Third quarter revenue grew 62.6% year-over-year
to $64.0 million
Achieved dollar-based net retention of 126% for
the trailing 12 months
Introduces fourth quarter and full year fiscal
2022 guidance
Braze (Nasdaq: BRZE) a leading comprehensive customer engagement
platform that powers interactions between consumers and brands they
love, today announced results for its fiscal quarter ended October
31, 2021.
“Brands increasingly recognize that building direct
relationships with customers through memorable and personalized
experiences is essential for long-term success, and they're turning
to Braze to succeed at that imperative,” said Bill Magnuson,
cofounder and CEO of Braze. “Exemplary execution combined with
strong demand allowed us to deliver outstanding third quarter
results, demonstrating high growth at scale. We are in the early
stages of addressing a large market opportunity in the customer
engagement space, and we believe Braze can help all brands create
valuable customer experiences that drive growth and retention.”
Fiscal Third Quarter Financial
Highlights
- Revenue was $64.0 million compared to $39.3 million in the
third quarter of the fiscal year ended January 31, 2021, up 62.6%
year-over year, driven primarily by new customers, upsells and
renewals.
- Subscription revenue in the quarter was $59.3 million compared
to $36.8 million in the third quarter of the fiscal year ended
January 31, 2021, and professional services and other revenue was
$4.7 million compared to $2.5 million in the third quarter of the
fiscal year ended January 31, 2021.
- Remaining performance obligations as of October 31, 2021 was
$304.0 million, of which $199.1 million is current.
- GAAP Gross Margin was 70.0% compared to 63.3% in the third
quarter of the fiscal year ended January 31, 2021
- Non-GAAP Gross Margin was 70.3% compared to 63.8% in the third
quarter of the fiscal year ended January 31, 2020.
- Dollar-based net retention for all customers for the trailing
12 months ended October 31, 2021 and October 31, 2020 was 126% and
124%, respectively; dollar-based net retention for customers with
annual recurring revenue (ARR) of $500,000 or more was 136%
compared to 134% in the third quarter of the fiscal year ended
January 31, 2021.
- Total customers increased to 1,247 as of October 31, 2021 from
841 as of October 31, 2020; 97 of our customers had ARR of $500,000
or more as of October 31, 2021, compared to 67 customers as of
October 31, 2020.
- GAAP operating loss was $10.4 million compared to a loss of
$8.8 million in the third quarter of the fiscal year ended January
31, 2021.
- Non-GAAP operating loss was $5.0 million compared to a loss of
$6.5 million in the third quarter of the fiscal year ended January
31, 2021.
- GAAP net loss per basic and diluted share attributable to Braze
common stockholders was $(0.42) compared to $(0.47) in the third
quarter of the fiscal year ended January 31, 2021.
- Non-GAAP net loss per basic and diluted share attributable to
Braze common stockholders was $(0.16) compared to $(0.35) in the
third quarter of the fiscal year ended January 31, 2021.
- Free cash flow was $(3.5) million compared to $(6.8) million in
the third quarter of the fiscal year end January 31, 2021.
- Total cash and cash equivalents, restricted cash, and
marketable securities was $80.9 million as of October 31, 2021
compared to $91.0 million as of October 31, 2020.
Recent Business
Highlights
- Recognized as a leader in The Forrester Wave™: Cross-Channel
Campaign Management (Independent Platforms), Q3 2021 report; Braze
received the highest score of all vendors in the Strategy
category.
- Continued to acquire talent, growing headcount by more than 300
employees year-to-date this fiscal year, bringing the total Braze
team to over 1,000 as of the end of the third fiscal quarter.
- Named one of the Best Places to Work in NYC by Crains; named
one of the Best Medium-Sized Workplaces by Fortune and Great Places
to Work; named a 2021 U.K. Best Workplaces for Women; and ranked
#23 on the Forbes Cloud 100 list.
- Completed its initial public offering of 8,800,000 shares of
Braze’s Class A common stock at a price to the public of $65.00 per
share, which consisted of 7,500,000 shares issued and sold by Braze
and 1,300,000 shares sold by the selling stockholders. Net proceeds
to Braze from the initial public offering totaled approximately
$457.1 million, and Braze did not receive any proceeds from the
shares sold by the selling stockholders.
Financial Outlook
Braze is initiating guidance for the fiscal fourth quarter and
fiscal year ending January 31, 2022.
