TechDogs-"LiveRamp Announces First Quarter Results"

Software Applications

LiveRamp Announces First Quarter Results

By Business Wire

Business Wire
Overall Rating

Revenue up 8% year over year

GAAP Operating Margin of 1% and Non-GAAP Operating Margin of 14%

Operating Cash Flow of $26 million

$20 million in Share Repurchases

SAN FRANCISCO--(BUSINESS WIRE)--LiveRamp® (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the fiscal 2024 first quarter ended June 30, 2023.

Q1 Financial Highlights1

  • Total revenue was $154 million, up 8%
  • Subscription revenue was $122 million, up 5%, and accounted for 79% of total revenue.
  • Marketplace & Other revenue was $32 million, up 21%.
  • GAAP gross profit was $108 million, up 7%. GAAP gross margin of 70% contracted by 1 percentage point. Non-GAAP gross profit was $112 million, up 5%. Non-GAAP gross margin of 73% contracted by 2 percentage points.
  • GAAP operating income was $2 million compared to a loss of $26 million. GAAP operating margin was 1% compared to negative 18%. Non-GAAP operating income was $21 million compared to $4 million. Non-GAAP operating margin of 14% expanded by 11 percentage points.
  • GAAP diluted loss per share was $0.02 and non-GAAP diluted earnings per share was $0.29.
  • Net cash provided by operating activities was $26 million compared to a use of $33 million. Operating cash flow benefited from a $29 million tax refund for fiscal 2021.
  • Repurchased approximately 835,000 shares for $20 million in the first quarter.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

"We’re off to a strong start to the fiscal year, with first quarter revenue and operating income exceeding our expectations, operating margin expanding by double-digits and our first quarter ever with positive GAAP operating income,” said LiveRamp CEO Scott Howe. “Our data collaboration platform remains in high demand with the world’s most sophisticated marketers, helping them deliver relevant messages and measure results across all addressable channels, including social networks, the open web, programmatic, retail media networks and connected TV.”

______________

1Unless otherwise indicated, all comparisons are to the prior year period.

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the fiscal first quarter ended June 30, 2023 ($ in millions):

Q1 Fiscal 2024

Q1 Fiscal 2023

Results

Results

GAAP

Non-GAAP

GAAP

Non-GAAP

Subscription revenue

$122

$116

YoY change %

5%

20%

Marketplace & Other revenue

$32

$27

YoY change %

21%

18%

Total revenue

$154

$142

YoY change %

8%

19%

Gross profit

$108

$112

$101

$107

% Gross margin

70%

73%

71%

75%

YoY change, pts

(1) pt

(2) pts

Operating income (loss)

$2

$21

($26)

$4

% Operating margin

1%

14%

(18%)

3%

YoY change, pts

19 pts

11 pts

(3) pts

(3) pts

Net earnings (loss)

($2)

$20

($27)

$3

Diluted earnings (loss) per share

($0.02)

$0.29

($0.40)

$0.05

Shares to calculate diluted EPS

66.5

67.4

68.4

69.2

YoY change %

(3%)

(3%)

0%

(1%)

Net operating cash flow

$26

($33)

Free cash flow to equity

$26

($35)

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

Additional Business Highlights & Metrics

  • The Company’s globally scaled Authenticated Traffic Solution (ATS) has more than 165 supply-side platforms (SSPs) and demand-side platforms (DSPs) live or committed to bid on RampID™ and ATS, including The Trade Desk, Xander, Amobee, Criteo, Adobe Ad Cloud, and Roku Oneview.
  • To date, over 14,000 publisher domains and over 70% of the comScore 100 publishers, have adopted ATS, including Amazon Publisher Services, Microsoft, Hearst, CafeMedia, Leaf Group, Prisma Media and Burda. Through these integrations, LiveRamp is now connected to over 90% of consumer time spent online in the US.
  • In May 2023 we integrated Google Display & Video 360's PAIR (Publisher Advertiser Identity Reconciliation) into the LiveRamp platform and started running brand campaigns. With PAIR, publishers and marketers can securely and privately reconcile their first-party data for marketing use cases on Display & Video 360, Google's DSP. This step forward unlocks additional scale across inventory already impacted by third-party cookie changes, while also providing a sustainable solution for the future across all channels, including Connected TV.
  • In June 2023 our native applications for identity resolution debuted in the Snowflake Native App Framework. This means LiveRamp customers can seamlessly access our identity resolution and activation capabilities directly in their Snowflake data environment, eliminating the need to move or copy data and, thereby, reducing security and privacy risks.
  • LiveRamp has 915 direct subscription customers, up from 910 in the prior year period.
  • LiveRamp has 96 customers whose subscription contracts exceed $1 million in annual revenue, up from 90 in the prior year period.
  • During the first quarter, subscription net retention was 98% and platform net retention was 102%.
  • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $351 million, up 19% compared to the prior year period.

