| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 2/6 |
| Past Performance | 2/6 |
| Financial Health | 6/6 |
| Dividends | 4/6 |
AUB Stock Overview
Atlantic Union Bankshares Corporation operates as the holding company for Atlantic Union Bank that provides banking and related financial services to consumers and businesses.
Atlantic Union Bankshares Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$32.01 |
| 52 Week High | US$42.67 |
| 52 Week Low | US$31.39 |
| Beta | 1.07 |
| 1 Month Change | -3.47% |
| 3 Month Change | -5.63% |
| 1 Year Change | -14.25% |
| 3 Year Change | -11.82% |
| 5 Year Change | -8.54% |
| Change since IPO | 540.20% |
Recent News & Updates
Atlantic Union Bankshares: Earnings Likely To Increase Next Year On The Back Of Loan Growth
Summary Virginia's economic factors will likely drive loan growth through the end of 2023. The margin is only moderately sensitive to interest rate changes. Provisioning will likely remain elevated in the second half of 2022 due to high interest rates and inflation. The December 2022 target price suggests a high upside from the current market price. Further, AUB is offering a good dividend yield. Earnings of Atlantic Union Bankshares Corporation (AUB) will most probably dip this year due to elevated provisioning as well as higher operating expenses. On the other hand, strong loan growth will likely support the bottom line through the end of 2023. Earnings will likely receive further support from margin expansion. Overall, I'm expecting Atlantic Union Bankshares to report earnings of $2.91 per share for 2022, down 11% year-over-year. Compared to my last report on the company, I've only slightly tweaked upwards my earnings estimate. For 2023, I'm expecting earnings to grow by 23% to $3.57 per share. The year-end target price suggests a high upside from the current market price. Therefore, I’m maintaining a buy rating on Atlantic Union Bankshares. Virginia’s Economy to Drive Loan Growth The rate of loan growth slowed in the second quarter of 2022 but remained at a moderately high level. Atlantic Union Bankshares reported loan growth of 1.5% in the second quarter, or 5.8% annualized. The management expects high-single-digit loan growth for the full year of 2022, as mentioned in the earnings presentation. Given the 7.0% annualized loan growth in the first half of 2022, this target seems achievable. Further, regional economies will likely sustain loan growth. Atlantic Union Bankshares operates mainly in Virginia, with some presence in Maryland and North Carolina. All three states currently have very strong job markets with record low unemployment rates. Strong labor markets bode well for loan growth, especially auto finance and consumer loans which made up a significant portion of the loan book. Virginia Unemployment Rate data by YCharts Atlantic Union Bankshares’ loan book is well diversified across different segments. 2Q 2022 10-Q Filing For commercial and industrial loans, the purchasing managers' index is a good gauge of credit demand. US ISM Services PMI data by YCharts The coincident indices are also good gauges of credit demand across the board. The index for Virginia shows that economic activity is doing well, as shown below. Philly Fed Virginia Coincident Index data by YCharts The management is also considering M&A as a supplemental strategy, as mentioned in the presentation. As the company is yet to announce any specific transactions, I have excluded potential acquisitions from my loan estimate. I've only incorporated organic growth. Overall, I'm expecting the loan portfolio to grow by 8% annualized every quarter till the end of 2023. Meanwhile, growth of other balance sheet items will likely trail loan growth. Equity value, in particular, will face pressure due to the accumulation of unrealized losses on the available-for-sale securities portfolio. As rates rise, the market value of these securities will drop, leading to unrealized losses. These losses will bypass the income statement and flow directly into the equity account through other comprehensive income. The book value per share had already declined from $33.80 per share at the end of December 2021 to $29.95 per share at the end of June 2022, as mentioned in the 10-Q Filing. The following table shows my balance sheet estimates. FY18 FY19 FY20 FY21 FY22E FY23E Financial Position Net Loans 9,675 12,569 13,861 13,096 14,099 15,261 Growth of Net Loans 36.2% 29.9% 10.3% (5.5)% 7.7% 8.2% Other Earning Assets 2,486 2,960 3,596 4,829 3,997 4,159 Deposits 9,971 13,305 15,723 16,611 16,780 18,163 Borrowings and Sub-Debt 1,756 1,514 841 507 814 847 Common equity 1,925 2,513 2,542 2,544 2,304 2,490 Book Value per Share ($) 29.2 31.3 