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Tufin Announces Fourth Quarter and Full Year 2019 Results

02/13/2020

Fourth quarter revenue of $30.1 million increases 3% year-over-year

Fourth quarter GAAP operating loss of $7.4 million and non-GAAP operating loss of $1.9 million

Full year revenue of $103.3 million increases 22% year-over-year

Full year GAAP operating loss of $27.0 million and non-GAAP operating loss of $15.2 million

BOSTON & TEL AVIV, Israel--(BUSINESS WIRE)-- Tufin (NYSE: TUFN), a company pioneering a policy-centric approach to security and IT operations, today announced financial results for the fourth quarter ended December 31, 2019.

“2019 was a transformative year for Tufin as we became a public company and surpassed $100 million in revenue. However, our fourth quarter results were impacted by sales execution challenges primarily in North America. We are disappointed with the fourth quarter and have begun taking steps to improve execution” said Ruvi Kitov, CEO and co-founder. “We continue to see strong demand for our solutions in the marketplace, and our leadership position, long-term growth initiatives and recent organizational changes position us well to capitalize on the large opportunity ahead in security policy management.”

Financial Highlights for the Fourth Quarter Ended December 31, 2019

Revenue:

  • Total revenue was $30.1 million, up 3% compared with the fourthquarter of 2018.
  • Product revenue was $14.3 million, down 16% compared with the fourthquarter of 2018.
  • Maintenance and professional services revenue was $15.8 million, up 30% compared with the fourthquarter of 2018.

Operating Income (Loss):

  • GAAP operating loss was $7.4 million, compared to operating income of $3.5 million in the fourthquarter of 2018.
  • Non-GAAP operating loss was $1.9 million, compared to non-GAAP operating income of $4.5 million in the fourthquarter of 2018.

Net Income (Loss):

  • GAAP net loss was $7.2 million, or a loss of $0.21 per diluted share, compared to a GAAP net income of $2.8 million, or $0.10 per diluted share, in the fourthquarter of 2018.
  • Non-GAAP net loss was $2.4 million, or a loss of $0.07 per diluted share, compared to non-GAAP net income of $3.8 million, or $0.13 per diluted share, in the fourthquarter of 2018.

Financial Highlights for the Full Year Ended December 31, 2019

Revenue:

  • Total revenue was $103.3 million, up 22% compared with 2018.
  • Product revenue was $47.4 million, up 11% compared with 2018.
  • Maintenance and professional services revenue was $55.9 million, up 32% compared with 2018.

Operating Income (Loss):

  • GAAP operating loss was $27.0 million, compared to operating loss of $1.9 million in 2018.
  • Non-GAAP operating loss was $15.2 million, compared to non-GAAP operating income of $1.2 million in 2018.

Net Loss:

  • GAAP net loss was $28.1 million, or a loss of $1.04 per diluted share, compared to GAAP net loss of $4.3 million, or $0.53 per diluted share, in 2018.
  • Non-GAAP net loss was $17.1 million, or a loss of $0.63 per diluted share, compared to non-GAAP net loss of $1.1 million, or $0.13 per diluted share, in 2018.

Balance Sheet and Cash Flow:

  • Cash flow used for operating activities during the twelve months ended December 31, 2019 was $9.6 million, compared to cash flow provided by operating activities of $4.6 million during the twelve months ended December 31, 2018.
  • Total cash, cash equivalents and restricted cash as of December 31, 2019 were $121.7 million, compared to $17.6 million as of December 31, 2018.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and twelve months ended December 31, 2019 and 2018. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights

  • Announced general availability of SecureCloud, enabling companies to secure hybrid cloud environments without compromising security or business agility. Tufin is the first and only company to provide unified security policy management for the hybrid cloud.
  • Announced availability on GSA Schedule 70 through immixGroup. The new relationship will enable government agencies to take greater advantage of Tufin’s security policy automation technology to remain agile, yet secure, in the face of digital transformation.
  • Updated Global Partner Program to help both Tufin and its partners better support sophisticated enterprise infrastructures and cloud deployments, facilitate partner profitability through enhanced incentives, and expand new business opportunities.

Business Outlook

Based on information available as of February 13, 2020, Tufin is issuing guidance as indicated below:

First Quarter 2020:

  • Total revenue between $23.0 million and $26.0 million.
  • Non-GAAP operating loss between $10.5 million and $13.0 million

Full Year 2020:

  • Total revenue between $117.0 million and $123.0 million
  • Non-GAAP operating loss between $22.5 million and $27.5 million

Conference Call Information

To participate in Tufin’s fourth quarter earnings conference call, please dial (866) 211-3126 in the U.S. or (647) 689-6579 for international participants and enter Conference ID# 836324. The call will also be webcast live on Tufin’s Investor Relations website at investors.tufin.com. Following the conference call, a replay will be available at (800) 585-8367 (domestic) or (416) 621-4642 (international). The replay passcode is 836324. An archived webcast of this conference call will be available on the investor relations section of the company website.

