Instructure Reports Fourth Quarter and Full Year 2018 Financial Results

02/19/2019
Total Full Year 2018 Revenue of $209.5 Million, Up 30% Year-Over-Year

SALT LAKE CITY, Feb. 19, 2019 /PRNewswire/ -- Instructure, Inc. (NYSE: INST), the leading software-as-a-service (SaaS) technology company that helps people learn and develop, from their first day of school to their last day of work, today announced its financial results for the fourth quarter and full year ended December 31, 2018.

Instructure official logo (PRNewsFoto/Instructure)

"In 2018, we grew revenue 30% year over year, enhanced our operating structure, and defined and launched our growth initiatives," said Dan Goldsmith, CEO of Instructure. "With a strong management team in place and a clear focus on growth and operational excellence, Instructure is well-positioned for success in 2019 and beyond."

Fourth Quarter and Full Year Financial Summary


(in thousands, except per share data)






Three Months

Ended December 31,



Year Ended December 31,




2018



2017



2018



2017




(unaudited)



(unaudited)










Revenue


$

56,251



$

44,755



$

209,544



$

160,975


Gross Margin

















GAAP



69.6

%



70.3

%



70.5

%



71.1

%

Non-GAAP(1)



71.3

%



71.5

%



72.2

%



72.0

%

Operating Loss

















GAAP



(8,259)




(10,411)




(44,773)




(43,802)


Non-GAAP(1)



(1,012)




(6,277)




(21,898)




(28,495)


Operating Margin

















GAAP



-14.7

%



-23.3

%



-21.4

%



-27.2

%

Non-GAAP(1)



-1.8

%



-14.0

%



-10.5

%



-17.7

%

Net loss

















GAAP



(7,587)




(9,744)




(43,465)




(43,084)


Non-GAAP(1)



(340)




(6,189)




(20,712)




(28,258)


EPS

















GAAP


$

(0.22)



$

(0.32)



$

(1.27)



$

(1.47)


Non-GAAP(1)


$

(0.01)



$

(0.20)



$

(0.60)



$

(0.96)


__________


(1)  Non-GAAP financial measures exclude stock-based compensation, reversal of estimated accruals related to payroll taxes on secondary stock purchase transactions, amortization of acquisition related intangibles, the change in fair value of mark-to-market liabilities, the change in fair value of the contingent liability and the deferred income tax benefit.

Fourth Quarter 2018 Business Highlights

  • Instructure continued to expand its customer base in the fourth quarter. A few highlights include:
    • Corporate – ETQ, a leading provider of quality and compliance management software, selected Bridge Learn to train their over 100,000 customers. Deloitte España will be using Bridge Learn not only for internal employee training, but also to deliver cyber security training to their clients. Chewy, the online pet retailer, chose Bridge Learn for their customer success team of 10,000 employees. In Canada, lululemon athletica selected Bridge Learn and Arc to assist them with employee training and development. And finally, The Pacific Financial Group chose Bridge Learn and Practice for their 3,000 financial representatives and clients.
    • U.S. Education – UC San Diego selected Canvas for their over 34,000 students and Harvard Medical School selected Practice in support of their global training for clinical research programs.
    • International Education – In Mexico, Canvas was selected by Tecnológico de Monterrey for their 200,000 learners. In Australia, the University of Melbourne and the University of Technology Sydney chose Canvas for their collective 80,000 students. Additionally, Our Lady of Fatima University in the Philippines with 70,000 learners and the Wine and Spirit Education Trust in the United Kingdom with 30,000 learners also selected Canvas.

Business Outlook

Today, Instructure issued financial guidance for the first quarter and full year 2019. The financial guidance discussed below is on a non-GAAP basis, except for revenue, and excludes stock-based compensation expense, reversal of payroll tax expense on secondary stock purchase transactions, amortization of acquisition related intangibles, the change in fair value of mark-to-market liabilities, the change in fair value of the contingent liability and the deferred income tax benefit (see tables below that reconcile these non-GAAP financial measures to the related GAAP measures). On January 1, 2018, Instructure adopted Accounting Standards Codification (ASC) 606 "Revenue from Contracts with Customers" using the full retrospective transition method.

For the first quarter ending March 31, 2019, Instructure expects revenue of approximately $56.9 million to $57.5 million, a non-GAAP net loss of ($5.6) million to ($5.0) million, and non-GAAP net loss per common share of ($0.16) to ($0.14).

