2024 Q2 Form 10-Q Financial Statement

#000008474824000028 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $214.2M $213.4M $243.8M
YoY Change -7.2% -12.49% -1.78%
Cost Of Revenue $141.1M $145.2M $164.1M
YoY Change -6.68% -11.54% 0.78%
Gross Profit $73.10M $68.20M $79.70M
YoY Change -8.19% -14.43% -6.67%
Gross Profit Margin 34.13% 31.96% 32.68%
Selling, General & Admin $50.90M $47.50M $60.09M
YoY Change 10.35% -20.95% 4.12%
% of Gross Profit 69.63% 69.65% 75.39%
Research & Development $9.500M $8.900M $9.586M
YoY Change 17.31% -7.16% 16.05%
% of Gross Profit 13.0% 13.05% 12.03%
Depreciation & Amortization $12.30M $11.30M $14.65M
YoY Change -10.37% -22.88% 36.64%
% of Gross Profit 16.83% 16.57% 18.38%
Operating Expenses $60.40M $56.40M $69.67M
YoY Change 11.39% -19.05% 5.62%
Operating Profit $11.30M $11.80M -$252.0K
YoY Change -59.49% -4782.54% -101.27%
Interest Expense -$200.0K -$200.0K -$3.462M
YoY Change -92.95% -94.22% 223.85%
% of Operating Profit -1.77% -1.69%
Other Income/Expense, Net $300.0K $100.0K $5.000K
YoY Change -139.63% 1900.0% -98.13%
Pretax Income $11.90M $11.60M -$3.633M
YoY Change -52.67% -419.3% -117.84%
Income Tax $3.800M $3.800M -$128.0K
% Of Pretax Income 31.93% 32.76%
Net Earnings $8.100M $7.800M -$3.505M
YoY Change -54.66% -322.54% -121.11%
Net Earnings / Revenue 3.78% 3.66% -1.44%
Basic Earnings Per Share $0.44 $0.42 -$0.19
Diluted Earnings Per Share $0.44 $0.42 -$0.19
COMMON SHARES
Basic Shares Outstanding 18.66M shares 18.66M shares 18.61M shares
Diluted Shares Outstanding 18.60M shares 18.70M shares 18.60M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.9M $116.9M $193.7M
YoY Change -15.24% -39.66% 6.36%
Cash & Equivalents $119.9M $116.9M $193.7M
Short-Term Investments
Other Short-Term Assets $35.50M $29.80M $11.91M
YoY Change 1.07% 150.15% -49.51%
Inventory $150.8M $150.9M $177.1M
Prepaid Expenses
Receivables $160.0M $199.5M $174.6M
Other Receivables $4.300M $4.300M $3.881M
Total Short-Term Assets $502.1M $501.4M $611.9M
YoY Change -13.84% -18.06% 6.13%
LONG-TERM ASSETS
Property, Plant & Equipment $383.3M $382.0M $374.7M
YoY Change 7.2% 1.94% 2.2%
Goodwill $356.3M $357.2M $355.9M
YoY Change -0.65% 0.37% -2.42%
Intangibles $117.2M $120.3M $132.2M
YoY Change -10.23% -9.02% -22.21%
Long-Term Investments $9.700M $10.90M $12.84M
YoY Change -23.98% -15.12% -17.2%
Other Assets $8.200M $64.00M $17.92M
YoY Change -48.06% 257.16% -9.03%
Total Long-Term Assets $985.0M $986.6M $999.6M
YoY Change -0.06% -1.31% -1.68%
TOTAL ASSETS
Total Short-Term Assets $502.1M $501.4M $611.9M
Total Long-Term Assets $985.0M $986.6M $999.6M
Total Assets $1.487B $1.488B $1.612B
YoY Change -5.18% -7.67% 1.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.90M $51.70M $52.16M
YoY Change -2.6% -0.87% -30.38%
Accrued Expenses $53.50M $52.50M $65.42M
YoY Change -1.67% -19.75% -19.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $380.0K
YoY Change 97.92%
Total Short-Term Liabilities $116.5M $117.0M $127.5M
YoY Change -1.75% -8.22% -20.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $190.0M
YoY Change -100.0% -100.0% 0.0%
Other Long-Term Liabilities $9.800M $88.50M $19.70M
YoY Change -44.23% 349.19% -13.53%
Total Long-Term Liabilities $9.800M $88.50M $209.7M
YoY Change -93.36% -57.8% -1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.5M $117.0M $127.5M
Total Long-Term Liabilities $9.800M $88.50M $209.7M
Total Liabilities $126.3M $228.2M $337.2M
YoY Change -52.55% -32.32% -9.83%
SHAREHOLDERS EQUITY
Retained Earnings $1.171B $1.163B $1.095B
YoY Change 5.22% 6.2% 9.67%
Common Stock $171.0M $172.5M $158.8M
YoY Change 4.37% 8.61% -9.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.261B $1.260B $1.178B
YoY Change
Total Liabilities & Shareholders Equity $1.487B $1.488B $1.612B
YoY Change -5.18% -7.67% 1.15%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $8.100M $7.800M -$3.505M
YoY Change -54.66% -322.54% -121.11%
Depreciation, Depletion And Amortization $12.30M $11.30M $14.65M
YoY Change -10.37% -22.88% 36.64%
Cash From Operating Activities $22.90M $28.10M $1.835M
YoY Change 45.8% 1431.34% -113.37%
INVESTING ACTIVITIES
Capital Expenditures $14.10M $9.400M $16.41M
YoY Change 22.92% -42.72% -41.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $989.0K
YoY Change -100.0% -100.0% -56.28%
Cash From Investing Activities -$14.10M -$9.400M -$15.42M
YoY Change 53.83% -39.04% -40.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.900M -31.50M -$29.37M
YoY Change -88.52% 7.27% 202.93%
NET CHANGE
Cash From Operating Activities 22.90M 28.10M $1.835M
Cash From Investing Activities -14.10M -9.400M -$15.42M
Cash From Financing Activities -6.900M -31.50M -$29.37M
Net Change In Cash 1.900M -12.80M -$42.13M
YoY Change -103.55% -69.61% -16.0%
FREE CASH FLOW
Cash From Operating Activities $22.90M $28.10M $1.835M
Capital Expenditures $14.10M $9.400M $16.41M
Free Cash Flow $8.800M $18.70M -$14.58M
YoY Change 107.79% -228.3% -65.27%

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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany balances and transactions have been eliminated.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.</span></div>
