Press Releases

Zoom Video Communications Reports Financial Results for the Third Quarter of Fiscal Year 2023

  • Third quarter total revenue of $1,101.9 million, up 5% year over year as reported and 7% in constant currency
  • Third quarter Enterprise revenue of $614 million, up 20% year over year
  • Third quarter GAAP operating margin of 6.0% and non-GAAP operating margin of 34.6%
  • Number of customers contributing more than $100,000 in trailing 12 months revenue up 31% year over year

SAN JOSE, Calif., Nov. 21, 2022 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM), today announced financial results for the third fiscal quarter ended October 31, 2022.

“At Zoomtopia, we announced a number of innovations including Zoom Mail and Zoom Calendar, along with new partnerships that are expected to power and enhance the modern work experience,” said Eric S. Yuan, Zoom founder, and CEO. “Our customers are increasingly looking to Zoom to help them enable flexible work environments and empower authentic connections and collaboration. Proactively addressing these needs with Zoom’s expanding platform continues to be our focus in this dynamic environment. In Q3, we drove revenue above guidance with continued momentum in Enterprise. In addition, our non-GAAP operating income came in meaningfully higher than our outlook, setting us up to finish the year with full-year revenue growth, strong GAAP and non-GAAP profitability, and free cash flow that we expect to be at the high end of our range of $1 billion to $1.15 billion.”1

Third Quarter Fiscal Year 2023 Financial Highlights:

  • Revenue: Total revenue for the third quarter was $1,101.9 million, up 5% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,126.1 million, up 7% year over year in constant currency. Enterprise revenue was $614.3 million, up 20% year over year and Online revenue was $487.6 million, down 9% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the third quarter was $66.5 million, compared to GAAP income from operations of $290.9 million in the third quarter of fiscal year 2022. After adjusting for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, non-GAAP income from operations for the third quarter was $380.9 million, compared to non-GAAP income from operations of $411.3 million in the third quarter of fiscal year 2022. For the third quarter, GAAP operating margin was 6.0% and non-GAAP operating margin was 34.6%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the third quarter was $48.4 million, or $0.16 per share, compared to GAAP net income attributable to common stockholders of $340.3 million, or $1.11 per share in the third quarter of fiscal year 2022.

    Non-GAAP net income for the third quarter was $323.2 million, after adjusting for stock-based compensation expense and related payroll taxes, losses (gains) on strategic investments, net, acquisition-related expenses, undistributed earnings attributable to participating securities, and the tax effects on non-GAAP adjustments. Non-GAAP net income per share was $1.07. In the third quarter of fiscal year 2022, non-GAAP net income was $338.4 million, or $1.11 per share.

  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of October 31, 2022 was $5.2 billion.
  • Cash Flow: Net cash provided by operating activities was $295.3 million for the third quarter, compared to $394.6 million in the third quarter of fiscal year 2022. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $272.6 million, compared to $374.8 million in the third quarter of fiscal year 2022.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the third quarter of fiscal year 2023, Zoom had:

  • Approximately 209,300 Enterprise customers, up 14% from the same quarter last fiscal year.
  • A trailing 12-month net dollar expansion rate for Enterprise customers of 117%.
  • 3,286 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 31% from the same quarter last fiscal year.
  • Online average monthly churn of 3.1% for Q3, down 60 bps from the same quarter last fiscal year.

Financial Outlook: Zoom is providing the following guidance for its fourth quarter fiscal year 2023 and its full fiscal year 2023.

  • Fourth Quarter Fiscal Year 2023: Total revenue is expected to be between $1.095 billion and $1.105 billion and revenue in constant currency is expected to be between $1.120 billion and $1.130 billion. Non-GAAP income from operations is expected to be between $316.0 million and $326.0 million. Non-GAAP diluted EPS is expected to be between $0.75 and $0.78 with approximately 301 million weighted average shares outstanding.
  • Full Fiscal Year 2023: Total revenue is expected to be between $4.370 billion and $4.380 billion and revenue in constant currency is expected to be between $4.442 billion and $4.452 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.490 billion and $1.500 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $3.91 and $3.94 with approximately 304 million weighted average shares outstanding.

Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

___________________________________
1 The free cash flow outlook range assumes that the Section 174 tax legislation requiring capitalization of R&D expenses will be repealed or deferred by Congress by the end of this fiscal year.

Zoom Video Earnings Call

Zoom will host a Zoom Video Webinar for investors on November 21, 2022 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom

Zoom is for you. Zoom is a space where you can connect to others, share ideas, make plans, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the fourth quarter of fiscal year 2023 and full fiscal year 2023, Zoom’s free cash flow outlook, assumptions related to Section 174 tax legislation requiring capitalization of R&D expenses being repealed or deferred, Zoom’s market position, opportunities, and growth strategy, product initiatives and go-to market motions and the expected benefits resulting from the same, and market trends. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry thereto, including the potential effect on our user growth rate as the impact of the COVID-19 pandemic tapers, particularly as users return to work or school or are otherwise no longer subject to limitations on in-person meetings, as well as the impact of COVID-19 and other macroeconomic conditions, including inflation, on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face-to-face interactions and collaboration using Zoom, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable, market volatility, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2022. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP Income From Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains/losses on strategic investments, net, litigation settlements, net, and undistributed earnings attributable to participating securities, including the tax effects of all non-GAAP adjustments. Zoom excludes gains on strategic investments, net because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments, we believe that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom’s core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provide useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how our underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

Customer Metrics

Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts. Zoom defines Enterprise customers as distinct business units who have been engaged by either Zoom’s direct sales team, channel partners or independent software vendor partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Entry MRR is defined as the recurring revenue run-rate of subscription agreements from all Online customers, including revenue from monthly subscribers that have not provided any indication that they intend to cancel their subscriptions. Zoom then determines the MRR related to customers who canceled or downgraded their subscription during the applicable quarter (“Applicable Quarter MRR Churn”). Zoom divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR Churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

Public Relations

Colleen Rodriguez
Head of Global Public Relations and Executive Communications
press@zoom.us

Investor Relations

Tom McCallum
Head of Investor Relations
investors@zoom.us

Zoom Video Communications, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

    As of
    October 31,
2022
  January 31,
2022
Assets   (unaudited)    
Current assets:        
Cash and cash equivalents   $ 1,096,174     $ 1,062,820  
Marketable securities     4,068,818       4,356,446  
Accounts receivable, net     589,573       419,673  
Deferred contract acquisition costs, current     221,871       199,266  
Prepaid expenses and other current assets     165,661       145,602  
Total current assets     6,142,097       6,183,807  
Deferred contract acquisition costs, noncurrent     173,305       164,714  
Property and equipment, net     250,843       222,354  
Operating lease right-of-use assets     90,981       95,965  
Strategic investments     354,549       367,814  
Goodwill     122,556       27,607  
Deferred tax assets     550,539       382,296  
Other assets, noncurrent     152,308       106,761  
Total assets   $ 7,837,178     $ 7,551,318  
Liabilities and stockholders’ equity        
Current liabilities:        
Accounts payable   $ 27,247     $ 7,841  
Accrued expenses and other current liabilities     561,300       430,415  
Deferred revenue, current     1,307,763       1,141,435  
Total current liabilities     1,896,310       1,579,691  
Deferred revenue, noncurrent     46,460       38,481  
Operating lease liabilities, noncurrent     78,128       85,018  
Other liabilities, noncurrent     60,468       68,110  
Total liabilities     2,081,366       1,771,300  
         
Stockholders’ equity:        
Preferred stock            
Common stock     292       299  
Additional paid-in capital     3,572,368       3,749,514  
Accumulated other comprehensive loss     (72,716 )     (17,902 )
Retained earnings     2,255,868       2,048,107  
Total stockholders’ equity     5,755,812       5,780,018  
Total liabilities and stockholders’ equity   $ 7,837,178     $ 7,551,318  

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $82.4 million and $59.7 million as of October 31, 2022 and January 31, 2022, respectively.

Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)

  Three Months Ended October 31,   Nine Months Ended October 31,
    2022       2021       2022       2021  
Revenue $ 1,101,899     $ 1,050,756     $ 3,275,157     $ 3,028,488  
Cost of revenue   270,665       270,957       806,097       797,207  
Gross profit   831,234       779,799       2,469,060       2,231,281  
Operating expenses:              
Research and development   195,946       98,508       512,801       245,994  
Sales and marketing   427,747       293,698       1,191,004       810,544  
General and administrative   141,033       96,736       389,939       362,971  
Total operating expenses   764,726       488,942       2,093,744       1,419,509  
Income from operations   66,508       290,857       375,316       811,772  
(Losses) gains on strategic investments, net   (6,898 )     122,421       (78,014 )     154,497  
Other expense, net   (4,861 )     (2,995 )     (8,482 )     (3,171 )
Income before provision for income taxes   54,749       410,283       288,820       963,098  
Provision for income taxes   6,396       69,900       81,059       78,100  
Net income   48,353       340,383       207,761       884,998  
Undistributed earnings attributable to participating securities         (112 )     (17 )     (430 )
Net income attributable to common stockholders $ 48,353     $ 340,271     $ 207,744     $ 884,568  
               
Net income per share attributable to common stockholders:              
Basic $ 0.16     $ 1.14     $ 0.70     $ 2.99  
Diluted $ 0.16     $ 1.11     $ 0.68     $ 2.89  
Weighted-average shares used in computing net income per share attributable to common stockholders:              
Basic   295,537,026       297,375,011       297,765,848       295,647,626  
Diluted   301,986,341       305,939,624       305,273,812       305,726,733  


Zoom Video Communications, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

  Three Months Ended October 31,   Nine Months Ended October 31,
    2022       2021       2022       2021  
Cash flows from operating activities:                              
Net income $ 48,353     $ 340,383     $ 207,761     $ 884,998  
Adjustments to reconcile net income to net cash provided by operating activities:                              
Stock-based compensation expense   302,815       114,801       767,693       315,912  
Amortization of deferred contract acquisition costs   67,124       46,299       186,626       125,691  
Losses (gains) on strategic investments, net   6,898       (122,421 )     78,014       (154,497 )
Depreciation and amortization   21,766       12,584       57,921       35,275  
Provision for accounts receivable allowances   12,853       8,890       39,580       23,482  
Non-cash operating lease cost   5,882       4,498       16,949       13,131  
Amortization of discount/premium on marketable securities   (665 )     6,909       4,156       19,546  
Other   22,623       1,863       41,928       2,127  
Changes in operating assets and liabilities:                              
Accounts receivable   (112,122 )     8,718       (238,020 )     (108,541 )
Prepaid expenses and other assets   (27,102 )     (14,628 )     (163,721 )     (71,998 )
Deferred contract acquisition costs   (60,817 )     (62,708 )     (217,822 )     (165,305 )
Accounts payable   8,120       (31,898 )     24,561       12,062  
Accrued expenses and other liabilities   52,129       78,105       116,391       171,914  
Deferred revenue   (46,225 )     7,877       174,325       304,513  
Operating lease liabilities, net   (6,318 )     (4,716 )     (17,668 )     (12,440 )
Net cash provided by operating activities   295,314       394,556       1,078,674       1,395,870  
Cash flows from investing activities:                              
Purchases of marketable securities   (350,196 )     (1,351,726 )     (1,927,049 )     (3,446,313 )
Maturities of marketable securities   831,199       255,639       2,137,875       1,047,545  
Sales of marketable securities         162,013             281,582  
Purchases of property and equipment   (22,698 )     (19,767 )     (75,568 )     (111,816 )
Purchases of strategic investments   (3,500 )     (39,449 )     (65,050 )     (126,349 )
Proceeds from strategic investments   300             300        
Cash paid for acquisition, net of cash acquired               (120,553 )     (2,121 )
Purchases of intangible assets   (7,357 )     (9,626 )     (10,568 )     (9,626 )
Net cash provided by (used in) investing activities   447,748       (1,002,916 )     (60,613 )     (2,367,098 )
Cash flows from financing activities:                              
Cash paid for repurchases of common stock   (564,832 )           (990,778 )      
Proceeds from issuance of common stock for employee stock purchase plan               34,605       37,846  
Proceeds from employee equity transactions (remitted) to be remitted to employees and tax authorities, net   3,216       (47,242 )     671       (28,342 )
Proceeds from exercise of stock options   1,750       3,023       6,815       11,044  
Other                     337  
Net cash (used in) provided by financing activities   (559,866 )     (44,219 )     (948,687 )     20,885  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (20,528 )           (36,639 )      
Net increase (decrease) in cash, cash equivalents, and restricted cash   162,668       (652,579 )     32,735       (950,343 )
Cash, cash equivalents, and restricted cash – beginning of period   943,420       1,995,352       1,073,353       2,293,116  
Cash, cash equivalents, and restricted cash – end of period $ 1,106,088     $ 1,342,773     $ 1,106,088     $ 1,342,773  


