Total Revenue Grew 18%
Year-over-Year
SaaS ARR Grew 40% Year-over-Year
Model N, Inc. (NYSE: MODN), the leader in cloud revenue
management solutions, today announced financial results for the
second quarter of fiscal year 2023 ended March 31, 2023.
“Our second quarter results beat expectations across the board –
we exceeded guidance for total revenue, subscription revenue, and
professional services revenue. Q2 also underscores our commitment
to driving profitable growth, with adjusted EBITDA growth of 39%
year-over-year,” said Jason Blessing, president and chief executive
officer of Model N. “Overperformance in Q2 was driven by a healthy
contribution from all areas of the business. We signed new deals,
closed a meaningful new SaaS transition, saw numerous customer base
expansions, and we also enjoyed solid renewals. I’m pleased with
our continued execution in this environment. We remain focused on
driving profitability looking ahead.”
Recent Company
Highlights
- Announced a strategic partnership with Impartner to help
high-tech manufacturers enhance partner engagement, revenue and
profitability.
- Released a new commissioned study by Forrester Consulting that
shows how improved channel data management (CDM) leads to better
trust, collaboration, and bottom-line results. To access the full
survey study, visit
www.modeln.com/forrester-opportunity-snapshot-2023.
- Priced an offering of $220.0 million of 1.875% convertible
senior notes due 2028. Subsequently, the underwriters’ exercised in
full their option to purchase an additional $33.0 million principal
amount of notes.
Second Quarter 2023 Financial
Highlights
- Revenues: Total revenues were $62.6 million, an increase
of 18% from the second quarter of fiscal year 2022. Subscription
revenues were $44.9 million, an increase of 17% from the second
quarter of fiscal year 2022.
- Gross Profit: Gross profit was $35.0 million, an
increase of 20% from the second quarter of fiscal year 2022. Gross
margin was 56% for the second quarter of fiscal year 2023 compared
to 55% for the second quarter of 2022. Non-GAAP gross profit was
$37.8 million, an increase of 19% from the second quarter of fiscal
year 2022. Non-GAAP gross margin was 60% for the second quarter of
fiscal year 2023 and 2022. Subscription gross margin was 64%
compared to 62% for the second quarter of fiscal year 2022.
Non-GAAP subscription gross margin was 68% compared to 67% for the
second quarter of fiscal year 2022.
- GAAP Loss and Non-GAAP Income from Operations: GAAP loss
from operations was $3.1 million compared to loss from operations
of $3.9 million for the second quarter of fiscal year 2022.
Non-GAAP income from operations was $9.0 million, an increase of
40% from the second quarter of fiscal year 2022.
- GAAP Net Loss: GAAP net loss was $33.3 million compared
to a net loss of $8.0 million for the second quarter of fiscal year
2022. GAAP basic and diluted net loss per share attributable to
common stockholders was $0.88 based upon weighted average shares
outstanding of 37.9 million compared to net loss per share of $0.22
for the second quarter of fiscal year 2022 based upon weighted
average shares outstanding of 36.6 million.
- Non-GAAP Net Income: Non-GAAP net income, was $8.6
million, an increase of 71% from the second quarter of fiscal year
2022. Non-GAAP net income per diluted share was $0.22 based upon
diluted weighted average shares outstanding of 38.9 million
compared to non-GAAP net income per diluted share of $0.14 for the
second quarter of fiscal year 2022 based upon diluted weighted
average shares outstanding of 36.8 million.
- Adjusted EBITDA: Adjusted EBITDA was $9.2 million, an
increase of 39% from the second quarter of fiscal year 2022.
Adjusted EBITDA margin was 15% compared to 12% for the second
quarter of fiscal year 2022.
- SaaS ARR and SaaS Net Dollar Retention: SaaS ARR hit
$125.8 million, as growth accelerated to 40% year-over-year.
Trailing 12-month SaaS net dollar retention increased to 138% from
116% year-over-year.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial tables included in this press
release.
