Ladies and gentlemen, thank you for standing by, and welcome to the Aurora Mobile Fourth Quarter and Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your host today, Mr. Rene Vanguestaine. Thank you. Please go ahead, sir.

Rene Vanguestaine - Investor Relations

Thank you, Andrew. Hello, everyone, and thank you for joining us today. Aurora's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn.On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Fei Chen, President; and Mr. Shan-Nen Bong, Chief Financial Officer. Following their prepared remarks, all three will be available to answer your questions during the Q&A session that will follow.

Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934 as amended and as defined in the US Private Securities Litigation Reform Act of 1995.These forward-looking statements are based upon management's current expectations and current market and operating conditions which are difficult to predict and may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements.Further information regarding these and other risks, uncertainties, and/or factors are included in the company's filings with the US SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under applicable law.

With that, I will now turn the conference over to Mr. Luo. Please go ahead.

Weidong Luo - Chairman, Chief Executive Officer

Thanks Rene. Good morning and good evening to everyone on the call. Welcome to Aurora Mobile's fourth quarter and full year 2021 earnings call.

Before I comment on our Q4 and full year results, I would like to remind everyone that the quarterly earnings deck is available on our website for your reference. You may refer to the deck as we proceed with the call today.Despite a very challenging operating environment in 2021, we have achieved remarkable progress in our business operation and financial performance. The conclusion of the fourth quarter marks the first full year of our successful transition into our SAAS business model, which include Developers Services and vertical applications. I am more than delighted to share with you the achievements we have made with various record high key business results.For a apples-to-apples comparison, numbers present its contribution from the legacy packet monitoring features in the prior year. We entered the fourth quarter with a lot of momentum. Our key business metrics are showing exceptionally great results, which further proves that our strategic decision to fully transition into the SaaS business is of great victory.

Revenue were RMB101.2 million, up 32% year-over-year. This marks the highest SAAS revenue record for the company surpassing RMB100 million for the first time, a key milestone for us. Gross profit was RMB72.1 million, the highest gross profit since Q1 of 2020, up by 23% year-over-year. Group gross margin was 71.2%, which is more than 1.2 times compared with the 56.7% a year ago.Adjusted EBITDA was RMB 1.84 million, the first ever adjusted EBITDA profitable quarter since our transition to the pure business since Q1 of 2021. And adjusted EBITDA significantly improved by RMB19 million, year-over-year, for our next RMB17.1 million in Q4 2020. Net loss was RMB35.6 million, significantly narrowed down by 50% for a year ago. The number of paying customers increased to 2768 from 2367 year ago, up 17% year-over-year.

Total deferred revenue was up RMB100 million for seven consecutive quarters, indicating strengths in our targeted growth where we collected payments from customers at inception of each contract period. AR days remain consistent around 38 days, indicating our discipline customer quality checks and credit granting policy when pursuing revenue growth. Last but not least, our 2021 full year revenue was RMB357.3 million, representing a year-over-year of growth of 39% achieving the top end of revenue guidance range.Turning into profitability is strength and strong acknowledgement of our success in growing the top line revenues, as well as our discipline approach to driver optional efficiency for all the year. We are committed to continue to control and optimize operating expenses across all business functions going forward, and we expect to further drive operating efficiency in 2022. We are confident that with all these efforts in place, we are on the right path to achieve full year profitability on adjusted EBITDA for 2022.

Let me now give you some updates on our product iterations and technology innovations, which we believe that our key to driving our long-term competitiveness and meet the ever evolving needs of our customers. By UMS we improve the meaningful product features.

Our first feature update was focused on encrypting and enhancing the protection of data in implementations. With this new feature, our customer's internal information can be centrally as process and at the same time sensitive data are separated into various project data banks to mitigate risk of information leaks and ensure compliance information security over users and developers.he second update is well we have increased the employee to of one of the UMS channel to SMS channel with the ability to manage both upstream and downstream SMS message. With these new functionalities customers can major not only the messages they send to the end user but they also can receive save and manage the message that are sent back from end user's [Technical Issues] message.

