2019 Q3 Form 10-Q Financial Statement

#000091376019000110 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $11.28B $7.873B $7.118B
YoY Change 85.56% 10.6% 29.28%
Cost Of Revenue $10.99B $7.590B $6.859B
YoY Change 88.37% 10.66% 29.2%
Gross Profit $286.9M $283.4M $259.8M
YoY Change 17.97% 9.08% 31.48%
Gross Profit Margin 2.54% 3.6% 3.65%
Selling, General & Admin $160.0M $167.0M $153.0M
YoY Change 7.38% 9.15% 15.04%
% of Gross Profit 55.77% 58.93% 58.89%
Research & Development $9.800M $8.600M
YoY Change 13.95% 3.61%
% of Gross Profit 3.46% 3.31%
Depreciation & Amortization $4.400M $3.500M $2.800M
YoY Change 37.5% 25.0% 16.67%
% of Gross Profit 1.53% 1.24% 1.08%
Operating Expenses $212.0M $9.800M $8.600M
YoY Change 7.61% 13.95% 3.61%
Operating Profit $74.90M $273.6M $251.2M
YoY Change 62.12% 8.92% 32.7%
Interest Expense $37.20M $39.40M $22.10M
YoY Change 47.04% 78.28% 97.32%
% of Operating Profit 49.67% 14.4% 8.8%
Other Income/Expense, Net $2.700M $1.700M
YoY Change 58.82% -26.09%
Pretax Income $34.10M $21.60M $32.90M
YoY Change 66.34% -34.35% 119.33%
Income Tax $6.900M $5.300M $8.900M
% Of Pretax Income 20.23% 24.54% 27.05%
Net Earnings $27.20M $16.30M $24.00M
YoY Change 73.25% -32.08% 88.98%
Net Earnings / Revenue 0.24% 0.21% 0.34%
Basic Earnings Per Share $1.42 $0.85 $1.27
Diluted Earnings Per Share $1.40 $0.84 $1.25
COMMON SHARES
Basic Shares Outstanding 19.16M shares 18.78M shares 18.60M shares
Diluted Shares Outstanding 19.01M shares 18.98M shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $471.0M $345.0M $348.0M
YoY Change 37.72% -0.86% 13.73%
Cash & Equivalents $471.3M $2.629B $347.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $229.3M $347.8M $212.8M
Prepaid Expenses
Receivables $422.0M $283.0M $219.0M
Other Receivables $6.000M $1.000M $0.00
Total Short-Term Assets $899.0M $629.0M $567.0M
YoY Change 42.7% 10.93% -77.75%
LONG-TERM ASSETS
Property, Plant & Equipment $43.90M $45.70M $41.00M
YoY Change 3.54% 11.46% 23.87%
Goodwill $51.20M $53.70M $45.80M
YoY Change 5.79% 17.25% -3.58%
Intangibles $16.70M $12.20M $10.60M
YoY Change 46.49% 15.09% -18.46%
Long-Term Investments $5.023B $5.137B $2.949B
YoY Change 59.41% 74.19% 21.86%
Other Assets $3.608B $3.763B $3.401B
YoY Change -1.5% 10.64% 373.02%
Total Long-Term Assets $9.037B $9.426B $6.718B
YoY Change 25.61% 40.31% 84.16%
TOTAL ASSETS
Total Short-Term Assets $899.0M $629.0M $567.0M
Total Long-Term Assets $9.037B $9.426B $6.718B
Total Assets $9.936B $10.05B $7.285B
YoY Change 26.98% 38.02% 17.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.856B $3.820B $3.486B
YoY Change 3.41% 9.58% 16.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $4.234B $4.142B $311.2M
YoY Change 1159.37% 1230.98% 28.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.100B $7.972B $5.302B
YoY Change 36.07% 50.36% 201.59%
LONG-TERM LIABILITIES
Long-Term Debt $370.0M $507.0M $361.0M
YoY Change 4.23% 40.44% 47.35%
Other Long-Term Liabilities $715.0M $861.0M $1.007B
YoY Change -17.53% -14.5% 35.53%
Total Long-Term Liabilities $1.085B $1.368B $1.368B
YoY Change -11.21% 0.0% 38.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.100B $7.972B $5.302B
Total Long-Term Liabilities $1.085B $1.368B $1.368B
Total Liabilities $9.342B $9.484B $6.797B
YoY Change 27.63% 39.53% 18.69%
SHAREHOLDERS EQUITY
Retained Earnings $402.1M $374.9M $301.3M
YoY Change 26.85% 24.43% 5.68%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.10M $46.30M $46.30M
YoY Change 8.21% 0.0% 0.0%
Treasury Stock Shares 2.222M shares 2.122M shares
Shareholders Equity $594.2M $571.0M $488.0M
YoY Change
Total Liabilities & Shareholders Equity $9.936B $10.05B $7.285B
YoY Change 26.98% 38.02% 17.58%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $27.20M $16.30M $24.00M
YoY Change 73.25% -32.08% 88.98%
Depreciation, Depletion And Amortization $4.400M $3.500M $2.800M
YoY Change 37.5% 25.0% 16.67%
Cash From Operating Activities -$130.0M $462.5M -$396.4M
YoY Change -122.76% -216.68% -1434.68%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$3.000M -$2.400M
YoY Change -50.0% 25.0% -4.0%
Acquisitions
YoY Change
Other Investing Activities -$900.0K -$20.20M $0.00
YoY Change -68.97%
Cash From Investing Activities -$2.500M -$23.20M -$2.400M
YoY Change -59.02% 866.67% -4.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.0M 78.60M 20.20M
YoY Change 2511.11% 289.11% -210.38%
NET CHANGE
Cash From Operating Activities -130.0M 462.5M -396.4M
Cash From Investing Activities -2.500M -23.20M -2.400M
Cash From Financing Activities -141.0M 78.60M 20.20M
Net Change In Cash -273.5M 517.9M -378.6M
YoY Change -148.87% -236.79% -4353.93%
FREE CASH FLOW
Cash From Operating Activities -$130.0M $462.5M -$396.4M
Capital Expenditures -$1.600M -$3.000M -$2.400M
Free Cash Flow -$128.4M $465.5M -$394.0M
YoY Change -122.35% -218.15% -1323.6%