Guidance
As of May 9, 2023, we are providing guidance for the third
quarter fiscal year 2023 ending June 30, 2023 and the full fiscal
year ending September 30, 2023.
(in $ millions, except per share)
Third Quarter Fiscal
2023
Full Year Fiscal 2023
Total revenues
61.5 - 62.5
244.0 - 246.0
Subscription revenues
45.0 - 45.5
180.0 - 181.0
Non-GAAP income from operations
9.2 - 10.2
37.9 - 39.0
Non-GAAP net income per share
0.23 - 0.25
0.94 - 0.99
Adjusted EBITDA
9.5 - 10.5
39.0 - 41.0
Quarterly Results Conference
Call
Model N will host a conference call today at 2:00 PM Pacific
Time (5:00 PM Eastern Time) to review the company’s financial
results for the second quarter fiscal year 2023 ended March 31,
2023. The conference call can be accessed by dialing 877-407-4018
from the United States or +1-201-689-8471 internationally. A live
webcast and replay of the conference call can be accessed from the
investor relations page of Model N’s website at
investor.modeln.com. Following the completion of the call through
11:59 p.m. ET on May 23, 2023, a telephone replay will be available
by dialing 844-512-2921 from the United States or +1-412-317-6671,
internationally, with recording access code 13735135.
About Model N
Model N is the leader in revenue optimization and compliance for
pharmaceutical, medtech, and high-tech innovators. Our intelligent
platform powers your digital transformation with integrated
technology, data, analytics, and expert services that deliver deep
insight and control.
Our integrated cloud solution is proven to automate pricing,
incentive, and contract decisions to scale business profitably and
grow revenue. Model N is trusted across more than 120 countries by
the world’s leading pharmaceutical, medical technology,
semiconductor, and high-tech companies, including Johnson &
Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom, and
Microchip Technology. For more information, visit
www.modeln.com.
Forward-Looking
Statements
This press release contains forward-looking statements
including, among other things, statements regarding Model N’s
second quarter and full year fiscal 2023 financial results, Model
N’s profitability, future planned enhancements to our products and
benefits from our products. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to risks,
uncertainties, and assumptions. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. Risks
include, but are not limited to: (i) delays in closing customer
contracts; (ii) our ability to improve and sustain our sales
execution; (iii) the timing of new orders and the associated
revenue recognition; (iv) adverse changes in general economic or
market conditions; (v) delays or reductions in information
technology spending and resulting variability in customer orders
from quarter to quarter; (vi) competitive factors, including but
not limited to pricing pressures, industry consolidation, entry of
new competitors and new applications and marketing initiatives by
our competitors; (vii) our ability to manage our growth
effectively; (viii) acceptance of our applications and services by
customers; (ix) success of new products; (x) the risk that the
strategic initiatives that we may pursue will not result in
significant future revenues; (xi) changes in health care regulation
and policy and tax in the United States and worldwide; (xii) our
ability to retain customers; and (xiii) adverse impacts on our
business and financial condition due to macroeconomic and
geopolitical factors, such as inflation, rising interests,
pandemics, banking system instability and geopolitical conflicts.
Further information on risks that could affect Model N’s results is
included in our filings with the Securities and Exchange Commission
(“SEC”), including our most recent quarterly report on Form 10-Q
and our annual report on Form 10-K for the fiscal year ended
September 30, 2022, and any current reports on Form 8-K that we may
file from time to time. Should any of these risks or uncertainties
materialize, actual results could differ materially from
expectations. Model N assumes no obligation to, and does not
currently intend to, update any such forward-looking statements
after the date of this release.
Non-GAAP Financial
Measures
We have provided in this release financial information that has
not been prepared in accordance with accounting standards generally
accepted in the United States of America (“GAAP”). We use these
non-GAAP financial measures internally in analyzing our financial
results and believe they are useful to investors, as a supplement
to GAAP measures, in evaluating our ongoing operational
performance. We believe that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends, and in comparing
our financial results with other companies in our industry, many of
which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Investors are encouraged to
review the reconciliation of these non-GAAP financial measures to
their most directly comparable GAAP financial measures below. A
reconciliation of our non-GAAP financial measures to their most
directly comparable GAAP measures has been provided in the
financial statement tables included below in this press
release.
