Talkspace, Inc. (Nasdaq: TALK), a leading virtual behavioral
healthcare company, today reported 2021 full year and fourth
quarter results as summarized below. All financial results refer to
2021 full year or fourth quarter and the applicable prior-year
period unless otherwise stated.
|
|
Three Months |
|
|
Twelve Months |
|
Periods ended December 31, 2021 |
|
Results |
|
Variance from Prior Year |
|
|
Results |
|
Variance from Prior Year |
|
(In thousands unless otherwise noted, unaudited) |
|
|
|
|
|
|
|
|
|
|
Number of B2B eligible lives (in millions) |
|
|
69 |
|
|
75 |
% |
|
|
69 |
|
|
75 |
% |
Number of
active members 1 |
|
|
55.6 |
|
|
11 |
% |
|
|
55.6 |
|
|
11 |
% |
Number of
completed B2B sessions |
|
|
81.6 |
|
|
52 |
% |
|
|
273.7 |
|
|
139 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
$ |
29,172 |
|
|
14 |
% |
|
$ |
113,671 |
|
|
49 |
% |
Gross
profit |
|
$ |
15,971 |
|
|
(5 |
%) |
|
$ |
66,772 |
|
|
34 |
% |
Gross margin
% |
|
|
55 |
% |
~(1,000) bps |
|
|
|
59 |
% |
~(700) bps |
|
Operating
expenses |
|
$ |
44,549 |
|
|
61 |
% |
|
$ |
160,695 |
|
|
124 |
% |
Net income
(loss) |
|
$ |
(21,068 |
) |
* |
|
|
$ |
(62,742 |
) |
* |
|
Adjusted
EBITDA 2 |
|
$ |
(17,565 |
) |
* |
|
|
$ |
(60,868 |
) |
* |
|
Cash and cash equivalents |
|
$ |
198,256 |
|
* |
|
|
$ |
198,256 |
|
* |
|
* = not meaningful (1) Reflects active members
at the end of the period. (2) Adjusted EBITDA is a non-GAAP
financial measure. For a reconciliation to the most directly
comparable GAAP measure, see “Reconciliation of Non-GAAP Results to
GAAP Results.”
“We delivered revenue and gross profit growth in
2021, led by increasing demand for our B2B services, partially
offset by a decline in our consumer business in the final months of
the year,” said Chief Financial Officer Jennifer Fulk.
“Importantly, we made progress on our near-term priorities as we
continue to invest in growth initiatives and optimize our business
mix, setting the stage for long term value creation.” Full
Year 2021 Key Performance Metrics
- Revenue grew 49% to $114 million,
driven primarily by business-to-business (“B2B”) growth in covered
lives from health plan clients and new enterprise clients, along
with increased business-to-consumer (“B2C”) member subscriptions,
partially offset by an increase in revenue reserves on receivables
of $4.1 million from existing health plan clients.
- Gross profit grew 34% to $67
million. Gross margin declined to 59% due to a revenue mix shift
toward B2B, a greater number of full-time therapists added to
Talkspace’s network, and the revenue reserves referenced
above.
- Net loss was ($63) million,
compared to a net loss of ($22) million in the prior year, driven
primarily by higher customer acquisition costs and an increase in
headcount, as well as stock-based compensation expense. This was
partially offset by non-cash gains related to revaluation of
warrant liabilities. Adjusted EBITDA loss was ($61) million,
compared to ($18) million in the prior year.
Fourth Quarter 2021 Key Performance
Metrics
- Revenue grew 14% to $29 million,
driven by an increase in covered lives from health plan clients and
new enterprise clients, a higher number of completed B2B sessions,
and a favorable revenue reserve on receivables from prior periods
of $0.8 million. This was offset by B2C revenue decline of 15% due
in part to reduced marketing spend. The $0.8 million revenue
reserve favorably impacted revenue growth by 3 percentage
points.
- Gross profit declined 5% to $16
million, and gross margin declined to 55%, due to a revenue mix
shift toward B2B and a greater number of full-time therapists added
to Talkspace’s network, partially offset by the favorable revenue
reserve allowance referenced above. The $0.8 million revenue
reserve favorably impacted gross margin by 1.2 percentage
points.
- Net loss was ($21) million,
compared to a net loss of ($11) million in the prior-year period,
driven primarily by higher customer acquisition costs,
employee-related expenses including one-time cash severance costs,
and stock-based compensation. Adjusted EBITDA loss was ($18)
million, compared to ($9) million in the prior-year period.
