The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions, including risks and uncertainty regarding the duration and scope of the impact of the COVID-19 pandemic. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed in "Risk Factors" and "Note About Forward-Looking Statements" included elsewhere in this Quarterly Report on Form 10-Q. Overview of Second Quarter Results Our key financial and operating results as of and for the three months endedJune 30, 2021 are as follows: •Revenue was$613.2 million , an increase of 125% compared to the three months endedJune 30, 2020 . •Monthly active users ("MAUs") were 454 million, an increase of 9% compared toJune 30, 2020 . •Share-based compensation expense was$100.3 million , an increase of$38.1 million compared to the three months endedJune 30, 2020 . •Total costs and expenses were$542.0 million . •Income from operations was$71.2 million . •Net income was$69.4 million . •Adjusted EBITDA was$178.2 million . •Cash, cash equivalents and marketable securities were$2,143.3 million . •Headcount was 2,942. Update on the COVID-19 Pandemic The COVID-19 pandemic, which resulted in authorities implementing numerous preventative measures to contain or mitigate the outbreak of the virus, such as travel bans and restrictions, limitations on business activity, quarantines and shelter-in-place orders, continues to have an impact globally. These measures have caused, and are continuing to cause, business slowdowns or shutdowns in affected areas, both regionally and worldwide. These measures initially positively impacted Pinner engagement and user growth in both theU.S. and international geographies as people spent more time at home and sought online inspiration for some of our core use cases during the COVID-19 pandemic. Starting inmid-March 2021 , the easing of the restrictions related to the COVID-19 pandemic began to slow our global MAU growth and lowered Pinner engagement as compared to the same period in 2020 as Pinners began spending less time at home. As a result of this trend, we saw slower global MAU growth than we expected and a decline inU.S. MAUs in the second quarter as compared to the same period in 2020. On a preliminary basis, we have seen these trends continue into July. Since the impact of the COVID-19 pandemic on our results of operations and overall financial performance remains unprecedented and highly unpredictable, our past results may not be indicative of our future performance. Given the uncertainty, we are unable to predict the extent and duration of the impact of the COVID-19 pandemic on advertiser demand, Pinner engagement, and our business, operations and financial results. See "Risk Factors" and "Note About Forward-Looking Statements" for additional details. 21 -------------------------------------------------------------------------------- Trends in User Metrics Monthly Active Users. We define a monthly active user as an authenticated
[[Image Removed: pins-20210630_g3.jpg]][[Image Removed: pins-20210630_g4.jpg]]
Note:
Historically, we have experienced significant growth in our global MAUs over the last several years. In particular, our international MAUs have grown as a result of our focus on localizing content in international markets. We expect our international user growth to continue to drive any global growth in the near term. Further, we are unable to predict the extent to which new or existing users will maintain their engagement as restrictions resulting from the COVID-19 pandemic continue to ease. 22 -------------------------------------------------------------------------------- Trends in Monetization Metrics Revenue. We calculate revenue by user geography based on our estimate of the geographic location of our users when they perform a revenue-generating activity. The geography of our users affects our revenue and financial results because we currently only monetize certain countries and currencies and because we monetize different geographies at different average rates. Our revenue inthe United States is higher primarily due to our decision to focus our earliest monetization efforts there and also due to the relative size and maturity of theU.S. digital advertising market. Quarterly Revenue (in millions) [[Image Removed: pins-20210630_g5.jpg]] [[Image Removed: pins-20210630_g6.jpg]][[Image Removed: pins-20210630_g7.jpg]] Note: Revenue by geography in the charts above is geographically apportioned based on our estimate of the geographic location of our users when they perform a revenue-generating activity. This allocation differs from our disclosure of revenue disaggregated by geography in the notes to our condensed consolidated financial statements where revenue is geographically apportioned based on our customers' billing addresses.United States and International may not sum to Global and quarterly amounts may not sum to annual due to rounding. 