EverCommerce Inc. ("EverCommerce" or the "Company") (NASDAQ: EVCM),
a leading service commerce platform, today announced financial
results for the quarter and year ended December 31, 2023.
Fourth Quarter 2023 Financial
Highlights
-
Revenue of $169.4 million, an increase of 4.7%
compared to $161.8 million for the quarter ended December 31,
2022.
- YoY Pro
forma revenue growth rate of approximately 4.3% for the
quarter ended December 31, 2023.
- Net
loss was $23.3 million, or ($0.12) per basic and diluted
share, for the quarter ended December 31, 2023, compared to
net loss of $17.8 million, or ($0.09) per basic and diluted share,
for the quarter ended December 31, 2022.
- Adjusted
EBITDA was $43.1 million for the quarter ended
December 31, 2023, compared to $35.2 million for the quarter
ended December 31, 2022.
“Despite experiencing some continuing headwinds to revenue
growth in the fourth quarter, EverCommerce delivered Adjusted
EBITDA results that were above the top end of guidance and
represented 22% growth and 370 basis points of YoY margin
expansion,” said Eric Remer, EverCommerce’s Founder and CEO.
“Looking ahead, we are focused on driving balanced growth with
profitability as well as delivering improved shareholder returns.
The sale of our fitness assets announced yesterday is an initial
step towards simplifying, transforming and optimizing our
business.”
A reconciliation of GAAP to Non-GAAP measures
has been provided in the financial statement tables included at the
end of this press release. An explanation of these measures is also
included below under the heading “Non-GAAP Financial Measures.”
Share Repurchases
On November 5, 2023, our Board of Directors
approved a $50.0 million increase in the previously announced stock
repurchase authorization and extended the authorization through
December 31, 2024. The total authorization since the repurchase
program began allows for the purchase up to $150.0 million in
shares of the Company’s common stock.
The Company repurchased and retired 2,692,747
shares of common stock for $26.0 million during the three months
ended December 31, 2023.
Repurchases under the program may be made from
time to time in the open market at prevailing market prices or in
negotiated transactions off the market. Open market repurchases
will be structured to occur within the pricing and volume
requirements of Rule 10b-18. The Company may also, from time to
time, enter into Rule 10b5-1 plans to facilitate repurchases of its
shares under this authorization. This program does not obligate the
Company to acquire any particular amount of common stock and the
program may be extended, modified, suspended or discontinued at any
time at the Company’s discretion. The Company expects to fund
repurchases with cash on hand.
Business Outlook
Based on information as of today, March 14, 2024, the
Company is issuing the following financial guidance for the first
quarter and full year 2024. Note that this guidance excludes
EverCommerce’s fitness assets, which the company announced its
divestiture of on March 13, 2024, and as such is non-GAAP.
First Quarter 2024:
-
Revenue is expected to be in the range of $160.5
million to $163.5 million.
- Adjusted
EBITDA is expected to be in the range of $36 million to
$38 million.
Full Year 2024:
-
Revenue is expected to be in the range of
$676 million to $696 million.
-
Adjusted EBITDA is expected to be in the range of
$167 million to $176 million.
A reconciliation of Adjusted EBITDA to net
income, the most directly comparable GAAP measure, is not available
without unreasonable efforts on a forward-looking basis due to the
high variability, complexity and low visibility with respect to
certain charges excluded from this non-GAAP measure; in particular,
the measures and efforts of stock-based compensation expense
specific to equity compensation awards that are directly impacted
by unpredictable fluctuations in our stock price. It is important
to note that these charges could be material to EverCommerce's
results computed in accordance with GAAP.
Conference Call Information
EverCommerce’s management team will hold a
conference call to discuss our fourth quarter and full year 2023
results and outlook today, March 14, 2024, at 5:00 p.m. ET.
Please visit the "Investor Relations" page of the Company's website
(https://investors.evercommerce.com) for both telephonic and
webcast access to this call as well as a copy of the presentation
materials used on the call. An archive replay will be available
following the conclusion of the call.
