Pitney Bowes Inc. (NYSE:PBI) today reported first quarter 2011
results.
Revenue for the quarter was $1.3 billion, which was a decline of
2 percent when compared to the prior year. The positive impacts of
currency movements added less than one percent to revenue. Revenue
for the quarter benefited from increased software and equipment
sales, which was more than offset by the decline in supplies,
rentals and financing revenues. The decline in these recurring
revenue streams is moderating because equipment sales have
stabilized compared to prior periods. Revenue and earnings were
also adversely affected by a fire in Dallas at the company’s
largest mail presort center in its network.
Adjusted earnings per diluted share from continuing operations
for the first quarter was $0.53, down $0.02 from the prior year.
These earnings would have been $0.04 higher except for a more than
$0.02 per share estimated loss as a result of the lower revenue due
to the fire at the Dallas presort facility, and a more than $0.01
per share investment related to Volly™, the company’s new
cloud-based secure mail delivery service.
Earnings per diluted share for the quarter on a Generally
Accepted Accounting Principles (GAAP) basis was $0.42, an 11
percent increase on the $0.38 per diluted share for the prior year.
GAAP earnings per diluted share for the recent quarter included an
$0.08 charge for restructuring costs associated with the company’s
Strategic Transformation initiatives versus $0.07 per share in
2010; a non-cash net tax charge of $0.01 per share associated with
out-of-the money stock options that expired during the quarter
versus $0.04 per share in 2010; and a $0.01 loss associated with
discontinued operations versus $0.02 per share in 2010. GAAP
earnings per diluted share in the first quarter 2010 also included
a $0.04 per share tax charge for health care legislation
changes.
Free cash flow for the quarter was $286 million, while on a GAAP
basis, the company generated $297 million in cash from operations.
Free cash flow benefited from the timing of tax payments and
refunds, as well as lower finance receivables. During the quarter
the company used $75 million of cash for dividends.
The company’s results for the quarter are summarized in the
table below:
First Quarter Adjusted EPS $0.53
Restructuring ($0.08)
Tax
Charges ($0.01)
GAAP EPS from
Continuing Operations* $0.43
Discontinued Operations ($0.01)
GAAP
EPS $0.42 *The sum of the earnings per
share does not equal the totals above due to rounding.
Commenting on the quarter, Chairman, President and CEO Murray D.
Martin said, “We continue to gain momentum in our plan to drive
long-term revenue and profitable growth across our business
portfolio. We saw our third consecutive quarter of growth in
equipment sales and software revenue. Equipment sales growth was
led by increasing demand from high-volume mailers to update their
hardware and software production platforms. Software revenue
continued to benefit from global demand for data analytics and
location intelligence solutions as well as a growing recurring
revenue stream from multi-year licensing agreements. Trends in our
recurring revenue streams of supplies, rentals and financing remain
in line with the year-over-year improvements we expect to see in
2011.
“We have again achieved substantial incremental savings from our
ongoing Strategic Transformation program. The benefits from our
actions are fueling investments and improvements in our
infrastructure that have allowed us to more effectively deliver our
new products and services.
“We recently announced the launch of several new products that
fit our strategy of delivering Customer Communication Management
solutions to customers of all sizes. Since the January announcement
of Volly™, our secure digital mail delivery system, we have
introduced additional enterprise solutions that include expansion
of our Intellijet™ production print line and Portrait Miner 6.0
software for predicting customer behavior. We are providing SMB
customers with the industry’s only family of cloud-based solutions
including pbSmartPostage™ and pbSmart™ Connections, an email
marketing and communications platform. In addition, earlier this
week we announced SendSuite® Live, a new web-based shipping
platform that strengthens our market leadership in the
Transportation Management Services shipping marketplace.”
Business Segment Results
The company reports its business segments in two groups based on
the customers it primarily serves: Small and Medium Business (SMB)
Solutions and Enterprise Business Solutions. The SMB Solutions
group consists of the company’s global Mailing operations. The
company aligns its SMB business segments into North America Mailing
and International Mailing to reflect how the business is managed.
North America Mailing includes the operations of U.S. Mailing and
Canada Mailing. International Mailing includes all other SMB
operations around the world. The Enterprise Business Solutions
group includes the company’s global Production Mail, Software,
Management Services, Mail Services and Marketing Services
operations.
