Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Zoom Video Communications Inc    ZM

ZOOM VIDEO COMMUNICATIONS INC

(ZM)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector news

ZOOM VIDEO COMMUNICATIONS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/07/2019 | 04:21pm EDT

You should read the following discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled "Risk Factors" and in other parts of this Quarterly Report on Form 10-Q.

Overview

Our mission is to make video communications frictionless.

We provide a video-first communications platform that delivers happiness and fundamentally changes how people interact. We connect people through frictionless video, voice, chat, and content sharing and enable face-to-face video experiences for thousands of people in a single meeting across disparate devices and locations. Our cloud-native platform delivers reliable, high-quality video that is easy to use, manage and deploy, provides an attractive return on investment, is scalable, and easily integrates with physical spaces and applications. We believe that rich and reliable communications lead to interactions that build greater empathy and trust. We strive to live up to the trust our customers place in us by delivering a communications solution that "just works." Our goal is to make Zoom meetings better than in-person meetings.

We generate revenue from the sale of subscriptions to our video-first communications platform. Subscription revenue is driven primarily by the number of paid hosts, as well as purchases of additional products including Zoom Rooms, Zoom Video Webinars, and Zoom Phone. A host is any user of our video-first communications platform who initiates a Zoom Meeting and invites one or more participants to join that meeting. We refer to hosts who subscribe to a paid Zoom Meeting plan as "paid hosts." We define 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. Our Basic offering is free and gives hosts access to Zoom Meetings with core features but with limitations on the number of attendees and time. Our paid offerings include our Pro, Business, and Enterprise plans, which provide incremental features and functionality, such as different participant limits, administrative controls, and reporting.

Our revenue was $122.0 million and $60.1 million for the three months ended April 30, 2019 and 2018, respectively, representing period-over-period growth rate of 103%. We had net income of $2.2 million for the three months ended April 30, 2019 and a net loss of $1.3 million for the three months ended April 30, 2018. Net cash provided by operating activities was $22.2 million and $2.8 million for the three months ended April 30, 2019 and 2018, respectively.

Key Factors Affecting Our Performance

Acquiring New Customers

We are focused on continuing to grow the number of customers that use our platform. Our operating results and growth prospects will depend in part on our ability to attract new customers. While we believe we have a significant market opportunity that our platform addresses, it is difficult to predict customer adoption rates or the future growth rate and size of the market for our platform. We will need to continue to invest in sales and marketing in order to address this opportunity by hiring, developing, and retaining talented sales personnel who are able to achieve desired productivity levels in a reasonable period of time.

Expansion of Zoom across existing customers

We believe that there is a large opportunity for growth with many of our existing customers. Many customers have increased the size of their subscriptions as they have expanded their use of our platform across their operations. Some of our larger enterprise customers start with a single deployment of Zoom Meetings with one team, location, or geography, before rolling out our platform throughout their organization. Several of our largest customers have deployed our platform globally to their entire workforce following smaller initial deployments. This expansion in the use of our platform also provides us with opportunities to market and sell additional products to our customers, such as Zoom Rooms at each office location and enablement of Zoom Video Webinars. In order for us to address this opportunity to expand the use of our products with our existing customers, we will need to maintain the reliability of our platform and produce new features and functionality that are responsive to our customers' requirements for enterprise grade solutions.


                                       21

--------------------------------------------------------------------------------

We quantify our expansion across existing customers through our net dollar expansion rate. Our net dollar expansion rate includes the increase in user adoption within our customers, as our subscription revenue is primarily driven by the number of paid hosts within a customer and the purchase of additional products, and compares our subscription revenue from the same set of customers across comparable periods. We calculate net dollar expansion rate as of a period end by starting with the annual recurring revenue (ARR) from all customers with more than 10 employees as of 12 months prior (Prior Period ARR). We define ARR as the annualized revenue run-rate of subscription agreements from all customers at a point in time. We then calculate the ARR from these customers as of the current period end (Current Period ARR), which includes any upsells, contraction, and attrition. We divide the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12-months calculation, we take an average of the net dollar expansion rate over the trailing 12 months. Our net dollar expansion rate may fluctuate as a result of a number of factors, including the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our trailing 12-month net dollar expansion rate was over 130% as of April 30, 2019 and January 31, 2019.