Conference Call, Presentation Slides,
and Webcast Details
Visit investors.talkspace.com to view a
presentation related to 2021 full year and fourth quarter results
and business outlook and listen to a conference call scheduled to
begin at 5:00 p.m. ET on Tuesday, February 22, 2022. The conference
call can also be accessed by dialing (888) 660-0107 for U.S.
participants or (409) 216-0599 for international participants
(participant code 3365024). A replay will be available shortly
after the call’s completion and remain available for approximately
90 days.
About Talkspace
Talkspace is a leading virtual behavioral
healthcare company enabled by a purpose-built technology platform.
As a digital healthcare company, all care is delivered through an
easy-to-use and fully encrypted web and mobile platform, consistent
with HIPAA and other state regulatory requirements.
Today, the need for care feels more urgent than
ever. When seeking treatment, whether it’s psychiatry or
adolescent, individual or couples therapy, Talkspace offers
treatment options for almost every need. With Talkspace, members
can send their dedicated therapists text, video, and voice messages
anytime, from anywhere, and engage in live video sessions. As of
December 2021, over 2 million people have used Talkspace, and 69
million lives were covered for Talkspace through insurance and
employee assistance programs or other network behavioral health
paid benefit programs.
For more information about Talkspace commercial
relationships, visit https://business.talkspace.com/. To learn more
about online therapy, please visit
https://www.talkspace.com/online-therapy/. To learn more about
Talkspace Psychiatry, please visit
https://www.talkspace.com/psychiatry.
Forward Looking Statements
This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking,
including statements regarding our financial condition, anticipated
financial performance, achieving profitability, business strategy
and plans, market opportunity and expansion and objectives of our
management for future operations. These forward-looking statements
generally are identified by the words “anticipate,” “believe,”
“contemplate,” “continue,” “could,” “estimate,” “expect,”
“forecast”, “future”, “intend,” “may,” “might”, “opportunity”,
“plan,” “possible”, “potential,” “predict,” “project,” “should,”
“strategy”, “strive”, “target,” “will,” or “would”, the negative of
these words or other similar terms or expressions. The absence of
these words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many important factors could cause actual future
events to differ materially from the forward-looking statements in
this press release, including but not limited to: our history of
losses; the rapid evolution of our business and the markets in
which we operate; our ability to continue growing at the rates we
have historically grown, or at all; the development of the virtual
behavioral health market; COVID-19 and its impact on business and
economic conditions; competition in our industry; and our
relationships with affiliated professional entities to provide
physician and other professional services. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
under the caption “Risk Factors” in our Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2021 filed with
the Securities and Exchange Commission (“SEC”), and our other
documents filed from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and we assumes no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. We do not give any
assurance that we will achieve our expectations.
Financial Disclosures
The financial results reported in this press
release are unaudited and subject to change as additional
information becomes available pending completion of the audit.
Contacts
For Investors: Mike Lovell, Senior Director
Investor Relations 515-771-1585 Mike.Lovell@Talkspace.com
Westwicke, an ICR Company Bob East / Asher
Dewhurst / Jordan Kohnstam 443-213-0500
TalkspaceIR@westwicke.com
Talkspace, Inc.
