| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 0/6 |
| Past Performance | 4/6 |
| Financial Health | 4/6 |
| Dividends | 5/6 |
MDC Stock Overview
M.D.C. Holdings, Inc., through its subsidiaries, engages in the homebuilding and financial service businesses.
M.D.C. Holdings Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$27.42 |
| 52 Week High | US$56.53 |
| 52 Week Low | US$27.26 |
| Beta | 1.39 |
| 1 Month Change | -10.19% |
| 3 Month Change | -18.97% |
| 1 Year Change | -40.83% |
| 3 Year Change | -32.34% |
| 5 Year Change | -0.77% |
| Change since IPO | 4,502.06% |
Recent News & Updates
When Should You Buy M.D.C. Holdings, Inc. (NYSE:MDC)?
M.D.C. Holdings, Inc. ( NYSE:MDC ), is not the largest company out there, but it received a lot of attention from a...
M.D.C. Holdings: 6.6%-Yielding Homebuilder Boasting 28 Years Without A Dividend Cut
Summary MDC is not your average homebuilder. It pays a 6.6%-yielding dividend that has not been cut or reduced once since 1994. MDC operates with a large cash position that acts as a buffer against difficult periods and dry powder for periods of high opportunity. Millennials (such as myself) have an extraordinarily low homeownership rate, but not for lack of desire to own a home. This represents pent-up demand. Thesis: Pent-Up Demand From Millennials Is Waiting To Be Released M.D.C. Holdings (MDC) is a midsized homebuilder that operates through its wholly owned subsidiary, Richmond American Homes. Among homebuilders, MDC is by far the most shareholder-friendly when it comes to dividends. Not only does the company pay a 6.6% dividend yield, but MDC has never cut or reduced its quarterly payout since initiating it in 1994. This is really saying something, since MDC operates in such a cyclical industry. As we wade into the back half of the year amid rising mortgage rates and increasing new home inventory, the headwinds appear to be amply priced into MDC's stock price, which has dropped 45% year-to-date. What aren't adequately priced in, as I see it, are the long-term tailwinds MDC enjoys. Company founder and CEO Larry Mizel gave three major supporting forces for housing in its particular markets on the Q2 2022 conference call (emphasis mine): Despite these near-term challenges, we remain confident in the long-term outlook for industry and our company. We believe the demand drivers that propel our industry over the last few years continue to exist, including a large population of Millennials entering their prime home buying years, baby boomers relocating to adjust their lifestyles, and migration trends from high to low cost areas of the country. Of these three major tailwinds for the housing market, I think Millennials wanting to buy their first home is the most important. Baby boomers are more likely to already own a home, so their relocating primarily affects the existing home market. And while migration trends do benefit MDC, the same holds true: Most people migrating to another area of the country and buying a home there already owned a home in their previous city. Would-be first-time Millennial homebuyers represent a giant well of pent-up demand. Due overwhelmingly to affordability issues, Millennials all the way up to age 40 have homeownership rates lower than any of the three generations that preceded them. Apartment List It is not as if home ownership is no longer a feature of the American Dream. It is. Millennials just can't afford the American Dream. (This is particularly depressing for me as one of those Millennial renters who would like to buy a home sometime in the next few years, if affordability permits.) Right now, that is largely a function of how high mortgage rates have jumped in comparison to rising home prices. But, in my estimation, this problem will be solved in the next year or two by a combination of falling mortgage rates and (probably) home values falling to some degree. While I foresee home values falling in the next year, I do not see them dropping back down to where they were pre-COVID. Thus, I do not think MDC deserves to trade at the same level it was in mid-2019, before home prices surged some 40%. MDC data by YCharts Don't get me wrong. Troubling times are ahead for the housing market and homebuilders. But MDC appears to be adequately prepared. The company ended Q2 with $590 million in cash and $1.14 billion of availability on the credit facility for total liquidity of $1.74 billion. And with a 6.6% dividend yield based on a payout accounting for a mere ~20% of earnings, I think MDC is an interesting opportunity for patient dividend investors with some tolerance for stock price volatility. Overview of MDC MDC's focus is primarily on the Western third of the United States but also has significant developments in Central Florida, Nashville, Washington DC, and Baltimore. MDC Q1 Presentation As you can see above, in the last