YogaWorks, Inc. (NASDAQ:YOGA) (the “Company”), one of the largest
providers of high quality yoga instruction in the U.S., today
announced financial results for the second quarter ended June 30,
2018.
Rosanna McCollough, President and Chief Executive Officer of
YogaWorks, stated, “Our second quarter revenue exceeded our
expectations mainly due to newly acquired studios. While our
EBITDA was within our guidance range, we have experienced softness
in our base studio EBITDA margin. Looking ahead, we are
taking steps to improve sales and profitability in our base
business and will be investing in additional marketing and training
as well as reducing the class package promotions to focus on a more
balanced product offering.
We are also pleased to add Sky Meltzer to our board of
directors. Sky was most recently the CEO of Manduka and led the
company's global expansion. We look forward to his perspectives and
insights as we continue to grow our brand.”
Results for the second quarter ended
June 30, 2018
|
June 30, 2018 |
June 30, 2017 |
GAAP Results(1) |
|
|
Net revenue |
$14.9 million |
$12.5 million |
Net income / (loss) |
$(6.7) million |
$(4.4) million |
|
|
|
Non-GAAP Results(2) |
|
|
Studio Count at quarter end |
71 |
50 |
Adjusted EBITDA |
$(1.4) million |
$(551) thousand |
Adjusted free cash flow |
$(1.6) million |
$65 thousand |
Studio-Level free cash flow |
$2.0 million |
$2.8 million |
Studio-Level EBITDA |
$2.2 million |
$2.2 million |
Adjusted net income/(loss) |
$(3.6) million |
$(3.1) million |
(1) |
U.S. Generally Accepted
Accounting Principles (“GAAP”). |
(2) |
Adjusted EBITDA,
Studio-Level EBITDA, Adjusted free cash flows, Studio-Level free
cash flows and adjusted net loss are non-GAAP measures. For
reconciliations to GAAP net loss, see “Reconciliations of Non-GAAP
Financial Measures” accompanying this press release. |
|
|
For the second quarter ended June 30,
2018:
- Net revenue was $14.9 million, a 19.0% increase compared to
$12.5 million in the second quarter of 2017.
- The Company ended the quarter with 71 studios in nine regional
markets.
- Adjusted EBITDA was $(1.4) million compared to adjusted EBITDA
of $(551) thousand for the same quarter last year.
- Adjusted net loss was $3.6 million compared to adjusted net
loss of $3.1 million for the same period last year.
For a reconciliation of GAAP net loss to
Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flows,
Studio-Level free cash flows and Adjusted net loss, please see
“Reconciliations of Non-GAAP Financial Measures” accompanying this
press release.
Balance Sheet and Cash Flow Highlights
- Cash and cash equivalents were $15.5 million as of June 30,
2018.
- Cash used in operating activities was $1.9 million for the
quarter ended June 30, 2018, as compared to cash used by operating
activities of $1.6 million for the quarter ended June 30,
2017.
Guidance
For the third quarter of 2018, the Company
expects net revenue to be between $14.6 million and $15.4 million
and adjusted EBITDA to be between $(2.0) million and $(1.2)
million. This compares to net revenue of $13.5 million and adjusted
EBITDA of $(432,000) for the third quarter of 2017.
For fiscal 2018, the Company expects net revenue
between $57.5 million and $60.5 million and adjusted EBITDA between
$(6.95) million and $(4.95) million. This compares to net revenue
of $54.5 million and adjusted EBITDA of $(1.2) million for
2017.
Conference Call to Discuss Second
Quarter Results
The Company will host a conference call and
webcast to discuss its financial results for the second quarter
ended June 30, 2018, today, August 14, 2018, beginning at 4:30 p.m.
Eastern Time. Those interested in participating in the call are
invited to dial 1-877-407-4018 (U.S.) or 1-201-689-8471
(international). A live webcast of the conference call will also be
available online at www.yogaworks.com under the Investor Relations
section and will remain available for 30 days following the live
call. A replay will also be available two hours following the call
through August 28, 2018, via telephone at 1-844-512-2921 (U.S.) and
1-412-317-6671 (international) by entering the replay pin
13682136.
About YogaWorks, Inc.
