YEAR OVER YEAR CAVA REVENUE GROWTH OF 62.4%
DRIVEN BY CAVA SAME RESTAURANT SALES GROWTH OF 18.2% SECOND
QUARTER 2023 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 26.1%, 400
BASIS POINT INCREASE OVER SECOND QUARTER 2022 16 NET NEW
CAVA RESTAURANT OPENINGS DURING QUARTER
CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”),
the category-defining Mediterranean fast-casual restaurant brand
that brings heart, health, and humanity to food, today announced
financial results for its fiscal second quarter ended July 9,
2023.
“Our results in the second quarter demonstrated the power of our
restaurant operating model and the growing appeal of the
Mediterranean category, which we are defining. Revenue and
profitability reached record levels, with 18.2% CAVA Same
Restaurant Sales Growth, Net Income of $6.5 million and Adjusted
EBITDA of $21.6 million. Our dominant leadership position and
proven portability create meaningful opportunity for growth in new
and existing markets, as evidenced by our 16 Net New CAVA
Restaurant Openings during the quarter" said Brett Schulman,
Co-Founder and CEO. "Our performance is representative of the
momentum we've gained and continued focus on execution as we
grow."
Fiscal Second Quarter 2023 Highlights:
- CAVA Revenue grew 62.4% to $171.1 million as compared to
$105.3 million in the prior year quarter.
- Net New CAVA Restaurant Openings of 16, bringing total
CAVA Restaurants to 279, a 43.1% increase in total CAVA Restaurants
year over year.
- CAVA Same Restaurant Sales Growth of 18.2%.
- CAVA AUV of $2.6 million as compared to $2.4 million in
the prior year quarter.
- CAVA Restaurant-Level Profit of $44.6 million or growth
of 91.9% over the prior year quarter, with CAVA Restaurant-Level
Profit Margin of 26.1%, a 400 basis point increase over the
prior year quarter.
- CAVA Digital Revenue Mix was 36.1%
- CAVA Group Net Income of $6.5 million compared to net
loss of $8.2 million in the prior year quarter.
- CAVA Group Adjusted EBITDA of $21.6 million compared to
$5.9 million in the prior year quarter.
CAVA Fiscal Second Quarter 2023 Review:
CAVA Revenue was $171.1 million, an increase of 62.4% compared
to the fiscal second quarter of 2022. The increase was driven by
102 Net New CAVA Restaurant Openings during or subsequent to the
fiscal second quarter of 2022 and CAVA Same Restaurant Sales Growth
of 18.2%. CAVA Same Restaurant Sales Growth consists of 10.3% from
guest traffic and 7.9% from menu price and product mix.
CAVA Restaurant-Level Profit Margin was 26.1%, an increase of
400 basis points compared to the fiscal second quarter of 2022.
CAVA Restaurant-Level Profit Margin increased due to sales leverage
on labor and occupancy as well as lower food, beverage, and
packaging as a percentage of revenue, driven by lower input costs
and higher incidence of premium menu items driving favorable
product mix.
CAVA Group Fiscal Second Quarter 2023 Review:
General and administrative expenses were $23.3 million, or 13.5%
of revenue, as compared to $16.3 million, or 12.0% of revenue, in
the fiscal second quarter of 2022. General and administrative
expenses, excluding equity-based compensation and certain
non-recurring public company costs1, were $20.4 million, or 11.8%
of revenue, as compared to $15.3 million, or 11.2% of revenue, in
the fiscal second quarter of 2022. The increase of 60 basis points
was primarily due to higher performance based accruals, partially
offset by leverage from higher sales.
Net income was $6.5 million, or 3.8% of revenue, as compared to
net loss of $8.2 million in the fiscal second quarter of 2022.
Adjusted EBITDA(1) was $21.6 million, or 12.5% of revenue, an
increase of $15.7 million compared to the fiscal second quarter of
2022. The increase was primarily driven by CAVA Same Restaurant
Sales Growth, improved CAVA Restaurant-Level Profit Margin, and the
continued conversion of Zoes Kitchen locations, which have achieved
significantly stronger post-conversion results. These increases
were partially offset by increased general and administrative
expenses in the second quarter of 2023 compared with the prior year
quarter.
