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Radware Ltd  (NASDAQ:RDWR)
Q1 2019 Earnings Call
May. 01, 2019, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Radware Q1, 2019 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

I would now like to turn the call over to Anat Earon-Heilborn, VP, IR. Please go ahead.

Anat Earon-Heilborn -- Vice President-Investor Relations

Thank you, Michelle. Good morning, everyone, and welcome to Radware's first quarter 2019 earnings conference call. Joining me today are Roy Zisapel, President and Chief Executive Officer; and Doron Abramovitch, Chief Financial Officer. A copy of today's press release and financial statements, as well as the investor kit for the first quarter are available in the Investor Relations section of our website. During today's call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. These forward-looking statements are subject to various risks and uncertainties and actual results could differ materially from Radware's trends, forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to general business conditions and our ability to address changes in our industry, changes in demand for products, the timing and the amount of orders and other risks detailed from time-to-time in Radware's filings.

We refer you to the documents the company files or furnishes from time-to-time with the SEC, specifically, the company's last Annual Report on Form 20-F, as filed on April 15,

2019. We undertake no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made. Please note that in May, management will participate in the Oppenheimer Israel Conference in Tel Aviv, and in June, management will participate in the Jefferies Tech Track in Tel Aviv, the Baird's Global Consumer Technology and Services Conference in New York, and the IDEAS conference and the Piper Jaffray Symposium both in Boston.

With that, I will turn the call to Doron Abramovitch.

Doron Abramovitch -- Chief Financial Officer

Thank you, Anat, and thank you all for joining us. We are pleased to open 2019 with revenues growth and increased profitability. Revenues for the first quarter was $61.4 million, up 13% year-over-year. In Q1, we recognized revenues from several deals including some which we had expected to recognize in Q2. Revenues from the Americas were 40% of total Q1 '19 revenues and increased 2% from Q1, 2018 (sic). Both EMEA and Asia-Pacific delivered revenues growth of 21% from last year and each represented approximately 30% of the total.

I will discuss now expenses and profit all in non-GAAP terms. Non-GAAP gross margin for the first quarter grew to 82.8% from 82.3% in Q1 last year. Non-GAAP operating expenses were $43.2 million compared with $43.4 million in Q1 last year and below our expectations. Our headcount at the end of the quarter was 1,025 employees, including 62 from the ShieldSquare acquisition, which closed in mid-March. As such, the stable headcount was in fact below our plan and we are in the process of increasing our sales force and support staff. We are committed to ramp our investment in our business to facilitate our growth while delivering operating leverage. Our non-GAAP operating profit in Q1, 2019 was approximately $7.6 million, representing a 12.4% margin, up significantly from 2.8% in Q1, 2018. We are clearly on track to meet our 15% operating margin target for 2020. Non-GAAP tax rate was 11.5% compared with 12.7% in Q1, 2018. Q1 non-GAAP net income was $8.9 million or $0.18 per share diluted, up from $2.6 million and $0.06 per share diluted in Q1 last year.

Turning to balance sheet and cash flow. We ended the quarter with total deferred revenues balance of approximately $160 million, up 8% from March 2018. In the coming 12 months, we expect to recognize as revenues approximately $103 million out of the March total deferred revenue balance or 64%. This is up 10.5% from $93 million in Q1 last year. Operating cash flow in the quarter was $23 million, driven by strong collections and also reflected by the low DSO ratio, which was 21 for the quarter. We expect DSO to return to the high-20s in Q2 operating cash flow to offset some of the outperformance of Q1. We ended the quarter with approximately $420 million in cash and financial investments, up from $401 million as of the end of 2018. In line with our capital allocation policy, which includes both acquisitions and share repurchases, we announced today a new one-year $40 million share buyback plan.

Our outlook for the second quarter of 2019 is as follows. We expect Q2 '19 revenues to be between $59 million and $61 million. 2019 first half revenues are therefore expected to grow approximately 7.5% to 9.5% over the first half of 2018. This is in line with our full-year revenue guidance of 7% to 9% growth over 2018, which we reaffirm. Non-GAAP gross margin to be approximately 82.5% and non-GAAP operating expenses to be between $43 million and $45 million. We expect tax rate to be approximately 12%. Non-GAAP EPS for Q2 is therefore expected to be between $0.12 and $0.15. Let me remind you that this guidance includes ShieldSquare that is not expected to have meaningful contribution in revenue in Q2 given the subscription nature of the business. The acquisition is therefore expected to have a dilutive effect of approximately $0.03.

