Highlights:
- First-quarter 2009 GAAP net
earnings from continuing operations attributable to common
shareholders of $13.9 million or $0.07 per diluted share vs. $182.0
million or $0.85 per diluted share in the first quarter of
2008
- First-quarter 2009 non-GAAP net
earnings attributable to common shareholders of $49.2 million or
$0.24 per diluted share compared to $148.5 million or $0.69 per
diluted share in the first quarter of 2008
- Record first-quarter cash flow
from operations of $539 million, an increase of $413 million from
the first quarter of 2008
R.R. Donnelley & Sons Company (NYSE:RRD) today
reported first-quarter net earnings from continuing operations
attributable to common shareholders of $13.9 million or $0.07 per
diluted share on net sales of $2.5 billion compared to net earnings
from continuing operations attributable to common shareholders of
$182.0 million or $0.85 per diluted share on net sales of $3.0
billion in the first quarter of 2008. The first-quarter net
earnings from continuing operations attributable to common
shareholders included pre-tax charges for restructuring ($41.4
million) and impairment ($12.8 million) totaling $54.2 million in
2009 and for restructuring ($5.2 million) and impairment ($1.7
million) totaling $6.9 million in 2008. Substantially all of the
restructuring charges in both the first quarter of 2009 and the
first quarter of 2008 were associated with the reorganization of
certain operations and the exiting of certain business activities.
The Company�s effective tax rate increased to 41.4% in the first
quarter of 2009 from 16.3% in the first quarter of 2008 due to a
$38 million tax benefit recognized in the first quarter of 2008
from the favorable settlement of certain federal income tax audits
for the years 2000 through 2002 as well as the loss of tax benefits
in certain foreign tax jurisdictions in 2009.
The company believes that certain non-GAAP measures, when
presented in conjunction with comparable GAAP (Generally Accepted
Accounting Principles) measures, are useful because that
information is an appropriate measure for evaluating the company�s
operating performance. Internally, the company uses this non-GAAP
information as an indicator of business performance, and evaluates
management�s effectiveness with specific reference to these
indicators. These measures should be considered in addition to, not
a substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP.
Non-GAAP net earnings attributable to common shareholders
totaled $49.2 million or $0.24 per diluted share in the first
quarter of 2009 compared to $148.5 million or $0.69 per diluted
share in the first quarter of 2008. First-quarter non-GAAP net
earnings attributable to common shareholders exclude restructuring
and impairment charges and, in 2008, the benefit of the reversal of
tax reserves and income from discontinued operations. For non-GAAP
comparison purposes, the effective tax rate increased to 37.1% in
the first quarter of 2009 from 33.8% in the first quarter of 2008
due primarily to the loss of tax benefits in certain foreign tax
jurisdictions in 2009. A reconciliation of GAAP net earnings to
non-GAAP net earnings for these adjustments is presented in the
attached tables.
"In contrast with our strong performance in the first quarter of
2008, during the first quarter of 2009 we saw the full impact of
the contraction in the global economy. This significantly reduced
demand in most of the end-markets that we serve,� said Thomas J.
Quinlan III, RR Donnelley's President and Chief Executive Officer.
"Despite the resulting decline in revenues, I am pleased with the
exceptional cash flow from operations of nearly $540 million, an
increase of nearly $415 million from last year's first quarter.
This increase was due to a tax refund, the absence of 2008
incentive compensation that would have been paid in the first
quarter of 2009 and the benefit of working capital management that
offset lower operating results. We have enhanced our already strong
liquidity position, ending the first quarter of 2009 with $2.6
billion in available liquidity.�
Quinlan added, �Our tight financial discipline continues to be
focused on maximizing cash flow and maintaining liquidity. As we
evaluate deployment of capital, we seek to enhance operational
excellence as we serve our customers and to deliver the best
long-term returns to our shareholders."
Business Review (Continuing Operations)
The company reports its results in two reportable segments: 1)
U.S. Print and Related Services and 2) International. The company
reports as Corporate its unallocated expenses associated with
general and administrative activities.
Summary
Net sales in the quarter were $2.5 billion, down 18.1% from the
first quarter of 2008 including a 3.5% negative impact from changes
in foreign exchange rates. The remaining decrease was caused by
volume declines across substantially all product lines and
continued price pressure, offset slightly by the acquisitions of
Pro Line Printing and PROSA. Gross margin decreased to 23.3% in the
first quarter of 2009 from 26.0% in the first quarter of 2008 due
to volume and price declines and lower by-products recovery, offset
in part by the benefits of our continued productivity efforts and
lower variable compensation expense. SG&A expense as a
percentage of net sales in the first quarter of 2009 was unchanged
from the first quarter of 2008 at 11.5% as continued productivity
efforts offset the impact of lower sales. Operating margin, which
was negatively impacted by charges for restructuring and impairment
of $54.2 million in the first quarter of 2009 and $6.9 million in
the first quarter of 2008, decreased to 3.6% in the first quarter
of 2009 from 9.0% in the first quarter of 2008.