23 -------------------------------------------------------------------------------- Average Revenue per User ("ARPU"). We measure monetization of our platform through our average revenue per user metric. We define ARPU as our total revenue in a given geography during a period divided by average MAUs in that geography during the period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We present ARPU on aU.S. and international basis because we currently monetize users in different geographies at different average rates.U.S. ARPU is higher primarily due to our decision to focus our earliest monetization efforts there and also due to the relative size and maturity of theU.S. digital advertising market. Quarterly Average Revenue per User [[Image Removed: pins-20210630_g8.jpg]] [[Image Removed: pins-20210630_g9.jpg]][[Image Removed: pins-20210630_g10.jpg]] For the three months endedJune 30, 2021 , global ARPU was$1.32 , which represents an increase of 89% compared to the three months endedJune 30, 2020 . For the three months endedJune 30, 2021 ,U.S. ARPU was$5.08 , an increase of 103%, and international ARPU was$0.36 , an increase of 163% compared to the three months endedJune 30, 2020 . We use MAUs and ARPU to assess the growth and health of the overall business and believe that these metrics best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. 24 -------------------------------------------------------------------------------- Non-GAAP Financial Measure To supplement our condensed consolidated financial statements presented in accordance with GAAP, we consider Adjusted EBITDA, a financial measure which is not based on any standardized methodology prescribed by GAAP. We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, interest income, interest expense and other income (expense), net, provision for income taxes and non-cash charitable contributions. We use Adjusted EBITDA to evaluate our operating results and for financial and operational decision-making purposes. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that it excludes. We also believe Adjusted EBITDA provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to key metrics we use for financial and operational decision-making. We are presenting Adjusted EBITDA to assist investors in seeing our operating results through the eyes of management and because we believe that this measure provides an additional tool for investors to use in comparing our core business operating results over multiple periods with other companies in our industry. However, our definition of Adjusted EBITDA may not be the same as similarly titled measures used by other companies. Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), the nearest GAAP equivalent. For example, Adjusted EBITDA excludes: •certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future; and •share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense and an important part of our compensation strategy. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other financial results presented in accordance with GAAP. The following table presents a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income (loss)$ 69,417 $ (100,748) $ 47,743 $ (241,944) Depreciation and amortization 6,754 8,485 13,537 20,231 Share-based compensation 100,261 62,145 179,720 143,169 Interest income (1,125) (4,218) (2,617) (11,369) Interest expense and other (income) expense, net (337) 16 1,226 2,093 Provision for income taxes 3,243 420 1,938 600 Non-cash charitable contributions - - 20,490 - Adjusted EBITDA (1)$ 178,213 $ (33,900) $ 262,037 $ (87,220)
(1)Non-cash charitable contributions of
25 -------------------------------------------------------------------------------- Components of Results of Operations Revenue. We generate revenue by delivering ads on our website and mobile application. Advertisers purchase ads directly with us or through their relationships with advertising agencies. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click ("CPC") basis, views an ad contracted on a cost per thousand impressions ("CPM") basis or views a video ad contracted on a cost per view ("CPV") basis. Cost of Revenue. Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, and allocated facilities and other supporting overhead costs. Research and Development. Research and development consists primarily of personnel-related expense, including salaries, benefits and share-based compensation for our engineers and other employees engaged in the research and development of our products, and allocated facilities and other supporting overhead costs. Sales and Marketing. Sales and marketing consists primarily of personnel-related expense, including salaries, commissions, benefits and share-based compensation for our employees engaged in sales, sales support, marketing and customer service functions, advertising and promotional expenditures, professional services and allocated facilities and other supporting overhead costs. Our marketing efforts also include user- and advertiser-focused marketing expenditures. General and Administrative. General and administrative consists primarily of personnel-related expense, including salaries, benefits and share-based compensation for our employees engaged in finance, legal, human resources and other administrative functions, professional services, including outside legal and accounting services, charitable contributions and allocated facilities and other supporting overhead costs. Other Income (Expense), Net. Other income (expense), net consists primarily of interest earned on our cash equivalents and marketable securities and foreign currency exchange gains and losses. Provision for Income Taxes. Provision for income taxes consists primarily of income taxes in foreign jurisdictions andU.S. federal and state income taxes adjusted for discrete items. Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, interest income, interest expense and other income (expense), net, provision for income taxes and non-cash charitable contributions. See "Non-GAAP Financial Measure" for more information and for a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA. 26 --------------------------------------------------------------------------------