Investor ContactBrad KorchSVP
and Head of Investor
Relations720-796-7664IR@evercommerce.com
Media ContactJeanne TroganVP of
Communications737-465-2897Press@evercommerce.com
About EverCommerce
EverCommerce (Nasdaq: EVCM) is a leading service
commerce platform, providing vertically-tailored, integrated SaaS
solutions that approximately 708,000 global service-based
businesses accelerate growth, streamline operations, and increase
retention. Its modern digital and mobile applications create
predictable, informed, and convenient experiences between customers
and their service professionals. With its EverPro, EverHealth, and
EverWell brands specializing in Home, Health, and Fitness &
Wellness service industries, EverCommerce provides end-to-end
business management software, embedded payment acceptance,
marketing technology, and customer experience applications. Learn
more at EverCommerce.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements, including without limitation
statements regarding our future operations and financial results,
the underlying trends in our business and the macroeconomic
environment, our market opportunity, our potential for growth and
our strategy. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, our
limited operating history and evolving business; our recent growth
rates may not be sustainable or indicative of future growth; we may
not achieve profitability in the future; we may continue to
experience significant quarterly and annual fluctuations in our
operating results due to a number of factors, which makes our
future operating results difficult to predict; we may be
unsuccessful in achieving continued growth through acquisitions,
dispositions or other strategic actions; revenues and profits
generated through acquisitions may be less than anticipated, and we
may fail to uncover all liabilities of acquisition targets; we may
need to incur additional indebtedness or seek capital through new
equity or debt financings, which may not be available to us on
acceptable terms or at all; we may not be able to continue to
expand our share of our existing vertical markets or expand into
new vertical markets; we face intense competition in each of the
industries in which we operate; the industries in which we operate
are rapidly evolving and subject to consolidation and the market
for technology-enabled services that empower SMBs is relatively
immature and unproven; we are dependent on payment card networks
and payment processors and if we fail to comply with the applicable
requirements of our payment network or payment processors, they can
seek to fine us, suspend us, terminate our agreements and/or
terminate our registrations through our bank sponsors; the
inability to keep pace with rapid developments and changes in the
electronic payments market or are unable to introduce, develop and
market new and enhanced versions of our software solutions; real or
perceived errors, failures or bugs in our solutions; unauthorized
disclosure, destruction or modification of data, disruption of our
software or services or cyber breaches; our estimated total
addressable market is subject to inherent challenges and
uncertainties; actual or perceived inaccuracies in our operational
metrics may harm our reputation; failure to effectively develop and
expand our sales and marketing capabilities; failure to maintain
and enhance our reputation and brand recognition; inability to
retain current customers or to sell additional functionality and
services to them may adversely affect our revenue growth; our
systems and our third-party providers’ systems may fail or our
third-party providers may discontinue providing their services or
technology or to us specifically; if we are unable to improve our
margin, in particular within Marketing Technology Solutions, we may
experience lower aggregate profitability and margins; a future
pandemic, epidemic or outbreak of an infectious disease could
impact, our business, financial condition and results of
operations, as well as the business or operations of third parties
with whom we conduct business; economic and political risks,
including the business cycles of our clients and changes in the
overall level of consumer and commercial spending; our ability to
retain and hire skilled personnel; risks related to our
indebtedness; risks related to our material weakness and internal
control over financial reporting; risks related to the increasing
focus on environmental sustainability and social initiatives; our
ability to adequately protect or enforce our intellectual property
and other proprietary rights; risk of patent, trademark and other
intellectual property infringement claims; risks related to
governmental regulation; risks related to our sponsor stockholders
agreement and qualifying as a “controlled company” under the rules
of The Nasdaq Stock Market; as well as the other factors described
in our Annual Report on Form 10-K for the year ended
December 31, 2023 and updated by our other filings with the
SEC. These factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if
subsequent events cause our views to change.
Non-GAAP Financial Measures
EverCommerce has provided in this press release
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(“GAAP”). EverCommerce uses these non-GAAP financial measures
internally in analyzing its financial results and believes that use
of these non-GAAP financial measures is useful to investors as an
additional tool to evaluate ongoing operating results and trends
and in comparing EverCommerce’s financial results with other
companies in its industry, many of which present similar non-GAAP
financial measures.
Non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures and should be read only in conjunction with
EverCommerce’s consolidated financial statements prepared in
accordance with GAAP. A reconciliation of EverCommerce’s historical
non-GAAP financial measures to the most directly comparable GAAP
measures has been provided in the financial statement tables
included in this press release, and investors are encouraged to
review the reconciliation.
Adjusted Gross Profit. Adjusted Gross Profit is
a key performance measure that our management uses to assess our
operational performance, as it represents the results of revenues
and direct costs, which are key components of our operations. We
believe that this non-GAAP financial measure is useful to investors
and other interested parties in analyzing our financial performance
because it reflects the gross profitability of our operations, and
excludes the indirect costs associated with our sales and
marketing, product development, general and administrative
activities, and depreciation and amortization, and the impact of
our financing methods and income taxes.
