |
|
$ |
2,552,100 |
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.35 |
|
$ |
0.23 |
|
|
|
|
|
|
Shares
used in computing basic earnings per common share |
|
10,588,718 |
|
|
10,474,647 |
|
|
|
|
|
|
Diluted earnings per
common share |
$ |
0.35 |
|
$ |
0.23 |
|
|
|
|
|
|
Shares used in
computing diluted earnings per common share |
|
10,792,613 |
|
|
10,776,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Stock-based
compensation has been included in expenses as follows: |
|
|
|
|
Network
expenses |
$ |
55,838 |
|
$ |
4,383 |
|
Sales and
marketing |
$ |
186,940 |
|
$ |
59,001 |
|
Technical
operations and development |
$ |
176,511 |
|
$ |
61,410 |
|
General
and administrative |
$ |
158,893 |
|
$ |
193,026 |
|
|
|
|
|
|
|
|
Tucows
Inc. |
|
|
|
Consolidated Statements of Cash
Flows |
|
|
|
(Dollar amounts in U.S.
dollars) |
|
|
|
|
|
|
|
Three months ended March
31, |
|
|
|
2018 |
|
|
2017 |
|
|
Cash provided by: |
|
|
(unaudited) |
|
|
Operating activities: |
|
|
|
|
|
Net
income for the period |
$ |
3,743,692 |
|
$ |
2,446,491 |
|
|
Items not
involving cash: |
|
|
|
|
|
Depreciation of property and equipment |
|
1,232,215 |
|
|
756,664 |
|
|
Amortization of debt discount and issuance costs |
|
69,533 |
|
|
67,105 |
|
|
Amortization of intangible assets |
|
2,330,762 |
|
|
1,760,971 |
|
|
Net
amortization of capitalized contract costs |
|
25,272 |
|
|
- |
|
|
Deferred
income taxes (recovery) |
|
(47,034 |
) |
|
1,199,661 |
|
|
Excess
tax benefits on share-based compensation expense |
|
(143,969 |
) |
|
(989,332 |
) |
|
Amortization of deferred rent |
|
165 |
|
|
4,032 |
|
|
Loss on
disposal of domain names |
|
37,478 |
|
|
9,789 |
|
|
Other
income |
|
(128,820 |
) |
|
(128,820 |
) |
|
Loss
(gain) on change in the fair value of forward contracts |
|
(3,093 |
) |
|
(17,949 |
) |
|
Stock-based compensation |
|
578,182 |
|
|
317,820 |
|
|
Change in
non-cash operating working capital: |
|
|
|
|
|
Accounts
receivable |
|
(309,036 |
) |
|
41,721 |
|
|
Inventory |
|
45,863 |
|
|
170,996 |
|
|
Prepaid
expenses and deposits |
|
(525,316 |
) |
|
(3,557,508 |
) |
|
Prepaid
domain name registry and ancillary services fees |
|
11,343,820 |
|
|
(5,489,422 |
) |
|
Income
taxes recoverable |
|
264,829 |
|
|
(2,660,528 |
) |
|
Accounts
payable |
|
2,132,453 |
|
|
(3,446,427 |
) |
|
Accrued
liabilities |
|
758,897 |
|
|
1,830,922 |
|
|
Customer
deposits |
|
(2,274,978 |
) |
|
(83,591 |
) |
|
Deferred
revenue |
|
(9,598,210 |
) |
|
10,240,649 |
|
|
Accreditation fees payable |
|
40,078 |
|
|
(71,327 |
) |
|
Net cash
provided by operating activities |
|
9,572,783 |
|
|
2,401,917 |
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
Proceeds
received on exercise of stock options |
|
7,201 |
|
|
19,869 |
|
|
Payment
of tax obligations resulting from net exercise of stock
options |
|
(147,068 |
) |
|
(712,234 |
) |
|
Proceeds
received on loan payable |
|
- |
|
|
86,998,000 |
|
|
Repayment
of loan payable |
|
(4,571,843 |
) |
|
(6,258,278 |
) |
|
Payment
of loan payable costs |
|
(4,125 |
) |
|
(591,175 |
) |
|
Net cash
(used in) provided by financing activities |
|
(4,715,835 |
) |
|
79,456,182 |
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
Additions
to property and equipment |
|
(5,116,854 |
) |
|
(3,692,893 |
) |
|
Acquisition of a portion of the minority interest in Ting Virginia,
LLC. |
|
(1,200,000 |
) |
|
(2,000,000 |
) |
|
Acquisition of Enom Incorporated, net of cash |
|
- |
|
|
(76,237,460 |
) |
|
