Limelight Networks Reports Financial Results for the Third Quarter of 2020

Nachrichtenquelle: Business Wire (engl.)
22.10.2020, 22:01  |  453   |   |   

Limelight Networks, Inc. (Nasdaq: LLNW) (Limelight), a leading provider of video delivery and edge cloud services, today reported record revenue of $59.2 million for the third quarter of 2020, up 15 percent, compared to $51.3 million in the third quarter of 2019.

Limelight reported a GAAP net loss of $4.0 million, or $(0.03) per basic share for the third quarter of 2020, compared to a net loss of $2.8 million, or $(0.02) per basic share in the third quarter of 2019. GAAP net loss included $1.7 million of interest expense related to our convertible notes issued during the third quarter of 2020.

Non-GAAP net loss was $1.2 million or $(0.01) per basic share for the third quarter of 2020, compared to non-GAAP net income of $0.6 million, or $0.01 per basic share in the third quarter of 2019. Non-GAAP net loss excluded $0.9 million of interest expense related to our convertible notes issued during the third quarter of 2020.

EBITDA was $3.7 million for the third quarter of 2020, compared to $2.5 million for the third quarter of 2019. Adjusted EBITDA was $5.6 million for the third quarter of 2020 compared to $5.8 million for the third quarter of 2019.

Limelight ended the third quarter with 620 employees and employee equivalents, down from 627 at the end of the second quarter of 2020, and up from 609 at the end of the third quarter of 2019.

“Q3 was a very strong quarter for us on a number of fronts as we experienced our second highest quarter of revenue ever and made material progress across our strategic imperatives. Most notable in the quarter was the expansion of our edge capabilities with the launch of Edge Functions and gains in our automated traffic engineering efforts to optimize network performance and customer experience. As we have consistently done all year, we continue to make investments in the business to support our strategy of doubling down on edge innovation with focus on video, media and gaming customers. We are on track to deliver record revenue and revenue growth for 2020, along with meaningful increases across multiple financial and operational metrics. We are well-positioned to continue delivering value for our customers and growth for our shareholders.” said Robert Lento, Chief Executive Officer.

We are leaving our full-year 2020 guidance unchanged, except for the impact of the convertible debt offering interest expense on GAAP and Non-GAAP EPS. The ranges for GAAP and Non-GAAP EPS have been adjusted by $0.03 and $0.02, respectively.

Limelight Networks, Inc.

2020 Guidance

 

 

 

 

 

Current Guidance

Previous Guidance

Actual 2019

Revenue

$230 to $240 million

$230 to $240 million

$200.6 million

 

 

 

GAAP Basic EPS

$(0.13) to $(0.03)

$(0.10) to break-even

$(0.14)

 

 

 

Non-GAAP EPS

$(0.02) to $0.08

Break-even to $0.10

$(0.02)

 

 

 

Adjusted EBITDA

$28 to $35 million

$28 to $35 million

$18.1 million

 

 

 

Capital expenditures

$25 to $30 million

$25 to $30 million

$34.7 million

 

 

 

Financial Tables

LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
 
September 30, June 30, December 31,

 

2020

 

 

2020

 

 

2019

 

(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents

$

75,169

 

$

18,200

 

$

18,335

 

Marketable securities

 

49,623

 

 

-

 

 

-

 

Accounts receivable, net

 

42,222

 

 

45,246

 

 

34,476

 

Income taxes receivable

 

81

 

 

68

 

 

82

 

Prepaid expenses and other current assets

 

12,561

 

 

10,241

 

 

9,920

 

Total current assets

 

179,656

 

 

73,755

 

 

62,813

 

Property and equipment, net

 

47,493

 

 

48,908

 

 

46,136

 

Operating lease right of use assets

 

10,844

 

 

11,449

 

 

12,842

 

Marketable securities, less current portion

 

40

 

 

40

 

 

40

 

Deferred income taxes

 

1,428

 

 

1,328

 

 

1,319

 

Goodwill

 

77,126

 

 

77,113

 

 

77,102

 

Other assets

 

7,459

 

 

7,915

 

 

9,117

 

Total assets

$

324,046

 

$

220,508

 

$

209,369

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

12,437

 

$

17,004

 

$

12,020

 

Deferred revenue

 

797

 

 

934

 

 

976

 

Operating lease liability obligations

 

2,654

 

 

2,390

 

 

2,056

 

Income taxes payable

 

153

 

 

169

 

 

178

 

Other current liabilities

 

17,584

 

 

17,028

 

 

13,398

 

Total current liabilities

 

33,625

 

 