Innovation and Expansion of Our Platform

We continue to invest resources to enhance the capabilities of our platform. For example, we have recently introduced a number of product enhancements, including new features for Zoom Phone, Zoom Meetings, and Zoom Video Webinars. Third-party developers are also a key component of our strategy for platform innovation, to make it easier for customers and developers to extend our product portfolio with new functionalities. We believe that as more developers and other third parties use our platform to integrate major third-party applications, we will become the ubiquitous platform for communications. We will need to expend additional resources to continue introducing new products, features and functionality, and supporting the efforts of third parties to enhance the value of our platform with their own applications.

International Expansion

Our platform addresses the communications needs of users worldwide. Minimal updates are required in order to make Zoom available for foreign markets, and we see international expansion as a major opportunity. Our revenue from APAC and EMEA collectively represented 20% and 18% of our revenue for the three months ended April 30, 2019 and 2018, respectively. We plan to add local sales support in further select international markets over time. We use strategic partners and resellers to sell in international markets, such as China, where we have limited or no sales presence. While we believe global demand for our platform will continue to increase as international market awareness of Zoom grows, our ability to conduct our operations internationally will require considerable management attention and resources and is subject to the particular challenges of supporting a rapidly growing business in an environment of multiple languages, cultures, customs, legal and regulatory systems, alternative dispute systems, and commercial markets.

Key Business Metrics

We review the following key business metrics to measure our performance, identify trends, formulate financial projections, and make strategic decisions.

Customers with More Than 10 Employees

Increasing awareness of our platform and its broad range of capabilities has enabled us to substantially expand our customer base, which includes organizations of all sizes across industries. We define 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. To better distinguish business customers from our broader customer base, we review the number of customers with more than 10 employees. As of April 30, 2019 and 2018, we had approximately 58,500 and 31,500 customers with more than 10 employees. When disclosing the number of customers, we round down to the nearest hundred.

Customers Contributing More Than $100,000 of Trailing 12 Months Revenue

We focus on growing the number of customers that contribute more than $100,000 of trailing 12 months revenue as a measure of our ability to scale with our customers and attract larger organizations to Zoom. Revenue from these customers represented 29% and 22% of revenue for the three months ended April 30, 2019 and 2018, respectively. As of April 30, 2019 and 2018, we had 405 and 184 customers that contributed more than $100,000 of trailing 12 months revenue, demonstrating our rapid penetration of larger organizations including enterprises. These customers are a subset of the customers with more than 10 employees.




                                       22

--------------------------------------------------------------------------------


Non-GAAP Financial Measure


In addition to our results determined in accordance with GAAP, we believe that free cash flow (FCF), a non-GAAP financial measure, is useful in evaluating our liquidity.




Free Cash Flow

We define FCF as GAAP net cash provided by operating activities less purchases of property and equipment. We believe that FCF is a liquidity measure that provides useful information regarding cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow our business. FCF is presented for supplemental informational purposes only, has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. It is important to note that other companies, including companies in our industry, may not use this metric, may calculate this metric differently, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of this non-GAAP metric as a comparative measure.

The following is a reconciliation of FCF to the most comparable GAAP measure, net cash provided by operating activities:



                                                       Three Months Ended
                                                            April 30,
                                                        2019          2018
                                                         (in thousands)
         Net cash provided by operating activities   $   22,236$  2,759
         Less: purchases of property and equipment       (6,897 )     (3,850 )
         Free cash flow (non-GAAP)                   $   15,339$ (1,091 )
         Net cash used in investing activities       $   (1,319 )$ (7,530 )
         Net cash provided by financing activities   $  545,252$    135

Components of Results of Operations

Revenue

We derive our revenue from subscription agreements with customers for access to our video-first communications platform. Our customers do not have the ability to take possession of our software. We also provide services, which include professional services, consulting services, and online event hosting, which are generally considered distinct from the access to our video-first communications platform.

Cost of Revenue

Cost of revenue primarily consists of costs related to hosting our video-first communications platform and providing general operating support services to our customers. These costs are related to our co-located data centers, third-party cloud hosting, integrated third-party public switched telephone network (PSTN) services, personnel-related expenses, amortization of capitalized software development, and allocated overhead. We expect our cost of revenue to increase in absolute dollars as our revenue increases.

Operating Expenses

Research and Development

Research and development expenses primarily consist of personnel-related expenses directly associated with our research and development organization, depreciation of equipment used in research and development, and allocated overhead. Research and development costs are expensed as incurred. We plan to increase our investment in research and development for the foreseeable future as we focus on further developing our platform and enhancing its use cases.

