DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the
“Company”), a leading provider of research and
development, systems engineering and integration, and digital
transformation solutions to federal agencies, today announced
financial results for its fiscal first quarter ended
December 31, 2022.
Highlights
- First quarter revenue was $72.7
million in fiscal 2023 versus $152.8 million in fiscal 2022. The
prior year period included $91.1 million from the short-term FEMA
contract in Alaska.
- First quarter revenue included $6.9 million from the
acquisition of Grove Resource Solutions ("GRSi"). Adjusted revenue1
for the quarter was $65.9 million, indicating healthy growth from
adjusted revenue of $61.7 million in the prior-year period.
- On a GAAP basis, earnings were $1.5 million, or $0.11 per
diluted share, for the fiscal 2023 first quarter versus
$7.8 million, or $0.55 per diluted share, for the first
quarter of fiscal 2022. Adjusted net income1 was
$3.6 million for the fiscal 2023 first quarter versus $3.1 million
for the prior-year period.
- Adjusted diluted earnings per share1 were $0.25 for the fiscal
2023 first quarter versus $0.22 for the prior-year period.
- Total debt at closing of the GRSi
acquisition was $207.6 million, which was reduced to $203.4 million
at December 31, 2022, reflecting strong cash flow to close the
fiscal quarter.
- Contract backlog was
$942.7 million as of December 31, 2022, including
approximately $492.9 million from GRSi, versus $482.5 million
at the beginning of the fiscal year.
- To assist in year-over-year
comparisons of results, the Company is providing additional
non-GAAP measures at the end of this earnings release.
Management Discussion"I'm
pleased to say that we're off to a great start for what promises to
be a transformational year at DLH, having completed a game-changing
acquisition that we are confident sets the stage for continued
growth and solid results going forward," said Zach Parker, DLH
President and Chief Executive Officer. "The GRSi transaction has
greatly enhanced our technology capabilities, added hundreds of
highly credentialed staff to the Company, and expanded our business
in cloud-based enterprise modernization and cyber security
solutions to civilian and military agencies. GRSi expanded its
market presence in 2022, ultimately producing approximately $120
million of revenue for the year. While taking on debt for this key
acquisition, we will – as always – utilize the company’s cash flow
generation to de-lever the balance sheet as expeditiously as
possible. With backlog now approximately $1 billion, and a
foundation for strong performance, we view fiscal 2023 as pivotal
to our future success."
Results for the Three Months Ended
December 31, 2022Revenue for the first quarter of
fiscal 2023 was $72.7 million versus $152.8 million in fiscal 2022,
with the prior-year period reflecting the $91.1 million
contribution from the short-term FEMA contracts in Alaska. GRSi
contributed approximately $6.9 million in the quarter following the
closing of the acquisition on December 8, 2022. While total
revenues for the first quarter were down $80.1 million compared to
the prior-year period due to the short-term contribution of the
FEMA contracts, excluding revenue from both the FEMA contracts and
GRSi transaction, annual adjusted revenue growth was approximately
$4.2 million.
Income from operations was $3.9 million for the
quarter versus $11.2 million in the prior-year period and, as a
percentage of revenue, the Company reported an operating margin of
5.4% in the fiscal 2023 first quarter versus 7.3% in fiscal 2022.
Adjusted operating income1 for the current quarter was $5.3
million, versus $4.9 million in the prior-year period.
Interest expense was $1.8 million in the fiscal first quarter of
2023 versus $0.7 million in the prior-year period, reflecting
higher debt outstanding due to the acquisition of GRSi and
increased interest rates. Following the close of the quarter, the
Company implemented an additional floating-to-fixed interest rate
swap. The notional amount of the interest rate swaps increased to
$112.2 million, or approximately 60% of the term debt outstanding,
with the remaining balance of debt subject to floating interest
rates. The fixed rate is 4.10% plus applicable credit spread, and
the swap matures in January 2026. The Company believes the swap
will substantially mitigate interest rate risk. Income before
income taxes was $2.1 million this year versus $10.5 million in
fiscal 2022, representing 2.9% and 6.9% of revenue, respectively,
for each period.
