Q1 FY2021 Earnings Conference Call
May 26, 2020
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including all statements other than statements of historical fact contained in this document and includes, without limitation, statements about the company's expectations regarding the impact of the COVID-19 pandemic and resulting global economic uncertainty, statements about the company's growth, plans, strategies, opportunities and prospects, statements regarding market demand and competitive position, statements about events and trends including events and trends that we believe may affect our financial condition, results of operations, short- and long-term business operations and objectives, and financial needs. These statements identify prospective information and may include words such as "expects," "intends," "continue," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "should," "may," "will," or the negative version of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the company as of the date of this document and are based on management's current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the company's control and may pose a risk to the company's operating and financial condition. Such risks and uncertainties include, but are not limited to: the COVID-19 pandemic, and any resulting global economic downturn, could significantly disrupt our business operations, prolong our sales cycle and result in a material adverse effect on our financial condition, operating results and cash flows; we have a limited history of operating at our current scale and under our current strategy, which makes it difficult to predict our future operating results, and we may not achieve our expected operating results in the future; we have a history of net losses, we anticipate increasing our operating expenses in the future, and we do not expect to be profitable for the foreseeable future; our quarterly results may fluctuate significantly and may not fully reflect the underlying performance of our business; economic uncertainty and volatility in the broader financial markets may result in our customers and prospective customers reducing their spending, scaling back their digital transformation efforts, delaying purchasing decisions or deferring implementation projects, any of which may adversely impact our business, financial condition and cash flows; if we are unable to achieve and sustain a level of liquidity sufficient to support our operations and fulfill our obligations, our business, operating results and financial position could be adversely affected; if we are unable to attract new customers, both domestically and internationally, the growth of our revenue will be adversely affected and our business may be harmed; our business depends substantially on our customers renewing their subscriptions and expanding their use of our platform and if we fail to achieve renewals and expansions or our customers renew or expand their subscriptions on less favorable terms, our business operations and financial condition may be materially and adversely affected; the markets in which we participate are intensely competitive, and if we do not compete effectively, our business and operating results could be adversely affected; our success depends in part on the continued performance of our strategic partners, and uncertain economic conditions including those caused by the COVID-19 pandemic may disrupt the operations and performance of our partners and ultimately adversely impact our financial results; if we experience a security incident, our platform may be perceived as not being secure, our reputation may be harmed, customers may reduce the use of or stop using our platform, we may incur significant liabilities, and our business could be materially adversely affected; real or perceived errors, failures, bugs, service outages, or disruptions in our platform could adversely affect our reputation and harm our business; our success depends upon training our customers to effectively utilize our platform and providing high-quality support services and if our ability to provide effective training or support is limited by the COVID-19 pandemic and ensuing remote work restrictions, then our results of operations and financial condition may be adversely affected; we could incur substantial costs in protecting or defending our intellectual property rights, and any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand; our global operations and sales to customers outside the United States or with international operations subject us to risks inherent in international operations that can harm our business, results of operations, and financial condition; and the uncertainty in and volatility of the broader stock market generally or the stock price of our common stock specifically may result in stockholders not being able to resell their shares at or above the price at which they purchased shares. Furthermore, the additional or unforeseen effects from the COVID-19 pandemic and the global economic climate may amplify many of these risks. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this document is contained in the company's filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K filed with the SEC on March 30, 2020, and other documents the company may file with or furnish to the SEC from time to time such as quarterly reports on Form 10-Q and current reports on Form 8-K. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.
Copyright © Anaplan Inc., 2018 | 2 |
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this document and the accompanying tables contain non-GAAP financial measures, including non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, and free cash flow. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. The non-GAAP measures presented here may be different from similarly-titlednon-GAAP measures used by other companies.
We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe these non-GAAP measures, when viewed collectively with the GAAP measures, may be helpful to investors because they provide consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results.
There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. The definitions of our non-GAAP measures may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may utilize metrics that are not similar to ours. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Please see the reconciliation tables at the end of this document for the reconciliation of GAAP and non-GAAP results.