YogaWorks, Inc. is one of the largest providers
of high quality yoga instruction in the U.S., with 71 studios in
nine markets including Los Angeles, Orange County, Northern
California, New York City, Boston, Baltimore, the Washington, D.C.
area, Houston and Atlanta. YogaWorks strives to make yoga
accessible to everybody and offers a wide range of class styles for
people of all ages and abilities. Through its studios, the Company
offers yoga classes, integrated fitness classes, workshops, teacher
training programs and yoga-related retail merchandise. In addition
to its studio locations, YogaWorks offers online instruction
through its MyYogaWorks web platform, which provides subscribers
with a highly curated catalog of over 1,100 yoga and meditation
classes.
Forward-Looking Statements
This press release may include forward-looking
statements that reflect the Company’s current views about future
events and financial performance. All statements other than
statements of historical facts included in this press release that
address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements, as that term is defined in the
Private Securities Litigation Reform Act of 1995. Words such as
“estimates,” “expects,” “anticipates,” “projects,” “plans,”
“intends,” “believes,” “forecasts” and other words and terms of
similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other events
are forward-looking statements.
These forward-looking statements are expressed
in good faith and the Company believes there is a reasonable basis
for them. However, there can be no assurance that the events,
results or trends identified in these forward-looking statements
will occur or be achieved. Investors should not place undue
reliance on any of the Company’s forward-looking statements because
they are subject to a variety of risks and uncertainties. Factors
that could cause results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior
press releases and public filings with the Securities and Exchange
Commission, which are available via the Company’s website at
www.yogaworks.com. The forward-looking statements in this press
release speak only as of the date of this release and, except as
required by law, the Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which it is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances.
|
|
YogaWorks,
Inc.Condensed Consolidated Balance Sheets
(Unaudited) |
|
|
|
As ofJune 30,
2018 |
|
|
As ofDecember 31,
2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
15,465,549 |
|
|
$ |
22,095,216 |
|
Inventories |
|
|
1,222,960 |
|
|
|
1,212,608 |
|
Prepaid
expenses and other current assets |
|
|
2,075,346 |
|
|
|
1,145,067 |
|
Total current
assets |
|
|
18,763,855 |
|
|
|
24,452,891 |
|
Property and equipment,
net |
|
|
9,856,627 |
|
|
|
10,418,203 |
|
Intangible assets,
net |
|
|
19,442,521 |
|
|
|
22,142,275 |
|
Goodwill |
|
|
10,782,063 |
|
|
|
12,768,773 |
|
Other non-current
assets |
|
|
1,314,362 |
|
|
|
1,224,179 |
|
Total assets |
|
$ |
60,159,428 |
|
|
$ |
71,006,321 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
2,452,232 |
|
|
$ |
3,794,569 |
|
Accrued
compensation |
|
|
1,735,092 |
|
|
|
1,947,134 |
|
Deferred
revenue |
|
|
7,545,300 |
|
|
|
7,187,948 |
|
Current
portion of deferred rent |
|
|
106,802 |
|
|
|
122,607 |
|
Total current
liabilities |
|
|
11,839,426 |
|
|
|
13,052,258 |
|
Deferred rent, net of
current portion |
|
|
3,517,807 |
|
|
|
3,418,886 |
|
Deferred tax
liability |
|
|
12,641 |
|
|
|
— |
|
Total liabilities |
|
|
15,369,874 |
|
|
|
16,471,144 |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common
stock $0.001 par value; 50,000,000 shares authorized,16,595,513
issued and 16,460,501 outstanding at June 30, 2018and 50,000,000
shares authorized, 16,435,505 issued and16,332,510 outstanding at
December 31, 2017 |
|
|
16,461 |
|
|
|
16,333 |
|
Additional paid in capital |
|
|
112,516,233 |
|
|
|
111,650,415 |
|
Accumulated deficit |