__________________
(1)
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, and Adjusted EBITDA are non-GAAP financial
measures. Reconciliations to the most directly comparable financial
measures presented in accordance with GAAP are set forth in the
tables at the end of this press release.
Fiscal Full-Year 2023 Outlook:
For fiscal full-year 2023, CAVA Group anticipates the
following:
Net New CAVA Restaurant Openings
65 to 70
CAVA Same Restaurant Sales Growth
13.0% to 15.0%
CAVA Restaurant-Level Profit Margin
At least 23.0%
Pre-opening costs
$13.5 to $14.5 million
Adjusted EBITDA
$62.0 to $67.0 million
Actual results may differ materially from CAVA Group's fiscal
full-year 2023 guidance as a result of, among other things, the
factors described under "Forward-Looking Statements" below.
A reconciliation of the forward-looking fiscal 2023 Adjusted
EBITDA to net income (loss) cannot be provided without unreasonable
effort because of the inherent difficulty of accurately forecasting
the occurrence and financial impact of the various adjusting items
necessary for such reconciliation that have not yet occurred, are
out of our control, or cannot be reasonably predicted.
About CAVA Group:
CAVA is the category-defining Mediterranean fast-casual
restaurant brand, bringing together healthful food and bold,
satisfying flavors at scale. Our brand and our opportunity
transcend the Mediterranean category to compete in the large and
growing limited-service restaurant sector as well as the health and
wellness food category. CAVA serves guests across gender lines, age
groups, and income levels and benefits from generational tailwinds
created by consumer demand for healthy living and a demographic
shift towards greater ethnic diversity. We meet consumers’ desires
to engage with convenient, authentic, purpose-driven brands that
view food as a source of self-expression. The broad appeal of our
food combined with these favorable industry trends drive our vast
opportunity for continued growth.
Earnings Conference Call:
The Company will host a conference call, August 15, 2023, at
5:00 PM Eastern Time to discuss second quarter 2023 financial
results as well as provide a business update. Investors will have
the opportunity to listen to the conference call live through the
webcast from the company's website on the investor relations page
at investor.cava.com. A recorded webcast will be available on
CAVA's investor relations website shortly after the call and
available for up to one year.
Cautionary Statement Regarding Forward-Looking
Statements:
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that reflect our current views with respect to, among other
things, our operations and financial performance. Forward-looking
statements include all statements that are not historical facts.
These forward-looking statements relate to matters such as our
industry, business strategy, goals, and expectations concerning our
market position, future operations, margins, profitability, capital
expenditures, liquidity and capital resources, and other financial
and operating information. These statements may include words such
as “anticipate,” “assume,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “future,” “will,” “seek,” “foreseeable,”
"outlook," the negative version of these words or similar terms and
phrases to identify forward-looking statements in this press
release.
The forward-looking statements contained in this press release
are based on management’s current expectations and are not
guarantees of future performance. The forward-looking statements
are subject to various risks, uncertainties, assumptions, or
changes in circumstances that are difficult to predict or quantify.
