Latch Goes Public, Raises ~$500 Million At $1.56 Billion Valuation

By Isabella Cheng, Published Jan 25, 2021, 01:32pm EST

Unprecedented for access control, Latch is going public, raising ~$500 million which gives Latch a $1.56 billion valuation despite doing less than $20 million in revenue last year.

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In this report, IPVM examines Latch's plans, including:

  • Unprecedented Deal in Access Control
  • Merger with Tishman Speyer SPAC
  • Current Offerings
  • Financial Performance
  • Market for Growth
  • Users Locked-In with Latch
  • Expansion Plans

Unprecedented **** *** ******** ******** *******

*********************'***** *********** ** $** and $** ******* *** sizeable *** ****** *******, Latch ** ******* *** that ****** ** *** effectively ******* ***.

***** **** *** **** merge **** * **** (special-purpose *********** *******) ********* by ******* ******, * commercial ****-****** ******* **** $50+ ******* ** ****** assets **** ***************** ************, * ****-***** **.

******** *** ******* ** Latch's ******** ** *********, the ***** ****** ** funding ** **** ******* and *** ******* ** powerful ********* **** ******** its ********* *** ******* and *** ** ** with ************ ********* ** aggressively ****** *** ********.

Latch's **** ****** ******* **** ************

** ***** **** ***** Latch's *********, *** ***** presentation ** *** **** 2020 ****** ******* **** embedded *****:

Current ********* *********** - ~$** ******* *** ******* ** ****

***** ************ ~$** ******* *** revenue ** **** ****** it ** ********** *** pre-money ********* ******** ** sales. ******, *****'* ****-****-**** growth *** * ********** 21% ** ****.

*******, ***** ******* *** revenue ** $*** ******* by ****, **** * five-year **** ** ***.*%, or *** *** *** revenue ** **** ** over ***.

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** ** ** ********** ambitious *********, ** *** chart ** ***** *********** shows *****:

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*** *******'* **** ******** were $** *******, ****** $61 ******* *** *** year. ***** ******* ** lose ******* *******-******* ******* from **** - ****, generating ******* ******** ** 2023.

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Hardware ** ******* *****

** *** $** ******* in ******* ** ****, more **** */**** **** from ********, **** ***** projecting **** **** **** still **** **** ******** even ** ****:

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** ***** ** ****, Latch ********* **** *** selling ***** ******** ** a ****:

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** *** ****** **** aim ** **** ********* in *** ****** ***** from ***, **** ** a ******** ********.

Gross ******* ********* ******

***** ******** ** ******** to **** ********* ******** and **** * ***** from ***, ******** *** gross ******* ** ** less **** **%, *.*., gross ****** ** *** inverse ** *** **** percentages ***** ***** *.*., -12% ***** ******* ** 2020 *** **% ***** margins ** ****:

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Booked ******* ******** ***********

***** ************ ******* * non-GAAP ****** ****** "****** revenue" ******, *** *******, $167 ******* ** ****, up **% **** ****, but **** ****** ****** not ** ******** **** recognized ******* *** *** year.

** ***** **** *****, almost *** ** ***** customers ****** * **** upfront, ***** ** **** for ******** ****** ******* but ****** ** ********** and ******* ** ******* until ** ** **********:

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Lock-In ****** ****** ** *********

***** ******** * ******** churn ***** ********* ** the ****** ** ****. Latch ******** ** **** for *** ******* ***, as ***** ******** ** the ******* *****, ****** all ****** *** *-**** contracts.

**** ********* ****** ** lock-in *** ****** ** Palihapitiya ** *** *************** ******:

**** ********* ** ** more ********* *** ***** clients ** ***** **** remain * ****** ******* massive *** (*** ****** retention)

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***** *** ****** ** sales ********* ** **** high, ****-** ***** ******* that.

********,*****'* ********** ********** ** ******* ******** at * **** ** lock ********* ** ****-****:

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Significant ****** *** ******

***** ** ********* ** less **** *% ** the *********** ****** ***** but *** *** **** set ** *** **** the $** ******* ** rental ****** *** **** the $** ******* ******** rental ******. ***** *** US **** **** *** core ******, ***** ***** to ****** **** ****** first ** *******, ******, and *** ** ** "leveraging *** *********** **** Tishman ****** *** ***** assets ** ***** *******."

