via NewMediaWire
-- Paltalk, Inc. (“Paltalk,” the
“Company,” “we,” “our” or “us”) (Nasdaq: PALT), a
communications software innovator that powers multimedia social
applications, today announced financial and operational results for
the fourth quarter and year ended December 31, 2023.
Key Financial Highlights for Fourth
Quarter Ended December 31, 2023 Compared to Prior Year
Period
- Total Revenue decreased 4% to $2.7
million
- Subscription revenue decreased 5%
to $2.6 million
- Advertising revenue increased 40%
to $0.1 million
- Net loss was $0.3 million compared
to a net loss of $0.5 million, an improvement of 43%
- Adjusted EBITDA1 loss was $0.2
million compared to Adjusted EBITDA1 loss of $0.5 million, an
improvement of 53%
- Net cash used in operating
activities for the quarter was $0.1 million
Key Financial Highlights for Year Ended
December 31, 2023 Compared to Prior Year Period
- Total Revenue remained relatively
unchanged at $11.0 million
- Subscription revenue remained
relatively unchanged at $10.6 million
- Advertising revenue increased 1.9%
to $0.3 million
- Net loss was $1.1 million compared
to a net loss of $3.4 million, an improvement of 68%
- Adjusted EBITDA1 loss was $1.0
million compared to Adjusted EBITDA1 loss of $2.6 million, an
improvement of 62%
- Deferred revenue decreased 9% to
$2.0 million as of December 31, 2023
- The Company had $13.6 million in
cash and no long-term debt on its balance sheet as of December 31,
2023
Business Highlights for the Year Ended
December 31, 2023
- Leveraging our integration of the
ManyCam product into Paltalk through upselling initiatives
- Further optimizing marketing spend
to effectively realize a positive return on our investment
- Evaluating avenues to optimize and
reduce expenses with our infrastructure
- Continuing to explore strategic
opportunities, including, but not limited to, potential mergers or
acquisitions of other assets or entities that are synergistic to
our businesses
- Continuing to defend our
intellectual property
1 Adjusted EBITDA
is a non-GAAP financial measure. Please see the discussion below
under the heading “Non-GAAP Financial Measures and Key Metrics” and
the reconciliations at the end of this release for additional
information concerning this and other non-GAAP financial
measures.
Management Commentary
Jason Katz, Chairman and CEO of Paltalk,
commented, “Several of our initiatives have led to a significant
decrease in operating expenses and an improvement in reducing our
operating and net losses. As a result, our operating expenses as a
percentage of revenue declined to 118% for the fourth quarter of
2023, versus 129% for the fourth quarter of 2022.”
Katz, continued, “On the sales side, our
marketing efforts have become more efficient, and we have expanded
ManyCam to the enterprise segment. We believe we are
well-positioned for organic and acquisitive growth, as our current
expense infrastructure can support additional revenue, and our cash
position as of December 31, 2023 remains strong at $13.6
million.”
Katz, concluded, “On the strategic opportunities
front, we have continued to actively identify and analyze potential
mergers or acquisitions of other assets or entities that are
synergistic to our business, which we believe have the potential to
increase shareholder value. Our trial against Cisco has been set to
begin in April 2024, and we look forward to continuing to
defend our intellectual property.”
Patent Litigation Update – Trial
Expected to Begin in April 2024
On July 23, 2021, a wholly owned subsidiary of
the Company, Paltalk Holdings, Inc., filed a patent infringement
lawsuit against WebEx Communications, Inc., Cisco WebEx LLC, and
Cisco Systems, Inc. (collectively, “Cisco”), in the U.S. District
Court for the Western District of Texas (the “Court”). We allege
that certain of Cisco’s products have infringed U.S. Patent No.
6,683,858, and that we are entitled to damages.
A Markman hearing took place on February 24,
2022. On September 7, 2022, the United States Patent Office issued
a reexamination of U.S. Patent No. 6,683,858, and on
January 19, 2023, the Examiner issued an Ex
Parte Reexamination Certificate, ending the
reexamination and confirming the patentability of claims 1-10 of
U.S. Patent No. 6,683,858. On June 29, 2023, the Court held a
pretrial conference with the parties and denied Cisco’s motion for
summary judgement. The trial is expected to begin on April 8,
2024.
