Sign in or join
or
Join us
Didn't receive confirmation?
Thanks for registering. Please click on the confirm link in the email we just sent you.
Continue
Reset password
Resend confirmation
Post as Guest
+
Be part of the collaborative process!

Add a note by highlighting text or Replying to an existing note.

Okay
+
Be part of the collaborative process!

Add a note by highlighting text or Replying to an existing note.

Okay
EX-99.1

Exhibit 99.1

 

LOGO

 

Investor Relations:

Brian Norris

Vice President of Investor Relations

+1 781.250.3829

brian.norris@fleetmatics.com

 

Public Relations:

Juli Burda

Director of Public Relations

+1 847.378.4398

juli.burda@fleetmatics.com

Fleetmatics Reports Strong Third Quarter Financial Results and Subscriber Growth

—Company Raises Guidance for 2015 and Introduces Preliminary Outlook for 2016—

 

  •   Q3 Revenue of $73.5 million, up 22% year-over-year

 

  •   Q3 GAAP EPS of $0.22; Non-GAAP1 adjusted EPS of $0.41

 

  •   Q3 Adjusted EBITDA1 of $24.8 million, or 33.7% of total revenue

 

  •   Q3 Cash flow from operations of $30.1 million

 

  •   Active vehicles under subscription of 655,000, up 25% year-over-year

Dublin, Ireland and Boston, Massachusetts – November 3, 2015 – Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), today announced financial results for its third quarter ended September 30, 2015.

“We are pleased to be reporting strong third quarter results which continue to demonstrate the leverage in our business model,” said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “We are delighted with the addition of 30,000 new vehicle subscriptions in the third quarter and the progress we are making in expanding our global reach. We are focused on closing out the year strongly, and moving forward, remain well positioned to deliver on the long term strategic and financial objectives we outlined at Fleetmatics Analyst Day 2015.”

Results for the Third Quarter of 2015

Total revenue for the third quarter of 2015 was $73.5 million, an increase of 22% compared to $60.4 million for the third quarter of 2014. GAAP net income for the third quarter of 2015 was $8.8 million, or $0.22 per diluted share, compared to $8.2 million, or $0.21 per diluted share, for the third quarter of 2014. Non-GAAP1 adjusted earnings for the third quarter of 2015 was $16.3 million, or $0.41 per diluted share, compared to $11.3 million, or $0.29 per diluted share, for the third quarter of 2014. Adjusted EBITDA1 for the third quarter of 2015 was $24.8 million, an increase of 18% compared to $21.0 million for the third quarter of 2014. Adjusted EBITDA1 margin for the third quarter of 2015 was 33.7% compared to 34.7% for the third quarter of 2014. As of September 30, 2015, the Company had cash of $189.3 million compared to $179.6 million at June 30, 2015. During the third quarter of 2015, the Company generated $30.1 million in net cash from operations and invested $13.8 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $16.3 million. During the third quarter of 2014, the Company generated $13.7 million in net cash from operations and invested $11.7 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $2.0 million.


Company Issues Fourth Quarter Guidance and Raises Full Year 2015 Outlook

The Company today issued guidance for the fourth quarter of 2015 and raised its full year 2015 outlook. The Company’s guidance is based on the current indications for its business, which may change at any time.

 

  •   Fourth Quarter 2015 Guidance: The Company expects total revenue to be in the range of $76.5 million to $77.5 million. Adjusted EBITDA1 is expected to be in the range of $23.8 million to $24.8 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $0.37 to $0.40 based on approximately 39.8 million weighted average diluted shares outstanding.

 

  •   Full Year 2015 Guidance: The Company expects total revenue to be in the range of $284.0 million to $285.0 million. Adjusted EBITDA1 is expected to be in the range of $91.0 million to $92.0 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $1.44 to $1.47 based on approximately 39.4 million weighted average diluted shares outstanding.

“We remain well positioned to deliver strong top and bottom line growth in 2015,” said Steve Lifshatz, Chief Financial Officer of Fleetmatics. “Our preliminary estimates for 2016 call for full year revenues in the range of $340 million to $345 million. We also expect to drive expanded full year adjusted EBITDA margins of 33%-34% in 2016 – in line with our plans for accelerating profitability growth. We will provide formal detailed guidance for 2016 when we release results for the fourth quarter of 2015.”

