2014 Q4 Form 10-Q Financial Statement

#000091142114000023 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.663B $1.643B $1.564B
YoY Change 1.59% 5.05% -4.17%
Cost Of Revenue $870.0M $960.0M $751.0M
YoY Change -1.02% 27.83% 4.16%
Gross Profit $793.0M $275.0M $387.0M
YoY Change 4.62% -28.94% 43.87%
Gross Profit Margin 47.68% 16.74% 24.74%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $325.0M $322.0M $283.0M
YoY Change 2.2% 13.78% 14.57%
% of Gross Profit 40.98% 117.09% 73.13%
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $12.00M $12.00M $12.00M
YoY Change 0.0% 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $123.0M $108.0M $108.0M
YoY Change -6.11% 0.0% 13.68%
Pretax Income $334.0M $242.0M $402.0M
YoY Change 18.02% -39.8% -26.37%
Income Tax $53.00M $46.00M $70.00M
% Of Pretax Income 15.87% 19.01% 17.41%
Net Earnings $277.0M $196.0M $334.0M
YoY Change 1.84% -41.32% -31.42%
Net Earnings / Revenue 16.66% 11.93% 21.36%
Basic Earnings Per Share $5.39 $3.68 $5.95
Diluted Earnings Per Share $5.26 $3.60 $5.84
COMMON SHARES
Basic Shares Outstanding 48.97M shares 49.51M shares 53.67M shares
Diluted Shares Outstanding 50.68M shares 54.63M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.313B $1.519B $1.551B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $456.4M $456.4M
YoY Change 0.0%
Intangibles $159.6M $166.1M $193.1M
YoY Change -14.69% -14.01% 80.18%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $22.27B $23.21B $23.14B
YoY Change -3.33% 0.3% -2.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $15.17B $16.14B $16.51B
YoY Change -6.8% -2.26% -0.28%
SHAREHOLDERS EQUITY
Retained Earnings $6.271B $6.041B $5.183B
YoY Change 15.98% 16.55% 5.92%
Common Stock $87.24M $87.14M $86.43M
YoY Change 0.67% 0.83% 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.259B $3.076B $2.606B
YoY Change 20.37% 18.01%
Treasury Stock Shares 39.40M shares 37.79M shares
Shareholders Equity $7.049B $7.014B $6.572B
YoY Change
Total Liabilities & Shareholders Equity $22.27B $23.21B $23.14B
YoY Change -3.33% 0.3% -2.12%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $277.0M $196.0M $334.0M
YoY Change 1.84% -41.32% -31.42%
Depreciation, Depletion And Amortization $325.0M $322.0M $283.0M
YoY Change 2.2% 13.78% 14.57%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">3. Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;January 2014,&#160;the Financial Accounting Standards Board (FASB)&#160;issued updated guidance on the accounting for investments in affordable housing projects that qualify for low-income housing tax credits by entities that manage or invest in such projects. The update modifies the conditions that an entity must meet to elect the effective yield or proportional amortization method to account for such investments. The guidance is effective for interim and annual periods beginning after December&#160;15, 2014, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Consolidated Financial Statements or disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;June 2014,&#160;the FASB&#160;issued updated guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance is effective for interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Consolidated Financial Statements or disclosures.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Organization</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PartnerRe Ltd. (PartnerRe or the Company) predominantly provides reinsurance and certain specialty insurance lines on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe SE and Partner Reinsurance Company of the U.S. Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health and alternative risk products. The Company&#8217;s alternative risk products include weather and credit protection to financial, industrial and service companies on a worldwide basis.</font></div><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective December&#160;31, 2012, the Company completed the acquisition of Presidio Reinsurance Group, Inc. (subsequently renamed and referred to as PartnerRe Health), a California-based U.S. specialty accident and health reinsurance and insurance writer. The Condensed Consolidated Statements of Operations and Cash Flows include PartnerRe Health&#8217;s results from January&#160;1, 2013.