- Sales of $594 million grew 3% as reported and 2% in constant
currency
- Year-over-year sales increase driven by pharmaceutical and
industrial end markets
- Growth in the U.S., Europe and China, partially offset by
declines in other areas
- Recurring revenue grew 5% in constant currency and instrument
sales stabilized
- GAAP EPS of $2.03; non-GAAP EPS of $2.16, a 1% increase from
prior year
- Strong adjusted free cash flow of $190 million, a 53% increase
from prior year
Waters Corporation (NYSE: WAT) today announced third quarter
2020 sales of $594 million, a 3% increase as reported, compared to
sales of $577 million for the third quarter of 2019. Foreign
currency translation benefitted sales growth by approximately 1%
for the quarter.
On a GAAP basis, diluted earnings per share (EPS) for the third
quarter of 2020 decreased to $2.03, compared to $2.07 for the third
quarter of 2019. On a non-GAAP basis, EPS increased to $2.16,
compared to $2.13 in the third quarter of 2019. A description and
reconciliation of GAAP to non-GAAP results appear in the tables
below and can be found on the Company’s website at
http://www.waters.com under the caption “Investors.”
On a GAAP basis, net cash provided by operating activities was
$173 million for the third quarter of 2020, compared to $148
million for the third quarter of 2019. On a non-GAAP basis,
adjusted free cash flow for the third quarter of 2020 was $190
million versus $124 million for the third quarter of 2019.
For the first nine months of 2020, the Company’s sales were
$1,579 million, a decrease of 7% as reported, compared to sales of
$1,690 million for the first nine months of 2019. Foreign currency
translation negatively impacted sales growth by approximately 1%
for the first nine months of 2020.
On a GAAP basis, EPS for the first nine months of 2020 decreased
to $4.86, compared to $5.63 for the first nine months of 2019. On a
non-GAAP basis, EPS decreased to $5.41, compared to $5.85 in the
first nine months of 2019. The decrease in both GAAP and non-GAAP
EPS can be primarily attributed to the decline in sales
volumes.
On a GAAP basis, net cash provided by operating activities was
$523 million for the first nine months of 2020, compared to $451
million for the first nine months of 2019. On a non-GAAP basis,
adjusted free cash flow for the first nine months of 2020 was $486
million versus $418 million for the first nine months of 2019.
“We are pleased with our solid financial results in the third
quarter, which were driven by growth across geographies, while we
remain cognizant of the ongoing variability we expect to face in
our end markets during the fourth quarter," commented Udit Batra,
President and Chief Executive Officer of Waters Corporation. “Since
joining the Company, I have been working diligently to assess
Waters’ overall positioning and to identify key areas in need of
improvement. I believe that Waters has established a solid
foundation for growth and that we must now turn our focus to
improving the consistency of our commercial execution and product
development efforts. We will move swiftly, but deliberately, to
reinvigorate our business and address those areas in which Waters
has underperformed.”
Unless otherwise noted, sales growth and decline percentages are
presented on an as-reported basis and are the same as the sales
growth and decline percentages presented on a constant-currency
basis as compared with the same period in the prior year, each of
which is detailed in the reconciliation of sales growth rates to
constant-currency growth rates in the tables below.
During the third quarter of 2020, sales into the pharmaceutical
market increased 5% as reported and 4% in constant currency, sales
into the industrial market increased 5% as reported and 3% in
constant currency and sales into the academic and governmental
markets declined 8% as reported and 7% in constant currency. For
the first nine months of 2020, sales into the pharmaceutical market
declined 5% as reported and 4% in constant currency, sales into the
industrial market declined 6% as reported and in constant currency
and sales into the academic and governmental markets declined 17%
as reported and 16% in constant currency.
During the third quarter, recurring revenues, which represent
the combination of service and precision chemistries revenues,
increased 6% as reported and 5% in constant currency, while
instrument system sales declined 1% as reported and in constant
currency. For the first nine months of 2020, recurring revenues
were flat as reported and increased 1% in constant currency, while
instrument system sales declined 15% as reported and 14% in
constant currency.
