Business Wire | Mar 18, 2021 04:06PM EDT

Synacor Reports Fourth Quarter and Full-Year 2020 Financial Results

Mar. 18, 2021

BUFFALO, N.Y.--(BUSINESS WIRE)--Mar. 18, 2021--Synacor, Inc. (Nasdaq: SYNC), a leading provider of cloud-based Collaboration and Identity Management software and services serving global enterprises, video, internet and communications providers, and governments, today announced its financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter Financial Highlights

* Revenue of $24.1 million * Net income of $0.1 million and adjusted EBITDA of $3.6 million

"Synacor delivered a strong end to 2020, with solid Q4 results for revenue, net income and adjusted EBITDA," said Himesh Bhise, Synacor's Chief Executive Officer.

Recent Operating Highlights

* Signed agreement on February 10, 2021 to be acquired by Centre Lane Partners * Added 93 new customers and 177 contract expansions for Zimbra email and collaboration platform delivered through worldwide channel partners * Signed four deals with streaming services providers for Cloud ID identity and access management platform * Publisher Advertising business continues recovery post the onset of COVID-19, with 102 active publishers and higher margins.

Fourth Quarter and Full Year Financial Results:

Revenue

For the fourth quarter of 2020, revenue was $24.1 million, compared to $26.8 million in the fourth quarter of 2019. The decline was primarily driven by the COVID-19 impact on our business.

Revenue in the Software & Services segment totaled $12.2 million for the fourth quarter of 2020, compared with $11.6 million in the fourth quarter of 2019. Revenue in the Portal & Advertising segment totaled $11.9 million for the fourth quarter of 2020, compared with $15.2 million in the fourth quarter of 2019.

For fiscal year 2020, total revenue was $81.4 million, compared to $121.8 million in fiscal year 2019. Software & Services revenue was $44.3 million, relatively unchanged from $44.5 million in the prior year. Portal & Advertising revenue was $37.1 million, compared to $77.4 million in fiscal 2019. The decline was primarily due to the loss of the AT&T portal contract in Q3'19 and the COVID-19 impact on our business.

Net Income / (Loss)

Net income for the fourth quarter of 2020 was $0.1 million, or $0.00 per basic and diluted share, compared with a net loss of $0.6 million, or $0.01 per basic and diluted share, in the prior year quarter.

For fiscal year 2020, net loss was $11.6 million, or $0.29 per basic and diluted share, compared with a net loss of $9.0 million, or $0.23 per basic and diluted share, in fiscal year 2019.

Adjusted EBITDA

Adjusted EBITDA for the fourth quarter of 2020 was $3.6 million, or 14.8% of revenue, compared with $3.4 million, or 12.8% of revenue, in the fourth quarter of 2019. Adjusted EBITDA excludes stock-based compensation expense, other income and expense, asset impairments, restructuring costs, and certain legal and professional services fees.

For fiscal year 2020, adjusted EBITDA was $5.3 million, or 6.5% of revenue, compared with $9.5 million, or 7.8% of revenue, in fiscal year 2019.

Cash

Cash and cash equivalents at the end of the fourth quarter of 2020 was $5.7 million, compared with $4.3 million at the end of the third quarter of 2020 and $11.0 million at December 31, 2019. The Company continues to have no borrowings on its $12 million credit facility.

About Synacor

Synacor (Nasdaq: SYNC) is a cloud-based software and services company serving global video, internet and communications providers, device manufacturers, governments and enterprises. Synacor's mission is to enable its customers to better engage with their consumers. Its customers use Synacor's technology platforms and services to scale their businesses and extend their subscriber relationships. Synacor delivers managed portals, advertising solutions, email and collaboration platforms, and cloud-based identity management. www.synacor.com

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP).

We report adjusted EBITDA because it is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.

For a reconciliation of adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to the table "Reconciliation of GAAP to Non-GAAP Measures" in this press release.