Zoom Video Communications, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited, in thousands, except share and per share amounts)

  Three Months Ended October 31,   Nine Months Ended October 31,
    2022       2021       2022       2021  
GAAP income from operations $ 66,508     $ 290,857     $ 375,316     $ 811,772  
Add:              
Stock-based compensation expense and related payroll taxes   305,258       118,708       780,712       339,825  
Litigation settlements, net               (4,226 )     66,916  
Acquisition-related expenses   9,119       1,713       22,450       18,317  
Non-GAAP income from operations $ 380,885     $ 411,278     $ 1,174,252     $ 1,236,830  
GAAP operating margin   6.0 %     27.7 %     11.5 %     26.8 %
Non-GAAP operating margin   34.6 %     39.1 %     35.9 %     40.8 %
               
GAAP net income attributable to common stockholders $ 48,353     $ 340,271     $ 207,744     $ 884,568  
Add:              
Stock-based compensation expense and related payroll taxes   305,258       118,708       780,712       339,825  
Litigation settlements, net               (4,226 )     66,916  
Losses (gains) on strategic investments, net   6,898       (122,421 )     78,014       (154,497 )
Acquisition-related expenses   9,119       1,713       22,450       18,317  
Undistributed earnings attributable to participating securities         112       17       430  
Tax effects on non-GAAP adjustments   (46,442 )           (122,254 )      
Non-GAAP net income $ 323,186     $ 338,383     $ 962,457     $ 1,155,559  
               
Net income per share – basic and diluted:              
GAAP net income per share – basic $ 0.16     $ 1.14     $ 0.70     $ 2.99  
Non-GAAP net income per share – basic $ 1.09     $ 1.14     $ 3.23     $ 3.91  
GAAP net income per share – diluted $ 0.16     $ 1.11     $ 0.68     $ 2.89  
Non-GAAP net income per share – diluted $ 1.07     $ 1.11     $ 3.15     $ 3.78  
               
GAAP and non-GAAP weighted-average shares used to compute net income per share – basic   295,537,026       297,375,011       297,765,848       295,647,626  
GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted   301,986,341       305,939,624       305,273,812       305,726,733  
               
Net cash provided by operating activities $ 295,314     $ 394,556     $ 1,078,674     $ 1,395,870  
Less: Purchases of property and equipment   (22,698 )     (19,767 )     (75,568 )     (111,816 )
Free cash flow (non-GAAP) $ 272,616     $ 374,789     $ 1,003,106     $ 1,284,054  
Net cash provided by (used in) investing activities $ 447,748     $ (1,002,916 )   $ (60,613 )   $ (2,367,098 )
Net cash (used in) provided by financing activities $ (559,866 )   $ (44,219 )   $ (948,687 )   $ 20,885  
Operating cash flow margin (GAAP)   26.8 %     37.5 %     32.9 %     46.1 %
               
  Three Months Ended October 31,   Nine Months Ended October 31,
    2022       2022  
  Revenue   YoY Growth (%)   Revenue   YoY Growth (%)
GAAP revenue $ 1,101,899       5 %   $ 3,275,157       8 %
Add: Constant currency impact   24,194       2 %     47,674       2 %
Revenue in constant currency (non-GAAP)   1,126,093       7 %     3,322,831       10 %

 

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