We are continuing to see customer reception steadily increasing for our UMS product. Well known customers, who have signed up during the quarter include, but are not limited to China International Capital Corporation, China Merchants Fund and Border Security.We also want to share with you the latest development regarding our partnership with HUAWEI CLOUD since November 2021, where we officially launched our JVerification and other customized surveys on HUAWEI CLOUD version three. We have also launched our iAPP product and we also added JPush Private Cloud to the list.By the end of 2022, we aim to complete the integration of our full product lineup to HUAWEI CLOUD including VAS, UMS, mLink and so on. Our cooperation with HUAWEI CLOUD demonstrates the industry-wide acclaim and trust we command for our comprehensive and competitive product portfolio and services.

Similar to the partnership with Huawei, we have entered into a partnership agreement with QingCloud Technology Corp to launch our verification service, JVerification, on the QingCloud marketplace, a lifestyle trade in pipeline that provides cloud based apps and other service offering. Securely integrated into QingCloud hybrid ecosystem, JVerification will provide a quick user registration unlocking to start security verification and other multi-factor authentication and [Technical Issues] will continue to promote in-depth cooperation with QingCloud and leverage our technology advantage to expand our product offering to empower developer and enterprise to conduct high quality operations, sustainable development and effective monetization on the SendCloud platform.

Earlier this week, we have entered into a definitive agreement to acquire a majority equity interest in SendCloud, China's leading email API platform for consumer marketing and user centric transactional email services. We are a pioneer in the field of customer engagement, as SendCloud has a leading position in email sending services.Customers today are more and more dependent on first of all, omni-channel strategies as the need for user engagement intensifies. With the addition of SendCloud's email sending services, we will be able to quickly enrich our omni-channel customer engagement product offering, which currently include mobile app push notification, SMS, WeChat official accounts, WeChat mini-programs, Alipay mini-programs, DingTalk and enterprise WeChat.

We therefore can provide customers with industry-leading technology to simplify their omni-channel communications, without having to manage different vendors for each channel. Together, we will have the joint advantage to provide a reliable and effective customer engagement platform for different industry verticals.Our paying customer base is also expected to almost double upon completion of this transaction, as SendCloud have more than 2,000 paying customers during the fourth quarter of 2021. Both parties can benefit from this acquisition through more cross-selling opportunities to the combined customer base and help fuel our future revenue growth. I'm truly looking forward to the one plus one greater than two synergy between the two companies, and believe we can achieve more than - achieve more to together.

Now, I will turn the call over to Fei, who will discuss the Q4 performance in greater details.

Fei Chen - President

Thanks, Chris [Phonetic]. Let me start the discussion by elaborating on the different revenue streams within the SAAS businesses. In fourth quarter of 2021, our Developer Services continued to deliver solid results with a 42% year-over-year growth, which was mainly fueled by a substantial 73% year-over-year growth in Value-added Services and a 27% strong growth in our Subscription Services. Subscription Services revenues were RMB44.4 million, an increase of 27% year-over-year, primarily driven by new customer acquisition and strong growth in the private cloud services.

Our strategy of cross-selling various non-push subscription products has also been contributing to this significant growth. As a result, our revenue contribution of non-push notification products increased to 49% from 38% a year ago. Non-push notification products, which include private cloud, SMS, and JVerification also achieved a higher ARPU of RMB43,000, resulting in the overall ARPU for Subscription Services, increasing by 8% to RMB18,200 compared with RMB16,800 a year ago.New and renewed contracts of notable customers in the quarter include China Telecom, Tesla, China Eastern Airlines and so on. Value-added Services within Developer Services, which include revenue - revenues from JG Alliance services and Advertisement SAAS, continued to deliver impressive results by achieving a 73% year-over-year growth to RMB30.2 million from RMB17.4 million in fourth quarter 2020. Since we first started our Value-added Services in fourth quarter 2019, the revenue has exponentially grown by 8.2 times and reached a new historical high this quarter.

On the supply side of JG Alliance, during the quarter, we continued to grow the traffic pool as it is a vital part of our strategy to increase opportunities for monetization channels.The total number of apps within our network exceeded 470 apps compared to 394 in third quarter 2021, representing a 21% growth quarter-over-quarter. And the total number DAU within the network has also steadily increased to around RMB190 million for this quarter. On the demand side, mini program developers and the retargeting related demand continue to dominant by contributing over 80% of our JG Alliance revenues in fourth quarter 2021. In terms of industry verticals, we have had an increasingly strong demand from finance, e-commerce and Internet services.

