TIDMSEE
RNS Number : 1869B
Seeing Machines Limited
19 September 2018
19 September 2018
Seeing Machines Limited
Year end results
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the
"Group"), the advanced computer vision technology company that
designs AI-powered operator monitoring systems to improve transport
safety, has published its audited results for the year to 30 June
2018.
Operational highlights
-- Secured production awards in the year to 30 June 2018 with
two premium German automotive OEMs and one global US-based OEM for
multiple vehicle models launching in 2019 to 2022 timeframe
o Five program awards now under contract with global OEMs to be
delivered through multiple Tier 1 automotive suppliers
-- FOVIO Chip agreement signed for US automotive OEM Driver Monitoring System (DMS) program
-- Fleet Guardian DMS now connected to over 10,000 vehicles across 20 countries
Financial highlights
-- Revenue up 117% to A$30.7 million (2017: A$14.2 million)
o Fleet revenue up 89% to A$17 million (2017: A$9 million)
o Automotive revenue increased five-fold to A$8 million (2017:
A$1.6 million)
-- Total cumulative contracted Fleet (Guardian) revenue of A$82
million as at 30 June 2018. A$50 million revenue yet to be
recognised over a three-year period
-- To date, the Group's total projected revenue for the
Automotive business to be recognised from 2019 to 2026 is in the
range of A$138 million (US$100 million) based on contracted minimum
lifetime OEM volumes
-- GBP37.4 million gross (A$68.4 million) fundraise completed in January 2018
-- Cash at 30 June 2018 of A$42.8 million gross (A$18.0 million at 31 December 2017)
Strategic highlights and outlook
-- Automotive platform technology validated through significant
design wins with global OEMs and Tier 1 partners and strong
pipeline of opportunities
-- Safety and transport regulations accelerating demand across
range of road transport sectors in Europe and North America
-- Unrivalled quantity and quality of real-world on-road driving
data, with over 1.3 billion kilometres of data captured and 10,000
vehicles currently connected, data from which is used to enhance
algorithms of tracking technology
-- FOVIO Chip enables scalable delivery of automotive DMS
technology across wide range of transportation sectors
-- Fleet business to be transitioned to a monthly unit revenue model
o Retaining management of 24/7 monitoring centre and data
collection, critical to preserving the leadership position of the
Group's software and products
-- Current expectation for FY2019 revenue approximately in line
with FY2018, reflecting transition in Fleet business model and the
growth expected in Automotive and other divisions
Ken Kroeger, CEO, commented:
"A move to mandatory safety regulation across all transport
sectors around the world is gaining strong momentum - this provides
us with extensive opportunities to supply DMS to global OEMs and
Tier 1 partners across all vehicle classes.
"Our considerable investment over the last decade has enabled us
to collect a huge amount of real-world data, which validates our
technology. We are now the leading provider of DMS technology to
the transport sector, with a market leading offering and an
unparalleled dataset in terms of quality and quantity.
"As a result of our internal review, we are transforming the
business model of our Fleet business to improve the deployment of
capital and resources across the Group. At the same time, we are
seeing substantial and growing demand from the global automotive
sector for our DMS technology, which recognises the key role it is
playing in transport, as autonomy and safety continue to drive the
global agenda."
Enquiries:
Seeing Machines Limited www.seeingmachines.com +61 2 6103 4700
Ken Kroeger, CEO
Sophie Nicoll - VP, Marketing & Communications
Cenkos Securities plc (Nominated Adviser
and Joint Broker)
Neil McDonald/Beth McKiernan/Pete Lynch +44 131 220 6939
Canaccord Genuity Limited (Joint Broker) +44 20 7523 8000
Simon Bridges/Richard Andrews
Instinctif Partners +44 20 7427 1412
Adrian Duffield/Kay Larsen/Chantal Woolcock
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain
Seeing Machines has also published its Director's Report on its
website. See here:
https://www.seeingmachines.com/investors/financial-reports/
About Seeing Machines - www.seeingmachines.com
Seeing Machines (LSE: SEE), a global company headquartered in
Australia, is an industry leader in computer vision technologies
which enable machines to see, understand and assist people. The
Company's machine learning vision platform has the know-how to
deliver real-time identification and understanding of drivers
through Artificial Intelligence (AI) analysis of heads, faces and
eyes. This insight enables Driver Monitoring Systems (DMS), which
monitor driver/operator identification and attention and can detect
drowsiness and distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial
Fleet, Aviation, Rail and Off-Road markets. The Company has offices
in Australia, USA, Europe and Asia, and delivers multi-platform
solutions to industry leaders in each vertical.