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 5:00 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing 1.800.230.1059 and using access code “FLTX”. The conference call may be accessed outside of the United States by dialing +1.612.234.9959 and using access code “FLTX”. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.fleetmatics.com. A replay of the conference call will be available approximately two hours after the call by dialing 1.800.475.6701 or +1.320.365.3844 and using access code 369883 or by accessing the webcast replay on the Company’s investor relations website. The Company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About Fleetmatics Group PLC

Fleetmatics Group PLC is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). Our solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data. Fleetmatics Group’s intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process – quote through payment. As of September 30, 2015, Fleetmatics served approximately 31,000 customers, with approximately 655,000 subscribed vehicles worldwide. To learn more about Fleetmatics, visit www.fleetmatics.com.

1Non-GAAP Financial Measures

In this release, Fleetmatics’ non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP adjusted earnings, non-GAAP diluted adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Non-GAAP gross profit and non-GAAP gross margin exclude share-based compensation and amortization of intangible assets. Non-GAAP operating income excludes share-based compensation; amortization of intangible assets; certain non-recurring litigation and settlement costs; and certain acquisition-related transaction costs. Non-GAAP adjusted earnings and non-GAAP diluted adjusted earnings per share exclude share-based compensation; amortization of intangible assets; foreign currency transaction (gain) loss; certain non-recurring litigation and settlement costs; certain acquisition-related transaction costs; loss on extinguishment of debt; the tax effects related to these items; and the tax reserve component of the income tax provision.


Adjusted EBITDA is defined as net income (loss) plus provision for (benefit from) income taxes; interest (income) expense, net; foreign currency transaction (gain) loss, net; depreciation and amortization of property and equipment; amortization of capitalized in-vehicle devices owned by customers; amortization of intangible assets; share-based compensation; certain non-recurring litigation and settlement costs; loss on extinguishment of debt; and certain acquisition-related transaction costs.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company’s performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company’s financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our expected financial results for the fourth quarter of 2015, the full year of 2015, as well as our preliminary outlook for 2016. These forward-looking statements include, but are not limited to: plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with the fluctuations of foreign currency exchange rates and the impact on our revenue and expenses; risks associated with our ability to effectively and efficiently attract, sell to and retain customers; our ability to retain and increase sales to our existing customers; our ability to successfully attract customers on a cost-effective basis; our dependence on enterprise customers; our dependence on various lead generation programs; our ability to successfully complete and integrate acquisitions; expectations regarding the widespread adoption of fleet management solutions; our ability to expand the sales of our products in new geographies using our current lead generation and sales model; the effect of fluctuations in foreign currency exchange rates; our ability to integrate and sell our products through indirect sales channels; our ability to continue to compete in a highly fragmented market and the risk of future competitors by way of recent and future acquisitions or otherwise; our ability to keep up with the rapid technological change required to remain competitive in our industry; our ability to migrate customers to newer technologies; the impact of adverse economic conditions on information technology spending by our target customers; and collection of our accounts receivable and other risks set forth under the caption “Risk Factors” in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2015, as updated by our subsequently filed quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Subscription revenue

   $ 73,471      $ 60,421      $ 207,530      $ 167,586   

Cost of subscription revenue

     18,808        15,056        53,746        42,336   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     54,663        45,365        153,784        125,250   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Sales and marketing

     24,771        19,153        72,232        59,564   

Research and development

     5,669        4,259        15,467        13,049   

General and administrative

     14,483        10,623        39,053        31,381   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     44,923        34,035        126,752        103,994   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     9,740        11,330        27,032        21,256   

Interest income (expense), net

     (183     (149     (677     (522

Foreign currency transaction gain (loss), net

     (1,074     316        1,995        670   

Loss on extinguishment of debt

     —         —         (107     —     

Other income (expense), net

     (40     (42     (40     (1
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     8,443        11,455        28,203        21,403   

Provision for (benefit from) income taxes

     (373     3,260        2,241        6,347   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 8,816      $ 8,195      $ 25,962      $ 15,056   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.23      $ 0.22      $ 0.68      $ 0.40   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.22      $ 0.21      $ 0.66      $ 0.39   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding:

        

Basic

     38,478,125        37,575,672        38,264,949        37,373,705   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     39,460,848        38,532,609        39,125,249        38,424,555   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     September 30,
2015
     December 31,
2014
 
     (Unaudited)         

Assets

     

Current assets:

     

Cash

   $ 189,347       $ 175,400   

Restricted cash

     130         —     

Accounts receivable, net of allowances of $3,028 and $2,200 at September 30, 2015 and December 31, 2014, respectively