SMB Solutions
1Q 2011
Y-O-Y Change Change ex Currency Revenue $680
million (4%) (5%)
EBIT $203 million (2%)
Within the SMB Solutions Group: North America
Mailing
1Q 2011
Y-O-Y Change
Change ex Currency
Revenue
$509 million
(5%)
(5%)
EBIT
$180 million
(4%)
During the quarter, the North America Mailing segment continued
to benefit from increased placements of its Connect+™ mailing
system and improved retention rates among its existing customers.
However, overall equipment sales declined, in part, due to the
realignment of some customers to alternate sales channels at the
beginning of the year. This is part of our continued movement of
select groups of SMB customers to channels that will best serve
their needs as we continue to offer more products and services
online. Consistent with prior shifts, the company saw improving
sales productivity throughout the quarter and expects the
transition to drive growth through greater engagement of small
business customers with the company’s new web-enabled solutions.
While the segment’s revenue continued to be affected by lower
supplies, rentals and financing revenue, clear signs of improvement
exist. For example, the company’s meter population in Canada
continued to grow. During the quarter, the decline in recurring
revenue streams moderated compared to the prior year, consistent
with the company’s outlook for 2011. EBIT margin for the segment
improved by 50 basis points versus the prior year due to ongoing
productivity improvements; lower credit losses; and benefits from
lease extensions with customers. The company continues to provide
lease extension options to its customers, which enhanced customer
retention.
Product supply during the quarter was not impacted by events in
Japan and based on current conditions, is not expected to be
impacted through the first half of the year. The company is
actively working with its supply chain partners and has a number of
strategies in place to mitigate potential disruptions in the second
half of the year.
International Mailing
1Q
2011 Y-O-Y Change Change ex Currency Revenue $171 million (1%) (3%)
EBIT $23 million 13%
International Mailing revenue declined slightly, both on a
reported basis and excluding the impact of currency. Equipment
sales revenue was flat this quarter when compared with the prior
year. Equipment sales revenue benefited from strong placements of
full-color Connect+™ mailing systems in the UK. Connect+™ will be
launched in several other major European countries during the
remainder of the year. As expected, supplies, rentals and financing
revenue was lower than the prior year. However, the rate of decline
for financing revenue moderated because of an increased ratio of
leased equipment versus sold equipment. The quarter’s results
reflect the continued slow and uneven economic recovery in the
company’s European markets, while the Asia Pacific region
experienced strong growth. EBIT margin again improved versus the
prior year due to past and ongoing productivity initiatives which
offset the negative margin impact from lower recurring revenue.
Events in Japan did not materially impact revenue or EBIT during
the quarter.
Enterprise Business Solutions
1Q 2011 Y-O-Y Change Change ex Currency
Revenue $643 million 0% (1%)
EBIT
$48 million (27%) Within the
Enterprise Business Solutions Group:
Worldwide Production Mail
1Q 2011
Y-O-Y Change
Change ex Currency
Revenue
$132 million
5%
3%
EBIT
$7 million
(40%)
During the quarter, worldwide Production Mail revenue growth was
driven by continued demand for the company’s high-speed, high
integrity inserting systems, especially in the United States. There
continues to be a good backlog of orders for the company’s
production mail equipment, particularly among third party mailers
and companies in the financial services sector. The company
continues to expand its line of Intellijet™ advanced color printing
systems to address strong interest from enterprise customers in
both the U.S. and Europe. EBIT margin this quarter would have been
similar to the prior year, excluding investments associated with
Volly™ and Intellijet™.
Software
1Q 2011 Y-O-Y Change Change ex Currency
Revenue $96 million 18% 15% EBIT $6 million
46%
During the quarter the Software business experienced strong
demand across its portfolio of software solutions, including data
management, analytics and customer communications management. As a
result, revenue increased at a double-digit pace versus the prior
year. The company continued its transition to multi-year licensing
agreements for many of its larger software sales. These
arrangements will benefit recurring revenue in future periods, as
was the case during the current quarter. Revenue and EBIT this
quarter also benefited from last year’s addition of Portrait
Software solutions which enhance the company’s analytics and
customer communications management capabilities. Overall, Software
EBIT increased at a strong double-digit pace versus the prior year
because of margin leverage on revenue expansion.
