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    Zuora Reports Third Quarter Fiscal 2024 Results

    11/29/23 4:08:00 PM ET
    $ZUO
    Computer Software: Prepackaged Software
    Technology
    Get the next $ZUO alert in real time by email

    GAAP operating margin increased 26 percentage points year-over-year

    Non-GAAP operating margin increased 14 percentage points year-over-year

    Subscription revenue grew 13% year-over-year

    Total revenue grew 9% year-over-year

    Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern businesses, today announced financial results for its fiscal third quarter ended October 31, 2023.

    "We continued to execute on our strategy in the third quarter, exceeding guidance on subscription revenue, total revenue and operating income," said Tien Tzuo, Founder and CEO of Zuora. "Three quarters in, it's clear we're building a durable recurring business capable of delivering strong margins and free cash flow, made possible by a growing customer base that's committed to our differentiated technology."

    Third Quarter Fiscal 2024 Financial Results:

    • Revenue: Subscription revenue was $98.0 million, an increase of 13% year-over-year and 14% on a constant currency basis. Total revenue was $109.8 million, an increase of 9% year-over-year and 9% on a constant currency basis.
    • GAAP Loss from Operations: GAAP loss from operations was $8.8 million, compared to a loss from operations of $33.9 million in the third quarter of fiscal 2023.
    • Non-GAAP Income from Operations: Non-GAAP income from operations was $16.0 million, compared to a non-GAAP income from operations of $0.6 million in the third quarter of fiscal 2023.
    • GAAP Net Loss: GAAP net loss was $5.5 million, or 5% of revenue, compared to a net loss of $37.0 million, or 37% of revenue, in the third quarter of fiscal 2023. GAAP net loss per share was $0.04 based on 141.5 million weighted-average shares outstanding, compared to a net loss per share of $0.28 based on 132.6 million weighted-average shares outstanding in the third quarter of fiscal 2023.
    • Non-GAAP Net Income (Loss): Non-GAAP net income was $12.3 million, compared to a non-GAAP net loss of $2.9 million in the third quarter of fiscal 2023. Non-GAAP net income per share was $0.09 based on 141.5 million weighted-average shares outstanding, compared to a non-GAAP net loss per share of $0.02 based on 132.6 million weighted-average shares outstanding in the third quarter of fiscal 2023.
    • Cash Flow: Net cash used in operating activities was $55.7 million, compared to net cash used in operating activities of $4.9 million in the third quarter of fiscal 2023. Net cash used in operating activities for the third quarter fiscal 2024 included a payment of $68.3 million to settle shareholder litigation.
    • Adjusted Free Cash Flow: Adjusted free cash flow was $12.7 million compared to negative $7.2 million in the third quarter of fiscal 2023.
    • Cash and Investments: Cash and cash equivalents and short-term investments were $493.7 million as of October 31, 2023.

    Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below.

    Key Metrics and Business Highlights:

    • Customers with annual contract value (ACV) equal to or greater than $250,000 were 453, up from 420 as of October 31, 2022. Seven of the deals that closed in the quarter ended October 31, 2023 had ACV equal to or greater than $500,000, two of which had ACV greater than $1.0 million.
    • Dollar-based retention rate (DBRR) was 108%, compared to 109% as of October 31, 2022.
    • Annual Recurring Revenue (ARR) was $396.0 million compared to $350.7 million as of October 31, 2022, representing ARR growth of 13%.
    • Hosted an international series of Subscribed Connect events in London, Paris, Munich, Stockholm and Tokyo, announcing multiple product enhancements including:
      • A new native Mediation Engine within Zuora for Consumption, which helps companies create flexible meters and consolidate usage data, unlocking new customer insights to rapidly experiment with pricing and better align with customer value.
      • Subscriber IQ, a new Zephr capability, which helps product and growth teams glean valuable subscriber insights through a connected view of subscribers combined with industry benchmarks.
      • Zuora Integration Hub, one place for drag-and-drop integration that makes it even faster for technical teams to configure and maintain Zuora's 60+ pre-built connectors to CRM, CPQ, ERP, payment gateways and more.
      • Zuora Extension Studio, which empowers admins to extend Zuora for changing business requirements, configure unique use cases and change monetization processes quickly.
    • Announced a partnership with Sovos to help global businesses meet e-invoicing mandates.
    • Zuora expanded its services with Google Fiber, Alphabet's high-speed broadband internet service that spans 15 states and counting. Now, Zuora will power GFiber's full order-to-revenue process as they continue to grow.
    • New customers and go-lives included LinkedIn, FreshBooks and Dark Matter Technologies.

    Financial Outlook:

    As of November 29, 2023, we are providing guidance for the fourth quarter and full fiscal year 2024 based on current market conditions and expectations. We emphasize that the guidance is subject to various important cautionary factors referenced in the section entitled "Forward-Looking Statements" below.