Geographically, sales in Asia during the quarter declined 1% as
reported and were flat in constant currency, sales in the Americas
increased 2% (with U.S. sales growing 5%) and sales in Europe
increased 11% as reported and 5% in constant currency. For the
first nine months of 2020, sales in Asia declined 11% as reported
and 10% in constant currency, sales in the Americas declined 7%
(with U.S. sales declining 5%) and sales in Europe were flat as
reported and in constant currency.
Conference Call
Waters Corporation will webcast its third quarter 2020 financial
results conference call today, October 27, 2020 at 8:00 a.m.
Eastern Time. To listen to the call, please visit www.waters.com,
choose “Investors” and click on the “Live Webcast.” A replay will
be available through November 3, 2020 at midnight Eastern Time on
the same website by webcast and also by phone at 800-395-6236.
About Waters Corporation
Waters Corporation (NYSE: WAT), the “world's” leading specialty
measurement company, has pioneered chromatography, mass
spectrometry and thermal analysis innovations serving the life,
materials and food sciences for more than 60 years. With more than
7,000 employees worldwide, Waters operates directly in 35
countries, including 15 manufacturing facilities, and with products
available in more than 100 countries. For more information, visit
www.waters.com.
Non-GAAP Financial Measures
This press release contains financial measures, such as
constant-currency growth rate, adjusted operating income, adjusted
net income, adjusted earnings per diluted share and free cash flow,
among others, which are considered “non-GAAP” financial measures
under applicable U.S. Securities and Exchange Commission rules and
regulations. These non-GAAP financial measures should be considered
supplemental to, and not a substitute for, financial information
prepared in accordance with U.S. generally accepted accounting
principles (GAAP). The Company’s definitions of these non-GAAP
measures may differ from similarly titled measures used by others.
The non-GAAP financial measures used in this press release adjust
for specified items that can be highly variable or difficult to
predict. The Company generally uses these non-GAAP financial
measures to facilitate management’s financial and operational
decision-making, including evaluation of the Company’s historical
operating results, comparison to competitors’ operating results and
determination of management incentive compensation. These non-GAAP
financial measures reflect an additional way of viewing aspects of
the Company’s operations that, when viewed with GAAP results and
the reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends
affecting the Company’s business. Because non-GAAP financial
measures exclude the effect of items that will increase or decrease
the Company’s reported results of operations, management strongly
encourages investors to review the Company’s consolidated financial
statements and publicly filed reports in their entirety.
Reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
tables accompanying this release.
Cautionary Statement
This release contains “forward-looking” statements regarding
future results and events. For this purpose, any statements that
are not statements of historical fact may be deemed forward-looking
statements. Without limiting the foregoing, the words “feels”,
“believes”, “anticipates”, “plans”, “expects”, “intends”,
“suggests”, “appears”, “estimates”, “projects” and similar
expressions, whether in the negative or affirmative, are intended
to identify forward-looking statements. The Company’s actual future
results may differ significantly from the results discussed in the
forward-looking statements within this release for a variety of
reasons, including and without limitation, risks related to the
effects of the ongoing COVID-19 pandemic on our business, financial
condition, results of operations and prospects, including: portions
of our global workforce being unable to work fully and/or
effectively due to working remotely, illness, quarantines,
government actions, facility closures or other reasons related to
the pandemic, increased risks of cyber attacks resulting from our
temporary remote working model, disruptions in our manufacturing
capabilities or to our supply chain, volatility and uncertainty in
global capital markets limiting our ability to access capital,
customers being unable to make timely payments for purchases and
volatility in demand for our products; foreign exchange rate
fluctuations potentially affecting translation of the Company’s
future non-U.S. operating results; the impact on demand for the
Company’s products among the Company’s various market sectors or
geographies from economic, sovereign and political uncertainties,
particularly regarding the effect of new or proposed tariff or
trade regulations or changes in the interpretation or enforcement
of existing regulations; the effect on the Company’s financial
results from the United Kingdom exiting the European Union;
fluctuations in expenditures by the Company’s customers, in
particular large pharmaceutical companies; introduction of
competing products by other companies and loss of market share;
pressures on prices from competitors and/or customers; regulatory,
economic and competitive obstacles to new product introductions;
other changes in demand for the Company’s products from the effect
of mergers and acquisitions by the Company’s customers; increased
regulatory burdens as the Company’s business evolves, especially
with respect to the U.S. Food and Drug Administration and U.S.