Latch ********* ***** - ***** **********

*****'* ******** ************ ****** clear ***** *** ********* Latch ******** *** *** expanding *** ** *** residential ***** ** ********** offices. ***** ******** ** the ******* ******* ***** that ***** ***** ** manage ******** ********, ***** insurance ********, *** ******** service ******* ***** **. Latch ***** **:

******* ********* ** ***** (average ****** *** **** unit) ** ********** ********* with *** ********* **** Intercom, ***** ****, *** more, *** ********** ******* the ******* ******* *********

** ***** ******** **** products *** *** *********, we ****** ***** ** inevitably ****** **** ***** surveillance ** **** *** make * *** ** being * ***** ***** surveillance ********.

~$500 ******* ******* *** *********

***** ***** **** **** recognized ******* $* ******* in ****, ******* ******* a ****-******* ******* ************* changes *** ********** *** how ******* ***** *** market *** ********.

*** **** ******* **** even ***** ** **** funding *** *********** ** burn **** *** ********* is ******* *** *******, whose $** ******* **** fundraising, *** **** **** by ******** ********* ** just * ******** ** what ***** ****** ****. Interestingly **** *** ****** being ** '********* ******' for *********.

Competitive ******

** ****** ** *** Latch ********* ******** *** market ******** *** *** Latch *** ******* ** increasingly ******* **** ** head **** *** **** few *****.

*** **** *** *** this ****** ***** *** remains ** ** **** but **** ********** ******** further ******** **** ********* are **** ******* ***** the *********** ** **** users **** ****** ************ physical ******** *********.

Comments (42)

John Honovich

IPVM | 01/25/21 06:51pm

********, **** ****! *********** news!

* ** *** ******* about * **** ******* putting ** ************* ****** of ***** ** **** people **.

* ** ***** **** they **** ** ******** traded ***** ***** *** public (*** ****) **** be **** ** ******* and ****** ***** ********** multiple ***** *** ****. Here ***** *** **** *** SEC ******* *** ** Innovations ************ ****, *** **** ***** is ******* **** ** go ******.

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Brian Rhodes

IPVMU Certified | In reply to John Honovich | 01/25/21 07:26pm

**** ** *'* *** crazy, **** **** ***** expects ** **** ******** revenues ** **** *** in **** *****?

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* ******* **** **** more ******** **** **** locks *** *********, *** future ******* ******** **** cameras, ******** ***********, ***********, and ***** *** *****.

John Honovich

IPVM | In reply to Brian Rhodes | 01/25/21 07:30pm

***, * ***'* ***** there *** *** *********** in *** ******* ** electronic ****** ******* *** this ****'* *** ** seems *****. **** **** to *** ***** ** nearly ******** **** ****, then **** **** ******** the ********* ****, **** doubling **** **** **** after, ***., ** ***** below:

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*****, *******, *** ****-** gives **** * **** at ****.

Undisclosed Manufacturer #2

In reply to John Honovich | 01/25/21 07:35pm

******* ** ******* ***** price ** **** ****** cut *** ****.

John Honovich

IPVM | In reply to Undisclosed Manufacturer #2 | 01/25/21 07:35pm

*** ** ******* **********?

Undisclosed Manufacturer #2

In reply to John Honovich | 01/25/21 08:32pm

*** ** ******** ****** quickly. *** ******** ********* demand *** *** **** are ************ ** **.

*** ****** ** * subscription *** **** *** break **** ****** **** more **** *********** *** subscription.

* ***** **** ** back ** *****, ** replace *** *****.

Undisclosed Manufacturer #1

01/25/21 06:54pm

*** *******?!?!?!?!

****'* ******!

**'* **** *** ** to *** **** *** access ******* ********.

John Honovich

IPVM | In reply to Undisclosed Manufacturer #1 | 01/25/21 06:56pm

**********: **'* ******** **+ multiple, * ******* ******* by $** *******.

Undisclosed Manufacturer #1

In reply to John Honovich | 01/25/21 06:58pm

**** *******

John Honovich

IPVM | In reply to Undisclosed Manufacturer #1 | 01/25/21 07:00pm

**'* * ****** *** of * ****-********** ********. If *** ***** *** what ****** **** ******, you **** * **** good **** ** ******** a ********* ****** ******** than **** ***********.