    For the fourth quarter and full fiscal year 2024, Zuora currently expects the following results:

     

    Fourth Quarter

     

    Fiscal 2024

    Subscription revenue

    $99.3M - $100.3M

     

    $382.5M - $383.5M

    Professional services revenue

    $10.5M - $11.5M

     

    $48.3M - $49.3M

    Total revenue

    $109.8M - $111.8M

     

    $430.8M - $432.8M

    Non-GAAP income from operations1

    $12.0M - $13.0M

     

    $43.6M - $44.6M

    Non-GAAP net income per share1,2

    $0.04 - $0.05

     

    $0.25 - $0.26

    ARR growth3

     

     

    ~12%

    Dollar-based Retention Rate3

     

     

    107%-108%

    Adjusted Free Cash Flow1

     

     

    $37M+

    (1) For information on how we derive our non-GAAP financial measures, see the section titled "Explanation of Non-GAAP Financial Measures" below. Zuora has not reconciled its guidance for non-GAAP income from operations to GAAP loss from operations or non-GAAP net income per share to GAAP net loss per share because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Additionally, adjusted free cash flow has not been reconciled to operating cash flows as it cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation of these non-GAAP measures is not available without unreasonable effort.

    (2) Non-GAAP net income per share was computed assuming 144.2 million and 140.1 million weighted-average shares outstanding for the fourth quarter and full fiscal year 2024, respectively.

    (3) Refer to the "Explanation of Key Operational and Financial Metrics" section below for how these metrics are calculated.

    These statements are forward-looking and actual results may differ materially. Refer to the "Forward-Looking Statements" safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Explanation of Key Operational and Financial Metrics:

    Customers with annual contract value (ACV) equal to or greater than $250,000. We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization.

    Dollar-based Retention Rate (DBRR). We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate.

    Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year.

    Webcast and Conference Call Information:

    Zuora will host a conference call for investors on November 29, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results and business highlights. Investors are invited to listen to a live webcast of the conference call by visiting https://investor.zuora.com. A replay of the webcast will be available through November 29, 2024. The call can also be accessed live via phone by the toll-free dial-in number: 1-888-440-5655 or toll dial-in number: 1-646-960-0338 with conference ID 8022374. An audio replay will be available shortly after the call and can be accessed by dialing 1-800-770-2030 or 1-647-362-9199 with conference ID 8022374 available from November 29, 2023 at 4:00 p.m. PT to December 6, 2023 at 11:59 p.m. PT.

    Explanation of Non-GAAP Financial Measures:

    In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income (loss); non-GAAP net income (loss) per share; adjusted free cash flow; and subscription revenue and total revenue that exclude the impact of foreign currency exchange rate fluctuations (constant currency basis). The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

    We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

    We exclude the following items from one or more of our non-GAAP financial measures:

    • Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, stock-based compensation expense is not comparable across companies given it is calculated using a variety of valuation methodologies and subjective assumptions.
    • Amortization of acquired intangible assets. We exclude amortization of acquired intangible assets, which is a non-cash expense, because we do not believe it has a direct correlation to the operation of our business.
    • Charitable contributions. We exclude expenses associated with charitable donations of our common stock. We believe that excluding these non-cash expenses allows investors to make more meaningful comparisons between our operating results and those of other companies.
    • Shareholder litigation. We exclude non-recurring charges and benefits, net of insurance recoveries, including litigation expenses and settlements, related to shareholder litigation matters that are outside of the ordinary course of our business. We believe these charges and benefits do not have a direct correlation to the operations of our business and may vary in size depending on the timing and results of such litigation and related settlements.
    • Asset impairment. We exclude non-cash charges for impairment of assets, including impairments related to internal-use software, office leases, and acquired intangible assets. Impairment charges can vary significantly in terms of amount and timing and we do not consider these charges indicative of our current or past operating performance. Moreover, we believe that excluding the effects of these charges allows investors to make more meaningful comparisons between our operating results and those of other companies.
    • Change in fair value of warrant liability and debt conversion liability. We exclude the change in fair value of warrant liabilities and debt conversion liabilities, which are non-cash gains or losses, as they can fluctuate significantly with changes in Zuora's stock price and market volatility, and do not reflect the underlying cash flows or operational results of the business.
    • Acquisition-related transactions. We exclude acquisition-related transactions (including integration-related charges) that are not related to our ongoing operations, including expenses we incurred and gains or losses recognized on contingent consideration related to our acquisition of Zephr. We do not consider these transactions reflective of our core business or ongoing operating performance.
    • Workforce reduction. We exclude charges related to the workforce reduction plan we approved in November 2022, including severance, health care and related expenses. We believe these charges are not indicative of our continuing operations.

    Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that excludes acquisition-related costs (including integration-related charges) and expenses related to non-ordinary course litigation (including settlement charges) from GAAP operating cash flows, and includes capital expenditures. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations.