For the full year ending December 31, 2019, Instructure expects revenue of approximately $256 million to $260 million, non-GAAP net loss of ($23.5) million to ($21.5) million, and non-GAAP net loss per common share of ($0.65) to ($0.59).

Conference Call Details

Instructure will discuss its fourth quarter and full year 2018 results today, February 19, 2019, via teleconference at 3:00 p.m. Mountain Time / 5:00 p.m. Eastern Time. The call may be accessed at (877) 201-0168 or (647) 788-4901, passcode 8690028. 

The live webcast of the call can be accessed at the Instructure Investor Relations website at ir.instructure.com. A replay of the call will be available at the same web address approximately two hours following the conclusion of the live event. You may register for the live webcast at http://bit.ly/INST_Q42018EarningsCall.

Non-GAAP Financial Measures

In this press release and related conference call, Instructure's non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, non-GAAP free cash flow and 12-month billings are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.

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. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics.

Non-GAAP measures exclude stock-based compensation, payroll taxes related to secondary stock purchase transactions or the reversal of such expense due to the retirement of the liability, amortization of acquisition related intangibles, the change in fair value of mark-to-market liabilities, the change in fair value of the contingent liability and the deferred income tax benefit. We believe investors may want to exclude the effects of these items in order to compare our financial performance between time periods:

  • Stock-based compensation - Although stock-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of our core business. Unlike cash compensation, the value of equity awards is determined using a complex formula that incorporates factors, such as market volatility and forfeiture rates that are beyond our control.
  • Reversal of estimated accruals related to payroll taxes on secondary stock purchase transactions – Prior to our IPO, operating expenses included employer payroll tax-related items on employee sales of securities to investors. The amount of employer payroll tax-related items on these transactions was dependent on the fair market value of our stock. Beginning in the second quarter of 2016, operating expenses included the reversal of such payroll tax expense due to the reduction of the estimated liability, which will continue to occur in the second quarter of each year.
  • Amortization of acquisition related intangibles - Expense for the amortization of acquisition related intangibles is a non-cash item, and we believe that the exclusion of this expense provides for a useful comparison of our operating results to prior periods.
  • Change in fair value of mark-to-market liabilities - Under GAAP, we are required to record mark-to-market adjustments for the change in fair value of the liability for warrants issued in connection with term debt and our credit facility. This expense or gain is excluded from management's assessment of our operating performance because management believes that these non-cash items are not indicative of ongoing operating performance.
  • Change in fair value of the contingent liability - Under GAAP, we are required to record mark-to-market adjustments for the change in the fair value of the liability for contingent consideration related to an acquisition. The expense or gain recognized is excluded from management's assessment of our operating performance because management believes that these non-cash items are not indicative of ongoing operating performance.
  • Deferred income tax benefit - The deferred income tax benefit is a non-cash item created by the difference in the carrying amount and tax basis of the assets and liabilities acquired. This taxable temporary difference resulted in the recognition of a $0.6 million deferred tax liability which was recorded as an adjustment to goodwill on the consolidated balance sheets as of December 31, 2017. The creation of the deferred tax liability represents a source of future taxable income which supports the realization of a portion of the income tax benefit associated with historical net operating losses. The deferred income tax benefit is a non-cash item that is unique to the business combination, and we believe the exclusion of this deferred tax benefit provides for a useful comparison of our operating results to prior periods and our peer companies.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's financial guidance for the first quarter of 2019 and for the full year ending December 31, 2019, the company's growth, customer demand and application adoption, the company's research and development efforts and future application releases, and the company's expectations regarding future revenue, expenses, cash flows and net income or loss. These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with anticipated growth in Instructure's addressable market; competitive factors, including changes in the competitive environment, pricing changes, sales cycle time and increased competition; Instructure's ability to build and expand its sales efforts; general economic and industry conditions; new application introductions and Instructure's ability to develop and deliver innovative applications and features; Instructure's ability to provide high-quality service and support offerings; risks associated with international operations; and macroeconomic conditions. These and other important risk factors are described more fully in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, which was filed with the Securities and Exchange Commission (the "SEC") on October 31, 2018, and other documents filed with the SEC and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.