During the quarter, ad agencies contributed more than 40% of JG Alliance revenue stream, while the rest came from direct customers. Major customers of JG Alliance consisted of repeat customers and the market leaders across many industry verticals. They include, but not limited to Taobao, Jingdong, Tencent Music, Alipay, UC Browser.Now let's move on to Vertical Applications that mainly cover Financial Risk Management, and Market Intelligence. These revenues grew steadily by 11% year-over-year, with the highest growth contribution coming from the Financial Risk management business again. In the financial risk management segment, revenues increased by 18% year-over-year with a solid 43% growth in ARPU. The second - the record high quarterly revenue has been the most meaningful achievement since first quarter 2020 showing that the adverse impact of the pandemic on the financial risk management business segment is substantially behind us. We anticipate a favorable macro environment to support the business and will continue to grow in 2022.

During the quarter, we acquired a new key account customers and they continue to retain many existing customers. Some of our new and renewed customers include Mashang Consumer Finance, China Telecom Best Buy, BestPay Company Limited and WeBank. Our market intelligence product line has made big progress by signing a number of new and well-known key account or key corporate customers during fourth quarter 2021 include Baidu, Amazon, Zoho, etc. Our new product iBrand, launched a couple of quarters ago has been extensively used by investors and brands to traffic index for offline retail shops, and has gained attraction during the quarter by signing a number of notable investment customers. We expected this product to be our new growth driver from the product perspective. Going forward, we are continuing to grow the IF [Phonetic] business by having a wider coverage of key corporate customers, as well as cross-selling iBrand the products.

With that, I will now pass the call over to Shan-Nen.

Shan-Nen Bong - Chief Financial Office

Okay. Thanks, Fei. I'll go over some of the key expenses and balance sheet items. Let's talk about operating expenses. As a result of our continuous effort to efficiently manage operating expenses, in Q4 2021 our opex decreased by 13% year-over-year to RMB92.5. In particular, R&D expenses increased by RMB11 million to RMB45 million, mainly due to RMB4.5 million increase in cloud costs to support the expansion of the SAAS businesses.

Selling and marketing expenses increased by 48% to RMB33.2 million, mainly due to the increase in sales commission and the expansion of our sales organization. R&D expense - G&A expenses decreased by 67% to RMB14.4 million, mainly due to a year-over-year reduction of RMB11 million in bad debt provision due to our proactive and strict financial control measures. Reduction of RMB11 million in long-lived assets impairment due to one-time cost for going cloud project in the same quarter last year and a RMB5.9 million decrease in staff related compensation. Also, during the quarter, we streamline our workforce in an effort to further improve our operating - overall operating efficiency and to ensure opex maintain at a healthy level. We will continue to optimize our organizational structure and fine tune our opex level while sustainably grow our revenue.

Adjusted EBITDA calculated as EBITDA excluding share-based compensation, reduction in force charges, impairment of long-lived assets, impairment of long-term investment and change in fair value of foreign currency swap contract has had a significant break-through and delivered a positive quarter since 2020 at RMB1.8 million which significantly improved by RMB19 million year-over-year from negative RMB17.1 million in Q4 2020.For fourth quarter of 2021, we have delivered a set of excellent financial results, which includes the following highlights. First, revenue of our SAAS business increased significantly by 32%. Our gross margin improved from 56.7% to 71.2%, a direct result of Q4 2021 gross margin being 100% contributed by high-margin SAAS business.

Opex decreased by 13% due to effective and stringent cost control measures. As a result, our adjusted EBITDA turnaround and reached positive RMB 1.84 million, which marks the first adjusted EBITDA profitable quarters since the beginning of 2020 when we commenced the transition into the SAAS business model. This demonstrates that with the right cost structure, profitability is highly achievable as we move and continue to scale our SAAS businesses.Onto the balance sheet. I'll start with two very key KPIs - important KPIs that we closely monitor. Firstly, the AR turnover days remained stable at 38 days this quarter compared to 37 days a year ago. Our disciplined accounting policy and cash collecting efforts ensure timely collection of our Accounts Receivables. We are very pleased with the AR turnover days remain fairly consistent quarter-over-quarter.