DMS is becoming a core safety technology integrated into ADAS
offerings for the automotive industry, particularly with the
development of semi-autonomous and self-driving cars. DMS is also
increasingly seen to be an integral safety feature across the
Commercial Transport & Logistics industry globally.
Strategic overview
Over the last two decades, Seeing Machines has invested
extensively in developing the world-leading driver monitoring
technology that uses Artificial Intelligence (AI) and Machine
Learning, to see, understand and assist people. Combined with the
vast collection, and exploitation of real-world data - the Group
has over 1.3 billion kilometres of unparalleled naturalistic data
collected from over 10,000 connected vehicles - this investment has
enabled it to significantly improve its technology and enhance its
software algorithms.
Seeing Machines has also invested more than A$100 million in
R&D and the development of Intellectual Property (IP) over this
time, building a strong IP portfolio of over 20 registered patents
and 30 trademarks, with many more in progress. As a result the
Group's software solution has been validated as industry leading,
as demonstrated by the number of automotive OEM and Tier 1 supplier
agreements recently signed.
There is a rapid increase in safety and regulatory drivers
across all transport sectors around the world. For example Euro
NCAP, The European Commission and National Transport Safety Board
in the US, are all developing protocols and timeframes in which to
mandate a range of safety technologies, one of which is
camera-based DMS. With its world-leading technology, Seeing
Machines is extremely well placed to benefit from this significant
increase in demand for DMS across all classes of car-makers and the
accelerated timeframe within which they need to deploy.
Seeing Machines' core Automotive business is, in common with
Aviation, Mining and Rail, based on a unit revenue model, enabling
it to deploy its technology efficiently and at scale. For example,
the FOVIO DMS is able to be implemented rapidly and at high gross
margins, via a third party manufactured chip, to accommodate
accelerated timeframes faced by OEMs.
Seeing Machines recently initiated a comprehensive business
review in order to align its operating model across its business
units, and to facilitate its transition to a pure OEM supplier with
high-margin services to provide revenue across multiple transport
sectors. Going forward, the Group will focus on ongoing development
of DMS technology, while partnering with distributors in the fleet
business and others in order to reduce direct cost in the
business.
This strategic shift will require transformation of the Fleet
business, in order to focus resources and leverage the investment
and development undertaken to date.
Automotive
Automotive opportunities dominate the Group's pipeline and the
realignment of key resources will support efforts to secure maximum
potential market share within this unique window of
opportunity.
Seeing Machines is now engaged on five OEM programs to deliver
its FOVIO DMS via a growing number of Tier 1 suppliers. To date,
the Group's total booked revenue for the Automotive business to be
recognised from 2019 to 2026 is in the range of A$138 million
(US$100 million) based on contracted minimum lifetime OEM
volumes.
Fleet business
The evolution of the Fleet business has already begun with the
reduction of costs associated with manufacture and management of
the Guardian product inventory, sales strategy and ongoing support.
Guardian will be delivered through key distributors globally, with
limited direct sales undertaken.
Importantly, Seeing Machines will retain management of a 24/7
monitoring centre which collects and analyses data from all
vehicles with Guardian installed. Maintaining access to this data
is critical to preserving the leadership position of the Group's
software and products. In this way, the Group will continue to
generate monthly recurring services revenue over contracts
averaging between 36 and 60 months, while collecting valuable
driver data.
The Fleet business transition includes cost reduction,
re-deployment of core engineering resources and a transition of
customers to distributors.
Other markets
Aviation is in the early stages of commercialisation and relies
on the FOVIO DMS technology to deliver its solutions to aircraft
and simulator OEMs and air traffic management console operators.
The Group continues to engage with some of the world's leading
brands, such as Emirates, FedEx Express and Qantas, to develop the
training and fatigue management solutions relevant to specific
industry needs.