If we receive a jury verdict in our favor or
receive settlement proceeds in connection with the foregoing
litigation, the exact amount of such proceeds to be received by us
will be determined based on a number of factors and will reflect
the deduction of significant litigation-related expenses, including
legal fees. Consequently, we will not receive the
majority of any gross proceeds resulting from any potential
verdict or settlement. For the foregoing reasons, we are
unable to predict the outcome of this litigation and its ultimate
cost.
Financial Results for Three Months Ended
December 31, 2023
- Revenue for the three months ended
December 31, 2023 decreased by 4% to $2.7 million, compared to $2.8
million for the three months ended December 31, 2022. The decrease
in revenue was primarily attributed to a decrease in subscription
and virtual gift revenue from Paltalk and Camfrog, partially offset
by increased revenue from Vumber and ManyCam;
- Loss from operations for the three
months ended December 31, 2023 improved by 38.4% to a loss of $0.5
million, compared to a loss of $0.8 million for the three months
ended December 31, 2022. The improvement in loss from operations
was attributed to a decrease in sales and marketing, product
development, and general and administrative expenses for the three
months ended December 31, 2023;
- Net loss for the three months ended
December 31, 2023 improved by 42.7% to $0.3 million, compared to a
net loss of $0.5 million the three months ended December 31, 2022.
The decrease in net loss was due to the reduction of operating
expenses; and
- Adjusted EBITDA1 loss for the three
months ended December 31, 2023 improved by 52.8% to $0.2 million,
compared to Adjusted EBITDA1 loss of $0.5 million for the three
months ended December 31, 2022.
Financial Results for Year Ended
December 31, 2023
- Revenue for the year ended December
31, 2023 and 2022 remained relatively unchanged at $11.0 million.
Decreases in subscription and virtual gift in the Paltalk and
Camfrog applications were offset by increases in revenue from
Vumber and ManyCam;
- Loss from operations for the year
ended December 31, 2023 improved by 43.4% to a loss of $2.1
million, compared to a loss of $3.7 million for the year ended
December 31, 2022. The improvement in loss from operations was
primarily attributable to an increase in revenue and reduced
operating expenses in connection with the implementation of
operating efficiencies;
- Net loss for the year ended
December 31, 2023 improved by 68.7% to $1.1 million, compared to a
net loss of $3.4 million for the year ended December 31, 2022. The
improvement in net loss was attributed to a decrease in operating
expenses as well as an increase in other income in connection with
the Company’s recording of a refundable employee retention tax
credit;
- Adjusted EBITDA1 loss for the year
ended December 31, 2023 improved by 61.7%, or $1.6 million, to $1.0
million, compared to Adjusted EBITDA1 loss of $2.6 million for the
year ended December 31, 2022;
- Cash and cash equivalents totaled
$13.6 million at December 31, 2023, a decrease of $1.1 million
compared to $14.7 million at December 31, 2022; and
- The Company had no long-term debt on its balance sheet at
December 31, 2023.
Key Financial and Operating Metrics from
Operations: (in thousands, except for percentages)
|
Three Months
Ended |
|
|
|
|
|
December 31,
(unaudited) |
|
Change |
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
Subscription revenue |
$ |
2,583 |
|
$ |
2,717 |
|
$ |
(134 |
) |
-4.9 |
% |
Advertising revenue |
$ |
109 |
|
$ |
78 |
|
$ |
31 |
|
39.9 |
% |
|
|
|
|
|
|
|
|
Total
revenues |
$ |
2,692 |
|
$ |
2,795 |
|
$ |
(103 |
) |
-3.7 |
% |
Loss from
operations |
$ |
(494 |
) |
$ |
(802 |
) |
$ |
308 |
|
38.4 |
% |
Net
loss |
$ |
(283 |
) |
$ |
(494 |
) |
$ |
211 |
|
42.7 |
% |
Net Cash
Provided by (Used in) Operating Activities |
$ |
(99 |
) |
$ |
(333 |
) |
$ |
234 |
|
70.3 |
% |
Adjusted
EBITDA (a non-GAAP measure) |
$ |
(223 |
) |
$ |
(473 |
) |
$ |
250 |
|
52.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
|
|
December
31, |
|
Change |
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
Subscription revenue |
$ |
10,647 |
|
$ |
10,663 |
|
$ |
(16 |
) |
-0.1 |
% |
Advertising revenue |
$ |
333 |
|
$ |
327 |
|
$ |
6 |
|
1.9 |
% |
|
|
|
|
|
|
|
|
Total
revenues |
$ |
10,980 |
|
$ |
10,990 |
|
$ |
(10 |
) |
-0.1 |
% |
Loss from
operations |