Copyright © Anaplan Inc., 2018 | 3 |
Financial Highlights
Q1 Fiscal Year 2021
Revenue $103.8M, up 37% YoY | GAAP Operating Margin (37.3%) |
Billings $95.9M, up 10% YoY | Non-GAAP Operating Margin (12.9%) |
Remaining Performance Obligation (RPO) $646.8M, up 37% YoY | GAAP Net Loss per Share $0.29 |
Dollar-based Net Expansion Rate (NRR) 117% | Non-GAAP Net Loss per Share was $0.10 |
Customers with ARR >$250K, up 32% YoY | Non-GAAP Free Cash Flow ($6.0M) |
Copyright © Anaplan Inc., 2018 | 4 |
Strong, Consistent Subscription Growth
ANNUAL SUBSCRIPTION REVENUE $M | QUARTERLY SUBSCRIPTION REVENUE $M |
KEY
+48%Subscription Revenue
Y/Y Growth Rates
+45%
+57%
308 | 90 | 94 | |||
65 | 74 | 80 | |||
209 | 60 | ||||
144
91
FY'17 | FY'18 | FY'19 | FY'20 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 | |
Y/Y | 44% | 45% | 48% | 47% | 50% | 44% | ||||
Copyright © Anaplan Inc., 2018 | 5 |
Capturing a Greater Share of Wallet
CUSTOMERS WITH >$250K ARR GROWING STEADILY | DOLLAR-BASED NET EXPANSION RATE |
367 | ||||||||
353 | ||||||||
181 | 248 | |||||||
122% | 123% | 122% | 117% | |||||
FY'18 | FY'19 | FY'20 | Q1'21 | |||||
FY'18 | FY'19 | FY'20 | Q1'21 |
Net Expansion Rate ("NRR") is calculated as the ARR at the end of a period for the base set of customers from which we had ARR in the year prior to the calculation, divided by the ARR one year prior to the date of calculation for that same customer base.
Copyright © Anaplan Inc., 2018 | 6 |
Annual and Quarterly Remaining Performance Obligation
ANNUAL RPO $M | QUARTERLY RPO $M | |||
KEY | ||||
+49% | Remaining Performance Obligation | |||
Y/Y Growth Rates | ||||
+44%
656 | ||
590 | 656 | 647 |
440 | 440 | 473 | 516 | |
305 | ||||
FY'18 | FY'19 | FY'20 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 |
Y/Y | ||||||||
44% | 53% | 56% | 55% | 49% | 37% | |||
Copyright © Anaplan Inc., 2018 | 7 |
Annual and Quarterly Billings
ANNUAL BILLINGS $MQUARTERLY BILLINGS $M
+44% | KEY | ||
+42% | Calculated Billings | ||
Y/Y Growth | |||
Rates | |||
+41%
417 | ||||
290 | 114 | 126 | ||
101 | 96 | |||
87 | 89 | |||
204 |
144
FY'17 | FY'18 | FY'19 | FY'20 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 |
Y/Y | 54% | 57% | 46% | 59% | 25% | 10% |
Note: Calculated Billings is defined as revenue plus the change in deferred revenue.
Copyright © Anaplan Inc., 2018 | 8 |
Non-GAAP Gross Margin
GROSS MARGIN BY YEAR
90% | 86% | 117 | 84% |
83% | |||
68% | 70% | 73% | 76% |
8180
263
175
117
81
FY'17 | FY'18 | FY'19 | FY'20 |
KEY | Total Gross | Subscription | Total Gross | |||
Non-GAAP | Profit | Gross Margin % | Margin % | |||
Copyright © Anaplan Inc., 2018
GROSS MARGIN BY QUARTER
83% | 84% | 84% | 85% | 84% | 85% |
72% | 73% | 75% | 76% | 77% | 78% |
68 | 76 | 81 | |||
63 | |||||
55 | |||||
50 | |||||
Q4'19 | Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 |
Non-GAAP gross margin calculated as gross profit, excluding the effect of stock-based compensation expense, employer payroll tax expense related to employee stock plans,and amortization of acquired intangibles, as a percentage of revenue. See appendix for a reconciliation of non-GAAP gross margin to GAAP gross margin.
9
Non-GAAP Operating Expense and Free Cash Flow Margins
OPERATING EXPENSE AS A % OF REVENUE
KEY | S&M | ||||
R&D | G&A | ||||
104% | |||||
92% | 92% | ||||
319 | |||||
249 | 53 | ||||
154 | 44 | ||||
210 | |||||
27 | 161 | ||||
97 | |||||
30 | 45 | 56 | |||
FY'18 | FY'19 | FY'20 |
91%
94
14
61
19
Q1'21
FREE CASH FLOW $M AND AS PERCENTAGE OF REVENUE
FY'18 | FY'19 | FY'20 | Q1'21 |
-30 | -29 | -6 | |
-68 |
(8%)(6%)
(18%)
(28%)
KEY
Free Cash Flow
Free Cash
Flow Margin
Note: All numbers are Non-GAAP; See appendix for a reconciliation of non-GAAP operating margin to GAAP operating margin. Free cash flow defined as net cash used in operating activities less purchase of property and equipment and capitalized internal-use software.