*** **** ** **** customers ** *** *** next ****** ** *** is **! **** * was ****** ***** ****.

John Honovich

IPVM | 01/25/21 07:16pm

*** ***** ***** ** add ***** ***** ******, Latch *** *** ********** are ********* ******* ***** (and ** ***** **'* positive *** ****).

*** ******** ** **** happens ** **** ***'* hit ***** ******* ** a ****** *******. ** could *** **** ****. To ** *****, **** have *** ********* ** all *** ***** *** backing **** ****, ** there's * *** ** reasons ** *******, *** being ****** ***** ***** amazing *********** *** ***** to ** *********** ** investors *** **** ******* them ** **** ****.

Undisclosed Integrator #3

01/25/21 07:37pm

*** ********* *** *** profit ***** *** ********** of *** ***** ** live ** ** * deflationary ****** *******. **** case ******** *** ***** that ** ******** ***** at * ****** *% CAGR ******* ** *****. And **** ** **** a ****** *********** **** actually ********. *****'* ** way **** ***** ** this ******** **** **** that **** **** ****** an ****** *.*** ********* in ** ***** ***** on ******** *** *******. What * ****. **** is *** ***** ** paper **** ***** **** was ******** *** *.*** by ****** *** **** a ******** **** *** financially.

John Honovich

IPVM | In reply to Undisclosed Integrator #3 | 01/25/21 07:46pm

*****'* ** *** **** being ** **** ******** this **** **** **** will ****** ** ****** 1.5bb ********* ** ** years ***** ** ******** and *******.

*** *** ******** ***** and * ***** ***** Latch's ********* ***** ****** agree. ** **** *****'* advocate, ******, *** ***** is *** ***** ****** the ***** **** ** 10 *****. ** ** about *** *** *** profitable ***** ***** ** in ** ***** (** financial *****,*** ******** ***** ** a *** *****).

** ** ** *****, Latch ** * $* to $* ******* ****** company, **** *********** ********* cash **** (**** ** mind ** **** ***** it ***** ** ** mostly * ******** ************ business), *** ******* ***** be ***** $** ******* or ****, ****** ** ongoing **** ********** (**% CAGR). * ***** ****'* what **** *** ****** for.

Undisclosed Manufacturer #4

01/25/21 08:11pm

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John Honovich

IPVM | In reply to Undisclosed Manufacturer #4 | 01/25/21 08:13pm

*** *** *** ** the *****!

Undisclosed Manufacturer #4

In reply to John Honovich | 01/25/21 08:37pm

******?

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Undisclosed Integrator #11

In reply to Undisclosed Manufacturer #4 | 01/27/21 06:52pm

******** ** ** ****, Chamath ** **** **** NOT ** *-****.

Christopher Halvorson

Uncle Baer | IPVMU Certified | 01/25/21 10:25pm

****'** ****** **** ***** engineers.

**** *** **** *** features *** ***** *** to *** ****** *****, the **** **** ******* they *** ******** ** the ***** ** *********** with **** ******* ********. They ****'* ***** ******** new, *** ***** ******** is ******. *****-*****. ***'** going ** **** **** much ** *** ********? And **** ******** **** product ** ** ** through ******* ********...? *** outta ****.

*'* *** ***** ** their ******* ***'*** *** parts...

Undisclosed Integrator #7

In reply to Christopher Halvorson | 01/26/21 11:36am

** ** ******* **** these **** **** ***** for **** ** ***** software **** ********** ***** easily **** ******'* *******. Over *** **** *** years * **** ******** my ******* ** ****** that **** ***** ********** and * ***** *** any ****** ***.

***** ***** * ** when ******** *** * new ******* **** * supplier ** ******** ***** app *** *** **** rating ** ***. ** it *****'* **** ** iOS/Android/Web ** **** * won't ***** **.

****** **** ********* ****'* easy ** *** *** that's **** ***** **** have ***** *** ****.

Christopher Halvorson

Uncle Baer | IPVMU Certified | In reply to Undisclosed Integrator #7 | 01/26/21 03:59pm

"****** **** ********* ****'* easy ** *** *** that's **** ***** **** have ***** *** ****."

* ******* *****, *** while **** ** **** a ***** *******; ***** are ***** ***** ********. I ***** **** ***** turn *** ** ** a ***** *** ** the ********, *** *** behavior ****'** ********** **** coming ** *** ****** like **** ***** ******** gods **** ******* ****** access ******* **** ***** presence ** * *** bitter, **** ** ***** of **** ** *** industry.