32.2 32.9 30.8 33.3 Tangible BVPS ($) 17.4 19.6 19.6 20.2 18.0 20.5 Source: SEC Filings, Author's Estimates (In USD million unless otherwise specified) Well Diversified Portfolios Make the Margin Only Moderately Rate-Sensitive The average earning-asset yield is only moderately rate-sensitive. Around half the loan portfolio is based on fixed rates, while 46% of the portfolio is variable. The deposit cost is also only moderately rate-sensitive. Variable rate deposits, namely negotiated order of withdrawal, money market, and savings accounts made up 56.2% of total deposits at the end of June 2022. The results of the management’s interest-rate sensitivity analysis given in the 10-Q filing showed that a 200-basis points hike in interest rates could boost the net interest income by 12.81% over twelve months. Considering these factors, I'm expecting the margin to increase by 40 basis points in the second half of 2022 and remain stable throughout 2023. 2Q 2022 10-Q Filing High Inflation, Interest Rates to Keep Provisioning Elevated Allowances were 358.39% of nonaccrual loans at the end of June 2022, which is a comfortable level in normal times. However, I'm expecting borrowers to be more stressed than usual in the months ahead due to high inflation and borrowing costs. Further, banks will want a comfortable reserve cushion ahead of a possible recession. The management also mentioned in the presentation that it expects allowance to be 0.80% to 0.85% of loans, up from 0.76% at the end of June 2022. Considering these factors, I'm expecting the net provision expense to be slightly above normal in the second half of 2022, before declining to a normal level next year. I'm expecting the net provision expense to make up around 0.16% of total loans annualized in the second half of 2022, and 0.15% in 2023. In comparison, the net provision expense averaged 0.15% from 2017 to 2019. Earnings to Dip in 2022 Before Recovering Next Year The above-average provisioning will likely be one of the biggest contributors to an earnings decline this year. Further, the management mentioned in the conference call that it is currently evaluating its minimum wage in order to remain competitive. As a result, salary expenses will likely surge in the coming quarters. On the other hand, anticipated loan growth and margin expansion will likely drive earnings. Overall, I’m expecting Atlantic Union Bankshares to report earnings of $2.91 per share for 2022, down 11% year-over-year. For 2023, I'm expecting earnings to grow by 23% to $3.57 per share. The following table shows my income statement estimates. FY18 FY19 FY20 FY21 FY22E FY23E Income Statement Net interest income 427 538 555 551 578 668 Provision for loan losses 14 21 87 (61) 18 23 Non-interest income 104 133 131 126 123 115 Non-interest expense 338 418 413 419 403 419 Net income - Common Sh. 146 194 153 252 218 267 EPS - Diluted ($) 2.22 2.41 1.93 3.26 2.91 3.57 Source: SEC Filings, Author's Estimates (In USD million unless otherwise specified) In my last report on Atlantic Union Bankshares, I estimated earnings of $2.85 per share for 2022. I’ve slightly tweaked upwards my earnings estimate following the second quarter’s results. I haven't made any significant changes in any line item.
Atlantic Union Bank expands in asset-based lending products
Atlantic Union Bank (NASDAQ:AUB) is creating a new specialty finance division, Atlantic Union Business Credit, as it expands to offer a range of asset-based lending products specializing in loan commitments from $5M to $30M, it said Thursday. The new division has products for financing working capital, management buyouts, equity sponsor buyouts, acquisitions, growth, recapitalizations, and restructurings. A variety of assets, including receivables and inventory, can be used to secure funding. Thomas Ennis will continue to lead the bank's asset-based lending efforts. New team members included Robert Beer, senior vice president, director business develoment; James Cannella, senior vice president, business development officer; Jason Rich, senior vice president, business development officer; David Koran, vice president, business development officer; Will Olivencia, vice president, relationship manager; Wayne A. Suprano, Jr., vice president, manager of business credit portfolio and collateral operations; and Camille Zagar, commercial banking assistant. AUB shares rose 0.7% in Thursday midday trading. In July Atlantic Union Bank (AUB) Q2 adjusted EPS missed consensus while revenue beat
Atlantic Union Bankshares (NASDAQ:AUB) Is Paying Out A Larger Dividend Than Last Year
Atlantic Union Bankshares Corporation's ( NASDAQ:AUB ) dividend will be increasing from last year's payment of the same...