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us-gaap Depreciation And Amortization
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9600000 USD
CY2018Q2 us-gaap Depreciation Depletion And Amortization
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2800000 USD
us-gaap Depreciation Depletion And Amortization
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8400000 USD
CY2019Q2 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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600000 USD
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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us-gaap Escrow Deposits Related To Property Sales
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CY2019Q2 us-gaap Fair Value Of Securities Received As Collateral That Can Be Resold Or Repledged
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123000000 USD
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us-gaap Floor Brokerage Exchange And Clearance Fees
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us-gaap General Insurance Expense
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us-gaap General Insurance Expense
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CY2018Q3 us-gaap Goodwill
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us-gaap Goodwill Translation And Purchase Accounting Adjustments
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us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Income Loss From Continuing Operations
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32900000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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81000000 USD
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21600000 USD
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6400000 USD
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1800000 USD
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294200000 USD
us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
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254000000 USD
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368000000 USD
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89000000 USD
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115500000 USD
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657000000 USD
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319700000 USD
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206000000 USD
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964000000 USD
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us-gaap Increase Decrease In Securities Borrowed
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us-gaap Increase Decrease In Securities Loaned Transactions
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us-gaap Information Technology And Data Processing
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us-gaap Payments For Legal Settlements
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Prior Period Reclassification Adjustment
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Professional Fees
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us-gaap Profit Loss
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us-gaap Profit Loss
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57900000 USD
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Other Credit Losses
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1000000 USD
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0 USD
us-gaap Provision For Other Losses
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1000000.0 USD
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0 USD
us-gaap Provision For Other Losses
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2234500000 USD
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2661600000 USD
us-gaap Repayments Of Notes Payable
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600000 USD
us-gaap Repayments Of Notes Payable
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600000 USD
us-gaap Repayments Of Unsecured Debt
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0 USD
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123500000 USD
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us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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7118300000 USD
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7118300000 USD
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317000000 USD
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us-gaap Revenues
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165600000 USD
us-gaap Revenues Net Of Interest Expense
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479800000 USD
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
551800000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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570500000 USD
CY2018Q2 us-gaap Supplies And Postage Expense
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500000 USD
us-gaap Supplies And Postage Expense
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1300000 USD
CY2019Q2 us-gaap Supplies And Postage Expense
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500000 USD
us-gaap Supplies And Postage Expense
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1500000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
1900000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
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CY2018Q2 us-gaap Taxes Excluding Income And Excise Taxes
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us-gaap Taxes Excluding Income And Excise Taxes
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us-gaap Taxes Excluding Income And Excise Taxes
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CY2018Q2 us-gaap Travel And Entertainment Expense
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us-gaap Travel And Entertainment Expense
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us-gaap Travel And Entertainment Expense
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11800000 USD
CY2018Q3 us-gaap Treasury Stock Shares
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CY2018Q3 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year end is September&#160;30, and the fiscal quarters end on December&#160;31,&#160;March&#160;31, June&#160;30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three and nine months ended June 30, 2019, the Company reclassified certain brokerage related revenues for which the Company earns commissions on trading activity in the capacity of an agent. In performing this reclassification, the Company has made a retrospective adjustment to the condensed consolidated income statements for the three and nine months ended June 30, 2018. For the three and nine months ended June 30, 2018, brokerage related revenues of </font><font style="font-family:inherit;font-size:10pt;">$8.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$26.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, were reclassified from &#8216;trading gains, net&#8217; to &#8216;commissions and clearing fees&#8217;. Additionally, the Company has changed the name of the line item &#8216;trading gains, net&#8217; to &#8216;principal gains, net&#8217; on the condensed consolidated income statements in order to reflect the fact that these revenue streams are earned from trading financial instruments in the capacity of a principal and in order to properly segregate revenues earned from contracts with clients in connection with the adoption of the new revenue standard as discussed below. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</font></div></div>

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