Copyright © Anaplan Inc., 2018 | 10 |
Thank You
Non-GAAP Reconciliation
(In thousands, except percentages and per share data) | Three Months Ended | Three Months Ended | |||
(Unaudited) | April 30, 2020 | April 30, 2019 | |||
Revenue | $ | 103,844 | $ | 75,830 | |
GAAP operating loss | $ | (38,760) | $ | (37,109) | |
Stock-based compensation | 22,493 | 16,302 | |||
Employer payroll tax expense related to employee stock plans | 1,485 | 682 | |||
Business combination and other related cost | 1,019 | - | |||
Amortization of acquired intangibles | 335 | 35 | |||
Non-GAAP operating loss | $ | (13,428) | $ | (20,090) | |
GAAP operating margin % | |||||
-37.3% | -48.9% | ||||
Stock-based compensation % | 21.7% | 21.5% | |||
Employer payroll tax expense related to employee stock plans % | 1.4% | 0.9% | |||
Business combination and other related cost % | 1.0% | 0.0% | |||
Amortization of acquired intangibles % | 0.3% | 0.0% | |||
Non-GAAP operating margin % | -12.9% | -26.5% | |||
GAAP net loss | $ | (39,602) | |||
Stock-based compensation | 22,493 | ||||
Employer payroll tax expense related to employee stock plans | 1,485 | ||||
Business combination and other related cost | 1,019 | ||||
Amortization of acquired intangibles | 335 | ||||
Non-GAAP net loss | $ | (14,270) | |||
GAAP net loss per share, basic and diluted | $ | (0.29) | |||
Stock-based compensation | 0.17 | ||||
Employer payroll tax expense related to employee stock plans | 0.01 | ||||
Business combination and other related cost | 0.01 | ||||
Amortization of acquired intangibles | - | ||||
Non-GAAP net loss per share | $ | (0.10) | |||
Shares used to compute GAAP and non-GAAP net loss per share attributable to | |||||
common stockholders, basic and diluted | 136,362 | ||||
GAAP net cash used in operating activities | $ | (1,504) | |||
Purchase of property and equipment | (1,583) | ||||
Capitalized internal-use software | (2,880) | ||||
Non-GAAP free cash flow | $ | (5,967) |
12
Non-GAAP Reconciliation
(In thousands, except percentages) | Year Ended January 31, | Three Months Ended | |||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | April 30, 2020 | April 30, 2019 | ||||||||||
Revenue | $ | 348,022 | $ | 240,642 | $ | 168,347 | $ | 103,844 | $ | 75,830 | |||||
GAAP operating expenses | $ | 405,678 | $ | 301,507 | $ | 162,281 | $ | 117,864 | $ | 91,362 | |||||
Stock-based compensation | 75,300 | 51,124 | 7,984 | 21,277 | 15,319 | ||||||||||
Employer payroll tax expense related to employee stock plans | 8,168 | 834 | - | 1,400 | 670 | ||||||||||
Business combination and other related cost | 2,720 | - | - | 1,019 | - | ||||||||||
Amortization of acquired intangibles | 135 | 212 | 212 | 75 | 35 | ||||||||||
Non-GAAP operating expenses | $ | 319,355 | $ | 249,337 | $ | 154,085 | $ | 94,093 | $ | 75,338 | |||||
GAAP operating expenses as a % of revenue | |||||||||||||||
117% | 125% | 96% | 114% | ||||||||||||
Stock-based compensation as a % of revenue | -22% | -21% | -4% | -21% | |||||||||||
Employer payroll tax expense related to employee stock plans as a % of revenue | -2% | 0% | 0% | -1% | |||||||||||
Business combination and other related cost as a % of revenue | -1% | 0% | 0% | -1% | |||||||||||
Amortization of acquired intangibles as a % of revenue | 0% | 0% | 0% | 0% | |||||||||||
Non-GAAP operating expenses as a % of revenue | 92% | 104% | 92% | 91% | |||||||||||
GAAP research and development | $ | 68,396 | $ | 48,998 | $ | 30,908 | $ | 23,762 | |||||||
Stock-based compensation | 10,608 | 3,826 | 742 | 3,646 | |||||||||||
Employer payroll tax expense related to employee stock plans | 865 | - | - | 153 | |||||||||||
Business combination and other related cost | 917 | - | - | 668 | |||||||||||
Amortization of acquired intangibles | 35 | 212 | 212 | - | |||||||||||
Non-GAAP research and development | $ | 55,971 | $ | 44,960 | $ | 29,954 | $ | 19,295 | |||||||