We report adjusted net loss and adjusted diluted earnings per share because we believe these measures provide investors with additional information to assess our financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures. For a reconciliation of our GAAP Condensed Consolidated Statements of Operations to our adjusted non-GAAP measures, please refer to the table "Reconciliation of Adjusted Financial Measures" in this press release.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements concerning Synacor's strategic and operational plans including, without limitation, the impact of the pending transaction with Centre Lane Partners. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results could differ materially from the results expressed or implied by the forward-looking statements the Company makes.

The risks and uncertainties referred to above include - but are not limited to - risks associated with: the fact that the proposed transaction with Centre Lane Partners may not be completed in a timely manner or at all; the impact of the COVID-19 pandemic on our business; execution of our plans and strategies; our ability to obtain new customers; our ability to integrate the assets and personnel from acquisitions; expectations regarding consumer taste and user adoption of applications and solutions; developments in internet browser software and search advertising technologies; general economic conditions; expectations regarding the Company's ability to timely expand the breadth of services and products or introduction of new services and products; consolidation within the cable and telecommunications industries; changes in the competitive dynamics in the market for online search and digital advertising; the risk that security measures could be breached and unauthorized access to subscriber data could be obtained; potential third party intellectual property infringement claims or other legal claims against Synacor; and the price volatility of our common stock.

Further information on these and other factors that could affect the Company's financial results is included in filings it makes with the Securities and Exchange Commission from time to time, including the section entitled "Risk Factors" in the Company's most recent Form 10-K filed with the SEC. These documents are available on the SEC Filings section of the Investor Information section of the Company's website at http://investor.synacor.com/. All information provided in this release and in the attachments is available as of March 18, 2021, and except as required by applicable law, Synacor undertakes no duty to update this information.

Synacor, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

December 31, December 31, 2020 2019



Assets

Current assets:

Cash and cash equivalents $ 5,748 $ 10,966

Accounts receivable, net 17,518 20,532

Prepaid expenses and other current assets 3,091 2,989

Total current assets 26,357 34,487

Property and equipment, net 10,815 14,948

Operating lease right-of-use assets 3,146 4,765

Goodwill 15,952 15,948

Intangible assets 6,380 8,411

Other assets 593 1,319

Total Assets $ 63,243 $ 79,878



Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ 9,910 $ 12,583

Accrued expenses and other current 4,788 5,878 liabilities

Current portion of deferred revenue 6,617 6,509

Current portion of long-term debt and finance 992 2,529 leases

Current portion of operating lease 2,224 2,165 liabilities

Total current liabilities 24,531 29,664

Long-term portion of debt and finance leases 1,082 729

Deferred revenue 1,823 2,366

Long-term portion of operating lease 1,449 2,846 liabilities

Deferred income taxes 501 275

Other long-term liabilities 381 334

Total Liabilities 29,767 36,214

Stockholders' Equity:

Common stock 406 401

Treasury stock (2,004) (1,931)

Additional paid-in capital 147,940 146,460

Accumulated deficit (112,308) (100,747)

Accumulated other comprehensive loss (558) (519)

Total stockholders' equity 33,476 43,664

Total Liabilities and Stockholders' Equity $ 63,243 $ 79,878

Synacor, Inc.

Condensed Consolidated Statement of Operations

(In thousands except for share and per share data)

(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2020

2019

2020

2019

Revenue

$

24,074

$

26,806

$

81,362

$

121,845

Costs and operating expenses:

Cost of revenue (1)

12,068

12,698

42,236

61,990

Technology and development (1)(2)

2,871

3,605

12,007

18,273

Sales and marketing (2)

3,769

4,776

15,350

21,790

General and administrative (1)(2)

3,378

3,666

14,356

17,734

Depreciation and amortization

1,638

2,258

8,068

9,865

Total costs and operating expenses

23,724

27,003

92,017

129,652

Income (loss) from operations

350

(197)