$ |
(2,070 |
) |
$ |
(3,659 |
) |
$ |
1,589 |
|
43.4 |
% |
Net
loss |
$ |
(1,067 |
) |
$ |
(3,412 |
) |
$ |
2,345 |
|
68.7 |
% |
Net cash
used in operating activities |
$ |
(1,080 |
) |
$ |
(2,957 |
) |
$ |
1,877 |
|
63.5 |
% |
Adjusted
EBITDA (a non-GAAP measure) |
$ |
(1,013 |
) |
$ |
(2,647 |
) |
$ |
1,634 |
|
61.7 |
% |
ABOUT PALTALK, INC. (Nasdaq:
PALT)
Paltalk, Inc. is a communications software
innovator that powers multimedia social applications. Our product
portfolio includes Paltalk and Camfrog, which together host a large
collection of video-based communities. Our other products include
ManyCam, Tinychat and Vumber. The Company has an over 20-year
history of technology innovation and holds 8 patents. For more
information, please visit: http://www.paltalk.com.
To be added to our news distribution list,
please visit: http://www.paltalk.com/investor-alerts/.
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking
statements." Such statements may be preceded by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential," or similar words. Forward-looking statements are
not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, any economic recession and the overall
inflationary environment on our results of operations and our
business; our ability to effectively market and generate revenue
from our applications; our ability to generate and maintain active
users and to effectively monetize our user base; our ability to
improve, market and promote the ManyCam software; the Company’s
ability to retain the listing of its common stock on The Nasdaq
Capital Market; our ability to release new applications or improve
upon or add features to existing applications on schedule or at
all; risks and uncertainties related to our increasing focus on the
use of new and novel technologies to enhance our applications, and
our ability to timely complete development of applications using
new technologies; our ability to effectively compete with existing
competitors and new market entrants; our ability to effectively
secure new software development and licensing customers; our
ability to protect our intellectual property rights; the use
of the internet and privacy and protection of user data; our
ability to consummate favorable acquisitions and effectively
integrate any companies or properties that we acquire; and our
ability to manage our partnerships and strategic alliances. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the Company's most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors
and security holders are urged to read these documents free of
charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of
the date on which they are made. The Company undertakes no
obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement was made, except to the extent required by applicable
securities laws.
Investor
Contacts:IR@paltalk.comClearThinknyc@clearthink.capital917-658-7878
PALTALK,
INC.RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
|
|
Three Months
Ended |
|
Year
Ended |
|
|
|
December 31, (Unaudited) |
|
December 31, (Unaudited) |
|
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(283,090 |
) |
|
$ |
(494,234 |
) |
$ |
(1,067,335 |
) |
|
$ |
(3,412,250 |
) |
Stock-based compensation expense |
|
|
65,302 |
|
|
|
62,476 |
|
|
234,993 |
|
|
|
333,825 |
|
Depreciation and amortization expense |
|
|
205,584 |
|
|
|
266,298 |
|
|
822,334 |
|
|
|
670,863 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
7,262 |
|
Interest income, net |
|
|
(177,178 |
) |
|
|
(105,260 |
) |
|
(639,611 |
) |
|
|
(74,895 |
) |
Other income, net |
|
|
- |
|
|
|
- |
|
|
(343,045 |
) |
|
|
- |
|
Income tax benefit |
|
|
(33,842 |
) |
|
|
(202,161 |
) |
|
(20,252 |
) |
|
|
(171,665 |
) |
Reported
Adjusted EBITDA |
|
$ |
(223,224 |
) |
|
$ |
(472,881 |
) |
$ |
(1,012,916 |
) |
|
$ |
(2,646,860 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures and Key
Metrics
The Company has provided in this release
Adjusted EBITDA, a non-GAAP financial measure, to supplement the
consolidated financial statements, which are prepared in accordance
with generally accepted accounting principles in the United States
("GAAP"). Adjusted EBITDA is defined as net (loss) income adjusted
to exclude stock-based compensation expense, depreciation and
amortization expenses, impairment loss on digital token, interest
income, net, other (income) expense, net, and income tax (benefit)
expense.
