2020 Q1 Form 10-Q Financial Statement

#000123400620000007 Filed on April 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $33.62M $28.14M
YoY Change 19.48% 6.77%
Cost Of Revenue $7.530M $4.140M
YoY Change 81.88% 6.43%
Gross Profit $26.09M $24.00M
YoY Change 8.71% 6.81%
Gross Profit Margin 77.6% 85.3%
Selling, General & Admin $2.470M $2.120M
YoY Change 16.51% 9.84%
% of Gross Profit 9.47% 8.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.10M $13.01M
YoY Change 8.38% 12.25%
% of Gross Profit 54.04% 54.21%
Operating Expenses $24.09M $19.27M
YoY Change 25.05% 10.71%
Operating Profit $1.998M $4.734M
YoY Change -57.79% -6.59%
Interest Expense $7.252M $7.231M
YoY Change 0.29% 16.38%
% of Operating Profit 362.96% 152.75%
Other Income/Expense, Net -$7.269M -$4.198M
YoY Change 73.15% -3.41%
Pretax Income $2.260M $4.670M
YoY Change -51.61% 1.3%
Income Tax
% Of Pretax Income
Net Earnings $2.267M $4.628M
YoY Change -51.02% 0.5%
Net Earnings / Revenue 6.74% 16.45%
Basic Earnings Per Share -$0.02 $0.06
Diluted Earnings Per Share -$0.02 $0.06
COMMON SHARES
Basic Shares Outstanding 33.63M shares 29.52M shares
Diluted Shares Outstanding 33.63M shares 29.52M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.900M $4.300M
YoY Change 130.23% 4.88%
Cash & Equivalents $9.853M $4.314M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.900M $4.300M
YoY Change 130.23% -21.82%
LONG-TERM ASSETS
Property, Plant & Equipment $912.8M $773.8M
YoY Change 17.96% 3.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.20M $43.40M
YoY Change 11.06% -6.26%
Total Long-Term Assets $1.089B $930.7M
YoY Change 17.0% 1.43%
TOTAL ASSETS
Total Short-Term Assets $9.900M $4.300M
Total Long-Term Assets $1.089B $930.7M
Total Assets $1.099B $935.0M
YoY Change 17.52% 1.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $2.600M
YoY Change 23.08% 8.33%
Accrued Expenses $5.800M $5.900M
YoY Change -1.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.50M $8.500M
YoY Change 58.82% 32.81%
LONG-TERM LIABILITIES
Long-Term Debt $666.2M $552.4M
YoY Change 20.6% 1.49%
Other Long-Term Liabilities $40.30M $27.60M
YoY Change 46.01% 3.76%
Total Long-Term Liabilities $706.5M $580.0M
YoY Change 21.81% 1.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.50M $8.500M
Total Long-Term Liabilities $706.5M $580.0M
Total Liabilities $723.2M $591.1M
YoY Change 22.34% 1.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $34.00K $30.00K
YoY Change 13.33% 7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.4M $253.6M
YoY Change
Total Liabilities & Shareholders Equity $1.099B $935.0M
YoY Change 17.52% 1.29%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $2.267M $4.628M
YoY Change -51.02% 0.5%
Depreciation, Depletion And Amortization $14.10M $13.01M
YoY Change 8.38% 12.25%
Cash From Operating Activities $20.33M $12.60M
YoY Change 61.35% -0.21%
INVESTING ACTIVITIES
Capital Expenditures -$73.49M -$7.140M
YoY Change 929.27% -53.24%
Acquisitions
YoY Change
Other Investing Activities $4.750M $6.830M
YoY Change -30.45% -38.85%
Cash From Investing Activities -$68.75M -$314.0K
YoY Change 21793.31% -92.34%
FINANCING ACTIVITIES
Cash Dividend Paid $15.74M $14.19M
YoY Change 10.89% 5.33%
Common Stock Issuance & Retirement, Net $28.30M -$14.29M
YoY Change -297.98% 810.9%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $51.46M -$14.35M
YoY Change -458.57% 35.63%
NET CHANGE
Cash From Operating Activities $20.33M $12.60M
Cash From Investing Activities -$68.75M -$314.0K
Cash From Financing Activities $51.46M -$14.35M
Net Change In Cash $3.043M -$2.065M
YoY Change -247.36% 0.54%
FREE CASH FLOW
Cash From Operating Activities $20.33M $12.60M
Capital Expenditures -$73.49M -$7.140M
Free Cash Flow $93.82M $19.74M
YoY Change 375.28% -29.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid).