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2,000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Non-GAAP Financial Measures

Because of varying available valuation methodologies, subjective assumptions that can impact a company’s non-cash expense, we believe that providing non-GAAP financial measures that exclude non-cash share-based compensation expense, secondary offering costs and the tax effect of these non-GAAP adjustments, allows for more meaningful comparisons between our operating results from period to period. These non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our operating results over different periods:

  • We define non-GAAP gross profit as gross profit excluding share-based compensation expense.
  • We define non-GAAP operating income (loss) as operating income (loss) excluding share-based compensation expense and secondary offering costs.
  • We define non-GAAP net income (loss) as net income (loss) excluding share-based compensation expense secondary offering costs and the tax effect of these non-GAAP adjustments.

Other companies, including companies in our industry, may calculate non-GAAP gross profit, non-GAAP operating income (loss) and non-GAAP net income (loss) differently or not at all, which reduces the usefulness these non-GAAP financial measures for comparison. You should consider these non-GAAP financial measures along with other financial performance measures, including gross profit, operating income (loss) and net income (loss), and our financial results presented in accordance with U.S. GAAP. Tufin urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Guidance for non-GAAP financial measures excludes share-based compensation expense and other non-recurring items, as applicable. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense and other non-recurring items, as applicable, that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.

Cautionary Language Concerning Forward-Looking Statements

This release contains forward-looking statements, which express the current beliefs and expectations of Tufin’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: changes in the rapidly evolving enterprise network landscape; failure to effectively manage growth; potential near-term declines in our operating and net profit margins and our revenue growth rate; real or perceived shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system, or the failure of the Company’s customers or channel partners to correctly implement the Company’s solutions; fluctuations in quarterly results of operations; the inability to acquire new customers or sell additional products and services to existing customers; competition from a wide variety of competitive vendors; the Company’s ability to successfully integrate potential future acquisitions; and other factors discussed under the heading “Risk Factors” in the final prospectus for the Company’s secondary public offering filed with the Securities and Exchange Commission on December 5, 2019. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
(Unaudited)

 

 

 

December 31,

 

 

December 31,

 

 

 

2018

 

 

2019

 

Assets

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

 

15,248

 

 

 

118,661

 

Restricted bank deposits

 

 

561

 

 

 

224

 

Accounts receivable (net of allowance for doubtful accounts of $97 and $77 at December 31, 2018 and December 31, 2019, respectively)

 

 

14,716

 

 

 

16,222

 

Prepaid expenses and other current assets

 

 

5,440

 

 

 

4,773

 

Total current assets

 

 

35,965

 

 

 

139,880

 

NON CURRENT ASSETS:

 

 

 

 

 

 

 

 

Long-term restricted bank deposits

 

 

1,789

 

 

 

2,844

 

Property and equipment, net

 

 

2,563

 

 

 

4,177

 

Deferred costs

 

 

5,025

 

 

 

5,640

 

Deferred tax assets

 

 

689

 

 

 

1,659

 

Deferred offering costs

 

 

730

 

 

 

-

 

Operating lease assets

 

 

-

 

 

 

20,958

 

Other non-current assets

 

 

372

 

 

 

1,574

 

Total non-current assets

 

 

11,168

 

 

 

36,852

 

Total assets

 

 

47,133

 

 

 

176,732

 

TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
(Unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2018

 

2019

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Current maturities of long-term loan

 

 

222

 

 

-

 

Trade payables

 

 

3,096

 

 

4,394

 

Employee and payroll accrued expenses

 

 

9,976

 

 

15,422

 

Other accounts payables

 

 

4,890

 

 

1,568

 

Operating lease liabilities – current

 

 

-

 

 

2,533

 

Deferred revenues

 

 

18,172

 

 

22,725

 

Total current liabilities

 

 

36,356

 

 

46,642

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

Long-term deferred revenues

 

 

13,292

 

 

12,838

 

Non-current operating lease liabilities

 

 

-

 

 

22,000

 

Other non-current liabilities

 

 

732

 

 

930

 

Total non-current liabilities

 

 

14,024

 

 

35,768

 

Total liabilities

 

 

50,380

 

 

82,410

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

REDEEMABLE CONVERTIBLE PREFERRED SHARES:

 

 

 

 

 

 

 

Series A preferred shares of NIS 0.015 par value: 10,000,000 preferred shares authorized at December 31, 2018 and zero at December 31, 2019; 7,592,803 preferred shares issued and outstanding at December 31, 2018 and zero at December 31, 2019;