Management uses Adjusted EBITDA internally in
analyzing the Company’s financial results to assess operational
performance and to determine the Company’s future capital
requirements. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared in accordance with GAAP. The Company
believes that both management and investors benefit from referring
to Adjusted EBITDA in assessing its performance and when planning,
forecasting and analyzing future periods. The Company believes
Adjusted EBITDA is useful to investors and others to understand and
evaluate the Company’s operating results and it allows for a more
meaningful comparison between the Company’s performance and that of
competitors. Our use of Adjusted EBITDA has limitations as an
analytical tool, and you should not consider this performance
measure in isolation from or as a substitute for analysis of our
results as reported under GAAP. Some of these limitations are that
Adjusted EBITDA does not reflect, among other things: cash capital
expenditures for assets underlying depreciation and amortization
expense that may need to be replaced or for new capital
expenditures; net loss from discontinued operations; interest
income, net; other expense, net; income tax expense from continuing
operations; our working capital requirements; the impairment loss
on digital tokens; the potentially dilutive impact of stock-based
compensation; and the provision for income taxes. Other companies,
including companies in our industry, may calculate Adjusted EBITDA
differently, which reduces its usefulness as a comparative
measure.
Because of these limitations, you should
consider Adjusted EBITDA along with other financial performance
measures, including total revenues, subscription revenue, deferred
revenue, net loss, cash and cash equivalents, restricted cash, net
cash used in operating activities and our financial results
presented in accordance with GAAP.
PALTALK,
INC.CONSOLIDATED BALANCE SHEETS
|
|
December
31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
13,568,049 |
|
|
$ |
14,739,933 |
|
Accounts
receivable, net of allowances of $23,326 and $3,648 as of December
31, 2023 and 2022, respectively |
|
|
92,704 |
|
|
|
122,297 |
|
Employee
retention tax credit receivable, net |
|
|
114,212 |
|
|
|
- |
|
Prepaid
expense and other current assets |
|
|
990,634 |
|
|
|
543,199 |
|
Total
current assets |
|
|
14,765,599 |
|
|
|
15,405,429 |
|
Operating
lease right-of-use asset |
|
|
77,005 |
|
|
|
159,181 |
|
Goodwill |
|
|
6,326,250 |
|
|
|
6,326,250 |
|
Intangible assets, net |
|
|
2,704,477 |
|
|
|
3,526,811 |
|
Other
assets |
|
|
13,937 |
|
|
|
13,937 |
|
Total assets |
|
$ |
23,887,268 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
792,053 |
|
|
$ |
1,013,637 |
|
Accrued
expenses and other current liabilities |
|
|
226,120 |
|
|
|
225,193 |
|
Operating
lease liabilities, current portion |
|
|
77,005 |
|
|
|
82,176 |
|
Contingent Consideration |
|
|
- |
|
|
|
85,000 |
|
Deferred
subscription revenue |
|
|
2,043,362 |
|
|
|
2,257,452 |
|
Total
current liabilities |
|
|
3,138,540 |
|
|
|
3,663,458 |
|
Operating
lease liabilities, non-current portion |
|
|
- |
|
|
|
77,005 |
|
Deferred
tax liability |
|
|
614,041 |
|
|
|
716,903 |
|
Total liabilities |
|
|
3,752,581 |
|
|
|
4,457,366 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 25,000,000 shares authorized, 9,864,120
shares issued and 9,222,157 and 9,227,349 shares outstanding as of
December 31, 2023 and 2022, respectively |
|
|
9,864 |
|
|
|
9,864 |
|
Treasury
stock, 641,963 and 636,771 shares repurchased as of December 31,
2023 and 2022, respectively |
|
|
(1,199,337 |
) |
|
|
(1,192,124 |
) |
Additional paid-in capital |
|
|
36,208,728 |
|
|
|
35,973,735 |
|
Accumulated deficit |
|
|
(14,884,568 |
) |
|
|
(13,817,233 |
) |
Total stockholders’ equity |
|
|
20,134,687 |
|
|
|
20,974,242 |
|
Total liabilities and stockholders’ equity |
|
$ |
23,887,268 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