Excluding charges for restructuring and impairment, the non-GAAP
operating margin in the first quarter of 2009 decreased to 5.8%
from 9.2% in the first quarter of 2008, as the benefits from our
productivity efforts and lower expense for intangible amortization
and variable compensation were more than offset by volume and price
declines.
Segments
Net sales for the U.S. Print and Related Services segment in the
quarter decreased 14.9% to $1.9 billion from the first quarter of
2008 due to volume declines across all product lines and continuing
price pressure throughout the segment. The segment�s operating
margin, which was negatively impacted by charges for restructuring
and impairment of $32.7 million in the first quarter of 2009 and
$5.3 million in the first quarter of 2008, decreased to 6.0% in the
first quarter of 2009 from 11.9% in the first quarter of 2008.
Excluding restructuring and impairment charges, the segment�s
non-GAAP operating margin decreased to 7.7% in the first quarter of
2009 from 12.1% in the first quarter of 2008, as the impact of
volume and price declines and lower by-products recovery were only
partially offset by the benefits of continued productivity efforts
and lower variable compensation expense.
Net sales for the International segment in the quarter decreased
27.5% to $548.2 million from the first quarter of 2008 including a
13.8% negative impact from changes in foreign exchange rates. The
remaining decrease was caused by volume declines in most product
lines and price pressure in Europe and Asia. Partially offsetting
these declines were volume increases in Latin America. The
segment�s operating margin, which was negatively impacted by
charges for restructuring and impairment of $18.3 million in the
first quarter of 2009 and restructuring charges of $2.8 million in
the first quarter of 2008, decreased to 3.0% in the first quarter
of 2009 from 6.5% in the first quarter of 2008. Excluding
restructuring and impairment charges, the segment�s non-GAAP
operating margin decreased to 6.3% in the first quarter of 2009
from 6.8% in the first quarter of 2008 as the impact of volume and
price declines was partially offset by the benefits of continued
productivity efforts, the elimination of amortization expense on
certain intangible assets that were impaired in the fourth quarter
of 2008 and lower variable compensation expense.
Unallocated Corporate operating expense decreased to $43.5
million in the first quarter of 2009 from $46.0 million in the
first quarter of 2008. Excluding charges for restructuring of $3.2
million in the first quarter of 2009 and a restructuring reversal
of $1.2 million in the first quarter of 2008, Corporate operating
expense decreased $6.9 million to $40.3 million in the first
quarter of 2009, primarily through continued cost control
efforts.
Conference Call
RR Donnelley will host a conference call and simultaneous
webcast to discuss its first-quarter results today, Wednesday, May
6, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live
webcast will be accessible on RR Donnelley�s web site:
http://www.rrdonnelley.com. Individuals wishing to participate can
join the conference call by dialing 706.634.1139. A webcast replay
will be archived on the Company�s web site for 30 days after the
call. In addition, a telephonic replay of the call will be
available for seven days at 706.645.9291, passcode 93836046.
About RR Donnelley
RR Donnelley (NYSE: RRD) is the world's premier full-service
provider of print and related services, including business process
outsourcing. Founded more than 144 years ago, the company provides
products and solutions in commercial printing, direct mail,
financial printing, print fulfillment, labels, forms, logistics,
call centers, transactional print-and-mail, print management,
online services, digital photography, color services, and content
and database management to customers in the publishing, healthcare,
advertising, retail, technology, financial services and many other
industries. The largest companies in the world and others rely on
RR Donnelley's scale, scope and insight through a comprehensive
range of online tools, variable printing services and
market-specific solutions. For more information, visit the
company�s web site at www.rrdonnelley.com.
Use of Forward-Looking Statements
This news release contains �forward-looking statements� as
defined in the U.S. Private Securities Litigation Reform Act of
1995. Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements
are qualified in their entirety by reference to the following
cautionary statements. All forward-looking statements speak only as
of the date of this news release and are based on current
expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ
materially from such forward-looking statements. The company does
not undertake to and specifically declines any obligation to
publicly release the results of any revisions to these
forward-looking statements that may be made to reflect future
events or circumstances after the date of such statement or to
reflect the occurrence of anticipated or unanticipated events. The
factors that could cause material differences in the expected
results of RR Donnelley include, without limitation, the following:
the successful execution and integration of acquisitions and the
performance of the company�s businesses following acquisitions; the
ability to implement comprehensive plans for the integration of the
sales force, cost containment, asset rationalization and other key
strategies; competitive pressures in all markets in which the
company operates; the volatility and disruption of the capital and
credit markets, and adverse changes in the global economy; our
ability to access unsecured debt in the capital markets and the
reliability of the participants to our contractual lending and
insurance agreements; factors that affect customer demand,
including changes in postal rates and postal regulations, changes
in the capital markets, changes in advertising markets, the rate of
migration from paper-based forms to digital format, customers�
budgetary constraints and customers� changes in short-range and
long-range plans; customers� financial strength; shortages or
changes in availability, or increases in costs of, key materials
(such as ink, paper and fuel); and other risks and uncertainties
described in RR Donnelley�s periodic filings with the Securities
and Exchange Commission (SEC). Readers are strongly encouraged to
read the full cautionary statements contained in RR Donnelley�s
filings with the SEC.