twelve months, California was MDC's largest state for deliveries at 23.3%, followed by Colorado at 21.8%, Arizona at 16.2%, Florida at 11.3%, and Nevada at 10.1%. The company tries to maintain a 2-3 year supply of land for future building. This mitigates some risk in both the case of a hot housing market and a housing market trough. It provides opportunity without leveraging MDC too heavily on the success of its near-future developments. Last year was unsurprisingly a blowout year for MDC, as it was for homebuilders generally. MDC Q1 Presentation Over the last five years, MDC has shifted its mix of new home developments to its affordable home brands like "Seasons," largely in response to demand for high-quality starter homes from Millennials. MDC Q1 Presentation Though MDC's average nationwide home sale price was $572k in Q2 2022, that is largely because building in some more expensive areas like California and Washington raises the average. In Florida, MDC's new home offerings are listed in the high $200k to low $400k range. And just outside of my own city of Austin, TX, MDC has homes starting in the low $400k area. Here's how CEO Mizel describes the affordable home segment: These homes are in well located areas of the market, and features some of the quality and craftsmanship that Richmond American Homes are known for, but at a scaled down footprint and price point. Another attribute of MDC that I like as a long-term buy-and-hold investor is the company's general defensiveness through the entirety of the housing cycle. Here's Mizel again: We've always run our company to be successful through the entirety of a housing cycle, not just in the good times. This means we stay disciplined in our acquisition of new land deals, adhere to our built to order business model and limit the amount of speculative inventory in our communities. While this discipline may curtail some of the upside during the market peaks, it limits our exposure during the market troughs. With fewer speculative homes in its inventory and a smaller bank of optioned land, MDC isn't quite as leveraged to the continued ability to sell homes at an elevated price as many of its homebuilder peers. 2022 Midyear Update For the first half of 2022, MDC enjoyed a continuation of the strength that characterized 2021. Operating cash flow, for instance, soared year-over-year: MDC Q2 Presentation However, starting around May, the housing slowdown began. More and more deals fell through as buyers backed out due to rising mortgage rates or failed to qualify for financing. As such, though the number of homes delivered and sold in Q2 2022 fell YoY, home sales revenue still rose because of the rise in home prices. MDC Q2 Presentation Moreover, notice in the above image that the percentage of homes from MDC's "affordable" brands continue to rise as a share of the total sold, from 59% last year to 64% in Q2 of this year. The following illustration, however, demonstrates that the good times have largely come to an end for the time being. The total dollar value of new home orders from buyers has dropped 40% YoY, while the number of individual homes ordered dropped 48% YoY. MDC Q2 Presentation This is mitigated partly by the fact that MDC's average home sale price of new orders continued to climb in the second quarter by 16% YoY. Moreover, in the second quarter, project abandonment expenses leaped massively YoY, from $1.1 million in Q2 last year to $15.5 million in Q2 of this year. Plus, cancellations as a percentage of MDC's backlog increased four percentage points from 5.7% in Q2 2021 to 9.7% in Q2 2022. Surely these numbers have only continued to get worse in the third quarter. In response to these signs of demand slowdown, MDC has significantly lowered its land acquisitions and approvals as well as shrinking its land bank to a lower level than anytime in the last few years. This came mainly from lowering the number of lots MDC controls via option contract. MDC Q2 Presentation Land acquisition spending roughly halved YoY, which shows that MDC is battening down the hatches in preparation for the winter season of the housing market cycle. Balance Sheet In some ostensible ways, MDC seems to have a slightly weaker balance sheet than most of its homebuilder peers. For instance, MDC's BBB-/Ba1 credit ratings are generally lower than the BBB or BBB+ ratings of the majority of public homebuilders.
Returns on Capital Paint A Bright Future For M.D.C. Holdings (NYSE:MDC)
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Shareholder Returns
| MDC | US Consumer Durables | US Market | |
|---|---|---|---|
| 7D | -3.7% | -3.1% | -2.5% |
| 1Y | -40.8% | -33.6% | -23.2% |
Return vs Industry: MDC underperformed the US Consumer Durables industry which returned -33.6% over the past year.
Return vs Market: MDC underperformed the US Market which returned -23.2% over the past year.
