Despegar.com, Corp. (NYSE:DESP) Q3 2022 Earnings Call Transcript November 17, 2022
Despegar.com, Corp. misses on earnings expectations. Reported EPS is $-0.21 EPS, expectations were $-0.16.
Operator: Good morning, and welcome to the Despegar’s Third Quarter 2022 Earnings Call. A slide presentation is accompanying today’s webcast, and is available in the Investors section of the company’s Web site, www.investor.despegar.com. There will be an opportunity for you to ask questions at the end of today’s presentation. This conference call is being recorded. As a reminder, all participants will be in listen-only mode. Now I’d like to turn the call over to Mr. Luca Pfeifer, Investor Relations. Please go ahead, your line is now open.
Luca Pfeifer: Good morning, everyone, and thanks for joining us today. In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, we discuss certain non-GAAP financial measures and operating metrics, including foreign exchange neutral calculations. Investors should read the definitions of these measures and metrics included in our press release carefully to ensure that they understand them. Non-GAAP financial measures and operating metrics should not be considered in isolation as substitutes for or superior to GAAP financial measures, and are provided as supplemental information only. Before we begin our prepared remarks, please turn to slide two, and allow me to remind you that certain statements made during the course of the discussion may constitute forward-looking statements which are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company’s control.
Maxx-Studio/Shutterstock.com
These include, but are not limited to, expectations and assumptions related to the impact of the COVID-19 pandemic and the integration and performance of the businesses we acquire, including Best Day, Stays, Viajanet, and Koin. For a description of these risks, please refer to our filings with the U.S. Securities and Exchange Commission and our press release. Speaking on today’s call is our CEO, Damián Scokin, who will provide an overview of Despegar’s third quarter performance, as well as an update on our strategic initiatives. Alberto López-Gaffney, our CFO, will then discuss the quarter’s financial results in more detail. After that, we’ll open the call for your questions. Damián will begin his remarks on slide three. Damián, please go ahead.
Damián Scokin: Thank you, Luca, and good day, everyone. Thank you for joining our earnings call and for your interest in Despegar. A focus on balancing growth and profitability across the geographic markets allowed us to deliver our highest EBITDA since the onset of COVID-19, on strong revenues and higher operating leverage. Gross bookings increased nearly 70%, to just 7% below what we booked in the third quarter of 2018 as demand for travel continued to recover. The strength of our bookings coupled with a take rate 60 basis points above the upper range of our long-term guidance drove revenues 75% above the third quarter of 2021. Operating expenses increased 39% year-on-year, well below our 75% top line growth. OpEx stood at 8.5% of GBs, compared to 10.3% in the third quarter of last year.
At the same time, we sought to take advantage of higher demand levels to expand our share in certain markets, including Brazil, where we continued to make market inroads. The net result, Despegar’s reduced cost structure combined with strong revenue growth enabled us to deliver our fourth consecutive quarter of positive EBITDA. At Koin, we stepped up our conservative approach to credit approval, and we have slowed down loan origination, predominantly with respect to third-party merchant transactions. At the same time, we have been effectively pricing credit risk. A word about innovation on slide four, we always put the customer at the center of all our efforts as we continue to innovate and accompany them on each step of their journey, from researching the to making their final purchase.
With the aim of continuously improving their customer experience, we’re always implementing various initiatives to drive innovation across several of our brands and product categories. To mention a few, we are customizing the landing page and tailoring the sections of our site in order to reflect customers’ purchase history and travel . This quarter, we also launched a pilot WhatsApp sales channel under our Best Day brand, and it’s already showing very promising results. In an effort to provide customers with the most competitive prices, we are currently working on the launch of in selected markets, which allows customers to access such as airlines and hotel names that will be revealed one month prior to departure. This allows for aggressive sourcing options.
Turning to our loyalty program, we’re excited to report that membership growth accelerated quarter-on-quarter, reaching a total of 9.3 million members. This allows us to establish an even closer connection to our customer base, and is another way we are able to tailor travel solutions to their specific preferences. Today, already 5% of all transactions across our platforms include point redemptions. Let’s look at gross bookings by region on the next slide. In Brazil, our largest market, gross bookings rose 9% sequentially as we capitalized on a recovery in international traffic to build on our market position. Industry international passenger traffic in Brazil reached 68% of the third quarter of 2019 level, continuing to recover sequentially.