For the three months ended December 31,
2022 and 2021, respectively, DLH recorded a $0.5 million and $2.7
million provision for income taxes. The Company reported net income
of approximately $1.5 million, or $0.11 per diluted share, for the
first quarter of fiscal 2023 versus $7.8 million, or $0.55 per
diluted share, for the first quarter of fiscal 2022. As a
percentage of revenue, net income was 2.1% for the first quarter of
fiscal 2023 versus 5.1% for the prior-year period. Adjusted net
income for the fiscal 2023 quarter was $3.6 million, resulting in
adjusted diluted earnings per share of $0.25, compared to adjusted
net income for the prior year period of $3.1 million, or
adjusted diluted earnings per share of $0.22.
On a non-GAAP basis, EBITDA for the three months
ended December 31, 2022 was approximately $6.3 million versus
$13.2 million in the prior-year period, or 8.7% and 8.6% of
revenue, respectively. Adjusted EBITDA1 was $7.2 million versus
$6.9 million for the prior-year period, or 10.9% and 11.1% of
adjusted revenue, respectively.
Key Financial IndicatorsFor the
2023 first fiscal quarter, DLH produced $8.0 million in operating
cash. As of December 31, 2022, the Company had cash of $1.4
million and debt outstanding under its credit facilities of $203.4
million, versus cash of $0.2 million and debt outstanding of $22.0
million as of September 30, 2022. The debt balance immediately
following the acquisition of GRSi of $207.6 was reduced by $4.2
million by the close of the quarter.
At December 31, 2022, total backlog was approximately
$942.7 million, including funded backlog of approximately $164.0
million and unfunded backlog of $778.7 million.
Conference Call and Webcast
DetailsDLH management will discuss first quarter results
and provide a general business update, including current
competitive conditions and strategies, during a conference call
beginning at 10:00 AM Eastern Time tomorrow, February 9, 2023.
Interested parties may listen to the conference call by dialing
888-347-5290 or 412-317-5256. Presentation materials
will also be posted on the Investor Relations section of the DLH
website prior to the commencement of the conference
call.
A digital recording of the conference call will be
available for replay two hours after the completion of the call and
can be accessed on the DLH Investor Relations website or by dialing
877-344-7529 and entering the conference ID 8037941.
About DLHDLH (NASDAQ:DLHC) enhances public
health and national security readiness missions through science,
technology, cyber, and engineering solutions and services. Our
experts solve some of the most complex and critical missions faced
by federal customers, leveraging digital transformation, artificial
intelligence, advanced analytics, cloud-based applications,
telehealth systems, and more. With over 3,200 employees dedicated
to the idea that “Your Mission is Our Passion,” DLH brings a unique
combination of government sector experience, proven methodology,
and unwavering commitment to innovative solutions to improve the
lives of millions. For more information, visit www.DLHcorp.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:This press
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to future events or DLH`s future financial
performance. Any statements that refer to expectations, projections
or other characterizations of future events or circumstances or
that are not statements of historical fact (including without
limitation statements to the effect that the Company or its
management “believes”, “expects”, “anticipates”, “plans”, “intends”
and similar expressions) should be considered forward looking
statements that involve risks and uncertainties which could cause
actual events or DLH’s actual results to differ materially from
those indicated by the forward-looking statements. Forward-looking
statements in this release include, among others, statements
regarding estimates of future revenues, operating income, earnings
and cash flow. These statements reflect our belief and assumptions
as to future events that may not prove to be accurate. Our actual
results may differ materially from such forward-looking statements
made in this release due to a variety of factors, including: the
impact of the novel coronavirus (“COVID-19”), including the
measures to reduce its spread, and its impact on the economy and
demand for our services, are uncertain, cannot be predicted, and
may precipitate or exacerbate other risks and uncertainties; the
risk that we will not realize the anticipated benefits of our
acquisition of GRSi or any other acquisitions (including
anticipated future financial performance and results); the
diversion of management’s attention from normal daily operations of
the business and the challenges of managing larger and more
widespread operations resulting from our recent acquisition; the
inability to retain employees and customers; contract awards in
connection with re-competes for present business and/or competition
for new business; our ability to manage our increased debt
obligations; compliance with bank financial and other covenants;
changes in client budgetary priorities; government contract
procurement (such as bid and award protests, small business set
asides, loss of work due to organizational conflicts of interest,
etc.) and termination risks; the ability to successfully integrate
the operations of GRSi or any future acquisitions; the impact of
inflation and higher interest rates; and other risks described in
our SEC filings. For a discussion of such risks and uncertainties
which could cause actual results to differ from those contained in
the forward-looking statements, see “Risk Factors” in the Company’s
periodic reports filed with the SEC, including our Annual Report on
Form 10-K for the fiscal year ended September 30, 2022, as well as
subsequent reports filed thereafter. The forward-looking statements
contained herein are not historical facts, but rather are based on
current expectations, estimates, assumptions and projections about
our industry and business.