Management Services
1Q 2011 Y-O-Y Change Change ex Currency
Revenue $242 million (5%) (5%) EBIT $21
million 5%
As expected, revenue for the quarter declined as a result of
account contractions and terminations in the U.S. last year and the
company’s exit from some lower margin accounts in Europe last year.
However, the company is starting to see an improving pipeline of
deals. EBIT margins continued to improve globally versus the prior
year. This was led by ongoing margin improvement in Europe and the
U.S. resulting from the company’s focus on productivity initiatives
and a continued transition to a more variable cost structure.
Mail Services
1Q
2011 Y-O-Y Change Change ex Currency Revenue $144 million (3%) (3%)
EBIT $10 million (59%)
Mail Services revenue declined versus the prior year, because of
a fire during the quarter at the largest presort facility in the
company’s network. Excluding the impacts of the fire,
presort-related revenue for the quarter grew and the EBIT margin
continued to improve year-over-year. The disruption due to the fire
impacted the company’s ability to qualify customers’ mail at the
highest level of discount, which in turn reduced the quarter’s
revenue and earnings. The company expects that the lost revenue
contribution and the costs related to outfitting a new facility
will be covered by insurance proceeds in future periods. Because of
its unique ability to reroute mail within its national presort
network and convert other capacity to process First Class mail, the
company retained virtually all of its customers. The new permanent
facility is expected to be operational in the second quarter and at
previous productivity levels by the end of the third quarter. The
rest of the network continues to process increasing volumes of both
First Class and Standard Class mail from new and existing
customers.
In addition to the impact on EBIT from lost revenue due to the
fire, EBIT for the segment was also impacted by increased costs
associated with the International Mail Services (IMS) portion of
the business. As in the prior quarter, higher shipping rates for
some international destinations reduced parcel margins. The company
implemented actions that resulted in improved EBIT performance by
the end of the quarter. These updates to the pricing of customer
contracts and internal systems, should provide for continued
improvements to EBIT margin.
Marketing Services
1Q
2011 Y-O-Y Change Change ex Currency Revenue $30 million (6%) (6%)
EBIT $4 million (8%)
Revenue declined versus the prior year because of a decline in
the number of household moves compared with the prior year and a
transition of online marketing revenue during the quarter to
MyMove, a new online service for movers. EBIT was impacted by lower
revenue and investment in MyMove, which allows individuals who are
moving to opt-into various move-relevant products and services
after the initial move period. The adoption rates of the new
service began to ramp during the quarter.
2011 Guidance
This guidance discusses future results which are inherently
subject to unforeseen risks and developments. As such, discussions
about the business outlook should be read in the context of an
uncertain future, as well as the risk factors identified in the
safe harbor language at the end of this release.
The company reaffirms its full-year guidance for revenue,
adjusted earnings per diluted share, earnings per diluted share on
a GAAP basis and free cash flow.
The company expects 2011 revenue, excluding the impacts of
currency, to be in a range of flat to 3 percent growth. The
company’s outlook projects a return to revenue growth for the year
due in part to a number of initiatives designed to stabilize its
base business and drive new growth opportunities.
The company’s 2011 guidance for adjusted diluted earnings per
share from continuing operations is summarized below:
2011 Earnings Guidance
Reconciliation Full Year 2010
Adjusted EPS $2.23 Operations
Growth Excluding SMB Stream Revenues* $0.32 to
$0.42 Impact of Lower SMB Stream Revenues*
($0.30 to $0.25)
2011 EPS on a Comparative Basis
$2.25 to $2.40 Investment in Volly TM Market
Development ($0.10 to $0.05)
2011 Adjusted
EPS from Continuing Operations $2.15 to
$2.35 *Stream revenues include financing, rentals and supplies
in the SMB Solutions Group
In 2011, the company anticipates generating incremental earnings
of $0.32 to $0.42 per share from operations growth and
productivity, excluding the impact of SMB stream revenues. As noted
previously, the company anticipates lower SMB stream revenues as a
result of lower equipment sales in prior periods, which are
expected to negatively impact earnings by $0.25 - $0.30 per share,
resulting in comparative earnings for the year of $2.25 to $2.40
per share. The company also plans to invest $.05 to $.10 per share
to develop the market for Volly TM, a secure digital mail delivery
system. As a result, the company expects 2011 adjusted earnings per
share from continuing operations in the range of $2.15 to
$2.35.