In the Mining and Rail businesses, the Group distributes its
technology under exclusive agreements with minimum agreed revenue
via Caterpillar Inc. and Progress Rail respectively.
Board and management
Jack Boyer OBE, who was recently appointed Chairman-designate in
July 2018, will take up the role of Non-Executive Chairman with
immediate effect. This will allow CEO Ken Kroeger to focus on the
operational transition across the business and the exploitation of
the considerable opportunities in the automotive sector. The Board,
in time, will also be further strengthened to align with strategic
priorities.
The Group has also made a number of senior management changes
across the business to align the management with relevant industry
experience and expertise. Ryan Murphy, former Thales Australia head
of Cyber Security has been appointed as the Group's Chief Operating
Officer with effect from 15 October 2018.
Financial
Total sales revenue was A$30.7 million (2017: A$14.2 million),
up 117% with revenue momentum accelerated through the year. The net
loss from continuing operations was A$36.0 million (2017: loss
A$29.7 million).
In January 2018, Seeing Machines completed a GBP37.4 million
gross (A$68.4 million) fundraise to accelerate its investment in
its AI platform and product development, as well as to scale its
infrastructure and global footprint in order to meet expanding
customer demand for its leading DMS technology.
Current trading and outlook
Current expectation for FY2019 revenue approximately in line
with FY2018, reflecting transition in Fleet business model and the
growth expected in Automotive and other divisions.
Continued investment in engineering resources to support the
Automotive opportunity will be balanced by the reshaped Fleet
business, which is already underway.
Operating review
Automotive
This past 12 months has been pivotal for the Automotive industry
with the evolution of automated vehicle technology and with global
regulatory bodies such as Euro NCAP, The European Commission and US
National Transport and Safety Board, all moving to mandate
technology which improves safety across the world. These
developments are now impacting the speed at which auto-makers are
moving to embrace and deploy these technologies.
The European Commission recommendation released in May 2018,
"Europe on the Move: Commission completes its agenda for safe,
clean and connected mobility" calls for all new cars, vans, trucks
and buses sold in Europe, to be fitted as standard with drowsiness
and distraction monitoring.
Seeing Machines is extremely well placed to support the
technology revolution in automotive with safety technology that
forms a key part of the Advanced Driver Assistance System (ADAS),
via its FOVIO DMS.
In FY2018, the Group secured three production awards with two
premium German automotive OEMs and one global US-based automotive
OEM. A further production award with a Chinese OEM was confirmed in
July 2018, taking the total number of awarded programs to five,
with numerous new vehicle models expected to be launched in the
2019-2022 timeframe. Two of these awarded programs were secured
with the FOVIO Chip.
In addition to OEM engagements, Seeing Machines is now actively
engaged with over six globally recognised Tier 1 automotive
suppliers as the Group continues to bid on upcoming programs with a
multitude of suppliers.
The ability to deliver the DMS technology on the FOVIO Chip
broadens Seeing Machines' addressable market considerably,
particularly given the tight timeframes in which OEMs are
implementing semi-automated driving technology as well as
incorporating DMS to enhance safety and meet pending regulatory
guidance globally.
The upgradable FOVIO Chip will also be leveraged to provide the
Seeing Machines DMS platform across multiple transport sectors and
represents an efficient way to deliver additional performance
capability to defend and grow average revenue per vehicle.
Seeing Machines has established offices in two additional
important automotive markets, Germany and Japan, where its local
people are supporting the growing DMS requirements of existing and
potential automotive Tier 1 customers.
Fleet
By the end of June 2018, the Fleet business had over 10,000
connected Guardian units across 20 countries. Since its launch in
2016, the Fleet business now has total contracted value of over
A$82 million through engagements with large transport and logistics
companies in Asia Pacific, Europe, UK, the Middle East, Africa and
North America, and a growing market of distributors globally. A$50
million of this contracted revenue will be recognised over a
three-year period.
Guardian Gen 2, the second-generation Fleet product, was
launched in June 2018. Despite initial manufacturing delays, over
5,500 units have now been shipped to distribution partners. These
units are being installed into customer vehicles as stocks of
Guardian Gen 1 are depleted.