Price Volatility
| MDC volatility | |
|---|---|
| MDC Average Weekly Movement | 5.2% |
| Consumer Durables Industry Average Movement | 6.1% |
| Market Average Movement | 6.8% |
| 10% most volatile stocks in US Market | 15.5% |
| 10% least volatile stocks in US Market | 2.8% |
Stable Share Price: MDC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: MDC's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1972 | 2,080 | David Mandarich | https://www.mdcholdings.com |
M.D.C. Holdings, Inc., through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name. The company conducts its homebuilding operations in Arizona, California, Nevada, New Mexico, Oregon, Texas, Washington, Colorado, Idaho, Utah, Maryland, Pennsylvania, Virginia, Tennessee, and Florida.
M.D.C. Holdings Fundamentals Summary
| MDC fundamental statistics | |
|---|---|
| Market Cap | US$1.95b |
| Earnings (TTM) | US$643.34m |
| Revenue (TTM) | US$5.52b |
3.0x
P/E Ratio0.4x
P/S RatioIs MDC overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| MDC income statement (TTM) | |
|---|---|
| Revenue | US$5.52b |
| Cost of Revenue | US$4.04b |
| Gross Profit | US$1.42b |
| Other Expenses | US$772.99m |
| Earnings | US$643.34m |
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
Oct 27, 2022
| Earnings per share (EPS) | 9.04 |
| Gross Margin | 25.64% |
| Net Profit Margin | 11.65% |
| Debt/Equity Ratio | 58.0% |
How did MDC perform over the long term?
See historical performance and comparisonDividends
7.3%
Current Dividend Yield22%
Payout RatioValuation
Is MDC undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
6/6Valuation Score 6/6
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 MDC?
Other financial metrics that can be useful for relative valuation.
| What is MDC's n/a Ratio? | |
|---|---|
| n/a Ratio | 0x |
| n/a | n/a |
| Market Cap | US$1.95b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 0.6x |
| Enterprise Value/EBITDA | 3.4x |
| PEG Ratio | -0.2x |
Price to Earnings Ratio vs Peers
How does MDC's PE Ratio compare to its peers?
| MDC PE Ratio vs Peers |
|---|
| Company | PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 7.5x | ||
LGIH LGI Homes | 4.6x | -7.6% | US$1.9b |
CVCO Cavco Industries | 7.9x | 1.4% | US$1.8b |
IBP Installed Building Products | 14.6x | -4.7% | US$2.3b |
KBH KB Home | 2.9x | -14.6% | US$2.3b |
MDC M.D.C. Holdings | 3x | -14.9% | US$2.0b |
Price-To-Earnings vs Peers: MDC is good value based on its Price-To-Earnings Ratio (3x) compared to the peer average (7.5x).
Price to Earnings Ratio vs Industry
How does MDC's PE Ratio compare vs other companies in the US Consumer Durables Industry?
Price-To-Earnings vs Industry: MDC is good value based on its Price-To-Earnings Ratio (3x) compared to the US Consumer Durables industry average (5.9x)
Price to Earnings Ratio vs Fair Ratio
What is MDC'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 | 3x |
| Fair PE Ratio | 7.3x |
Price-To-Earnings vs Fair Ratio: MDC is good value based on its Price-To-Earnings Ratio (3x) compared to the estimated Fair Price-To-Earnings Ratio (7.3x).
Share Price vs Fair Value
What is the Fair Price of MDC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: MDC ($27.42) is trading below our estimate of fair value ($342.24)
Significantly Below Fair Value: MDC 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 and analysts are within a statistically confident range of agreement.
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Future Growth
How is M.D.C. Holdings forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
Future Growth Score
0/6Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE
-14.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MDC's earnings are forecast to decline over the next 3 years (-14.9% per year).
Earnings vs Market: MDC's earnings are forecast to decline over the next 3 years (-14.9% per year).
High Growth Earnings: MDC's earnings are forecast to decline over the next 3 years.
Revenue vs Market: MDC's revenue is expected to decline over the next 3 years (-4.5% per year).
High Growth Revenue: MDC's revenue is forecast to decline over the next 3 years (-4.5% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if MDC's Return on Equity is forecast to be high in 3 years time
Discover growth companies
Past Performance
How has M.D.C. Holdings performed over the past 5 years?
Past Performance Score
4/6Past Performance Score 4/6
Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE
33.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MDC has high quality earnings.
Growing Profit Margin: MDC's current net profit margins (11.6%) are higher than last year (10.7%).