Year-over-year, gross bookings more than doubled driven by transactions and average selling price, ASPs, both of which increased in the high 40s. In Mexico, gross bookings posted a 13% sequential decline due to seasonal effect but recovered 9% from September to October. ASPs increased 25% year-on-year as we continued to increase sales of higher-margin packaged hotels, and added travel products. While the relative mix of lower-margin domestic air sales continued to decline, this drove a 24% increase in bookings year-on-year. Compared to third quarter 2018, ASPs increased 28% as we continued to focus on driving higher profitability. Across our other markets, gross bookings were flat quarter-on-quarter. Although international traffic continued to gradually recover at a lower pace than other markets, ASPs increased 45% year-on-year, exceeding pre-pandemic levels by 17%.
To summarize this slide, we continued to effectively respond to and tactically exploit the recovery in international traffic in Brazil in order to capture a greater share of this market. And as Mexico, our second-largest market, entered its high travel season, our mix of higher-margin travel products continued to improve. The quarter’s substantially higher ASPs reflect these, as well as our focus on prioritizing profitability overall, in Mexico, during the quarter. Our discipline, combined with a much lower cost structure, are driving Despegar’s earning power and building on the profitable growth trajectory we have established. With this, I will turn the call over to Alberto.
See also 11 Biggest BNPL Companies in the World and Top 25 Regional Banks Stocks.
Alberto López-Gaffney: Thanks, Damián, great to be with you all once again. As we can see in the chart in the upper-left of slide six, the 75% increase in revenue put 10% above the level we reported in third quarter 2019. The year-on-year increase was even more pronounced on an FX-neutral basis, at 94%, nearly doubling during the period. In addition to strong demand levels that drove gross bookings, we benefited from a higher take rate of just over 13%, benefiting from normal travel conditions driving fewer cancellations on higher rates in Mexico and Argentina, where we focus more on profitability over growth. As you can also see in this chart, our take rate improved 191 basis points compared to third quarter 2019, when it was at 11.2. Cost of revenue rose 33%, and this was well below the 75% increase in our revenue.
And as a percentage of gross bookings, it decreased 124 basis points to foreign , thanks to improved operating leverage, together with lower cost related to customer care which got ballooned during the pandemic. As a result, gross profit more than doubled year-on-year with gross margins expanding almost 170 basis points to 8.6%. And over 100 basis points when compared to third quarter 2019. Let’s move to operating cost on slide seven. We are very pleased with how our fixed cost structure has evolved specifically general, administrative, and technology and product development expenses. In absolute terms, fixed cost only grew 15% year-on-year and 13% since 2019 after successfully integrating several companies. This favorable trend becomes more evident when analyzing our fixed cost as a percentage of gross bookings are strong in the second-half of the slide.
Our technology and product development expenses declined 90 basis points, while our G&A expenses decreased 113 basis points. Sequentially, we see a slight increase in tech and product development expenses as we brought on the IT team from Viajanet. We will also appreciate how our operating leverage has been kicking in when comparing our fixed cost as a percentage of revenues. Moving to the third graph, you see an absolute increase in selling and marketing expenses which are more tactical in nature. The increase was mainly driven by our decision to favor market share gains in certain geographies, particularly Brazil as we sought to take advantage of rise in travel demand in this regard. On slide eight, we present our EBITDA evaluation. The operating leverage we have built into the business drove 28% increase in adjusted EBITDA when compared to third quarter 2019, which is also its highest level since then, year-on-year adjusted EBITDA improved by $22.4 million.
In summary, our earnings power continues to strengthen. In addition, thanks to the gradual recovery in travel demand, we generated $10.3 million in operating cash flow and closed the quarter with a strong cash position of $263 million. This allows us to maintain our financial flexibility to make strategic acquisitions such as our recent investments in Viajanet on states, which not only expand Despegar’s travel ecosystem but also reinforce the core competencies behind our market-leading value proposition and best-in-class technology platform; both of which serve as a strong and sustainable competitive advantages. This quarter, we would also like to provide an update on Koin as well as share some additional information about this business on slide nine.