As the business model evolves, it is expected that manufacture
and inventory management of Guardian hardware will be outsourced to
strategic partners. The Group will continue to work with
distributors, telematics companies, insurers, truck OEMs and other
potential partners globally, to develop and leverage opportunities
to deploy the Seeing Machines DMS via the FOVIO Chip, which will
generate per vehicle payments.
Direct customers will be transitioned to third party
distributors for ongoing service and support and the inventory will
be managed to meet FY2019 demand while a manufacturing partner is
secured to manage ongoing supplies and distribution of Guardian
hardware.
Importantly, the Guardian 24/7 monitoring centre will remain
with the Group. This will enable Seeing Machines to continue to
access and exploit the data which will support the ongoing
development of the Group's software and products. Seeing Machines
will continue to generate monthly recurring services revenue over
contracts averaging 36 months.
Aviation
The Aviation business is developing steadily as the Group
continues to work with significant industry brands to shape
tailored solutions to enhance safety with eye-tracking systems for
evidence based pilot training, support systems in managing pilot
fatigue and air traffic controller alertness systems. Each of these
areas has achieved significant momentum as Seeing Machines works
with key stakeholders to shape the market for its FOVIO DMS
technology.
Product development work with multiple major commercial airlines
across UAE, US, and Asia Pacific has led to initial contracted
engagements with two simulator OEMs. The key focus for these
engagements are on optimizing civilian and military flight training
process and data in response to the broadly recognised global pilot
shortage.
The Group is moving toward contractual engagements with
military, a global freight carrier and multiple Tier 1 avionics
providers for aircraft installations in support of pilot/crew
fatigue and reduced crew operations.
The Group is seeing strong support and initial engagement
contracts with two nations' air navigation service providers to
develop the current air traffic control environment to support
increased air traffic and increased automation of air traffic
management.
Mining
Despite delays with the launch of Caterpillar's own Driver
Safety System (DSS) Mining product, revenue was broadly in line
with management expectations.
Upward performance in the global mining industry was positive
and Caterpillar has added significant new customers during the year
with notable growth in South East Asia, Russia, North, South and
Central America as well as on the African continent. Mining also
saw growth in key non-mining verticals such as Quarries, Aggregate
and Construction.
The migration of over 800 systems from locally hosted
environments to Caterpillar's hosted service was successful and
provides additional services revenue to both Caterpillar and Seeing
Machines. The growth achieved in FY2018 has positioned CAT well
with a strong pipeline of opportunities moving into FY2019.
Rail
The rollout of Guardian to Croydon Trams in the UK has created
strong interest from other tram and light rail and public bus and
coach operators globally. Class 1 rail operators in North America
continue to assess the product. The data captured during these
assessments supports the anecdotal evidence that fatigue continues
to be a major issue in the rail industry.
Progress with tram operators in other parts of the world, and
Class 1 rail assessments support the achievement of short and
medium-term revenue targets in Rail.
Financial review
Total revenue was A$30.7 million, an increase of 117%
year-on-year (2017: A$14.2 million).
The key driver for the rapid revenue growth last year was the
Fleet business, with sales more than 89% up in that division. Given
the transition of the Fleet business model, it is expected that
sales revenue in this division in FY2019 will remain in line with
that reported for FY2018.
Automotive sales was the other major contributor with a
five-fold increase in sales on the prior year (2017: A$1.6
million), with expectations that Automotive sales revenue will
become a significant part of the Group's revenue over the next two
to three years.
Fleet margin also improved year-on-year due to the high-margin
fleet monitoring Monthly Recurring Revenue ("MRR") from its growing
connected customer base. Overall gross margin was impacted by the
previously-announced delays to shipments of, and higher-than
expected final hardware costs associated with, Fleet Guardian Gen
2.
Revenue from Scientific Advances in FY2018 totalled A$1.5
million (2017: A$0.6m) and represented revenue from research
project grants funded by the Australian Government, including the
Advanced Safe Truck Concept ("ASTC") program in collaboration with
leading fleet operators and OEMs and the CAN-Drive semi-autonomous
driving program. In prior periods this revenue was reported in
'Other income'.
Gross margin for the Group this year was 25% (2017: 5%) with
gross profit totalling A$7.6 million (2017: A$0.7 million)
principally attributable to a greater proportion of the revenue
coming from the high-margin Automotive, Mining and Rail
markets.