Environmental Protection Agency, among others; shifts in taxable
income in jurisdictions with different effective tax rates; the
outcome of tax examinations or changes in respective country
legislation affecting the Company’s effective tax rate; the effect
of the adoption of new accounting standards; the ability to access
capital, maintain liquidity and service the Company’s debt in
volatile market conditions, particularly in the U.S., as a large
portion of the Company’s cash is held and operating cash flows are
generated outside the U.S.; environmental and logistical obstacles
affecting the distribution of products and risks associated with
lawsuits and other legal actions, particularly involving claims for
infringement of patents and other intellectual property rights.
Such factors and others are discussed more fully in the sections
entitled “Forward-Looking Statements” and “Risk Factors” of the
Company’s annual report on Form 10-K for the year ended December
31, 2019, as well as in the sections entitled “Special Note
Regarding Forward-Looking Statements” and “Risk Factors” of the
Company’s quarterly report on Form 10-Q for the quarterly periods
ended March 28, 2020 and June 27, 2020, each as filed with the
Securities and Exchange Commission (“SEC”), which discussions are
incorporated by reference in this release, as updated by the
Company’s future filings with the SEC. The forward-looking
statements included in this release represent the Company’s
estimates or views as of the date of this release and should not be
relied upon as representing the Company’s estimates or views as of
any date subsequent to the date of this release. Except as required
by law, the Company does not assume any obligation to update any
forward-looking statements.
Waters Corporation and Subsidiaries Consolidated
Statements of Operations (In thousands, except per share
data) (Unaudited) Three Months
Ended Nine Months Ended September 26,2020
September 28,2019 September 26,2020 September
28,2019 Net sales
$
593,784
$
577,278
$
1,578,707
$
1,690,302
Costs and operating expenses: Cost of sales
262,342
241,055
686,120
711,632
Selling and administrative expenses
135,430
126,036
400,614
393,583
Research and development expenses
34,971
34,333
101,115
105,883
Purchased intangibles amortization
2,657
2,619
7,900
7,164
Litigation provision
-
-
1,180
-
Operating income
158,384
173,235
381,778
472,040
Other expense
(1,039
)
(496
)
(2,149
)
(1,363
)
Interest expense, net
(6,908
)
(8,001
)
(25,966
)
(16,826
)
Income from operations before income taxes
150,437
164,738
353,663
453,851
Provision for income taxes(1)
23,668
26,605
50,403
62,322
Net income
$
126,769
$
138,133
$
303,260
$
391,529
Net income per basic common share
$
2.04
$
2.09
$
4.89
$
5.68
Weighted-average number of basic common shares
62,002
66,226
62,057
68,952
Net income per diluted common share
$
2.03
$
2.07
$
4.86
$
5.63
Weighted-average number of diluted common shares and
equivalents
62,303
66,768
62,371
69,533
(1) The provision for income taxes for the nine months ended
September 28, 2019 included a $3 million benefit related to the tax
on the change in foreign currency exchange rates on the earnings
taxed in December 31, 2017 under the Tax Cuts and Jobs Act and the
subsequent finalization of the tax regulations during the first
quarter of 2019. The difference is due to the change from the
foreign currency exchange rates required by the U.S. Department of
the Treasury on December 31, 2017 to the foreign currency exchange
rates on either the date of distribution of assets into the U.S. or
the foreign currency exchange rates as of September 28, 2019.