About Instructure

Instructure, Inc. is the leading software-as-a-service (SaaS) technology company that helps people learn and develop, from their first day of school to their last day of work. Its software solutions include Canvas, the learning platform that simplifies teaching and elevates learning, and Bridge, the employee development and engagement solution for people-focused companies. To date, Instructure has connected millions of educators and learners at more than 4,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K–12 and Bridge for companies at www.Instructure.com.   

Contacts:
Keaton Godfrey
Director, Investor Relations
Instructure
(866) 574-3127
godfrey@instructure.com

Becky Frost
Senior Director, Corporate Communications
Instructure
(801) 869-5017
press@instructure.com

INSTRUCTURE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)




December 31,

2018



December 31,

2017

Assets








Current assets:








Cash and cash equivalents


$

94,320



$

35,693

Short term marketable securities



58,630




5,697

Accounts receivable—net of allowances of $1,092 and $318 at December 31, 2018 and 2017, respectively



35,514




34,312

Prepaid expenses



13,918




11,492

Deferred commissions



8,226




7,086

Other current assets



2,019




2,419

Total current assets



212,627




96,699

Property and equipment, net



27,388




23,926

Goodwill



12,354




12,354

Intangible assets, net



6,262




9,048

Noncurrent prepaid expenses



3,516




2,939

Deferred commissions, net of current portion



11,404




11,160

Other assets



446




497

Total assets


$

273,997



$

156,623

Liabilities and stockholders '  equity








Current liabilities:








Accounts payable


$

3,581



$

2,892

Accrued liabilities



9,809




13,702

Deferred rent



1,329




936

Deferred revenue



117,298




99,773

Total current liabilities



132,017




117,303

Deferred revenue, net of current portion



3,372




1,889

Deferred rent, net of current portion



10,150




9,201

Other long-term liabilities



20




1,286

Total liabilities



145,559




129,679

Commitments and contingencies








Stockholders' equity:








Common stock



3




3

Additional paid-in capital



395,865




250,899

Accumulated other comprehensive loss



(8)




(1)

Accumulated deficit



(267,422)




(223,957)

Total stockholders' equity



128,438




26,944

Total liabilities and stockholders '  equity


$

273,997



$

156,623

 

INSTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)




Three Months

Ended December 31,



Year Ended

December 31,



2018



2017



2018



2017



(unaudited)



(unaudited)









Revenue:
















Subscription and support


$

50,962



$

40,551



$

188,501



$

144,108

Professional services and other



5,289




4,204




21,043




16,867

Total Net revenue



56,251




44,755




209,544




160,975

Cost of Revenue:
















Subscription and support



13,382




10,001




46,706




34,351

Professional services and other



3,740




3,303




15,137




12,211

Total cost of revenue



17,122




13,304




61,843




46,562

Gross profit



39,129




31,451




147,701




114,413

Operating expenses:
















Sales and marketing



23,811




20,130




97,481




78,726

Research and development



14,281




13,477




59,391




48,293

General and administrative



9,296




8,255




35,602




31,196

Total operating expenses



47,388




41,862




192,474




158,215

Loss from operations



(8,259)




(10,411)




(44,773)




(43,802)

Other income (expense):
















Interest income



885




162




2,413




361

Interest expense



(14)




(37)




(68)




(55)

Other income (expense), net



(167)




4




(698)




257

Total other income, net



704




129




1,647




563

Loss before income taxes



(7,555)




(10,282)




(43,126)




(43,239)

Income tax expense (benefit)



(32)




538




(339)




155

Net loss


$

(7,587)



$

(9,744)



$

(43,465)



$

(43,084)

Net loss per common share, basic and diluted


$

(0.22)



$

(0.32)



$

(1.27)



$

(1.47)

Weighted average shares used to compute net loss per share, basic and diluted



35,175




30,237




34,248




29,401

 

INSTRUCTURE, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)






Three Months

Ended December 31,



Year Ended

December 31,




2018



2017



2018



2017




(unaudited)



(unaudited)










Operating Activities:

















Net loss


$

(7,587)



$

(9,744)



$

(43,465)



$

(43,084)


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

















Depreciation of property and equipment



2,311




1,865




8,749




6,187


Amortization of intangible assets



674




242




2,786




572


Amortization of deferred financing costs



4




7




19




31


Change in fair value of mark-to-market liabilities






(1)




(1,266)




97


Stock-based compensation



6,645




3,963




22,747




15,670


Other



320




25




(437)




(17)


Changes in assets and liabilities:

