(10,655)

(7,807)

Other income (expense), net

22

(127)

240

(17)

Interest expense

(43)

(69)

(189)

(268)

Income (loss) before income taxes

329

(393)

(10,604)

(8,092)

Provision for income taxes

221

172

957

929

Net income (loss)

$

108

$

(565)

$

(11,561)

$

(9,021)

Net income (loss) per share:

Basic

$

-

$

(0.01)

$

(0.29)

$

(0.23)

Diluted

$

-

$

(0.01)

$

(0.29)

$

(0.23)

Weighted average shares used to compute net income (loss) per share:

Basic

39,641,158

39,190,444

39,464,954

39,090,239

Diluted

40,279,616

39,190,444

39,464,954

39,090,239

Synacor, Inc.

Condensed Consolidated Statement of Operations

(In thousands except for share and per share data)

(Unaudited)

Three Months Ended December Twelve Months Ended 31, December 31,

2020 2019 2020 2019



Revenue $ 24,074 $ 26,806 $ 81,362 $ 121,845

Costs and operating expenses:

Cost of revenue (1) 12,068 12,698 42,236 61,990

Technology and 2,871 3,605 12,007 18,273 development (1)(2)

Sales and marketing 3,769 4,776 15,350 21,790 (2)

General andadministrative (1) 3,378 3,666 14,356 17,734 (2)

Depreciation and 1,638 2,258 8,068 9,865 amortization

Total costs and 23,724 27,003 92,017 129,652 operating expenses

Income (loss) from 350 (197) (10,655) (7,807) operations

Other income 22 (127) 240 (17) (expense), net

Interest expense (43) (69) (189) (268)

Income (loss) 329 (393) (10,604) (8,092) before income taxes

Provision for 221 172 957 929 income taxes

Net income (loss) $ 108 $ (565) $ (11,561) $ (9,021)

Net income (loss) per share:

Basic $ - $ (0.01) $ (0.29) $ (0.23)

Diluted $ - $ (0.01) $ (0.29) $ (0.23)

Weighted average shares used to compute net income (loss) per share:

Basic 39,641,158 39,190,444 39,464,954 39,090,239

Diluted 40,279,616 39,190,444 39,464,954 39,090,239

Notes:

(1) Exclusive of depreciation and amortization shown separately.

(2) Includes stock-based compensation expense as follows:

Notes:

(1) Exclusive of depreciation and amortization shown separately.

(2) Includes stock-based compensation expense as follows:

Three Months Ended December 31,

Twelve Months Ended December 31,

2020

2019

2020

2019

Technology and development

$

55

$

40

$

218

$

338

Sales and marketing

106

138

407

513

General and administrative

202

254

831

765

$

363

$

432

$

1,456

$

1,616

Three Months Ended December Twelve Months Ended 31, December 31,

2020 2019 2020 2019



Technology and $ 55 $ 40 $ 218 $ 338 development

Sales and marketing 106 138 407 513

General and 202 254 831 765 administrative

$ 363 $ 432 $ 1,456 $ 1,616

Synacor, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands)

(Unaudited)

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for each of the periods indicated:

Three Months Ended December 31,

Twelve Months Ended December 31,

2020

2019

2020

2019

Reconciliation of Adjusted EBITDA:

Net income (loss)

$

108

$

(565)

$

(11,561)

$

(9,021)

Provision for income taxes

221

172

957

929

Interest expense

43

69

189

268

Other (income) expense, net

(22)

127

(240)

17

Depreciation and amortization

2,235

2,742

10,294

11,251

Asset impairment*

119

-

806

1,751

Stock-based compensation expense

363

432

1,456

1,616

Restructuring costs**

264

140

1,483

959

Certain legal and professional services fees***

230

327

1,934

1,733

Adjusted EBITDA

$

3,561

$

3,444

$

5,318

$

9,503

Synacor, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands)

(Unaudited)