Past Earnings Growth Analysis
Earnings Trend: MDC's earnings have grown significantly by 33.2% per year over the past 5 years.
Accelerating Growth: MDC's earnings growth over the past year (26.5%) is below its 5-year average (33.2% per year).
Earnings vs Industry: MDC earnings growth over the past year (26.5%) underperformed the Consumer Durables industry 30.8%.
Return on Equity
High ROE: MDC's Return on Equity (22.5%) is considered high.
Discover strong past performing companies
Financial Health
How is M.D.C. Holdings's financial position?
Financial Health Score
4/6Financial Health Score 4/6
Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage
Financial Position Analysis
Short Term Liabilities: MDC's short term assets ($5.1B) exceed its short term liabilities ($839.6M).
Long Term Liabilities: MDC's short term assets ($5.1B) exceed its long term liabilities ($1.5B).
Debt to Equity History and Analysis
Debt Level: MDC's net debt to equity ratio (41.5%) is considered high.
Reducing Debt: MDC's debt to equity ratio has reduced from 67.9% to 58% over the past 5 years.
Debt Coverage: MDC's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: MDC earns more interest than it pays, so coverage of interest payments is not a concern.
Balance Sheet
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Dividend
What is M.D.C. Holdings's current dividend yield, its reliability and sustainability?
Dividend Score
5/6Dividend Score 5/6
Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage
7.29%
Current Dividend Yield
Dividend Yield vs Market
| M.D.C. Holdings Dividend Yield vs Market |
|---|
| Segment | Dividend Yield |
|---|---|
| Company (M.D.C. Holdings) | 7.3% |
| Market Bottom 25% (US) | 1.7% |
| Market Top 25% (US) | 4.7% |
| Industry Average (Consumer Durables) | 2.9% |
| Analyst forecast in 3 Years (M.D.C. Holdings) | 7.7% |
Notable Dividend: MDC's dividend (7.29%) is higher than the bottom 25% of dividend payers in the US market (1.67%).
High Dividend: MDC's dividend (7.29%) is in the top 25% of dividend payers in the US market (4.73%)
Stability and Growth of Payments
Stable Dividend: MDC's dividends per share have been stable in the past 10 years.
Growing Dividend: MDC's dividend payments have increased over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its low payout ratio (21.9%), MDC's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: MDC is paying a dividend but the company has no free cash flows.
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Management
How experienced are the management team and are they aligned to shareholders interests?
5.1yrs
Average management tenure
CEO
David Mandarich (74 yo)
28.58yrs
Tenure
US$16,992,615
Compensation
Mr. David D. Mandarich has been President and Chief Executive Officer of M.D.C. Holdings, Inc. since June 1999 and October 26, 2020, respectively. He served as Chief Operating Officer of M.D.C.Holdings, I...
CEO Compensation Analysis
| David Mandarich's Compensation vs M.D.C. Holdings Earnings |
|---|
| Date | Total Comp. | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2022 | n/a | n/a | US$643m |
| Mar 31 2022 | n/a | n/a | US$608m |
| Dec 31 2021 | US$17m | US$1m | US$571m |
| Sep 30 2021 | n/a | n/a | US$555m |
| Jun 30 2021 | n/a | n/a | US$509m |
| Mar 31 2021 | n/a | n/a | US$439m |
| Dec 31 2020 | US$14m | US$830k | US$365m |
| Sep 30 2020 | n/a | n/a | US$311m |
| Jun 30 2020 | n/a | n/a | US$263m |
| Mar 31 2020 | n/a | n/a | US$233m |
| Dec 31 2019 | US$11m | US$830k | US$237m |
| Sep 30 2019 | n/a | n/a | US$199m |
| Jun 30 2019 | n/a | n/a | US$202m |
| Mar 31 2019 | n/a | n/a | US$211m |
| Dec 31 2018 | US$11m | US$830k | US$210m |
| Sep 30 2018 | n/a | n/a | US$180m |
| Jun 30 2018 | n/a | n/a | US$187m |
| Mar 31 2018 | n/a | n/a | US$158m |
| Dec 31 2017 | US$9m | US$830k | US$141m |
| Sep 30 2017 | n/a | n/a | US$157m |
| Jun 30 2017 | n/a | n/a | US$122m |
| Mar 31 2017 | n/a | n/a | US$115m |
| Dec 31 2016 | US$8m | US$830k | US$103m |
| Sep 30 2016 | n/a | n/a | US$85m |
| Jun 30 2016 | n/a | n/a | US$74m |
| Mar 31 2016 | n/a | n/a | US$67m |
| Dec 31 2015 | US$10m | US$830k | US$66m |
Compensation vs Market: David's total compensation ($USD16.99M) is above average for companies of similar size in the US market ($USD5.58M).