I will now return -- turn the call over to Roy.

Roy Zisapel -- President and Chief Executive Officer

Thank you, Doron. As Doron noted, the first quarter results together with our outlook for the second quarter position the first half of 2019 in line with our expectations for the full-year. From a booking perspective, Q1 in EMEA was not as strong as we had expected, although we believe our execution in the region is solid. On the positive side, we continue to see globally strong growth for our subscription business and in particular, our cloud business. Overall, we are pleased with our results for the quarter, which were above our expectations in revenue, profitability, and operating cash flow. We continue to focus on the market for private and public cloud application delivery and security solutions. In this context, our subscription business continued to grow strongly and is affected by two major and connected trends. The first trend is the transition of applications to the cloud, an environment that brings new security challenges. In the first quarter, we broadened our portfolio of cloud security solutions with the launch of Cloud Workload Protection, which is an agentless, cloud-native solution for comprehensive protection of cloud assets.

Our first customer for this solution is Perion, an ad tech company that has a variety of services deployed in multiple AWS accounts. Perion was looking for visibility into account updates, ability to track usage of access permissions and protection from data breaches. During the proof-of-concept phase, Radware Cloud Workload Protection already detected eight attack scenarios. The CWP solution is particularly appealing to cloud-native companies, who are not traditionally our customers and its broadening our addressable market.

The second market trend is the demand for cloud security services. While obviously part of the overall transition of applications to the cloud, we believe its main driver is wider than just that (ph) and is derived from the increasing needs for managed security services driven by attack complexity and skill shortage. This growth affects our business mix and drive operational and infrastructural requirements. With 11 scrubbing centers supporting our cloud DDoS service and 24 point-of-presence supporting our Cloud WAF service, we have one of the world's largest global cloud footprint for data center and application protection.

For example, during the first quarter, we won a new logo, a multi-billion dollar revenue IT consulting and system integration company replacing an existing solution provided by their carriers. This service was no longer capable of withstanding the increasing complexity of the attacks from this customer and it has selected to switch to our hybrid DDoS protection solution for its two main data centers. Our hybrid DDoS customers rely on our operation and infrastructure at time of attack and in today's cyber threat environment, some customers experience daily attacks. In addition, we're seeing strong traction for always-on cloud DDoS protection, which means that the customer traffic always go through our service and they depend on us for their entire network connectivity. We are proud to be trusted by so many respected customers and be that strategic to their business.

In mid-March, we closed the ShieldSquare acquisition and we're very excited to welcome the new employees to Radware. We are progressing very quickly with the integration plan and already earlier this month, we released the fully integrated ShieldSquare Bot Management Solution in our Cloud WAF. This launch provides our customers with a full cloud Bot Management Solution that requires no software installation on-premise. We're also pleased with the progress made from a business perspective. We already won the first customer for this service, a new logo from an -- from the insurance sector, selected Radware to provide a fully managed end-to-end solution that includes cloud DDoS, Cloud WAF and Bot Management. As this triple-play deal illustrates, the Bot Management Solution is closely linked and highly complementary to our Cloud WAF. We're excited about the breadths and depths of our cloud security portfolio and the opportunity to broaden our customer base and address new market segments.

In summary, we have an expanded portfolio, which is aligned with customer needs, covering private hybrid and public cloud data centers coupled with fully managed service offerings. We are committed to maintain our technology and innovation lead, as well as to invest in bringing our technology to a wider customer base and delivering operational excellence to our managed service customers. We are on track to meet our full-year 2019 goals and we will continue to execute on our strategy.

With that, I will open the call for Q&A.

Questions and Answers:

Operator

(Operator Instructions) Your first question comes from Alex Henderson from Needham. Your line is open.

Alex Henderson -- Needham -- Analyst

Thank you very much. Hi, Roy, hi, Doron. I was hoping you could talk a little bit about the degree of what was pulled forward out of 2Q into 1Q, looking at the guidance for the second quarter at the mid-point, it's around 4% growth, which is well below what we would normally expect. So, can you give us some granularity, was it a couple of million dollars of pull-forward? What are we looking at there?