Consolidated Statements of Operations
(Unaudited)
|
|
Three months ended December
31, |
|
|
Variance |
|
|
Twelve months ended December
31, |
|
|
Variance |
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
(in thousands, except percentages and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
revenue |
|
$ |
16,471 |
|
|
$ |
19,378 |
|
|
$ |
(2,907 |
) |
|
|
(15.0 |
) |
|
$ |
74,757 |
|
|
$ |
61,586 |
|
|
$ |
13,171 |
|
|
|
21.4 |
|
Commercial
revenue |
|
|
12,701 |
|
|
|
6,310 |
|
|
|
6,391 |
|
|
|
101.3 |
|
|
|
38,914 |
|
|
|
14,604 |
|
|
|
24,310 |
|
|
|
166.5 |
|
Total
revenue |
|
|
29,172 |
|
|
|
25,688 |
|
|
|
3,484 |
|
|
|
13.6 |
|
|
|
113,671 |
|
|
|
76,190 |
|
|
|
37,481 |
|
|
|
49.2 |
|
Cost of
revenues |
|
|
13,201 |
|
|
|
8,959 |
|
|
|
4,242 |
|
|
|
47.3 |
|
|
|
46,899 |
|
|
|
26,353 |
|
|
|
20,546 |
|
|
|
78.0 |
|
Gross
profit |
|
|
15,971 |
|
|
|
16,729 |
|
|
|
(758 |
) |
|
|
(4.5 |
) |
|
|
66,772 |
|
|
|
49,837 |
|
|
|
16,935 |
|
|
|
34.0 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net |
|
|
3,896 |
|
|
|
2,256 |
|
|
|
1,640 |
|
|
|
72.7 |
|
|
|
15,919 |
|
|
|
9,583 |
|
|
|
6,336 |
|
|
|
66.1 |
|
Clinical operations |
|
|
3,479 |
|
|
|
1,797 |
|
|
|
1,682 |
|
|
|
93.6 |
|
|
|
9,365 |
|
|
|
4,332 |
|
|
|
5,033 |
|
|
|
116.2 |
|
Sales and marketing |
|
|
25,516 |
|
|
|
17,685 |
|
|
|
7,831 |
|
|
|
44.3 |
|
|
|
100,641 |
|
|
|
47,705 |
|
|
|
52,936 |
|
|
|
111.0 |
|
General and administrative |
|
|
11,658 |
|
|
|
6,001 |
|
|
|
5,657 |
|
|
|
94.3 |
|
|
|
34,770 |
|
|
|
10,199 |
|
|
|
24,571 |
|
|
|
240.9 |
|
Total
operating expenses |
|
|
44,549 |
|
|
|
27,739 |
|
|
|
16,810 |
|
|
|
60.6 |
|
|
|
160,695 |
|
|
|
71,819 |
|
|
|
88,876 |
|
|
|
123.7 |
|
Operating
loss |
|
|
28,578 |
|
|
|
11,010 |
|
|
|
17,568 |
|
|
|
159.6 |
|
|
|
93,923 |
|
|
|
21,982 |
|
|
|
71,941 |
|
|
|
327.3 |
|
Financial
(income) expense, net |
|
|
(7,528 |
) |
|
|
110 |
|
|
|
(7,638 |
) |
|
* |
|
|
|
(31,228 |
) |
|
|
364 |
|
|
|
(31,592 |
) |
|
* |
|
Loss before
taxes on income |
|
|
21,050 |
|
|
|
11,120 |
|
|
|
9,930 |
|
|
|
89.3 |
|
|
|
62,695 |
|
|
|
22,346 |
|
|
|
40,349 |
|
|
|
180.6 |
|
Taxes on
income |
|
|
18 |
|
|
|
12 |
|
|
|
6 |
|
|
|
50.0 |
|
|
|
47 |
|
|
|
24 |
|
|
|
23 |
|
|
|
95.8 |
|
Net
loss |
|
$ |
21,068 |
|
|
$ |
11,132 |
|
|
$ |
9,936 |
|
|
|
89.3 |
|
|
$ |
62,742 |
|
|
$ |
22,370 |
|
|
$ |
40,372 |
|
|
|
180.5 |
|
Net loss per share
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted |
|
$ |
0.14 |
|
|
$ |
0.83 |
|
|
$ |
(0.69 |
) |
|
|
(83.1 |
) |
|
$ |
0.72 |
|
|
$ |
1.67 |
|
|
$ |
(0.95 |
) |
|
|
(56.9 |
) |
Weighted average
number of common shares (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted |
|
|
152,467 |
|
|
|
13,391 |
|
|
|
|
|
|
|
|
|
86,776 |
|
|
|
13,359 |
|
|
|
|
|
|
|
* = not meaningful (1) Prior period results have
been adjusted to reflect the exchange of Old Talkspace’s common
stock for Talkspace’s common stock at an exchange ratio of
approximately 1.134140 in June 2021 as a result of the
Business Combination.
Talkspace, Inc.