Waters Corporation and Subsidiaries Reconciliation of
GAAP to Adjusted Non-GAAP Net Sales by Operating Segment,
Products & Services, Geography and Markets Three Months
Ended September 26, 2020 and September 28, 2019 (In
thousands) Current Period Constant
Three Months Ended Percent Currency
Currency September 26, 2020 September 28, 2019
Change Impact Growth Rate (a) NET SALES
- OPERATING SEGMENT Waters $
533,466
$
512,146
4
%
$
4,759
3
%
TA
60,318
65,132
(7
%)
532
(8
%)
Total $
593,784
$
577,278
3
%
$
5,291
2
%
NET SALES - PRODUCTS & SERVICES
Instruments $
268,064
$
270,317
(1
%)
$
1,692
(1
%)
Service
217,545
206,705
5
%
2,230
4
%
Chemistry
108,175
100,256
8
%
1,369
7
%
Total Recurring
325,720
306,961
6
%
3,599
5
%
Total $
593,784
$
577,278
3
%
$
5,291
2
%
NET SALES - GEOGRAPHY Asia $
236,182
$
237,775
(1
%)
$
(2,254
)
-
Americas
199,447
196,458
2
%
(106
)
2
%
Europe
158,155
143,045
11
%
7,651
5
%
Total $
593,784
$
577,278
3
%
$
5,291
2
%
NET SALES - MARKETS Pharmaceutical $
343,001
$
328,227
5
%
$
2,537
4
%
Industrial
179,128
171,352
5
%
3,345
3
%
Academic & Governmental
71,655
77,699
(8
%)
(591
)
(7
%)
Total $
593,784
$
577,278
3
%
$
5,291
2
%
NET SALES - EXCLUDING CHINA Total Net Sales $
593,784
$
577,278
3
%
$
5,291
2
%
China Net Sales
115,666
111,657
4
%
951
3
%
Total Net Sales Excluding China $
478,118
$
465,621
3
%
$
4,340
2
%
(a) The Company believes that referring to comparable
constant-currency growth rates is a useful way to evaluate the
underlying performance of Waters Corporation's net sales.
Constant-currency growth rate, a non-GAAP financial measure,
measures the change in net sales between current and prior year
periods, ignoring the impact of foreign currency exchange rates
during the current period. See description of non-GAAP financial
measures contained in this release.
Waters Corporation and
Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP
Net Sales by Operating Segment, Products & Services,
Geography and Markets Nine Months Ended September 26, 2020
and September 28, 2019 (In thousands) Current
Period Constant Nine Months Ended
Percent Currency Currency September 26,
2020 September 28, 2019 Change Impact
Growth Rate (a) NET SALES - OPERATING SEGMENT
Waters $
1,413,386
$
1,503,177
(6
%)
$
(5,001
)
(6
%)
TA
165,321
187,125
(12
%)
(613
)
(11
%)
Total $
1,578,707
$
1,690,302
(7
%)
$
(5,614
)
(6
%)
NET SALES - PRODUCTS & SERVICES
Instruments $
664,817
$
778,540
(15
%)
$
(2,187
)
(14
%)
Service
613,365
611,961
-
(2,916
)
1
%
Chemistry
300,525
299,801
-
(511
)
-
Total Recurring
913,890
911,762
-
(3,427
)
1
%
Total $
1,578,707
$
1,690,302
(7
%)
$
(5,614
)
(6
%)
NET SALES - GEOGRAPHY Asia $
603,471
$
677,122
(11
%)
$
(6,801
)
(10
%)
Americas
546,405
585,101
(7
%)
(35
)
(7
%)
Europe
428,831
428,079
-
1,222
-
Total $
1,578,707
$
1,690,302
(7
%)
$
(5,614
)
(6
%)
NET SALES - MARKETS Pharmaceutical $
926,582
$
972,884
(5
%)
$
(4,937
)
(4
%)
Industrial
474,592
502,679
(6
%)
1,410
(6
%)
Academic & Governmental
177,533
214,739
(17
%)
(2,087
)
(16
%)
Total $
1,578,707
$
1,690,302
(7
%)
$
(5,614
)
(6
%)
NET SALES - EXCLUDING CHINA Total Net Sales $
1,578,707
$
1,690,302
(7
%)
$
(5,614
)
(6
%)
China Net Sales
252,713
314,544
(20
%)
(1,897
)
(19
%)
Total Net Sales Excluding China $
1,325,994
$
1,375,758
(4
%)
$
(3,717
)
(3
%)
(a) The Company believes that referring to comparable
constant-currency growth rates is a useful way to evaluate the
underlying performance of Waters Corporation's net sales.
Constant-currency growth rate, a non-GAAP financial measure,
measures the change in net sales between current and prior year
periods, ignoring the impact of foreign currency exchange rates
during the current period. See description of non-GAAP financial
measures contained in this release.