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1124000 USD
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12000 USD
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CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
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250000 USD
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161000 USD
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10100000 USD
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493000 USD
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492000 USD
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489000 USD
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477000 USD
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350000 USD
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4292000 USD
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77414000 USD
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85298000 USD
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94182000 USD
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107159000 USD
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82835000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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307591000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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293679000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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94252000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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101883000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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101794000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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107411000 USD
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21000 USD
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0 USD
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CY2020Q1 us-gaap Long Term Debt
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2903000 USD
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3110000 USD
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-14351000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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NetCashProvidedByUsedInInvestingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12600000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20330000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
4628000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
2267000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
45000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-9000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1792000 USD
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NetIncomeLossAvailableToCommonStockholdersBasic
-619000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1792000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-619000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4198000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7269000 USD
CY2019Q4 us-gaap Notes Payable
NotesPayable
121276000 USD
CY2020Q1 us-gaap Notes Payable
NotesPayable
159033000 USD
CY2020Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
501900000 USD
CY2020Q1 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
4 lease
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
24092000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
27162000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
29479000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5847000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5808000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
50000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
39000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5794000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5742000 USD
CY2019Q4 us-gaap Other Assets
OtherAssets
8913000 USD
CY2020Q1 us-gaap Other Assets
OtherAssets
5849000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-722000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-2528000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-722000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2528000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-722000 USD
CY2019Q4 us-gaap Other Liabilities
OtherLiabilities
12920000 USD
CY2020Q1 us-gaap Other Liabilities
OtherLiabilities
16488000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
81000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000 USD
CY2019Q1 us-gaap Payments For Commissions
PaymentsForCommissions
138000 USD
CY2020Q1 us-gaap Payments For Commissions
PaymentsForCommissions
715000 USD
CY2019Q1 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
71000 USD
CY2020Q1 us-gaap Payments For Lease Commissions
PaymentsForLeaseCommissions
715000 USD
CY2019Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
0 USD
CY2020Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
1892000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
14192000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
15738000 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
279000 USD
CY2020Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
382000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
179000 USD
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
323000 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
565000 USD
CY2020Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
1000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14292000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
28296000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
37700000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
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13700000 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
36900000 USD
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
10640000 USD
CY2020Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
35855000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Land Heldforinvestment
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6318000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Land Heldforinvestment
ProceedsFromSaleOfLandHeldforinvestment
3947000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
4673000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
2258000 USD
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
207523000 USD
CY2020Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
216547000 USD
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1056978000 USD
CY2020Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1123644000 USD
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
849455000 USD
CY2020Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
907097000 USD
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
152153000 USD
CY2020Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
152193000 USD
CY2019Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
2612000 USD
CY2020Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
2678000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
31500000 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
67700000 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6692000 USD
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3162000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
2703000 USD
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
4678000 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4639000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4678000 USD
CY2019Q1 us-gaap Revenues
Revenues
28137000 USD
CY2020Q1 us-gaap Revenues
Revenues
33619000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5998000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
453739000 USD
CY2020Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
486315000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
208134000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
220354000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
258291000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
211037000 USD
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
223464000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
581000 USD
CY2020Q1 us-gaap Straight Line Rent
StraightLineRent
214000 USD
CY2019Q4 us-gaap Tenant Improvements
TenantImprovements
68201000 USD
CY2020Q1 us-gaap Tenant Improvements
TenantImprovements
69487000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
975000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4140000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29516870 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33634946 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29516870 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33634946 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29516870 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33634946 shares
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. </font></div></div>

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