Koin has maintained a strict focus on asset quality and remains vigilant given the complex and volatile economic environment in Brazil. On this slide, we share a number of key operating metrics that reflect our present approach. As you can see in the bar chart on the left, we took even more conservative approach to origination with a stricter client approvals resulting in a 25% sequential decline in total purchase volume. In the chart on the right, you can see Despegar obtaining high levels of take rate while expected losses have been declining, another indicator of our cautious approach origination. Also, it’s important to remember that most of Koin’s portfolio is comprised of short duration loans of approximately 5 months on average, which allows us to make rapid adjustments to attractively price risk.
In addition, most of the consumer verticals that Koin serves are relatively low risk light travel. For the quarter, Koin produced an EBITDA loss of $5.2 million. For those of you on this call who are new to Despegar’s growth strategy, let me remind you that we acquired Koin as it expands our addressable market and increases conversion rate, take rate as well as average tickets among other distinct advantages. That concludes my review of the quarter, back to Damián for some closing remarks.
Damián Scokin: Thanks, Alberto. We would like to wrap up our comment with a few key takeaways. First, there continue to be a gradual recovery in travel demand in LatAm, generating sustained growth in gross bookings, which finished the quarter just 7% below the third quarter of 2019. The strong growth in bookings and a higher take rate drove revenues 75% higher, and finished the quarter 10% above third quarter 2019. Our top line growth combined with greater cost efficiencies continue increasing the earnings power, and drove EBITDA substantially higher versus last year, making it our first consecutive positive quarter. As Alberto discussed, we also finished the quarter with a strong cash position, generating $10.3 million in operating cash flow our strategic investments in the Viajanet and Stays.
With Viajanet now fully integrated into our technology platform, we also expect to further benefit from the cost and revenue synergies that we’re achieving with this business. As an example, we’re already seeing significant improvement in conversion rates and average take rates across all Viajanet transactions. We’re also very encouraged with the success we’re having in cross-selling higher-margin packages through Viajanet, which had been primarily focused on selling air transactions. With respect Stays, it is now expanding beyond Brazil, its home market, as we seek to increase our prices in the vacation rental segment. We hope the additional information about Koin is helpful to your analysis. More importantly, you can expect us to remain disciplined with the credit approvals, and continue pricing risk effectively to improve the margin of this business over time.
Looking ahead, we expect travel demand to gradually approach pre-pandemic levels based on current market trends. Therefore, we expect to maintain our positive momentum in EBITDA in the fourth quarter of this year. However, we cannot predict how inflation will trend nor its impact on our businesses in the terms of travel demand and cost. Notwithstanding near-term uncertainties, we remain optimistic about the long-term potential of our business. This concludes our third quarter review. Operator, please open the call for questions.
To continue reading the Q&A session, please click here.
https://drugsoverthecounter.shop/# econazole nitrate cream over the counter
blood pressure over the counter medication over the counter antidepressant
over the counter anxiety meds viagra over the counter
https://over-the-counter-drug.com/# diflucan over the counter
scabies treatment over the counter walmart best over the counter sleeping pills
ivermectin over the counter walgreens over the counter cialis
over the counter sleep aids that work anti nausea medication over the counter
over the counter uti medication diuretics over the counter
uti over the counter clobetasol over the counter equivalent
https://doxycycline.science/# buy doxycycline online uk
https://amoxil.science/# amoxicillin pharmacy price
https://amoxil.science/# amoxicillin online canada
Drug information. Learn about the side effects, dosages, and interactions.
ivermectin pills human
Read now. safe and effective drugs are available.
п»їMedicament prescribing information. п»їMedicament prescribing information.
ivermectin 3
Learn about the side effects, dosages, and interactions. Long-Term Effects.
Get information now. Some trends of drugs.
ivermectin price canada
Read information now. Medscape Drugs & Diseases.
safe and effective drugs are available. Some trends of drugs.
https://stromectolst.com/# stromectol 3 mg dosage
Learn about the side effects, dosages, and interactions. earch our drug database.
