Draganfly Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements


Based in Canada
Company profile

Draganfly Inc. is a manufacturer, contract engineering and product development company within the unmanned aerial vehicles space, which serves the public safety, agriculture, industrial inspections, and mapping and surveying markets. It manufactures multi-rotor helicopters, industrial aerial video systems and civilian small unmanned aerial systems or vehicles. The Company’s products include Quadcopters, Draganfly Commander2, Vital Intelligence, Quantix Mapper, Tango2, Payloads and Sensors, Universal Control System and Software. Its services include custom engineering, training, flight services, data services and varigard spraying. The Company’s wholly owned subsidiaries include Draganfly Innovations Inc., Draganfly Innovations USA, Inc. and Dronelogics Systems Inc.

Closing Price
$1.01
Day's Change
-0.015 (-1.46%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.05
Day's Low
0.99
Volume
(Light)
Volume:
113,229

10-day average volume:
174,520
113,229

Zscaler Reports Third Quarter Fiscal 2022 Financial Results

4:11 pm ET May 26, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NASDAQ:ZS), EQNX::TICKER_END Third Quarter Highlights

Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its third quarter of fiscal year 2022, ended April 30, 2022.

"Enterprises continue to consolidate point products in favor of our integrated Zero Trust security platform, resulting in larger, multi-year commitments to Zscaler. We delivered 63% revenue growth and 54% billings growth, while also generating a strong free cash flow margin of 15% for the third quarter. As a result of increasing demand, we are also raising our fiscal year guidance on all financial metrics," said Jay Chaudhry, Chairman and CEO of Zscaler. "Demanding enterprises look to Zscaler as their strategic partner of choice in their Zero Trust journey, as the world races towards network and security transformation."

Third Quarter Fiscal 2022 Financial Highlights

Recent Business Highlights

Financial Outlook

For the fourth quarter of fiscal 2022, we expect:

-- Non-GAAP income from operations of $33 million to $34 million

For the full year fiscal 2022, we expect:

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

Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, asset impairment related to facility exit, amortization of debt discount and issuance costs and income tax effects generated by intangible assets acquired in business acquisitions. Guidance for non-GAAP net income per share includes the anti-dilutive impact of the capped call transactions entered into in connection with our convertible senior notes. We have not reconciled our expectations to non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

Conference Call and Webcast Information

Zscaler will host a conference call for analysts and investors to discuss its third quarter fiscal 2022 earnings results and outlook for its fourth quarter of fiscal 2022 and full year fiscal 2022 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

Date:           Thursday, May 26, 2022
Time:           1:30 p.m. PT
Webcast:        https://ir.zscaler.com
Dial-in number: 918-922-3018

Upcoming Conferences

Fourth quarter of fiscal 2022 virtual investor conference participation schedule:

-- Loop Software Conference

Wednesday, June 1, 2022

-- Bank of America's 2022 Global Technology Conference

Wednesday, June 8, 2022

-- 4th Annual Mizuho Cybersecurity Summit 2022

Monday, June 13, 2022

Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the fourth quarter of fiscal 2022 and full year fiscal 2022. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic factors such as the duration and global impact of COVID-19 and the Russia-Ukraine crisis on our business, operations and financial results and the economy in general; our limited operating history; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new product and subscription and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; and general market, political, economic and business conditions.

Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" set forth from time to time in our filings and reports with the Security Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the three months ended January 31, 2022 filed on March 9, 2022, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC's website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Information

We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Explanation of Non-GAAP Financial Measures" section of this press release.

About Zscaler

Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SSE-based Zero Trust Exchange is the world's largest in-line cloud security platform.