Secondly, the total deferred revenue balance, which represent cash collected in advance from customer, has exceeded RMB 100 million at quarter end for the seven consecutive quarters. As of December 31, 2021, the balance was at RMB 124 million up from RMB 119 million in Q3 2021.Next. Total assets were RMB 595 million as of December 31, 2021. This includes cash and cash equivalents of RMB 284 million, accounts receivable of RMB 43 million, prepayments of RMB 12 million, fixed assets of RMB 62 million, long-term investment of RMB 142 million.Total current liabilities were at RMB 373 million as of December 31, 2021. These include short-term loan of RMB 150 million, accounts payable of RMB 18 million, deferred revenue of RMB 120 million, accrued liabilities of RMB 85 million.

Business Outlook. And based on the current available information, the company sees the full year 2022 revenue guidance to be in the range of RMB 435 million to RMB 455 million, representing a growth of 22% to 27% year-over-year compared to 2021 results.The above outlook is based on the current market conditions and reflects the company's current and preliminary estimates of the market and operating conditions and customer demands, which are all subject to change.And lastly, before I conclude, I'll give a quick update on the share repurchase plan. In a quarter ended December 31, 2021, we did not repurchase any shares. As of December 31, 2021, cumulatively, we have repurchased a total of 921,000 ADS since the start of our program.

And this concludes management prepared remarks. We're happy to take your question now. Operator, please proceed.

Question & Answers

Operator

Thank you. [Operator Instructions] And I am showing we have a question from the line of Brian Kinstlinger with Alliance Global.

Brian Kinstlinger - Alliance Global - Analyst

Hi, guys. Good morning or good evening. Sorry. Nice results. Can you talk about the announcement for JVerification services with Huawei cloud? What are the dynamics to generate revenue from this? And can you help us understand when it will begin generating revenue and maybe some targets for this business that we should evaluate?

Fei Chen - President

Hey, Brian. Hi, this is Fei. So actually on this collaboration with Huawei started actually last quarter, right. So actually in last quarter, in the call, we've already mentioned that - actually, already started to generate revenues. Although, the revenue is not big, okay. It's a in the tens of thousands, right. But it does have a contribution into our developer service revenue.

And, going forward, not only this JVerification product, this is just the first product. We are actually in the process of adding the whole suite of our product portfolios into Huawei cloud, like UMS, IF, right, you name it.

So, hopefully, by the end of this year, we will be able to upload and get certified by Huawei for all of our product offerings. And this year, we think our goal is to - not to - to have an ambitious goal, but to have the relationship started and generate a certain amount of revenue. It's not going to be big. It should be in a few million renminbi.

Brian Kinstlinger - Alliance Global - Analyst

Right. Okay. And then last quarter, you spoke about JG Alliance installations starting to improve, but they were dealing with the personal information protection laws. Can you update, is this no longer a challenge? Is it still a challenge? Just talk about how the rate of installations kind of you're seeing versus a quarter ago?

Fei Chen - President

Yes. So actually, the regulation in the quarter is largely behind us, in the fourth quarter. So everything comes back to normal. And as we talked about - disclosed in the in the prepared remarks, right, we have over 20% of growth in number of apps joining this app pool, right. So we do see things come back to normal. And we do expect the trend to continue in the following quarter.

And as you can see, actually, the revenue also exhibits this trend, right. The revenue had a big sequential double-digit growth, which totally is a reflection of more apps coming in to join our JG Alliance network.

As well as in APCO, we also mentioned, actually the ad loyalty is also another factor, right. So in the quarter, we also increase the ad loyalty. So both effects actually contributed the growth - the sequential growth of the revenue for JG Alliance.

Brian Kinstlinger - Alliance Global - Analyst

And I'm sure I'm wrong, but SendCloud sounds like a targeted marketing platform, but a lot more. So talk about how SendCloud is different than your targeted marketing business that you exited and a strategic fit for your company, now it's different.

