$VRNS
VARONIS SYSTEMS INC

2018 Q4 Form 10-Q Financial Statement

#000162828018013109 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $87.52M $67.05M $53.37M
YoY Change 19.89% 25.65% 30.36%
Cost Of Revenue $7.750M $7.052M $5.423M
YoY Change 35.49% 30.04% 31.75%
Gross Profit $79.77M $60.00M $47.94M
YoY Change 18.56% 25.15% 30.2%
Gross Profit Margin 91.14% 89.48% 89.84%
Selling, General & Admin $55.82M $49.57M $39.17M
YoY Change 21.4% 26.55% 24.49%
% of Gross Profit 69.98% 82.61% 81.69%
Research & Development $19.45M $17.27M $11.90M
YoY Change 43.44% 45.06% 28.13%
% of Gross Profit 24.38% 28.78% 24.83%
Depreciation & Amortization $1.680M $850.0K $690.0K
YoY Change 23.53% 23.19% 27.78%
% of Gross Profit 2.11% 1.42% 1.44%
Operating Expenses $75.27M $66.83M $51.07M
YoY Change 26.44% 30.87% 25.32%
Operating Profit $4.500M -$6.833M -$3.127M
YoY Change -41.94% 118.52% -20.43%
Interest Expense $700.0K $100.0K $620.0K
YoY Change 118.75% -83.87% -426.32%
% of Operating Profit 15.56%
Other Income/Expense, Net $99.00K $622.0K
YoY Change -84.08% -432.62%
Pretax Income $5.200M -$6.734M -$2.505M
YoY Change -35.56% 168.82% -39.15%
Income Tax -$1.260M $583.0K $759.0K
% Of Pretax Income -24.23%
Net Earnings $6.470M -$7.317M -$3.264M
YoY Change -5.13% 124.17% -25.63%
Net Earnings / Revenue 7.39% -10.91% -6.12%
Basic Earnings Per Share
Diluted Earnings Per Share $73.09K -$83.32K -$39.38K
COMMON SHARES
Basic Shares Outstanding 29.46M shares 29.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.48M $158.1M $128.4M
YoY Change -35.23% 23.13% 14.64%
Cash & Equivalents $48.71M $67.87M $53.48M
Short-Term Investments $39.77M $90.20M $75.00M
Other Short-Term Assets $17.00M $14.70M $5.500M
YoY Change 18.88% 167.27% 41.03%
Inventory
Prepaid Expenses $6.857M
Receivables $83.22M $52.94M $44.68M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $259.1M $225.7M $178.6M
YoY Change 14.39% 26.35% 22.26%
LONG-TERM ASSETS
Property, Plant & Equipment $17.32M $12.59M $11.51M
YoY Change 45.62% 9.39% 24.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.565M $7.601M $861.0K
YoY Change 18.25% 782.81% 57.98%
Total Long-Term Assets $25.89M $20.19M $12.37M
YoY Change 35.26% 63.21% 26.57%
TOTAL ASSETS
Total Short-Term Assets $259.1M $225.7M $178.6M
Total Long-Term Assets $25.89M $20.19M $12.37M
Total Assets $285.0M $245.9M $191.0M
YoY Change 16.02% 28.74% 22.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.620M $3.145M $1.366M
YoY Change 312.6% 130.23% 44.7%
Accrued Expenses $56.00M $46.10M $32.20M
YoY Change 31.76% 43.17% 45.05%
Deferred Revenue $87.73M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $146.3M $121.8M $91.92M
YoY Change 25.53% 32.51% 32.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.781M $7.651M $5.283M
YoY Change -13.14% 44.82% -7.01%
Total Long-Term Liabilities $13.27M $14.03M $12.04M
YoY Change -7.96% 16.54% 20.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.3M $121.8M $91.92M
Total Long-Term Liabilities $13.27M $14.03M $12.04M
Total Liabilities $159.6M $135.8M $104.0M
YoY Change 21.84% 30.66% 30.67%
SHAREHOLDERS EQUITY
Retained Earnings -$138.0M -$144.4M -$128.0M
YoY Change 26.12% 12.85% 16.71%
Common Stock $30.00K $29.00K $28.00K
YoY Change 7.14% 3.57% 3.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $125.4M $110.1M $87.04M
YoY Change
Total Liabilities & Shareholders Equity $285.0M $245.9M $191.0M
YoY Change 16.02% 28.74% 22.53%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $6.470M -$7.317M -$3.264M
YoY Change -5.13% 124.17% -25.63%
Depreciation, Depletion And Amortization $1.680M $850.0K $690.0K
YoY Change 23.53% 23.19% 27.78%
Cash From Operating Activities $7.280M -$4.110M $3.470M
YoY Change 32.36% -218.44% 57.73%
INVESTING ACTIVITIES
Capital Expenditures -$6.400M -$1.110M -$1.040M
YoY Change 267.82% 6.73% -7.96%
Acquisitions
YoY Change
Other Investing Activities -$19.98M -$5.150M -$6.960M
YoY Change 298.01% -26.01% -61.42%
Cash From Investing Activities -$26.39M -$6.250M -$7.990M
YoY Change 290.38% -21.78% -58.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K 4.080M 4.460M
YoY Change -101.34% -8.52% 74.9%
NET CHANGE
Cash From Operating Activities 7.280M -4.110M 3.470M
Cash From Investing Activities -26.39M -6.250M -7.990M
Cash From Financing Activities -60.00K 4.080M 4.460M
Net Change In Cash -19.17M -6.280M -60.00K
YoY Change -695.34% 10366.67% -99.58%
FREE CASH FLOW
Cash From Operating Activities $7.280M -$4.110M $3.470M
Capital Expenditures -$6.400M -$1.110M -$1.040M
Free Cash Flow $13.68M -$3.000M $4.510M
YoY Change 88.95% -166.52% 35.44%

