2017 Q1 Form 10-Q Financial Statement

#000114420417025961 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $1.213M $15.67M $15.70M
YoY Change -92.27% 0.97% 13.74%
Cost Of Revenue $11.72M $11.65M $11.47M
YoY Change 2.18% 2.46% 3.05%
Gross Profit $3.230M $4.027M $4.233M
YoY Change -23.69% -3.01% 58.12%
Gross Profit Margin 266.28% 25.69% 26.97%
Selling, General & Admin $4.630M $5.070M $3.811M
YoY Change 21.49% 14.19% -7.84%
% of Gross Profit 143.34% 125.9% 90.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $943.0K $1.000M $652.0K
YoY Change 44.63% 51.52% -10.32%
% of Gross Profit 29.2% 24.83% 15.4%
Operating Expenses $4.630M $5.020M $3.811M
YoY Change 21.49% 13.06% -7.84%
Operating Profit -$1.400M -$993.0K $422.0K
YoY Change -431.75% 244.79% -128.94%
Interest Expense $12.00K -$60.00K -$13.00K
YoY Change -192.31% 500.0% -143.33%
% of Operating Profit -3.08%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.383M -$1.060M $409.0K
YoY Change -438.14% 253.33% -128.56%
Income Tax $445.0K $0.00 $518.0K
% Of Pretax Income 126.65%
Net Earnings -$1.730M -$983.0K $3.000K
YoY Change -57766.67% 65.77% -100.16%
Net Earnings / Revenue -142.62% -6.27% 0.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$67.50K -$38.24K $0.00
COMMON SHARES
Basic Shares Outstanding 25.63K shares 25.62M shares 25.45M shares
Diluted Shares Outstanding 25.63K shares 25.57M shares

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.20M $14.17M $25.39M
YoY Change -44.07% -43.12% -0.12%
Cash & Equivalents $14.20M $14.17M $25.39M
Short-Term Investments
Other Short-Term Assets $3.280M $3.120M $3.350M
YoY Change -2.09% 7.59% 16.32%
Inventory
Prepaid Expenses
Receivables $9.520M $9.952M $10.32M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.00M $27.25M $39.06M
YoY Change -30.87% -27.03% 6.6%
LONG-TERM ASSETS
Property, Plant & Equipment $5.898M $5.397M $4.520M
YoY Change 30.49% 14.27% -19.07%
Goodwill $2.747M $2.734M $1.531M
YoY Change 79.43% 85.23% -1.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.950M $2.377M $3.620M
YoY Change 36.74% 2.02% 34.42%
Total Long-Term Assets $21.59M $20.34M $13.79M
YoY Change 56.55% 46.35% -13.62%
TOTAL ASSETS
Total Short-Term Assets $27.00M $27.25M $39.06M
Total Long-Term Assets $21.59M $20.34M $13.79M
Total Assets $48.59M $47.59M $52.85M
YoY Change -8.06% -7.12% 0.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.360M $1.018M $2.160M
YoY Change 9.26% -18.56% 23.01%
Accrued Expenses $8.970M $4.333M $8.070M
YoY Change 11.15% 30.83% 148.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.860M $1.120M $1.450M
YoY Change 28.28% -29.2% 7.01%
Total Short-Term Liabilities $14.42M $12.84M $12.94M
YoY Change 11.44% 4.36% 8.62%
LONG-TERM LIABILITIES
Long-Term Debt $4.070M $3.917M $3.590M
YoY Change 13.37% 14.0% -32.72%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.070M $3.917M $3.590M
YoY Change 13.37% 14.0% -32.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.42M $12.84M $12.94M
Total Long-Term Liabilities $4.070M $3.917M $3.590M
Total Liabilities $15.45M $16.76M $13.91M
YoY Change 11.07% 6.47% -19.36%
SHAREHOLDERS EQUITY
Retained Earnings $10.67M $12.40M $17.93M
YoY Change -40.48% -30.82% -5.2%
Common Stock $275.0K $273.0K $270.0K
YoY Change 1.85% 1.11% 0.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.622M $4.622M $4.488M
YoY Change 2.99% 2.99% 4.66%
Treasury Stock Shares 1.681M shares 1.681M shares 1.624M shares
Shareholders Equity $33.14M $33.78M $38.95M
YoY Change
Total Liabilities & Shareholders Equity $48.59M $47.59M $52.85M
YoY Change -8.08% -7.12% 0.47%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$1.730M -$983.0K $3.000K
YoY Change -57766.67% 65.77% -100.16%
Depreciation, Depletion And Amortization $943.0K $1.000M $652.0K
YoY Change 44.63% 51.52% -10.32%
Cash From Operating Activities $1.120M -$1.620M $730.0K
YoY Change 53.42% -515.38% -64.56%
INVESTING ACTIVITIES
Capital Expenditures $1.049M -$690.0K $153.0K
YoY Change 585.62% 200.0% -17.74%
Acquisitions
YoY Change
Other Investing Activities -$180.0K
YoY Change
Cash From Investing Activities -$1.050M -$870.0K -$150.0K
YoY Change 600.0% 278.26% -21.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $190.0K
YoY Change -60.58%
Cash From Financing Activities -30.00K -290.0K -190.0K
YoY Change -84.21% 61.11% -60.42%
NET CHANGE
Cash From Operating Activities 1.120M -1.620M 730.0K
Cash From Investing Activities -1.050M -870.0K -150.0K
Cash From Financing Activities -30.00K -290.0K -190.0K
Net Change In Cash 40.00K -2.780M 390.0K
YoY Change -89.74% 13800.0% -71.94%
FREE CASH FLOW
Cash From Operating Activities $1.120M -$1.620M $730.0K
Capital Expenditures $1.049M -$690.0K $153.0K
Free Cash Flow $71.00K -$930.0K $577.0K
YoY Change -87.69% -250.0% -69.21%