Our reported results include certain non-GAAP financial
measures, including non-GAAP gross profit, non-GAAP gross margin,
non-GAAP subscription gross profit, non-GAAP subscription gross
margin, non-GAAP income from operations, non-GAAP net income,
non-GAAP net income per share, adjusted EBITDA and free cash flow.
Non-GAAP gross profit and subscription gross profit excludes
stock-based compensation expenses and amortization of intangible
assets as they are often excluded by other companies to help
investors understand the operational performance of their business.
Non-GAAP income from operations excludes stock-based compensation
expense and amortization of intangible assets. Non-GAAP net income
excludes stock-based compensation expense, amortization of
intangible assets, amortization of debt discount and issuance
costs, and loss on extinguishment of debt. Additionally,
stock-based compensation expense varies from period to period and
from company to company due to such things as valuation
methodologies and changes in stock price. Adjusted EBITDA is
defined as net loss, adjusted for depreciation and amortization,
stock-based compensation expense, interest expense, net, other
(income) expenses, net, provision for income taxes, and loss on
extinguishment of debt. Reconciliation tables are provided in this
press release.
SaaS ARR is defined as the annualized value of our SaaS revenue,
which is derived by dividing the SaaS portion of our recurring
subscription revenue for the quarter by the number of days in the
quarter, and multiplying it by 365 to get an annualized number.
SaaS Net Dollar Retention uses the same SaaS ARR calculations to
measure the percentage change in SaaS ARR from customers that are
in both the current period and the year-ago period. SaaS ARR that
has been added from new customers that were not in the year-ago
calculation is excluded from the SaaS Net Dollar Retention
calculation. SaaS ARR and SaaS Net Dollar Retention should be
viewed independently of revenue, deferred revenue, and remaining
performance obligations, and are not intended to be a substitute
for, or combined with, any of these items.
Free cash flow is defined as net cash provided by operating
activities less cash used for purchase of property plant and
equipment.
We have not reconciled guidance for non-GAAP financial measures
to their most directly comparable GAAP measures because certain
items that impact these measures are uncertain, out of our control
and/or cannot be reasonably predicted or estimated, such as the
difficulties of estimating certain items such as charges to
stock-based compensation expense. Accordingly, a reconciliation of
the non-GAAP financial measure guidance to the corresponding GAAP
measures is not available without unreasonable effort.
Model N, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
As of March 31, 2023
As of September 30,
2022
Assets
Current assets
Cash and cash equivalents
$
270,643
$
193,524
Funds held for customers
229
603
Accounts receivable, net
76,021
49,121
Prepaid expenses
3,648
5,772
Other current assets
7,709
12,516
Total current assets
358,250
261,536
Property and equipment, net
1,422
1,838
Operating lease right-of-use assets
12,117
15,392
Goodwill
65,665
65,665
Intangible assets, net
33,628
37,362
Other assets
9,710
10,454
Total assets
$
480,792
$
392,247
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
4,610
$
5,820
Customer funds payable
241
603
Accrued employee compensation
11,758
26,712
Accrued liabilities
4,849
6,860
Operating lease liabilities, current
portion
4,606
4,651
Deferred revenue, current portion
70,792
62,282
Total current liabilities
96,856
106,928
Long-term liabilities
Long term debt
279,477
135,417
Operating lease liabilities, less current
portion
8,895
12,142
Other long-term liabilities
3,403
3,139
Total long-term liabilities
291,775
150,698
Total liabilities
388,631
257,626
Stockholders’ equity