     20,032         16,876   

Deferred tax assets

     7,439         7,458   

Prepaid expenses and other current assets

     15,099         13,379   
  

 

 

    

 

 

 

Total current assets

     232,047         213,113   

Property and equipment, net

     97,973         79,734   

Goodwill

     38,835         30,207   

Intangible assets, net

     6,628         6,460   

Deferred tax assets, net

     6,283         6,353   

Other assets

     11,050         10,829   
  

 

 

    

 

 

 

Total assets

   $ 392,816       $ 346,696   
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Current liabilities:

     

Accounts payable

   $ 9,565       $ 8,001   

Accrued expenses and other current liabilities

     33,455         24,307   

Deferred revenue

     22,325         22,592   
  

 

 

    

 

 

 

Total current liabilities

     65,345         54,900   

Deferred revenue

     9,389         10,241   

Accrued income taxes

     3,559         3,164   

Long-term debt, net of discount

     22,990         23,750   

Other liabilities

     7,326         2,356   
  

 

 

    

 

 

 

Total liabilities

     108,609         94,411   
  

 

 

    

 

 

 

Total shareholders’ equity

     284,207         252,285   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 392,816       $ 346,696   
  

 

 

    

 

 

 


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Nine Months Ended
September 30,
 
     2015     2014  

Cash flows from operating activities:

    

Net income

   $ 25,962      $ 15,056   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization of property and equipment

     20,520        15,951   

Amortization of capitalized in-vehicle devices owned by customers

     639        896   

Amortization of intangible assets

     1,814        1,902   

Amortization of deferred commissions, other deferred costs and debt discount

     7,589        5,955   

Provision for (benefit from) deferred tax assets

     —         (277

Provision for accounts receivable allowances

     2,529        1,672   

Unrealized foreign currency transaction (gain) loss

     (2,165     (735

Loss on disposal of property and equipment and other assets

     2,224        1,315   

Share-based compensation

     17,010        9,717   

Changes in excess tax benefits on share-based awards

     3,624        (13,056

Loss on extinguishment of debt

     107        —    

Changes in operating assets and liabilities:

    

Accounts receivable

     (5,527     3,440   

Prepaid expenses and other current and long-term assets

     (9,566     (2,277

Accounts payable, accrued expenses and other current liabilities

     5,142        2,751   

Accrued income taxes

     404        1,415   

Deferred revenue

     (1,228     3,797   
  

 

 

   

 

 

 

Net cash provided by operating activities

     69,078        47,522   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (32,494     (28,908

Capitalization of internal-use software costs

     (3,222     (2,491

Proceeds from sale of property and equipment

     —          41   

Payment for business acquired, net of cash acquired

     (7,673     (2,274

Net (increase) decrease in restricted cash

     (149     64   
  

 

 

   

 

 

 

Net cash used in investing activities

     (43,538     (33,568
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Payments of borrowings under Revolving Credit Facility

     (23,750     —    

Proceeds from borrowings under Credit Facility

     46,132        —    

Payments of borrowings under Credit Facility

     (23,750     —    

Proceeds from exercise of stock options

     2,437        1,967   

Taxes paid related to net share settlement of equity awards

     (6,600     (3,703

Changes in excess tax benefits from share-based awards

     (3,624     13,056   

Payments of capital lease obligations

     (1,019     (620

Payments of notes payable

     (399     (365
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (10,573     10,335   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (1,020     (452
  

 

 

   

 

 

 

Net increase in cash

     13,947        23,837   

Cash, beginning of period

     175,400        137,171   
  

 

 

   

 

 

 

Cash, end of period

   $ 189,347      $ 161,008   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 833      $ 525   

Cash paid (refunds received), net for income taxes

   $ 314      $ 1,234   

Supplemental disclosure of non-cash financing and investing activities:

    

Acquisition of property and equipment and software through capital leases and notes payable

   $ 3,409      $ 2,647   

Additions to property and equipment included in accounts payable or accrued expenses at the balance sheet dates

   $ 2,030      $ 2,167   

Leasehold improvements financed by landlord through lease incentives

   $ 2,258      $ —     

Issuance of ordinary shares under employee share purchase plan

   $ 548      $ 441   


RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Gross Profit GAAP

   $ 54,663      $ 45,365      $ 153,784      $ 125,250   

Share-based compensation

     328        176        887        495   

Amortization of intangible assets

     309        345        917        894   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit Non-GAAP