    Zuora also provides subscription revenue and total revenue, including year-over-year growth rates, adjusted to remove the impact of foreign currency rate fluctuations, which we refer to as constant currency. We believe providing revenue on a constant currency basis helps our investors to better understand our underlying performance. We calculate constant currency in a given period by applying the average currency exchange rates in the comparable period of the prior year to the local currency revenue in the current period.

    Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.

    Forward-Looking Statements:

    Zuora's Financial Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. Words such as "believes," "may," "will," "estimates," "potential," "continues," "anticipates," "intends," "expects," "could," "would," "projects," "plans," "targets," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on September 6, 2023 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: we may be unable to attract new customers and expand sales to existing customers; adverse impacts on our business and financial condition due to macroeconomic or market conditions, such as inflation, rising interest rates, and banking system instability; we may not be able to manage our future growth and profitability plans effectively; monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions, may develop slower than we expect; challenges related to growing our relationships with strategic partners such as systems integrators and their effectiveness in selling our products; the risk of loss of key employees; the risk of currency exchange rate fluctuations; we face intense competition in our markets and may not be able to compete effectively; we have a history of net losses and may not achieve or sustain profitability; our products may fail to gain, or lose, market acceptance; our product development efforts may be unsuccessful; we face risks with our debt obligations; we may not be able to develop and release new products and services, or successful enhancements, new features and modifications to our existing products and services; customers may fail to successfully deploy our solution after entering into a subscription agreement with us; our sales and product initiatives may not be successful or the expected benefits of such initiatives may not be achieved in a timely manner; our security measures may be breached or our products may be perceived as not being secure; we may be unable to adequately protect our intellectual property; we may experience interruptions or performance problems, including a service outage, associated with our technology; litigation and related costs; geopolitical conflicts or destabilizing events, such as the ongoing conflict in Ukraine and Israel; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    About Zuora, Inc.

    Zuora provides a leading monetization suite for modern businesses across all industries, enabling companies to unlock and grow customer-centric business models. Zuora serves as an intelligent hub that monetizes and orchestrates the complete quote to cash and revenue recognition process at scale. Through its industry leading technology and expertise, Zuora helps more than 1,000 companies around the world, including BMC Software, Box, Caterpillar, General Motors, Penske Media Corporation, Schneider Electric, Siemens and Zoom nurture and monetize direct, digital customer relationships. Headquartered in Silicon Valley, Zuora operates offices around the world in the Americas, EMEA and APAC. To learn more about the Zuora monetization suite, please visit www.zuora.com.

    © 2023 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release.

    SOURCE: Zuora Financial

    ZUORA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

    (in thousands, except per share data)

    (unaudited)

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Revenue:

     

     

     

     

     

     

     

    Subscription

    $

    98,048

     

     

    $

    86,567

     

     

    $

    283,232

     

     

    $

    248,878

     

    Professional services

     

    11,801

     

     

     

    14,505

     

     

     

    37,760

     

     

     

    44,168

     

    Total revenue

     

    109,849

     

     

     

    101,072

     

     

     

    320,992

     

     

     

    293,046

     

    Cost of revenue:

     

     

     

     

     

     

     

    Subscription1

     

    20,378

     

     

     

    21,727

     

     

     

    62,304

     

     

     

    60,024

     

    Professional services1

     

    14,650

     

     

     

    18,553

     

     

     

    47,851

     

     

     

    55,140

     

    Total cost of revenue

     

    35,028

     

     

     

    40,280

     

     

     

    110,155

     

     

     

    115,164

     

    Gross profit

     

    74,821

     

     

     

    60,792

     

     

     

    210,837

     

     

     

    177,882

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development1

     

    27,504

     

     

     

    28,413

     

     

     

    79,428

     

     

     

    77,639

     

    Sales and marketing1

     

    40,245

     

     

     

    46,973

     

     

     

    124,488

     

     

     

    132,576

     

    General and administrative1

     

    15,893

     

     

     

    19,327

     

     

     

    54,160

     

     

     

    55,433

     

    Total operating expenses

     

    83,642

     

     

     

    94,713

     

     

     

    258,076

     

     

     

    265,648

     

    Loss from operations

     

    (8,821

    )

     

     

    (33,921

    )

     

     

    (47,239

    )

     

     

    (87,766

    )

    Change in fair value of warrant liability and debt conversion liability

     

    6,997

     

     

     

    452

     

     

     

    2,241

     

     

     

    9,348

     

    Interest expense

     

    (5,610

    )

     

     

    (4,444

    )

     

     

    (14,604

    )

     

     

    (10,647

    )

    Interest and other income (expense), net

     

    2,272

     

     

     

    1,187

     

     

     

    13,639

     

     

     

    98

     

    Loss before income taxes

     

    (5,162

    )

     

     

    (36,726

    )

     

     

    (45,963

    )

     

     

    (88,967

    )

    Income tax provision

     

    340

     

     

     

    308

     

     

     

    1,396

     

     

     

    1,145

     

    Net loss

     

    (5,502

    )

     

     

    (37,034

    )

     

     

    (47,359

    )

     

     

    (90,112

    )