37,525

 

 

28,628

 

Convertible senior notes, net

 

99,937

 

 

-

 

 

-

 

Operating lease liability obligations, less current portions

 

11,745

 

 

12,316

 

 

13,488

 

Deferred income taxes

 

251

 

 

283

 

 

239

 

Deferred revenue, less current portion

 

230

 

 

265

 

 

161

 

Other long-term liabilities

 

579

 

 

304

 

 

316

 

Total liabilities

 

146,367

 

 

50,693

 

 

42,832

 

Commitments and contingencies
Stockholders' equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding

 

-

 

 

-

 

 

-

 

Common stock, $0.001 par value; 300,000 shares authorized; 122,824, 121,692 and 118,368 shares issued and
outstanding at September 30, 2020, June 30, 2020 and December 31, 2019, respectively

 

123

 

 

122

 

 

118

 

Additional paid-in capital

 

552,559

 

 

541,363

 

 

530,285

 

Accumulated other comprehensive loss

 

(9,379

)

 

(10,031

)

 

(9,210

)

Accumulated deficit

 

(365,624

)

 

(361,639

)

 

(354,656

)

Total stockholders' equity

 

177,679

 

 

169,815

 

 

166,537

 

Total liabilities and stockholders' equity

$

324,046

 

$

220,508

 

$

209,369

 

LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended Nine Months Ended
 

September 30,

June 30, Percent Change

September 30,

Percent Change

September 30,

September 30,

Percent Change

2020

2020

2019

2020

2019

 
Revenue

$

59,243

 

$

58,546

 

1

%

$

51,321

 

15

%

$

174,801

 

$

140,505

 

24

%

Cost of revenue:
Cost of services (1)

 

31,905

 

 

29,389

 

9

%

 

25,602

 

25

%

 

92,406

 

 

71,311

 

30

%

Depreciation - network

 

5,602

 

 

5,360

 

5

%

 

4,961

 

13

%

 

16,112

 

 

13,905

 

16

%

Total cost of revenue

 

37,507

 

 

34,749

 

8

%

 

30,563

 

23

%

 

108,518

 

 

85,216

 

27

%

Gross profit

 

21,736

 

 

23,797

 

-9

%

 

20,758

 

5

%

 

66,283

 

 

55,289

 

20

%

Gross profit percentage

 

36.7

%

 

40.6

%

 

40.4

%

 

37.9

%

 

39.4

%

Operating expenses:
General and administrative (1)

 

7,751

 

 

8,187

 

-5

%

 

7,356

 

5

%

 

23,820

 

 

23,231

 

3

%

Sales and marketing (1)

 

10,456

 

 

10,929

 

-4

%

 

10,713

 

-2

%

 

33,279

 

 

32,679

 

2

%

Research & development (1)

 

5,425

 

 

5,572

 

-3

%

 

5,160

 

5

%

 

16,614

 

 

17,075

 

-3

%

Depreciation and amortization

 

384

 

 

323

 

19

%

 

172

 

123

%

 

1,049

 

 

545

 

92

%

Total operating expenses

 

24,016

 

 

25,011

 

-4

%

 

23,401

 

3

%

 

74,762

 

 

73,530

 

2

%

 
Operating loss

 

(2,280

)

 

(1,214

)

NM

 

 

(2,643

)

NM

 

 

(8,479

)

 

(18,241

)

NM

 

 
Other income (expense):
Interest expense

 

(1,674

)

 

(71

)

NM

 

 

(10

)

NM

 

 

(1,756

)

 

(30

)

NM

 

Interest income

 

10

 

 

6

 

NM

 

 

81

 

NM

 

 

40

 

 

402

 

NM

 

Other, net

 

25

 

 

(312

)

NM

 

 

(13

)

NM

 

 

(396

)

 

(89

)

NM

 

Total other (expense) income

 

(1,639

)

 

(377

)

NM

 

 

58

 

NM

 

 

(2,112

)

 

283

 

NM

 

 
Loss before income taxes

 

(3,919

)

 

(1,591

)

NM

 

 

(2,585

)

NM

 

 

(10,591

)

 

(17,958

)

NM

 

Income tax expense

 

66

 

 

136

 

NM

 

 

166

 

NM

 

 

377

 

 

544

 

NM

 

 
Net loss

$

(3,985

)

$

(1,727

)

NM

 

$

(2,751

)

NM

 

$

(10,968

)

$

(18,502

)

NM

 

 
Net loss per share:
Basic

$

(0.03

)

$

(0.01

)

$

(0.02

)

$

(0.09

)

