ChannelAdvisor Reports Third Quarter 2020 Results; Revenue and Adjusted EBITDA Exceed Guidance

Financial Release

ChannelAdvisor Reports Third Quarter 2020 Results; Revenue and Adjusted EBITDA Exceed Guidance

11/05/20

Revenue Growth of 11% on a Y/Y Basis with Record Fixed Revenue
Brands Revenue Growth of 29% on a Y/Y Basis to a Record 34% of Revenue
Net Bookings Best In More Than Five Years
Adjusted EBITDA Increased 44% on a Y/Y Basis
Cash at $66 Million with Operating Cash Flow of $26 Million Year-To-Date

RESEARCH TRIANGLE PARK, N.C., Nov. 05, 2020 (GLOBE NEWSWIRE) -- ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales, today reported financial results for the quarter ended September 30, 2020.

“We delivered strong financial results again in the third quarter, with revenue and adjusted EBITDA that both exceeded our guidance for the quarter,” said David Spitz, ChannelAdvisor’s chief executive officer. “What excites me even more is the strong performance we had in sales, especially with brands, and overall outstanding revenue retention for the quarter, both of which combined to drive an acceleration in fixed revenue growth. Our strategic shift towards brands has continued to pay off, with revenue growth from brands accelerating to 29% year over year for the quarter, and our solid overall execution in the quarter positions us for continued strong performance as we close out the year.”

Third Quarter 2020 Financial Results

  • Revenue:  Total revenue was $35.3 million for the third quarter 2020, an increase of 11.4% from the year-ago period. Brands revenue increased 29.3% from the year-ago period and reached a new high of 34.2% of total revenue. Variable revenue was $8.2 million, or 23.2% of total revenue for the third quarter 2020, compared with $5.8 million, or 18.5% of total revenue for the year-ago period. Fixed subscription revenue was $27.1 million, or 76.8% of total revenue for the third quarter 2020, compared with $25.8 million, or 81.5% of total revenue for the year-ago period.

  • Gross Profit:  GAAP gross profit was $27.6 million, representing a 78.2% gross margin for the third quarter 2020, compared with $24.4 million and 77.1%, respectively, for the year-ago period. Non-GAAP gross profit was $27.8 million, representing a 78.8% non-GAAP gross margin for the third quarter 2020, compared with $24.8 million and 78.4%, respectively, for the year-ago period. For a description of non-GAAP gross profit, non-GAAP gross margin and other non-GAAP measures included in this press release, including their potential limitations, see “Non-GAAP Financial Measures” below.

  • Net Income:  GAAP net income was $3.7 million for the third quarter 2020, compared with $1.7 million for the year-ago period. GAAP net income per diluted share was $0.12 based on 30.4 million diluted weighted average shares outstanding for the third quarter 2020, compared with $0.06 per diluted share based on 28.8 million diluted weighted average shares outstanding for the year-ago period. Non-GAAP net income was $6.2 million for the third quarter 2020, compared with $3.5 million for the year-ago period. Non-GAAP net income per diluted share was $0.20 based on 30.4 million diluted weighted average shares outstanding for the third quarter 2020, compared with $0.12 based on 28.8 million diluted weighted average shares outstanding for the year-ago period.

  • Adjusted EBITDA:  Adjusted EBITDA, a non-GAAP measure, was $7.4 million for the third quarter 2020, compared with $5.2 million for the year-ago period. Adjusted EBITDA margin, which is adjusted EBITDA divided by revenue, was 21.1% for the third quarter 2020, compared with 16.3% for the year-ago period. Adjusted EBITDA for the twelve months ended September 30, 2020 totaled $34.8 million.

  • Cash:  Cash and cash equivalents totaled $66.4 million as of September 30, 2020, compared with $51.8 million as of December 31, 2019. Cash generated from operations was $26.0 million for the nine months ended September 30, 2020, compared with $7.5 million for the year-ago period. Free cash flow, a non-GAAP measure, was $22.7 million for the nine months ended September 30, 2020, compared with $4.8 million for the year-ago period.

Recent Business Highlights

  • Launch of ‘Shoppable Media’, a Comprehensive Suite of Multi-Channel Solutions for Brands: From inspiration to conversion, brands can ease the path to purchase directly from their websites and across various marketing and advertising channels with ChannelAdvisor’s Shoppable Media, a product offering that comprises Where to Buy Online, Where to Buy Local, Dynamic Shopping Links, and Buy Now Interstitial, a new dynamic linking feature.