Get here. Actual trends of drug.
https://stromectolst.com/# ivermectin brand name
Everything information about medication. Drugs information sheet.
Learn about the side effects, dosages, and interactions. Generic Name.
https://stromectolst.com/# ivermectin 3 mg tablet dosage
Cautions. Read now.
Get here. Everything about medicine.
stromectol pills
Cautions. Get warning information here.
drug information and news for professionals and consumers. Get here.
https://stromectolst.com/# ivermectin 12
Read information now. What side effects can this medication cause?
Long-Term Effects. Everything what you want to know about pills.
stromectol 3 mg price
What side effects can this medication cause? Definitive journal of drugs and therapeutics.
Read information now. What side effects can this medication cause?
ivermectin 2%
safe and effective drugs are available. What side effects can this medication cause?
Read information now. Comprehensive side effect and adverse reaction information.
https://stromectolst.com/# ivermectin 1 cream
Definitive journal of drugs and therapeutics. Get warning information here.
Top 100 Searched Drugs. Some trends of drugs.
https://stromectolst.com/# cost of ivermectin pill
All trends of medicament. Prescription Drug Information, Interactions & Side.
Read information now. safe and effective drugs are available.
stromectol 6 mg dosage
What side effects can this medication cause? safe and effective drugs are available.
Some are medicines that help people when doctors prescribe. Get information now.
https://lisinopril.science/# buy lisinopril no prescription
Get information now. Read information now.
Drugs information sheet. Read now.
https://mobic.store/# get mobic tablets
earch our drug database. Read here.
Actual trends of drug. Prescription Drug Information, Interactions & Side.
https://levaquin.science/# how can i get generic levaquin tablets
Commonly Used Drugs Charts. earch our drug database.
earch our drug database. Definitive journal of drugs and therapeutics. https://avodart.science/# how can i get generic avodart
Definitive journal of drugs and therapeutics. Get warning information here.
Get warning information here. Prescription Drug Information, Interactions & Side. buy avodart
drug information and news for professionals and consumers. All trends of medicament.
Read information now. Read information now.
where can i get cheap nexium no prescription
Prescription Drug Information, Interactions & Side. Medscape Drugs & Diseases.
Top 100 Searched Drugs. Cautions. how to get avodart for sale
drug information and news for professionals and consumers. Some trends of drugs.
Read information now. Definitive journal of drugs and therapeutics. https://avodart.science/# can i purchase generic avodart now
Read now. Definitive journal of drugs and therapeutics.
Prescription Drug Information, Interactions & Side. drug information and news for professionals and consumers.
can you get generic nexium without insurance
Definitive journal of drugs and therapeutics. All trends of medicament.
Get warning information here. Read now.
can i purchase generic mobic online
Long-Term Effects. Actual trends of drug.
Everything information about medication. Cautions. can you buy avodart without dr prescription
Prescription Drug Information, Interactions & Side. Commonly Used Drugs Charts.
п»їMedicament prescribing information. Long-Term Effects.
clomid pill
Some are medicines that help people when doctors prescribe. Everything information about medication.
Read information now. Read now.
https://azithromycins.com/ generic zithromax online paypal
Generic Name. Best and news about drug.
Some are medicines that help people when doctors prescribe. Commonly Used Drugs Charts.
buy propecia tablets
Get warning information here. safe and effective drugs are available.
Read now. Everything about medicine.
can i buy zithromax online
Drug information. Learn about the side effects, dosages, and interactions.
Get here. What side effects can this medication cause?
https://azithromycins.com/ zithromax azithromycin
Prescription Drug Information, Interactions & Side. All trends of medicament.
Learn about the side effects, dosages, and interactions. Read here. https://amoxicillins.com/ buy amoxicillin 500mg uk
drug information and news for professionals and consumers. Read now.
Read information now. drug information and news for professionals and consumers.
buy zithromax 500mg online
safe and effective drugs are available. All trends of medicament.
Cautions. Get warning information here.
where can i buy generic propecia no prescription
Some are medicines that help people when doctors prescribe. Drugs information sheet.
Read information now. Some trends of drugs.
cost of cheap propecia
Some trends of drugs. Learn about the side effects, dosages, and interactions.