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CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-352000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3183000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-100000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3985000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
6000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
33000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7807000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7651000 USD
CY2018Q3 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
9473000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
10333000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3572000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3177000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14346000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14665000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
27000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7600000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8169000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11896000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12593000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11903000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33810000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17267000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
50526000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
531000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
0 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-109390000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-144436000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
53365000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
142389000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
67052000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
182770000 USD
CY2017Q3 us-gaap Revenues
Revenues
53365000 USD
us-gaap Revenues
Revenues
142389000 USD
CY2018Q3 us-gaap Revenues
Revenues
67052000 USD
us-gaap Revenues
Revenues
182770000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
32458000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
95952000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40792000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
122113000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14445000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
24174000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
722216 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.054
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
38639000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1471 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
47152000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
42102000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1456285 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
765587 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.172
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.257
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.843
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
21.972
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2018Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
722216 shares
CY2018Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
765587 shares
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
39900000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M6D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M27D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
CY2018Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
18.054
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y8M6D
CY2018Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
18.257
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y9M18D
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
79868000 USD
CY2016Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1042766 shares
CY2018Q3 us-gaap Short Term Investments
ShortTermInvestments
90214000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
689227 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
114642000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
110061000 USD
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27595461 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27292216 shares
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29281701 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28859156 shares
CY2017Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1072870 shares
CY2018Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1125846 shares
CY2017Q4 vrns Financial Assets Liabilities Fair Value Disclosure
FinancialAssetsLiabilitiesFairValueDisclosure
86901000 USD
CY2018Q3 vrns Financial Assets Liabilities Fair Value Disclosure
FinancialAssetsLiabilitiesFairValueDisclosure
90714000 USD
vrns Increase Decrease In Deferred Commissions
IncreaseDecreaseInDeferredCommissions
9511000 USD
vrns Increase Decrease In Deferred Commissions
IncreaseDecreaseInDeferredCommissions
9864000 USD
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
209000 USD
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
319000 USD
CY2017Q3 vrns Other Comprehensive Income Loss Derivative Gain Lossafter Reclassification Netof Tax
OtherComprehensiveIncomeLossDerivativeGainLossafterReclassificationNetofTax
-774000 USD
vrns Other Comprehensive Income Loss Derivative Gain Lossafter Reclassification Netof Tax
OtherComprehensiveIncomeLossDerivativeGainLossafterReclassificationNetofTax
-1692000 USD
CY2018Q3 vrns Other Comprehensive Income Loss Derivative Gain Lossafter Reclassification Netof Tax
OtherComprehensiveIncomeLossDerivativeGainLossafterReclassificationNetofTax
1194000 USD
vrns Other Comprehensive Income Loss Derivative Gain Lossafter Reclassification Netof Tax
OtherComprehensiveIncomeLossDerivativeGainLossafterReclassificationNetofTax
2094000 USD
CY2017Q3 vrns Other Comprehensive Income Loss Securities Availablefor Sale Gain Loss Netof Tax
OtherComprehensiveIncomeLossSecuritiesAvailableforSaleGainLossNetofTax
-2000 USD
vrns Other Comprehensive Income Loss Securities Availablefor Sale Gain Loss Netof Tax
OtherComprehensiveIncomeLossSecuritiesAvailableforSaleGainLossNetofTax
0 USD
CY2018Q3 vrns Other Comprehensive Income Loss Securities Availablefor Sale Gain Loss Netof Tax
OtherComprehensiveIncomeLossSecuritiesAvailableforSaleGainLossNetofTax
-4000 USD
vrns Other Comprehensive Income Loss Securities Availablefor Sale Gain Loss Netof Tax
OtherComprehensiveIncomeLossSecuritiesAvailableforSaleGainLossNetofTax
-20000 USD
CY2018Q3 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
9 subsidiary

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