Gross profit is calculated as total revenues
less cost of revenues (exclusive of depreciation and amortization),
amortization of developed technology, amortization of capitalized
software and depreciation expense (allocated to cost of revenues).
We calculate Adjusted Gross Profit as gross profit adjusted to
exclude depreciation and amortization allocated to cost of
revenues. Adjusted Gross Profit should be viewed as a measure of
operating performance that is a supplement to, and not a substitute
for, operating income or loss, net earnings or loss and other GAAP
measures of income (loss) or profitability.
Adjusted EBITDA and Adjusted EBITDA margin.
Adjusted EBITDA and Adjusted EBITDA margin are key performance
measures that our management uses to assess our financial
performance and is also used for internal planning and forecasting
purposes. We believe that these non-GAAP financial measures are
useful to investors and other interested parties in analyzing our
financial performance because it provides a comparable overview of
our operations across historical periods. In addition, we believe
that providing Adjusted EBITDA, together with a reconciliation of
net income (loss) to Adjusted EBITDA, helps investors make
comparisons between our company and other companies that may have
different capital structures, different tax rates, and/or different
forms of employee compensation.
Adjusted EBITDA and Adjusted EBITDA margin are
used by our management team as additional measures of our
performance for purposes of business decision-making, including
managing expenditures, and evaluating potential acquisitions.
Period-to-period comparisons of Adjusted EBITDA and Adjusted EBITDA
margin help our management identify additional trends in our
financial results that may not be shown solely by period-to-period
comparisons of net income (loss) or income (loss) from continuing
operations. In addition, we may use Adjusted EBITDA in the
incentive compensation programs applicable to some of our
employees. Our Management recognizes that Adjusted EBITDA has
inherent limitations because of the excluded items, and may not be
directly comparable to similarly titled metrics used by other
companies.
We calculate Adjusted EBITDA as net loss
adjusted to exclude interest and other expense, net, income tax
expense (benefit), depreciation and amortization, other
amortization, stock-based compensation, and transaction-related and
other non-recurring costs. Other amortization includes amortization
for capitalized contract acquisition costs. Transaction-related
costs are specific deal-related costs such as legal fees, financial
and tax due diligence, consulting and escrow fees. Other
non-recurring costs are expenses such as impairment charges, system
implementation costs, severance expense related to planned
restructuring activities, and costs associated with integration and
transformational improvements. Transaction-related and other
non-recurring costs are excluded as they are not representative of
our underlying operating performance. Adjusted EBITDA should be
viewed as a measure of operating performance that is a supplement
to, and not a substitute for, operating income or loss, net
earnings or loss and other GAAP measures of income (loss).
EverCommerce
Inc.Consolidated Balance
Sheets(in thousands, except per share and share
amounts)(unaudited)
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
92,609 |
|
|
$ |
92,625 |
|
Restricted cash |
|
3,570 |
|
|
|
3,199 |
|
Accounts receivable, net of allowance for expected credit losses of
$6.2 million and $4.7 million at December 31, 2023 and 2022,
respectively |
|
45,417 |
|
|
|
48,032 |
|
Contract assets |
|
16,117 |
|
|
|
12,971 |
|
Prepaid expenses and other current assets |
|
22,434 |
|
|
|
23,760 |
|
Total current assets |
|
180,147 |
|
|
|
180,587 |
|
Property and equipment, net |
|
9,734 |
|
|
|
11,930 |