****, * **** **** and **** ** * problem **** ******* ********, I ********** **** **** think **'* * ****** check ** **** **** their ********* *** ****** the ******* ******** ********* properly, *** **** ****'* inexperience ** *** ******** also ****. **** *** can ****** **** *** installs; *** ***'** *** going ** **** * sea ** ************* *********** trying ** ****** ** access ******* **** ******* if **** **** *******. Thus, **** ******** ******-****'* their ******* **** ****, and **** ******* **** they've *********, * ****** you ***** **** ** be **** *********.

*******, **** ******* ******* move ** **** ** a **** ** *** industry ** *** ** the ***** ****** *'** mentioned; **** **** *** going ** ***** **, take ******** **** **** industry *** **** ***** it *** ** * select ***? **** ** on ***** *** ** their **** ** **** in *-* *****. ***** us ***** *** ******** owners *** *** **** and ****** **** **** because ** **** ***** the ****** ******** ** people *** ***********. ***** I'll **** ** *** over ***** ******** ********, I ****, * ****... but ** ***** **** some ***-**-**** ********* **** walked **** *** *** already **** ***** *** just *** ** **** gorgeous **********, **** "****, easy *****. *** ***'* you **** * ****.."

John Honovich

IPVM | In reply to Christopher Halvorson | 01/26/21 04:02pm

**** ****** **** *** bar ******* **** ***** and **** *** ** your ******** **********, **** "Okay, **** *****. *** don't *** **** * walk.."

*** ******** ********** ** the ******* ** *** other *** *** $*** million **** ***************.

** ******* ***** **** is **** *** ***** itself ** * **************, it ***** **** *** put ** * **** court ***** **** ****** cannot **.

Undisclosed Integrator #7

In reply to Christopher Halvorson | 01/26/21 10:32pm

*****’* ****** **** ******** you’re ** *** ***** now *** **** ********* like **** **** ******, new ******* **** ** and ****** *** ****.

***’* ** *****, ***** to *****.

***** ** *********** *** money ** ** **** just *** *********** **** companies **** *****, **** people **** **, ***** a *** ** ***** load *** *** *** you *** **** ***** labour *** **** ********* oversee ***** ****, ** just **** ******* *********** people ***** *** *** off.

Undisclosed #10

In reply to Undisclosed Integrator #7 | 01/26/21 10:48pm

***’* ** *****, ***** to *****. ***** ** potentially *** ***** ** be **** **** *** contracting **** ********* **** these,

***** ***** ******** *** you **** ******** ** dollars!

Christopher Halvorson

Uncle Baer | IPVMU Certified | In reply to Undisclosed Integrator #7 | 02/03/21 04:26pm

***’* ** *****, ***** to *****.

* ***** **** **** sentiment *** *'* ***** adaptable; *** ***'** ******* at *** **** *** at *** ******. ****** is *** ****** ****** even ** **** ***** load **** ****. * couple ** ***** ********* and *** ******** ******* less ********* ** *** future, **** *********** *** if *** **** ** with * ******* ** a ******** **** *** considered * ****** ** this *******, ****'** ********* you ** *** ******.

*** ****** ** *** industry ** ** ********* as *** ****** ** my ********. ** ***** balancing **** *****, *** Latch ****** * ***.

John Honovich

IPVM | 01/25/21 11:12pm

**** ****, ******** ***** Latch's ******** ***** **** in *** ****** *** was ******* **** *** rest ** ****:

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Undisclosed Manufacturer #5

01/26/21 12:57am

** ***** **** *** valuation *** ***** ** booked *******, ***** ***** make * *** **** sense. **** **** **** landed * ******* ******* that **** **** **** to ***** ** *** table ** *** * valuation ** **** ******.

******** ****** ******* ***'* super ********, **'* **** Shark ****, ** **** a ****** ******* **** they ** ** *** the ******** **** * 500K ** **** *******, it's *** ******* ******* but *** ****** ***** the ***** ** ***** in *** *****.

John Honovich

IPVM | In reply to Undisclosed Manufacturer #5 | 01/26/21 01:03am

**** **** **** ****** a ******* *******

******* ****** ** * huge **** ****** ********** company **** **** ***** and ********* / *** together *** ****.

**** ****, **** ********* is **** *** ****** that **** ******** ** other ****-** **** **********. Verkada *** ******** ** the *** ***** **** year, ** **** * sense ** **********.