Results of Operations The following tables set forth our condensed consolidated statements of operations data (in thousands):
Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue$ 613,210 $ 272,485 $ 1,098,440 $ 544,425 Costs and expenses (1): Cost of revenue 127,819 108,259 261,289 207,491 Research and development 181,731 136,593 353,459 282,297 Sales and marketing 164,340 86,483 294,662 203,510 General and administrative 68,122 45,680 140,740 101,747 Total costs and expenses 542,012 377,015 1,050,150 795,045 Income (loss) from operations 71,198 (104,530) 48,290 (250,620) Interest income 1,125 4,218 2,617 11,369 Interest expense and other income (expense), net 337 (16) (1,226) (2,093) Income (loss) before provision for income taxes 72,660 (100,328) 49,681 (241,344) Provision for income taxes 3,243 420 1,938 600 Net income (loss)$ 69,417 $ (100,748) $ 47,743 $ (241,944) Adjusted EBITDA (2)$ 178,213 $ (33,900) $ 262,037 $ (87,220)
(1)Includes share-based compensation expense as follows (in thousands):
Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cost of revenue$ 2,180 $ 2,325 $ 3,492 $ 3,751 Research and development 70,729 46,358 127,204 95,264 Sales and marketing (3) 13,996 (2,074) 25,887 11,845 General and administrative 13,356 15,536 23,137 32,309
Total share-based compensation
(2)See "Non-GAAP Financial Measure" for more information and for a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA. (3)Share-based compensation expense was negative for the three months endedJune 30, 2020 due to the reversal of previously recognized share-based compensation expense related to unvested RSUs forfeited by our former Chief Operating Officer. 27 --------------------------------------------------------------------------------
The following table sets forth our condensed consolidated statements of operations data (as a percentage of revenue):
Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue 100 % 100 % 100 % 100 % Costs and expenses: Cost of revenue 21 40 24 38 Research and development 30 50 32 52 Sales and marketing 27 32 27 37 General and administrative 11 17 13 19 Total costs and expenses 88 138 96 146 Income (loss) from operations 12 (38) 4 (46) Interest income - 2 - 2 Interest expense and other income (expense), net - - - - Income (loss) before provision for income taxes 12 (37) 5 (44) Provision for income taxes 1 - - - Net income (loss) 11 % (37) % 4 % (44) % Three and Six Months EndedJune 30, 2021 and 2020 Revenue Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Revenue$ 613,210 $ 272,485 125 %$ 1,098,440 $ 544,425 102 % Revenue for the three and six months endedJune 30, 2021 increased by$340.7 million and$554.0 million , respectively, compared to the three and six months endedJune 30, 2020 . Revenue growth was driven by 89% and 66% respective increases in ARPU supported by a 9% increase in MAUs. These resulted in 23% and 23% respective increases in the number of advertisements served and 83% and 65% respective increases in the price of advertisements for the three and six months endedJune 30, 2021 compared to the three and six months endedJune 30, 2020 . Revenue based on our estimate of the geographic location of our users increased by 107% and 86% inthe United States to$479.8 million and$870.3 million for the three and six months endedJune 30, 2021 , respectively, driven by 103% and 80% respective increases inU.S ARPU offset by a 5% decrease inU.S MAUs. For the three and six months endedJune 30, 2021 , international revenue increased by 227% and 201% to$133.4 million and$228.2 million , respectively, driven by 163% and 136% respective increases in international ARPU supported by a 13% increase in international MAUs. Cost of Revenue Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Cost of revenue$ 127,819 $ 108,259 18 % $
261,289$ 207,491 26 % Percentage of revenue 21 % 40 % 24 % 38 % Cost of revenue for the three and six months endedJune 30, 2021 increased by$19.6 million and$53.8 million , respectively, compared to the three and six months endedJune 30, 2020 . These increases were primarily due to higher absolute hosting costs due to user growth. 28 -------------------------------------------------------------------------------- Research and Development Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in
thousands, except percentages)