|
Capitalized software, net |
|
42,511 |
|
|
|
32,554 |
|
Other non-current assets |
|
42,722 |
|
|
|
46,855 |
|
Intangible assets, net |
|
315,519 |
|
|
|
405,720 |
|
Goodwill |
|
927,431 |
|
|
|
914,082 |
|
Total assets |
$ |
1,518,064 |
|
|
$ |
1,591,728 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
8,638 |
|
|
$ |
8,373 |
|
Accrued expenses and other |
|
66,265 |
|
|
|
56,963 |
|
Deferred revenue |
|
24,082 |
|
|
|
22,885 |
|
Customer deposits |
|
12,891 |
|
|
|
11,360 |
|
Current maturities of long-term debt |
|
5,500 |
|
|
|
5,500 |
|
Total current liabilities |
|
117,376 |
|
|
|
105,081 |
|
Long-term debt, net of current maturities and deferred financing
costs |
|
526,696 |
|
|
|
530,946 |
|
Other non-current liabilities |
|
47,956 |
|
|
|
49,008 |
|
Total liabilities |
|
692,028 |
|
|
|
685,035 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.00001 par value, 50,000,000 shares authorized
and no shares issued or outstanding as of December 31, 2023
and 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.00001 par value, 2,000,000,000 shares authorized
and 186,934,031 and 191,447,237 shares issued and outstanding at
December 31, 2023 and 2022, respectively |
|
2 |
|
|
|
2 |
|
Accumulated other comprehensive loss |
|
(8,017 |
) |
|
|
(10,198 |
) |
Additional paid-in capital |
|
1,454,026 |
|
|
|
1,489,935 |
|
Accumulated deficit |
|
(619,975 |
) |
|
|
(573,046 |
) |
Total stockholders’ equity |
|
826,036 |
|
|
|
906,693 |
|
Total liabilities and stockholders’ equity |
$ |
1,518,064 |
|
|
$ |
1,591,728 |
|
|
|
|
|
|
|
|
|
EverCommerce
Inc.Consolidated Statements of Operations and
Comprehensive Loss(in thousands, except per share
and share amounts)(unaudited)
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Subscription and transaction fees |
$ |
133,469 |
|
|
$ |
121,611 |
|
|
$ |
520,234 |
|
|
$ |
465,345 |
|
Marketing technology solutions |
|
30,081 |
|
|
|
33,256 |
|
|
|
133,162 |
|
|
|
134,596 |
|
Other |
|
5,890 |
|
|
|
6,931 |
|
|
|
21,973 |
|
|
|
20,805 |
|
Total revenues |
|
169,440 |
|
|
|
161,798 |
|
|
|
675,369 |
|
|
|
620,746 |
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of revenues (exclusive of depreciation and amortization
presented separately below) |
|
55,405 |
|
|
|
53,872 |
|
|
|
231,007 |
|
|
|
217,375 |
|
Sales and marketing |
|
31,901 |
|
|
|
29,528 |
|
|
|
123,561 |
|
|
|
119,059 |
|
Product development |
|
19,262 |
|
|
|
18,054 |
|
|
|
75,614 |
|
|
|
71,622 |
|
General and administrative |
|
31,806 |
|
|
|
35,735 |
|
|
|
132,235 |
|
|
|
132,483 |
|
Depreciation and amortization |
|
26,226 |
|
|
|
28,277 |
|
|
|
104,201 |
|
|
|
110,801 |
|
Impairment |
|
5,201 |
|
|
|
— |
|
|
|
6,325 |
|
|
|
— |
|
Total operating expenses |
|
169,801 |
|
|
|
165,466 |
|
|
|
672,943 |
|
|
|
651,340 |
|
Operating (loss) income |
|
(361 |
) |
|
|
(3,668 |
) |
|
|
2,426 |
|
|
|
(30,594 |
) |
Interest and other expense,
net |
|
(19,792 |
) |
|
|
(12,832 |
) |
|
|
(46,407 |
) |
|
|
(33,902 |
) |
Net loss before income tax (expense) benefit |
|
(20,153 |
) |
|
|
(16,500 |
) |
|
|
(43,981 |
) |
|
|
(64,496 |
) |
Income tax (expense)
benefit |
|
(3,182 |
) |
|
|
(1,273 |
) |
|
|
(1,639 |
) |
|
|
4,680 |
|
Net loss |
|
(23,335 |
) |
|
|
(17,773 |
) |
|
|
(45,620 |
) |
|
|
(59,816 |
) |
Other comprehensive gain
(loss): |
|
|
|
|
|
|
|
Foreign currency translation gain (loss), net |
|
4,902 |
|
|
|
7,380 |
|
|
|
2,181 |
|
|
|
(8,431 |
) |
Comprehensive loss |
$ |
(18,433 |
) |
|
$ |
(10,393 |
) |
|
$ |
(43,439 |
) |
|
$ |
(68,247 |
) |
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share attributable to common stockholders |
$ |
(0.12 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.31 |
) |
Basic and diluted
weighted-average shares of common stock outstanding used in
computing net loss per share |
|
188,638,631 |
|
|
|
192,903,016 |
|
|
|
188,938,892 |
|
|
|