Our expectations, beliefs, and projections are expressed in good
faith, and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations,
beliefs, and projections will result or be achieved. Actual results
may differ materially from these expectations due to changes in
global, regional, or local economic, business, competitive, market,
regulatory, and other factors, many of which are beyond our
control. We believe that these factors include but are not limited
to the following: our operation in a highly competitive industry;
our ability to open new restaurants while managing our growth
effectively and maintaining our culture; our ability to
successfully identify appropriate locations and develop and expand
our operations in existing and new markets; the profitability of
new restaurants, and any impact to sales at our existing locations;
the impact of changes in guest perception of our brand; our ability
to successfully market our restaurants and brand; the impact of
food safety and food-borne illness concerns, including at our
manufacturing facilities; our ability to maintain or increase
prices; our ability to accurately predict guest trends and demand
and successfully introduce new menu offerings and improve our
existing menu offerings; the risks associated with leasing
property; our ability to successfully expand our digital and
delivery business; our ability to utilize, recognize, respond to,
and effectively manage the immediacy of social media; our ability
to achieve or maintain profitability in the future, especially if
we continue to grow at an accelerated rate; our ability to realize
the anticipated benefits from past and potential future
acquisitions, investments or other strategic initiatives; our
ability to manage our manufacturing and supply chain effectively;
the impact of shortages, delays, or interruptions in the delivery
of food items and other products; our ability to successfully
optimize, operate, and manage our production facilities; the risks
associated with our reliance on third parties; the impact of
increases in food, commodity, energy, and other costs; the impact
of increases in labor costs, labor shortages, and our ability to
identify, hire, train, motivate and retain the right team members;
our ability to attract, develop, and retain our management team and
key team members; the impact of any cybersecurity breaches; the
impact of failures, or interruptions in, or our inability to
effectively scale and adapt, our information technology systems;
our ability to comply with, or changes in, the extensive laws or
regulations requirements to which we are subject, including those
relating to privacy; the impact of economic factors and guest
behavior trends; the impact of evolving rules and regulations with
respect to environmental, social and governance matters; and the
impact of climate change and volatile adverse weather conditions;
and each of the other factors set forth under the heading “Risk
Factors” in our filings with the United States Securities and
Exchange Commission.
The forward-looking statements included in this press release
are made only as of the date hereof. Any forward-looking statement
made by us in this press release speaks only as of the date of this
press release and are expressly qualified in their entirety by the
cautionary statements included in this press release. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them.
Non-GAAP Financial Measures:
In addition to our consolidated financial statements, which are
prepared in accordance with GAAP, we present Adjusted EBITDA,
Adjusted EBITDA Margin, and general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, in this press release as supplemental
measures of financial performance that are not required by, or
presented in accordance with, GAAP. We believe they assist
investors and analysts in comparing our operating performance
across reporting periods on a consistent basis by excluding items
that we do not believe are indicative of our operating performance.
Management believes Adjusted EBITDA, Adjusted EBITDA Margin, and
general and administrative expenses, excluding equity-based
compensation and certain non-recurring public company costs, are
useful to investors in highlighting trends in our operating
performance, while other measures can differ significantly
depending on long-term strategic decisions regarding capital
structure, the tax jurisdictions in which we operate, and capital
investments. Management uses Adjusted EBITDA, Adjusted EBITDA
Margin, and general and administrative expenses, excluding
equity-based compensation and certain non-recurring public company
costs, to supplement GAAP measures of performance in the evaluation
of the effectiveness of our business strategies, to make budgeting
decisions, and to compare our performance against that of other
peer companies using similar measures. Management supplements GAAP
results with non-GAAP financial measures to provide a more complete
understanding of the factors and trends affecting the business than
GAAP results alone provide.
Adjusted EBITDA, Adjusted EBITDA Margin, and general and
administrative expenses, excluding equity-based compensation and
certain non-recurring public company costs, are not recognized
terms under GAAP and should not be considered as alternatives to
net income (loss), net income (loss) margin, or general and
administrative expenses, as applicable, as measures of financial
performance or cash provided by operating activities as measures of
liquidity, or any other performance measure derived in accordance
with GAAP. Additionally, Adjusted EBITDA and Adjusted EBITDA Margin
are not intended to be measures of free cash flow available for
management’s discretionary use, as they do not consider certain
cash requirements such as interest payments, tax payments, and debt
service requirements. Adjusted EBITDA and Adjusted EBITDA Margin
should not be considered as measures of discretionary cash
available to invest in the business growth or to reduce
indebtedness. Our non-GAAP measures have limitations as analytical
tools, and you should not consider them in isolation, or as
substitutes for analysis of our results as reported under GAAP.