|
|
(67,743,140 |
) |
|
|
(57,131,571 |
) |
Total stockholders’
equity |
|
|
44,789,554 |
|
|
|
54,535,177 |
|
Total liabilities and
stockholders’ equity |
|
$ |
60,159,428 |
|
|
$ |
71,006,321 |
|
|
|
|
|
|
|
|
|
|
YogaWorks, Inc. Condensed
Consolidated Statements of Operations (Unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net
revenues |
|
$ |
14,870,362 |
|
|
$ |
12,493,461 |
|
|
$ |
30,400,175 |
|
|
$ |
26,483,555 |
|
Cost of
revenues and operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
5,755,974 |
|
|
|
4,805,637 |
|
|
|
11,679,823 |
|
|
|
9,934,389 |
|
Center
operations |
|
|
7,061,573 |
|
|
|
5,583,228 |
|
|
|
13,833,489 |
|
|
|
11,269,866 |
|
General
and administrative expenses |
|
|
4,054,012 |
|
|
|
4,094,443 |
|
|
|
8,458,945 |
|
|
|
7,104,829 |
|
Depreciation and amortization |
|
|
2,218,271 |
|
|
|
2,167,877 |
|
|
|
4,597,028 |
|
|
|
4,369,462 |
|
Goodwill
impairment |
|
|
2,474,819 |
|
|
|
— |
|
|
|
2,474,819 |
|
|
|
— |
|
Total cost of
revenues and operating
expenses |
|
|
21,564,649 |
|
|
|
16,651,185 |
|
|
|
41,044,104 |
|
|
|
32,678,546 |
|
Loss from
operations |
|
|
(6,694,287 |
) |
|
|
(4,157,724 |
) |
|
|
(10,643,929 |
) |
|
|
(6,194,991 |
) |
Interest (income)
expense, net |
|
|
(44,142 |
) |
|
|
248,874 |
|
|
|
(50,272 |
) |
|
|
810,506 |
|
Net loss before
provision for income taxes |
|
|
(6,650,145 |
) |
|
|
(4,406,598 |
) |
|
|
(10,593,657 |
) |
|
|
(7,005,497 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
528 |
|
|
|
41,107 |
|
|
|
17,912 |
|
|
|
59,006 |
|
Net
loss |
|
$ |
(6,650,673 |
) |
|
$ |
(4,447,705 |
) |
|
$ |
(10,611,569 |
) |
|
$ |
(7,064,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YogaWorks, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(10,611,569 |
) |
|
$ |
(7,064,503 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,597,028 |
|
|
|
4,369,462 |
|
Goodwill
impairment |
|
|
2,474,819 |
|
|
|
— |
|
Deferred
tax |
|
|
12,641 |
|
|
|
44,865 |
|
Paid-in-kind interest expense capitalized to convertible note |
|
|
— |
|
|
|
259,087 |
|
Beneficial conversion feature |
|
|
— |
|
|
|
147,877 |
|
Amortization of debt issuance cost |
|
|
— |
|
|
|
55,437 |
|
Stock-based compensation expense |
|
|
949,609 |
|
|
|
825,145 |
|
Changes
to operating assets and liabilities |
|
|
|
|
|
|
|
|
Tenant
improvement allowances received |
|
|
47,530 |
|
|
|
— |
|
Inventories |
|
|
(6,386 |
) |
|
|
69,605 |
|
Prepaid
expenses and other current assets |
|
|
(930,279 |
) |
|
|
(595,180 |
) |
Other
non-current assets |
|
|
(52,751 |
) |
|
|
(42,220 |
) |
Accounts
payable and accrued expenses |
|
|
(857,643 |
) |
|
|
644,590 |
|
Accrued
compensation |
|
|
(212,042 |
) |
|
|
(104,331 |
) |
Deferred
revenue |
|
|
2,739 |
|
|
|
508,070 |
|
Deferred
rent and other non-current liabilities |
|
|
35,586 |
|
|
|
60,446 |
|
Net cash used in
operating activities |
|
|
(4,550,718 |
) |
|
|
(821,650 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchases
of property, equipment, and intangible assets |
|
|
(629,662 |
) |
|
|
(470,046 |
) |
Acquisition earnout and holdback payments |
|
|
(643,694 |
) |
|
|
— |
|
Cash paid
for acquisitions, net of earnouts |
|
|
(721,930 |
) |
|
|
— |
|
Net cash used in
investing activities |
|
|
(1,995,286 |
) |
|
|
(470,046 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Repurchase of shares to satisfy tax withholding |
|
|
(83,663 |
) |
|
|
— |
|
Principal
payment on term loans |
|
|
— |
|
|
|
(87,500 |
) |
Principal
payment on subordinated notes |
|
|
— |
|
|
|
(200,000 |
) |
Proceeds
from issuance of convertible note |
|
|
— |
|
|
|
3,200,000 |
|
Proceeds
from issuance of common stock |
|
|
— |
|
|
|
13,800 |
|
Net cash (used in)
provided by financing activities |
|
|
(83,663 |
) |
|
|
2,926,300 |
|
Increase
(decrease) in cash and cash equivalents |
|
|
(6,629,667 |
) |
|
|
1,634,604 |
|
Cash and cash
equivalents, beginning of period |
|
|
22,095,216 |
|
|
|
1,912,421 |
|
Cash and cash
