2021 Q2 Form 10-Q Financial Statement

#000145677221000030 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $137.1M $145.6M
YoY Change -5.84% -17.29%
Cost Of Revenue $40.81M $41.60M
YoY Change -1.9% -12.97%
Gross Profit $96.29M $104.0M
YoY Change -7.41% -18.88%
Gross Profit Margin 70.23% 71.43%
Selling, General & Admin $18.28M $12.40M
YoY Change 47.42% -23.46%
% of Gross Profit 18.98% 11.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.41M $64.00M
YoY Change -14.98% -13.63%
% of Gross Profit 56.51% 61.54%
Operating Expenses $73.65M $76.50M
YoY Change -3.72% -15.19%
Operating Profit $22.64M $27.50M
YoY Change -17.68% -27.63%
Interest Expense $29.00M $25.21M
YoY Change 15.06% -28.69%
% of Operating Profit 128.11% 91.65%
Other Income/Expense, Net
YoY Change
Pretax Income -$66.24M $1.794M
YoY Change -3792.2% -102.77%
Income Tax -$121.0K $235.0K
% Of Pretax Income 13.1%
Net Earnings -$66.70M $1.299M
YoY Change -5234.49% -102.01%
Net Earnings / Revenue -48.65% 0.89%
Basic Earnings Per Share -$1.38 $0.03
Diluted Earnings Per Share -$1.38 $0.03
COMMON SHARES
Basic Shares Outstanding 48.17M shares 48.11M shares
Diluted Shares Outstanding 48.17M shares 48.11M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.67M $24.50M
YoY Change -23.81% 16.11%
Cash & Equivalents $18.67M $24.49M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $90.99M $95.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $109.7M $119.5M
YoY Change -8.24% 30.32%
LONG-TERM ASSETS
Property, Plant & Equipment $3.963B $3.759B
YoY Change 5.44% -13.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.67M $39.10M
YoY Change -6.22% -6.01%
Other Assets $95.30M $50.60M
YoY Change 88.33% -69.2%
Total Long-Term Assets $4.102B $3.858B
YoY Change 6.31% -18.13%
TOTAL ASSETS
Total Short-Term Assets $109.7M $119.5M
Total Long-Term Assets $4.102B $3.858B
Total Assets $4.211B $3.978B
YoY Change 5.87% -17.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.4M $114.4M
YoY Change 11.33% -28.1%
Accrued Expenses $1.200M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $145.2M $122.5M
YoY Change 18.56% -26.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.517B $2.177B
YoY Change 15.6% -25.52%
Other Long-Term Liabilities $20.92M $11.90M
YoY Change 75.79% -38.66%
Total Long-Term Liabilities $2.537B $2.189B
YoY Change 15.93% -25.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.2M $122.5M
Total Long-Term Liabilities $2.537B $2.189B
Total Liabilities $2.683B $2.311B
YoY Change 16.07% -25.63%
SHAREHOLDERS EQUITY
Retained Earnings $155.1M $189.4M
YoY Change -18.11% 63.06%
Common Stock $2.617B $2.614B
YoY Change 0.1% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.529B $1.666B
YoY Change
Total Liabilities & Shareholders Equity $4.211B $3.978B
YoY Change 5.87% -17.21%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$66.70M $1.299M
YoY Change -5234.49% -102.01%
Depreciation, Depletion And Amortization $54.41M $64.00M
YoY Change -14.98% -13.63%
Cash From Operating Activities $59.48M $73.60M
YoY Change -19.19% -17.4%
INVESTING ACTIVITIES
Capital Expenditures -$551.9M -$17.50M
YoY Change 3053.74% 116.05%
Acquisitions
YoY Change
Other Investing Activities $37.54M $16.30M
YoY Change 130.29% -38.95%
Cash From Investing Activities -$514.4M -$1.200M
YoY Change 42763.92% -106.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 273.5M -76.30M
YoY Change -458.48% -29.02%
NET CHANGE
Cash From Operating Activities 59.48M 73.60M
Cash From Investing Activities -514.4M -1.200M
Cash From Financing Activities 273.5M -76.30M
Net Change In Cash -181.4M -3.900M
YoY Change 4550.62% -2050.0%
FREE CASH FLOW
Cash From Operating Activities $59.48M $73.60M
Capital Expenditures -$551.9M -$17.50M
Free Cash Flow $611.4M $91.10M
YoY Change 571.11% -6.28%

