2021 Q1 Form 10-Q Financial Statement

#000076682921000088 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $114.8M $115.8M
YoY Change -0.84% 49.01%
Cost Of Revenue $18.50M $17.80M
YoY Change 3.93% 122.5%
Gross Profit $96.30M $98.00M
YoY Change -1.73% 40.6%
Gross Profit Margin 83.9% 84.66%
Selling, General & Admin $20.40M $20.20M
YoY Change 0.99% 74.14%
% of Gross Profit 21.18% 20.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.93M $22.48M
YoY Change 6.45% 42.26%
% of Gross Profit 24.85% 22.94%
Operating Expenses $83.20M $82.10M
YoY Change 1.34% 50.09%
Operating Profit $13.08M $15.43M
YoY Change -15.22% 24.33%
Interest Expense $13.44M $13.28M
YoY Change 1.17% 129.39%
% of Operating Profit 102.75% 86.11%
Other Income/Expense, Net $1.754M $757.0K
YoY Change 131.7% 94.1%
Pretax Income $1.720M $2.855M
YoY Change -39.75% -63.94%
Income Tax -$896.0K $438.0K
% Of Pretax Income -52.09% 15.34%
Net Earnings $2.616M $2.417M
YoY Change 8.23% -58.85%
Net Earnings / Revenue 2.28% 2.09%
Basic Earnings Per Share $0.09 $0.08
Diluted Earnings Per Share $0.09 $0.08
COMMON SHARES
Basic Shares Outstanding 28.86M shares 28.49M shares
Diluted Shares Outstanding 28.99M shares 28.67M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.40M $28.30M
YoY Change -59.72% -93.26%
Cash & Equivalents $11.41M $28.27M
Short-Term Investments
Other Short-Term Assets $5.100M $13.58M
YoY Change -62.44% 175.4%
Inventory
Prepaid Expenses $10.63M
Receivables $45.58M $34.71M
Other Receivables $10.10M $9.100M
Total Short-Term Assets $123.5M $128.8M
YoY Change -4.15% -73.63%
LONG-TERM ASSETS
Property, Plant & Equipment $2.398B $44.06M
YoY Change 5343.88% 0.79%
Goodwill $628.1M $628.3M
YoY Change -0.02%
Intangibles
YoY Change
Long-Term Investments $15.20M $13.40M
YoY Change 13.43%
Other Assets $810.4M $8.644M
YoY Change 9275.28% 87.14%
Total Long-Term Assets $3.209B $3.045B
YoY Change 5.36% 3534.05%
TOTAL ASSETS
Total Short-Term Assets $123.5M $128.8M
Total Long-Term Assets $3.209B $3.045B
Total Assets $3.332B $3.174B
YoY Change 4.97% 62.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.64M $25.21M
YoY Change 1.67% 10.5%
Accrued Expenses $47.20M $44.10M
YoY Change 7.03% 108.02%
Deferred Revenue
YoY Change
Short-Term Debt $121.5M $131.4M
YoY Change -7.53% 310.63%
Long-Term Debt Due $76.29M $22.31M
YoY Change 241.92%
Total Short-Term Liabilities $289.7M $238.4M
YoY Change 21.53% 175.01%
LONG-TERM LIABILITIES
Long-Term Debt $1.303B $1.317B
YoY Change -1.06% 157.78%
Other Long-Term Liabilities $23.93M $23.86M
YoY Change 0.28% 96.62%
Total Long-Term Liabilities $1.327B $1.341B
YoY Change -1.04% 156.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $289.7M $238.4M
Total Long-Term Liabilities $1.327B $1.341B
Total Liabilities $1.617B $1.579B
YoY Change 2.37% 159.01%
SHAREHOLDERS EQUITY
Retained Earnings $400.9M $376.4M
YoY Change 6.49% -3.81%
Common Stock $578.4M $507.1M
YoY Change 14.06% 2.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $978.3M $883.5M
YoY Change
Total Liabilities & Shareholders Equity $3.332B $3.174B
YoY Change 4.97% 62.05%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $2.616M $2.417M
YoY Change 8.23% -58.85%
Depreciation, Depletion And Amortization $23.93M $22.48M
YoY Change 6.45% 42.26%
Cash From Operating Activities $33.38M $7.929M
YoY Change 320.94% -68.53%
INVESTING ACTIVITIES
Capital Expenditures -$51.30M -$41.90M
YoY Change 22.43% 27.74%
Acquisitions
YoY Change
Other Investing Activities -$600.0K -$500.0K
YoY Change 20.0% -66.67%
Cash From Investing Activities -$51.94M -$42.47M
YoY Change 22.3% 23.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $67.25M $0.00
YoY Change
Debt Paid & Issued, Net $1.159M $1.171M
YoY Change -1.02%
Cash From Financing Activities $23.81M $44.87M
YoY Change -46.95% 452.51%
NET CHANGE
Cash From Operating Activities $33.38M $7.929M
Cash From Investing Activities -$51.94M -$42.47M
Cash From Financing Activities $23.81M $44.87M
Net Change In Cash $5.241M $10.33M
YoY Change -49.26% -1075.35%
FREE CASH FLOW
Cash From Operating Activities $33.38M $7.929M
Capital Expenditures -$51.30M -$41.90M
Free Cash Flow $84.68M $49.83M
YoY Change 69.93% -14.08%

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0 USD
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IncreaseDecreaseinAccruedGroundwaterExtractionChargesPurchasedWaterandPower
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IncreaseDecreaseinAccruedGroundwaterExtractionChargesPurchasedWaterandPower
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CY2021Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
3333000 USD
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IncreaseDecreaseInAccruedTaxesPayable
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IncreaseDecreaseInPensionAndPostretirementObligations
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IncreaseDecreaseInPensionAndPostretirementObligations
