Stock-based Compensation (Tables)
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3 Months Ended |
12 Months Ended |
Apr. 03, 2022 |
Jan. 02, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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Summary of total stock-based compensation expense, by operating expense category |
The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the condensed consolidated statements of operations for the periods presented below (in thousands).
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$ |
— |
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$ |
274 |
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2,512 |
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959 |
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Selling, general and administrative |
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2,726 |
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185 |
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Total stock-based compensation expense |
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$ |
5,238 |
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$ |
1,418 |
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The following table summarizes the total stock-based compensation expense, by operating expense category, recognized in the Consolidated Statements of Operations for the periods presented below (in thousands).
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$ |
274 |
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$ |
102 |
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6,175 |
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|
485 |
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Selling, general and administrative |
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4,262 |
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79 |
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Total stock-based compensation expense |
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$ |
10,711 |
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$ |
666 |
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the fiscal year 2021, the Company capitalized $0.7 million of stock-based compensation as deferred contract costs and property and equipment, net in the Consolidated Balance Sheet. For the fiscal year 2020, the Company capitalized immaterial amounts of stock-based compensation as deferred contract costs and property and equipment, net in the Consolidated Balance Sheet. As of January 2, 2022, there was approximately $48.2 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 3.6 years.
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Summary of fair value assumptions used to determine fair value of estimated shares |
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The Company uses the Black-Scholes option-pricing model to determine the fair value of estimated shares under the 2021 ESPP with the following assumptions for the fiscal year 2021.
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Schedule of common stock reserved for future issuance |
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The following shares of common stock had been reserved for future issuance as of January 2, 2022:
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Exercise of outstanding common stock options |
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5,753,005 |
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Options and RSUs available for future grants |
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15,846,770 |
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Outstanding restricted stock units for future vesting |
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535,449 |
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Common stock employee purchase plan |
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5,625,000 |
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27,760,224 |
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Summary of Stock Option Activity |
The following table summarized stock option activities for the quarter ended April 3, 2022 (in thousands, except share and per share amount).
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Number of Options Outstanding |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (Years) |
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Balances as of January 3, 2022 |
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5,753,005 |
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$ |
8.88 |
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31,190 |
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15.47 |
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(91,910 |
) |
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2.17 |
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$ |
1,249 |
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(155,380 |
) |
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8.20 |
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Balances as of April 3, 2022 |
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5,536,905 |
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$ |
9.05 |
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9.0 |
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$ |
32,364 |
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Vested and expected to vest at April 3, 2022 |
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9,839,447 |
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$ |
5.12 |
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8.8 |
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$ |
95,515 |
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Vested and exercisable at April 3, 2022 |
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914,342 |
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$ |
6.60 |
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8.3 |
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$ |
7,466 |
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Unvested and exercisable at April 3, 2022 |
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4,217,643 |
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$ |
8.84 |
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9.0 |
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$ |
24,899 |
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(1) |
The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. |
(2) |
The aggregate intrinsic value of the stock options outstanding as of April 3, 2022 represents the value of the Company’s closing stock price at $14.74
on April 1, 2022 in excess of the exercise price multiplied by the number of options outstanding.
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The following table summarized stock option activities for the fiscal years 2021 and 2020 (in thousands, except share and per share amount).
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Number of Options Outstanding |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value (1)(2)
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Balances as of January 1, 2021 |
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1,428,980 |
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$ |
0.11 |
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6,817,420 |
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7.86 |
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(2,180,168 |
) |
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0.09 |
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$ |
1,963 |
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(313,227 |
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7.77 |
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Balances as of January 2, 2022 |
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5,753,005 |
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$ |
8.88 |
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9.1 |
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$ |
105,898 |
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Vested and expected to vest at January 2, 2022 |
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10,839,577 |
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$ |
4.74 |
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9.0 |
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$ |
244,342 |
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Vested and exercisable at January 2, 2022 |
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716,777 |
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$ |
5.23 |
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7.9 |
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$ |
15,806 |
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Unvested and exercisable at January 2, 2022 |
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4,630,961 |
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$ |
8.75 |
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9.3 |
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$ |
85,790 |
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Number of Options Outstanding |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value (1)(2)
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Balances as of January 1, 2020 |
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971,332 |
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$ |
0.16 |
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5,779,591 |
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0.06 |
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(5,318,139 |
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0.07 |
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$ |
6,889 |
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(3,804 |
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0.59 |
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Balances as of December 31, 2020 |
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1,428,980 |
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$ |
0.11 |
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8.8 |
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$ |
4,042 |
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Vested and expected to vest at December 31, 2020 |
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6,812,915 |
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$ |
0.07 |
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9.5 |
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$ |
11,190 |
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Vested and exercisable at December 31, 2020 |
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251,492 |
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$ |
0.34 |
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5.8 |
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$ |
2,028 |
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Unvested and exercisable at December 31, 2020 |
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1,024,478 |
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$ |
0.06 |
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9.8 |
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$ |
494 |
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(1) |
The aggregate intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. |
(2) |
The aggregate intrinsic value of the stock options outstanding as of December 31, 2021 represents the value of the Company’s closing stock price at $27.28 on December 31, 2021 in excess of the exercise price multiplied by the number of options outstanding. |
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Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted |
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The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock options with the following assumptions for the fiscal years 2021 and 2020.
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0.5% - 1.3 |
% |
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0.5 |
% |
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5.0 - 6.9 |
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6.0 |
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— |
% |
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— |
% |
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48.1% - 49.8 |
% |
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37.8 |
% |
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Summary of RSUs activities |
The following table summarized RSUs activities for the quarter ended April 3, 2022 (in thousands, except share and per share amount).
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Number of Shares Outstanding |
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Weighted Average Grant Date Fair Value |
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Non-vested RSUs Balances as of January 2, 2022 |
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535,449 |
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$ |
23.38 |
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446,075 |
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17.55 |
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(33,761 |
) |
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20.84 |
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(30,684 |
) |
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26.27 |
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Non-vested RSUs outstanding as of April 3, 2022 |
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917,079 |
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$ |
20.54 |
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Restricted Stock Units [Member] |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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Schedule of common stock reserved for future issuance |
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The following table summarized RSUs activities for the fiscal year 2021 (in thousands, except share and per share amount).
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Number of Shares Outstanding |
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Weighted Average Grant Date Fair Value |
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Non-vested RSUs Balances as of January 1, 2021 |
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— |
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$ |
— |
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608,168 |
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23.12 |
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(61,015 |
) |
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21.26 |
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(11,704 |
) |
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20.56 |
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Non-vested RSUs outstanding as of January 2, 2022 |
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535,449 |
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$ |
23.38 |
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