Research and development$ 181,731 $ 136,593 33 %$ 353,459 $ 282,297 25 % Percentage of revenue 30 % 50 % 32 % 52 % Research and development for the three and six months endedJune 30, 2021 increased by$45.1 million and$71.2 million respectively, compared to the three and six months endedJune 30, 2020 . These increases were primarily due to$24.4 million and$31.9 million respective increases in share-based compensation expense, 14% and 12% respective increases in average headcount, which drove higher personnel expenses, as well as higher consulting expenses. Sales and Marketing Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Sales and marketing$ 164,340 $ 86,483 90 % $
294,662$ 203,510 45 % Percentage of revenue 27 % 32 % 27 % 37 % Sales and marketing for the three and six months endedJune 30, 2021 increased by$77.9 million and$91.2 million , respectively, compared to the three and six months endedJune 30, 2020 . These increases were primarily due to$30.0 million and$33.6 million respective increases in marketing expenses due primarily to our brand campaign, 25% increases in average headcount, which drove higher personnel expenses and$16.1 million and$14.0 million respective increases in share-based compensation expense. General and Administrative Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) General and administrative$ 68,122 $ 45,680 49 %$ 140,740 $ 101,747 38 % Percentage of revenue 11 % 17 % 13 % 19 % General and administrative for the three months endedJune 30, 2021 increased by$22.4 million compared to the three months endedJune 30, 2020 . The increase was primarily due to an increase in outside advisor and legal-related expenses and a 21% increase in average headcount, which drove higher personnel expenses. General and administrative for the six months endedJune 30, 2021 increased by$39.0 million compared to the six months endedJune 30, 2020 . The increase was primarily due to an$18.9 million increase in non-cash charitable contributions, an increase in outside advisor and legal-related expenses and a 19% increase in average headcount, which drove higher personnel expenses. 29 --------------------------------------------------------------------------------
Other Income (Expense), Net
Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Interest income$ 1,125 $ 4,218 (73) %$ 2,617 $ 11,369 (77) % Interest expense and other income (expense) 337 (16) (2,206) % (1,226) (2,093) 41 % Other income (expense), net$ 1,462 $ 4,202 (65) %$ 1,391 $ 9,276 (85) % Other income (expense), net for the three and six months endedJune 30, 2021 decreased by$2.7 million and$7.9 million , respectively, compared to the three and six months endedJune 30, 2020 . These decreases were primarily due to lower returns on our marketable securities as a result of lower interest rates. Provision for Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Provision for income taxes$ 3,243 $ 420 672 %$ 1,938 $ 600 223 %
Provision for income taxes was primarily due to income (losses) generated in our foreign jurisdictions and US states for each of the periods presented. Net Income (Loss) and Adjusted EBITDA
Three Months Ended Six Months Ended June 30, June 30, 2021 2020 % change 2021 2020 % change (in thousands, except percentages) Net income (loss)$ 69,417 $ (100,748) 169 %$ 47,743 $ (241,944) 120 % Adjusted EBITDA$ 178,213 $ (33,900) 626 %$ 262,037 $ (87,220) 400 % Net income (loss) for the three and six months endedJune 30, 2021 was$69.4 million and$47.7 million , as compared to$(100.7) million and$(241.9) million for the three and six months endedJune 30, 2020 , respectively. Adjusted EBITDA was$178.2 million and$262.0 million for the three and six months endedJune 30, 2021 , as compared to$(33.9) million and$(87.2) million for the three and six months endedJune 30, 2020 , respectively, due to the factors described above. See "Non-GAAP Financial Measure" for more information and for a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA. 30 -------------------------------------------------------------------------------- Liquidity and Capital Resources We have historically financed our operations primarily through sales of our stock and cash generated from our operations. Our primary uses of cash are personnel-related costs and the cost of hosting our website and mobile application. As ofJune 30, 2021 , we had$2,143.3 million in cash, cash equivalents and marketable securities. Our cash equivalents and marketable securities are primarily invested in short-duration fixed income securities, including government and investment-grade corporate debt securities and money market funds. As ofJune 30, 2021 ,$81.0 million of our cash and cash equivalents was held by our foreign subsidiaries. InNovember 2018 , we entered into a five-year$500.0 million revolving credit facility with an accordion option which, if exercised, would allow us to increase the aggregate commitments by the greater of$100.0 million and 10% of our consolidated total assets, provided we are able to secure additional lender commitments and satisfy certain other conditions. Interest on any borrowings under the revolving credit facility accrues at either LIBOR plus 1.50% or at an alternative base rate plus 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the revolving credit facility. The revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 1.50% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit. The revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The revolving credit facility also contains two financial maintenance covenants: a consolidated total assets covenant and a minimum liquidity balance of$350.0 million , which includes any available borrowing capacity. The obligations under the revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets. We are in compliance with all covenants and there were no amounts outstanding under this facility as ofJune 30, 2021 . We believe our existing cash, cash equivalents and marketable securities and amounts available under our revolving credit facility will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months, though we continue to monitor the potential impacts of the COVID-19 pandemic on our working capital needs and may require additional capital resources in the future. For the six months endedJune 30, 2021 and 2020, our net cash flows were as follows (in thousands): Six Months Ended June 30, 2021 2020 Net cash provided by (used in): Operating activities$ 375,393 $ 20,767 Investing activities$ (46,896) $ 215,829 Financing activities$ 14,935 $ (24,138) 31
-------------------------------------------------------------------------------- Operating Activities Cash flows from operating activities consist of our net income (loss) adjusted for certain non-cash reconciling items, such as share-based compensation expense, depreciation and amortization, non-cash charitable contributions and changes in our operating assets and liabilities. Net cash provided by operating activities increased by$354.6 million for the six months endedJune 30, 2021 compared to the six months endedJune 30, 2020 , primarily due to an increase in our net income after adjusting for non-cash reconciling items. Investing Activities Cash flows from investing activities consist of capital expenditures for improvements to new and existing office spaces. We also actively manage our operating cash and cash equivalent balances and invest excess cash in short-duration marketable securities, the sales and maturities of which we use to fund our ongoing working capital requirements. Net cash used in investing activities increased by$262.7 million for the six months endedJune 30, 2021 compared to the six months endedJune 30, 2020 , primarily due to increased purchases of marketable securities. Financing Activities Cash flows from financing activities consist of tax remittances on release of RSUs and proceeds from the exercise of stock options. Net cash provided by financing activities increased by$39.1 million for the six months endedJune 30, 2021 compared to the six months endedJune 30, 2020 primarily due to the absence of tax remittances on release of RSUs offset by a decrease in proceeds from the exercise of stock options. Off-Balance Sheet Arrangements We did not have any off-balance sheet arrangements as ofJune 30, 2021 . Contractual Obligations InApril 2021 , we entered into a new private pricing addendum withAmazon Web Services ("AWS"), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least$3,250.0 million of cloud services from AWS throughApril 2029 . If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As ofJune 30, 2021 , our remaining contractual commitment is$3,180.8 million . We expect to meet our remaining commitment. There have been no other material changes to our non-cancelable contractual commitments sinceDecember 31, 2020 . Critical Accounting Policies and Estimates We prepare our condensed consolidated financial statements in accordance with GAAP. Preparing our condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses as well as related disclosures. Because these estimates and judgments may change from period to period, actual results could differ materially, which may negatively affect our financial condition or results of operations. We base our estimates and judgments on historical experience and various other assumptions that we consider reasonable, and we evaluate these estimates and judgments on an ongoing basis. We refer to such estimates and judgments, discussed further below, as critical accounting policies and estimates. Some of our estimates may require increased judgment due to the significant volatility, uncertainty and economic disruption caused by the global COVID-19 pandemic. We continue to monitor the effects of the COVID-19 pandemic, and our estimates and judgments may change materially as new events occur or additional information becomes available to us. Refer to Note 1 to our condensed consolidated financial statements for further information on our other significant accounting policies. Revenue Recognition We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a CPC basis, views an ad contracted on a CPM basis or views a video ad contracted on a CPV basis. We typically 32 -------------------------------------------------------------------------------- bill customers on a CPC, CPM or CPV basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant. We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year. 33
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