Such forward-looking statements are made as of
the date hereof and may become outdated over time. The Company does
not assume any responsibility for updating forward-looking
statements, except as may be required by law.
CONTACTS:
INVESTOR
RELATIONS |
Contact: Chris Witty |
Phone: 646-438-9385 |
Email:
cwitty@darrowir.com |
|
TABLES TO FOLLOW
DLH HOLDINGS
CORP.CONSOLIDATED STATEMENTS OF
INCOME(Amounts in thousands except per share amounts)
|
(unaudited) |
|
Three Months Ended |
|
December 31, |
|
|
2022 |
|
|
2021 |
Revenue |
$ |
72,738 |
|
$ |
152,801 |
Cost of Operations: |
|
|
|
Contract costs |
|
57,256 |
|
|
132,686 |
General and administrative costs |
|
7,424 |
|
|
6,911 |
Corporate development costs |
|
1,735 |
|
|
— |
Depreciation and amortization |
|
2,402 |
|
|
1,985 |
Total operating costs |
|
68,817 |
|
|
141,582 |
Income from operations |
|
3,921 |
|
|
11,219 |
Interest expense |
|
1,830 |
|
|
672 |
Income before provision for income taxes |
|
2,091 |
|
|
10,547 |
Provision for income
taxes |
|
544 |
|
|
2,743 |
Net income |
$ |
1,547 |
|
$ |
7,804 |
|
|
|
|
Net income per share -
basic |
$ |
0.12 |
|
$ |
0.61 |
Net income per share -
diluted |
$ |
0.11 |
|
$ |
0.55 |
Weighted average common shares
outstanding |
|
|
|
Basic |
|
13,306 |
|
|
12,749 |
Diluted |
|
14,276 |
|
|
14,295 |
|
|
|
|
|
|
DLH HOLDINGS
CORP.CONSOLIDATED BALANCE SHEETS(Amounts
in thousands except par value of shares)
|
December 31,2022 |
|
September 30,2022 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
1,364 |
|
$ |
228 |
Accounts receivable |
|
65,178 |
|
|
40,496 |
Other current assets |
|
3,249 |
|
|
2,878 |
Total current assets |
|
69,791 |
|
|
43,602 |
Equipment and improvements,
net |
|
1,875 |
|
|
1,704 |
Operating lease right-of-use
assets |
|
19,595 |
|
|
16,851 |
Goodwill |
|
139,277 |
|
|
65,643 |
Intangible assets, net |
|
136,729 |
|
|
40,884 |
Other long-term assets |
|
61 |
|
|
328 |
Total
assets |
$ |
367,328 |
|
$ |
169,012 |
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Operating lease liabilities - current |
$ |
3,379 |
|
$ |
2,235 |
Accrued payroll |
|
16,540 |
|
|
9,444 |
Debt obligations - current, net of deferred financing costs |
|
28,505 |
|
|
— |
Accounts payable and accrued liabilities |
|
32,711 |
|
|
26,862 |
Total current liabilities |
|
81,135 |
|
|
38,541 |
Long-term liabilities: |
|
|
|
Deferred taxes, net |
|
1,521 |
|
|
1,534 |
Operating lease liabilities - long-term |
|
18,221 |
|
|
16,461 |
Debt obligations - long-term, net of deferred financing costs |
|
165,942 |
|
|
20,416 |
Total long-term
liabilities |
|
185,684 |
|
|
38,411 |
Total liabilities |
|
266,819 |
|
|
76,952 |
Shareholders' equity: |
|
|
|
Common stock, $0.001 par
value; authorized 40,000 shares; issued and outstanding 13,757 and
13,047 at December 31, 2022 and September 30, 2022,
respectively |
