Exhibit 99.1. |
OTONOMO TECHNOLOGIES LTD.
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By:
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/s/ Ben Volkow
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Name: Ben Volkow
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Title: Chief Executive Officer and Director
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Revenue for the third quarter 2022 was $2.0 million compared to $0.2 million for the third quarter 2021.
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GAAP operating loss for the third quarter 2022 was $37.0 million, including an impairment charge of $26.3 million for writing off all Goodwill and
Intangible assets related to acquisitions made in the past, compared to $0 million for the third quarter 2021.
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Non-GAAP operating loss* for the third quarter 2022 was $13.4 million compared to a non-GAAP operating loss of $9.1 million for the third quarter
2021.
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Cash and cash equivalents, short term investments, restricted cash and long-term deposits as of September 30, 2022, were $155.5 million.
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Recurring revenue for the third quarter 2022 grew by 24% quarter over quarter and reflects 83% of Otonomo’s revenue for the third quarter 2022.
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Bookings* for the third quarter grew by 4% quarter over quarter to $2.2 million of which 90% is recurring revenues.
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Backlog** as of September 30, 2022 was $4.8 million.
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Annual Recurring Revenue (“ARR”) was $6.7 million, an increase of 11% quarter over quarter.
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Otonomo added 19 new customer agreements in Q3 2022.
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8:30 a.m. Eastern Time
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5:30 a.m. Pacific Time
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3:30 p.m. Israel Time
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Investor Relations Contact:
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Company Contact:
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Miri Segal
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Juliet McGinnis
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MS-IR LLC
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Senior Director of Communications
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+1 (917)-607-8654
msegal@ms-ir.com
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press@otonomo.io
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September 30
2022
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December 31
2021
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Unaudited
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Audited
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Assets
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Current assets
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Cash and cash equivalents, short-term investments, and restricted cash
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129,304
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208,079
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Account receivables and other receivables
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4,630
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3,760
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Total current assets
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133,934
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211,839
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Non-current assets
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||||||||
Long term deposits
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26,238
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-
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Other long-term assets
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381
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254
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Property, equipment, and operating lease right-of-use assets, net
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3,403
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725
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Goodwill and intangible assets, net
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-
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46,621
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Total non-current assets
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30,022
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47,600
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Total assets
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163,956
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259,439
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Liabilities and Shareholders’ Equity
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Current liabilities
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Account payables, other payables, and other short-term liabilities
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14,603
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8,717
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Deferred revenue
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419
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35
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Total current liabilities
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15,022
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8,752
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Non-current liabilities
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Long-term liabilities, less current portion
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2,708
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-
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Warrants for ordinary shares
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258
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1,924
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Total non-current liabilities
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2,966
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1,924
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Shareholders’ equity
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145,968
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248,763
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Total liabilities and shareholders’ equity
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163,956
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259,439
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Three-months ended
September 30,
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Nine-months ended
September 30,
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2022 | 2021
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2022 | 2021
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Unaudited |
Unaudited | |||||||||||||||
Revenue |
1,965 | 161 | 4,916 | 657 | ||||||||||||
Costs and operating expenses: | ||||||||||||||||
Cost of services |
1,002 |
230 |
2,343 | 653 | ||||||||||||
Cloud infrastructure |
1,342 |
786 | 3,834 | 1,739 | ||||||||||||
Research and development
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5,750
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2,902
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16,406
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7,285
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Sales and marketing
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5,398
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2,449
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15,901
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5,131
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General and administrative
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4,417
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3,667
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15,489
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5,563
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Contingent consideration income
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(6,191
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)
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-
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(7,732
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)
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-
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Impairment of goodwill and intangible assets
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26,256
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-
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72,041
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98
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Depreciation and amortization
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955
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34
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2,683
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-
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Total costs and operating expenses
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38,929
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10,068
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120,965
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20,469
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Operating loss
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(36,964
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)
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(9,907
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)
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(116,049
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)
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(19,812
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)
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Three-months ended
September 30,
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Nine-months ended
September 30,
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|||||||||||||||
2022 |
2021 | 2022 |
2021 | |||||||||||||
Unaudited |
Unaudited |
|||||||||||||||
GAAP Operating Loss
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(36,964
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)
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(9,907
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)
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(116,049
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)
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(19,812
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)
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Adjustments:
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Share-based compensation (1)
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2,571
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775
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7,452
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1,822
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Contingent consideration income
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(6,191
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)
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-
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(7,732
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)
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-
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Impairment of Goodwill and intangible assets
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26,256
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-
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72,041
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-
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Amortization and depreciation (2)
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955
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34
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2,683
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98
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||||||||||||
Non-GAAP total adjustments
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23,591
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809
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74,444
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1,920
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Non-GAAP operating Loss
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(13,373
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)
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(9,098
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)
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(41,605
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)
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(17,892
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)
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(1) |
Share-based compensation
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Cost of Revenue
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25
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-
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38
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-
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||||||||||||
Research and development
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554
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245
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1,693
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778
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Sales and marketing
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764
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80
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2,230
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280
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General and administrative
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1,228
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450
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3,491
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764
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2,571
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775
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7,452
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1,822
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(2) |
Amortization and depreciation
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Amortization of intangible assets
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872
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-
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2,489
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-
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Depreciation of property and equipment
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83
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34
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194
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98
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||||||||||||
955
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34
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2,683
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98
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