2445000 USD
CY2021Q1 sjw Increase Decrease To Regulatory Asset Related To Balancing And Memorandum Accounts
IncreaseDecreaseToRegulatoryAssetRelatedToBalancingAndMemorandumAccounts
1750000 USD
CY2020Q1 sjw Increase Decrease To Regulatory Asset Related To Balancing And Memorandum Accounts
IncreaseDecreaseToRegulatoryAssetRelatedToBalancingAndMemorandumAccounts
10158000 USD
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IncreaseDecreaseInUpFrontServiceConcessionPayment
0 USD
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5000000 USD
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PaymentsToAcquireWaterSystems
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PaymentsToAcquireWaterSystemsUsingContributionsInAidOfConstruction
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PaymentsToAcquireWaterSystemsUsingContributionsInAidOfConstruction
3629000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5241000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17944000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14510000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28273000 USD
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0 USD
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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NoncashChangeInAccruedPayables
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NoncashChangeInAccruedPayables
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UtilityPropertyInstalledByDeveloper
202000 USD
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UtilityPropertyInstalledByDeveloper
3076000 USD
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StockIssuanceCostsIncurredButNotYetPaid
353000 USD
CY2020Q1 sjw Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
0 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
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112000 USD
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504000 USD
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1091000 USD
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8744000 USD
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OperatingLeaseLeaseIncome
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OperatingLeaseLeaseIncome
1370000 USD
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Land
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Land
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InvestmentBuildingAndBuildingImprovements
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InvestmentBuildingAndBuildingImprovements
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RealEstateInvestmentPropertyAtCost
58280000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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RegulatoryAssets
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RegulatoryAssetsCurrent
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RegulatoryAssetsNoncurrent
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CY2020Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
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CY2021Q1 us-gaap Remaining Amounts Of Regulatory Assets For Which No Return On Investment During Recovery Period Is Provided
RemainingAmountsOfRegulatoryAssetsForWhichNoReturnOnInvestmentDuringRecoveryPeriodIsProvided
119745000 USD
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119236000 USD
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1601000 USD
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1000 USD
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BalancingandMemorandumRevenueAccountNet
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CY2019Q4 sjw Balancingand Memorandum Revenue Account Net
BalancingandMemorandumRevenueAccountNet
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CY2020Q1 sjw Balancingand Memorandum Revenue Account Increase Decrease
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6841000 USD
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BalancingandMemorandumRevenueAccountNet
6658000 USD
CY2020Q4 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
15420000 USD
CY2021Q1 sjw Balancingand Memorandum Cost Recovery Account Increase Decrease
BalancingandMemorandumCostRecoveryAccountIncreaseDecrease
1153000 USD
CY2021Q1 sjw Balancingand Memorandum Cost Recovery Account Refunds Collections
BalancingandMemorandumCostRecoveryAccountRefundsCollections
-81000 USD
CY2021Q1 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
16492000 USD
CY2019Q4 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
7223000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Increase Decrease
BalancingandMemorandumCostRecoveryAccountIncreaseDecrease
1183000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Refunds Collections