    Comprehensive loss:

     

     

     

     

     

     

     

    Foreign currency translation adjustment

     

    (696

    )

     

     

    (973

    )

     

     

    (1,383

    )

     

     

    (1,648

    )

    Unrealized (loss) gain on available-for-sale securities

     

    (18

    )

     

     

    (337

    )

     

     

    494

     

     

     

    (1,013

    )

    Comprehensive loss

    $

    (6,216

    )

     

    $

    (38,344

    )

     

    $

    (48,248

    )

     

    $

    (92,773

    )

    Net loss per share, basic and diluted

    $

    (0.04

    )

     

    $

    (0.28

    )

     

    $

    (0.34

    )

     

    $

    (0.69

    )

    Weighted-average shares outstanding used in calculating net loss per share, basic and diluted

     

    141,488

     

     

     

    132,579

     

     

     

    138,789

     

     

     

    130,461

     

    _____________________

    (1) Stock-based compensation expense was recorded in the following cost and expense categories:

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

    2022

     

     

    2023

     

     

    2022

    Cost of subscription revenue

    $

    2,350

     

    $

    2,437

     

    $

    6,889

     

    $

    6,517

    Cost of professional services revenue

     

    2,747

     

     

    3,479

     

     

    8,997

     

     

    10,186

    Research and development

     

    7,165

     

     

    7,536

     

     

    20,661

     

     

    20,967

    Sales and marketing

     

    8,191

     

     

    10,188

     

     

    24,857

     

     

    27,603

    General and administrative

     

    5,648

     

     

    5,367

     

     

    16,569

     

     

    14,772

    Total stock-based compensation expense

    $

    26,101

     

    $

    29,007

     

    $

    77,973

     

    $

    80,045

    ZUORA, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands)

    (unaudited)

     

     

    October 31, 2023

     

    January 31, 2023

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    414,832

     

     

    $

    203,239

     

    Short-term investments

     

    78,905

     

     

     

    183,006

     

    Accounts receivable, net

     

    78,297

     

     

     

    91,740

     

    Deferred commissions, current portion

     

    15,298

     

     

     

    16,282

     

    Prepaid expenses and other current assets

     

    23,554

     

     

     

    24,285

     

    Total current assets

     

    610,886

     

     

     

    518,552

     

    Property and equipment, net

     

    25,570

     

     

     

    27,159

     

    Operating lease right-of-use assets

     

    25,296

     

     

     

    22,768

     

    Purchased intangibles, net

     

    10,689

     

     

     

    13,201

     

    Deferred commissions, net of current portion

     

    26,658

     

     

     

    28,250

     

    Goodwill

     

    55,000

     

     

     

    53,991

     

    Other assets

     

    4,035

     

     

     

    4,677

     

    Total assets

    $

    758,134

     

     

    $

    668,598

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    465

     

     

    $

    1,073

     

    Accrued expenses and other current liabilities

     

    27,810

     

     

     

    103,678

     

    Accrued employee liabilities

     

    30,992

     

     

     

    30,483

     

    Deferred revenue, current portion

     

    158,407

     

     

     

    167,145

     

    Operating lease liabilities, current portion

     

    7,396

     

     

     

    9,240

     

    Total current liabilities

     

    225,070

     

     

     

    311,619

     

    Long-term debt

     

    356,645

     

     

     

    210,403

     

    Deferred revenue, net of current portion

     

    1,719

     

     

     

    442

     

    Operating lease liabilities, net of current portion

     

    38,060

     

     

     

    37,924

     

    Deferred tax liabilities

     

    3,723

     

     

     

    3,717

     

    Other long-term liabilities

     

    7,340

     

     

     

    7,333

     

    Total liabilities

     

    632,557

     

     

     

    571,438

     

    Stockholders' equity:

     

     

     

    Class A common stock

     

    13

     

     

     

    13

     

    Class B common stock

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

    936,147

     

     

     

    859,482

     

    Accumulated other comprehensive loss

     

    (1,808

    )

     

     

    (919

    )

    Accumulated deficit

     

    (808,776

    )

     

     

    (761,417

    )

    Total stockholders' equity

     

    125,577

     

     

     

    97,160

     

    Total liabilities and stockholders' equity

    $

    758,134

     

     

    $

    668,598

     

    ZUORA, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (47,359

    )

     

    $

    (90,112

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation, amortization and accretion

     

    13,684

     

     

     

    13,725

     

    Stock-based compensation

     

    77,973

     

     

     

    80,045

     

    Provision for credit losses

     

    457

     

     

     

    1,403

     

    Donation of common stock to charitable foundation

     

    —

     

     

     

    1,000

     

    Amortization of deferred commissions

     

    14,415

     

     

     

    14,250

     

    Reduction in carrying amount of right-of-use assets

     

    4,876

     

     

     

    5,859

     

    Change in fair value of warrant liability and debt conversion liability

     

    (2,241

    )

     

     

    (9,348

    )