Read information now. Best and news about drug. https://amoxicillins.com/ order amoxicillin online
What side effects can this medication cause? Prescription Drug Information, Interactions & Side.
What side effects can this medication cause? Drug information. where can you get amoxicillin
Read here. Prescription Drug Information, Interactions & Side.
Commonly Used Drugs Charts. Drug information.
buy zithromax online cheap
Get here. What side effects can this medication cause?
Generic Name. Best and news about drug.
https://azithromycins.online/ buy generic zithromax online
Commonly Used Drugs Charts. п»їMedicament prescribing information.
Drugs information sheet. Drug information. https://amoxicillins.com/ cost of amoxicillin
Get warning information here. earch our drug database.
What side effects can this medication cause? Some trends of drugs.
cure ed
Get here. drug information and news for professionals and consumers.
Actual trends of drug. Long-Term Effects.
best ed medication
Read now. safe and effective drugs are available.
Some trends of drugs. Definitive journal of drugs and therapeutics.
best ed pills at gnc
earch our drug database. Everything about medicine.
Cautions. Everything what you want to know about pills.
where can i get generic propecia without rx
Everything about medicine. Top 100 Searched Drugs.
Read information now. Read here.
mens erection pills
Medscape Drugs & Diseases. Drug information.
Actual trends of drug. Everything information about medication.
non prescription ed drugs
Top 100 Searched Drugs. drug information and news for professionals and consumers.
Medscape Drugs & Diseases. Some trends of drugs.
treatment for ed
Read information now. Commonly Used Drugs Charts.
Get information now. Cautions.
buy erection pills
Everything information about medication. What side effects can this medication cause?
All trends of medicament. Everything what you want to know about pills.
https://edonlinefast.com medications for ed
drug information and news for professionals and consumers. earch our drug database.
Get warning information here. п»їMedicament prescribing information.
canadian medications
drug information and news for professionals and consumers. Read now.
Everything about medicine. Get warning information here.
prescription drugs canada buy online
Top 100 Searched Drugs. Comprehensive side effect and adverse reaction information.
Definitive journal of drugs and therapeutics. Read information now.
https://canadianfast.com/# legal to buy prescription drugs from canada
Get here. Get warning information here.
Long-Term Effects. Definitive journal of drugs and therapeutics.
https://canadianfast.online/# the canadian drugstore
safe and effective drugs are available. Everything information about medication.
Learn about the side effects, dosages, and interactions. Prescription Drug Information, Interactions & Side.
https://canadianfast.com/# buy prescription drugs from canada
Cautions. All trends of medicament.
Best and news about drug. Get information now.
best canadian pharmacy online
Medicament prescribing information. Comprehensive side effect and adverse reaction information.
п»їMedicament prescribing information. drug information and news for professionals and consumers.
pet meds without vet prescription
Drugs information sheet. Everything what you want to know about pills.
Get here. п»їMedicament prescribing information.
https://canadianfast.com/# prescription meds without the prescriptions
drug information and news for professionals and consumers. Medscape Drugs & Diseases.
Read information now. Get here.
non prescription ed drugs
What side effects can this medication cause? Generic Name.
п»їMedicament prescribing information. Medscape Drugs & Diseases.
sildenafil without a doctor’s prescription
drug information and news for professionals and consumers. Get warning information here.
Everything about medicine. All trends of medicament.
dog antibiotics without vet prescription
Drugs information sheet. safe and effective drugs are available.
drug information and news for professionals and consumers. Some are medicines that help people when doctors prescribe.
buy prescription drugs online
Drugs information sheet. What side effects can this medication cause?
Get warning information here. Read information now.
canadian pharmacy levitra value pack
Medscape Drugs & Diseases. Some trends of drugs.
Long-Term Effects. Cautions.
carprofen without vet prescription
Get information now. Read here.
Some are medicines that help people when doctors prescribe. Drug information.
canadian medications
Comprehensive side effect and adverse reaction information. Everything what you want to know about pills.
Get here. What side effects can this medication cause?
buy sildenafil pills
Some are medicines that help people when doctors prescribe. Everything what you want to know about pills.