Accounts receivable, net



11,368




2,388




(2,643)




(14,882)


Prepaid expenses and other assets



(2,385)




(7,308)




(2,553)




(9,176)


Accounts payable and accrued liabilities



(13,046)




(7,457)




(2,805)




740


Deferred revenue



(18,003)




(8,929)




19,008




26,763


Deferred rent



(261)




1,055




1,342




992


Deferred commissions



(212)




(1,157)




(1,384)




(4,990)


Other liabilities












(32)


Net cash provided by (used in) operating activities



(20,172)




(25,051)




98




(21,129)


Investing Activities:

















Purchases of property and equipment



(2,244)




(4,920)




(11,132)




(15,750)


Purchases of intangible assets






(9)







(310)


Proceeds from disposal of property and equipment



10




26




88




76


Purchases of marketable securities



(21,690)




(2,997)




(113,860)




(11,085)


Maturities of marketable securities



23,750




5,400




61,600




29,300


Net cash provided by (used in) investing activities



(174)




(2,500)




(63,304)




2,231


Financing Activities:

















Proceeds from common stock offerings, net of offering costs









109,789





Proceeds from issuance of common stock from employee equity plans



3,707




4,606




12,467




10,375


Shares repurchased for tax withholdings on vesting of restricted stock



(72)




(78)




(405)




(292)


Payments for financing costs









(18)




(31)


Net cash provided by financing activities



3,635




4,528




121,833




10,052


Net increase (decrease) in cash



(16,711)




(23,023)




58,627




(8,846)


Cash, beginning of period



111,031




58,716




35,693




44,539


Cash, end of period


$

94,320



$

35,693



$

94,320



$

35,693


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP GROSS MARGIN


(in thousands, except percentages)


(unaudited)






Three Months

Ended December 31,



Year Ended

December 31,




2018



2017



2018



2017


GAAP gross profit


$

39,129



$

31,451



$

147,701



$

114,413


Stock-based compensation



632




408




2,210




1,358


Amortization of acquisition related intangibles



332




135




1,339




135


Reversal of payroll tax expense on secondary stock purchase transactions









(49)





Non-GAAP gross margin


$

40,093



$

31,994



$

151,201



$

115,906



















GAAP gross margin %



69.6

%



70.3

%



70.5

%



71.1

%

Non-GAAP gross margin %



71.3

%



71.5

%



72.2

%



72.0

%

 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING LOSS


(in thousands, except percentages)


(unaudited)






Three Months

Ended December 31,



Year Ended

December 31,




2018



2017



2018



2017


Loss from operations


$

(8,259)



$

(10,411)



$

(44,773)



$

(43,802)


Stock-based compensation



6,645




3,963




22,747




15,670


Reversal of payroll tax expense on secondary stock purchase transactions









(1,225)




(534)


Amortization of acquisition related intangibles



602




171




2,497




171


Change in fair value of contingent liability









(1,144)





Non-GAAP operating loss


$

(1,012)



$

(6,277)



$

(21,898)



$

(28,495)



















GAAP operating margin



-14.7

%



-23.3

%



-21.4

%



-27.2

%

Non-GAAP operating margin



-1.8

%



-14.0

%



-10.5

%



-17.7

%

 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS


(in thousands, except per share data)


(unaudited)






Three Months

Ended December 31,



Year Ended

December 31,




2018



2017



2018



2017


Net loss


$

(7,587)



$

(9,744)



$

(43,465)



$

(43,084)


Stock-based compensation



6,645




3,963




22,747




15,670


Reversal of payroll tax expense on secondary stock purchase transactions









(1,225)




(534)


Amortization of acquisition related intangibles



602




171




2,497




171


Change in fair value of mark-to-market liabilities






(1)




(122)




97


Change in fair value of contingent liability









(1,144)





Deferred income tax benefit from business combination






(578)







(578)


Non-GAAP net loss


$

(340)



$

(6,189)



$

(20,712)



$

(28,258)


Non-GAAP net loss per common share, basic and diluted


$

(0.01)



$

(0.20)



$

(0.60)



$

(0.96)


Weighted average common shares used in computing basic and diluted net loss per common share



35,175




30,237




34,248




29,401


 

INSTRUCTURE, INC.