Shareholder Returns
| AUB | US Banks | US Market | |
|---|---|---|---|
| 7D | -4.9% | -4.5% | -2.0% |
| 1Y | -14.3% | -23.8% | -20.3% |
Return vs Industry: AUB exceeded the US Banks industry which returned -24.8% over the past year.
Return vs Market: AUB exceeded the US Market which returned -22.1% over the past year.
Price Volatility
| AUB volatility | |
|---|---|
| AUB Average Weekly Movement | 3.2% |
| Banks Industry Average Movement | 3.4% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.8% |
| 10% least volatile stocks in US Market | 2.8% |
Stable Share Price: AUB is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: AUB's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1902 | 1,876 | John Asbury | https://www.atlanticunionbank.com |
Atlantic Union Bankshares Corporation operates as the holding company for Atlantic Union Bank that provides banking and related financial services to consumers and businesses. The company accepts various deposit products, including checking, savings, NOW, time deposit, and money market accounts; certificates of deposit; and other depository services. It also provides loans for commercial, industrial, residential mortgage, and consumer purposes.
Atlantic Union Bankshares Fundamentals Summary
| AUB fundamental statistics | |
|---|---|
| Market Cap | US$2.39b |
| Earnings (TTM) | US$216.39m |
| Revenue (TTM) | US$693.80m |
11.1x
P/E Ratio1.0x
P/B RatioIs AUB overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| AUB income statement (TTM) | |
|---|---|
| Revenue | US$693.80m |
| Cost of Revenue | US$0 |
| Gross Profit | US$693.80m |
| Other Expenses | US$477.41m |
| Earnings | US$216.39m |
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.90 |
| Gross Margin | 100.00% |
| Net Profit Margin | 31.19% |
| Debt/Equity Ratio | 39.5% |
How did AUB perform over the long term?
See historical performance and comparisonDividends
3.7%
Current Dividend Yield39%
Payout RatioValuation
Is AUB undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
4/6Valuation Score 4/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast
Key Valuation Metric
Which metric is best to use when looking at relative valuation for AUB?
Other financial metrics that can be useful for relative valuation.
| What is AUB's n/a Ratio? | |
|---|---|
| n/a Ratio | 0x |
| n/a | n/a |
| Market Cap | US$2.39b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | n/a |
| Enterprise Value/EBITDA | n/a |
| PEG Ratio | 0.9x |
Price to Earnings Ratio vs Peers
How does AUB's PE Ratio compare to its peers?
| AUB PE Ratio vs Peers |
|---|
| Company | PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 11.6x | ||
FRME First Merchants | 12.6x | 25.7% | US$2.4b |
COLB Columbia Banking System | 10.8x | 49.5% | US$2.3b |
IBTX Independent Bank Group | 12.7x | 6.3% | US$2.6b |
FULT Fulton Financial | 10.4x | 13.6% | US$2.7b |
AUB Atlantic Union Bankshares | 11.1x | 12.2% | US$2.4b |
Price-To-Earnings vs Peers: AUB is good value based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (11.6x).
Price to Earnings Ratio vs Industry
How does AUB's PE Ratio compare vs other companies in the US Banks Industry?
Price-To-Earnings vs Industry: AUB is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the US Banks industry average (9.5x)
Price to Earnings Ratio vs Fair Ratio
What is AUB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 11.1x |
| Fair PE Ratio | 14.2x |
Price-To-Earnings vs Fair Ratio: AUB is good value based on its Price-To-Earnings Ratio (11.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.2x).
Share Price vs Fair Value
What is the Fair Price of AUB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: AUB ($32.01) is trading below our estimate of fair value ($52.07)
Significantly Below Fair Value: AUB is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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Future Growth
How is Atlantic Union Bankshares forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Future Growth Score
2/6Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE
12.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AUB's forecast earnings growth (12.2% per year) is above the savings rate (1.9%).
Earnings vs Market: AUB's earnings (12.2% per year) are forecast to grow slower than the US market (14.8% per year).