  • Search Terms Generator for Amazon: Seller Central merchants advertising and selling on Amazon through ChannelAdvisor can save time and resources with the Search Terms Generator.  This new feature automatically generates Search Terms and provides updates based on advertising performance to help improve organic listings.

  • New Marketplace Integrations: ChannelAdvisor is committed to helping brands and retailers reach new global audiences through the support of Bunnings Marketlink (AU), Grupo Exito (US CBT to CO), Kroger (US), Love the Sales (UK), Onceit (NZ), and Stockd (US), adding to the global total of more than 100 marketplace integrations.

  • New First-Party Retail Dropship Connections: ChannelAdvisor added support for first-party integrations with Bluestem (US), JClub (US), OTTO VAL (DE), and Walgreens (US).

  • Enhanced Client Experience to Improve Operational Agility:

    • New Knowledge Center:  New services IT infrastructure improves the ability of clients to answer questions, solve problems and learn new features. With improved self-help content that is easier to find, forums to encourage and facilitate client engagement, and a new set of tools to enable team members to better address client questions, ChannelAdvisor continues to invest in making our clients successful.

    • New Order Pipeline Dashboard:  With this new analytics tool, ChannelAdvisor continues to help brands and retailers minimize costly order processing delays, especially during peak volume periods with powerful visualization and monitoring of where those delays may be occurring in the processing pipeline.

    • New Channel Health Console: Allows ChannelAdvisor Marketplace users to understand and gauge operational health across all channel integrations, enabling prioritization and focus on the most important areas of the business.

    • Deal Planner: Introduces a new way to manage short-term promotions in dozens of marketplaces. Brands and retailers can create deals for a specified time period and then adjust the price for the deal’s duration. When the time window expires, the listing returns to the original price.

  • ChannelAdvisor Consumer Survey Indicates Significant Shift In Online Shopping Behavior: Results from our recent consumer survey of more than one thousand active shoppers in the US and the UK indicated significant shifts in online shopping behavior among purchase-ready consumers across all age groups and genders during the pandemic. ChannelAdvisor presented the survey findings in a webinar that can be found on our corporate website.

  • Customer Details: ChannelAdvisor recently added notable new customers including Epson U.S., Gant, Geox, Omron Healthcare Europe and Universal Music Group Germany, and expanded its relationship with customers such as Brady Corporation and Simone Perele SAS.

Financial Outlook

Based on the information available as of today, ChannelAdvisor is issuing guidance for its fourth quarter 2020.

(in millions) Q4 2020
Revenue $37.3 - $38.3
Y/Y Growth 7% - 10%
Adjusted EBITDA $8.0 - $9.0
As a Percentage of Revenue (at the midpoint) 22%
Stock-based Compensation Expense $2.1 - $2.5
Weighted Average Shares Outstanding 29.0

Refer to the "Adjusted EBITDA Guidance Reconciliation" table included with the financial tables at the end of this release for the reconciliation to the most comparable GAAP financial measure.

Conference Call Information

What: ChannelAdvisor Third Quarter 2020 Financial Results Conference Call
When: Thursday, November 5, 2020
Time: 8:00 a.m. ET
Live Call: (855) 638-4821, Passcode 5252688, Toll Free
  (704) 288-0612, Passcode 5252688, Toll
Webcast: http://ir.channeladvisor.com (live and replay)

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: adjusted EBITDA and adjusted EBITDA margin, free cash flow, non-GAAP gross profit and non-GAAP gross margin. Adjusted EBITDA and adjusted EBITDA margin exclude depreciation, amortization, income tax (benefit) expense, net interest expense, stock-based compensation expense, for 2019 only, non-recurring severance and related costs, and for 2020 only, transaction costs associated with our July 2020 acquisition of BlueBoard. Free cash flow is cash flow from operations, reduced by purchases of property and equipment and payment of software development costs. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense.

ChannelAdvisor believes that these non-GAAP measures of financial results provide useful information to management and investors relating to ChannelAdvisor’s financial condition and results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

Management of the company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with GAAP results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. ChannelAdvisor urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.