Indirect operating expenses rose from A$37.2 million to A$46.6
million due to increased investment in the Group's capability and
resources to develop and commercialise its technology in its global
target industries: fleet, automotive, mining, rail and aviation.
This resulted in increased R&D (mainly staff costs) marketing,
facility and corporate services costs.
Finance income in FY2018 was in line with the prior year as
expected.
Net loss from continuing operations of A$36.0 million (2017:
loss A$29.7 million).
In January 2018, Seeing Machines completed a GBP37.4 million
gross (A$68.4 million) fundraise to accelerate its investment in
its AI platform and product development, as well as to scale its
infrastructure and global footprint in order to meet expanding
customer demand for its leading DMS technology.
Statement of Financial Position
Consolidated
2018 2017
AS AT 30 June 2018 Note A$ A$
-------------------------------------------------- ----- ------------- --------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 14 42,786,447 21,438,025
Trade and other receivables 15 19,757,648 7,581,367
Inventories 16 4,300,895 702,212
Other financial assets 20 578,575 574,793
R&D refundable tax offset receivable - 4,700,825
Other current assets 17 876,131 3,565,033
------------- --------------------------
TOTAL CURRENT ASSETS 68,299,696 38,562,255
------------- --------------------------
NON-CURRENT ASSETS
Property, plant and equipment 18 3,659,310 959,040
Intangible assets 19 3,529,297 5,218,589
Other financial assets 20 - 140,191
Trade and other receivables 15 - 1,828,627
------------- --------------------------
TOTAL NON-CURRENT ASSETS 7,188,607 8,146,447
TOTAL ASSETS 75,488,303 46,708,702
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 21 6,300,402 5,611,096
Provisions 22 2,644,173 2,012,383
Deferred revenue 24 873,735 1,467,967
Borrowings 25 387,590 -
Other liabilities 26 152,830 -
TOTAL CURRENT LIABILITIES 10,358,730 9,091,446
------------- --------------------------
NON-CURRENT LIABILITIES
Provisions 22 29,864 44,372
Borrowings 25 575,964 -
Other liabilities 26 1,197,170 -
TOTAL NON-CURRENT LIABILITIES 1,802,998 44,372
------------- --------------------------
TOTAL LIABILITIES 12,161,728 9,135,818
------------- --------------------------
NET ASSETS 63,326,575 37,572,884
============= ==========================
EQUITY
Contributed equity 27 158,031,370 96,482,665
Treasury shares 27 (1,108,511) (1,191,078 )
Accumulated losses (95,439,981) (59,426,120 )
Other reserves 1,843,697 1,707,417
------------- --------------------------
Equity attributable to the owners of the parent 63,326,575 37,572,884
TOTAL EQUITY 63,326,575 37,572,884
============= ==========================
Statement of Comprehensive Income
Consolidated
2018 2017
FOR THE YEARED 30 June 2018 Note A$ A$
------------------------------------------- ----- ------------- ----------------------------
Sale of goods and licence fees 19,428,991 10,426,879
Rendering of services 9,787,378 3,135,810
Research revenue 1,500,000 616,809
Revenue 30,716,369 14,179,498
------------- ----------------------------
Cost of Sales (23,089,204) (13,478,086)
Gross Profit 7,627,165 701,412
------------- ----------------------------
Other income 8 242,986 8,592,185
Net gain/(loss) on foreign exchange 9 2,477,518 (1,124,338)
Finance income 456,051 470,351
Loss on write down of investment (140,191) -
Expenses
Research and development expenses (20,220,605) (15,930,287)
Customer support and marketing expenses (9,851,247) (11,431,082)
Occupancy and facilities expenses (6,438,393) (3,204,981)
Corporate services expenses (10,024,977) (6,571,088)
Finance costs (109,339) -
Other expenses 9 (4,425) (48,624)
------------- ----------------------------
Loss before income tax (35,985,457) (28,546,452)
------------- ----------------------------
Income tax expense 10 (28,404) (1,142,433)
------------- ----------------------------
Loss after income tax (36,013,861) (29,688,885)
============= ============================
Loss for the year attributable to:
Equity holders of parent (36,013,861) (29,688,885)
Non-controlling interests - -
------------- ----------------------------
(36,013,861) (29,688,885)