Zscaler(TM) and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

Investor Relations Contacts

Bill Choi, CFA

SVP, Investor Relations and Strategic Finance

(408) 816-1478

ir@zscaler.com

Natalia Wodecki

Media Relations Contact

press@zscaler.com

ZSCALER, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
                                                                                Three Months Ended             Nine Months Ended
                                                                                April 30,                      April 30,
                                                                                   2022            2021           2022            2021
Revenue                                                                         $  286,807      $  176,404     $  772,887      $  476,026
Cost of revenue                                                                    64,022          38,977         173,974         104,839
Gross profit                                                                       222,785         137,427        598,913         371,187
Operating expenses:
Sales and marketing                                                                192,132         115,730        520,991         323,022
Research and development                                                           76,578          40,952         210,989         118,473
General and administrative                                                         40,672          24,595         111,833         70,107
Total operating expenses                                                           309,382         181,277        843,813         511,602
Loss from operations                                                               (86,597  )      (43,850 )      (244,900 )      (140,415 )
Interest income                                                                    949             593            1,979           2,288
Interest expense                                                                   (14,246  )      (13,436 )      (42,121  )      (39,730  )
Other income (expense), net                                                        (2,001   )      71             (3,434   )      857
Loss before income taxes                                                           (101,895 )      (56,622 )      (288,476 )      (177,000 )
Provision (benefit) for income taxes                                               (490     )      1,837          4,150           4,006
Net loss                                                                        $  (101,405 )   $  (58,459 )   $  (292,626 )   $  (181,006 )
Net loss per share, basic and diluted                                           $  (0.72    )   $  (0.43   )   $  (2.08    )   $  (1.34    )
Weighted-average shares used in computing net loss per share, basic and diluted    141,422         136,385        140,403         134,938

Includes stock-based compensation expense and related payroll taxes as follows:

Cost of revenue            $ 6,511     $ 3,665    $ 17,596    $ 10,239
Sales and marketing          53,576      34,798     144,706     101,316
Research and development     31,366      15,033     89,936      47,680
General and administrative   20,113      11,681     59,467      33,384
Total                      $ 111,566   $ 65,177   $ 311,705   $ 192,619

Includes amortization expense of acquired intangible assets as follows:

Cost of revenue          $ 1,980   $ 1,503   $ 6,036   $ 4,510
Sales and marketing        178       73        526       219
Research and development   80        --        133       --
Total                    $ 2,238   $ 1,576   $ 6,695   $ 4,729
Includes asset impairment related to facility exit as follows: $ --   $ --   $ --   $ 416
Includes amortization of debt discount and issuance costs as follows: $ 13,887   $ 13,077   $ 41,043   $ 38,649
ZSCALER, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
                                                April 30,            July 31,
                                                     2022                 2021
Assets
Current assets:
Cash and cash equivalents                       $    594,893         $    275,898
Short-term investments                               1,062,981            1,226,654
Accounts receivable, net                             272,092              257,109
Deferred contract acquisition costs                  75,897               57,373
Prepaid expenses and other current assets            41,182               31,269
Total current assets                                 2,047,045            1,848,303
Property and equipment, net                          141,692              108,576
Operating lease right-of-use assets                  45,185               44,339
Deferred contract acquisition costs, noncurrent      181,402              149,657
Acquired intangible assets, net                      27,034               32,129
Goodwill                                             59,823               58,977
Other noncurrent assets                              22,363               15,650
Total assets                                    $    2,524,544       $    2,257,631
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable                                $    15,234          $    12,547
Accrued expenses and other current liabilities       43,160               22,908
Accrued compensation                                 102,678              93,622
Deferred revenue                                     731,904              571,286
Operating lease liabilities                          19,600               19,842
Total current liabilities                            912,576              720,205
Convertible senior notes, net                        954,578              913,538
Deferred revenue, noncurrent                         86,839               59,315
Operating lease liabilities, noncurrent              31,028               31,225
Other noncurrent liabilities                         7,946                4,453
Total liabilities                                    1,992,967            1,728,736
Stockholders' Equity
Common stock                                         142                  139
Additional paid-in capital                           1,450,139            1,131,006
Accumulated other comprehensive loss                 (24,478   )          (650      )
Accumulated deficit                                  (894,226  )          (601,600  )
Total stockholders' equity                           531,577              528,895
Total liabilities and stockholders' equity      $    2,524,544       $    2,257,631
ZSCALER, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
                                                                                     Nine Months Ended
                                                                                     April 30,
                                                                                           2022          2021
Cash Flows From Operating Activities
Net loss                                                                             $     (292,626 )  $ (181,006 )
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense                                                      29,437        21,401
Amortization expense of acquired intangible assets                                         6,695         4,729
Amortization of deferred contract acquisition costs                                        48,793        28,577
Amortization of debt discount and issuance costs                                           41,043        38,648
Non-cash operating lease costs                                                             18,988        15,156
Stock-based compensation expense                                                           294,745       178,538
Amortization of investment premiums, net of accretion of purchase discounts                5,942         8,600
Deferred income taxes                                                                      (521     )    (1,502   )
Impairment of assets                                                                       --            416
Other                                                                                      649           3
Changes in operating assets and liabilities, net of effects of business acquisitions
Accounts receivable                                                                        (15,449  )    (20,128  )
Deferred contract acquisition costs                                                        (99,062  )    (71,130  )
Prepaid expenses, other current and noncurrent assets                                      (10,354  )    1,797
Accounts payable                                                                           2,966         6,421
Accrued expenses, other current and noncurrent liabilities                                 10,150        3,008
Accrued compensation                                                                       9,056         11,583
Deferred revenue                                                                           188,595       128,414
Operating lease liabilities                                                                (20,273  )    (16,221  )
Net cash provided by operating activities                                                  218,774       157,304
Cash Flows From Investing Activities
Purchases of property, equipment and other assets                                          (48,046  )    (34,215  )
Capitalized internal-use software                                                          (14,167  )    (7,047   )
Payments for business acquisitions, net of cash acquired                                   (380     )    (29,420  )
Strategic investments                                                                      --            (2,877   )
Purchases of short-term investments                                                        (810,111 )    (724,472 )
Proceeds from maturities of short-term investments                                         955,279       562,744
Proceeds from sale of short-term investments                                               --            22,499
Net cash provided by (used in) investing activities                                        82,575        (212,788 )
Cash Flows From Financing Activities
Proceeds from issuance of common stock upon exercise of stock options                      6,190         13,910
Proceeds from issuance of common stock under the employee stock purchase plan              11,509        8,563
Payment of deferred consideration related to business acquisitions                         (50      )    (2,250   )
Other                                                                                      (3       )    --
Net cash provided by financing activities                                                  17,646        20,223
Net increase (decrease) in cash and cash equivalents                                       318,995       (35,261  )
Cash and cash equivalents at beginning of period                                           275,898       141,851
Cash and cash equivalents at end of period                                           $     594,893     $ 106,590