About ChannelAdvisor

ChannelAdvisor (NYSE: ECOM) is a leading e-commerce cloud platform whose mission is to connect and optimize the world’s commerce. For nearly two decades, ChannelAdvisor has helped brands and retailers worldwide improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance and providing actionable analytics to improve competitiveness. Thousands of customers depend on ChannelAdvisor to securely power their sales and optimize fulfillment on channels such as Amazon, eBay, Facebook, Google, Walmart, and hundreds more. For more information, visit www.channeladvisor.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and guidance for the fourth quarter 2020 and expectations regarding our growth and that of the e-commerce industry. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections, as well as the current beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond ChannelAdvisor’s control. ChannelAdvisor’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in ChannelAdvisor’s Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q that will be filed for the quarter ended September 30, 2020, as well as other documents that may be filed by the company from time to time with the Securities and Exchange Commission. These documents are available on the ‘SEC Filings’ section of the Investor Relations page of our website at http://ir.channeladvisor.com. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the impact of the COVID-19 pandemic on global economic conditions and on our revenues and financial performance; our reliance for a significant portion of our revenue on sales by our customers on the Amazon and eBay marketplaces and through advertisements on Google; our ability to respond to rapid changes in channel technologies or requirements; our ability to compete successfully against current and future competitors, which could include the channels themselves; our reliance in part on a pricing model under which a portion of the subscription fees we receive from customers is variable, based upon the amount of transaction volume that those customers process through our platform; our reliance on non-redundant data centers and cloud computing providers to deliver our SaaS solutions; the potential that the e-commerce market does not grow, or grows more slowly than we expect, particularly on the channels that our solutions support; challenges and risks associated with our international operations; our ability to align our expenses with revenue; and risks related to security or privacy breaches. The forward-looking statements included in this press release represent ChannelAdvisor’s views as of the date of this press release. ChannelAdvisor undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, these forward-looking statements should not be relied upon as representing ChannelAdvisor’s views as of any date subsequent to the date of this press release.


ChannelAdvisor Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

  September 30, 2020   December 31, 2019
  (unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $ 66,357     $ 51,785    
Accounts receivable, net of allowance of $410 and $733 as of September 30, 2020 and December 31, 2019, respectively 21,817     22,126    
Prepaid expenses and other current assets 12,840     10,452    
Total current assets 101,014     84,363    
Operating lease right of use assets 8,802     11,128    
Property and equipment, net 9,184     9,597    
Goodwill 30,990     23,486    
Intangible assets, net 4,439     1,285    
Deferred contract costs, net of current portion 13,370     12,810    
Long-term deferred tax assets, net 3,649     3,584    
Other assets 979     614    
Total assets $ 172,427     $ 146,867    
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 545     $ 409    
Accrued expenses 14,892     8,577    
Deferred revenue 21,368     21,000    
Other current liabilities 6,375     6,431    
Total current liabilities 43,180     36,417    
Long-term operating leases, net of current portion 6,436     9,767    
Long-term finance leases, net of current portion 12     27    
Other long-term liabilities 2,170     1,007    
Total liabilities 51,798     47,218    
Commitments and contingencies      
Stockholders' equity:      
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of September 30, 2020 and December 31, 2019        
Common stock, $0.001 par value, 100,000,000 shares authorized, 28,981,204 and 28,077,469 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 29     28    
Additional paid-in capital 286,208     278,111    
Accumulated other comprehensive loss (1,803 )   (1,740 )  
Accumulated deficit (163,805 )   (176,750 )  
Total stockholders' equity 120,629     99,649    
Total liabilities and stockholders' equity $ 172,427     $ 146,867    


ChannelAdvisor Corporation and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Revenue $ 35,285     $ 31,678     $ 104,760     $ 95,184    
Cost of revenue (1) (2) 7,691     7,251     21,807     21,876    
Gross profit 27,594     24,427     82,953     73,308    
Operating expenses (1) (2):              
Sales and marketing 13,477     12,403     38,436     40,808    
Research and development 4,809     4,803     14,153     15,161    
General and administrative 5,974     5,440     17,742     19,272    
Total operating expenses 24,260     22,646     70,331     75,241    
Income (loss) from operations 3,334     1,781     12,622     (1,933 )  
Other income:              
Interest (expense) income, net (1 )   205     210     599    
Other income (expense), net 5     (44 )   44     (32 )  
Total other income 4     161     254     567    
Income (loss) before income taxes 3,338     1,942     12,876     (1,366 )  
Income tax (benefit) expense (374 )   213     171     572    
Net income (loss) $ 3,712     $ 1,729     $ 12,705     $ (1,938 )  
Net income (loss) per share:              
Basic $ 0.13     $ 0.06     $ 0.45     $ (0.07 )  
Diluted $ 0.12     $ 0.06     $ 0.43     $ (0.07 )  
Weighted average common shares outstanding:              
Basic 28,802,310     28,049,199     28,485,547     27,824,696    
Diluted 30,436,601     28,754,679     29,815,829     27,824,696    
               