$

(0.16

)

Diluted

$

(0.03

)

$

(0.01

)

$

(0.02

)

$

(0.09

)

$

(0.16

)

 
Weighted average shares used in per share calculation:
Basic

 

122,363

 

 

120,230

 

 

116,270

 

 

120,519

 

 

115,318

 

Diluted

 

122,363

 

 

120,230

 

 

116,270

 

 

120,519

 

 

115,318

 

 
(1) Includes share-based compensation (see supplemental table for figures)
LIMELIGHT NETWORKS, INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
 
 
Three Months Ended Nine Months Ended
 
September 30, June 30, September 30, September 30, September 30,

2020

2020

2019

2020

2019

 
Share-based compensation:
 
Cost of services

$

130

$

792

 

$

331

 

$

1,685

$

1,119

 

General and administrative

 

1,272

 

2,257

 

 

2,006

 

 

5,770

 

6,240

 

Sales and marketing

 

206

 

1,322

 

 

584

 

 

2,756

 

1,666

 

Research and development

 

315

 

880

 

 

437

 

 

2,027

 

1,438

 

 
Total share-based compensation

$

1,923

$

5,251

 

$

3,358

 

$

12,238

$

10,463

 

 
Depreciation and amortization:
 
Network-related depreciation

$

5,602

$

5,360

 

$

4,961

 

$

16,112

$

13,905

 

Other depreciation and amortization

 

384

 

323

 

 

172

 

 

1,049

 

545

 

 
Total depreciation and amortization

$

5,986

$

5,683

 

$

5,133

 

$

17,161

$

14,450

 

 
 
Net increase (decrease) in cash, cash equivalents and marketable securities:

$

106,592

$

(3,221

)

$

(10,872

)

$

106,457

$

(32,416

)

 
 
End of period statistics:
 
Approximate number of active customers

 

534

 

560

 

 

609

 

 

534

 

609

 

 
Number of employees and employee equivalents

 

620

 

627

 

 

609

 

 

620

 

609

 

LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
Three Months Ended Nine Months Ended
 
September 30, June 30, September 30, September 30, September 30,

 

2020

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
Operating activities
Net loss

$

(3,985

)

$

(1,727

)

$

(2,751

)

$

(10,968

)

$

(18,502

)

 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization

 

5,986

 

 

5,683

 

 

5,133

 

 

17,161

 

 

14,450

 

Share-based compensation

 

1,923

 

 

5,251

 

 

3,358

 

 

12,238

 

 

10,463

 

Foreign currency remeasurement loss (gain)

 

27

 

 

257

 

 

21

 

 

(113

)

 

(104

)

Deferred income taxes

 

(95

)

 

59

 

 

(61

)

 

(80

)

 

(30

)

Gain on sale of property and equipment

 

(1

)

 

-

 

 

(5

)

 

(1

)

 

(56

)

Accounts receivable charges

 

163

 

 

155

 

 

580

 

 

476

 

 

1,274

 

Amortization of premium on marketable securities

 

87

 

 

-

 

 

9

 

 

87

 

 

29

 

Noncash interest expense

 

868

 

 

-

 

 

-

 

 

868

 

 

-

 

Changes in operating assets and liabilities:
Accounts receivable

 

2,862

 

 

(10,798

)

 

(5,300

)

 

(8,221

)

 

(11,051

)

Prepaid expenses and other current assets

 

(2,232

)

 

986

 

 

(885

)

 

(2,679

)

 

(777

)

Income taxes receivable

 

(10

)

 

10

 

 

45

 

 

3

 

 

43

 

Other assets

 

757

 

 

1,121

 

 

781

 

 

2,504

 

 

(2,641

)

Accounts payable and other current liabilities

 

1,222

 

 

1,045

 

 

(2,798

)

 

8,159

 

 

3,675

 

Deferred revenue

 

(172

)

 

313

 

 

(112

)

 

(109

)

 

(557

)

Income taxes payable

 

(17

)

 

-

 

 

61

 

 

(15

)

 

204

 

Payments related to litigation, net

 

-

 

 

-

 

 

-

 

 

-

 

 

(3,040

)

Other long term liabilities

 

276

 

 

(15

)

 

16

 

 

265

 

 

(137

)

Net cash provided by (used in) operating activities

 

7,659

 

 

2,340

 

 

(1,908

)

 

19,575

 

 

(6,757

)

 
Investing activities
Purchases of marketable securities

 

(52,690

)

 

-

 

 

-

 

 

(52,690

)

 

(10,279

)

Sale and maturities of marketable securities

 