|
14 |
|
|
13 |
Additional paid-in capital |
|
97,958 |
|
|
91,057 |
Retained earnings |
|
2,537 |
|
|
990 |
Total shareholders’
equity |
|
100,509 |
|
|
92,060 |
Total liabilities and
shareholders' equity |
$ |
367,328 |
|
$ |
169,012 |
|
|
|
|
|
|
DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in
thousands)
|
(unaudited) |
|
Three Months Ended |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating
activities |
|
|
|
Net income |
$ |
1,547 |
|
|
$ |
7,804 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
Depreciation and amortization |
|
2,402 |
|
|
|
1,985 |
|
Amortization of deferred financing costs charged to interest
expense |
|
276 |
|
|
|
151 |
|
Stock-based compensation expense |
|
552 |
|
|
|
500 |
|
Deferred taxes, net |
|
(13 |
) |
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
780 |
|
|
|
(13,396 |
) |
Other current assets |
|
994 |
|
|
|
(632 |
) |
Accrued payroll |
|
347 |
|
|
|
1,851 |
|
Deferred revenue |
|
— |
|
|
|
(12,125 |
) |
Accounts payable and accrued liabilities |
|
1,075 |
|
|
|
(2,335 |
) |
Other long-term assets and liabilities |
|
13 |
|
|
|
42 |
|
Net cash provided by (used in) operating
activities |
|
7,973 |
|
|
|
(16,155 |
) |
Investing
activities |
|
|
|
Business acquisition, net of cash acquired |
|
(179,958 |
) |
|
|
— |
|
Purchase of equipment and improvements |
|
(384 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(180,342 |
) |
|
|
— |
|
Financing
activities |
|
|
|
Proceeds from debt obligations |
|
200,703 |
|
|
|
6,000 |
|
Repayments of debt obligations |
|
(19,327 |
) |
|
|
(9,875 |
) |
Payments of deferred financing costs |
|
(7,221 |
) |
|
|
— |
|
Proceeds from issuance of common stock upon exercise of options and
warrants |
|
— |
|
|
|
200 |
|
Payment of tax obligations resulting from net exercise of stock
options |
|
(650 |
) |
|
|
— |
|
Net cash provided by (used in) financing
activities |
|
173,505 |
|
|
|
(3,675 |
) |
|
|
|
|
Net change in cash |
|
1,136 |
|
|
|
(19,830 |
) |
Cash - beginning of
period |
|
228 |
|
|
|
24,051 |
|
Cash - end of
period |
$ |
1,364 |
|
|
$ |
4,221 |
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
Cash paid during the period for interest |
$ |
339 |
|
|
$ |
513 |
|
Cash paid during the period for income taxes |
$ |
5 |
|
|
$ |
— |
|
|
|
|
|
Supplemental
disclosure of non-cash activity |
|
|
|
Common stock surrendered for the exercise of stock options |
$ |
238 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial MeasuresThe
Company uses EBITDA and EBITDA Margin on Revenue as supplemental
non-GAAP measures of performance. We define EBITDA as net income
excluding (i) interest expense, (ii) provision for or benefit from
income taxes and (iii) depreciation and amortization. EBITDA Margin
on Revenue is EBITDA for the measurement period divided by revenue
for the same period.