============= ============================
Other comprehensive income - to be
reclassified to profit and loss in
subsequent periods
Exchange differences on translation
of foreign operations (381,147) (244)
Other comprehensive income net of
tax (381,147) (244)
Total comprehensive income for the
year (36,395,008) (29,689,129)
============= ============================
Total comprehensive income for the year
attributable to:
Equity holders of parent (36,395,008) (29,689,129)
Non-controlling interests - -
------------- ----------------------------
Total comprehensive income for the
year (36,395,008) (29,689,129)
============= ============================
Earnings per share for loss attributable
to the ordinary
equity holders of the parent: 12
-- Basic earnings per share (0.0221) (0.0235)
-- Diluted earnings per share (0.0221) (0.0235)
Statement of Changes in Equity
Contributed Treasury Accumulated Foreign Employee Total
Equity Shares Losses Currency Equity Equity
Translation Benefits
Reserve Reserve
FOR THE YEAR ENDED A$ A$ A$ A$ A$ A$
30 June 2018
At 1 July 2016 70,592,134 (1,226,938) (29,737,235) (764,810) 1,561,166 40,424,317
Profit/(Loss)
for the year - - (29,688,885) - - (29,688,885)
Other comprehensive
income - - - (244) - (244)
----------- ----------- ------------ ------------ --------- ------------
Total comprehensive
income - - (29,688,885) (244) - (29,689,129)
Transactions with
owners in their
capacity as owners
Shares issued 27,144,440 - - - - 27,144,440
Capital raising
costs (1,253,909) - - - - (1,253,909)
Treasury Shares - 35,860 - - - 35,860
Employee shares
held in trust - - - - 911,305 911,305
At 30 June 2017 96,482,665 (1,191,078) (59,426,120) (765,054) 2,472,471 37,572,884
=========== =========== ============ ============ ========= ============
At 1 July 2017 96,482,665 (1,191,078) (59,426,120) (765,054) 2,472,471 37,572,884
Loss for the year - - (36,013,861) - - (36,013,861)
Other comprehensive
income - - - (381,147) - (381,147)
----------- ----------- ------------ ------------ --------- ------------
Total comprehensive
income - - (36,013,861) (381,147) - (36,395,008)
----------- ----------- ------------ ------------ --------- ------------
Transactions with
owners in their
capacity as owners
Shares issued 64,627,100 - - - - 64,627,100
Capital raising
costs (3,078,395) - - - - (3,078,395)
Treasury Shares - 82,567 - - - 82,567
Employee shares
held in trust - - - - 517,427 517,427
At 30 June 2018 158,031,370 (1,108,511) (95,439,981) (1,146,201) 2,989,898 63,326,575
=========== =========== ============ ============ ========= ============
Statement of Cash Flows
Consolidated
2018 2017
FOR THE YEAR ENDED 30 June 2018 Note A$ A$
------------------------------------------------- ----- ------------- -------------
Operating activities
Receipts from customers 24,388,913 19,621,179
Payments to suppliers and employees (66,733,811) (40,085,855)
Interest received 148,597 142,231
Interest paid (109,339) -
Income tax paid (28,404) (1,142,433)
Payments received for research and development
costs 4,700,825 3,830,614
Net cash flows used in operating activities 29 (37,633,219) (17,634,264)
------------- -------------
Investing activities
Purchase of plant and equipment (3,864,280) (788,947)
Purchase of held-to-maturity financial
assets (3,782) (333,634)
Payments for intangible assets (299,253) (1,450,621)
Net cash flows used in investing activities (4,167,315) (2,573,202)
------------- -------------
Financing activities
Proceeds from issue of shares 64,627,100 27,144,440
Proceeds from sale of treasury shares - 35,860
Costs of capital raising (3,078,395) (1,253,909)
Proceeds from borrowings 3,208,348 -
Repayments of borrowings (2,272,561) -
Net cash flows from financing activities 62,484,492 25,926,391
------------- -------------
Net increase in cash and cash equivalents 20,683,958 5,718,925
Net foreign exchange differences 664,464 (1,229,200)
Cash and cash equivalents at beginning
of period 21,438,025 16,948,300
Cash and cash equivalents at end of period 14 42,786,447 21,438,025
============= =============
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END
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