2,900

 

 

-

 

 

1,000

 

 

2,900

 

 

32,153

 

Purchases of property and equipment

 

(7,180

)

 

(8,085

)

 

(7,750

)

 

(22,128

)

 

(24,224

)

Proceeds from sale of property and equipment

 

1

 

 

-

 

 

5

 

 

1

 

 

51

 

Net cash provided by (used in) investing activities

 

(56,969

)

 

(8,085

)

 

(6,745

)

 

(71,917

)

 

(2,299

)

 
Financing activities
Proceeds from issuance of debt, net

 

121,600

 

 

-

 

 

-

 

 

121,600

 

 

-

 

Purchase of capped calls

 

(16,413

)

 

-

 

 

-

 

 

(16,413

)

 

-

 

Payment of debt issuance costs

 

(784

)

 

-

 

 

-

 

 

(784

)

 

-

 

Payment of employee tax withholdings related to restricted stock vesting

 

(1,041

)

 

(1,430

)

 

(1,015

)

 

(3,987

)

 

(2,528

)

Proceeds from employee stock plans

 

2,598

 

 

3,954

 

 

13

 

 

8,691

 

 

1,116

 

Net cash provided by (used in) financing activities

 

105,960

 

 

2,524

 

 

(1,002

)

 

109,107

 

 

(1,412

)

Effect of exchange rate changes on cash and cash equivalents

 

319

 

 

-

 

 

(211

)

 

69

 

 

(83

)

Net increase (decrease) in cash and cash equivalents

 

56,969

 

 

(3,221

)

 

(9,866

)

 

56,834

 

 

(10,551

)

Cash and cash equivalents, beginning of period

 

18,200

 

 

21,421

 

 

24,698

 

 

18,335

 

 

25,383

 

Cash and cash equivalents, end of period

$

75,169

 

$

18,200

 

$

14,832

 

$

75,169

 

$

14,832

 

Use of Non-GAAP Financial Measures

To evaluate our business, we consider and use non-generally accepted accounting principles (Non-GAAP) net income (loss), EBITDA and Adjusted EBITDA as supplemental measures of operating performance. These measures include the same adjustments that management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net income (loss) to be an important indicator of overall business performance. We define Non-GAAP net income (loss) to be U.S. GAAP net income (loss) adjusted to exclude share-based compensation and non-cash interest expense. We believe that EBITDA provides a useful metric to investors to compare us with other companies within our industry and across industries. We define EBITDA as U.S. GAAP net income (loss) adjusted to exclude depreciation and amortization, interest expense, interest and other (income) expense, and income tax expense. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based compensation. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. Our management uses these Non-GAAP financial measures because, collectively, they provide valuable information on the performance of our on-going operations, excluding non-cash charges, taxes and non-core activities (including interest payments related to financing activities). These measures also enable our management to compare the results of our on-going operations from period to period, and allow management to review the performance of our on-going operations against our peer companies and against other companies in our industry and adjacent industries. We believe these measures also provide similar insights to investors, and enable investors to review our results of operations “through the eyes of management.”

Furthermore, our management uses these Non-GAAP financial measures to assist them in making decisions regarding our strategic priorities and areas for future investment and focus.

The terms Non-GAAP net income (loss), EBITDA and Adjusted EBITDA are not defined under U.S. GAAP, and are not measures of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Our Non-GAAP net income (loss), EBITDA and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net income (loss), EBITDA and Adjusted EBITDA should not be considered in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Some of these limitations include, but are not limited to:

  • EBITDA and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
  • These measures do not reflect changes in, or cash requirements for, our working capital needs;
  • Non-GAAP net income (loss) and Adjusted EBITDA do not reflect the cash requirements necessary for litigation costs, including provision for litigation and litigation expenses;
  • These measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt that we may incur;
  • These measures do not reflect income taxes or the cash requirements for any tax payments;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will be replaced sometime in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
  • While share-based compensation is a component of operating expense, the impact on our financial statements compared to other companies can vary significantly due to such factors as the assumed life of the options and the assumed volatility of our common stock; and
  • Other companies may calculate Non-GAAP net income (loss), EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations by relying primarily on our U.S. GAAP results and using Non-GAAP net income (loss), EBITDA, and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net income (loss), EBITDA and Adjusted EBITDA are calculated as follows for the periods presented in thousands:

Reconciliation of Non-GAAP Financial Measures

In accordance with the requirements of Item 10(e) of Regulation S-K, we are presenting the most directly comparable U.S. GAAP financial measures and reconciling the unaudited Non-GAAP financial metrics to the comparable U.S. GAAP measures. Per share amounts may not foot due to rounding.