Roy Zisapel -- President and Chief Executive Officer

Yes. It's roughly a couple of million predominantly from one carrier deal that we'll receive acceptance ahead of what we thought will be the schedule.

Alex Henderson -- Needham -- Analyst

Right. Second question if I could, the slowdown in Europe obviously accelerated over the course of the quarter post and when most people gave guidance, but it seems to me that that's probably more on the ADC side and less on the security side. So, can you talk a little bit about the delta between the growth between security related transactions and ADC transactions? Did you see a decline in the ADC business and was that particularly pronounced in Europe, how do we parse that?

Roy Zisapel -- President and Chief Executive Officer

Yes. We did see a decline in the ADC business, but in Europe, it was mainly focused on a country basis. I think we saw weakness in the UK and in particular in Germany, that's our analysis, not necessarily ADC and security.

Alex Henderson -- Needham -- Analyst

Just going back to the ADC piece, had you expected that to be up a little bit before and so there was severance in your expectation within that?

Roy Zisapel -- President and Chief Executive Officer

As you know, we are looking for ADC business to be flat to 5% up given our focus and we were able -- if I'm looking like 12 months period, we are able to achieve that, in this quarter specifically we did not.

Alex Henderson -- Needham -- Analyst

I see. And then just going back to ShieldSquare, clearly, you've got some cost kick in here, but it sounds like you have unbelievably executed that in terms of getting it in the marketplace that -- rapidly to get customers already. Can you talk about whether you expect any revenue contribution over the course of the year from that or do you -- will it take a fair amount of time for that to build to any meaningful scale? It seems like -- certainly looking at the competitive position of ShieldSquare, it's an outstanding asset at a reasonably attractive price here?

Roy Zisapel -- President and Chief Executive Officer

Yes. So, we're definitely encouraged by the pace of integration and the customer feedback. So, we're seeing already booking, I mentioned one customer in -- the first customer in my comments, we already winning more customers, it was just another win, very nice win today displacing competition. So, we're progressing there. We see good pipeline, good activity, and now that it's integrated with our Cloud WAF, I think it's extremely compelling offering to increase win ratio in both Bot Management and the Cloud WAF offering.

Doron Abramovitch -- Chief Financial Officer

In terms of the revenues, Alex, you know, it's the nature of the business is the -- is the subscription, so, obviously, and I mentioned it in Q2, it's close to 0. I hope that with the magnitude you will see something positive in terms of revenues in the third quarter, but as for the -- for Q2, we took almost nothing, but just -- because of the nature of the business.

Alex Henderson -- Needham -- Analyst

Yes, great, I'll cede the floor. Thank you very much for the questions.

Doron Abramovitch -- Chief Financial Officer

Thanks.

Operator

Your next question comes from Ittai Kidron from Oppenheimer. Your line is open.

Ittai Kidron -- Oppenheimer -- Analyst

Thanks. Roy, I did want to go back to Europe again, because I -- frankly, I'm a little bit surprised you are disappointed by it, I mean, 21% growth is a number then I'll take any day. I guess my question is, why are you not worried about the Americas over there for four quarters in a row now, year-over-year, well, there hasn't been any year-over-year growth really for four quarters in a row and a very low single-digit decline or very low single-digit increase, no movement at all. Why is that not the region you're worried about? What's going on there that's not conducive for growth?

Roy Zisapel -- President and Chief Executive Officer

Okay. So, my statements were related to bookings, not revenues. Obviously, the 21% in revenues in EMEA we're -- and in APAC we're happy about, but those are given the subscription business a result of earlier bookings in '18 to some extent '17. As regards to Americas, we did have a nice booking result in growth in Q1. The region is -- grew double-digit figures and I think we -- given our model, you will see that in revenues in the coming quarters.

Ittai Kidron -- Oppenheimer -- Analyst

Okay, very good. And then as a follow-up just on Cisco, Doron, can you talk about the contribution, business activity there, how is that progressing?