Metric
(in millions, except per share
amounts)
FY 2022 Q4 Guidance
FY 2022 Guidance
Revenue
$65.0 - 66.0
$232.5 - 233.5
Non-GAAP operating loss
$(15.5) - (16.5)
$(33.5) - (34.5)
Non-GAAP net loss
$(15.0) - (16.0)
$(31.5) - (32.5)
Non-GAAP net loss per share
$(0.19) - (0.20)
$(0.90) - (0.93)
Weighted average shares
outstanding(1)
~79.8
~35.1
(1) Includes (i) the issuance of shares of
Class A common stock by Braze in its initial public offering, and
(ii) the conversion of all then outstanding shares of convertible
preferred stock, common stock and common stock warrants (following
the exercise thereof) into outstanding shares of Class B common
shares in connection with the initial public offering.
Braze has not reconciled its guidance as to non-GAAP operating
loss, non-GAAP net loss or non-GAAP net loss per share to their
most directly comparable GAAP measure as a result of uncertainty
regarding, and the potential variability of, reconciling items such
as stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
Braze’s stock price. Accordingly, reconciliation is not available
without unreasonable effort, although it is important to note that
these factors could be material to Braze’s results calculated in
accordance with GAAP.
Conference Call
Information:
What: Braze Third Quarter Fiscal Year 2022 Financial
Results Conference Call When: Monday, December 20th at 5:00
pm EST / 2:00 pm PST Conference Call: 833-950-0062
(domestic) or 929-526-1599 (international), access code 500740
Webcast & Supplemental Data: investors.braze.com
Replay: A webcast replay will be accessed on the Braze’s
investor site at investors.braze.com.
Supplemental and Other Financial
Information
Supplemental information, including an accompanying financial
presentation and other information can be accessed through the
Company's investor website at investors.braze.com
Non-GAAP Financial
Measures
This press release and the accompanying tables contain the
following non-GAAP financial measures: non-GAAP gross profit and
margin, non-GAAP sales and marketing expense, non-GAAP research and
development expense, non-GAAP general and administrative expense,
non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per
share, basic and diluted, and non-GAAP free cash flow. Braze
defines non-GAAP gross profit and margin, non-GAAP sales and
marketing expense, non-GAAP research and development expense,
non-GAAP general and administrative expense, non-GAAP operating
loss and non-GAAP net loss as the respective GAAP balances,
adjusted for stock-based compensation expense. Braze defines
non-GAAP free cash flow as net cash used in operating activities,
minus purchases of property and equipment and minus capitalized
internal-use software costs. Investors are encouraged to review the
reconciliation of these historical non-GAAP financial measures to
their most directly comparable GAAP financial measures.
Braze uses this non-GAAP financial information internally in
analyzing its financial results and believes that this non-GAAP
financial information, when taken collectively with GAAP financial
measures, may be helpful to investors because it provides
consistency and comparability with past financial performance and
assists in comparisons with other companies, some of which use
similar non-GAAP financial information to supplement their GAAP
results. The non-GAAP financial information is presented for
supplemental informational purposes only, and should not be
considered a substitute for financial information presented in
accordance with generally accepted accounting principles in the
United States (GAAP), and may be different from similarly-titled
non-GAAP measures used by other companies.
The principal limitation of these non-GAAP financial measures is
that they exclude significant expenses that are required by GAAP to
be recorded in Braze’s financial statements. In addition, they are
subject to inherent limitations as they reflect the exercise of
judgment by Braze’s management about which expenses are excluded or
included in determining these non-GAAP financial measures. A
reconciliation is provided below in the financial statement tables
included below in this press release for each non-GAAP financial
measure to the most directly comparable financial measure stated in
accordance with GAAP.
Braze encourages investors to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial measures,
which it includes in press releases announcing quarterly and fiscal
year financial results, including this press release, and not to
rely on any single financial measure to evaluate Braze’s
business.
Definition of Other Business
Metrics
Customer: Braze defines a customer, as of period end, as the
separate and distinct, ultimate parent-level entity that has an
active subscription with Braze to use its products. A single
organization could have multiple distinct contracting divisions or
subsidiaries, all of which together would be considered a single
customer.
Annual Recurring Revenue (ARR): Braze defines ARR as the
annualized value of customer subscription contracts, including
certain premium professional services that are subject to
contractual subscription terms, as of the measurement date,
assuming any contract that expires during the next 12 months is
renewed on its existing terms (including contracts for which Braze
is negotiating a renewal). Braze’s calculation of ARR is not
adjusted for the impact of any known or projected future events
(such as customer cancellations, expansion or contraction of
existing customers relationships or price increases or decreases)
that may cause any such contract not to be renewed on its existing
terms. ARR may decline or fluctuate as a result of a number of
factors, including customers’ satisfaction or dissatisfaction with
Braze’s products and professional services, pricing, competitive
offerings, economic conditions or overall changes in Braze’s
customers’ spending levels. ARR should be viewed independently of
revenue and does not represent Braze’s GAAP revenue on an
annualized basis or a forecast of revenue, as it is an operating
metric that can be impacted by contract start and end dates and
renewal rates.