The following table presents a reconciliation of net income (loss) to adjustedEBITDA for each of the periods indicated:

Three Months Ended Twelve Months Ended December 31, December 31,

2020 2019 2020 2019



Reconciliation of Adjusted EBITDA:

Net income (loss) $ 108 $ (565) $ (11,561) $ (9,021)

Provision for income taxes 221 172 957 929

Interest expense 43 69 189 268

Other (income) expense, (22) 127 (240) 17 net

Depreciation and 2,235 2,742 10,294 11,251 amortization

Asset impairment* 119 - 806 1,751

Stock-based compensation 363 432 1,456 1,616 expense

Restructuring costs** 264 140 1,483 959

Certain legal andprofessional services 230 327 1,934 1,733 fees***

Adjusted EBITDA $ 3,561 $ 3,444 $ 5,318 $ 9,503

*

"Asset impairment" includes impairment charges related to property, plant and equipment, capitalized software and leased assets.

**

"Restructuring costs" include severance expense, contract termination costs and other exit or disposal costs.

***

"Certain legal and professional services fees" includes legal fees and other related expenses outside the ordinary course of business, as well as fees and expenses related to merger and acquisition activities.

* "Asset impairment" includes impairment charges related to property, plant and equipment, capitalized software and leased assets.

** "Restructuring costs" include severance expense, contract termination costs and other exit or disposal costs.

"Certain legal and professional services fees" includes legal fees and*** other related expenses outside the ordinary course of business, as well as fees and expenses related to merger and acquisition activities.

Synacor, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Twelve Months Ended December 31,

2020

2019

Cash Flows from Operating Activities:

Net loss

$

(11,561)

$

(9,021)

Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities:

Depreciation and amortization

10,294

11,251

Long-lived asset impairment

806

1,751

Stock-based compensation expense

1,456

1,616

Provision for deferred income taxes

226

44

Change in allowance for doubtful accounts

(75)

360

Changes in operating assets and liabilities:

Accounts receivable, net

3,089

4,676

Prepaid expenses and other assets

624

526

Operating lease right-of-use assets and liabilities, net

(305)

95

Accounts payable, accrued expenses and other liabilities

(3,081)

(8,828)

Deferred revenue

(435)

(11)

Net cash provided by operating activities

1,038

2,459

Cash Flows from Investing Activities:

Purchases of property and equipment

(3,053)

(3,772)

Net cash used in investing activities

(3,053)

(3,772)

Cash Flows from Financing Activities:

Repayments on long-term debt and finance leases

(3,086)

(3,427)

Payments of financing issuance costs

-

(60)

Proceeds from exercise of common stock options

-

60

Purchase of treasury stock and shares received to satisfy minimum tax withholdings

(73)

(32)

Net cash used in financing activities

(3,159)

(3,459)

Effect of exchange rate changes on cash and cash equivalents

(44)

(183)

Net decrease in Cash and Cash equivalents

(5,218)

(4,955)

Cash and cash equivalents, beginning of period

10,966

15,921

Cash and cash equivalents, end of period

$

5,748

$

10,966

Synacor, Inc. Segment Results (In thousands except for percentages) (Unaudited)

The Company has two reportable segments which are determined on the basis of the products and services provided to customers, identified as follows:

* Software & Services, which includes email / collaboration (Zimbra) and identity management (Cloud ID). * Portal & Advertising, which includes managed portals and advertising solutions for publishers. The following table presents the key segment financial measures for the periods indicated. Please refer to the Reconciliation of GAAP to Non-GAAP Measures schedule for the reconciliation of Adjusted EBITDA.