GAAP sales and marketing | $ | 250,430 | $ | 176,323 | $ | 100,654 | $ | 71,674 | |||||||
Stock-based compensation | 34,428 | 15,475 | 3,496 | 10,031 | |||||||||||
Employer payroll tax expense related to employee stock plans | 5,246 | - | - | 824 | |||||||||||
Business combination and other related cost | 173 | - | - | 129 | |||||||||||
Amortization of acquired intangibles | 100 | - | - | 75 | |||||||||||
Non-GAAP sales and marketing | $ | 210,483 | $ | 160,848 | $ | 97,158 | $ | 60,615 | |||||||
GAAP general and administrative | $ | 86,852 | $ | 76,186 | $ | 30,719 | $ | 22,428 | |||||||
Stock-based compensation | 30,264 | 31,823 | 3,746 | 7,600 | |||||||||||
Employer payroll tax expense related to employee stock plans | 2,057 | 834 | - | 423 | |||||||||||
Business combination and other related cost | 1,630 | - | - | 222 | |||||||||||
Non-GAAP general and administrative | $ | 52,901 | $ | 43,529 | $ | 26,973 | $ | 14,183 | |||||||
GAAP net cash used in operating activities | $ | (14,405) | $ | (45,853) | $ | (14,501) | $ | (1,504) | |||||||
Purchase of property and equipment | (3,991) | (15,122) | (9,565) | (1,583) | |||||||||||
Capitalized internal-use software | (11,023) | (7,397) | (5,801) | (2,880) | |||||||||||
Non-GAAP free cash flow | $ | (29,419) | $ | (68,372) | $ | (29,867) | $ | (5,967) | |||||||
GAAP net cash used in operating activities % | -4% | -19% | -9% | -1% | |||||||||||
Purchase of property and equipment % | -1% | -6% | -6% | -2% | |||||||||||
Capitalized internal-use software % | -3% | -3% | -3% | -3% | |||||||||||
Non-GAAP free cash flow margin % | -8% | -28% | -18% | -6% | 13 | ||||||||||
Non-GAAP Reconciliation
(In thousands, except percentages) | Year Ended January 31, | ||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | |||||||
Revenue | $ | 348,022 | $ | 240,642 | $ | 168,347 | $ | 120,499 | |||
GAAP gross profit | $ | 257,245 | $ | 173,244 | $ | 116,362 | $ | 81,092 | |||
Stock-based compensation | 4,746 | 1,682 | 655 | 385 | |||||||
Employer payroll tax expense related to employee stock plans | 470 | - | - | - | |||||||
Amortization of acquired intangibles | 347 | - | - | - | |||||||
Non-GAAP gross profit | $ | 262,808 | $ | 174,926 | $ | 117,017 | $ | 81,477 | |||
GAAP gross margin % | |||||||||||
74% | 72% | 69% | 67% | ||||||||
Stock-based compensation % | 1% | 1% | 1% | 1% | |||||||
Employer payroll tax expense related to employee stock plans % | 1% | 0% | 0% | 0% | |||||||
Amortization of acquired intangibles % | 0% | 0% | 0% | 0% | |||||||
Non-GAAP gross margin % | 76% | 73% | 70% | 68% | |||||||
Subscription revenue | $ | 307,890 | $ | 208,605 | $ | 143,542 | $ | 91,416 | |||
GAAP subscription gross profit | $ | 256,430 | $ | 172,105 | $ | 123,615 | $ | 82,344 | |||
Stock-based compensation | 2,547 | 831 | 148 | 49 | |||||||
Employer payroll tax expense related to employee stock plans | 276 | - | - | - | |||||||
Amortization of acquired intangibles | 347 | - | - | - | |||||||
Non-GAAP subscription gross profit | $ | 259,600 | $ | 172,936 | $ | 123,763 | $ | 82,393 | |||
GAAP subscription gross margin % | |||||||||||
83% | 83% | 86% | 90% | ||||||||
Stock-based compensation % | 1% | 0% | 0% | 0% | |||||||
Employer payroll tax expense related to employee stock plans % | 0% | 0% | 0% | 0% | |||||||
Amortization of acquired intangibles % | 0% | 0% | 0% | 0% | |||||||
Non-GAAP subscription gross margin % | 84% | 83% | 86% | 90% |
14
Non-GAAP Reconciliation
(In thousands, except percentages) | Three Months Ended | ||||||||||||||||
(Unaudited) | April 30, 2020 | January 31, 2020 | October 31, 2019 | July 31, 2019 | April 30, 2019 | January 31, 2019 | |||||||||||
Revenue | $ | 103,844 | $ | 98,242 | $ | 89,410 | $ | 84,540 | $ | 75,830 | $ | 69,250 | |||||
GAAP gross profit | $ | 79,104 | $ | 74,033 | $ | 66,926 | $ | 62,033 | $ | 54,253 | $ | 49,088 | |||||