Waters Corporation
and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP
Financials Three & Nine Months Ended September 26, 2020
and September 28, 2019 (In thousands, except per share
data)
Income from
Operations
Selling &
Operating
before
Provision for
Diluted
Administrative
Operating
Income
Other
Income
Income
Net
Earnings
Expenses(a)
Income
Percentage
Expense
Taxes
Taxes
Income
per Share
Quarter Ended September 26, 2020 GAAP $
138,087
$
158,384
26.7
%
$
(1,039
)
$
150,437
$
23,668
$
126,769
$
2.03
Adjustments: Purchased intangibles amortization (b)
(2,657
)
2,657
0.4
%
-
2,657
524
2,133
0.03
Restructuring costs and certain other items (c)
(6,771
)
6,771
1.1
%
-
6,771
1,692
5,079
0.08
Certain income tax items (d)
-
-
-
-
-
(685
)
685
0.01
Adjusted Non-GAAP $
128,659
$
167,812
28.3
%
$
(1,039
)
$
159,865
$
25,199
$
134,666
$
2.16
Quarter Ended September 28, 2019 GAAP $
128,655
$
173,235
30.0
%
$
(496
)
$
164,738
$
26,605
$
138,133
$
2.07
Adjustments: Purchased intangibles amortization (b)
(2,619
)
2,619
0.5
%
-
2,619
535
2,084
0.03
Restructuring costs and certain other items (c)
(1,596
)
1,596
0.3
%
-
1,596
350
1,246
0.02
Certain income tax items (d)
-
-
-
-
-
(600
)
600
0.01
Adjusted Non-GAAP $
124,440
$
177,450
30.7
%
$
(496
)
$
168,953
$
26,890
$
142,063
$
2.13
Nine Months Ended September 26, 2020 GAAP
$
409,694
$
381,778
24.2
%
$
(2,149
)
$
353,663
$
50,403
$
303,260
$
4.86
Adjustments: Purchased intangibles amortization (b)
(7,900
)
7,900
0.5
%
-
7,900
1,561
6,339
0.10
Restructuring costs and certain other items (c)
(33,054
)
33,054
2.1
%
(461
)
32,593
7,373
25,220
0.40
Litigation provisions (e)
(1,180
)
1,180
0.1
%
-
1,180
283
897
0.01
Certain income tax items (d)
-
-
-
-
-
(1,567
)
1,567
0.03
Adjusted Non-GAAP $
367,560
$
423,912
26.9
%
$
(2,610
)
$
395,336
$
58,053
$
337,283
$
5.41
Nine Months Ended September 28, 2019 GAAP
$
400,747
$
472,040
27.9
%
$
(1,363
)
$
453,851
$
62,322
$
391,529
$
5.63
Adjustments: Purchased intangibles amortization (b)
(7,164
)
7,164
0.4
%
-
7,164
1,520
5,644
0.08
Restructuring costs and certain other items (c)
(14,382
)
14,382
0.9
%
-
14,382
3,623
10,759
0.15
Tax reform (f)
-
-
-
-
-
3,229
(3,229
)
(0.05
)
Certain income tax items (d)
-
-
-
-
-
(1,908
)
1,908
0.03
Adjusted Non-GAAP $
379,201
$
493,586
29.2
%
$
(1,363
)
$
475,397
$
68,786
$
406,611
$
5.85
(a) Selling & administrative expenses include
purchased intangibles amortization and litigation provisions. (b)
The purchased intangibles amortization, a non-cash expense, was
excluded to be consistent with how management evaluates the
performance of its core business against historical operating
results and the operating results of competitors over periods of
time. (c) Restructuring costs and certain other items were excluded
as the Company believes that the cost to consolidate operations and
reduce overhead and certain other income or expense items are not
normal and do not represent future ongoing business expenses of a
specific function or geographic location of the Company. (d)
Certain income tax items were excluded as these non-cash expenses
and benefits represent updates in management's assessment of
ongoing examinations or other tax items that are not indicative of
the Company’s normal or future income tax expense. (e) Litigation
provisions were excluded as these items are isolated, unpredictable
and not expected to recur regularly. (f) The provision for income
taxes for nine months ended September 28, 2019 included a $3
million benefit related to the tax on the change in foreign
currency exchange rates on the earnings taxed in December 31, 2017
under the Tax Cuts and Jobs Act and the subsequent finalization of
the tax regulations during the first quarter of 2019. The
difference is due to the change from the foreign currency exchange
rates required by the U.S. Department of the Treasury on December
31, 2017 to the foreign currency exchange rates on either the date
of distribution of assets into the U.S. or the foreign currency
exchange rates as of September 28, 2019.