Financial Outlook

LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

For the second quarter of fiscal 2024, LiveRamp expects to report:

  • Revenue of $152 million, an increase of 3%
  • GAAP operating income of $1 million
  • Non-GAAP operating income of $19 million

For fiscal 2024, LiveRamp updates its guidance and expects to report:

  • Revenue of between $620 million and $630 million, an increase of between 4% and 6%
  • GAAP operating income of between $2 million and $5 million
  • Non-GAAP operating income of between $90 million and $93 million

Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed here.

About LiveRamp

LiveRamp is the data collaboration platform of choice for the world’s most innovative companies. A groundbreaking leader in consumer privacy, data ethics, and foundational identity, LiveRamp is setting the new standard for building a connected customer view with unmatched clarity and context while protecting precious brand and consumer trust. LiveRamp offers complete flexibility to collaborate wherever data lives to support the widest range of data collaboration use cases—within organizations, between brands, and across its premier global network of top-quality partners. Hundreds of global innovators, from iconic consumer brands and tech giants to banks, retailers, and healthcare leaders, turn to LiveRamp to build enduring brand and business value by deepening customer engagement and loyalty, activating new partnerships, and maximizing the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations for fiscal 2024 and beyond, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are uncertainties related to rising interest rates, cost increases, the possibility of a recession, general inflationary pressure, and the associated impacts of these potential events on our suppliers, customers and partners; the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; and attracting and retaining talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2023 ended March 31, 2023, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2024.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

LiveRampand RampIDTM and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the Three Months Ended
June 30,
$ %

2023

2022

Variance

Variance

Revenues

154,069

142,243

11,826

8.3

%

Cost of revenue

45,621

41,021

4,600

11.2

%

Gross profit

108,448

101,222

7,226

7.1

%

% Gross margin

70.4

%

71.2

%

Operating expenses:
Research and development

34,519

47,661

(13,142

)

(27.6

%)

Sales and marketing

44,879

51,280

(6,401

)

(12.5

%)

General and administrative

26,664

27,144

(480

)

(1.8

%)

Gains, losses and other items, net

116

739

(623

)

(84.3

%)

Total operating expenses

106,178

126,824

(20,646

)

(16.3

%)

Income (loss) from operations

2,270

(25,602

)

27,872

108.9

%

% Margin

1.5

%

-18.0

%

Total other income, net

4,849

699

4,150

593.7

%

Income (loss) from operations before income taxes

7,119

(24,903

)

32,022

128.6

%

Income tax expense

8,705

2,315

6,390

276.0

%

Net loss

(1,586

)

(27,218

)

25,632

94.2

%

Basic loss per share

(0.02

)

(0.40

)

0.37

94.0

%

Diluted loss per share:

(0.02

)

(0.40

)

0.37

94.0

%

Basic weighted average shares

66,497

68,403

Diluted weighted average shares

66,497

68,403

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
For the Three Months Ended
June 30,

2023

2022

Income (loss) from operations before income taxes

7,119

(24,903

)

Income tax expense

8,705

2,315

Net loss

(1,586

)

(27,218

)

Loss per share:
Basic

(0.02

)

(0.40

)

Diluted

(0.02

)

(0.40

)

Excluded items:
Purchased intangible asset amortization (cost of revenue)

3,290

4,643

Non-cash stock compensation (cost of revenue and operating expenses)

13,292

24,225

Transformation costs (general and administrative)

1,875

-

Restructuring and merger charges (gains, losses, and other)

116

739

Total excluded items

18,573

29,607

Income from operations before income taxes and excluding items

25,692

4,704

Income tax expense (2)