Common stock
6
6
Additional paid-in capital
394,622
421,473
Accumulated other comprehensive loss
(2,160
)
(2,413
)
Accumulated deficit
(300,307
)
(284,445
)
Total stockholders’ equity
92,161
134,621
Total liabilities and stockholders’
equity
$
480,792
$
392,247
Model N, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per share
amounts)
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Revenues
Subscription
$
44,925
$
38,243
$
89,139
$
76,331
Professional services
17,679
15,037
32,619
28,491
Total revenues
62,604
53,280
121,758
104,822
Cost of revenues
Subscription
16,121
14,464
31,727
28,380
Professional services
11,499
9,587
22,164
18,322
Total cost of revenues
27,620
24,051
53,891
46,702
Gross profit
34,984
29,229
67,867
58,120
Operating expenses
Research and development
12,403
11,811
25,167
23,238
Sales and marketing
14,222
12,039
27,199
23,078
General and administrative
11,481
9,322
22,172
17,761
Total operating expenses
38,106
33,172
74,538
64,077
Loss from operations
(3,122
)
(3,943
)
(6,671
)
(5,957
)
Interest expense, net
(281
)
3,848
(147
)
7,626
Loss on extinguishment of debt
29,493
—
29,493
—
Other expenses (income), net
83
(112
)
18
(12
)
Loss before income taxes
(32,417
)
(7,679
)
(36,035
)
(13,571
)
Provision for income taxes
902
360
1,334
734
Net loss
$
(33,319
)
$
(8,039
)
$
(37,369
)
$
(14,305
)
Net loss per share:
Basic and diluted
$
(0.88
)
$
(0.22
)
$
(0.99
)
$
(0.39
)
Weighted average number of shares used in
computing net loss per share:
Basic and diluted
37,917
36,619
37,719
36,419
Model N, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
Six Months Ended March
31,
2023
2022
Cash Flows from Operating Activities
Net loss
$
(37,369
)
$
(14,305
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
4,262
4,479
Stock-based compensation
20,767
15,308
Amortization of debt discount and issuance
costs
629
5,391
Loss on extinguishment of debt
29,493
—
Deferred income taxes
(156
)
280
Amortization of capitalized contract
acquisition costs
2,416
2,027
Other non-cash charges
1,077
32
Changes in assets and liabilities, net of
acquisition
Accounts receivable
(27,963
)
(4,682
)
Prepaid expenses and other assets
8,471
2,614
Accounts payable
(1,300
)
(729
)
Accrued employee compensation
(9,890
)
(5,517
)
Other current and long-term
liabilities
(5,150
)
(1,707
)
Deferred revenue
8,563
(263
)
Net cash provided by operating
activities
(6,150
)
2,928
Cash Flows from Investing Activities
Purchases of property and equipment
(106
)
(349
)
Net cash used in investing activities
(106
)
(349
)
Cash Flows from Financing Activities
Proceeds from exercise of stock options
and issuance of common stock under employee stock purchase plan
2,555
2,401
Proceeds from issuance of 2028 Notes
253,000
—
Payment of debt issuance cost for 2028
Notes
(6,958
)
—
Repayments of 2025 Notes
(165,210
)
—
Net changes in customer funds payable
(374
)
(233
)
Net cash provided by financing
activities
83,013
2,168
Effect of exchange rate changes on cash
and cash equivalents
(12
)
10
Net decrease in cash and cash
equivalents
76,745
4,757
Cash and cash equivalents
Beginning of period
194,127
165,783
End of period
$
270,872
$
170,540
Model N, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Results
(in thousands, except per share
amounts)
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Reconciliation from GAAP net loss to
adjusted EBITDA
GAAP net loss
$
(33,319
)
$
(8,039
)
$
(37,369
)
$
(14,305
)
Reversal of non-GAAP items
Stock-based compensation expense
10,362
8,322
20,767
15,308
Depreciation and amortization
1,989
2,239
4,262
4,479
Interest expense, net
(281
)
3,848
(147
)
7,626
Loss on extinguishment of debt
29,493
—
29,493
—
Other expenses (income), net
83
(112
)
18
(12
)
Provision for income taxes
902
360
1,334
734
Adjusted EBITDA
$
9,229
$
6,618
$
18,358
$
13,830
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Reconciliation from GAAP gross profit to