(1) Includes stock-based compensation as follows:              
Cost of revenue $ 203     $ 169     $ 760     $ 745    
Sales and marketing 544         2,061     1,773    
Research and development 485     454     1,708     1,696    
General and administrative 1,030     178     3,203     2,786    
  $ 2,262     $ 801     $ 7,732     $ 7,000    
               
(2) Includes depreciation and amortization as follows:              
Cost of revenue $ 1,062     $ 1,046     $ 3,067     $ 2,947    
Sales and marketing 154     205     465     607    
Research and development 61     94     195     277    
General and administrative 378     319     928     975    
  $ 1,655     $ 1,664     $ 4,655     $ 4,806    


ChannelAdvisor Corporation and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

  Nine Months Ended September 30,
  2020   2019
Cash flows from operating activities      
Net income (loss) $ 12,705     $ (1,938 )  
Adjustments to reconcile net income (loss) to cash and cash equivalents provided by operating activities:      
Depreciation and amortization 4,655     4,806    
Bad debt expense 479     911    
Stock-based compensation expense 7,732     7,000    
Deferred income taxes (61 )   513    
Other items, net (617 )   43    
Changes in assets and liabilities, net of effects from acquisition:      
Accounts receivable 343     1,007    
Prepaid expenses and other assets (917 )   2,282    
Deferred contract costs (1,800 )   (2,661 )  
Accounts payable and accrued expenses 3,404     (2,112 )  
Deferred revenue 62     (2,337 )  
Cash and cash equivalents provided by operating activities 25,985     7,514    
Cash flows from investing activities      
Acquisition, net of cash acquired (8,787 )      
Purchases of property and equipment (1,021 )   (755 )  
Payment of software development costs (2,283 )   (1,972 )  
Cash and cash equivalents used in investing activities (12,091 )   (2,727 )  
Cash flows from financing activities      
Repayment of finance leases (1,418 )   (2,357 )  
Proceeds from exercise of stock options 3,553     968    
Payment of statutory tax withholding related to net-share settlement of restricted stock units (1,299 )   (2,101 )  
Payment of line of credit financing costs (179 )      
Cash and cash equivalents provided by (used in) financing activities 657     (3,490 )  
Effect of currency exchange rate changes on cash and cash equivalents 21     (256 )  
Net increase in cash and cash equivalents 14,572     1,041    
Cash and cash equivalents, beginning of period 51,785     47,185    
Cash and cash equivalents, end of period $ 66,357     $ 48,226    



Reconciliation of GAAP Gross Profit and GAAP Gross Margin to
Non-GAAP Gross Profit and Non-GAAP Gross Margin
(unaudited; dollars in thousands)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Revenue $ 35,285     $ 31,678     $ 104,760     $ 95,184  
               
Gross profit (GAAP) $ 27,594     $ 24,427     $ 82,953     $ 73,308  
Plus: Stock-based compensation expense included within cost of revenue 203     169     760     745  
Plus: Non-recurring severance and related costs included within cost of revenue     238         238  
Gross profit (Non-GAAP) $ 27,797     $ 24,834     $ 83,713     $ 74,291  
Gross margin (GAAP) 78.2 %   77.1 %   79.2 %   77.0 %
Gross margin (Non-GAAP) 78.8 %   78.4 %   79.9 %   78.0 %


Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(unaudited; in thousands)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Operating expenses (GAAP) $ 24,260     $ 22,646     $ 70,331     $ 75,241  
Less: Stock-based compensation expense included within operating expenses 2,059     632     6,972     6,255  
Less: Transaction costs in connection with acquisition included within operating expenses 178         443      
Less: Non-recurring severance and related costs included within operating expenses     727         727  
Operating expenses (Non-GAAP) $ 22,023     $ 21,287     $ 62,916     $ 68,259  