Compensation vs Earnings: David's compensation has increased by more than 20% in the past year.
Leadership Team
Experienced Management: MDC's management team is seasoned and experienced (5 years average tenure).
Board Members
Experienced Board: MDC's board of directors are seasoned and experienced ( 14.8 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MDC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Date | Value | Name | Entity | Role | Shares | Max Price |
|---|---|---|---|---|---|---|
| 15 Aug 22 | SellUS$230,100 | David Siegel | Individual | 6,500 | US$35.40 | |
| 08 Aug 22 | SellUS$354,400 | Herbert Buchwald | Individual | 10,000 | US$35.44 | |
| 17 May 22 | SellUS$374,518 | Herbert Buchwald | Individual | 9,950 | US$37.64 | |
| 03 May 22 | SellUS$114,360 | David Blackford | Individual | 3,000 | US$38.12 | |
| 08 Nov 21 | SellUS$380,235 | David Siegel | Individual | 7,441 | US$51.10 |
Ownership Breakdown
| Owner Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Private Companies | 113 | 0.0002% |
| General Public | 4,121,208 | 5.8% |
| VC/PE Firms | 5,089,523 | 7.2% |
| Individual Insiders | 9,367,635 | 13.2% |
| Institutions | 52,577,679 | 73.9% |
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
| Ownership | Name | Shares | Current Value | Change % | Portfolio % | |
|---|---|---|---|---|---|---|
| 11,248,919 | $308.4m | -4.42% | 0.01% | |||
| 6,487,147 | $177.9m | 1.17% | no data | |||
| 5,089,523 | $139.6m | -16.42% | 100% | |||
| 4,806,966 | $131.8m | 0% | no data | |||
| 4,559,371 | $125.0m | 7.51% | 0.03% | |||
| 4,054,295 | $111.2m | 32.74% | no data | |||
| 2,474,781 | $67.9m | -1.66% | no data | |||
| 1,559,953 | $42.8m | -22.3% | 1.79% | |||
| 1,460,831 | $40.1m | 10.16% | 0.03% | |||
| 1,370,482 | $37.6m | 31.16% | no data | |||
| 1,063,040 | $29.1m | 0.02% | 0.01% | |||
| 981,023 | $26.9m | 0.36% | no data | |||
| 920,417 | $25.2m | -3.23% | 0.6% | |||
| 915,016 | $25.1m | -13.65% | 0.05% | |||
| 883,880 | $24.2m | 14.03% | 0.99% | |||
| 731,933 | $20.1m | 11.52% | 0.01% | |||
| 658,380 | $18.1m | 19.54% | 0.01% | |||
| 627,783 | $17.2m | -12.69% | no data | |||
| 620,114 | $17.0m | -0.51% | no data | |||
| 614,800 | $16.9m | -17.4% | 0.02% | |||
| 546,555 | $15.0m | 9.88% | no data | |||
| 538,102 | $14.8m | 0% | no data | |||
| 477,213 | $13.1m | 57.61% | 0.02% | |||
| 434,053 | $11.9m | -6.99% | no data | |||
| 391,665 | $10.7m | -28.59% | no data |
Company Information
M.D.C. Holdings, Inc.'s employee growth, exchange listings and data sources
Key Information
- Name: M.D.C. Holdings, Inc.
- Ticker: MDC
- Exchange: NYSE
- Founded: 1972
- Industry: Homebuilding
- Sector: Consumer Durables
- Implied Market Cap: US$1.951b
- Shares outstanding: 71.16m
- Website: https://www.mdcholdings.com
Number of Employees
Location
- M.D.C. Holdings, Inc.
- 4350 South Monaco Street
- Suite 500
- Denver
- Colorado
- 80237
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MDC | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Jan 1975 |
| MDH | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jan 1975 |
| 0JW5 | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Jan 1975 |
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/10/02 00:00 |
| End of Day Share Price | 2022/09/30 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.