   $ 55,300      $ 45,886      $ 155,588      $ 126,639   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 73,471      $ 60,421      $ 207,530      $ 167,586   

Gross Margin Percentages:

        

GAAP

     74.4     75.1     74.1     74.7

Non-GAAP

     75.3     75.9     75.0     75.6
     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Operating income GAAP

   $ 9,740      $ 11,330      $ 27,032      $ 21,256   

Share-based compensation

     6,670        3,290        17,010        9,717   

Amortization of intangible assets

     615        681        1,814        1,902   

Litigation and settlements

     —          (364     (218     (147

Acquisition-related transaction costs

     279        —          436        218   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income Non-GAAP

   $ 17,304      $ 14,937      $ 46,074      $ 32,946   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Reconciliation of Net Income to Adjusted EBITDA:

        

Net income

   $ 8,816      $ 8,195      $ 25,962      $ 15,056   

Provision for (benefit from) income taxes

     (373     3,260        2,241        6,347   

Interest (income) expense, net

     183        149        677        522   

Foreign currency transaction (gain) loss, net

     1,074        (316 )     (1,995     (670

Depreciation and amortization of property and equipment

     7,387        5,835        20,520        15,951   

Amortization of capitalized in-vehicle devices owned by customers

     122        238        639        896   

Amortization of intangible assets

     615        681        1,814        1,902   

Share-based compensation

     6,670        3,290        17,010        9,717   

Litigation and settlements

     —          (364 )     (218     (147

Acquisition-related transaction costs

     279        —         436        218   

Loss on extinguishment of debt

     —          —         107        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 24,773      $ 20,968      $ 67,193      $ 49,792   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 73,471      $ 60,421      $ 207,530      $ 167,586   

Adjusted EBITDA margin

     33.7     34.7     32.4     29.7


RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS AND EPS

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Net income

   $ 8,816      $ 8,195      $ 25,962      $ 15,056   

Amortization of intangible assets

     615        681        1,814        1,902   

Share-based compensation

     6,670        3,290        17,010        9,717   

Foreign currency transaction (gain) loss, net

     1,074        (316 )     (1,995     (670

Litigation and settlements

     —          (364 )     (218     (147

Acquisition-related transaction costs

     279        —         436        218   

Loss on extinguishment of debt

     —          —         107        —     

Tax effect of non-GAAP adjustments above at 8% in the three and nine months ended September 30, 2015 and 15% in the three and nine months ended September 30, 2014

     (691     (494 )     (1,372     (1,653

Tax reserve component of income tax provision

     (459     266       404        791   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

   $ 16,304      $ 11,258      $ 42,148      $ 25,214   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding — diluted

     39,460,848        38,532,609        39,125,249        38,424,555   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted EPS

   $ 0.41      $ 0.29      $ 1.08      $ 0.66   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

RECONCILIATION TO NON-GAAP INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Cost of subscription revenue

        

Share-based compensation

   $ 328      $ 176      $ 887      $ 495   

Amortization of intangible assets

     309        345        917        894   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal cost of subscription revenue

     637        521        1,804        1,389   

Sales and marketing

        

Share-based compensation

     2,049        1,113        5,833        3,615   

Amortization of intangible assets

     306        336        897        1,008   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal sales and marketing

     2,355        1,449        6,730        4,623   

Research and development

        

Share-based compensation

     893        519        2,354        1,384   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal research and development

     893        519        2,354        1,384   

General and administrative

        

Share-based compensation

     3,400        1,482        7,936        4,223   

Litigation and settlements

     —          (364     (218     (147

Acquisition-related transaction costs

     279        —          436        218   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal general and administrative

     3,679        1,118        8,154        4,294   

Foreign currency transaction (gain) loss, net

     1,074        (316     (1,995     (670

Loss on extinguishment of debt

     —          —          107        —     

Tax effect of non-GAAP adjustments, net of tax reserve component of income tax provision

     (1,150     (228     (968     (862
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expense add-backs

   $ 7,488      $ 3,063      $ 16,186      $ 10,158   
  

 

 

   

 

 

   

 

 

   

 

 

 
Close
The content provided on Two Margins is for information purposes only and does not constitute investment and/or legal advice. Crypto currencies are highly volatile, risky assets and no information on this site, whether generated by Two Margins or external contributors, is a substitute for your own research. Full Risk Disclosure and Disclaimer here.