LIMELIGHT NETWORKS, INC.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income (Loss)
(In thousands)
(Unaudited)
 
 
Three Months Ended Nine Months Ended
 
September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share
 
U.S. GAAP net loss

$

(3,985

)

$

(0.03

)

$

(1,727

)

$

(0.01

)

$

(2,751

)

$

(0.02

)

$

(10,968

)

$

(0.09

)

$

(18,502

)

$

(0.16

)

 
Share-based compensation

 

1,923

 

 

0.02

 

 

5,251

 

 

0.04

 

 

3,358

 

 

0.03

 

 

12,238

 

 

0.10

 

 

10,463

 

 

0.09

 

Non-cash interest expense

 

868

 

 

0.01

 

 

-

 

 

-

 

 

-

 

 

-

 

 

868

 

 

0.01

 

 

-

 

 

-

 

 
Non-GAAP net (loss) income

$

(1,194

)

$

(0.01

)

$

3,524

 

$

0.03

 

$

607

 

$

0.01

 

$

2,138

 

$

0.02

 

$

(8,039

)

$

(0.07

)

 
 
Weighted average basic shares used in per share calculation

 

122,363

 

 

120,230

 

 

116,270

 

 

120,519

 

 

115,318

 

LIMELIGHT NETWORKS, INC.
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA
(In thousands)
(Unaudited)
 
 
Three Months Ended Nine Months Ended
 
September 30, June 30, September 30,

September 30,

September 30,

2020

2020

2019

2020

2019

 
U.S. GAAP net loss

$

(3,985

)

$

(1,727

)

$

(2,751

)

$

(10,968

)

$

(18,502

)

 
Depreciation and amortization

 

5,986

 

 

5,683

 

 

5,133

 

 

17,161

 

 

14,450

 

Interest expense

 

1,674

 

 

71

 

 

10

 

 

1,756

 

 

30

 

Interest and other (income) expense

 

(35

)

 

306

 

 

(68

)

 

356

 

 

(313

)

Income tax expense

 

66

 

 

136

 

 

166

 

 

377

 

 

544

 

 
EBITDA

$

3,706

 

$

4,469

 

$

2,490

 

$

8,682

 

$

(3,791

)

 
Share-based compensation

 

1,923

 

 

5,251

 

 

3,358

 

 

12,238

 

 

10,463

 

 
Adjusted EBITDA

$

5,629

 

$

9,720

 

$

5,848

 

$

20,920

 

$

6,672

 

For future periods, we are unable to provide a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) as a result of the uncertainty regarding, and the potential variability of, the amounts of depreciation and amortization, interest expense, interest and other (income) expense and income tax expense, that may be incurred in the future.

Conference Call

At approximately 4:30 p.m. EDT (1:30 p.m. PDT) today, management will host a quarterly conference call for investors. Investors can access this call toll-free at 877 296 5190 within the United States or +1 412 317 5233 outside of the U.S. The conference call will also be audio cast live from http://www.limelight.com and a replay will be available following the call from the Limelight website.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These statements include, among others, statements regarding our expectations regarding revenue, gross margin, non-GAAP net income (loss), capital expenditures, and our future prospects. Our expectations and beliefs regarding these matters may not materialize. The potential risks and uncertainties that could cause actual results or outcomes to differ materially from the results or outcomes predicted include, among other things, reduction of demand for our services from new or existing customers, unforeseen changes in our hiring patterns, adverse outcomes in litigation, and experiencing expenses that exceed our expectations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online on our investor relations website at investors.limelightnetworks.com and on the SEC website at www.SEC.gov. All information provided in this release and in the attachments is as of October 22, 2020, and we undertake no duty to update this information in light of new information or future events, unless required by law.

About Limelight

Limelight Networks, Inc. (NASDAQ: LLNW), a leading provider of digital content delivery, video, cloud security, and edge computing services, empowers customers to provide exceptional digital experiences. Limelight’s edge services platform includes a unique combination of global private infrastructure, intelligent software, and expert support services that enable current and future workflows. For more information, visit www.limelight.com, and follow us on Twitter, Facebook and LinkedIn.

Copyright (C) 2020 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.

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Disclaimer

Limelight Networks Reports Financial Results for the Third Quarter of 2020 Limelight Networks, Inc. (Nasdaq: LLNW) (Limelight), a leading provider of video delivery and edge cloud services, today reported record revenue of $59.2 million for the third quarter of 2020, up 15 percent, compared to $51.3 million in the third …

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26.11.20