194,624,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EverCommerce
Inc.Consolidated Statements of Cash
Flows(in
thousands)(unaudited)
|
Twelve months ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Cash flows provided by
operating activities: |
|
|
|
Net loss |
$ |
(45,620 |
) |
|
$ |
(59,816 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
104,201 |
|
|
|
110,801 |
|
Stock-based compensation |
|
25,559 |
|
|
|
26,818 |
|
Deferred taxes |
|
(1,657 |
) |
|
|
(7,477 |
) |
Amortization of deferred financing costs and non-cash interest |
|
1,651 |
|
|
|
2,093 |
|
Impairment of long lived assets |
|
6,325 |
|
|
|
— |
|
Bad debt expense |
|
6,016 |
|
|
|
5,578 |
|
Other non-cash items |
|
2,738 |
|
|
|
4,747 |
|
Changes in operating assets and liabilities, net of effects of
acquisition: |
|
|
|
Accounts receivable, net |
|
(5,011 |
) |
|
|
(13,206 |
) |
Prepaid expenses and other current assets |
|
(2,261 |
) |
|
|
(3,823 |
) |
Other non-current assets |
|
4,183 |
|
|
|
4,937 |
|
Accounts payable |
|
179 |
|
|
|
(1,868 |
) |
Accrued expenses and other |
|
10,423 |
|
|
|
3,076 |
|
Deferred revenue |
|
868 |
|
|
|
160 |
|
Other non-current liabilities |
|
(2,989 |
) |
|
|
(7,218 |
) |
Net cash provided by operating activities |
|
104,605 |
|
|
|
64,802 |
|
Cash flows used in
investing activities: |
|
|
|
Purchases of property and equipment |
|
(3,037 |
) |
|
|
(2,566 |
) |
Capitalization of software costs |
|
(20,043 |
) |
|
|
(15,514 |
) |
Acquisition, net of cash acquired |
|
(14,940 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(38,020 |
) |
|
|
(18,080 |
) |
Cash flows used in
financing activities: |
|
|
|
Payments on long-term debt |
|
(5,500 |
) |
|
|
(9,500 |
) |
Exercise of stock options |
|
2,603 |
|
|
|
1,819 |
|
Proceeds from common stock issuance for Employee Stock Purchase
Plan |
|
3,550 |
|
|
|
3,366 |
|
Repurchase and retirement of common stock |
|
(67,283 |
) |
|
|
(42,994 |
) |
Net cash used in financing activities |
|
(66,630 |
) |
|
|
(47,309 |
) |
Effect of foreign currency
exchange rate changes on cash |
|
400 |
|
|
|
(1,148 |
) |
Net increase (decrease) in cash and cash equivalents and
restricted cash |
|
355 |
|
|
|
(1,735 |
) |
Cash and cash equivalents and
restricted cash: |
|
|
|
Beginning of period |
|
95,824 |
|
|
|
97,559 |
|
End of period |
$ |
96,179 |
|
|
$ |
95,824 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Cash paid for interest |
$ |
46,011 |
|
|
$ |
30,077 |
|
Cash paid for income taxes |
$ |
3,107 |
|
|
$ |
2,511 |
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(in thousands) |
|
(unaudited) |
Reconciliation from
Gross Profit to Adjusted Gross Profit: |
|
|
|
|
|
|
|
Gross profit |
$ |
107,383 |
|
$ |
101,275 |
|
$ |
419,322 |
|
$ |
380,122 |
Depreciation and
amortization |
|
6,652 |
|
|
6,651 |
|
|
25,040 |
|
|
23,249 |
Adjusted gross
profit |
$ |
114,035 |
|
$ |
107,926 |
|
$ |
444,362 |
|
$ |
403,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
|
(unaudited) |
Reconciliation from
Net loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
Net loss |
$ |
(23,335 |
) |
|
$ |
(17,773 |
) |
|
$ |
(45,620 |
) |
|
$ |
(59,816 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
Interest and other expense, net |
|
19,792 |
|
|
|
12,832 |
|
|
|
46,407 |
|
|
|
33,902 |
|
Income tax expense (benefit) |
|
3,182 |
|
|
|
1,273 |
|
|
|
1,639 |
|
|
|
(4,680 |
) |
Depreciation and amortization |
|
26,226 |
|
|
|
28,277 |
|
|
|
104,201 |
|
|
|
110,801 |
|
Other amortization |
|
1,554 |
|
|
|
1,198 |
|
|
|
5,738 |
|
|
|
4,261 |
|
Stock-based compensation expense |
|
5,949 |
|
|
|
7,042 |
|
|
|
25,559 |
|
|
|
26,818 |
|
Transaction-related and other non-recurring costs |
|
9,711 |
|
|
|
2,334 |
|
|
|
17,695 |
|
|
|
7,763 |
|
Adjusted EBITDA |
$ |
43,079 |
|
|
$ |
35,183 |
|
|
$ |
155,619 |
|
|
$ |
119,049 |
|
EverCommerce (NASDAQ:EVCM)
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