Reconciliation of GAAP Income (Loss) from Operations and GAAP Operating Margin to
Non-GAAP Income from Operations and Non-GAAP Operating Margin
(unaudited; dollars in thousands)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Revenue $ 35,285     $ 31,678     $ 104,760     $ 95,184    
               
Income (loss) from operations (GAAP) $ 3,334     $ 1,781     $ 12,622     $ (1,933 )  
Plus: Stock-based compensation expense 2,262     801     7,732     7,000    
Plus: Transaction costs in connection with acquisition 178         443        
Plus: Non-recurring severance and related costs     965         965    
Income from operations (Non-GAAP) $ 5,774     $ 3,547     $ 20,797     $ 6,032    
Operating margin (GAAP) 9.4 %   5.6 %   12.0 %   (2.0 )%  
Operating margin (Non-GAAP) 16.4 %   11.2 %   19.9 %   6.3 %  


Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(unaudited; in thousands)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Net income (loss) (GAAP) $ 3,712     $ 1,729     $ 12,705     $ (1,938 )  
Plus: Stock-based compensation expense 2,262     801     7,732     7,000    
Plus: Transaction costs in connection with acquisition 178         443        
Plus: Non-recurring severance and related costs     965         965    
Net income (Non-GAAP) $ 6,152     $ 3,495     $ 20,880     $ 6,027    


Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(unaudited; in thousands)
  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Net income (loss) (GAAP) $ 3,712     $ 1,729     $ 12,705     $ (1,938 )  
Adjustments:              
Interest expense (income), net 1     (205 )   (210 )   (599 )  
Income tax (benefit) expense (374 )   213     171     572    
Depreciation and amortization expense 1,655     1,664     4,655     4,806    
Total adjustments 1,282     1,672     4,616     4,779    
EBITDA 4,994     3,401     17,321     2,841    
Stock-based compensation expense 2,262     801     7,732     7,000    
Transaction costs in connection with acquisition 178         443        
Non-recurring severance and related costs     965         965    
Adjusted EBITDA $ 7,434     $ 5,167     $ 25,496     $ 10,806    


Reconciliation of Trailing Twelve Month (TTM) GAAP Net Income to Adjusted EBITDA
(unaudited; in thousands)
  QTD   QTD   QTD   QTD   TTM
  September 30, 2020   June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2020
Net income (GAAP) $ 3,712     $ 6,986     $ 2,007     $ 5,420     $ 18,125    
Adjustments:                  
Interest expense (income), net 1     (85 )   (126 )   (155 )   (365 )  
Income tax (benefit) expense (374 )   325     220     117     288    
Depreciation and amortization expense 1,655     1,522     1,478     1,530     6,185    
Total adjustments 1,282     1,762     1,572     1,492     6,108    
EBITDA 4,994     8,748     3,579     6,912     24,233    
Stock-based compensation expense 2,262     2,556     2,914     1,976     9,708    
Transaction costs in connection with acquisition 178     265             443    
Non-recurring severance and related costs             464     464    
Adjusted EBITDA $ 7,434     $ 11,569     $ 6,493     $ 9,352     $ 34,848    


Free Cash Flow Reconciliation
(unaudited; in thousands)
  Nine Months Ended September 30,
  2020   2019
Cash and cash equivalents provided by operating activities $ 25,985     $ 7,514    
Less: Purchases of property and equipment (1,021 )   (755 )  
Less: Payment of software development costs (2,283 )   (1,972 )  
Free cash flow $ 22,681     $ 4,787    


Adjusted EBITDA Guidance Reconciliation
(unaudited; in millions)
  Fourth Quarter 2020
  Low   High
Net income (estimate) $ 3.5     $ 5.2    
Adjustments (estimates):      
Interest (income) expense, net 0.0     (0.1 )  
Income tax (benefit) expense 0.2     0.1    
Depreciation and amortization expense 1.8     1.7    
Total adjustments 2.0     1.7    
EBITDA 5.5     6.9    
Stock-based compensation expense (estimate) 2.5     2.1    
Adjusted EBITDA guidance (floor) $ 8.0     $ 9.0    

Investor Contact:
Raiford Garrabrant ChannelAdvisor Corporation raiford.garrabrant@channeladvisor.com
919-228-4817

Media Contact:
Tamara Gibbs ChannelAdvisor Corporation tamara.gibbs@channeladvisor.com
919-249-9798

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Source: ChannelAdvisor Corporation

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