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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
1387000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-62000 USD
CY2017Q1 inod Other Comprehensive Income Loss Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeLossGainLossOnDerivativesArisingDuringPeriodNetOfTax
233000 USD
CY2017Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
1325000 USD
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
1387000 USD
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-318000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-1369000 USD
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-7000 USD
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
274000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-1442000 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
356000 USD
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-1086000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
1523000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
1523000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-82000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-84000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
221000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-165000 USD
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
629000 USD
CY2016Q1 inod Other Comprehensive Income Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentsNetOfTax
-29000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
658000 USD
CY2016Q1 inod Other Comprehensive Income Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeGainLossArisingDuringPeriodNetOfTax
742000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
53000 USD
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25445000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25627000 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
129000 shares
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25574000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25627000 shares
CY2017Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
14900000 USD
CY2017Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
233000 USD
CY2016Q1 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
386000 USD
CY2016Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-53000 USD
CY2017Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-78000 USD
CY2016Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
CY2017Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
CY2017Q1 dei Document Type
DocumentType
10-Q
CY2017Q1 dei Amendment Flag
AmendmentFlag
false
CY2017Q1 dei Document Period End Date
DocumentPeriodEndDate
2017-03-31
CY2017Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2017Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2017Q1 dei Entity Registrant Name
EntityRegistrantName
INNODATA INC
CY2017Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000903651
CY2017Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2017Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2017Q1 dei Trading Symbol
TradingSymbol
INOD
CY2017Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25877454 shares
CY2017Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
37762000 USD
CY2016Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
38406000 USD
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27559000 shares
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25878000 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27305000 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25624000 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1681000 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1681000 shares
CY2017Q1 us-gaap Noncurrent Assets
NoncurrentAssets
16635000 USD
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
5931000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
5037000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
38212000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
525000 USD
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
16322000 USD
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b> <font style="FONT-SIZE: 10pt">- In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those related to revenue recognition, allowance for doubtful accounts and billing adjustments, long-lived assets, intangible assets, goodwill, valuation of deferred tax assets, valuation of securities underlying stock-based compensation, litigation accruals, pension benefits, purchase price allocation of the net assets acquired in the acquisition of Agility, valuation of derivative instruments and estimated accruals for various tax exposures.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
1213000 USD
CY2015Q4 us-gaap Goodwill
Goodwill
1476000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7990000 USD
CY2017Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1500000 USD
CY2017Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
2000000 CAD
CY2017Q1 inod Supplemental Deferred Purchase Price Percentage
SupplementalDeferredPurchasePricePercentage
0.7 pure
CY2016Q1 us-gaap Costs And Expenses
CostsAndExpenses
15289000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1383000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
409000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
445000 USD
CY2017Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
600000 USD
CY2016Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
500000 USD
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P26M
CY2017Q1 us-gaap Litigation Reserve
LitigationReserve
8000000 USD
CY2017Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
100000 USD
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
288000 USD
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
279000 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2017Q1 us-gaap Costs And Expenses
CostsAndExpenses
16336000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
518000 USD

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