Some of these limitations are:
- Adjusted EBITDA does not reflect our cash expenditures or
future requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs;
- Adjusted EBITDA does not reflect the interest expense, or the
cash requirements necessary to service interest or principal
payments, on our debts;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense, or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the impact of earnings or cash
charges resulting from matters we consider not to be indicative of
our ongoing operations;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect any
cash requirements for such replacements; and
- other companies in our industry may calculate Adjusted EBITDA,
Adjusted EBITDA Margin and general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, differently than we do, limiting their
usefulness as comparative measures.
CAVA GROUP, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
(in thousands, except per share
amounts)
July 9, 2023
July 10, 2022
July 9, 2023
July 10, 2022
Revenue
$
172,894
$
135,915
$
375,977
$
294,926
Operating expenses:
Restaurant operating costs
(excluding depreciation and amortization)
Food, beverage, and
packaging
51,000
43,741
110,118
94,645
Labor
42,417
37,731
94,571
84,753
Occupancy
13,400
12,214
29,999
28,954
Other operating expenses
20,646
16,624
45,294
38,825
Total restaurant operating
expenses
127,463
110,310
279,982
247,177
General and administrative
expenses
23,321
16,284
52,345
37,221
Depreciation and
amortization
10,709
8,946
23,568
21,765
Restructuring and other
costs
1,853
1,650
4,068
2,934
Pre-opening costs
3,400
4,484
9,399
8,050
Impairment and asset disposal
costs
386
2,579
3,105
6,010
Total operating expenses
167,132
144,253
372,467
323,157
Income (loss) from operations
5,762
(8,338
)
3,510
(28,231
)
Interest (income) expense,
net
(699
)
34
(674
)
377
Other income, net
(118
)
(198
)
(292
)
(456
)
Income (loss) before income taxes
6,579
(8,174
)
4,476
(28,152
)
Provision for income taxes
40
56
78
96
Net income (loss)
$
6,539
$
(8,230
)
$
4,398
$
(28,248
)
Earnings (loss) per common share:
Net income (loss) per share,
basic
$
0.23
$
(6.23
)
$
0.34
$
(21.58
)
Net income (loss) per share,
diluted
$
0.21
$
(6.23
)
$
0.29
$
(21.58
)
Weighted average shares
outstanding, basic
28,366
1,322
13,098
1,309
Weighted average shares
outstanding, diluted
31,279
1,322
15,212
1,309
Financial information for the Company’s reportable segments was
as follows for the periods presented:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
($ in thousands)
July 9, 2023
July 10, 2022
July 9, 2023
July 10, 2022
Revenue
CAVA
$
171,089
$
105,327
$
367,850
$
217,333
Zoes Kitchen
—
28,823
3,867
73,564
Other
1,805
1,765
4,260
4,029
Total revenue
172,894
135,915
375,977
294,926
Restaurant-Level operating expenses
(1)
CAVA
126,473
82,074
273,251
174,488
Zoes Kitchen
—
26,602
4,044
69,234
Other
990
1,634
2,687
3,455
Total Restaurant-level operating
expenses
127,463
110,310
279,982
247,177
Restaurant-Level profit
CAVA
44,616
23,253
94,599
42,845
Zoes Kitchen
—
2,221
(177
)
4,330
Other
815
131
1,573
574
Total Restaurant-Level
profit
45,431
25,605
95,995
47,749
Reconciliation of Restaurant-Level profit
to income (loss) before income taxes:
General and administrative
expenses
23,321
16,284
52,345
37,221
Depreciation and
amortization
10,709
8,946
23,568
21,765
Restructuring and other
costs
1,853
1,650
4,068
2,934
Pre-opening costs
3,400
4,484
9,399
8,050
Impairment and asset disposal
costs
386
2,579
3,105
6,010
Interest (income) expense,
net
(699
)
34
(674
)
377
Other (income) expense, net
(118
)
(198
)
(292
)
(456
)
Income (loss) before income
taxes
$
6,579
$
(8,174
)
$
4,476
$
(28,152
)
__________________
(1) Restaurant-level operating expenses
consist of food, beverage and packaging (excluding depreciation and
amortization), labor, occupancy and other operating expenses.