Dollar-Based Net Retention Rate: Braze calculates dollar-based
net retention rate as of a period end by starting with the ARR from
a cohort of customers as of the as of 12 months prior to such
period-end (the Prior Period ARR). Braze then calculates the ARR
from the same cohort of customers as of the end of the current
period (the Current Period ARR). Current Period ARR includes any
expansion and is net of contraction or attrition over the last 12
months, but excludes ARR from new customers in the current period.
Braze then divides the total Current Period ARR by the total Prior
Period ARR to arrive at the point-in-time dollar-based net
retention rate. Braze then calculates the weighted average
point-in-time dollar-based net retention rates as of the last day
of each month in the current trailing 12-month period to arrive at
the dollar-based net retention rate.
Remaining Performance Obligations: The transaction price
allocated to remaining performance obligations represents amounts
under non-cancelable contracts expected to be recognized as revenue
in future periods, and may be influenced by several factors,
including seasonality, the timing of renewals, the timing of
service delivery and contract terms. Unbilled portions of the
remaining performance obligation are subject to future economic
risks including bankruptcies, regulatory changes and other market
factors.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding Braze’s financial outlook for the fourth
quarter of and full fiscal year ended January 31, 2022 and Braze’s
ability to drive growth and retention for its customers. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections. Words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,”
“may,” might,” “potential,” “predict,” “project,” “shall,”
“should,” “target,” “will” “and variations of these terms and
similar expressions are intended to identify these forward-looking
statements, although not all forward-looking statements contain
these identifying words.
Forward-looking statements are based on Braze’s current
assumptions, expectations and beliefs and are subject to
substantial risks, uncertainties, assumptions and changes in
circumstances that may cause Braze’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks include, but are not
limited to, risks and uncertainties related to: (1) Braze’s recent
rapid growth may not be indicative of its future growth; (2)
Braze’s history of operating losses; (3) Braze’s limited operating
history; (4) Braze’s ability to successfully manage its growth; (5)
Braze’s ability and the ability of its platform to satisfy and
adapt to customer demands; (6) Brazes ability to attract new
customers and renew existing customers; (7) the competitive markets
in which Braze participates; (8) Braze’s ability to adapt and
respond effectively to rapidly changing technology, evolving
cybersecurity and data privacy risks, evolving industry standards
or changing regulations; (9) Braze’s reliance on third-party
providers of cloud-based infrastructure; (10) general market,
political, economic and business conditions; and (11) the potential
impact that the ongoing COVID-19 pandemic and any related economic
downturn could have on Braze’s or its customers’ businesses,
financial condition and results of operations.
Further information on potential factors that could affect
Braze’s business and financial results is included in Braze’s final
prospectus for its initial public offering, dated November 16, 2021
and filed with the Securities and Exchange Commission (SEC) on
November 18, 2021, and in its Quarterly Report on Form 10-Q for the
fiscal quarter ended October 31, 2021 that will be filed with the
SEC. The forward-looking statements included in this press release
represent Braze’s views only as of the date of this press release
and Braze assumes no obligation, and does not intend to update
these forward-looking statements, except as required by law.
About Braze
Braze is a leading comprehensive customer engagement platform
that powers interactions between consumers and brands they love.
With Braze, global brands can ingest and process customer data in
real time, orchestrate and optimize contextually relevant,
cross-channel marketing campaigns and continuously evolve their
customer engagement strategies. Braze has been recognized as one of
Fortune's 2021 Best Workplaces in New York, Fortune's 2021 Best
Workplace for Millennials, and 2021 UK Best Workplaces for Women by
Great Place to Work. The company is headquartered in New York with
offices in Austin, Berlin, Chicago, London, San Francisco,
Singapore, and Tokyo. Learn more at braze.com.
Braze uses its Investor website at investors.braze.com as a
means of disclosing material non-public information, announcing
upcoming investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
its investor relations website in addition to following its press
releases, SEC filings and public conference calls and webcasts.