Sales and Marketing

Sales and marketing expenses primarily consist of personnel-related expenses directly associated with our sales and marketing organization. Other sales and marketing expenses include promotional events to promote our brand, such as awareness programs, digital programs, tradeshows and our user conference, Zoomtopia, and allocated overhead. Sales and marketing expenses also include amortization of deferred contract acquisition costs. We plan to increase our investment in sales and marketing over the foreseeable future, primarily from increased headcount in our sales force and investment in brand- and product-marketing efforts.


                                       23

--------------------------------------------------------------------------------

General and Administrative

General and administrative expenses primarily consist of personnel-related expenses associated with our finance, legal, and human resources organizations, professional fees for external legal, accounting and other consulting services, bad debt expense, insurance, and allocated overhead. We expect to increase the size of our general and administrative function to support the growth of our business. We also expect to incur additional expenses as a result of operating as a public company. We expect the dollar amount of our general and administrative expenses to increase for the foreseeable future.

Interest Income, Net

Interest income, net consists primarily of interest income earned on our cash equivalents and marketable securities and is partially offset by interest expenses on convertible promissory notes and the recognition of the unamortized debt discount of the convertible promissory notes.

Other Income, Net

Other income, net consists primarily of miscellaneous non-operational income and expenses and the extinguishment of derivative liabilities from the convertible promissory notes in connection with the IPO.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes related to foreign and state jurisdictions where we conduct business.

Results of Operations


The following tables set forth selected condensed consolidated statements of
operations data and such data as a percentage of total revenue for each of the
periods indicated:



                                                               Three Months Ended
                                                                    April 30,
                                                                2019          2018
                                                                 (in thousands)
 Revenue                                                     $  121,988$ 60,070
 Cost of revenue (1)                                             24,104       11,660
 Gross profit                                                    97,884       48,410
 Operating expenses:
 Research and development (1)                                    13,783        6,264
 Sales and marketing (1)                                         64,041       36,261
 General and administrative (1)                                  18,503        7,569
 Total operating expenses                                        96,327       50,094
 Income (loss) from operations                                    1,557       (1,684 )
 Interest income, net                                               658          436
 Other income, net                                                  315            5
 Net income (loss) before provision for income taxes              2,530       (1,243 )
 Provision for income taxes                                        (316 )        (97 )
 Net income (loss)                                           $    2,214$ (1,340 )

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


 Cost of revenue                                             $      830$     95
 Research and development                                         1,164          129
 Sales and marketing                                              2,627          396
 General and administrative                                       2,041          229
 Total stock-based compensation expense                      $    6,662$    849


                                       24

--------------------------------------------------------------------------------




                                                                 Three Months Ended
                                                                      April 30,
                                                             2019                   2018
                                                            (as a percentage of revenue)
Revenue                                                            100 %                  100 %
Cost of revenue                                                     20                     19
Gross profit                                                        80                     81
Operating expenses:
Research and development                                            11                     11
Sales and marketing                                                 53                     60
General and administrative                                          15                     13
Total operating expenses                                            79                     84
Income (loss) from operations                                        1                     (3 )
Interest income, net                                                 1                      0
Other income, net                                                    0                      1
Net income (loss) before provision for income taxes                  2                     (2 )
Provision for income taxes                                           0                      0
Net income (loss)                                                    2 %                   (2 )%



Comparison of the Three Months Ended April 30, 2019 and 2018

Revenue



                                   Three Months Ended April 30,
                                 2019             2018       % Change
                                   (in thousands)
                   Revenue   $    121,988$ 60,070           103 %



Revenue for the three months ended April 30, 2019 increased by $61.9 million, or 103%, compared to the three months ended April 30, 2018. The increase was primarily due to subscription services provided to new customers, which accounted for approximately 64% of the increase, and to subscription services provided to existing customers, which accounted for approximately 36% of the increase.


Cost of Revenue



                                       Three Months Ended April 30,
                                    2019             2018        % Change
                                       (in thousands)
               Cost of revenue   $    24,104$  11,660           107 %
               Gross profit           97,884          48,410           102 %
               Gross margin               80 %            81 %



Cost of revenue for the three months ended April 30, 2019 increased by $12.4 million, or 107%, compared to the three months ended April 30, 2018. The increase in cost of revenue was primarily due to an increase of $8.1 million in costs related to our co-located data centers, third-party cloud hosting, and integrated third-party PSTN services to support the increase in customers and expanded use of our video-first communications platform by existing customers, an increase of $2.4 million in personnel-related expenses mainly driven by increased headcount, and an increase in allocated overhead of $1.2 million.