Roy Zisapel -- President and Chief Executive Officer

Yes, I'll take it. The Cisco revenues is below our plan and it's not in line with what we obviously expected. However, we still believe in the relationship and we do see meaningful contribution down the road. We know we stated and repeated it several quarters by now, but that's our view.

Ittai Kidron -- Oppenheimer -- Analyst

Okay. Any color, Roy, you think it's not moving as fast as you had hoped?

Roy Zisapel -- President and Chief Executive Officer

There's multiple ones in terms of our, I would say, affinity to a Firepower on one end, at the other end, we just now expanded the joint portfolio and the focus of the teams and so on. We've done some -- we are seeing larger pipeline, significantly larger pipeline. We are seeing involvement in larger deals, but we do see our pipelines from Cisco to have longer sales cycles in terms of time than what we use, those are general larger deals more involving multiple products not only specific opportunities and we just see there probably we'll need to get used to it longer sales cycles.

Ittai Kidron -- Oppenheimer -- Analyst

Very good. Good luck, guys.

Operator

Your next question comes from George Notter from Jefferies. Your line is open.

Kyle McNealy -- Jefferies -- Analyst

Hi, thanks a lot. This is Kyle on for George. Curious to get your perspective, you've launched some new cloud subscription services and in the first quarter you also had a number that you added to the menu in 2018. I'm just wondering if there's anything you can add to how those are doing in the market, is there anything new in terms of attach rates or total deal size with your customers? And I have a follow-up. Thanks.

Roy Zisapel -- President and Chief Executive Officer

Yes, so the -- as I've mentioned, the subscription business as a whole and cloud in particular continue to grow very strong. And we've seen -- I've shared some information in the Analyst Day, for example, on one of the cloud subscription, the ERT Active Attacker Feed and we gave some at that point, it was I think $600,000 quarter-to-date and we were looking for $3 million for the year. I think we are finishing above our expectation and at this point this specific subscription probably go even further and this is just an example. So, we're seeing very nice contribution from subscription. We're seeing bigger adoption of multiple subscriptions from the company be it cloud or product subscriptions. We came out with several bundles of subscription that also look to be accepted well by the customers. So, this whole area of our business, we're very, very bullish on.

Kyle McNealy -- Jefferies -- Analyst

Great. Thanks a lot. And then I know you added the Global Elastic License and, I mean, aside from the other subscriptions you added. Is there any headwind to call out like you have experienced in the past that would -- that we should think about in terms of the year-over-year growth rates, pretty impressive growth, but I'm wondering if there's any headwind associated with some of the new subscription services or any transition to those?

Roy Zisapel -- President and Chief Executive Officer

Yes. As we discussed, there is headwind given the model, but we took it into account in the guidance of the -- of the yearly guidance of 7% to 9%. So, obviously, when you take a cup, perpetual deal and move it to subscription, there is some headwind to revenues, but it's in the model, we don't see any reason to change. As we said, we are pretty confident on the yearly guidance we've given and we will be there just above '18 H1 and I'm sure we will continue to execute accordingly.

Kyle McNealy -- Jefferies -- Analyst

Okay, great. Thanks a lot. And one last one, typically, Q1 is your low point for profitability and given the strong result this quarter and your comments, appreciate those around OpEx, does your view change for the year? Are you still going to see margin, operating margin ramping through the year as you've seen in the past or will this year be different given your comment?

Roy Zisapel -- President and Chief Executive Officer

No, I think that we will continue to see the growth from 2018 as we expected and then I saw some of your models, the change between the quarters in a way right now is a bit meaningless because if you take the revenues quite flattish between the quarter, so, overall, we will improve 2018 (ph) and we will see the deleverage as we said in the investor meeting.

Kyle McNealy -- Jefferies -- Analyst

Okay, great. Thanks a lot.

Operator

Your next question comes from Catharine Trebnick from Dougherty. Your line is open.

Catharine Trebnick -- Dougherty -- Analyst

Thanks for taking my question, gentlemen. One is, could you give us any more detail on how you're doing with Check Point, I know that relationship last year was struggling a bit, you were really getting some on the performance through it, and then -- and how the Nokia relationship is evolving (ph) ? And then the second piece of the question is, how did you met -- I mean, you did a great job in Asia-Pac, up 21% year-over-year, I know that's been in the past year is a frustration. Any changes in the sales team or new wins in that area you could discuss? Thank you.