CAVA is now our single operating brand for our operations as we
convert and wind down our Zoes Kitchen operations over the course
of 2023. As a result, we highlight the CAVA segment distinctly from
CAVA Group results throughout this press release. The following
table presents selected quarterly financial and other data as of
the periods indicated:
Twelve Weeks Ended
Sixteen Weeks Ended
Twelve Weeks Ended
Twelve Weeks Ended
Twelve Weeks Ended
July 9, 2023
April 16, 2023
December 25,
2022
October 2, 2022
July 10, 2022
(Q2 2023)
(Q1 2023)
(Q4 2022)
(Q3 2022)
(Q2 2022)
Net New CAVA Restaurant Openings
16
26
23
19
18
CAVA Restaurants, end of period
279
263
237
214
195
CAVA Same Restaurant Sales Growth
18.2
%
28.4
%
14.8
%
9.2
%
13.3
%
CAVA AUV(1)
$
2,599
$
2,547
$
2,398
$
2,383
$
2,399
CAVA Restaurant-Level Profit
$
44,616
$
49,983
$
23,027
$
25,221
$
23,253
CAVA Restaurant-Level Profit Margin
26.1
%
25.4
%
20.0
%
21.7
%
22.1
%
__________________
(1) For purposes of calculating CAVA AUV
for Q2 2022, Q3 2022, Q4 2022, Q1 2023, and Q2 2023 the applicable
measurement period is the entire trailing thirteen periods ended
July 10, 2022, October 2, 2022, December 25, 2022, April 16, 2023,
and July 9, 2023, respectively.
The following table presents the Company’s selected balance
sheet and cash flow data as of the periods indicated:
($ in thousands)
July 9, 2023
December 25,
2022
SELECTED BALANCE SHEET DATA
Cash and cash equivalents
$
352,845
$
39,125
Total assets
970,375
583,883
Total liabilities
414,566
370,078
Redeemable preferred stock
—
662,308
Total stockholders’ equity
555,809
(448,503
)
Total liabilities, preferred stock and
stockholders' equity
970,375
583,883
Twenty-Eight Weeks
Ended
($ in thousands)
July 9, 2023
July 10, 2022
SELECTED CASH FLOW DATA
Net cash provided by (used in) operating
activities
$
47,110
$
(1,432
)
Net cash used in investing activities
(72,478
)
(45,612
)
Net cash provided by (used in) financing
activities
339,088
(1,630
)
Net change in cash and cash
equivalents
$
313,720
$
(48,674
)
The following table shows the growth in our company-owned CAVA
restaurant base:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
July 9, 2023
July 10, 2022
July 9, 2023
July 10, 2022
CAVA Restaurants
Beginning of period
263
177
237
164
New CAVA restaurant openings,
including converted Zoes Kitchen locations
16
19
43
32
Permanent closure
—
(1
)
(1
)
(1
)
End of period
279
195
279
195
Reconciliation of Non-GAAP Financial Measures
The following table reconciles net income (loss) to Adjusted
EBITDA for the periods indicated:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
($ in thousands)
July 9, 2023
July 10, 2022
July 9, 2023
July 10, 2022
Net income (loss)
$
6,539
$
(8,230
)
$
4,398
$
(28,248
)
Non-GAAP Adjustments
Interest (income) expense,
net
(699
)
34
(674
)
377
Provision for income taxes
40
56
78
96
Depreciation and
amortization
10,709
8,946
23,568
21,765
Equity-based compensation
1,778
1,029
2,983
1,812
Other income, net
(118
)
(198
)
(292
)
(456
)
Impairment and asset disposal
costs
386
2,579
3,105
6,010
Restructuring and other
costs
1,853
1,650
4,068
2,934
Certain non-recurring public
company costs
1,113
—
1,113
—
Adjusted EBITDA
$
21,601
$
5,866
$
38,347
$
4,290
Revenue
$
172,894
$
135,915
$
375,977
$
294,926
Net income (loss) margin
3.8
%
(6.1
)%
1.2
%
(9.6
)%
Adjusted EBITDA margin
12.5
%
4.3
%
10.2
%
1.5
%
The following table reconciles general and administrative
expenses to general and administrative expenses, excluding
equity-based compensation and certain non-recurring public company
costs for the periods indicated:
Twelve Weeks Ended
Twenty-Eight Weeks
Ended
($ in thousands)
July 9, 2023