_________

We did not hold restricted cash for any periods presented.

ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
                                                              Three Months Ended                Nine Months Ended
                                                              April 30,                         April 30,
                                                                  2022             2021             2022              2021
Revenue                                                       $   286,807      $   176,404      $   772,887       $   476,026
Non-GAAP Gross Profit and Non-GAAP Gross Margin
GAAP gross profit                                             $   222,785      $   137,427      $   598,913       $   371,187
Add:
Stock-based compensation expense and related payroll taxes        6,511            3,665            17,596            10,239
Amortization expense of acquired intangible assets                1,980            1,503            6,036             4,510
Non-GAAP gross profit                                         $   231,276      $   142,595      $   622,545       $   385,936
GAAP gross margin                                                 78      %        78      %        77       %        78       %
Non-GAAP gross margin                                             81      %        81      %        81       %        81       %
Non-GAAP Income from Operations and Non-GAAP Operating Margin
GAAP loss from operations                                     $   (86,597 )    $   (43,850 )    $   (244,900 )    $   (140,415 )
Add:
Stock-based compensation expense and related payroll taxes        111,566          65,177           311,705           192,619
Amortization expense of acquired intangible assets                2,238            1,576            6,695             4,729
Asset impairment related to facility exit                         --               --               --                416
Non-GAAP income from operations                               $   27,207       $   22,903       $   73,500        $   57,349
GAAP operating margin                                             (30     )%       (25     )%       (32      )%       (29      )%
Non-GAAP operating margin                                         9       %        13      %        10       %        11       %

___________

Consists of asset impairment charges related to the relocation of our corporate headquarters.

ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)
                                                                                 Three Months Ended                 Nine Months Ended
                                                                                 April 30,                          April 30,
                                                                                     2022              2021             2022              2021
Non-GAAP Net Income per Share, Diluted
GAAP net loss                                                                    $   (101,405 )    $   (58,459 )    $   (292,626 )    $   (181,006 )
Stock-based compensation expense and related payroll taxes                           111,566           65,177           311,705           192,619
Amortization expense of acquired intangible assets                                   2,238             1,576            6,695             4,729
Asset impairment related to facility exit                                            --                --               --                416
Amortization of debt discount and issuance costs                                     13,887            13,077           41,043            38,649
Benefit for income taxes                                                             (1,554   )        --               (1,915   )        --
Non-GAAP net income                                                              $   24,732        $   21,371       $   64,902        $   55,407
GAAP net loss per share, diluted                                                 $   (0.72    )    $   (0.43   )    $   (2.08    )    $   (1.34    )
Stock-based compensation expense and related payroll taxes                           0.76              0.45             2.11              1.33
Amortization expense of acquired intangible assets                                   0.02              0.01             0.05              0.03
Asset impairment related to facility exit                                            --                --               --                --
Amortization of debt discount and issuance costs                                     0.09              0.09             0.28              0.27
Benefit for income taxes                                                             (0.01    )        --               (0.01    )        --
Adjustment to total fully diluted earnings per share                                 0.03              0.03             0.09              0.09
Non-GAAP net income per share, diluted                                           $   0.17          $   0.15         $   0.44          $   0.38
Denominator:
Weighted-average shares used in computing GAAP net loss per share, diluted           141,422           136,385          140,403           134,938
Potentially diluted shares                                                           8,233             10,220           10,175            10,389
Antidilutive impact of capped call transactions                                      (2,740   )        (1,692  )        (2,704   )        (844     )
Weighted-average shares used in computing non-GAAP net income per share, diluted     146,915           144,913          147,874           144,483