PALTALK,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
Years
Ended |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
Subscription revenue |
|
$ |
10,646,700 |
|
|
$ |
10,662,691 |
|
Advertising revenue |
|
|
333,144 |
|
|
|
326,854 |
|
Total revenues |
|
|
10,979,844 |
|
|
|
10,989,545 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
3,238,243 |
|
|
|
2,823,570 |
|
Sales and marketing expense |
|
|
878,657 |
|
|
|
1,571,275 |
|
Product development expense |
|
|
4,860,607 |
|
|
|
5,934,433 |
|
General and administrative expense |
|
|
4,072,580 |
|
|
|
4,311,815 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
7,262 |
|
Total costs and expenses |
|
|
13,050,087 |
|
|
|
14,648,355 |
|
Loss from operations |
|
|
(2,070,243 |
) |
|
|
(3,658,810 |
) |
Interest income (expense), net |
|
|
639,611 |
|
|
|
74,895 |
|
Other income (expense) |
|
|
343,045 |
|
|
|
- |
|
Loss from operations before provision for income taxes |
|
|
(1,087,587 |
) |
|
|
(3,583,915 |
) |
Income tax benefit (expense) |
|
|
20,252 |
|
|
|
171,665 |
|
Net loss |
|
$ |
(1,067,335 |
) |
|
$ |
(3,412,250 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share of common stock: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.12 |
) |
|
$ |
(0.35 |
) |
Diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.35 |
) |
Weighted average number of shares of common stock used in
calculating net loss per share of common stock: |
|
|
|
|
|
|
|
|
Basic |
|
|
9,222,206 |
|
|
|
9,638,567 |
|
Diluted |
|
|
9,222,206 |
|
|
|
9,638,567 |
|
|
|
|
|
|
|
|
|
|
PALTALK,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
Years
Ended |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(1,067,335 |
) |
|
$ |
(3,412,250 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities: |
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
- |
|
|
|
69,599 |
|
Amortization of intangible assets |
|
|
822,334 |
|
|
|
601,264 |
|
Amortization of operating lease right-of-use assets |
|
|
82,176 |
|
|
|
80,310 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
7,262 |
|
Income
tax benefit |
|
|
20,252 |
|
|
|
- |
|
Deferred
tax liability |
|
|
(123,114 |
) |
|
|
(171,665 |
) |
Stock-based compensation |
|
|
234,993 |
|
|
|
333,825 |
|
Bad debt
expense |
|
|
49,274 |
|
|
|
- |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
|
(19,681 |
) |
|
|
31,151 |
|
Operating
lease liability |
|
|
(82,176 |
) |
|
|
(80,310 |
) |
Employee
retention tax credit receivable, net |
|
|
(114,212 |
) |
|
|
- |
|
Prepaid
expense and other current assets |
|
|
(447,435 |
) |
|
|
(303,941 |
) |
Accounts
payable, accrued expenses and other current liabilities |
|
|
(220,657 |
) |
|
|
(453,928 |
) |
Deferred
subscription revenue |
|
|
(214,090 |
) |
|
|
341,959 |
|
Net cash
used in operating activities |
|
|
(1,079,671 |
) |
|
|
(2,956,724 |
) |
Cash flows from investing activities
activities: |
|
|
|
|
|
|
|
|
Acquisition of ManyCam assets |
|
|
- |
|
|
|
(2,700,000 |
) |
Acquisition related costs of ManyCam assets |
|
|
- |
|
|
|
(242,279 |
) |
Payment
of contingent consideration |
|
|
(85,000 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(85,000 |
) |
|
|
(2,942,279 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Purchase of treasury stock |
|
|
(7,213 |
) |
|
|
(997,924 |
) |
Net cash used in financing activities |
|
|
(7,213 |
) |
|
|
(997,924 |
) |
Net decrease in cash and cash equivalents |
|
|
(1,171,884 |
) |
|
|
(6,896,927 |
) |
Balance of cash and cash equivalents at beginning of period |
|
|
14,739,933 |
|
|
|
21,636,860 |
|
Balance of cash and cash equivalents at end of period |
|
$ |
13,568,049 |
|
|
$ |
14,739,933 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Deferred tax liability associated with the acquisition of ManyCam
assets |
|
$ |
- |
|
|
$ |
904,253 |
|
Accrued contingent consideration |
|
$ |
- |
|
|
$ |
85,000 |
|
Paltalk (NASDAQ:PALT)
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