Acquisition of intangible assets |
|
(1,372 |
) |
|
- |
|
|
Net cash
used in investing activities |
|
(6,318,226 |
) |
|
(81,930,353 |
) |
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents |
|
(1,461,278 |
) |
|
(72,254 |
) |
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
18,049,164 |
|
|
15,105,075 |
|
|
Cash and cash
equivalents, end of period |
$ |
16,587,886 |
|
$ |
15,032,821 |
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
Interest
paid |
$ |
901,344 |
|
$ |
872,645 |
|
|
Income
taxes paid, net |
$ |
1,337,123 |
|
$ |
2,342,916 |
|
|
|
|
|
|
|
|
Supplementary
disclosure of non-cash investing and financing activities: |
|
|
|
|
|
Property
and equipment acquired during the period not yet paid for |
$ |
397,661 |
|
$ |
250,847 |
|
|
|
|
|
|
|
|
Reconciliation of Net income to Adjusted
EBITDA |
|
|
|
|
|
(In Thousands of US
Dollars) |
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March
31, |
|
|
|
2018(unaudited) |
|
2017(unaudited) |
|
|
|
|
|
|
|
Net income for the
period |
$ |
3,744 |
|
$ |
2,446 |
|
|
Depreciation of property and equipment |
|
1,232 |
|
|
757 |
|
|
Amortization of intangible assets |
|
2,331 |
|
|
1,761 |
|
|
Interest
expense, net |
|
896 |
|
|
868 |
|
|
Provision for income taxes |
|
1,183 |
|
|
(125 |
) |
|
Stock-based compensation |
|
578 |
|
|
318 |
|
|
Unrealized loss (gain) on change in fair value of forward
contracts |
|
(3 |
) |
|
(18 |
) |
|
Unrealized loss (gain) on foreign exchange revaluation of foreign
denominated monetary assets and liabilities |
|
176 |
|
|
(50 |
) |
|
Acquisition and other costs1 |
|
241 |
|
|
382 |
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
10,378 |
|
$ |
6,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Acquisition and other costs represents transaction-related
expenses, transitional expenses, such as duplicative
post-acquisition expenses, related to our acquisition of Enom in
January 2017. Expenses include severance or transitional
costs associated with department, operational or overall company
restructuring efforts, including geographic alignments. |
|
|
|
|
|
|
|
This release includes forward-looking statements as that term is
defined in the U.S. Private Securities Litigation Reform Act of
1995 including statements regarding our expectations regarding our
future financial results and, including, without limitation, our
expectation regarding our ability to realize synergies from the
Enom acquisition and our expectation for growth of Ting Internet.
These statements are based on management’s current expectations and
are subject to a number of uncertainties and risks that could cause
actual results to differ materially from those described in the
forward-looking statements. Information about other potential
factors that could affect Tucows’ business, results of operations
and financial condition is included in the Risk Factors sections of
Tucows’ filings with the Securities and Exchange Commission. All
forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. All forward-looking
statements are based on information available to Tucows as of the
date they are made. Tucows assumes no obligation to update any
forward-looking statements, except as may be required by law.
Tucows, Ting, OpenSRS, Enom and Hover are registered trademarks
of Tucows Inc. or its subsidiaries.
Contact:Lawrence ChamberlainLoderock
Advisors(416) 519-4196lawrence.chamberlain@loderockadvisors.com
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