equivalents, end of period |
|
$ |
15,465,549 |
|
|
$ |
3,547,025 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
Cash paid
during the year for: |
|
|
|
|
|
|
|
|
Interest
paid |
|
$ |
— |
|
|
$ |
277,151 |
|
Supplemental
disclosure of non-cash activities |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchase
consideration liabilities related to acquisitions |
|
$ |
159,000 |
|
|
$ |
— |
|
Financing activities |
|
|
|
|
|
|
|
|
Dividends
on preferred redeemable stock accrued |
|
|
— |
|
|
|
995,743 |
|
Paid-in-kind interest expense capitalized convertible note |
|
|
— |
|
|
|
259,087 |
|
Conversion of convertible notes to equity |
|
|
— |
|
|
|
11,825,774 |
|
Conversion of preferred redeemable stock to equity |
|
|
— |
|
|
|
62,388,567 |
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Financial
Measures
This press release contains financial measures called Adjusted
EBITDA, Studio-Level EBITDA, Adjusted free cash flow, Studio-Level
free cash flow and Adjusted net loss which are not calculated in
accordance with GAAP. The Company uses these financial measures to
understand and evaluate its business. Adjusted EBITDA is a
supplemental measure of the operating performance of the core
business operations. Studio-Level EBITDA is a supplemental measure
of the operating performance of the studios. Adjusted free cash
flow is a supplemental measure of the operating performance of the
core business operations excluding deferred revenue. Studio-Level
free cash flow is a supplemental measure of the operating
performance of the studios excluding deferred revenue. Adjusted net
loss is a supplemental measure of operating performance that is
adjusted for certain non-recurring items that we do not believe
directly reflect the core business operations. Accordingly, the
Company believes Adjusted EBITDA, Studio-Level EBITDA, Adjusted
free cash flow, Studio-Level free cash flow and Adjusted net loss
provide useful information to investors and others in understanding
and evaluating the Company’s operating results in the same manner
as management and the Board. Non-GAAP financial measures should not
be considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash
flow and Studio-Level free cash flow
The following table presents a reconciliation of Adjusted EBITDA
and Studio-Level EBITDA to Net loss. In addition, Adjusted free
cash flow and Studio-Level free cash flow are presented for each of
the periods indicated:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
(Unaudited) |
|
Net loss |
|
$ |
(6,651 |
) |
|
$ |
(4,448 |
) |
|
$ |
(10,612 |
) |
|
$ |
(7,065 |
) |
Interest
(income) expense, net |
|
|
(44 |
) |
|
|
249 |
|
|
|
(50 |
) |
|
|
810 |
|
Provision
for income taxes |
|
|
1 |
|
|
|
41 |
|
|
|
18 |
|
|
|
59 |
|
Depreciation and amortization |
|
|
2,218 |
|
|
|
2,168 |
|
|
|
4,597 |
|
|
|
4,369 |
|
Goodwill
impairment |
|
|
2,475 |
|
|
|
— |
|
|
|
2,475 |
|
|
|
— |
|
Deferred
rent(a) |
|
|
40 |
|
|
|
69 |
|
|
|
36 |
|
|
|
100 |
|
Stock
based compensation(b) |
|
|
497 |
|
|
|
286 |
|
|
|
949 |
|
|
|
825 |
|
Legal
settlement(c) |
|
|
— |
|
|
|
865 |
|
|
|
— |
|
|
|
865 |
|
Severance(d) |
|
|
68 |
|
|
|
3 |
|
|
|
68 |
|
|
|
85 |
|
Executive
recruiting(e) |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Professional fees(f) |
|
|
16 |
|
|
|
161 |
|
|
|
71 |
|
|
|
161 |
|
Great
Hill Partners expense reimbursement fees(g) |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
50 |
|
Adjusted EBITDA |
|
|
(1,380 |
) |
|
|
(551 |
) |
|
|
(2,448 |
) |
|
|
289 |
|
Change in
deferred revenue(h) |
|
|
(184 |
) |
|
|
616 |
|
|
|
75 |
|
|
|
542 |
|
Adjusted free cash
flow |
|
|
(1,564 |
) |
|
|
65 |
|
|
|
(2,373 |
) |
|
|
831 |
|
Other
general and administrative expenses(i) |
|
|
3,590 |
|
|
|
2,723 |
|
|
|
7,378 |
|
|
|
5,088 |
|
Studio-Level free cash
flow |
|
|
2,026 |
|
|
|
2,788 |
|
|
|
5,005 |
|
|
|
5,919 |
|
Change in
deferred revenue(h) |
|
|
184 |
|
|
|
(616 |
) |
|
|
(75 |
) |