The Company is presenting additional non-GAAP
measures to describe the impact on its financial performance from
the acquisition of GRSi for the three months ended December 31,
2022 and the two short-term FEMA task orders for the three months
ended December 31, 2021. The measures presented are Adjusted
Revenue, Adjusted Operating Income, Adjusted Net Income, Adjusted
Diluted Earnings Per Share, Adjusted EBITDA, and Adjusted EBITDA
Margin on Adjusted Revenue. In calculating these measures, we have
removed the contribution from GRSi, including the corporate and
incremental borrowing costs associated with completing the
acquisition, as well as the FEMA task orders. These resulting
measures present the quarterly financial performance compared to
results delivered in the prior year period. Definitions of these
additional non-GAAP measures are set forth below.
We prepare these additional non-GAAP measures to
eliminate the impact of items that we do not consider indicative of
ongoing operating performance due to their inherent unusual or
extraordinary nature. These non-GAAP measures of performance are
used by management to conduct and evaluate its business during its
review of operating results for the periods presented. Management
and the Company's Board utilize these non-GAAP measures to make
decisions about the use of the Company's resources, analyze
performance between periods, develop internal projections and
measure management performance. We believe that these non-GAAP
measures are useful to investors in evaluating the Company's
ongoing operating and financial results and understanding how such
results compare with the Company's historical performance.
These supplemental performance measurements may
vary from and may not be comparable to similarly titled measures by
other companies in our industry. Adjusted Revenue, Adjusted
Operating Income, Adjusted Net Income, Adjusted Diluted Earnings
Per Share, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and
Adjusted EBITDA Margin on Adjusted Revenue are not recognized
measurements under accounting principles generally accepted in the
United States, or GAAP, and when analyzing our performance
investors should (i) evaluate each adjustment in our reconciliation
to the nearest GAAP financial measures and (ii) use the
aforementioned non-GAAP measures in addition to, and not as an
alternative to, revenue, operating income, net income or diluted
EPS, as measures of operating results, each as defined under GAAP.
We have defined these non-GAAP measures as follows:
“Adjusted Revenue” represents revenue less the
contribution to revenue from the short-term FEMA task orders and
the contribution to revenue from GRSi for the period following the
closing of the acquisition.
“Adjusted Operating Income” represents operating
income less the contribution from GRSi, including the corporate and
incremental borrowing costs associated with completing the
acquisition, as well as the FEMA task orders.
“Adjusted Net Income” represents net income less
the contribution from GRSi, including the corporate and incremental
borrowing costs associated with completing the acquisition, as well
as the FEMA task orders.
“Adjusted Diluted EPS” represents diluted EPS
calculated using Adjusted Net Income as opposed to net income.
“Adjusted EBITDA” represents net income before
income taxes, interest, depreciation and amortization and the
contribution from GRSi, including the corporate and incremental
borrowing costs associated with completing the acquisition, as well
as the FEMA task orders. “Adjusted EBITDA Margin on Adjusted
Revenue” is calculated as Adjusted EBITDA divided by Adjusted
Revenue.
Below is a reconciliation of Adjusted
Revenue, Adjusted Operating Income, Adjusted Net Income, Adjusted
diluted earnings per share, EBITDA, Adjusted EBITDA, EBITDA Margin
on Revenue and Adjusted EBITDA Margin on Adjusted Revenue reported
for the three months ended
December 31, 2022 and
2021 compared to the most directly
comparable financial measure calculated and presented in accordance
with GAAP (in thousands except for per share amounts):