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company&#8217;s principal estimates include:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unpaid losses and loss expenses;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Policy benefits for life and annuity contracts;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gross and net premiums written and net premiums earned;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recoverability of deferred acquisition costs;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recoverability of deferred tax assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation of goodwill and intangible assets; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs.</font></div></td></tr></table></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51566134 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54625151 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57217561 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50681325 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50461749 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53671245 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56176260 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49514980 shares
pre Weighted Average Number Of Potentially Dilutive Common Shares And Common Share Equivalents Outstanding
WeightedAverageNumberOfPotentiallyDilutiveCommonSharesAndCommonShareEquivalentsOutstanding
1041301 shares
CY2013Q4 pre Derivative Asset Financial Instruments Not Offset
DerivativeAssetFinancialInstrumentsNotOffset
2000 USD
CY2014Q3 pre Derivative Asset Financial Instruments Not Offset
DerivativeAssetFinancialInstrumentsNotOffset
344000 USD
CY2013Q4 pre Derivative Liability Financial Instruments Not Offset
DerivativeLiabilityFinancialInstrumentsNotOffset
2000 USD
CY2014Q3 pre Derivative Liability Financial Instruments Not Offset
DerivativeLiabilityFinancialInstrumentsNotOffset
344000 USD
CY2014Q3 pre Fair Value Assets Level2 To Level1 Transfers Amount2
FairValueAssetsLevel2ToLevel1TransfersAmount2
0 USD
CY2013Q3 pre Fair Value Assets Level2 To Level1 Transfers Amount2
FairValueAssetsLevel2ToLevel1TransfersAmount2
0 USD
CY2014Q3 pre Funds Held Directly Managed
FundsHeldDirectlyManaged
650374000 USD
CY2013Q4 pre Funds Held Directly Managed
FundsHeldDirectlyManaged
785768000 USD
CY2013Q4 pre Funds Held Directly Managed Cost
FundsHeldDirectlyManagedCost
778569000 USD
CY2014Q3 pre Funds Held Directly Managed Cost
FundsHeldDirectlyManagedCost
642278000 USD
CY2014Q3 pre Funds Held Directly Managed Investments Carried At Fair Value
FundsHeldDirectlyManagedInvestmentsCarriedAtFairValue
478968000 USD
CY2013Q4 pre Funds Held Directly Managed Investments Carried At Fair Value
FundsHeldDirectlyManagedInvestmentsCarriedAtFairValue
561306000 USD
pre Increase Decrease In Funds Held By Reinsured Companies And Funds Held Directly Managed
IncreaseDecreaseInFundsHeldByReinsuredCompaniesAndFundsHeldDirectlyManaged
138659000 USD
pre Increase Decrease In Funds Held By Reinsured Companies And Funds Held Directly Managed
IncreaseDecreaseInFundsHeldByReinsuredCompaniesAndFundsHeldDirectlyManaged
76159000 USD
pre Increase Decrease In Net Tax Assets And Liabilities
IncreaseDecreaseInNetTaxAssetsAndLiabilities
-83379000 USD
pre Increase Decrease In Net Tax Assets And Liabilities
IncreaseDecreaseInNetTaxAssetsAndLiabilities
-27792000 USD
pre Increase Decrease In Reinsurance Balances Net
IncreaseDecreaseInReinsuranceBalancesNet
-592380000 USD
pre Increase Decrease In Reinsurance Balances Net
IncreaseDecreaseInReinsuranceBalancesNet
-565187000 USD
pre Increase Decrease In Reinsurance Recoverable On Paid And Unpaid Losses Net Of Ceded Premiums Payable
IncreaseDecreaseInReinsuranceRecoverableOnPaidAndUnpaidLossesNetOfCededPremiumsPayable
65593000 USD
pre Increase Decrease In Reinsurance Recoverable On Paid And Unpaid Losses Net Of Ceded Premiums Payable
IncreaseDecreaseInReinsuranceRecoverableOnPaidAndUnpaidLossesNetOfCededPremiumsPayable
32421000 USD
pre Increase Decrease In Unpaid Losses And Loss Expenses Including Life Policy Benefits
IncreaseDecreaseInUnpaidLossesAndLossExpensesIncludingLifePolicyBenefits
144663000 USD