RECONCILIATION OF FREE CASH FLOW


(in thousands)


(unaudited)






Three Months

Ended December 31,



Year Ended

December 31,




2018



2017



2018



2017


Net cash provided by (used in) operating activities


$

(20,172)



$

(25,051)



$

98



$

(21,129)


Purchase of property and equipment and intangibles



(2,244)




(4,929)




(11,132)




(16,060)


Proceeds from disposals of property and equipment



10




26




88




76


Free cash flow


$

(22,406)



$

(29,954)



$

(10,946)



$

(37,113)


 

INSTRUCTURE, INC.


RECONCILIATION OF 12-MONTH BILLINGS


(in thousands)


(unaudited)






Trailing Twelve Months Ended

December 31,




2018



2017


Total net revenue


$

209,544



$

160,975











Total deferred revenue









Beginning balance



101,662




74,637


Ending balance



120,669




101,662


Net change in current deferred revenue



19,007




27,025











Total 12-month billings


$

228,551



$

188,000


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended December 31, 2018


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Reversal of
Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



Change in
fair value of
contingent
earn-out
liability



NON-GAAP


Operating expenses:

























Sales and marketing


$

23,811




(1,618)







(270)






$

21,923


Research and development



14,281




(2,385)













11,896


General and administrative



9,296




(2,010)













7,286


Total operating expenses


$

47,388




(6,013)







(270)






$

41,105


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended December 31, 2017


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Reversal of
Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



Change in
fair value of
contingent
earn-out
liability



NON-GAAP


Operating expenses:

























Sales and marketing


$

20,130




(926)







(36)






$

19,168


Research and development



13,477




(1,648)













11,829


General and administrative



8,255




(981)













7,274


Total operating expenses


$

41,862




(3,555)







(36)






$

38,271


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Year Ended December 31, 2018


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Reversal of
Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



Change in
fair value of
contingent
earn-out
liability



NON-GAAP


Operating expenses:

























Sales and marketing


$

97,481




(6,022)




430




(1,158)






$

90,731


Research and development



59,391




(8,338)




616










51,669


General and administrative



35,602




(6,177)




130







1,144




30,699


Total operating expenses


$

192,474




(20,537)




1,176




(1,158)




1,144



$

173,099


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Year Ended December 31, 2017


(in thousands)


(unaudited)






GAAP



Stock-based
Compensation
Expense



Reversal of
Payroll Tax
Associated
with Equity
Transactions



Amortization
of acquired
intangibles



Change in
fair value of
contingent
earn-out
liability



NON-GAAP


Operating expenses:

























Sales and marketing


$

78,726




(4,331)




256




(36)






$

74,615


Research and development



48,293




(6,023)




256










42,526


General and administrative



31,196




(3,958)




22










27,260


Total operating expenses


$

158,215




(14,312)




534




(36)






$

144,401


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS GUIDANCE


(in thousands)


(unaudited)






Three Months Ending

March 31,



Full Year Ending

December 31,




2019



2019



2019



2019




LOW



HIGH



LOW



HIGH


Net loss


$

(17,225)



$

(16,625)



$

(74,360)



$

(72,330)


Stock-based compensation



11,025




11,025




49,775




49,775


Reversal of payroll tax expense on secondary stock purchase transactions









(1,325)




(1,325)


Amortization of acquisition related intangibles



600




600




2,410




2,410


Non-GAAP net loss


$

(5,600)



$

(5,000)



$

(23,500)



$

(21,470)


 

INSTRUCTURE, INC.


RECONCILIATION OF NON-GAAP NET LOSS PER COMMON SHARE GUIDANCE


(unaudited)






Three Months Ending

March 31,



Full Year Ending

December 31,




2019



2019



2019



2019




LOW



HIGH



LOW



HIGH


Net loss per common share


$

(0.49)



$

(0.47)



$

(2.06)



$

(2.00)


Stock-based compensation



0.31




0.31




1.38




1.38


Reversal of payroll tax expense on secondary stock purchase transactions









(0.04)




(0.04)


Amortization of acquisition related intangibles



0.02




0.02




0.07




0.07


Non-GAAP net loss per common share, basic and diluted


$

(0.16)



$

(0.14)



$

(0.65)



$

(0.59)


Non-GAAP weighted average common shares used in computing basic and diluted net loss per common share (in thousands)



35,500




35,500




36,100




36,100


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/instructure-reports-fourth-quarter-and-full-year-2018-financial-results-300798262.html

SOURCE Instructure

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