Roy Zisapel -- President and Chief Executive Officer

So first on Check Point and Nokia, those relationships continue at the same pace. I've mentioned that we've now expanded also the portfolio with Check Point and I think also with Nokia, we are starting to engage in more carriers. So, all-in-all, we feel good about these relationships. They are developing. They are not growing significantly, but they are quite steady. Regarding Asia-Pacific, as we mentioned several calls, the revenues at that time were not showing growth, but we told you that we're seeing the booking and it's progressing well, you're starting to see the evidence for that also in the revenue side. We constantly do adjustments in the region. We think in Asia-Pacific, there's more potential for growth and we will update you as things progress.

Catharine Trebnick -- Dougherty -- Analyst

Thank you. And one final question, what are your 5G plan, because you do have a strong carrier presence in multiple data scrubbing centers. What would be -- any specific products you are coming out with or to go after 5G?

Roy Zisapel -- President and Chief Executive Officer

Yes, so we mentioned that in the Analyst Day, we obviously see that as a growth area. There's new requirements for traffic management, there's new requirements for security and we're working with our partners there, Cisco, Nokia to address this market. I don't think it's a 2019 opportunity. I think it starts in 2020 and probably we are working on specific solutions to address this potential. So, we see that as a great opportunity, but it's not like coming 12 months, it's longer cycle and obviously we are preparing ourselves to that.

Catharine Trebnick -- Dougherty -- Analyst

All right. Thank you.

Operator

Your next question comes from Tavy Rosner from Barclays. Your line is open.

Tavy Rosner -- Barclays -- Analyst

Hi, thanks for taking my questions. Most of them have been asked, so I guess two quick ones. First one, can you talk a little bit about the acquisition pipeline given where your cash balance is, are you seeing anything out there that would be relevant for you guys, how do you think about these?

Roy Zisapel -- President and Chief Executive Officer

Yes, we continue to be active in the market and we are meeting companies and possible targets, but we will continue to have the same policy of being very conservative on tech acquisitions, looking for business impact, and return on our investment, but definitely we are looking in the market, we think there might be some good opportunities for us and as we mentioned given the increase in cash level, we have a lot of options how to execute it.

Tavy Rosner -- Barclays -- Analyst

Thanks for that. Maybe just a final quick one on -- last quarter you disclosed recurring revenues were about 65% of sales. Is that in Q1, was that something similar to what we saw in 2018?

Roy Zisapel -- President and Chief Executive Officer

Yes. So, Q1 obviously went a bit down because some of the product recognition, et cetera, but as I said, in other areas for 20 -- for the rest of the year, we will be back on the -- in the neighborhood of the 60s (ph) , but Q1 was a bit below.

Tavy Rosner -- Barclays -- Analyst

Thank you. Appreciate it.

Operator

Your next question comes from Josh Tilton from Berenberg. Your line is open.

Joshua Tilton -- Berenberg -- Analyst

Hi, thanks for taking my question. In regards to the carrier strength, I understand that most of the cloud business goes to the enterprise side. Was the cloud growth in the quarter in line with your expectations?

Roy Zisapel -- President and Chief Executive Officer

Yes, even -- even or above.

Joshua Tilton -- Berenberg -- Analyst

And then is it safe to say that the cloud mix is still 90% going toward the enterprise?

Roy Zisapel -- President and Chief Executive Officer

Yes.

Joshua Tilton -- Berenberg -- Analyst

So, is it possible maybe to comment on how much of this business is net new to Radware?

Roy Zisapel -- President and Chief Executive Officer

We don't break it, but it depends on the offering, some of the offerings has a significant portion, let's say even 50% net new, and it depends on the some of the newer offerings, of course, CWP and the Anti-Bot, it's almost 90% net new, so it really depends on the offering.

Joshua Tilton -- Berenberg -- Analyst

Okay. And then maybe just ask a little differently. So last quarter you mentioned a multi-year cloud security deal that was one of the largest in the company's history. Are we seeing the same continued momentum that we saw last quarter?

Roy Zisapel -- President and Chief Executive Officer

Yes. As I mentioned in my comments, it's a very, very strong business for us.