High Growth Earnings: AUB's earnings are forecast to grow, but not significantly.
Revenue vs Market: AUB's revenue (8.4% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: AUB's revenue (8.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if AUB's Return on Equity is forecast to be high in 3 years time
Discover growth companies
Past Performance
How has Atlantic Union Bankshares performed over the past 5 years?
Past Performance Score
2/6Past Performance Score 2/6
Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE
21.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: AUB has high quality earnings.
Growing Profit Margin: AUB's current net profit margins (31.2%) are lower than last year (34.3%).
Past Earnings Growth Analysis
Earnings Trend: AUB's earnings have grown significantly by 21.8% per year over the past 5 years.
Accelerating Growth: AUB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: AUB had negative earnings growth (-13.6%) over the past year, making it difficult to compare to the Banks industry average (8.7%).
Return on Equity
High ROE: AUB's Return on Equity (9.5%) is considered low.
Discover strong past performing companies
Financial Health
How is Atlantic Union Bankshares's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score
6/6Financial Health Score 6/6
Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Financial Institutions Analysis
Asset Level: AUB's Assets to Equity ratio (8.2x) is low.
Allowance for Bad Loans: AUB has a sufficient allowance for bad loans (358%).
Low Risk Liabilities: 93% of AUB's liabilities are made up of primarily low risk sources of funding.
Loan Level: AUB has an appropriate level of Loans to Assets ratio (69%).
Low Risk Deposits: AUB's Loans to Deposits ratio (84%) is appropriate.
Level of Bad Loans: AUB has an appropriate level of bad loans (0.2%).
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Dividend
What is Atlantic Union Bankshares's current dividend yield, its reliability and sustainability?
Dividend Score
4/6Dividend Score 4/6
Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage
3.75%
Current Dividend Yield
Dividend Yield vs Market
| Atlantic Union Bankshares Dividend Yield vs Market |
|---|
| Segment | Dividend Yield |
|---|---|
| Company (Atlantic Union Bankshares) | 3.7% |
| Market Bottom 25% (US) | 1.6% |
| Market Top 25% (US) | 4.6% |
| Industry Average (Banks) | 3.4% |
| Analyst forecast in 3 Years (Atlantic Union Bankshares) | 3.8% |
Notable Dividend: AUB's dividend (3.75%) is higher than the bottom 25% of dividend payers in the US market (1.67%).
High Dividend: AUB's dividend (3.75%) is low compared to the top 25% of dividend payers in the US market (4.69%).
Stability and Growth of Payments
Stable Dividend: AUB's dividends per share have been stable in the past 10 years.
Growing Dividend: AUB's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (39.1%), AUB's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.
Discover strong dividend paying companies
Management
How experienced are the management team and are they aligned to shareholders interests?
5.8yrs
Average management tenure
CEO
John Asbury (56 yo)
5.92yrs
Tenure
US$3,265,938
Compensation
Mr. John C. Asbury has been the Chief Executive Officer of Atlantic Union Bank since October 1, 2016 and served as and President from October 2016 to September 2017. He was President of Atlantic Union Bank...
CEO Compensation Analysis
| John Asbury's Compensation vs Atlantic Union Bankshares Earnings |
|---|
| Date | Total Comp. | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2022 | n/a | n/a | US$216m |
| Mar 31 2022 | n/a | n/a | US$240m |
| Dec 31 2021 | US$3m | US$832k | US$252m |
| Sep 30 2021 | n/a | n/a | US$264m |
| Jun 30 2021 | n/a | n/a | US$250m |
| Mar 31 2021 | n/a | n/a | US$199m |
| Dec 31 2020 | US$3m | US$827k | US$153m |
| Sep 30 2020 | n/a | n/a | US$152m |
| Jun 30 2020 | n/a | n/a | US$147m |
| Mar 31 2020 | n/a | n/a | US$165m |
| Dec 31 2019 | US$2m | US$780k | US$194m |
| Sep 30 2019 | n/a | n/a | US$182m |
| Jun 30 2019 | n/a | n/a | US$168m |
| Mar 31 2019 | n/a | n/a | US$169m |
| Dec 31 2018 | US$2m | US$674k | US$149m |
| Sep 30 2018 | n/a | n/a | US$120m |
| Jun 30 2018 | n/a | n/a | US$102m |
| Mar 31 2018 | n/a | n/a | US$70m |
| Dec 31 2017 | US$2m | US$650k | US$72m |
| Sep 30 2017 | n/a | n/a | US$78m |
| Jun 30 2017 | n/a | n/a | US$78m |
| Mar 31 2017 | n/a | n/a | US$80m |
| Dec 31 2016 | US$2m | US$165k | US$76m |
Compensation vs Market: John's total compensation ($USD3.27M) is below average for companies of similar size in the US market ($USD5.58M).
Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: AUB's management team is seasoned and experienced (5.8 years average tenure).
Board Members
Experienced Board: AUB's board of directors are considered experienced (4.7 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: AUB insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Date | Value | Name | Entity | Role | Shares | Max Price |
|---|---|---|---|---|---|---|
| 08 Sep 22 | BuyUS$10,037 | Heather M. Cox | Individual | 300 | US$33.46 | |
| 25 Jul 22 | SellUS$86,189 | Ronald Tillett | Individual | 2,500 | US$34.48 | |
| 20 Dec 21 | BuyUS$53,730 | F. Wimbush | Individual | 1,500 | US$35.82 |
Ownership Breakdown
| Owner Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Individual Insiders | 1,552,512 | 2.1% |
| General Public | 19,705,689 | 26.4% |
| Institutions | 53,445,273 | 71.5% |
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
| Ownership | Name | Shares | Current Value | Change % | Portfolio % | |
|---|---|---|---|---|---|---|
| 7,623,590 | $244.0m | 0.4% | 0.01% | |||
| 5,386,437 | $172.4m | 1.23% | no data | |||
| 4,892,866 | $156.6m | 5% | 0.04% | |||
| 3,770,233 | $120.7m | -11.71% | 0.02% | |||
| 2,288,397 | $73.3m | 28.06% | 0.03% | |||
| 2,257,729 | $72.3m | -17.11% | no data | |||
| 1,680,682 | $53.8m | 0% | 0.62% | |||
| 1,569,064 | $50.2m | -0.95% | 0.05% | |||
| 1,430,457 | $45.8m | -8.92% | 0.5% | |||
| 1,412,629 | $45.2m | -8.23% | 0.03% | |||
| 1,366,129 | $43.7m | -0.7% | 0.01% | |||
| 1,335,496 | $42.7m | -17.28% | 0.02% | |||
| 1,157,132 | $37.0m | 7.95% | 0.04% | |||
| 1,055,822 | $33.8m | -2.51% | 0.06% | |||
| 903,064 | $28.9m | -2.57% | 0.01% | |||
| 801,577 | $25.7m | -1.54% | 0.01% | |||
| 699,829 | $22.4m | 0% | no data | |||
| 693,783 | $22.2m | 1.94% | 0.01% | |||
| 570,237 | $18.3m | -2.79% | 1.87% | |||
| 547,386 | $17.5m | 0% | no data | |||
| 500,254 | $16.0m | -5.74% | no data | |||
| 481,322 | $15.4m | 22.87% | 0.02% | |||
| 468,082 | $15.0m | 65.41% | no data | |||
| 465,906 | $14.9m | -2.4% | 0.09% | |||
| 374,324 | $12.0m | -3.68% | 0.02% |
Company Information
Atlantic Union Bankshares Corporation's employee growth, exchange listings and data sources
Key Information
- Name: Atlantic Union Bankshares Corporation
- Ticker: AUB
- Exchange: NasdaqGS
- Founded: 1902
- Industry: Regional Banks
- Sector: Banks
- Implied Market Cap: US$2.391b
- Shares outstanding: 74.70m
- Website: https://www.atlanticunionbank.com
Number of Employees
Location
- Atlantic Union Bankshares Corporation
- 1051 East Cary Street
- Suite 1200
- Richmond
- Virginia
- 23219
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| AUB | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Oct 1993 |
| UIO | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Oct 1993 |
| AUBA.P | NasdaqGS (Nasdaq Global Select) | 6.875% DEP PFD A | US | USD | Jun 2020 |
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/09/28 00:00 |
| End of Day Share Price | 2022/09/28 00:00 |
| Earnings | 2022/06/30 |
| Annual Earnings | 2021/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.