6,167

1,237

Non-GAAP net earnings

19,525

3,467

Non-GAAP earnings per share:
Basic

0.29

0.05

Diluted

0.29

0.05

Basic weighted average shares

66,497

68,403

Diluted weighted average shares

67,388

69,195

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2)

Income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with larger pre-tax losses for GAAP purposes versus smaller pre-tax losses or income for non-GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30,

2023

2022

Income (loss) from operations

2,270

(25,602

)

Excluded items:
Purchased intangible asset amortization (cost of revenue)

3,290

4,643

Non-cash stock compensation (cost of revenue and operating expenses)

13,292

24,225

Transformation costs (general and administrative)

1,875

-

Restructuring and merger charges (gains, losses, and other)

116

739

Total excluded items

18,573

29,607

Income from operations before excluded items

20,843

4,005

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30,

2023

2022

Net loss

(1,586

)

(27,218

)

Income tax expense

8,705

2,315

Other income

(4,849

)

(699

)

Income (loss) from operations

2,270

(25,602

)

Depreciation and amortization

4,039

5,741

EBITDA

6,309

(19,861

)

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)

13,292

24,225

Transformation costs (general and administrative)

1,875

-

Restructuring and merger charges (gains, losses, and other)

116

739

Other adjustments

15,283

24,964

Adjusted EBITDA

21,592

5,103

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
June 30, March 31, $ %

2023

2023

Variance Variance
Assets
Current assets:
Cash and cash equivalents

470,773

464,448

6,325

1.4

%

Short-term investments

33,099

32,807

292

0.9

%

Trade accounts receivable, net

173,083

157,379

15,704

10.0

%

Refundable income taxes, net

-

28,897

(28,897

)

(100.0

%)

Other current assets

29,091

31,028

(1,937

)

(6.2

%)

Total current assets

706,046

714,559

(8,513

)

(1.2

%)

Property and equipment

37,927

39,393

(1,466

)

(3.7

%)

Less - accumulated depreciation and amortization

31,872

32,308

(436

)

(1.3

%)

Property and equipment, net

6,055

7,085

(1,030

)

(14.5

%)

Intangible assets, net

6,578

9,868

(3,290

)

(33.3

%)

Goodwill

363,178

363,116

62

0.0

%

Deferred commissions, net

36,944

37,030

(86

)

(0.2

%)

Other assets, net

45,130

41,045

4,085

10.0

%

1,163,931

1,172,703

(8,772

)

(0.7

%)

Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable

74,077

86,568

(12,491

)

(14.4

%)

Accrued payroll and related expenses

23,929

33,434

(9,505

)

(28.4

%)

Other accrued expenses

39,322

35,736

3,586

10.0

%

Deferred revenue

27,267

19,091

8,176

42.8

%

Income taxes payable

7,782

-

7,782

n/a

Total current liabilities

172,377

174,829

(2,452

)

(1.4

%)

Other liabilities

73,023

71,798

1,225

1.7

%

Stockholders' equity:
Preferred stock

-

-

-

n/a

Common stock

15,455

15,399

56

0.4

%

Additional paid-in capital

1,873,935

1,855,916

18,019

1.0

%

Retained earnings

1,300,705

1,302,291

(1,586

)

(0.1

%)

Accumulated other comprehensive income

4,565

4,504

61

1.4

%

Treasury stock, at cost

(2,276,129

)

(2,252,034

)

(24,095

)

1.1

%

Total stockholders' equity

918,531

926,076

(7,545

)

(0.8

%)

1,163,931

1,172,703

(8,772

)

(0.7

%)

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
June 30,

2023

2022

Cash flows from operating activities:
Net loss

(1,586

)

(27,218

)

Non-cash operating activities:
Depreciation and amortization

4,039

5,741

Loss (gain) on disposal or impairment of assets

308

(5

)

Provision for doubtful accounts

(219

)

997

Deferred income taxes

47

187

Non-cash stock compensation expense

13,292

24,225

Changes in operating assets and liabilities:
Accounts receivable

(14,391

)

(7,733

)

Deferred commissions

86

(369

)

Other assets

5,008

4,352

Accounts payable and other liabilities

(25,225

)

(34,557

)

Income taxes

37,236

2,131

Deferred revenue

7,098

(1,120

)

Net cash provided by (used in) operating activities

25,693

(33,369

)

Cash flows from investing activities:
Capital expenditures

(53

)