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CY2020Q2 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1121000 USD
CY2020Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
30000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
176000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
1299000 USD
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
26510000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
1666430000 USD
us-gaap Net Income Loss
NetIncomeLoss
-28837000 USD
us-gaap Net Income Loss
NetIncomeLoss
12139000 USD
us-gaap Depreciation
Depreciation
43313000 USD
us-gaap Depreciation
Depreciation
41318000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4924000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4685000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
74301000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
85726000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
3766000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
3380000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
54118000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
10822000 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
55857000 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
opi Gain Losson Extinguishmentof Debt Net
GainLossonExtinguishmentofDebtNet
-9294000 USD
opi Gain Losson Extinguishmentof Debt Net
GainLossonExtinguishmentofDebtNet
-2701000 USD
us-gaap Straight Line Rent
StraightLineRent
9204000 USD
us-gaap Straight Line Rent
StraightLineRent
9051000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-952000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-957000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-976000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-536000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-15206000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
2162000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
8764000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
8803000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
40934000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3986000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-5300000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6044000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-14429000 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
11768000 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-285000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
117376000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
111190000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
535902000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
11864000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
31303000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
32050000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
166432000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
81528000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
0 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
2880000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-400467000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
71939000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
114413000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
310000000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
400000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
297699000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
145275000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
420000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
481467000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
35000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
281467000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
941000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
503000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
352000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
57000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
53150000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
53021000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
246317000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-222719000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-36774000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-70595000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56855000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100696000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20081000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30101000 USD
us-gaap Interest Paid Net
InterestPaidNet
53722000 USD
us-gaap Interest Paid Net
InterestPaidNet
53811000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
287000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18472000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15112000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
13031000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
0 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
150000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
69000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18667000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24485000 USD
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
1414000 USD
CY2020Q2 us-gaap Restricted Cash
RestrictedCash
5616000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20081000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30101000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
CY2021Q2 opi Number Of Operating Lease Executed
NumberOfOperatingLeaseExecuted
25 lease
CY2021Q2 opi Operating Leases Committed Expenditures On Leases Executed In Period Area Of Leased Property
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodAreaOfLeasedProperty
548000 sqft
CY2021Q2 opi Operating Leases Weighted Average Lease Term
OperatingLeasesWeightedAverageLeaseTerm
P16Y7M6D
CY2021Q2 opi Operating Leases Committed Expenditures On Leases Executed In Period
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriod
76702000 USD
opi Number Of Operating Lease Executed
NumberOfOperatingLeaseExecuted
45 lease
opi Operating Leases Committed Expenditures On Leases Executed In Period Area Of Leased Property
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodAreaOfLeasedProperty
1123000 sqft
opi Operating Leases Weighted Average Lease Term
OperatingLeasesWeightedAverageLeaseTerm
P10Y10M24D
opi Operating Leases Committed Expenditures On Leases Executed In Period
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriod
83847000 USD
CY2021Q2 opi Operating Leases Committed Expenditures On Leases Executed In Period Committed But Unspent Tenant Related Obligations
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriodCommittedButUnspentTenantRelatedObligations
113099000 USD
opi Number Of Properties Acquired
NumberOfPropertiesAcquired
2 property
CY2021Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
877000 sqft
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
548933000 USD
opi Asset Acquisition Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
AssetAcquisitionProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred
1761000 USD
CY2021Q2 opi Asset Acquisition Acquisition Related Costs
AssetAcquisitionAcquisitionRelatedCosts
694000 USD
opi Number Of Properties Acquired
NumberOfPropertiesAcquired
2 property
CY2021Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
877000 sqft
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
548933000 USD
CY2021Q2 opi Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Real Estate Lease Obligation
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRealEstateLeaseObligation
9088000 USD
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
opi Number Of Joint Ventures
NumberOfJointVentures
2 joint_venture
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis.
CY2021Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
3847000 USD
CY2020Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
3468000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
9204000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
9051000 USD
CY2021Q2 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
74674000 USD
CY2020Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
68824000 USD
CY2021Q2 us-gaap Variable Lease Income
VariableLeaseIncome
17488000 USD
us-gaap Variable Lease Income
VariableLeaseIncome
36348000 USD
CY2021Q2 opi Tenant Reimbursement Income
TenantReimbursementIncome
16639000 USD
opi Tenant Reimbursement Income
TenantReimbursementIncome
34442000 USD
CY2020Q2 us-gaap Variable Lease Income
VariableLeaseIncome
18302000 USD
us-gaap Variable Lease Income
VariableLeaseIncome
38048000 USD
CY2020Q2 opi Tenant Reimbursement Income
TenantReimbursementIncome
17229000 USD
opi Tenant Reimbursement Income
TenantReimbursementIncome
35851000 USD
CY2021Q2 opi Number Of Other Governments
NumberOfOtherGovernments
4 government_tenant
CY2020Q2 opi Number Of Other Governments
NumberOfOtherGovernments
2 government_tenant
CY2021Q2 opi Number Of Properties Collateralized
NumberOfPropertiesCollateralized
3 building
CY2021Q2 opi Aggregate Net Book Value Of Real Estate Properties Collateralized
AggregateNetBookValueOfRealEstatePropertiesCollateralized
190969000 USD
CY2021Q2 opi Aggregate Principal Amount Of Real Estate Properties Collateralized
AggregatePrincipalAmountOfRealEstatePropertiesCollateralized
98903000 USD
CY2020Q4 opi Number Of Properties Securing Debt
NumberOfPropertiesSecuringDebt
3 property
CY2021Q2 opi Number Of Trustees
NumberOfTrustees
8 trustee
CY2021Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
12009 shares
CY2021Q2 opi Stock Repurchased During Period Price Per Share
StockRepurchasedDuringPeriodPricePerShare
29.33
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.55
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
26575000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.55
CY2021Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
26575000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.10
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
53150000 USD

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