Undisclosed Integrator #8

In reply to John Honovich | 01/26/21 02:35pm

** ****'* ****, **** it ***** ****** **** the ********** **** ** 1999. * **** ** a ****** ********* *** went ****** **** ******* revenue ****** ******* ** a ****** ** ***** carriers (*.*. *****, ****** Crossing) **** ********* ** their *******. ** ******, the **** ********* ****** at ***** ******** *** stock ******* ** *** companies. **** **** * small ******** ** ******** there.

** ********, ***** **** will ****** **** ** a ****** ********** (****), there **** ****** ** plenty ** ************* ** incestuously ******* ***** *******, as *** ******** **** products (** ****** **** estate) **** *******.

Undisclosed Integrator #9

In reply to Undisclosed Integrator #8 | 01/26/21 08:07pm

** ********, ***** **** will ****** **** ** a ****** ********** (****), there **** ****** ** plenty ** ************* ** incestuously ******* ***** *******, as *** ******** **** products (** ****** **** estate) **** *******

#*, *********** ** *'** seen **** ******, ***** hand **** * ****** for ** ********** **** was **** ** * larger ******* **** ******** an ****** ******* *** video ************.

**, ** **** **** this. ** **** * $500K *********** ***, ** 30 ******. ** *** product **** *** *******' manufacturer *** $****. *** manufacturer ***** * $**** order ** ** ******. A ****** **** ** our ***** *** $**** now ******* * $**** sale, **** ***** ****** of * ****** **** than ** ******.

****** ******* ** *****.

Laurent ASSOULY

EVITECH | 01/26/21 09:00am

******* ** * *** about ****** ***** *****, though ** *** **** significant.

****: **** ****** *********.

********** **** ******* *** sale ******** **** *** always ****.

**** * ******** ***** point ** ****, *'* quite ******* **** *** Northern ******* ****** ***** to ** ********* **** and **** ** ***** and ****** ** ********, as * ***'* *** this ********* (***) ****...

John Honovich

IPVM | In reply to Laurent ASSOULY | 01/26/21 12:42pm

******* ** * *** about ****** ***** *****

***** *** * ****** important *********** (*** **********) for ***** **** ****** Video:

(*) ** *** *********** product *********** ********, *.*., analytics *** *** **** well (**** ** ***** alarms) ** *****. ***** is ***** **** **** mature **********.

(*) ***** ** ** end-to-end ****, ** *** a ********* ******* *** on. *** ******** ***** of ***-**-*** **** ** much ******** **** **** OV ***.

** ** *****, *********, I ***** ***** *** risks *** * **** think ** ** ***, far ****** ********** **** OV.

Laurent ASSOULY

EVITECH | In reply to John Honovich | 01/26/21 12:48pm

***, ********** * ****** case **** ******** ****, just ****** ******* *** is *** * ********* of ********.

**** * ******* ********** one ***** ***** **** that ** *** ******* here **** ********* ********, not * ************* ************, so ********* ** **** development ** *****. **'* as ** * ******** in *** ********** ****** was ****** ** ***** 1b$ *** *** ***********, it ***** ** ******** thay **** ***** ****** to ******* **** ******* imho...

Undisclosed Integrator #6

01/26/21 09:07am

***** ****** ** ****** out, *** ** *** blow ******* $*** ** expenses *** **** ** with **** *********** ******* to * ********* ***** room ****** ******* ******? One ** **** *********** summarized **** ******. ***** are ****** **** ********* from * ********* ******** segment ****** ** ******** the *****. *** ***** aspect ** **** **** out *****'* ******* *** easy ** **** ** to ****** *** ** the ******** ******** ** place. **** *** ** after **** ** ******** in *** *** ****** it ** **********, *** will **** ** *********** at *** ******* ** security (**** ******** *** cyber). ** *** **** John, ******* ** ** seen ** **** ******* can ***** ******** **** and ****** ********** ** 10 ***** **** ***.

Undisclosed Integrator #3

01/26/21 01:24pm

****: *** **** ** the *********** **** ****-** model. *** **** ********* that **** ***** ** the **’*/ ***** ****’* with *********** ******* *** now ******* **** ** be ***** **** *** coals. *** ******** ***’* run ** *** ***** fast ******.