Selected Financial Data
BRAZE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per
share amounts)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Revenue
$
63,968
$
39,332
$
167,601
$
107,261
Cost of revenue (1)
19,174
14,431
53,736
39,232
Gross Profit
44,794
24,901
113,865
68,029
Operating expenses:
Sales and marketing (1)
29,568
19,137
81,411
50,198
Research and development (1)
12,738
7,410
36,130
20,169
General and administrative (1)
12,936
7,142
31,947
19,296
Total operating expenses
55,242
33,689
149,488
89,663
Loss from operations
(10,448
)
(8,788
)
(35,623
)
(21,634
)
Other income (expense):
Investment income
18
147
104
736
Other (expense) income, net
(236
)
(63
)
(587
)
22
Loss before provision for income taxes
(10,666
)
(8,704
)
(36,106
)
(20,876
)
(Benefit from) provision for income
taxes
(1,608
)
118
(1,282
)
341
Net loss
(9,058
)
(8,822
)
(34,824
)
(21,217
)
Net loss attributable to redeemable
non-controlling interest
(336
)
(9
)
(1,040
)
(9
)
Net loss attributable to Braze, Inc.
$
(8,722
)
$
(8,813
)
$
(33,784
)
$
(21,208
)
Net loss per share attributable to Braze,
Inc. common stockholders, basic and diluted
$
(0.42
)
$
(0.47
)
$
(1.67
)
$
(1.21
)
Weighted-average shares used to compute
net loss per share attributable to Braze, Inc. common stockholders,
basic and diluted
20,717
18,633
20,244
17,559
(1) Includes stock-based compensation as
follows:
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Cost of revenue
$
164
$
205
$
531
$
405
Sales and marketing
1,586
908
5,881
1,963
Research and development
1,622
627
5,780
1,284
General and administrative
2,058
535
5,844
1,350
Total stock-based compensation expense
$
5,430
$
2,275
$
18,036
$
5,002
BRAZE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(in thousands, except share
and per share amounts)
October 31,
2021
January 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
41,976
$
28,509
Restricted cash, current
—
472
Accounts receivable, net of allowance for
doubtful accounts of $746 and $934 at October 31, 2021 and January
31, 2021, respectively
36,026
34,771
Marketable securities
34,906
58,004
Prepaid expenses and other current
assets
17,691
12,202
Total current assets
130,599
133,958
Restricted cash, noncurrent
4,036
4,037
Property and equipment, net
6,293
5,486
Deferred contract costs
35,176
27,433
Other assets
7,982
480
TOTAL ASSETS
$
184,086
$
171,394
LIABILITIES, CONVERTIBLE PREFERRED
STOCK, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS'
DEFICIT
CURRENT LIABILITIES:
Accounts payable
$
1,203
$
439
Accrued expenses and other current
liabilities
22,809
25,904
Deferred revenue
98,427
74,789
Total current liabilities
122,439
101,132
Deferred tax liabilities
57
80
Other long-term liabilities
2,204
2,227
TOTAL LIABILITIES
124,700
103,439
COMMITMENTS AND CONTINGENCIES
Convertible preferred stock, $0.0001 par
value; 65,318,250 shares authorized as of October 31, 2021 and
January 31, 2021; 62,830,697 shares issued and outstanding as of
October 31, 2021 and January 31, 2021
174,229
174,229
Redeemable non-controlling interest
3,643
2,233
STOCKHOLDERS’ DEFICIT
Common stock, $0.0001 par value;
100,000,000 and 98,500,000 shares authorized as of October 31, 2021
and January 31, 2021, respectively; 21,413,059 and 19,498,295
shares issued and outstanding as of October 31, 2021 and January
31, 2021, respectively
2
—
Additional paid-in capital
53,832
29,777
Accumulated other comprehensive loss
(294
)
(42
)
Accumulated deficit
(172,026
)
(138,242
)
TOTAL STOCKHOLDERS’ DEFICIT
(118,486
)
(108,507
)
TOTAL LIABILITIES, CONVERTIBLE
PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTEREST AND
STOCKHOLDERS’ DEFICIT
$
184,086
$
171,394
BRAZE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine Months Ended October
31,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss (including amounts attributable
to redeemable non-controlling interests)
$
(34,824
)
$
(21,217
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation
18,036
5,002
Amortization of deferred contract
costs
13,173
7,575
Depreciation and amortization
2,123
1,012
Provision for bad debt
(98
)
1,644
Amortization of discount/premium on
marketable securities
313
189
Unrealized foreign exchange loss
(gain)
391
(52
)
Deferred income taxes
(23
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(1,157
)
1,388
Prepaid expenses and other current
assets
(4,358
)
961