    Change in fair value of contingent consideration

     

    —

     

     

     

    (1,800

    )

    Other

     

    2,630

     

     

     

    575

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    12,476

     

     

     

    5,666

     

    Prepaid expenses and other assets

     

    878

     

     

     

    (2,454

    )

    Deferred commissions

     

    (12,013

    )

     

     

    (15,418

    )

    Accounts payable

     

    (634

    )

     

     

    3,415

     

    Accrued expenses and other liabilities

     

    (82,904

    )

     

     

    2,819

     

    Accrued employee liabilities

     

    509

     

     

     

    282

     

    Deferred revenue

     

    (7,461

    )

     

     

    (2,607

    )

    Operating lease liabilities

     

    (10,962

    )

     

     

    (9,979

    )

    Net cash used in operating activities

     

    (35,676

    )

     

     

    (2,679

    )

    Cash flows from investing activities:

     

     

     

    Purchases of property and equipment

     

    (6,913

    )

     

     

    (8,471

    )

    Purchases of short-term investments

     

    (66,665

    )

     

     

    (205,464

    )

    Maturities of short-term investments

     

    175,128

     

     

     

    89,013

     

    Cash paid for acquisition

     

    (4,524

    )

     

     

    (41,000

    )

    Net cash provided by (used in) investing activities

     

    97,026

     

     

     

    (165,922

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of convertible senior notes, net of issuance costs

     

    145,861

     

     

     

    233,901

     

    Proceeds from issuance of common stock upon exercise of stock options

     

    1,000

     

     

     

    2,097

     

    Proceeds from issuance of common stock under employee stock purchase plan

     

    4,765

     

     

     

    4,485

     

    Principal payments on debt

     

    —

     

     

     

    (1,480

    )

    Net cash provided by financing activities

     

    151,626

     

     

     

    239,003

     

    Effect of exchange rates on cash and cash equivalents

     

    (1,383

    )

     

     

    (1,648

    )

    Net increase in cash and cash equivalents

     

    211,593

     

     

     

    68,754

     

    Cash and cash equivalents, beginning of period

     

    203,239

     

     

     

    113,507

     

    Cash and cash equivalents, end of period

    $

    414,832

     

     

    $

    182,261

     

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

    (in thousands, except percentages)

    (unaudited)

     

    Subscription Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Reconciliation of cost of subscription revenue:

     

     

     

     

     

     

     

    GAAP cost of subscription revenue

    $

    20,378

     

     

    $

    21,727

     

     

    $

    62,304

     

     

    $

    60,024

     

    Less:

     

     

     

     

     

     

     

    Stock-based compensation

     

    (2,350

    )

     

     

    (2,437

    )

     

     

    (6,889

    )

     

     

    (6,517

    )

    Amortization of acquired intangibles

     

    (607

    )

     

     

    (586

    )

     

     

    (2,083

    )

     

     

    (1,512

    )

    Asset impairment

     

    (439

    )

     

     

    —

     

     

     

    (439

    )

     

     

    —

     

    Workforce reduction

     

    —

     

     

     

    (147

    )

     

     

    (38

    )

     

     

    (147

    )

    Non-GAAP cost of subscription revenue

    $

    16,982

     

     

    $

    18,557

     

     

    $

    52,855

     

     

    $

    51,848

     

    GAAP subscription gross margin

     

    79

    %

     

     

    75

    %

     

     

    78

    %

     

     

    76

    %

    Non-GAAP subscription gross margin

     

    83

    %

     

     

    79

    %

     

     

    81

    %

     

     

    79

    %

    Professional Services Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Reconciliation of cost of professional services revenue:

     

     

     

     

     

     

     

    GAAP cost of professional services revenue

    $

    14,650

     

     

    $

    18,553

     

     

    $

    47,851

     

     

    $

    55,140

     

    Less:

     

     

     

     

     

     

     

    Stock-based compensation

     

    (2,747

    )

     

     

    (3,479

    )

     

     

    (8,997

    )

     

     

    (10,186

    )

    Workforce reduction

     

    —

     

     

     

    (399

    )

     

     

    (46

    )

     

     

    (399

    )

    Non-GAAP cost of professional services revenue

    $

    11,903

     

     

    $

    14,675

     

     

    $

    38,808

     

     

    $

    44,555

     

    GAAP professional services gross margin

     

    (24

    )%

     

     

    (28

    )%

     

     

    (27

    )%

     

     

    (25

    )%

    Non-GAAP professional services gross margin

     

    (1

    )%

     

     

    (1

    )%

     

     

    (3

    )%

     

     

    (1

    )%

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

    (in thousands, except percentages)

    (unaudited)

     

    Total Gross Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Reconciliation of gross profit:

     

     

     

     

     

     

     

    GAAP gross profit

    $

    74,821

     

     

    $

    60,792

     

     

    $

    210,837

     

     

    $

    177,882

     

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    5,097

     

     

     

    5,916

     

     

     

    15,886

     

     

     