non-GAAP gross profit
GAAP gross profit
$
34,984
$
29,229
$
67,867
$
58,120
Reversal of non-GAAP expenses
Stock-based compensation (a)
2,370
1,936
4,847
3,415
Amortization of intangible assets (b)
427
709
1,136
1,418
Non-GAAP gross profit
$
37,781
$
31,874
$
73,850
$
62,953
Percentage of revenue
60.3
%
59.8
%
60.7
%
60.1
%
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Reconciliation from GAAP subscription
gross profit to non-GAAP subscription gross profit
GAAP subscription gross profit
$
28,804
$
23,779
$
57,412
$
47,951
Reversal of non-GAAP expenses
Stock-based compensation (a)
1,307
1,065
2,644
1,923
Amortization of intangible assets (b)
427
709
1,136
1,418
Non-GAAP subscription gross profit
$
30,538
$
25,553
$
61,192
$
51,292
Percentage of subscription revenue
68.0
%
66.8
%
68.6
%
67.2
%
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Reconciliation from GAAP professional
services gross profit to non-GAAP professional services gross
profit
GAAP professional services gross
profit
$
6,180
$
5,450
$
10,455
$
10,169
Reversal of non-GAAP expenses
Stock-based compensation (a)
1,063
871
$
2,203
$
1,492
Non-GAAP professional services gross
profit
$
7,243
$
6,321
$
12,658
$
11,661
Percentage of professional services
revenue
41.0
%
42.0
%
38.8
%
40.9
%
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Reconciliation from GAAP operating loss to
non-GAAP operating income
GAAP operating loss
$
(3,122
)
$
(3,943
)
$
(6,671
)
$
(5,957
)
Reversal of non-GAAP expenses
Stock-based compensation (a)
10,362
8,322
20,767
15,308
Amortization of intangible assets (b)
1,726
2,008
3,734
4,016
Non-GAAP operating income
$
8,966
$
6,387
$
17,830
$
13,367
Numerator
Reconciliation between GAAP net loss and
non-GAAP net income
GAAP net loss
$
(33,319
)
$
(8,039
)
$
(37,369
)
$
(14,305
)
Reversal of non-GAAP expenses
Stock-based compensation (a)
10,362
8,322
20,767
15,308
Amortization of intangible assets (b)
1,726
2,008
3,734
4,016
Loss on extinguishment of debt (c)
29,493
—
29,493
—
Amortization of debt discount and issuance
costs (d)
327
2,736
629
5,391
Non-GAAP net income
$
8,589
$
5,027
$
17,254
$
10,410
Denominator
Reconciliation between GAAP net loss and
non-GAAP net income per share
Shares used in computing GAAP net loss per
share:
Basic
37,917
36,619
37,719
36,419
Diluted
37,917
36,619
37,719
36,419
Shares used in computing non-GAAP net
income per share
Basic
37,917
36,619
37,719
36,419
Add: effect of shares for stock plan
activity
555
192
589
274
Add: effect of shares related to
convertible senior notes
378
486
Diluted
38,850
36,811
38,794
36,693
GAAP net loss per share
Basic and diluted
$
(0.88
)
$
(0.22
)
$
(0.99
)
$
(0.39
)
Non-GAAP net income per share
Basic
$
0.23
$
0.14
$
0.46
$
0.29
Diluted
$
0.22
$
0.14
$
0.44
$
0.28
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Amortization of intangibles assets
recorded in the statements of operations
Cost of revenues
Subscription
$
427
$
709
$
1,136
$
1,418
Total amortization of intangibles assets
in cost of revenue (b)
427
709
1,136
1,418
Operating expenses
Sales and marketing
1,299
1,299
2,598
2,598
Total amortization of intangibles assets
in operating expense (b)
1,299
1,299
2,598
2,598
Total amortization of intangibles assets
(b)
$
1,726
$
2,008
$
3,734
$
4,016
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Stock-based compensation recorded in the
statements of operations
Cost of revenues
Subscription
$
1,307
$
1,065
$
2,644
$
1,923
Professional services
1,063
871
2,203
1,492
Total stock-based compensation in cost of
revenue (a)
2,370
1,936
4,847
3,415
Operating expenses
Research and development
1,831
1,509
3,653
2,790
Sales and marketing
2,561
1,826
4,949
3,446
General and administrative
3,600
3,051
7,318
5,657
Total stock-based compensation in
operating expense (a)
7,992
6,386
15,920
11,893
Total stock-based compensation (a)
$
10,362
$
8,322
$
20,767
$
15,308
Three Months Ended March