|
Three Months Ended |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Adjusted
Revenue |
|
|
|
Revenue |
$ |
72,738 |
|
|
$ |
152,801 |
|
Less: acquired revenue
(a) |
|
6,878 |
|
|
|
— |
|
Less: FEMA task orders to
support Alaska (b) |
|
— |
|
|
|
91,125 |
|
Adjusted Revenue |
$ |
65,860 |
|
|
$ |
61,676 |
|
|
|
|
|
Adjusted Operating
Income |
|
|
|
Operating Income |
$ |
3,921 |
|
|
$ |
11,219 |
|
Corporate development costs
(c) |
|
1,735 |
|
|
|
— |
|
Less: acquired operating
income (a) |
|
346 |
|
|
|
— |
|
Less: FEMA task orders to
support Alaska (b) |
|
— |
|
|
|
6,346 |
|
Adjusted Operating Income |
$ |
5,310 |
|
|
$ |
4,873 |
|
|
|
|
|
Adjusted Net
Income |
|
|
|
Net income |
$ |
1,547 |
|
|
$ |
7,804 |
|
Corporate development costs
(c) |
|
1,735 |
|
|
|
— |
|
Incremental financing costs
(d) |
|
1,352 |
|
|
|
— |
|
Less: acquired operating
income (a) |
|
346 |
|
|
|
— |
|
Less: FEMA task orders to
support Alaska (b) |
|
— |
|
|
|
6,346 |
|
Adjustments for tax effect
(e) |
|
(713 |
) |
|
|
1,650 |
|
Adjusted Net Income |
$ |
3,575 |
|
|
$ |
3,108 |
|
|
|
|
|
Adjusted Diluted
earnings per share |
|
|
|
Weighted average diluted
shares outstanding |
|
14,276 |
|
|
|
14,295 |
|
Diluted earnings per
share |
$ |
0.11 |
|
|
$ |
0.55 |
|
Adjusted net income per diluted share |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
|
|
|
EBITDA, Adjusted
EBITDA, EBITDA Margin on Revenue & Adjusted EBITDA Margin on
Adjusted Revenue |
|
|
|
Net Income |
$ |
1,547 |
|
|
$ |
7,804 |
|
Depreciation and
amortization |
|
2,402 |
|
|
|
1,985 |
|
Interest expense |
|
1,830 |
|
|
|
672 |
|
Provision for income
taxes |
|
544 |
|
|
|
2,743 |
|
EBITDA |
$ |
6,323 |
|
|
$ |
13,204 |
|
Corporate development costs
(c) |
|
1,735 |
|
|
$ |
— |
|
Less: acquired EBITDA (f) |
$ |
858 |
|
|
$ |
— |
|
Less: FEMA task order to
support Alaska (b) |
$ |
— |
|
|
$ |
6,346 |
|
Adjusted EBITDA |
$ |
7,200 |
|
|
$ |
6,858 |
|
Net income margin on
Revenue |
|
2.1 |
% |
|
|
5.1 |
% |
EBITDA Margin on Revenue |
|
8.7 |
% |
|
|
8.6 |
% |
Adjusted EBITDA Margin on
Adjusted Revenue |
|
10.9 |
% |
|
|
11.1 |
% |
|
|
|
|
|
|
|
|
(a): Represents the operating results for GRSi
following the closing of the acquisition on December 8, 2022 to
December 31, 2022 Operating income for GRSi is derived by
subtracting from the revenue attributable to GRSi following the
closing of the acquisition during the three months ended
December 31, 2022 of $6.9 million the following amounts
associated with GRSi: contract costs of $5.4 million, general &
administrative costs of $0.6 million, amortization expense of $0.5
million.
(b): Represents the operating results for the
FEMA task orders during the during three months ended December 31,
2021. Operating income for the FEMA task orders is derived by
subtracting from the revenue attributable to such task orders
during the three months ended December 31, 2021 of $91.1
million the following amounts associated with such task orders:
contract costs of $84.2 million and general & administrative
costs of $0.6 million.
(c): Represents corporate development costs we
incurred to complete the GRSi transaction. These costs primarily
include legal counsel, financial due diligence, customer market
analysis and representation and warranty insurance premiums.
(d): Incremental interest expense incurred
following the completion of the GRSi acquisition on December 8,
2022.
(e): Reflects the tax effect of adjustments at
the effective tax rate of 26%, which approximates our blended
federal and state tax rates.
(f): Reflects operating income of GRSi following
the closing of the acquisition of $0.4 million and depreciation and
amortization expense of $0.5 million.
______________________________1 Adjusted Revenue, Adjusted
Operating Income, Adjusted Net Income, Adjusted Diluted Earnings
Per Share, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and
Adjusted EBITDA Margin on Adjusted Revenue are non-GAAP financial
measures. See “Non-GAAP Financial Measures” below for additional
detail.
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