|
|
(542 |
) |
Studio-Level
EBITDA |
|
$ |
2,210 |
|
|
$ |
2,172 |
|
|
$ |
4,930 |
|
|
$ |
5,377 |
|
(a) |
Reflects the extent to
which our rent expense for the period has been above or below our
cash rent payments. |
(b) |
Non-cash charges related
to equity-based compensation programs, which vary from period to
period depending on timing of awards and forfeitures. |
(c) |
Legal settlement expense
related to the Wage Statement Claim with the state of
California. |
(d) |
Severance expenses
incurred in the period related to the termination of studio and
non-studio employees. |
(e) |
Executive recruiting
expenses incurred in connection with the recruitment and hiring of
members of our executive management team. |
(f) |
Professional fees related
to certain accounting, tax and consulting services that were
expensed in connection with our acquisitions. |
(g) |
Represents expense
reimbursement fees incurred in connection with our Expense
Reimbursement Agreement with affiliates of Great Hill Partners,
which was terminated upon completion of our IPO. |
(h) |
Represents change in
deferred revenue that is reflected in the consolidated statements
of operations, excluding the change in gift card liabilities and
deferred revenue from acquisitions. |
(i) |
Represents general and
administrative expenses that are corporate and regional expenses
and not incurred by our studios, and which are primarily comprised
of expenses related to (i) wages and benefits of corporate and
regional employees, (ii) non-studio rent, utilities and
maintenance, (iii) corporate and regional marketing and
advertising, and (iv) corporate professional fees. Other general
and administrative expenses exclude any general and administrative
expenses related to deferred rent, stock-based compensation, legal
settlement, severance, executive recruiting, professional fees, the
Great Hill Partners expense reimbursement fees or any other general
and administrative expenses that are included in the reconciliation
of net loss to Adjusted EBITDA. |
Adjusted net loss
Adjusted net loss
The following table presents a reconciliation of Adjusted net
loss to Net loss for each of the periods indicated:
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands) |
|
(Unaudited) |
|
Net loss |
|
$ |
(6,651 |
) |
|
$ |
(4,448 |
) |
|
$ |
(10,612 |
) |
|
$ |
(7,065 |
) |
Goodwill
impairment |
|
|
2,475 |
|
|
|
— |
|
|
|
2,475 |
|
|
|
— |
|
Stock
based compensation(a) |
|
|
497 |
|
|
|
286 |
|
|
|
949 |
|
|
|
825 |
|
Legal
settlement(b) |
|
|
— |
|
|
|
865 |
|
|
|
— |
|
|
|
865 |
|
Severance(c) |
|
|
68 |
|
|
|
3 |
|
|
|
68 |
|
|
|
85 |
|
Executive
recruiting(d) |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Professional fees(e) |
|
|
16 |
|
|
|
161 |
|
|
|
71 |
|
|
|
161 |
|
Great
Hill Partners expense reimbursement fees(f) |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
50 |
|
Adjusted net loss |
|
$ |
(3,595 |
) |
|
$ |
(3,078 |
) |
|
$ |
(7,049 |
) |
|
$ |
(5,049 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-cash charges related
to equity-based compensation programs, which vary from period to
period depending on timing of awards and forfeitures. |
(b) |
Legal settlement expense
related to the Wage Statement Claim. |
(c) |
Severance expenses
incurred in the period related to the termination of studio and
non-studio employees. |
(d) |
Executive recruiting
expenses incurred in connection with the recruitment and hiring of
members of our executive management team. |
(e) |
Professional fees related
to certain accounting, tax and consulting services that were
expensed in connection with our acquisitions. |
(f) |
Represents expense
reimbursement fees incurred in connection with our Expense
Reimbursement Agreement with Great Hill Partners, which was
terminated upon completion of our IPO. |
Contacts:
Investor Relations:
Jean Fontana, ICR, Inc.
646-277-1200
IR@yogaworks.com
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