* ***** *** **** disheartening ***** ** *** integrators **** *** ** do **** *** ***** customers *** *********** *** constantly ****** **** ** price, ********* **** **** saturated ******* *** ******/***, but **** *** **** to ******* **** ************* selling ****** *** ********* that ********** *** ***** to *** ***** ** these ******* **** **** be ******* ** ******** or ******* ** * few ***** *** ***’* because *** ****** **** be **** *** *** price ** ****** **** be *** ****. **** old **** *** *****.

John Honovich

IPVM | 01/26/21 01:47pm

******* *********** *******, ***** boasts ** ******* ******** at * **** ** lock ********* ** ****-****:

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Tim Reinarts

01/26/21 02:38pm

* ***** **** *** "Starry **** ***** ********" sentiment. * *** ******* the ***** **** ** the ******* ************* ***** and * ****'* *** any ******** **** *** unique ******** ** ***** solutions. **'* **** ******* access ******* ******** **** uses *********** ********** *** they're ****** ** ******* from * ****** ********* campaign ******* ** ********* a ******* **** ************** itself.

*** ***** **** **** going *** **** ** an *** **** ******* to ** ******** *** the ********* ** ******* the *** **** **** an ********* **** ******** pet **** *** ***** type ************. *** * agree **** ***** ******** that ******** ******* *** product ********** ***** ******** for **** ** ***. They'll **** ** ******** their "***** ********" ** market **** ******* ******* I ***'* *** ******** special ****.

Avatar

Chris Peterson

Vector Firm
01/26/21 02:38pm

******** - **** ** an ********* *****. ** there ** ** ***** of "******* *********** *** word", * ***** *** would ***! ***** ***.

Christopher Halvorson

Uncle Baer | IPVMU Certified | 01/26/21 04:07pm

*** **** * ***** that ********* ****** ***** thinking ***** ***** **** for * ***** **, if **** *** ******* to **** **** ** money **** ** ***** some ******* ******** **** they *** ******* ** sell ** ***.

** ** **** *** Google/Amazon *** **** **** it's *** **** *** Access ******* ******** ********? They ***** **** **** Security *** * ****** other ********, *** ** real ***** **** *** of *** ****** ******* sector.

John Honovich

IPVM | In reply to Christopher Halvorson | 01/26/21 04:11pm

**** **** *** ******* to **** ** ***.

**** ********* **** *** sell **, *.*., *** reverse ****** / ****. They *** ****** *** so **** *** *** their *** *******, ***** money, **** ***, ***. without ****** ** **** to ****** ** ******, etc. * ** *** saying **** ** **** point **** ***'*, **** that ***** ****** ***** them ******* ** *** sell **** ****** ***'* exist ** *** **** harder **** * ******* is *******.

John Honovich

IPVM | 01/26/21 10:11pm

***** ********'* ****, ***** ********** ******** expansion:

** *** ********** *** European *********. ** ******* long *** **** ***** our ******** ******** *** years. *** **** ** to ***** **** * focused ********, ********** ******* Speyer’s ******* ** ********* and ****** *** ****** the **.* ******* ********** in *******, *.* ******* apartments ** ******, *** 4.2 ******* ********** ** the *.*. ** *** first *****.

PATRICK RADOMSKY

01/29/21 06:00pm

*** **** **'* *****, IMO...I ********* *** *** them ***** ********* ********** and ******** ***** ******* in *** **** **** future. ***'* ** ******, most *****-****** ******** ***'* have *** **** *** a ****, **********-***** ***. They've ****** **** ** a **-***'* **** ********* between ***** *** **********-***** ACS. **** ******** ********** ACS ***** ****** ** extra ***** ** ********** and *** "********" ** app-based ********** ***** ** what ******* *** **** to *** ****** **** that ***** **********/******** ******** are ******* ** *******. The ***-****** ********** ** me ******** **** *** change ***, *** ******** who ***** ********** ****** sees **** **'* * good *** ** * market **** ****** * sensible, ******-****** ********. ***** the **-***** ******** **** has ************* **** ** obstacle ** ********, **** of *** *******-********** ******** that *** (**** **) available ****** **** **** an ****** ****.

John Honovich

IPVM | 01/31/21 07:24pm

** *********** ******* ** how **** ******** ********** are ******** ******* **** up '****** *******' *** actual *******:

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