Joshua Tilton -- Berenberg -- Analyst

Okay. Thank you very much.

Operator

And your next question will come from Alex Henderson from Needham. Your line is open.

Alex Henderson -- Needham -- Analyst

Thank you. I was hoping you could talk a little bit about strategy here for a second. You guys have gone through a period of pretty tight cost controls because you've been transitioning from your traditional perpetual business to SaaS and to cloud and to security. The fairly flattish OpEx spending that you're mechanically delivering here, it seems inconsistent with a company of your size and the opportunity in security, where most of these companies choose to accelerate their growth even at the cost of margins. And I wondering if you have rethought at all this approach to a fairly tight cost management pushing margins up to 15% in lieu of the fact that virtually every company that I look at in the security space has a premium on growth and a much lesser premium around margin structure. So, wouldn't it be make sense to push these growth rates up and take further advantage of this market instead of being fairly cautious on the spending side?

Roy Zisapel -- President and Chief Executive Officer

We agree. As Doron mentioned in his comments, our OpEx was below our plan meaning we are -- we are not in line with our hiring plans and where we took measures to accelerate that, but definitely we're seeing the opportunity for growth. We're definitely adding people in our plan across all departments of the company. So, we also guided for higher OpEx in the coming quarters, so, we are definitely focused on that, the major hiring we're doing in all geographies. And as we said also on the operating margin, we are ahead of plan there. We had this early bigger recognition of this carrier deal, obviously, with our 80-plus (ph) gross margin, it impacts margin considerably, but there is no retention in our mind, we're going after growth and we're going after adding people and leveraging the opportunity.

Alex Henderson -- Needham -- Analyst

So, if we were to look past 2019, which is obviously an investment period, based on your comments you've just made, should we be thinking about the company as a 10% plus growth company in the headlights beyond '19?

Roy Zisapel -- President and Chief Executive Officer

So, in our model we gave a 9%, the three-year, we gave it a year ago. We still feel very comfortable with that as we showed one year has passed, we all know a way to achieve the second year, and so far we feel confident in our ability to continue in that space. And hopefully, with the investments we will make, we will be able to accelerate that. But it's early to discuss that currently, we're reaffirming the 7% to 9%, and we're reaffirming the two-year, 9% CAGR, we'll be a bit above these. And going into the third year hopefully with the investments already behind us, we might be able to accelerate it, push it forward.

Alex Henderson -- Needham -- Analyst

If I could one more question, so your growth rate in the June quarter obviously because of some of the pull-ins in the 1Q is a lot lower than most people were modeling. But it seems that, that probably belies your pipeline. Can you talk about the deal pipeline to what extent, are you seeing strengthening in the pipeline, which may not be consistent with the revenue growth given it's a SaaS model and bookings could be quite a bit stronger. Would we be looking at a book-to-bill in the quarter that's solidly above 10% or how do we think about the pipeline relative to the slow growth rate?

Roy Zisapel -- President and Chief Executive Officer

Yes, so for the full-year, I don't want to speak quarterly booking guidance, but for the full-year, obviously, we're looking book-to-bill above 1% and that would support the next year, 9%, and that's the part of the model -- that's how our model works. So, definitely we're there and reaffirming the guidance meaning that that's what we're seeing and believing in.

Alex Henderson -- Needham -- Analyst

All right. I'll cede the floor. Thank you very much.

Operator

I have no further questions in queue. I turn the call back over to the presenters for closing remarks.

Roy Zisapel -- President and Chief Executive Officer

Thank you very much for joining us, and have a great day.

Operator

Thank you, everyone. This will conclude today's conference call. You may now disconnect.

Duration: 34 minutes

Call participants:

Anat Earon-Heilborn -- Vice President-Investor Relations

Doron Abramovitch -- Chief Financial Officer

Roy Zisapel -- President and Chief Executive Officer

Alex Henderson -- Needham -- Analyst

Ittai Kidron -- Oppenheimer -- Analyst

Kyle McNealy -- Jefferies -- Analyst

Catharine Trebnick -- Dougherty -- Analyst

Tavy Rosner -- Barclays -- Analyst

Joshua Tilton -- Berenberg -- Analyst

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