Generic Name. Some trends of drugs.
buy viagra in canadГЎ
Read here. Read information now.
Some are medicines that help people when doctors prescribe. Get information now.
20 mg generic sildenafil
earch our drug database. Commonly Used Drugs Charts.
Everything information about medication. All trends of medicament.
https://viagrapillsild.online/# viagra sources
Read here. Some trends of drugs.
What side effects can this medication cause? Read information now.
average price of sildenafil in usa 100mg
п»їMedicament prescribing information. Commonly Used Drugs Charts.
Medscape Drugs & Diseases. safe and effective drugs are available.
https://tadalafil1st.com/# buy tadalafil india
Everything about medicine. All trends of medicament.
Cautions. Read information now.
tadalafil online without prescription
п»їMedicament prescribing information. Everything about medicine.
Definitive journal of drugs and therapeutics. Everything what you want to know about pills.
https://tadalafil1st.com/# tadalafil generic otc
Everything about medicine. Top 100 Searched Drugs.
Definitive journal of drugs and therapeutics. Everything what you want to know about pills.
https://tadalafil1st.com/# cialis samples online
Read here. Read information now.
Get warning information here. Prescription Drug Information, Interactions & Side.
https://tadalafil1st.online/# cialis drug
Drugs information sheet. Everything information about medication.
Cautions. Comprehensive side effect and adverse reaction information.
how to buy cialis from us stores
Some trends of drugs. Learn about the side effects, dosages, and interactions.
Read information now. Learn about the side effects, dosages, and interactions.
buy tadalafil europe
Drug information. Some trends of drugs.
earch our drug database. Definitive journal of drugs and therapeutics.
canadian pharmacy cialis
Top 100 Searched Drugs. Definitive journal of drugs and therapeutics.
Some are medicines that help people when doctors prescribe. Read here.
tadalafil compare prices
Long-Term Effects. Drugs information sheet.
Read information now. Some are medicines that help people when doctors prescribe.
https://tadalafil1st.online/# cialis samples for healthcare professionals
Read information now. drug information and news for professionals and consumers.
safe and effective drugs are available. Best and news about drug.
buy tadalafil from india
Some trends of drugs. earch our drug database.
Read information now. drug information and news for professionals and consumers.
tadalafil best price uk
Get information now. Actual trends of drug.
All trends of medicament. Read here.
https://tadalafil1st.com/# tadalafil online india
Definitive journal of drugs and therapeutics. Generic Name.
Prescription Drug Information, Interactions & Side. Best and news about drug.
tadalafil pills for sale
Read information now. Comprehensive side effect and adverse reaction information.
Drug information. Comprehensive side effect and adverse reaction information.
https://zithromaxa.fun/ can you buy zithromax online
Actual trends of drug. Read now.
Get here. Definitive journal of drugs and therapeutics.
https://clomidc.fun/ how can i get cheap clomid online
Comprehensive side effect and adverse reaction information. Top 100 Searched Drugs.
You have somke reaⅼly good posts and I belіeve I would bе a gooⅾ asset. If yoᥙ ever wɑnt too take somе oof
tһe load off, Ι’d absolutеly love카지노사이트 tⲟ ѡrite sߋme c᧐ntent for your
blog in exchange for a link Ьack to mіne. Please send me an email іf іnterested. Tһank ʏou!
drug information and news for professionals and consumers. All trends of medicament.
https://prednisoned.top/ prednisone 20mg capsule
п»їMedicament prescribing information. Best and news about drug.
do you want to play seggs 카지노총판 simulator for free? and more anime and vr porn in here! visit my profile for more info and links! 😉 😉 ,
Hi, I do believe this is a great website I understand this is off subject but I just had to ask. Appreciate it! “성인망가” Freedom is the greatest way to change, may you be rich and continue to guide other people.I stumbledupon it 😉 I may revisit once again since I bookmarked it.
Everything what you want to know about pills.“부산유흥”
Everything information about medication.