Waters Corporation and
Subsidiaries Preliminary Condensed Unclassified Consolidated
Balance Sheets (In thousands and unaudited)
September 26, 2020 December 31, 2019
Cash, cash equivalents and investments
$
397,070
$
337,144
Accounts receivable
494,432
587,734
Inventories
326,946
320,551
Property, plant and equipment, net
469,721
417,342
Intangible assets, net
255,168
240,203
Goodwill
431,078
356,128
Other assets
304,871
297,953
Total assets
$
2,679,286
$
2,557,055
Notes payable and debt
$
1,571,337
$
1,681,163
Other liabilities
1,149,530
1,092,173
Total liabilities
2,720,867
2,773,336
Total stockholders' deficit
(41,581
)
(216,281
)
Total liabilities and stockholders' deficit
$
2,679,286
$
2,557,055
Waters Corporation and Subsidiaries
Preliminary Condensed Consolidated Statements of Cash Flows
Three and Nine Months Ended September 26, 2020 and September 28,
2019 (In thousands and unaudited) Three Months
Ended Nine Months Ended September 26, 2020
September 28, 2019 September 26, 2020 September
28, 2019 Cash flows from operating activities: Net
income
$
126,769
$
138,133
$
303,260
$
391,529
Adjustments to reconcile net income to net cash provided by
operating activities: Stock-based compensation
9,593
9,662
27,715
28,917
Depreciation and amortization
30,888
26,704
91,091
80,319
Change in operating assets and liabilities, net
5,329
(26,110
)
100,959
(49,573
)
Net cash provided by operating activities
172,579
148,389
523,025
451,192
Cash flows from investing activities: Additions to property,
plant, equipment and software capitalization
(28,311
)
(45,017
)
(125,340
)
(110,205
)
Business acquisitions, net of cash acquired
-
-
(76,664
)
-
Investment in unaffiliated companies
(500
)
(2,500
)
(3,850
)
(7,250
)
Net change in investments
(5,415
)
87,895
(20,707
)
942,896
Net cash (used in) provided by investing activities
(34,226
)
40,378
(226,561
)
825,441
Cash flows from financing activities: Net change in debt
(125,000
)
206,830
(110,366
)
206,948
Proceeds from stock plans
13,682
4,182
28,421
34,311
Purchases of treasury shares
(56
)
(580,065
)
(196,353
)
(1,909,700
)
Other cash flow from financing activities, net
2,772
2,246
10,330
6,900
Net cash used in financing activities
(108,602
)
(366,807
)
(267,968
)
(1,661,541
)
Effect of exchange rate changes on cash and cash equivalents
6,147
(5,309
)
10,723
(6,723
)
Increase (decrease) in cash and cash equivalents
35,898
(183,349
)
39,219
(391,631
)
Cash and cash equivalents at beginning of period
339,036
587,998
335,715
796,280
Cash and cash equivalents at end of period
$
374,934
$
404,649
$
374,934
$
404,649
Reconciliation of GAAP Cash Flows
from Operating Activities to Free Cash Flow (a)
Net cash provided by operating activities - GAAP
$
172,579
$
148,389
$
523,025
$
451,192
Adjustments: Additions to property, plant, equipment and
software capitalization
(28,311
)
(45,017
)
(125,340
)
(110,205
)
Tax reform payments
38,454
-
38,454
29,109
Major facility renovations
7,253
21,073
50,320
48,348
Free Cash Flow - Adjusted Non-GAAP
$
189,975
$
124,445
$
486,459
$
418,444
(a) The Company defines free cash flow as net cash flow from
operations accounted for under GAAP less capital expenditures and
software capitalizations plus or minus any unusual and non
recurring items. Free cash flow is not a GAAP measurement and may
not be comparable to free cash flow reported by other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201027005187/en/
Bryan Brokmeier, CFA, Senior Director, Investor Relations,
508-482-3448
Waters (NYSE:WAT)
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