July 10, 2022
July 9, 2023
July 10, 2022
General and administrative expenses
$
23,321
$
16,284
$
52,345
$
37,221
Equity-based compensation
1,778
1,029
2,983
1,812
Certain non-recurring public company
costs
1,113
—
1,113
—
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs
$
20,430
$
15,255
$
48,249
$
35,409
Revenue
$
172,894
$
135,915
$
375,977
$
294,926
General and administrative expenses, as a
percentage of revenue
13.5
%
12.0
%
13.9
%
12.6
%
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, as a percentage of revenue
11.8
%
11.2
%
12.8
%
12.0
%
Glossary:
The following definitions apply to these terms as used in this
press release:
“Adjusted EBITDA” is defined as net income (loss) adjusted to
exclude interest expense (income), net, provision for income taxes,
and depreciation and amortization, further adjusted to exclude
equity-based compensation, other income, net, impairment and asset
disposal costs, restructuring and other costs, and certain
non-recurring public company costs;
“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a
percentage of revenue;
“CAVA Average Unit Volume” or “CAVA AUV” represents total
revenue of operating CAVA Restaurants that were open for the entire
trailing thirteen periods, and digital kitchens sales for such
period, divided by the number of operating CAVA Restaurants that
were open for the entire trailing thirteen periods;
“CAVA Digital Revenue Mix” represents the portion of CAVA
revenue related to digital orders as a percentage of total CAVA
revenue;
“CAVA Restaurant-Level Profit,” a segment measure of profit and
loss, represents CAVA Revenue in the specified period less food,
beverage, and packaging, labor expenses, occupancy expenses, and
other operating expenses, excluding depreciation and amortization,
in the period. CAVA Restaurant-Level Profit excludes pre-opening
costs;
“CAVA Restaurant-Level Profit Margin” represents CAVA
Restaurant-Level Profit as a percentage of CAVA Revenue;
“CAVA Restaurants” is defined to include all CAVA restaurants,
including converted Zoes Kitchen locations and CAVA hybrid
kitchens, that are open as of the end of the specific period. CAVA
Restaurants exclude one restaurants operating under a license
agreement and CAVA digital kitchens;
“CAVA Revenue” is defined to include all revenue attributable to
CAVA restaurants in the specified period, excluding one restaurant
operating under a license agreement;
“CAVA Same Restaurant Sales Growth” is defined as the
period-over-period sales comparison for CAVA restaurants that have
been open for 365 days or longer (including converted Zoes Kitchen
locations that have been open for 365 days or longer after the
completion of the conversion to a CAVA restaurant);
“digital orders” means orders made through catering, digital
channels, such as the CAVA app and the CAVA website. Digital orders
include orders fulfilled through third-party marketplace and native
delivery and digital order pick-up;
“guest traffic” means the number of entrees ordered
in-restaurant and through digital orders; and
“Net New CAVA Restaurant Openings” is defined as new CAVA
restaurant openings (including CAVA restaurants converted from a
Zoes Kitchen location) during a specified reporting period, net of
any permanent CAVA restaurant closures during the same period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230815461992/en/
Investor Relations Matt Milanovich, SVP of Finance (202)
984-2558 matt.milanovich@cava.com
Media Relations: Lynne Boschee, VP, Communications
media@cava.com
CAVA (NYSE:CAVA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
CAVA (NYSE:CAVA)
Gráfica de Acción Histórica
De May 2023 a May 2024