 

 

5,073

 

 

-

 

Series B preferred shares of NIS 0.015 par value: 3,333,333 preferred shares authorized at December 31, 2018 and zero at December 31, 2019; 2,668,333 preferred shares issued and outstanding at December 31, 2018 and zero at December 31, 2019;

 

 

4,310

 

 

-

 

Series C preferred shares of NIS 0.015 par value: 4,666,667 preferred shares authorized at December 31, 2018 and zero at December 31, 2019; 4,621,592 preferred shares issued and outstanding at December 31, 2018 and zero at December 31, 2019;

 

 

12,416

 

 

-

 

Series D preferred shares of NIS 0.015 par value: 1,534,021 preferred shares authorized at December 31, 2018 and zero at December 31, 2019; 1,534,021 preferred shares issued and outstanding at December 31, 2018 and zero at December 31, 2019

 

 

4,900

 

 

-

 

TOTAL REDEEMABLE CONVERTIBLE PREFERRED SHARES

 

 

26,699

 

 

-

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY (DEFICIT):

 

 

 

 

 

 

 

Ordinary shares of NIS 0.015 par value; 52,666,712 and 150,000,000 shares authorized at December 31, 2018 and December 31, 2019, respectively; 8,265,988 and 35,230,253 shares issued and outstanding at December 31, 2018 and December 31, 2019;

 

 

30

 

 

145

 

Additional paid-in capital

 

 

10,337

 

 

162,609

 

Accumulated deficit

 

 

(40,313)

 

 

(68,432)

 

TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

(29,946)

 

 

94,322

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

47,133

 

 

176,732

 

TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share amounts)
(Unaudited)

 

 

Three Months Ended

Year Ended

 

December 31,

 

 

December 31,

 

 

December 31,

 

December 31,

 

2018

 

 

2019

 

 

2018

 

2019

Revenues:

 

 

 

 

 

 

 

 

Product

 

17,101

 

 

14,335

 

 

42,554

 

 

47,365

 

Maintenance and professional services

 

12,120

 

 

15,780

 

 

42,427

 

 

55,905

 

Total revenues

 

29,221

 

 

30,115

 

 

84,981

 

 

103,270

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

861

 

 

578

 

 

2,324

 

 

2,716

 

Maintenance and professional services

 

3,182

 

 

5,413

 

 

11,112

 

 

17,141

 

Total cost of revenues

 

4,043

 

 

5,991

 

 

13,436

 

 

19,857

 

Gross profit

 

25,178

 

 

24,124

 

 

71,545

 

 

83,413

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

6,405

 

 

9,273

 

 

21,363

 

 

31,571

 

Sales and marketing

 

13,014

 

 

17,068

 

 

46,092

 

 

63,981

 

General and administrative

 

2,292

 

 

5,163

 

 

6,022

 

 

14,884

 

Total operating expenses

 

21,711

 

 

31,504

 

 

73,477

 

 

110,436

 

Operating income (loss)

 

3,467

 

 

(7,380)

 

 

(1,932)

 

 

(27,023)

 

Financial income (loss), net

 

(460)

 

 

494

 

 

(1,047)

 

 

(85)

 

Income (loss) before taxes on income

 

3,007

 

 

(6,886)

 

 

(2,979)

 

 

(27,108)

 

Taxes on income

 

(206)

 

 

(289)

 

 

(1,283)

 

 

(1,011)

 

Net income (loss)

 

2,801

 

 

(7,175)

 

 

(4,262)

 

 

(28,119)

 

Basic net income (loss) per ordinary share

 

0.35

 

 

(0.21)

 

 

(0.53)

 

 

(1.04)

 

Diluted net income (loss) per ordinary share

 

0.10

 

 

(0.21)

 

 

(0.53)

 

 

(1.04)

 

Weighted average number of shares used in computing net income (loss) per ordinary share- basic

 

8,102

 

 

34,657

 

 

8,046

 

 

27,088

 

Weighted average number of shares used in computing net income (loss) per ordinary share- diluted

 

29,482

 

 

34,657

 

 

8,046

 

 

27,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based Compensation Expense:

 

Three Months Ended

Year Ended

 

 

December 31,

 

 

December 31,

 

December 31,

 

December 31,

 

 

2018

 

 

2019

 

2018

 

2019

 

Cost of revenues

185

 

 

627

 

634

 

1,514

 

Research and development

 

222

 

1,250

 

731

 

2,370

Sales and marketing

 

485

 

1,766

 

1,458

 

4,849

General and administrative

 

142

 

949

 

358

 

2,194

Total share-based compensation expense

 

1,034

 

4,592

 

3,181

 

10,927

TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
(Unaudited)