Synacor, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Twelve Months Ended December 31,

2020 2019



Cash Flows from Operating Activities:

Net loss $ (11,561) $ (9,021)

Adjustments to reconcile net loss to net cash andcash equivalents provided by operating activities:

Depreciation and amortization 10,294 11,251

Long-lived asset impairment 806 1,751

Stock-based compensation expense 1,456 1,616

Provision for deferred income taxes 226 44

Change in allowance for doubtful accounts (75) 360

Changes in operating assets and liabilities:

Accounts receivable, net 3,089 4,676

Prepaid expenses and other assets 624 526

Operating lease right-of-use assets and (305) 95 liabilities, net

Accounts payable, accrued expenses and other (3,081) (8,828) liabilities

Deferred revenue (435) (11)

Net cash provided by operating activities 1,038 2,459

Cash Flows from Investing Activities:

Purchases of property and equipment (3,053) (3,772)

Net cash used in investing activities (3,053) (3,772)

Cash Flows from Financing Activities:

Repayments on long-term debt and finance leases (3,086) (3,427)

Payments of financing issuance costs - (60)

Proceeds from exercise of common stock options - 60

Purchase of treasury stock and shares received tosatisfy minimum tax (73) (32) withholdings

Net cash used in financing activities (3,159) (3,459)

Effect of exchange rate changes on cash and cash (44) (183) equivalents

Net decrease in Cash and Cash equivalents (5,218) (4,955)

Cash and cash equivalents, beginning of period 10,966 15,921

Cash and cash equivalents, end of period $ 5,748 $ 10,966

Synacor, Inc. Segment Results (In thousands except for percentages) (Unaudited)

The Company has two reportable segments which are determined on the basis of the products and services provided to customers, identified as follows:

* Software & Services, which includes email / collaboration (Zimbra) and identity management (Cloud ID). * Portal & Advertising, which includes managed portals and advertising solutions for publishers. The following table presents the key segment financial measures for the periods indicated. Please refer to the Reconciliation of GAAP to Non-GAAP Measures schedule for the reconciliation of Adjusted EBITDA.

Three Months Ended December 31, Twelve Months Ended December 31,

2020 2019 % Change 2020 2019 % Change



Segment Revenue:

Software & $ 12,187 $ 11,648 4.6 % $ 44,280 $ 44,485 (0.5) %Services

Portal & 11,887 15,158 (21.6) % 37,082 77,360 (52.1) %Advertising

Total $ 24,074 $ 26,806 (10.2) % $ 81,362 $ 121,845 (33.2) %



Segment Adjusted EBITDA:

Software & $ 4,204 $ 3,565 17.9 % $ 14,340 $ 12,531 14.4 %Services

Portal & 2,224 2,621 (15.1) % 2,168 10,657 (79.7) %Advertising

UnallocatedCorporate G (2,867) (2,742) (4.6) % (11,190) (13,685) 18.2 %&A Expense

Total $ 3,561 $ 3,444 3.4 % $ 5,318 $ 9,503 (44.0) %



Segment Adjusted EBITDA margin*

Software & 34.5 % 30.6 % 390 bps 32.4 % 28.2 % 420 bpsServices

Portal & 18.7 % 17.3 % 140 bps 5.8 % 13.8 % -790 bpsAdvertising

Total 14.8 % 12.8 % 190 bps 6.5 % 7.8 % -130 bps



* Adjusted EBITDA as a percent of revenue

The following tables presents a disaggregation of segment revenue for the periods indicated based upon the accounting definition of revenue recognition:

* Recurring = revenue recognized over time * Non-recurring = revenue recognized at a point in time Three Months Ended December 31, Twelve Months Ended December 31,

2020 2019 % Change 2020 2019 % Change

Software &Services Revenue:

Recurring $ 8,540 $ 8,526 0.2 % $ 33,072 $ 33,669 (1.8) %

Non-recurring 3,647 3,122 16.8 % 11,208 10,456 7.2 %

Discontinued - - - % - 360 (100.0) %Product **

Total $ 12,187 $ 11,648 4.6 % $ 44,280 $ 44,485 (0.5) %



Portal &Advertising Revenue:

Recurring $ 461 $ 1,186 (61.1) % $ 3,120 $ 5,168 (39.6) %

Non-recurring 11,426 13,972 (18.2) % 33,962 72,192 (53.0) %

Total $ 11,887 $ 15,158 (21.6) % $ 37,082 $ 77,360 (52.1) %



Total Revenue:

Recurring $ 9,001 $ 9,712 (7.3) % $ 36,192 $ 38,837 (6.8) %

Non-recurring 15,073 17,094 (11.8) % 45,170 82,648 (45.3) %

Discontinued - - - % - 360 (100.0) %Product **

Total $ 24,074 $ 26,806 (10.2) % $ 81,362 $ 121,845 (33.2) %

** VAM video product line which was discontinued during Q1 2019.

Synacor, Inc.

Reconciliation of Adjusted Financial Measures

(In thousands except per share amounts)

(Unaudited)

Three months ended December 31, 2020

Certain Per GAAP Asset Restructuring Legal and Adjusted Statements Impairment Costs Professional Non-GAAP Services Fees



Revenue $ 24,074 $ 24,074

Costs andoperating 23,724 (119) (264) (230) 23,111 expenses

Incomefrom $ 350 119 264 230 $ 963 operations



Net income $ 108 $ 119 $ 264 $ 230 $ 721 (1)

Diluted $ - $ - $ 0.01 $ 0.01 $ 0.02 EPS



Three months ended December 31, 2019

Certain Per GAAP Asset Restructuring Legal and Adjusted Statements Impairment Costs Professional Non-GAAP Services Fees



Revenue 26,806 26,806

Costs andoperating $ 27,003 - (140) (327) $ 26,536 expenses

Loss from $ (197) - 140 327 $ 270 operations

-

Net loss $ (565) $ - $ 140 $ 327 $ (98) (1)

Diluted $ (0.01) $ - $ - $ 0.01 $ - EPS

Notes:

(1) No income tax effects to adjustments presented due to full valuation allowance.

Synacor's management believes that certain non-GAAP measures of Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share provide investors with additional information to assess the Company's financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

Notes:

(1) No income tax effects to adjustments presented due to full valuationallowance.

Synacor's management believes that certain non-GAAP measures of Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share provide investors with additional information to assess the Company's financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

Synacor, Inc.

Reconciliation of Adjusted Financial Measures

(In thousands except per share amounts)

(Unaudited)

Twelve months ended December 31, 2020

Certain Per GAAP Asset Restructuring Legal and Adjusted Statements Impairment Costs Professional Non-GAAP Services Fees



Revenue $ 81,362 $ 81,362

Costs andoperating 92,017 (806) (1,483) (1,934) 87,794 expenses

Loss from $ (10,655) 806 1,483 1,934 $ (6,432) operations



Net loss $ (11,561) $ 806 $ 1,483 $ 1,934 $ (7,338) (1)

Diluted $ (0.29) $ 0.02 $ 0.04 $ 0.05 $ (0.18) EPS



Twelve months ended December 31, 2019

Certain Per GAAP Asset Restructuring Legal and Adjusted Statements Impairment Costs Professional Non-GAAP Services Fees



Revenue $ 121,845 $ 121,845

Costs andoperating 129,652 (1,751) (959) (1,733) 125,209 expenses

Loss from $ (7,807) 1,751 959 1,733 $ (3,364) operations



Net loss $ (9,021) $ 1,751 $ 959 $ 1,733 $ (4,578) (1)

Diluted $ (0.23) $ 0.04 $ 0.02 $ 0.04 $ (0.12) EPS

Notes:

(1) No income tax effects to adjustments presented due to full valuation allowance.

Synacor's management believes that certain non-GAAP measures of Adjusted Net Loss and Adjusted Diluted Loss per Share provide investors with additional information to assess the Company's financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

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CONTACT: FNK IR Rob Fink +1.646.809.4048 rob@fnkir.com