The company’s 2011 guidance for GAAP diluted earnings per share
from continuing operations is summarized below:
Full Year 2011 Adjusted EPS from Continuing
Operations $2.15 to $2.35
Restructuring ($0.35 to $0.25)
2011 GAAP
EPS from Continuing Operations $1.80 to
$2.10
On a GAAP basis, the company expects 2011 earnings per diluted
share from continuing operations in the range of $1.80 to $2.10
including the expected impact of $0.25 to $0.35 per share for
restructuring charges associated with Strategic Transformation.
Guidance excludes any financial impact due to the fire at the
company’s pre-sort facility. The impact to full-year revenue is
expected to be about one-half percent. The company expects that
fire-related losses will be covered by insurance proceeds. The
timing of the final settlement of the insurance claim will
determine when the insurance proceeds can be recognized in
earnings.
The company expects to generate free cash flow for 2011 in the
range of $750 million to $850 million. As compared to the prior
year, the company expects increased investment in finance
receivables through higher levels of equipment sales, and higher
capital expenditures associated with investments in business growth
which would result in lower free cash flow in 2011.
Mr. Martin concluded, “We continue to make progress in executing
our strategies to deliver enhanced customer and shareholder value.
Against the backdrop of a business and economic environment
characterized by gradual improvement at varying rates by sector and
geography, we remain focused on investing in solutions which enable
businesses to manage physical and digital communications channels
with their customers, while continuing to streamline and enhance
our operations and processes.”
Management of Pitney Bowes will discuss the company’s results in
a broadcast over the Internet today at 8:00 a.m. EDT. Instructions
for listening to the earnings results via the Web are available on
the Investor Relations page of the company’s web site at
www.pb.com/investorrelations.
Pitney Bowes is a $5.4 billion global leader whose products,
services and solutions deliver value within the mailstream and
beyond. For more information visit www.pitneybowes.com.
The company's financial results are reported in accordance with
generally accepted accounting principles (GAAP). However, earnings
per share, income from continuing operations, and cash from
operations are adjusted to exclude the impact of special items such
as transformation initiatives, restructuring charges, tax
adjustments, accounting adjustments and write downs of assets.
Although these charges represent actual expenses to the company,
these charges might mask the periodic income and financial and
operating trends associated with our business. The use of free cash
flow has limitations. GAAP cash from operations has the advantage
of including all cash available to the company after actual
expenditures for all purposes. Free cash flow permits a shareholder
insight into the amount of cash that management could have
available for other discretionary uses. It adjusts for long-term
commitments such as capital expenditures, as well as special items
like cash used for restructuring charges, unusual tax payments and
contributions to its pension funds. These items use cash that is
not otherwise available to the company and are important
expenditures. Management compensates for these limitations by using
a combination of GAAP cash from operations and free cash flow in
doing its planning.
EBIT excludes interest payments and taxes, both cash expenses to
the company, and as a result, has the effect of showing a greater
amount of earnings than net income. The company uses EBIT for
purposes of measuring the performance of its management team. The
interest rates and tax rates applicable to the company generally
are outside the control of management, and it can be useful to
judge performance independent of those variables. Financial results
on a constant currency basis exclude the impact of changes in
foreign currency exchange rates since the prior period under
comparison and are calculated using the average of the rates in
effect during that period. Constant currency measures are intended
to help investors better understand the underlying operational
performance of the business excluding the impacts of shifts in
currency exchange rates over the intervening period.
Pitney Bowes has provided a quantitative reconciliation to GAAP
in supplemental schedules. This information may also be found at
the company's web site www.pb.com/investorrelations in the
Investor Relations section.
This document contains “forward-looking statements” about our
expected or potential future business and financial performance.