BalancingandMemorandumCostRecoveryAccountRefundsCollections
-16000 USD
CY2020Q1 sjw Balancingand Memorandum Cost Recovery Account Net
BalancingandMemorandumCostRecoveryAccountNet
8390000 USD
CY2020Q4 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
25463000 USD
CY2021Q1 sjw Balancingand Memorandum Account Increase Decrease
BalancingandMemorandumAccountIncreaseDecrease
2754000 USD
CY2021Q1 sjw Balancingand Memorandum Account Refunds Collections
BalancingandMemorandumAccountRefundsCollections
-80000 USD
CY2021Q1 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
28137000 USD
CY2019Q4 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
5283000 USD
CY2020Q1 sjw Balancingand Memorandum Account Increase Decrease
BalancingandMemorandumAccountIncreaseDecrease
2940000 USD
CY2020Q1 sjw Balancingand Memorandum Account Refunds Collections
BalancingandMemorandumAccountRefundsCollections
6825000 USD
CY2020Q1 sjw Balancing And Memorandum Account Net
BalancingAndMemorandumAccountNet
15048000 USD
CY2021Q1 sjw Regulatory Balancingand Memorandum Accounts Review Authorized Revenue Threshold Percentage
RegulatoryBalancingandMemorandumAccountsReviewAuthorizedRevenueThresholdPercentage
0.02
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
59.00
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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1280000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
251000 USD
CY2021Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2735000 USD
CY2020Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2443000 USD
CY2021Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2580000 USD
CY2020Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2904000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
4752000 USD
CY2020Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
4120000 USD
CY2021Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
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-1780000 USD
CY2020Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
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CY2021Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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12000 USD
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741000 USD
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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2355000 USD
CY2020Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2726000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Current Fiscal Year
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9043000 USD
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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0 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
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-896000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
438000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.52
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.15
CY2021Q1 us-gaap Unrecognized Tax Benefits
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6511000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
6468000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1379313000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
1363821000 USD
CY2021Q1 sjw Number Of Subsidiaries
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4 subsidiary
CY2021Q1 us-gaap Regulated Operating Revenue
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114785000 USD
CY2021Q1 us-gaap Utilities Operating Expense
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101706000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
13079000 USD
CY2021Q1 us-gaap Net Income Loss
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2616000 USD
CY2021Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
23438000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
13439000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q1 us-gaap Assets
Assets
3332142000 USD
CY2020Q1 us-gaap Regulated Operating Revenue
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115754000 USD
CY2020Q1 us-gaap Utilities Operating Expense
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100327000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15427000 USD
CY2020Q1 us-gaap Net Income Loss
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2417000 USD
CY2020Q1 us-gaap Utilities Operating Expense Depreciation And Amortization
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21382000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
13284000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
438000 USD
CY2020Q1 us-gaap Assets
Assets
3174298000 USD
CY2021Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reportingUnit
CY2020 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reportingUnit

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