___________

Consists of asset impairment charges related to the relocation of our corporate headquarters.

We use our GAAP provision for income taxes for purposes of determining our non-GAAP income tax expense. The difference between our GAAP and non-GAAP income tax expense represents the effects of stock-based compensation expense recognized in foreign jurisdictions and any income tax benefits associated with business combinations. The income tax benefit related to stock-based compensation expense included in the GAAP provision for income taxes was not material for all periods presented. In the fiscal quarter ended April 30, 2022, we recorded a tax benefit of $1.6 million associated with a refund of certain foreign withholding taxes relating to the prior fiscal year. In the fiscal quarter ended January 31, 2022, we recorded a tax benefit of $0.4 million generated by intangible assets acquired in a business acquisition.

The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted Non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the Non-GAAP net income per share and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

We exclude the in-the-money portion of our convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP, but are expected to mitigate the dilutive effect of our convertible notes and therefore are included in the calculations of non-GAAP diluted shares outstanding.

ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
                                                                                    Three Months Ended                  Nine Months Ended
                                                                                    April 30,                           April 30,
                                                                                        2022              2021              2022              2021
Calculated billings
Revenue                                                                             $   286,807       $   176,404       $   772,887       $   476,026
Add: Total deferred revenue, end of period                                              818,743           495,434           818,743           495,434
Less: Total deferred revenue, beginning of period                                       (759,931 )        (446,817 )        (630,601 )        (369,767 )
Calculated billings                                                                 $   345,619       $   225,021       $   961,029       $   601,693
Free cash flow
Net cash provided by operating activities                                           $   77,241        $   73,368        $   218,774       $   157,304
Less: Purchases of property, equipment and other assets                                 (27,604  )        (14,812  )        (48,046  )        (34,215  )
Less: Capitalized internal-use software                                                 (5,892   )        (2,775   )        (14,167  )        (7,047   )
Free cash flow                                                                      $   43,745        $   55,781        $   156,561       $   116,042
Free cash flow margin
Net cash provided by operating activities, as a percentage of revenue                   27       %        42       %        28       %        33       %
Less: Purchases of property, equipment and other assets, as a percentage of revenue (10)%             (8)%              (6)%              (7)%
Less: Capitalized internal-use software, as a percentage of revenue                 (2)%              (2)%              (2)%              (2)%
Free cash flow margin                                                                   15       %        32       %        20       %        24       %

ZSCALER, INC.

Explanation of Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

Expenses Excluded from Non-GAAP Measures

Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of intangible assets acquired in business acquisitions and related income tax effects, if applicable, are excluded because these are considered by management to be outside of our core business operating performance. Asset impairments related to facility exit costs are excluded because such charges are not reflective of our ongoing operational performance. Amortization of debt discount and issuance costs from our convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance. We estimate the tax effect of these items on our non-GAAP results and may adjust our GAAP provision for income taxes, if such effects have a material impact to our non-GAAP results.

Non-GAAP Financial Measures

Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, asset impairment related to facility exit and certain litigation-related expenses. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, asset impairment related to facility exit, amortization of debt discount and issuance costs, income tax effects generated by the effects of stock-based compensation expense recognized in foreign jurisdictions, any income tax benefits associated with business combinations and refunds of certain foreign withholding taxes related to prior fiscal periods. We define non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the antidilutive impact of the capped call transactions entered into in connection with our convertible senior notes.

Calculated Billings. We define calculated billings as total revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are meaningful indicators of liquidity information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

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