31,
Six Months Ended March
31,
2023
2022
2023
2022
Free cash flow
Net cash provided by operating
activities
$
12,142
$
12,613
$
(6,150
)
$
2,928
Purchases of property and equipment
(80
)
(24
)
(106
)
(349
)
Free cash flow
$
12,062
$
12,589
$
(6,256
)
$
2,579
Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements
presented on a GAAP basis, we use non-GAAP measures of adjusted
EBITDA, gross profit, gross margin, income from operations, net
income, weighted average shares outstanding and net income per
share, which are adjusted to exclude stock-based compensation
expense, amortization of intangible assets, depreciation of fixed
assets, amortization of debt discount and issuance costs, loss on
extinguishment of debt and include dilutive shares where
applicable. We believe these adjustments are appropriate to enhance
an overall understanding of our past financial performance and also
our prospects for the future. These adjustments to our current
period GAAP results are made with the intent of providing both
management and investors a more complete understanding of our
underlying operating results and trends and our marketplace
performance. The non-GAAP results are an indication of our baseline
performance that are considered by management for the purpose of
making operational decisions. In addition, these non-GAAP results
are the primary indicators management uses as a basis for our
planning and forecasting of future periods. The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for operating loss, net loss or basic
and diluted net loss per share prepared in accordance with
generally accepted accounting principles in the United States.
Non-GAAP financial measures are not based on a comprehensive set of
accounting rules or principles and are subject to limitations.
While a large component of our expenses incurred in certain
periods, we believe investors may want to exclude the effects of
these items in order to compare our financial performance with that
of other companies and between time periods:
(a)
Stock-based compensation is a non-cash
expense accounted for in accordance with FASB ASC Topic 718. We
believe that the exclusion of stock-based compensation expense
provides for a better comparison of our operating results to prior
periods and to our peer companies.
(b)
Amortization of intangible assets resulted
principally from acquisitions. Intangible asset amortization is a
non-cash item. As such, we believe exclusion of these expenses
provides for a better comparison of our operating results to prior
periods and to our peer companies.
(c)
The repurchase of our 2.625% convertible
senior notes due 2025 was accounted for as a debt extinguishment.
The Company recorded a $29.5 million loss on extinguishment of debt
on its consolidated statements of operations during the fiscal
quarter ended March 31, 2023, which includes the write-off of
related deferred issuance costs of $2.3 million. We believe
exclusion of these expenses provides for a better comparison of our
operating results to prior periods and to our peer companies.
(d)
Amortization of debt discount and issuance
costs. Prior to the adoption of ASU 2020-06, Debt with Conversion
and Other Options, on October 1, 2022 we were required to recognize
non-cash interest expense related to amortization of debt discount
and issuance costs. Subsequent to the adoption of ASU 2020-06, Debt
with Conversion and Other Options, we only recognize non-cash
interest expense related to amortization of issuance costs. We
believe exclusion of these expenses provides for a better
comparison of our operating results to prior periods and to our
peer companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005878/en/
Investor Relations Contact: Carolyn Bass Market Street
Partners investorrelations@modeln.com
Media Contact: BLASTmedia Press@modeln.com
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