                                       25

--------------------------------------------------------------------------------



Operating Expenses

Research and Development



                                            Three Months Ended April 30,
                                        2019              2018        % Change
                                            (in thousands)
          Research and development   $    13,783$    6,264           120 %



Research and development expense for the three months ended April 30, 2019 increased by $7.5 million, or 120%, compared to the three months ended April 30, 2018, as we continued to add new features and functionalities to our video-first communications platform. The increase was primarily due to an increase in personnel-related expenses of $6.5 million mainly driven by increased headcount, and includes a $1.0 million increase in stock-based compensation expense.


Sales and Marketing



                                          Three Months Ended April 30,
                                     2019              2018          % Change
                                         (in thousands)
            Sales and marketing   $    64,041$    36,261             77 %



Sales and marketing expense for the three months ended April 30, 2019 increased by $27.8 million, or 77%, compared to the three months ended April 30, 2018. The increase in sales and marketing expense was primarily due to an increase in personnel-related expenses of $15.1 million mainly driven by increased headcount to support the growth in our sales force, and includes a $3.5 million increase in sales commissions driven by our increase in revenue and a $2.2 million increase in stock-based compensation expense. The remaining increase was primarily due to an increase in marketing and sales event-related costs of $7.7 million as a result of increased costs related to digital, awareness, and tradeshow programs, and an increase in allocated overhead of $4.2 million.


General and Administrative



                                             Three Months Ended April 30,
                                         2019              2018        % Change
                                             (in thousands)
         General and administrative   $    18,503$    7,569           144 %



General and administrative expense for the three months ended April 30, 2019 increased by $10.9 million, or 144%, compared to the three months ended April 30, 2018. The increase in general and administrative expense was primarily due to an increase in personnel-related expenses of $4.9 million mainly driven by increased headcount, and includes a $1.8 million increase in stock-based compensation expense. The remaining increase was primarily due to increased expenses of $2.7 million related to a contingent liability for sales and other indirect taxes, and an increase of $2.1 million in external accounting and consulting services.


Interest Income, Net



                                          Three Months Ended April 30,
                                      2019            2018          % Change
                                         (in thousands)
             Interest income, net   $     658$     436              51 %



Interest income, net for the three months ended April 30, 2019 increased by $0.2 million, or 51%, compared to the three months ended April 30, 2018. The increase was primarily attributable to an increase in interest income earned from our investments in marketable securities of $0.5 million, partially offset by an increase in interest expenses on convertible promissory notes of $0.2 million, and the recognition of the unamortized debt discount of the convertible promissory notes of $0.1 million.


                                       26

--------------------------------------------------------------------------------



Other Income, Net



                                         Three Months Ended April 30,
                                     2019         2018          % Change
                                      (in thousands)
               Other income, net   $    315$   5            NM

NM: Not meaningful.

Other income, net for the three months ended April 30, 2019 increased by $0.3 million, compared to the three months ended April 30, 2018. The increase was primarily due to the extinguishment of derivative liabilities from the convertible promissory notes in connection with the IPO of $0.2 million.


Provision for Income Taxes



                                             Three Months Ended April 30,
                                          2019            2018         % Change
                                            (in thousands)
          Provision for income taxes   $     (316 )$    (97 )           226 %



Provision for income taxes for the three months ended April 30, 2019 increased by $0.2 million, or 226%, compared to the three months ended April 30, 2018. The change in provision for income taxes was primarily due to international operations.

Liquidity and Capital Resources

As of April 30, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $737.2 million, which were held for working capital purposes. Our marketable securities generally consist of high-grade commercial paper, corporate bonds, agency bonds, and U.S. government agency securities.

We have financed our operations primarily through customer payments and sales of equity securities. In April 2019, we completed our IPO which resulted in aggregate net proceeds of $447.9 million, after underwriting discounts and commissions, and before deducting offering costs of $6.4 million. We also received aggregate proceeds of $100.0 million related to our concurrent private placement, and did not pay any underwriting discounts or commissions with respect to the shares that were sold in this private placement.

We believe our existing cash, cash equivalents, and marketable securities, together with net cash provided by operations, will be sufficient to meet our needs for at least the next 12 months. Our future capital requirements will depend on many factors including our revenue growth rate, subscription renewal activity, billing frequency, the timing and extent of spending to support further sales and marketing and research and development efforts, as well as expenses associated with our international expansion, the timing and extent of additional capital expenditures to invest in existing and new office spaces. We may in the future enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, results of operations, and financial condition would be materially and adversely affected.