For us forward-looking statements include, but are not limited to,
statements about possible transformation initiatives; restructuring
charges; our future revenue and earnings guidance; and other
statements about future events or conditions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that could cause actual results to differ
materially from those projected. These risks and uncertainties
include, but are not limited to: the uncertain economic
environment, fluctuations in customer demand; mail volumes; foreign
currency exchange rates; the outcome of litigation; and changes in
postal regulations, as more fully outlined in the company's 2010
Form 10-K Annual Report and other reports filed with the Securities
and Exchange Commission. Pitney Bowes assumes no obligation to
update any forward-looking statements contained in this document as
a result of new information, events or developments.
Note: Consolidated statements of income; revenue and EBIT by
business segment; and reconciliation of GAAP to non-GAAP measures
for the three ended March 31, 2011 and 2010, and consolidated
balance sheets at March 31, 2011 and December 31, 2010 are
attached.
Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share data) Three
Months Ended March 31, 2011 2010 (2) Revenue:
Equipment sales $ 241,631 $ 239,298 Supplies 82,870 85,277 Software
99,565 83,767 Rentals 143,051 155,437 Financing 154,230 162,775
Support services 178,614 180,034 Business services 423,108
441,645 Total revenue 1,323,069
1,348,233 Costs and expenses: Cost of
equipment sales 114,753 105,837 Cost of supplies 26,192 25,365 Cost
of software 25,212 21,156 Cost of rentals 32,599 37,071 Financing
interest expense 23,293 21,938 Cost of support services 115,276
114,606 Cost of business services 333,567 330,472 Selling, general
and administrative 429,919 443,297 Research and development 34,758
40,865 Restructuring charges and asset impairments 26,024 20,722
Other interest expense 28,524 27,658 Interest income (1,222
) (762 ) Total costs and expenses 1,188,895
1,188,225 Income from continuing
operations before income taxes 134,174 160,008 Provision for
income taxes 41,394 73,245
Income from continuing operations 92,780 86,763 Loss from
discontinued operations, net of income tax (1,882 )
(3,130 ) Net income before attribution of noncontrolling
interests 90,898 83,633 Less: Preferred stock dividends of
subsidiaries attributable to noncontrolling interests 4,594
4,594 Pitney Bowes Inc. net income $
86,304 $ 79,039 Amounts
attributable to Pitney Bowes Inc.: Income from continuing
operations $ 88,186 $ 82,169 Loss from discontinued operations
(1,882 ) (3,130 ) Pitney Bowes Inc. net income
$ 86,304 $ 79,039 Basic earnings per share of
common stock attributable to Pitney Bowes Inc. common stockholders
(1): Continuing operations $ 0.43 $ 0.40 Discontinued operations
(0.01 ) (0.02 ) Net income $ 0.42 $
0.38 Diluted earnings per share of common stock
attributable to Pitney Bowes Inc. common stockholders (1):
Continuing operations $ 0.43 $ 0.40 Discontinued operations
(0.01 ) (0.02 ) Net income $ 0.42 $ 0.38
Average common and potential common shares
outstanding 204,195,171 207,904,255
(1)
The sum of the earnings per share amounts
may not equal the totals above due to rounding.
(2)
Certain prior year amounts have been
reclassified to conform to the current year presentation.