Fei Chen - President

Yeah, SendCloud, he is not happy. SendCloud is oh, oh, SendCloud is not targeted marketing company. SendCloud is Email, API platform with very similar to SendGrid, which acquired by Twilio three years ago. So his company mostly - his customers mostly like bank, or hotel, or even that will be company like Eun Ji-won is also their customers.

So basically we are using their API to send email notifications to our customers, like developers. And bank use their API to send email notifications to their credit card customers. So that - so it's not targeted marketing company, it's a SaaS company, actually.

Brian Kinstlinger - Alliance Global - Analyst

And can you give us a little bit about the financial profile a company, maybe what are trailing 12 months revenues? What's the growth rate and margin profile?

Weidong Luo - Chairman, Chief Executive Officer

At the margin profile is very similar to our margins. I think its over - I think, its over 30%.

Shan-Nen Bong - Chief Financial Office

Yeah. It's over 70%.

Weidong Luo - Chairman, Chief Executive Officer

Yeah.

Shan-Nen Bong - Chief Financial Office

And also, it's a profitable company. So actually, which is a good thing, right? They already generate profit. And the annual revenue for that company is around RMB20 million to RMB30 million.

So we expect in 2022 because the deal is going to be closed before end of March, right. So we will add three quarters of their revenue to our financials. So we expect to generate RMB20 million, around RMB20 million revenue from this company after the acquisition.

Brian Kinstlinger - Alliance Global - Analyst

And what about the purchase price, is it cash or is it stock? How did you value this company?

Weidong Luo - Chairman, Chief Executive Officer

Yeah. Brian, this issue we are not have the liberty to disclose more. I think when the document is done and dotted and the signed, so we will make some press release on that regard.

Brian Kinstlinger - Alliance Global - Analyst

Okay. A couple of more questions, yeah, if I look at the gross margin, while it's above your guidance, it's a bit below each in the last three quarters. So talk about, is it a mix? Is it some other trend in pricing? Just talking about, how fourth quarter compared to the last - the first nine months in 2021? And what were the factors?

Fei Chen - President

Hey Brain. I think it's both. I think the mix probably play a bigger role. As you know, the JG Alliance actually carries a smaller, lower margin than the rest of the developer subscription business, right?

So developer subscription business, the gross margin is like over 75%. But the JG Alliance usually it's like around 60%. So, as we continue to grow the JG Alliance, business line, when JG Alliance contributes a bigger portion of the total revenue, you should expect to see the overall gross margin to dip a little bit.

I think, so over 70% total gross margin going forward is not it's not realistic due to the reasons I just mentioned, right? So for this year, I'm sure you want to know what the gross margin target should be, I think anywhere, between 65% to 70% is the gross margin we are trying to maintain, okay?

And another reason is, because when JG - when we get more traffic into our network, so the deals conducted case-by-case basis, right? So for some app developers, they might command a higher revenue share. So in that instance we will have lower gross margin for - compared to other traffic or contributor, right? So this - again JG Alliance gross margin it's not static. It's very dynamic. But overall, I think, from what we are seeing, I think, 60%, is a reasonable number.

Brian Kinstlinger - Alliance Global - Analyst

Great. Last question just a housekeeping item. Just to understand your EBITDA. Where do I find on the income statement severance charges, and the impairment of long live assets? What line items are those under included?

Shan-Nen Bong - Chief Financial Office

Yeah. Brian, the severance will be under opex, operating expenses, and depends on the associated employees, whether it be R&D, sales and marketing or G&A. So there's a severance. And in terms of impairment, it will be under other losses, after loss from operation.

Brian Kinstlinger - Alliance Global - Analyst

Yeah. Thanks for that. Okay. Just wanted to be clear. Thank you so much.

Shan-Nen Bong - Chief Financial Office

Thank you.

Operator

Thank you. [Operator Instructions] Our next question comes from the line of Ryan Roberts with Navis Capital.

Ryan Roberts - Navis Capital - Analyst

Good evening management. Thanks for taking the question. Mine is pretty simple. So looking at the Q4 results, I think it was maybe better than the market expected and that's fantastic. I want to ask about the current run rate, because with the RAF force and other kind of cost cutting happened in - during Q4, I want to ask about what's the kind of current quarterly run rate, kind of, bottlenecks, because it seems like there's been some cost cutting. And I don't know if that was in the early part of the quarter or last part of the quarter. But looking forward, it seems like there's some less cost in this pack here. I want to get a sense of what that is?