Stock-based compensation | 1,216 | 1,352 | 1,228 | 1,183 | 983 | 935 | |||||||||||
Employer payroll tax expense related to employee stock plans | 85 | 219 | 34 | 205 | 12 | - | |||||||||||
Amortization of acquired intangibles | 260 | 261 | 86 | - | - | - | |||||||||||
Non-GAAP gross profit | $ | 80,665 | $ | 75,865 | $ | 68,274 | $ | 63,421 | $ | 55,248 | $ | 50,023 | |||||
GAAP gross margin % | |||||||||||||||||
76% | 75% | 75% | 73% | 72% | 71% | ||||||||||||
Stock-based compensation % | 1% | 1% | 1% | 1% | 1% | 1% | |||||||||||
Employer payroll tax expense related to employee stock plans as a % of revenue | 0% | 1% | 0% | 1% | 0% | 0% | |||||||||||
Amortization of acquired intangibles as a % of revenue | 1% | 0% | 0% | 0% | 0% | 0% | |||||||||||
Non-GAAP gross margin % | 78% | 77% | 76% | 75% | 73% | 72% | |||||||||||
Subscription revenue | $ | 93,824 | $ | 89,512 | $ | 79,695 | $ | 73,598 | $ | 65,085 | $ | 59,700 | |||||
GAAP subscription gross profit | $ | 78,639 | $ | 74,458 | $ | 66,587 | $ | 61,391 | $ | 53,994 | $ | 49,115 | |||||
Stock-based compensation | 708 | 730 | 689 | 637 | 491 | 462 | |||||||||||
Employer payroll tax expense related to employee stock plans | 43 | 145 | 20 | 103 | 8 | - | |||||||||||
Amortization of acquired intangibles | 260 | 261 | 85 | - | - | - | |||||||||||
Non-GAAP subscription gross profit | $ | 79,650 | $ | 75,594 | $ | 67,381 | $ | 62,131 | $ | 54,493 | $ | 49,577 | |||||
GAAP subscription gross margin % | |||||||||||||||||
84% | 83% | 84% | 83% | 83% | 82% | ||||||||||||
Stock-based compensation % | 1% | 1% | 1% | 1% | 1% | 1% | |||||||||||
Employer payroll tax expense related to employee stock plans as a % of revenue | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||||
Amortization of acquired intangibles as a % of revenue | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||||
Non-GAAP subscription gross margin % | 85% | 84% | 85% | 84% | 84% | 83% | |||||||||||
Professional services revenue | $ | 10,020 | $ | 10,745 | |||||||||||||
GAAP professional services gross profit | $ | 465 | $ | 259 | |||||||||||||
Stock-based compensation | 508 | 492 | |||||||||||||||
Employer payroll tax expense related to employee stock plans | 42 | 4 | |||||||||||||||
Non-GAAP professional services gross profit | $ | 1,015 | $ | 755 | |||||||||||||
GAAP professional services gross margin % | |||||||||||||||||
5% | 2% | ||||||||||||||||
Stock-based compensation % | 5% | 5% | |||||||||||||||
Employer payroll tax expense related to employee stock plans as a % of revenue | 0% | 0% | |||||||||||||||
Non-GAAP professional services gross margin % | 10% | 7% |
15
Definitions
Customer Lifetime Value (LTV)
We define customer lifetime value as the increase in subscription gross profit comparing the last twelve months of subscription gross profit to the twelve months a year prior, divided by an assumed churn rate.
Customer Acquisition Cost (CAC)
We define customer acquisition cost as the last twelve months of sales and marketing expense, a year prior.
Annual Recurring Revenue (ARR)
We define annual recurring revenue as subscription revenue already booked and in backlog that will be recorded over the next 12 months, assuming any contract expiring in those 12 months is renewed and continues on its existing terms and at its prevailing rate of utilization.
Dollar-based Net Expansion Rate (NRR)
We define dollar-based net expansion rate as the ARR at the end of a period for the base set of customers from which we had ARR in the year prior to the calculation, divided by the ARR one year prior to the date of calculation for that same customer base.
Copyright © Anaplan Inc., 2018 | 16 |
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Anaplan Inc. published this content on 26 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2020 13:52:03 UTC