Appreciation for taking the time to discuss this topic, I would love to discover
more on this topic. If viable, as you gain expertise, would you object to updating
the website with further information?“밤의전쟁” It is tremendously beneficial for me.
best canadian pharmacy online natural cure for ed otc ed drugs
ed medications over the counter best erection pills ed pills online
vacuum therapy for ed: how can i order prescription drugs without a doctor – canadian online drugstore
ed pills online erectile dysfunction medicines erectional dysfunction
cheap ed medication ed trial pack ways to treat erectile dysfunction
viagra online cerca de zaragoza: comprar viagra online en andorra – comprar viagra contrareembolso 48 horas
Viagra Generika Schweiz rezeptfrei: Viagra Г–sterreich rezeptfrei Apotheke – Viagra kaufen ohne Rezept legal
viagra para hombre precio farmacias similares: comprar viagra en espaГ±a – venta de viagra a domicilio
Viagra kaufen ohne Rezept legal: Sildenafil rezeptfrei in welchem Land – Sildenafil 100mg online bestellen
pillole per erezioni fortissime: viagra acquisto in contrassegno in italia – viagra generico prezzo piГ№ basso
viagra pfizer 25mg prezzo: cerco viagra a buon prezzo – viagra online spedizione gratuita
prescription cost comparison
Viagra kaufen ohne Rezept Schweiz: Viagra wie lange steht er – Viagra Alternative rezeptfrei
onlinecanadianpharmacy com
order prescription medicine online without prescription
https://drugswithoutdrprescriptions.com/# online pharmacy review
on line pharmacy with no perscriptions
https://drugswithoutdrprescriptions.com/# canada pharmacy online canada pharmacies
trust online pharmacies
buy drugs online
canadian pharmacy order
mexican pharmacy cialis
prescription online
best canadian pharmacy no prescription
Wonderful post! We are linking to this particularly great article on
our website. Keep up the good writing
바카라사이트
legal canadian prescription drugs online
legitimate online pharmacy usa
You have somke reaⅼly good posts and I belіeve I would bе a gooⅾ asset. If yoᥙ ever wɑnt too take somе oof
tһe load off, Ι’d absolutеly love tⲟ카지노사이트 ѡrite sߋme c᧐ntent for your
blog in exchange for a link Ьack to mіne. Please send me an email іf іnterested. Tһank ʏou!
best rated canadian online pharmacy
cheapest viagra canadian pharmacy
india pharmacy mail order india pharmacy best india pharmacy
canadian pharmacy in canada best canadian pharmacy to buy from best online canadian pharmacy
top 10 online pharmacy in india overseas pharmacies shipping to usa indian pharmacy paypal
canadian pharmacy ed medications canada rx pharmacy best canadian pharmacy
the internet pharmacy
cipro 500mg best prices: ciprofloxacin generic price – ciprofloxacin order online
antibiotics cipro: ciprofloxacin 500 mg tablet price – ciprofloxacin generic price
Great site. Lots of helpful information here. I am sending it to several friends ans also sharing in delicious. And certainly, thank you on your sweat!
doxycycline 150 mg: doxycycline 100 mg – doxycycline generic
writing like yours nowadays. I honestly appreciate people like
온라인카지노you! Take care!!
buy ciprofloxacin: cipro for sale – ciprofloxacin
If you are going for best contents like me, simply pay a visit
this site everyday“오피스북” for the reason that it gives quality contents, thanks
What side effects can this medication cause?“강남풀싸롱” drug information and news for professionals and consumers.
free adult chat rooms singles dating“강남안마” dating sites free online totally free chat dating site
buy antibiotics from india: buy antibiotics from canada – get antibiotics quickly
canadian pharmacy online without prescription
I will bookmark your weblog and check again here frequently. I’m quite sure I’ll learn “밤의전쟁” a lot of new stuff right here! Best of luck for the next!
I simply want to say I am just newbie to blogging and site-building and definitely savored this website.
“바카라사이트” Very likely I’m planning to bookmark your site .
https://overthecounter.pro/# strongest over the counter sleep aid
high street discount pharmacy
http://overthecounter.pro/# united healthcare over the counter essentials
https://overthecounter.pro/# over the counter medicine for strep throat
I wonder how so much effort you place to make one of these fantastic info web site.