Consolidated Balance Sheets
(Unaudited)
|
|
December 31, |
|
(in
thousands except share and per share data) |
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
198,256 |
|
|
$ |
13,248 |
|
Accounts receivable, net of allowance |
|
|
5,512 |
|
|
|
5,914 |
|
Other current assets |
|
|
9,562 |
|
|
|
1,515 |
|
Total
current assets |
|
|
213,330 |
|
|
|
20,677 |
|
Property and equipment, net |
|
|
624 |
|
|
|
175 |
|
Deferred issuance cost |
|
|
— |
|
|
|
692 |
|
Intangible assets, net |
|
|
3,436 |
|
|
|
5,195 |
|
Goodwill |
|
|
6,134 |
|
|
|
6,134 |
|
Other long-term assets |
|
|
82 |
|
|
|
— |
|
Total
assets |
|
$ |
223,606 |
|
|
$ |
32,873 |
|
LIABILITIES,
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
7,429 |
|
|
$ |
7,901 |
|
Deferred revenues |
|
|
7,186 |
|
|
|
5,172 |
|
Accrued expenses and other current liabilities |
|
|
12,562 |
|
|
|
7,416 |
|
Total
current liabilities |
|
|
27,177 |
|
|
|
20,489 |
|
Warrant
liabilities |
|
|
4,070 |
|
|
|
— |
|
Other
long-term liabilities |
|
|
86 |
|
|
|
— |
|
Total
liabilities |
|
|
31,333 |
|
|
|
20,489 |
|
Commitments
and contingencies |
|
|
|
|
|
|
CONVERTIBLE
PREFERRED STOCK: |
|
|
|
|
|
|
Convertible preferred stock |
|
|
— |
|
|
|
111,282 |
|
STOCKHOLDERS’ EQUITY (DEFICIT): |
|
|
|
|
|
|
Common stock (1) |
|
|
15 |
|
|
|
1 |
|
Additional paid-in capital (1) |
|
|
363,788 |
|
|
|
9,889 |
|
Accumulated deficit |
|
|
(171,530 |
) |
|
|
(108,788 |
) |
Total
stockholders’ equity (deficit) |
|
|
192,273 |
|
|
|
(98,898 |
) |
Total
liabilities, convertible preferred stock and stockholders’ equity
(deficit) |
|
$ |
223,606 |
|
|
$ |
32,873 |
|
|
|
|
|
|
|
|
|
|
(1) Prior period results have been adjusted to
reflect the exchange of Old Talkspace’s common stock for
Talkspace’s common stock at an exchange ratio of
approximately 1.134140 in June 2021 as a result of the
Business Combination.
Talkspace, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
|
|
For the Years Ended December
31, |
|
(in
thousands) |
|
2021 |
|
|
2020 |
|
|
2019 |
|
Cash flows
from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(62,742 |
) |
|
$ |
(22,370 |
) |
|
$ |
(29,086 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,973 |
|
|
|
379 |
|
|
|
59 |
|
Amortization of debt issuance costs |
|
|
175 |
|
|
|
— |
|
|
|
— |
|
Warrant issuance cost and change in fair value |
|
|
(31,784 |
) |
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
27,405 |
|
|
|
2,977 |
|
|
|
3,404 |
|
Increase in accounts receivable |
|
|
402 |
|
|
|
(5,017 |
) |
|
|
(840 |
) |
Increase in other current assets |
|
|
(8,053 |
) |
|
|
(695 |
) |
|
|
(216 |
) |
Increase in accounts payable |
|
|
503 |
|
|
|
2,561 |
|
|
|
3,277 |
|
Increase in deferred revenues |
|
|
2,014 |
|
|
|
2,028 |
|
|
|
1,193 |
|
Increase in accrued expenses and other current liabilities |
|
|
4,396 |
|
|
|
4,962 |
|
|
|
1,017 |
|
Net cash
used in operating activities |
|
|
(65,711 |
) |
|
|
(15,175 |
) |
|
|
(21,192 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(663 |
) |
|
|
(126 |
) |
|
|
(138 |
) |
Acquisition of business |
|
|
— |
|
|
|
(10,685 |
) |
|
|
— |
|
Purchase of an intangible asset |
|
|
— |
|
|
|
(939 |
) |
|
|
— |
|
Proceeds from restricted long-term bank deposit |
|
|
— |
|
|
|
447 |
|
|
|
— |
|
Net cash
used in investing activities |
|
|
(663 |
) |
|
|
(11,303 |
) |
|
|
(138 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from reverse capitalization, net of transaction costs |
|
|
249,334 |
|
|
|
— |
|
|
|
— |
|
Proceeds from issuance of convertible preferred stock, net |
|
|
— |
|
|
|
— |
|
|
|
51,204 |
|
Proceeds from borrowings |
|
|
6,000 |
|
|
|
— |
|
|
|
— |
|
Repayment of borrowings |
|
|
(6,000 |
) |
|
|
— |
|
|
|
— |
|
Payment of debt issuance costs |
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
|
2,098 |
|
|
|
94 |
|
|
|
297 |
|
Net cash
provided by financing activities |
|
|
251,382 |
|
|
|
94 |
|
|
|
51,501 |
|
Net increase
(decrease) in cash and cash equivalents |
|
|
185,008 |
|
|
|
(26,384 |
) |
|
|
30,171 |
|
Cash and
cash equivalents at the beginning of the year |
|
|
13,248 |
|
|
|
39,632 |
|
|
|
9,461 |
|
Cash and