Fei Chen - President

Hi Ryan. This is Fe. So you want to know what the cost structure look like going forward, right?

Ryan Roberts - Navis Capital - Analyst

That's correct. Because I reckon in December, it maybe looks very different than October.

Fei Chen - President

Yeah. So, actually, if you recall, in last call, I specifically mentioned that the company was conducting a number of cost cutting initiatives, right? Trying to optimize our business operation, not only from the labor perspective, but also from the IT resource perspective, right? So, as you can see, actually in the quarter, we have made very meaningful progress, okay? And we also finished budgeting process for the coming year, and we identify the areas, which we can eliminate the redundancies and inefficiencies. So, net-net, after all these assessments, so, we believe for the opex for 2022, you will not see any growth, okay. Instead, you should see some decline compared to last year. So, currently, we are estimating anywhere between 10% to 15% reduction of opex for 2022.

So, the goal actually for 2022 is with the current revenue guidance, right, we also with this cost structure, maintained disciplined approach to achieve this cost structure, and we are very confident that we will be able to achieve the full year adjusted EBITDA profitable for the whole year. And so, we've done sensitivity analysis and even consider some very - worst case scenario, I think we are able to achieve that.

Ryan Roberts - Navis Capital - Analyst

Thanks for the clarity, I'm curious like, again, just given the history and kind of the cash burn, can you give us a sense of like, what sort of assumptions are behind that claim getting to non-GAAP EBITDA profitability? What are you some of your major assumptions?

Fei Chen - President

Yeah, so basically to get the EBITDA positive right, basically, you know, like I said, the cost control, cost measure is we've done thorough analysis on the cost control, costs measure, right. And the biggest cost elements actually are two parts. One is labor and the second is IT resource, right. So, IT resource, we already identified a number of areas that we can continue to eliminate the unnecessary IT spending, okay. So, this work has been done, has been committed by the head of IT department, okay, which we should be able to - for the IT spending, we should be able - we should be able to save anywhere between 10% to 15% compared to last year.

And also in terms of the labor, on the labor cost, right. So, so, throughout the fourth quarter, last year, we've done, already have done the organizational restructuring and we kind of like eliminated the lower performance employees which made our basically the total number of employees had a - anywhere around the like 15% reduction, so, which will set a new base for the labor cost, right. And also in terms of the variable cost, so, this is a fixed cost for the labor and also there is a variable cost, variable cost of the labor part, that's purely decided basically determined by the performance, right.

So basically, if we can achieve or internally set financial targets, they will get, for example, like two months of salary right as a bonus at the year end, but if they cannot - if we are not able to deliver our satisfied meet our financial targets 100%, then that's kind of like a tiered structure to significantly reduce the bonus point as part of the variable cost, right. So by designing this structure we are trying to incentivize everybody is aligned with the company's goal to achieve 100% - 100% of our financial targets.

Ryan Roberts - Navis Capital - Analyst

Got it. Thanks. I guess maybe just kind of drilling down a bit in that analysis to kind of the scenario - scenario kind of computation that you do. What are you expecting, like, revenue wise and kind of, like, an overall envelope of high and low, what do you guys expect?

Fei Chen - President

Revenue?

Ryan Roberts - Navis Capital - Analyst

Yeah, because - clearly to reach EBITDA positive you've got to have some assumptions about the revenue high but below what you do. Just curious

Fei Chen - President

Yes, okay, okay. So assuming very little revenue growth, okay you could assume less than 10% of revenue growth under the current cost structure and that we will be able to achieve adjusted EBITDA positive.

Ryan Roberts - Navis Capital - Analyst

Yeah, yeah. That's all. Thank you very much.

Operator

Thank you. [Operator Instructions] And I'm sure no further questions. So with that, I'll hand the call back over to Rene for any closing remarks.

Rene Vanguestaine - Investor Relations

Thank you, and thank you everyone for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good night. Thank you very much.

Operator

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Q4 2021

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