“성인웹툰”thank you i love it.
family discount pharmacy: online canadian pharmacy – family discount pharmacy
canadian prescription drug store: canadian online pharmacy no prescription – prescription cost comparison
what are ed drugs: over the counter erectile dysfunction pills – top erection pills
erection pills online: top rated ed pills – cheap ed pills
http://indianpharmacy.pro/# pharmacy website india
https://indianpharmacy.pro/# indian pharmacies safe
https://indianpharmacy.pro/# top online pharmacy india
https://edmeds.pro/# buy ed pills online
http://fastdeliverypill.com/# mail order pharmacies
http://fastdeliverypill.com/# legal canadian pharmacy online
buy 36 hour cialis without prescription: canada toronto cheap fase cialis – cialis manufactured in canada
top online pharmacy india: best online pharmacy india – cheapest online pharmacy india
п»їlegitimate online pharmacies india: buy medicines online in india – indian pharmacies safe
canadian pharmacy cheap: legitimate canadian mail order pharmacy – legit canadian pharmacy
canadian pharmacy 24 com: safe reliable canadian pharmacy – buy canadian drugs
best online canadian pharmacy: legal to buy prescription drugs from canada – onlinecanadianpharmacy
What side effects can this medication cause?“강남풀싸롱” drug information and news for professionals and consumers.
over the counter prednisone medicine: buy prednisone – prednisone 40 mg price
You have somke reaⅼly good posts and I belіeve I would bе a gooⅾ asset. If yoᥙ ever wɑnt too take somе oof
tһe load off, Ι’d absolutеly love tⲟ카지노사이트 ѡrite sߋme c᧐ntent for your
blog in exchange for a link Ьack to mіne. Please send me an email іf іnterested. Tһank ʏou!
https://edpillsfd.online/# online ed pills
https://indiapharmfd.com/# reputable indian online pharmacy
Great article!!! After reading your article,“강남오피”
I found it very informative and useful. thank you for posting such a nice content… Keep posting such a good content…
Hi, I do believe this is a great website.“오피뷰”
I stumbledupon it 😉 I may revisit once again since I bookmarked it. Money
and freedom is the greatest way to change, may you be rich and continue to guide other people.
https://edpillsfd.online/# medicine erectile dysfunction
https://indiapharmfd.com/# world pharmacy india
I really like your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you?
“밤의전쟁” Please reply as I’m looking to create my own blog and would
like to find out where u got this from. cheers
Spot on with this write-up, I absolutely feel this website needs far more
“오피스북”
attention. Iíll probably be returning to see more, thanks for the advice!😉🤠
https://edpillsfd.online/# best non prescription ed pills
I need to to thank you for this very good read!! I certainly
enjoyed every little bit of it. I’ve got you book-marked to
바카라사이트 check out new things you postÖ
http://edpillsfd.com/# ed pills that really work
dapoxetine online USA: Priligy tablets – priligy over the counter
dapoxetine online USA: priligy over the counter – Buy Dapoxetine
where buy cheap propecia online: finasteride over the counter – get propecia pills
buy priligy: dapoxetine – Priligy price
Kamagra Gold 100mg price: Kamagra Oral Jelly 100mg buy online – kamagra
mexican drugstore online: reputable mexican pharmacies online – mexico drug stores pharmacies
mexican online pharmacies prescription drugs: mexico drug stores pharmacies – buying prescription drugs in mexico
mexican pharmaceuticals online: best online pharmacies in mexico – reputable mexican pharmacies online
canadian drug store legit: canadian pharmacies online reviews – best online pharmacy without prescription
buy sildenafil online australia: sildenafil 25 mg buy online – buy sildenafil online australia
online pharmacies reviews
canadian pharmacies vipps
canadian online pharmacies reviews
drugs from canada without prescription
canadian pharmaceuticals online reviews
canadian pharmacies
canadian prescriptions online
acun ılıcalı boyu
I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.
Right now it appears like WordPress is the best blogging platform out there right now. (from what I’ve read) Is that what you are using on your blog?
I really like your writing style, wonderful information, regards for posting :D. “Kennedy cooked the soup that Johnson had to eat.” by Konrad Adenauer.