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except per share data)
Assets
03/31/11 12/31/10 Current assets: Cash
and cash equivalents $ 652,069 $ 484,363 Short-term investments
28,398 30,609 Accounts receivable, gross 780,066 824,015
Allowance for doubtful accounts receivables (30,073 )
(31,880 ) Accounts receivables, net 749,993 792,135 Finance
receivables 1,336,881 1,370,305 Allowance for credit losses
(47,981 ) (48,709 ) Finance receivables, net 1,288,900
1,321,596 Inventories 180,292 168,967 Current income taxes
66,678 103,542 Other current assets and prepayments 115,683
107,029 Total current assets 3,082,013
3,008,241 Property, plant and equipment, net 420,385 426,501
Rental property and equipment, net 290,013 300,170 Finance
receivables 1,228,294 1,265,220 Allowance for credit losses
(21,239 ) (20,721 ) Finance receivables, net 1,207,055
1,244,499 Investment in leveraged leases 258,905 251,006
Goodwill 2,331,022 2,306,793 Intangible assets, net 286,686 297,443
Non-current income taxes 134,564 130,601 Other assets
486,211 478,769 Total assets $
8,496,854 $ 8,444,023
Liabilities,
noncontrolling interests and stockholders' deficit
Current liabilities: Accounts payable and accrued liabilities $
1,757,372 $ 1,825,261 Current income taxes 206,134 192,924 Notes
payable and current portion of long-term obligations 45,450 53,494
Advance billings 508,160 481,900
Total current liabilities 2,517,116 2,553,579 Deferred taxes
on income 273,379 261,118 Tax uncertainties and other income tax
liabilities 546,881 536,531 Long-term debt 4,236,437 4,239,248
Other non-current liabilities 651,761 653,758
Total liabilities 8,225,574
8,244,234 Noncontrolling interests (Preferred
stockholders' equity in subsidiaries) 296,370 296,370
Stockholders' deficit: Cumulative preferred stock, $50 par value,
4% convertible 4 4 Cumulative preference stock, no par value, $2.12
convertible 741 752 Common stock, $1 par value 323,338 323,338
Additional paid-in capital 236,633 250,928 Retained earnings
4,293,198 4,282,316 Accumulated other comprehensive loss (414,496 )
(473,806 ) Treasury stock, at cost (4,464,508 )
(4,480,113 ) Total Pitney Bowes Inc. stockholders' deficit
(25,090 ) (96,581 ) Total liabilities,
noncontrolling interests and stockholders' deficit $ 8,496,854
$ 8,444,023
Pitney Bowes
Inc. Revenue and EBIT Business Segments March
31, 2011
(Unaudited)
(Dollars in thousands)
Three Months Ended
March 31, % 2011 2010
Change
Revenue
North America Mailing $ 509,039 $ 534,663 (5 %)
International Mailing 170,533 172,023
(1 %) Small & Medium Business Solutions 679,572
706,686 (4 %) Production Mail 131,606 125,879
5 % Software 95,985 81,007 18 % Management Services 241,624 254,616
(5 %) Mail Services 144,283 148,023 (3 %) Marketing Services
29,999 32,022 (6 %) Enterprise Business
Solutions 643,497 641,547 0 %
Total revenue $ 1,323,069 $
1,348,233 (2 %)
EBIT
(1)
U.S. Mailing $ 179,661 $ 186,274 (4 %) International Mailing
23,193 20,442 13 % Small & Medium
Business Solutions 202,854 206,716 (2
%) Production Mail 7,174 11,907 (40 %) Software 5,512 3,784
46 % Management Services 21,029 20,092 5 % Mail Services 10,265
25,277 (59 %) Marketing Services 4,160 4,522
(8 %) Enterprise Business Solutions 48,140
65,582 (27 %)
Total EBIT $
250,994 $ 272,298 (8 %)
Unallocated amounts: Interest, net (2) (50,595 ) (48,834 )
Corporate expense
(40,201
) (42,734 ) Restructuring charges and asset impairments
(26,024 ) (20,722 )
Income from continuing
operations before income taxes $
134,174
$ 160,008 (1) Earnings
before interest and taxes (EBIT) excludes general corporate
expenses and restructuring charges and asset impairments.
(2) Interest, net includes financing interest expense, other
interest expense and interest income.
Pitney Bowes Inc. Reconciliation of Reported Consolidated
Results to Adjusted Results (Unaudited) (Dollars in
thousands, except per share data) Three Months Ended March
31, 2011 2010 GAAP income from
continuing operations after income taxes, as reported $ 88,186 $
82,169 Restructuring charges and asset impairments 17,306 13,527
Tax adjustments 2,179 17,690 Income
from continuing operations after income taxes, as adjusted $
107,671 $ 113,386 GAAP diluted earnings
per share from continuing operations, as reported $ 0.43 $ 0.40
Restructuring charges and asset impairments 0.08 0.07 Tax
adjustments 0.01 0.09 Diluted earnings
per share from continuing operations, as adjusted $ 0.53 $
0.55 GAAP net cash provided by operating
activities, as reported $ 296,761 $
301,554
Capital expenditures (34,676 ) (28,367 ) Restructuring payments and
discontinued operations 29,745 27,720 Reserve account deposits
(5,995 ) (11,221 ) Free cash flow, as adjusted
$ 285,835 $
289,686
Note: The sum of the earnings per share amounts may
not equal the totals above due to rounding.
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jul 2023 to Jul 2024