    16,703

     

    Amortization of acquired intangibles

     

    607

     

     

     

    586

     

     

     

    2,083

     

     

     

    1,512

     

    Asset impairment

     

    439

     

     

     

    —

     

     

     

    439

     

     

     

    —

     

    Workforce reduction

     

    —

     

     

     

    546

     

     

     

    84

     

     

     

    546

     

    Non-GAAP gross profit

    $

    80,964

     

     

    $

    67,840

     

     

    $

    229,329

     

     

    $

    196,643

     

    GAAP gross margin

     

    68

    %

     

     

    60

    %

     

     

    66

    %

     

     

    61

    %

    Non-GAAP gross margin

     

    74

    %

     

     

    67

    %

     

     

    71

    %

     

     

    67

    %

    Operating (Loss) Income and Operating Margin

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Reconciliation of (loss) income from operations:

     

     

     

     

     

     

     

    GAAP loss from operations

    $

    (8,821

    )

     

    $

    (33,921

    )

     

    $

    (47,239

    )

     

    $

    (87,766

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    26,101

     

     

     

    29,007

     

     

     

    77,973

     

     

     

    80,045

     

    Amortization of acquired intangibles

     

    607

     

     

     

    586

     

     

     

    2,083

     

     

     

    1,512

     

    Asset impairment

     

    1,592

     

     

     

    —

     

     

     

    1,592

     

     

     

    —

     

    Charitable contribution

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,000

     

    Shareholder litigation

     

    (3,508

    )

     

     

    16

     

     

     

    (3,265

    )

     

     

    246

     

    Acquisition-related transactions

     

    19

     

     

     

    1,268

     

     

     

    211

     

     

     

    1,612

     

    Workforce reduction

     

    —

     

     

     

    3,660

     

     

     

    265

     

     

     

    3,660

     

    Non-GAAP income from operations

    $

    15,990

     

     

    $

    616

     

     

    $

    31,620

     

     

    $

    309

     

    GAAP operating margin

     

    (8

    )%

     

     

    (34

    )%

     

     

    (15

    )%

     

     

    (30

    )%

    Non-GAAP operating margin

     

    15

    %

     

     

    1

    %

     

     

    10

    %

     

     

    —

    %

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

    (in thousands, except per share data)

    (unaudited)

     

    Net (Loss) Income and Net (Loss) Income Per Share

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Reconciliation of net (loss) income:

     

     

     

     

     

     

     

    GAAP net loss

    $

    (5,502

    )

     

    $

    (37,034

    )

     

    $

    (47,359

    )

     

    $

    (90,112

    )

    Add:

     

     

     

     

     

     

     

    Stock-based compensation

     

    26,101

     

     

     

    29,007

     

     

     

    77,973

     

     

     

    80,045

     

    Amortization of acquired intangibles

     

    607

     

     

     

    586

     

     

     

    2,083

     

     

     

    1,512

     

    Asset impairment

     

    1,592

     

     

     

    —

     

     

     

    1,592

     

     

     

    —

     

    Charitable contribution

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,000

     

    Shareholder litigation

     

    (3,508

    )

     

     

    16

     

     

     

    (3,265

    )

     

     

    246

     

    Change in fair value of warrant liability and debt conversion liability

     

    (6,997

    )

     

     

    (452

    )

     

     

    (2,241

    )

     

     

    (9,348

    )

    Acquisition-related transactions

     

    19

     

     

     

    1,268

     

     

     

    211

     

     

     

    1,612

     

    Workforce reduction

     

    —

     

     

     

    3,660

     

     

     

    265

     

     

     

    3,660

     

    Non-GAAP net income (loss)

    $

    12,312

     

     

    $

    (2,949

    )

     

    $

    29,259

     

     

    $

    (11,385

    )

    GAAP net loss per share, basic and diluted1

    $

    (0.04

    )

     

    $

    (0.28

    )

     

    $

    (0.34

    )

     

    $

    (0.69

    )

    Non-GAAP net income (loss) per share, basic and diluted1

    $

    0.09

     

     

    $

    (0.02

    )

     

    $

    0.21

     

     

    $

    (0.09

    )

    _________________________________

    (1) For the three months ended October 31, 2023 and 2022, GAAP and Non-GAAP net income (loss) per share are calculated based upon 141.5 million and 132.6 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2023 and 2022, GAAP and Non-GAAP net income (loss) per share are calculated based upon 138.8 million and 130.5 million basic and diluted weighted-average shares of common stock, respectively.

    ZUORA, INC.

    RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

    (in thousands, except percentages)

    (unaudited)

     

    Adjusted Free Cash Flow

     

     

    Three Months Ended

    October 31,

     

    Nine Months Ended

    October 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Net cash used in operating activities (GAAP)

    $

    (55,657

    )

     

    $

    (4,861

    )

     

    $

    (35,676

    )

     

    $

    (2,679

    )

    Add:

     

     

     

     

     

     

     

    Shareholder litigation

     

    71,377

     

     

     

    54

     

     

     

    72,130

     

     

     

    237

     

    Acquisition-related costs

     

    28

     

     

     

    —

     

     

     

    135

     

     

     

    —

     

    Less:

     

     

     

     

     

     

     

    Purchases of property and equipment

     

    (3,075

    )

     

     

    (2,387

    )

     

     

    (6,913

    )

     

     

    (8,471

    )

    Adjusted free cash flow (non-GAAP)

    $

    12,673

     

     

    $

    (7,194

    )

     

    $

    29,676

     

     

    $

    (10,913

    )

    Net cash provided by (used in) investing activities (GAAP)

    $

    2,005

     

     

    $

    (19,416

    )

     

    $

    97,026

     

     

    $

    (165,922

    )

    Net cash provided by financing activities (GAAP)

    $

    145,899

     

     

    $

    575

     

     

    $

    151,626

     

     

    $

    239,003

     

    Constant Currency Revenue

     

     

    Three Months Ended

    October 31,

     

     

     

    Nine Months Ended

    October 31,

     

     

     

     

    2023

     

     

    2022

     

    % Change

     

     

    2023

     

     

    2022

     

    % Change

    Subscription revenue (GAAP)

    $

    98,048

     

    $

    86,567

     

    13

    %

     

    $

    283,232

     

    $

    248,878

     

    14

    %

    Effects of foreign currency rate fluctuations

     

    821

     

     

     

     

     

     

    5,594

     

     

     

     

    Subscription revenue on a constant currency basis (Non-GAAP)

    $

    98,869

     

     

     

    14

    %

     

    $

    288,826

     

     

     

    16

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue (GAAP)

    $

    109,849

     

    $

    101,072

     

    9

    %

     

    $

    320,992

     

    $

    293,046

     

    10

    %

    Effects of foreign currency rate fluctuations

     

    711

     

     

     

     

     

     

    5,592

     

     

     

     

    Total revenue on a constant currency basis (Non-GAAP)

    $

    110,560

     

     

     

    9

    %

     

    $

    326,584

     

     

     

    11

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20231129686403/en/

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    • Robert W. Baird initiated coverage on Zuora with a new price target

      Robert W. Baird initiated coverage of Zuora with a rating of Neutral and set a new price target of $12.00

      7/13/23 7:37:46 AM ET
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    SEC Filings

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    • SEC Form 15-12G filed by Zuora Inc.

      15-12G - ZUORA INC (0001423774) (Filer)

      2/25/25 6:01:53 AM ET
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    • Amendment: SEC Form SC 13E3/A filed by Zuora Inc.

      SC 13E3/A - ZUORA INC (0001423774) (Subject)

      2/19/25 4:01:54 PM ET
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    • SEC Form S-8 POS filed by Zuora Inc.

      S-8 POS - ZUORA INC (0001423774) (Filer)

      2/14/25 10:58:30 AM ET
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    Press Releases

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    • Silver Lake and GIC Complete Acquisition of Zuora

      Zuora, Inc., a leading monetization platform for modern business, today announced the completion of its acquisition by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. ("GIC"), for $10.00 per share in cash. With the completion of the acquisition, Zuora's Class A common stock will cease trading and the Company will no longer be listed on the New York Stock Exchange. "Zuora's vision sparked the shift to the Subscription Economy that led to today's new world of recurring, usage-based and hybrid revenue models," said Tien Tzuo, Zuora's Founder, CEO and Chairman of the Board. "Completing this transaction with Silver Lake and GIC is an im

      2/14/25 9:00:00 AM ET
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    • Zuora Recognized as a Leader in Recurring Billing Solutions

      Zuora received the highest score in Revenue Recognition criterion in latest independent research report Zuora, Inc. (NYSE:ZUO), a leading monetization platform for modern business, today announced it has been named a Leader in The Forrester Wave™: Recurring Billing Solutions, Q1 2025 report. Zuora also received the highest score in the Revenue Recognition criterion. The report shared, "Zuora's product vision and strategy are aggressive: It aims to have integrated solutions not only to promote, personalize, and manage the subscriber experience but also to manage the underlying billing and financial close processes for any business that uses recurring revenue models." "We believe Zuora'

      2/4/25 9:00:00 AM ET
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      Computer Software: Prepackaged Software
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    • Zuora Named Workday Services Partner

      Zuora Connector for Workday Financial Management integrates its monetization suite with Workday's comprehensive suite of financial management solutions Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced it has signed a partnership agreement with Workday, Inc. (NASDAQ:WDAY), a leading provider of solutions to help organizations manage their people and money. Fewer than one-third of enterprises have fully automated order-to-cash, and 54% of CFOs agree that legacy ERP systems are not flexible enough to meet the demands of today's business environment. By utilizing the certified Zuora Connector for Workday Financial Management, businesses can significa

      1/14/25 9:00:00 AM ET
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    Financials

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    • Zuora Reports Third Quarter Fiscal 2025 Results

      Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Revenue: Subscription revenue was $105.3 million, an increase of 7% year-over-year. Total revenue was $116.9 million, an increase of 6% year-over-year. GAAP Loss from Operations: GAAP loss from operations was $11.7 million, compared to a loss from operations of $8.8 million in the third quarter of fiscal 2024. Non-GAAP Income from Operations: Non-GAAP income from operations was $25.1 million, compared to non-GAAP income from operations of $16.0 million in the third quarter of f

      12/9/24 4:10:00 PM ET
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      Computer Software: Prepackaged Software
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    • Zuora Reports Second Quarter Fiscal 2025 Results

      Subscription revenue grew 9% year-over-year GAAP operating margin increased 8 percentage points year-over-year Non-GAAP operating margin increased 13 percentage points year-over-year Operating cash flow increased to $11.4 million compared to $5.4 million last year Adjusted free cash flow increased to $12.2 million compared to $4.0 million last year Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal second quarter ended July 31, 2024. "I'm proud of our ZEOs for delivering a solid second quarter," said Tien Tzuo, Founder and CEO at Zuora. "From our install base to the analyst community, we continue to be recognized fo

      8/21/24 4:08:00 PM ET
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    • Zuora Announces Date for Its Second Quarter Fiscal 2025 Earnings Conference Call

      Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced that it will report financial results for its second quarter fiscal 2025 ended on July 31, 2024 following the close of market on August 21, 2024. On that day, Zuora's management team will hold a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss Zuora's financial results and business highlights. Event: Zuora Second Quarter Fiscal 2025 Earnings Conference Call When: Wednesday, August 21, 2024 Time: 2:00 p.m. PT / 5:00 p.m. ET Participant Toll-Free Dial-In Number: 1 (888) 596-4144 Participant Toll Dial-In Number: 1 (646) 968-2525 Conference ID: 8022374 Replay: 1 (800) 770-2030 or 1 (

      8/15/24 8:00:00 AM ET
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    Large Ownership Changes

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    • SEC Form SC 13D filed by Zuora Inc.

      SC 13D - ZUORA INC (0001423774) (Subject)

      10/23/24 8:17:13 PM ET
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    • Amendment: SEC Form SC 13D/A filed by Zuora Inc.

      SC 13D/A - ZUORA INC (0001423774) (Subject)

      10/17/24 9:47:27 PM ET
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    • SEC Form SC 13G/A filed by Zuora Inc. (Amendment)

      SC 13G/A - ZUORA INC (0001423774) (Subject)

      6/10/24 3:02:07 PM ET
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    Leadership Updates

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    • Zuora Appoints John D. Harkey, Jr. to Board of Directors

      Zuora, Inc. (NYSE:ZUO), a leading monetization suite for modern business, today announced the appointment of John D. Harkey, Jr. to the Zuora Board of Directors, effective April 30, 2024. With the addition of Mr. Harkey, the Zuora Board of Directors will consist of ten Board members, nine of whom are independent. The appointment is in connection with a cooperation agreement (the "Agreement") Zuora has entered into with Scalar Gauge Fund, LP and certain of its affiliates (collectively, "Scalar Gauge"). Scalar Gauge is an investment firm that owns approximately 3.7% of Zuora's outstanding class A common shares. Jason Pressman, Lead Independent Director at Zuora, said, "John brings over 25 y

      5/1/24 4:15:00 PM ET
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    • Zuora Appoints Software Engineering Leader Pete Hirsch as Chief Product and Technology Officer

      Zuora, Inc. (NYSE:ZUO), a leading monetization platform provider for recurring revenue businesses, today announced the appointment of Pete Hirsch as its Chief Product and Technology Officer. Hirsch will join Zuora on July 10, 2023 and report to founder and CEO Tien Tzuo to lead the company's global product innovation and engineering functions. Hirsch comes to Zuora with more than 30 years of software engineering experience leading enterprise product and engineering organizations. Most recently, he was Chief Technology Officer at BlackLine, a financial controls and automation software company, where he led the company's product and technology groups, set its technology direction and scaled

      6/13/23 4:10:00 PM ET
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    • Zuora Appoints Andrew Cohen as Chief Legal Officer to Help Guide Ongoing Growth of the Subscription Economy

      Zuora, Inc. (NYSE:ZUO), the leading cloud-based subscription management platform provider, today announced the appointment of Andrew Cohen as its Chief Legal Officer. Cohen will report to Zuora® Founder and CEO Tien Tzuo to lead the company's worldwide legal, regulatory, and compliance functions. Joining Zuora on Feb. 14, 2022, Cohen will succeed Zuora's former General Counsel, Jennifer Pileggi, following her retirement. Cohen joins Zuora with more than 20 years of global legal experience at private, public, and Fortune 500 companies. He was a member of Pivotal's executive team at the company's formation (after spinning out from EMC Corporation and VMware), where he served as SVP, General

      1/18/22 4:10:00 PM ET
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