(1,741

)

Purchases of strategic investments

(500

)

-

Net cash used in investing activities

(553

)

(1,741

)

Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans

5,573

4,589

Shares repurchased for tax withholdings upon vesting of stock-based awards

(3,892

)

(582

)

Acquisition of treasury stock

(20,203

)

(60,053

)

Net cash used in financing activities

(18,522

)

(56,046

)

Effect of exchange rate changes on cash

(293

)

(752

)

Net change in cash and cash equivalents

6,325

(91,908

)

Cash and cash equivalents at beginning of period

464,448

600,162

Cash and cash equivalents at end of period

470,773

508,254

Supplemental cash flow information:
Cash paid (received) during the period for:
Income taxes related to continuing operations

(28,653

)

4

Operating lease liabilities

2,459

2,156

Operating lease assets obtained in exchange for operating lease liabilities

10,565

-

Operating lease assets relinquished in exchange for operating lease liabilities

(4,486

)

-

Purchases of property, plant, & equipment, net remaining unpaid at end of period

-

1,666

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(Unaudited) 
(Dollars in thousands, except per share amounts) 
FY24 to FY23
06/30/22 09/30/22 12/31/22 03/31/23 FY2023 06/30/23 % $
Revenues

142,243

147,099

158,615

148,626

596,583

154,069

8.3

%

11,826

Cost of revenue

41,021

42,304

43,287

43,472

170,084

45,621

11.2

%

4,600

Gross profit

101,222

104,795

115,328

105,154

426,499

108,448

7.1

%

7,226

% Gross margin

71.2

%

71.2

%

72.7

%

70.8

%

71.5

%

70.4

%

Operating expenses
Research and development

47,661

46,139

43,175

52,220

189,195

34,519

(27.6

%)

(13,142

)

Sales and marketing

51,280

45,949

47,702

57,506

202,437

44,879

(12.5

%)

(6,401

)

General and administrative

27,144

28,718

36,657

32,832

125,351

26,664

(1.8

%)

(480

)

Gains, losses and other items, net

739

13,111

11,743

9,723

35,316

116

(84.3

%)

(623

)

Total operating expenses

126,824

133,917

139,277

152,281

552,299

106,178

(16.3

%)

(20,646

)

Income (loss) from operations

(25,602

)

(29,122

)

(23,949

)

(47,127

)

(125,800

)

2,270

108.9

%

27,872

% Margin

-18.0

%

-19.8

%

-15.1

%

-31.7

%

-21.1

%

1.5

%

Total other income (expense), net

699

2,248

(736

)

4,735

6,946

4,849

593.7

%

4,150

Income (loss) from continuing operations before income taxes

(24,903

)

(26,874

)

(24,685

)

(42,392

)

(118,854

)

7,119

128.6

%

32,022

Income taxes expense (benefit)

2,315

3,562

5,835

(6,460

)

5,252

8,705

276.0

%

6,390

Net loss from continuing operations

(27,218

)

(30,436

)

(30,520

)

(35,932

)

(124,106

)

(1,586

)

94.2

%

25,632

Earnings from discontinued operations, net of tax

-

-

836

4,568

5,404

-

n/a

-

Net loss

(27,218

)

(30,436

)

(29,684

)

(31,364

)

(118,702

)

(1,586

)

94.2

%

25,632

Diluted loss per share

(0.40

)

(0.45

)

(0.46

)

(0.48

)

(1.79

)

(0.02

)

94.0

%

0.37

Some earnings (loss) per share amounts may not add due to rounding.
Basic shares

68,403

67,096

64,784

65,126

66,352

66,497

Diluted shares

69,195

67,568

65,356

66,268

67,097

67,388

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW TO EQUITY (1)
(Unaudited)
(Dollars in thousands)
06/30/22 09/30/22 12/31/22 03/31/23 FY2023 06/30/23
Net Cash Provided by (Used in) Operating Activities-Continuing Operations

(33,369

)

21,375

15,770

30,665

34,441

25,693

Less:
Capital expenditures

(1,741

)

(2,673

)

(179

)

(103

)

(4,696

)

(53

)

Free Cash Flow to Equity

(35,110

)

18,702

15,591

30,562

29,745

25,640


Contacts

LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
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First published on Thu, Aug 10, 2023

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