cash equivalents at the end of the year |
|
$ |
198,256 |
|
|
$ |
13,248 |
|
|
$ |
39,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
In addition to our financial results determined
in accordance with GAAP, we believe adjusted EBITDA, a non-GAAP
measure, is useful in evaluating our operating performance. We use
adjusted EBITDA to evaluate our ongoing operations and for internal
planning and forecasting purposes. We believe that this non-GAAP
financial measure, when taken together with the corresponding GAAP
financial measures, provides meaningful supplemental information
regarding our performance by excluding certain items that may not
be indicative of our business, results of operations or outlook. We
believe that the use of adjusted EBITDA is helpful to our investors
as it is a metric used by management in assessing the health of our
business and our operating performance. However, non-GAAP financial
information is presented for supplemental informational purposes
only, has limitations as an analytical tool and should not be
considered in isolation or as a substitute for financial
information presented in accordance with GAAP. In addition, other
companies, including companies in our industry, may calculate
similarly titled non-GAAP measures differently or may use other
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measure as a tool for
comparison. A reconciliation is provided below for this non-GAAP
financial measure to net loss, the most directly comparable
financial measure stated in accordance with GAAP. Investors are
encouraged to review our GAAP financial measure and the
reconciliation of our non-GAAP financial measure to its most
directly comparable GAAP financial measure, and not to rely on any
single financial measure to evaluate our business.
Adjusted EBITDA
Adjusted EBITDA is a key performance measure
that our management uses to assess our operating performance.
Because adjusted EBITDA facilitates internal comparisons of our
historical operating performance on a more consistent basis, we use
this measure for business planning purposes and in evaluating
acquisition opportunities.
We calculate adjusted EBITDA as net loss
adjusted to exclude (i) interest and other expenses (income), net,
(ii) tax benefit and expense, (iii) depreciation and amortization
(iv) stock-based compensation expense and (v) certain non-recurring
expenses, where applicable.
Talkspace, Inc.
Reconciliation of Non-GAAP Results to GAAP
Results
|
|
|
For the Three Months Ended December
31, |
|
|
For the Years Ended December
31, |
|
(in
thousands) |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss |
|
|
$ |
(21,068 |
) |
|
$ |
(11,132 |
) |
|
$ |
(62,742 |
) |
|
$ |
(22,370 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
|
515 |
|
|
|
324 |
|
|
|
1,973 |
|
|
|
379 |
|
Financial
(income) expense, net (1) |
|
|
|
(7,528 |
) |
|
|
110 |
|
|
|
(31,228 |
) |
|
|
364 |
|
Taxes on
income |
|
|
|
18 |
|
|
|
12 |
|
|
|
47 |
|
|
|
24 |
|
Stock-based
compensation |
|
|
|
6,821 |
|
|
|
1,908 |
|
|
|
27,405 |
|
|
|
2,977 |
|
Non-recurring expenses (2) |
|
|
|
3,677 |
|
|
|
177 |
|
|
|
3,677 |
|
|
|
177 |
|
Adjusted
EBITDA |
|
|
$ |
(17,565 |
) |
|
$ |
(8,601 |
) |
|
$ |
(60,868 |
) |
|
$ |
(18,449 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three months ended December 31,
2021, financial income, net primarily consisted of $7.9 million in
gains resulting from the revaluation of warrant liabilities. For
the twelve months ended December 31, 2021, financial income,
net primarily consisted of $36.0 million in gains resulting from
the revaluation of warrant liabilities, partially offset by $4.2
million in warrant issuance costs in connection with the close of
the Business Combination.
(2) For the year ended December 31, 2021,
non-recurring expenses primarily consisted of severance costs
related to the separation of Oren Frank and Roni Frank, co-founders
and former executives of the Company, in November 2021. For the
year ended December 31, 2020, nonrecurring expenses consisted of
legal expenses related to the acquisition of Lasting in November
2020.
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