Cash Flows

The following table summarizes our cash flows for the periods presented:



                                                       Three Months Ended
                                                            April 30,
                                                        2019          2018
                                                         (in thousands)
         Net cash provided by operating activities   $   22,236$  2,759
         Net cash used in investing activities           (1,319 )     (7,530 )
         Net cash provided by financing activities      545,252          135




                                       27

--------------------------------------------------------------------------------

Operating Activities

Net cash provided by operating activities of $22.2 million for the three months ended April 30, 2019 was primarily due to net income of $2.2 million, adjusted for non-cash charges for amortization of deferred contract acquisition costs, primarily commissions, of $7.4 million, stock-based compensation expense of $6.7 million, depreciation and amortization of $3.3 million, and amortization of operating lease right-of-use assets of $1.5 million. Changes in operating assets and liabilities were unfavorable to cash flows from operations by $0.1 million primarily due an increase in accounts receivable of $16.1 million and an increase in deferred contract acquisition costs of $14.4 million due to increases in sales, and an increase in prepaid expenses and other assets of $8.6 million, partially offset by an increase in deferred revenue of $23.6 million driven by increases in sales, and an increase in accounts payable and accrued expenses and other liabilities of $16.6 million.

Net cash provided by operating activities of $2.8 million for the three months ended April 30, 2018 was primarily due to net loss of $1.3 million, adjusted for non-cash charges for amortization of deferred contract acquisition costs, primarily commissions, of $3.9 million, depreciation and amortization of $1.2 million, and stock-based compensation expense of $0.8 million. Changes in operating assets and liabilities were unfavorable to cash flows from operations by $2.3 million primarily due to an increase in accounts receivable of $13.4 million and an increase in deferred contract acquisition costs of $9.1 million due to increases in sales, and an increase in prepaid expenses and other assets of $1.9 million, partially offset by an increase in deferred revenue of $17.6 million driven by increases in sales, and an increase in accounts payable and accrued expenses and other liabilities of $4.5 million.

Investing Activities

Net cash used in investing activities of $1.3 million for the three months ended April 30, 2019 was primarily due to purchases of property and equipment of $6.9 million, partially offset by maturities of marketable securities, net of purchases, of $5.6 million.

Net cash used in investing activities of $7.5 million for the three months ended April 30, 2018 was primarily due to purchases of property and equity of $3.9 million and net purchases of marketable securities of $3.7 million.

Financing Activities

Net cash provided by financing activities of $545.3 million for the three months ended April 30, 2019 was primarily due to proceeds from the issuance of Class A common stock in connection with the IPO, net of underwriting discounts and commissions and other offering costs, of $543.5 million, and the exercise of stock options, net of repurchases, of $1.8 million.

Net cash provided by financing activities of $0.1 million for the three months ended April 30, 2018 was primarily due to proceeds from the exercise of stock options of $0.2 million, partially offset by principal payments on capital lease obligations of $0.1 million.

Commitments and Contractual Obligations

There were no material changes outside of the ordinary course of business in our commitments and contractual obligations during the three months ended April 30, 2019 from the commitments and contractual obligations disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations, set forth in our Prospectus.

Off-Balance Sheet Arrangements

Through April 30, 2019, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Critical Accounting Policies and Estimates

Critical accounting policies and estimates are those accounting policies and estimates that are both the most important to the portrayal of our net assets and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. These estimates are developed based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Critical accounting estimates are accounting estimates where the nature of the estimates are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and the impact of the estimates on financial condition or operating performance is material.


                                       28

--------------------------------------------------------------------------------

There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our Management's Discussion and Analysis of Financial Condition and Results of Operations, set forth in our Prospectus.

Recent Accounting Pronouncements

See "Summary of Business and Significant Accounting Policies" in Note 1 of the notes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ZOOM VIDEO COMMUNICATIONS
08/05ZOOM VIDEO COMMUNICATIONS : Appoints Ryan Azus as Chief Revenue Officer
AQ
08/01Zoom Video Communications to Release Results for the Second Quarter of Fiscal..
GL
07/24Zoom Announces Zoom Phone Launch in the United Kingdom and Australia
GL
06/20Slack stock surges at debut, values company at more than $23 billion
RE
06/20Slack stock surges at debut, values company at more than $23 billion
RE
06/20THE LATEST : Slack becomes latest tech company to go public
AQ
06/12ZOOM VIDEO COMMUNICATIONS : Debuts New Rooms Partnerships and Channel Programs a..
AQ
06/07ZOOM VIDEO COMMUNICATIONS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CO..
AQ
06/06ZOOM VIDEO COMMUNICATIONS, INC. : Results of Operations and Financial Condition,..
AQ
06/06Zoom Video Communications Reports First Quarter Results for Fiscal Year 2020
GL
More news