pre Increase Decrease In Unpaid Losses And Loss Expenses Including Life Policy Benefits
IncreaseDecreaseInUnpaidLossesAndLossExpensesIncludingLifePolicyBenefits
-65725000 USD
pre Loss On Redemption Of Preferred Shares
LossOnRedemptionOfPreferredShares
0 USD
pre Loss On Redemption Of Preferred Shares
LossOnRedemptionOfPreferredShares
9135000 USD
CY2014Q3 pre Loss On Redemption Of Preferred Shares
LossOnRedemptionOfPreferredShares
0 USD
CY2013Q3 pre Loss On Redemption Of Preferred Shares
LossOnRedemptionOfPreferredShares
0 USD
pre Losses And Loss Expenses And Life Policy Benefits Segment Disclosure
LossesAndLossExpensesAndLifePolicyBenefitsSegmentDisclosure
2279000000 USD
CY2014Q3 pre Losses And Loss Expenses And Life Policy Benefits Segment Disclosure
LossesAndLossExpensesAndLifePolicyBenefitsSegmentDisclosure
960000000 USD
CY2013Q3 pre Losses And Loss Expenses And Life Policy Benefits Segment Disclosure
LossesAndLossExpensesAndLifePolicyBenefitsSegmentDisclosure
751000000 USD
pre Losses And Loss Expenses And Life Policy Benefits Segment Disclosure
LossesAndLossExpensesAndLifePolicyBenefitsSegmentDisclosure
2593000000 USD
pre Net Proceeds From Issuance Of Preferred Stock
NetProceedsFromIssuanceOfPreferredStock
0 USD
pre Net Proceeds From Issuance Of Preferred Stock
NetProceedsFromIssuanceOfPreferredStock
241265000 USD
CY2013Q4 pre Net Tax Assets
NetTaxAssets
14133000 USD
CY2014Q3 pre Net Tax Assets
NetTaxAssets
5029000 USD
CY2013Q4 pre Net Tax Liabilities
NetTaxLiabilities
284442000 USD
CY2014Q3 pre Net Tax Liabilities
NetTaxLiabilities
234651000 USD
CY2014Q3 pre Other Invested Assets Carried At Fair Value
OtherInvestedAssetsCarriedAtFairValue
104554000 USD
CY2013Q4 pre Other Invested Assets Carried At Fair Value
OtherInvestedAssetsCarriedAtFairValue
135139000 USD
CY2013Q4 pre Preference Shares Aggregate Liquidation Value
PreferenceSharesAggregateLiquidationValue
853750000 USD
CY2014Q3 pre Preference Shares Aggregate Liquidation Value
PreferenceSharesAggregateLiquidationValue
853750000 USD
pre Underwriting Result
UnderwritingResult
383000000 USD
CY2014Q3 pre Underwriting Result
UnderwritingResult
169000000 USD
CY2013Q3 pre Underwriting Result
UnderwritingResult
284000000 USD
pre Underwriting Result
UnderwritingResult
366000000 USD
CY2014Q3 pre Weighted Average Number Of Potentially Dilutive Common Shares And Common Share Equivalents Outstanding
WeightedAverageNumberOfPotentiallyDilutiveCommonSharesAndCommonShareEquivalentsOutstanding
1166345 shares
CY2013Q3 pre Weighted Average Number Of Potentially Dilutive Common Shares And Common Share Equivalents Outstanding
WeightedAverageNumberOfPotentiallyDilutiveCommonSharesAndCommonShareEquivalentsOutstanding
953906 shares
pre Weighted Average Number Of Potentially Dilutive Common Shares And Common Share Equivalents Outstanding
WeightedAverageNumberOfPotentiallyDilutiveCommonSharesAndCommonShareEquivalentsOutstanding
1104385 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000911421
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
48972567 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PARTNERRE LTD.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
0000911421-14-000023-index-headers.html Edgar Link pending
0000911421-14-000023-index.html Edgar Link pending
0000911421-14-000023.txt Edgar Link pending
0000911421-14-000023-xbrl.zip Edgar Link pending
a20140930-10q.htm Edgar Link pending
exhibit101.htm Edgar Link pending
exhibit102amendedemployeei.htm Edgar Link pending
exhibit103mpamndrstdconsul.htm Edgar Link pending
exhibit104cmexecutiveemplo.htm Edgar Link pending
exhibit105ecexecutiveemplo.htm Edgar Link pending
exhibit106wbexecutiveemplo.htm Edgar Link pending
exhibit107ldexecutiveemplo.htm Edgar Link pending
exhibit108twexecutiveemplo.htm Edgar Link pending
exhibit15.htm Edgar Link pending
exhibit311.htm Edgar Link pending
exhibit312.htm Edgar Link pending
exhibit32.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
pre-20140930.xml Edgar Link completed
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pre-20140930_def.xml Edgar Link unprocessable
pre-20140930_lab.xml Edgar Link unprocessable
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report.css Edgar Link pending
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