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CY2024Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the change in number of asbestos claims outstanding for the three months ended March 31, 2024:</span></div><div style="margin-bottom:1pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:83.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.959%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asbestos Claims</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Claims outstanding as of January 1, 2024</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">506 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New claims filed</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pending claims concluded</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Claims outstanding as of March 31, 2024</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">505</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For the three months ended March 31, 2024, 32 claims were dismissed and 4 claims were settled. Settlements totaled approximately $1.5 million for the three months ended March 31, 2024.</span></div>
CY2023Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
506 claim
CY2024Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
35 claim
CY2024Q1 us-gaap Loss Contingency Claims Settled And Dismissed Number
LossContingencyClaimsSettledAndDismissedNumber
36 claim
CY2024Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
505 claim
CY2024Q1 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
32 claim
CY2024Q1 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
4 claim
CY2024Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1500000 usd
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
61500000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
61500000 usd
CY2024Q1 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
56500000 usd
CY2023Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
56500000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
7800000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3500000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18600000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18600000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18700000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18600000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1500 shares
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000 usd
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
23800000 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1500 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
109.92
CY2024Q1 rog Treasury Stock Shares Acquired Publicly Announced Plans Or Programs
TreasuryStockSharesAcquiredPubliclyAnnouncedPlansOrPrograms
1500 shares
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
23800000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
213400000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11700000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243800000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-300000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
213400000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243800000 usd
CY2024Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
40300000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
45200000 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
100000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
10500000 usd
CY2024Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
100000 usd
CY2023Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10500000 usd
CY2023Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
8800000 usd
CY2024Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
8200000 usd
CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
1800000 usd
CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
1800000 usd
CY2024Q1 rog Disposal Group Including Discontinued Operation Consideration Phase One
DisposalGroupIncludingDiscontinuedOperationConsiderationPhaseOne
1000000 usd
CY2024Q1 rog Disposal Group Including Discontinued Operation Consideration Phase Two
DisposalGroupIncludingDiscontinuedOperationConsiderationPhaseTwo
800000 usd
CY2024Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
3700000 usd
CY2024Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
3100000 usd
CY2023Q1 rog Disposal Group Including Discontinued Operation Selling Costs
DisposalGroupIncludingDiscontinuedOperationSellingCosts
1200000 usd
CY2024Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
13100000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
1900000 usd
CY2024Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
100000 usd
CY2023Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10500000 usd
CY2024Q1 us-gaap Professional Fees
ProfessionalFees
0 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
300000 usd
CY2024Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
0 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
500000 usd
CY2024Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
0 usd
CY2023Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
200000 usd
CY2024Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
200000 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
500000 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
300000 usd
CY2024Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
500000 usd
CY2023Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
3400000 usd
CY2024Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
300000 usd
CY2023Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
300000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
300000 usd
CY2024Q1 us-gaap Interest Income Other
InterestIncomeOther
100000 usd
CY2023Q1 us-gaap Interest Income Other
InterestIncomeOther
500000 usd
CY2024Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-800000 usd
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3500000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.328
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.035
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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