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2018

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net loss

 

 

(4,262)

 

 

(28,119)

 

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation

 

 

956

 

 

1,205

 

Bad debt expense

 

 

34

 

 

31

 

Share-based compensation

 

 

3,181

 

 

10,927

 

Exchange rate differences on cash, cash equivalents and restricted cash

 

 

380

 

 

(712)

 

Other

 

 

(67)

 

 

28

 

Change in operating assets and liabilities items:

 

 

 

 

 

 

 

Accounts receivable

 

 

(3,258)

 

 

(1,537)

 

Prepaid expenses and other current assets

 

 

(3,895)

 

 

928

 

Deferred costs

 

 

(1,352)

 

 

(648)

 

Deferred taxes and other non-current assets

 

 

(149)

 

 

(1,994)

 

Trade payables

 

 

2,456

 

 

1,027

 

Employee and payroll accrued expenses

 

 

729

 

 

4,191

 

Other accounts payable and non-current liabilities

 

 

2,367

 

 

(1,923)

 

Net change in operating lease accounts

 

 

-

 

 

2,876

 

Deferred revenues

 

 

7,507

 

 

4,099

 

Net cash provided by (used in) operating activities

 

 

4,627

 

 

(9,621)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Purchase of fixed assets

 

 

(1,690)

 

 

(2,548)

 

Other investing activities

 

 

55

 

 

(173)

 

Net cash used in investing activities

 

 

(1,635)

 

 

(2,721)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriters' discounts

 

 

-

 

 

115,292

 

Proceeds from exercise of stock options

 

 

163

 

 

2,081

 

Proceeds from withholding tax related to employee stock plans

 

 

-

 

 

1,255

 

Deferred offering costs

 

 

(130)

 

 

(2,645)

 

Payment of long-term loan

 

 

(667)

 

 

(222)

 

Net cash provided by (used in) financing activities

 

 

(634)

 

 

115,761

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(380)

 

 

712

 

 

 

 

 

 

 

 

 

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

1,978

 

 

104,131

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR

 

 

15,620

 

 

17,598

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR

 

 

17,598

 

 

121,729

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

Property and equipment purchased but not yet paid

 

 

315

 

 

271

 

Unpaid offering costs

 

 

600

 

 

52

 

Operating lease liabilities arising from obtaining operating right of use assets

 

 

-

 

 

10,063

 

Conversion of redeemable convertible preferred shares

 

 

-

 

 

26,699

 

Exercise of share options

 

 

-

 

 

228

 

Reconciliation of Gross Profit to Non-GAAP Gross Profit:

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Gross profit

25,178

 

 

24,124

 

 

71,545

 

 

83,413

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

185

 

 

627

 

 

634

 

 

 

1,514

 

Non-GAAP gross profit

 

25,363

 

 

24,751

 

 

72,179

 

 

 

84,927

 

 

 

Reconciliation of Operating Income (Loss) to Non-GAAP Operating Income (Loss):

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Operating income (loss)

3,467

 

 

(7,380)

 

 

(1,932)

 

 

(27,023)

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

1,034

 

 

4,592

 

 

3,181

 

 

 

10,927

 

Secondary offering costs

 

-

 

 

862

 

 

-

 

 

 

862

 

Non-GAAP Operating income (loss)

 

4,501

 

 

(1,926)

 

 

1,249

 

 

 

(15,234)

 

 

 

 

 

Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss):

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Net income (loss)

2,801

 

 

(7,175)

 

 

(4,262)

 

 

(28,119)

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

1,034

 

 

4,592

 

 

3,181

 

 

 

10,927

 

Secondary offering costs

 

-

 

 

862

 

 

-

 

 

 

862

 

Taxes on income related to non-GAAP adjustments

 

-

 

 

(724)

 

 

-

 

 

 

(724)

 

Non-GAAP Net income loss

 

3,835

 

 

(2,445)

 

 

(1,081)

 

 

 

(17,054)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income (loss) per share

Basic

 

0.47

 

 

(0.07)

 

 

(0.13)

 

 

 

(0.63)

 

Diluted

 

0.13

 

 

(0.07)

 

 

(0.13)

 

 

 

(0.63)

 

Weighted average number of shares

Basic

 

8,102

 

 

34,657

 

 

8,046

 

 

 

27,088

 

Diluted

 

29,482

 

 

34,657

 

 

8,046

 

 

 

27,088

 

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Find out more at: www.tufin.com

Follow Tufin on Twitter: @TufinTech

Read more on Tufin’s blog: Suite Talk

Investor Relations Contact:
Ryan Burkart
investors@tufin.com

Media Contact:
Dan Gaffney
fama PR for Tufin
(617) 986-5036
tufin@famapr.com

Source: Tufin

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