Deferred contract costs
(20,917
)
(12,224
)
Other assets
(3,993
)
(22
)
Accounts payable
784
(783
)
Accrued expenses and other current
liabilities
(3,933
)
4,458
Deferred revenue
23,638
4,385
Other long-term liabilities
(23
)
1,584
Net cash used in operating activities
(10,868
)
(6,100
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(1,110
)
(2,050
)
Capitalized internal-use software
costs
(1,842
)
(1,674
)
Purchases of marketable securities
(32,868
)
(48,987
)
Maturities of marketable securities
55,609
72,355
Net cash provided by investing
activities
19,789
19,644
CASH FLOWS FROM FINANCING
ACTIVITIES:
Investment from redeemable non-controlling
interest
2,450
2,450
Proceeds from exercise of common stock
options
4,641
2,652
Payment of deferred offering costs
(2,484
)
—
Repurchase of shares related to early
exercised options
(3
)
(2
)
Net cash provided by financing
activities
4,604
5,100
Effect of foreign currency exchange rate
changes on cash, cash equivalents, and restricted cash
(531
)
119
Net change in cash, cash equivalents, and
restricted cash
12,994
18,763
Cash, cash equivalents, and restricted
cash, beginning of period
33,018
11,602
Cash, cash equivalents, and restricted
cash, end of period
$
46,012
$
30,365
BRAZE, INC. U.S. GAAP RECONCILIATION OF
NON-GAAP ADJUSTED RESULTS (in thousands, except per share
amounts)
The following tables reconcile each non-GAAP financial measure
to its most directly comparable GAAP financial measure:
Reconciliation of GAAP to Non-GAAP
Gross Margin
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Gross Profit
$
44,794
$
24,901
$
113,865
$
68,029
Plus: Stock-based compensation expense
164
205
531
405
Non-GAAP Gross Profit
$
44,958
$
25,106
$
114,396
$
68,434
GAAP Gross Margin
70.0
%
63.3
%
67.9
%
63.4
%
Non-GAAP Gross Margin
70.3
%
63.8
%
68.3
%
63.8
%
Reconciliation of GAAP to Non-GAAP
Operating Expenses
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
GAAP sales and marketing expense
$
29,568
$
19,137
$
81,411
$
50,198
Less: Stock-based compensation expense
1,586
908
5,881
1,963
Non-GAAP sales and marketing expense
$
27,982
$
18,229
$
75,530
$
48,235
GAAP research and development expense
$
12,738
$
7,410
$
36,130
$
20,169
Less: Stock-based compensation expense
1,622
627
5,780
1,284
Non-GAAP research and development
expense
$
11,116
$
6,783
$
30,350
$
18,885
GAAP general and administrative
expense
$
12,936
$
7,142
$
31,947
$
19,296
Less: Stock-based compensation expense
2,058
535
5,844
1,350
Non-GAAP general and administrative
expense
$
10,878
$
6,607
$
26,103
$
17,946
Reconciliation of GAAP to Non-GAAP
Operating Loss
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Loss from operations
$
(10,448
)
$
(8,788
)
$
(35,623
)
$
(21,634
)
Plus: Stock-based compensation expense
5,430
2,275
18,036
5,002
Non-GAAP loss from operations
$
(5,018
)
$
(6,513
)
$
(17,587
)
$
(16,632
)
Reconciliation of GAAP to Non-GAAP Net
Loss
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Net loss attributable to Braze, Inc.
$
(8,722
)
$
(8,813
)
$
(33,784
)
$
(21,208
)
Plus: Stock-based compensation expense
5,430
2,275
18,036
5,002
Non-GAAP net loss attributable to Braze,
Inc. (1)
$
(3,292
)
$
(6,538
)
$
(15,748
)
$
(16,206
)
Non-GAAP net loss per share attributable
to Braze, Inc. common stockholders, basic and diluted
$
(0.16
)
$
(0.35
)
$
(0.78
)
$
(0.92
)
Weighted-average shares used to compute
net loss per share attributable to Braze, Inc. common stockholders,
basic and diluted
20,717
18,633
20,244
17,559
(1) Assumes no tax impact due to the
Company’s net loss position and deferred tax assets.
Reconciliation of GAAP Cash Flow from
Operating Activities to Non-GAAP Free Cash Flow
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021
2020
2021
2020
Net cash used in operating activities
$
(2,454
)
$
(5,879
)
$
(10,868
)
$
(6,100
)
Less:
Purchases of property and equipment
(355
)
(250
)
(1,110
)
(2,050
)
Capitalized internal-use software
costs
(670
)
(694
)
(1,842
)
(1,674
)
Non-GAAP Free cash flow
$
(3,479
)
$
(6,823
)
$
(13,820
)
$
(9,824
)
Braze is a registered trademark of Braze, Inc. All product and
company names herein may be trademarks of their registered
owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211220005644/en/
Investors: Christopher Ferris IR@braze.com (609) 964-0585
Media: Meghan Halaszynski Press@braze.com
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