R. R. Donnelley & Sons Company Condensed Consolidated
Balance Sheets As of March 31, 2009 and December 31, 2008
(UNAUDITED) (In millions, except per share data) � � � � �
March
31, 2009 �
December 31, 2008
Assets
� � Current Assets Cash and cash equivalents $ 1,027.6 $ 324.0
Restricted cash equivalents 0.2 7.9 Receivables, less allowance for
doubtful accounts 1,706.3 1,903.2 Income taxes receivable 27.9
189.4 Inventories 592.2 695.7 Prepaid expenses and other current
assets 88.6 104.6 Deferred income taxes � 55.3 � � � 56.2 � Total
Current Assets
$ 3,498.1 � �
$ 3,281.0
� � Property, plant and equipment - net 2,462.8 2,564.0 Goodwill
2,431.7 2,425.9 Other intangible assets - net 810.5 831.1 Other
noncurrent assets
392.2
392.3 � � � � � � � � � �
Total Assets � � � �
$
9,595.3
� �
$ 9,494.3 � � �
Liabilities
� Current Liabilities Accounts payable $ 718.9 $ 767.6 Accrued
liabilities 764.5 795.7 Short-term and current portion of long-term
debt � 826.7 � � � 923.5 � Total Current Liabilities
$
2,310.1 � �
$ 2,486.8 � � Long-term debt
3,603.3 3,203.3 Pension liability 482.7 491.5 Postretirement
benefit obligations 292.5 291.9 Deferred income taxes 255.9 260.9
Other noncurrent liabilities
407.8
417.6 Liabilities of discontinued operations 0.4 0.4 � � � � � � �
� � �
Total Liabilities � � � �
$
7,352.7
� �
$ 7,152.4 � � �
Equity
� Common stock, $1.25 par value $ 303.7 $ 303.7 Authorized shares:
500.0 Issued shares: 243.0 in 2009 and 2008 � Additional paid-in
capital 2,892.2 2,885.7 � Retained earnings 864.6 903.8 �
Accumulated other comprehensive loss (647.2 ) (580.7 ) � Treasury
stock, at cost, 37.3 shares � (1,195.7 ) � � (1,194.0 ) in 2009
(2008 - 37.2 shares) � Total Shareholders' Equity 2,217.6 2,318.5 �
Total Noncontrolling Interests 25.0 23.4 � � � � � � � � � �
Total Equity � � � �
$ 2,242.6 � �
$
2,341.9 � � � � � � � � � � �
Total Liabilities and
Equity � � �
$
9,595.3
� �
$ 9,494.3 �
R. R. Donnelley & Sons
Company Condensed Consolidated Statements of Operations Three
Months Ended March 31, 2009 and 2008 (In millions, except per share
data)
(UNAUDITED) � � � � � � � � � � � � � � � � �
Three
Months Ended March 31, 2 0 0 9
GAAP
�
ADJUSTMENTS
TO NON-GAAP
�
2 0 0 9
NON-GAAP
�
2 0 0 8
GAAP
�
ADJUSTMENTS
TO NON-GAAP
�
2 0 0 8
NON-GAAP
� � � � � � � � � � � � � Net sales $ 2,455.6 � � $ - � � $ 2,455.6
� � � $ 2,997.1 � $ - � � $ 2,997.1 � Cost of sales (exclusive of
depreciation and amortization shown below) 1,882.8 - 1,882.8
2,218.2 - 2,218.2 Selling, general and administrative expenses
(exclusive of depreciation and amortization shown below) 283.2 -
283.2 344.7 - 344.7 Restructuring and impairment charges 54.2 (54.2
) - 6.9 (6.9 ) - Depreciation and amortization 148.0 � � - � �
148.0 � � � 157.6 � - � � 157.6 Total operating expenses 2,368.2 �
� (54.2 ) � 2,314.0 � � � 2,727.4 � (6.9 ) � 2,720.5
Income from
continuing operations 87.4 � �
54.2 � �
141.6 � � �
269.7 �
6.9 � �
276.6 �
Interest expense - net 59.1 - 59.1 57.0 - 57.0 Investment and other
income (expense) - net (0.3 ) - (0.3 ) 4.6 - 4.6 � � � � � � � � �
� � � �
Earnings from continuing operations before income
taxes 28.0 � �
54.2 � �
82.2 � � �
217.3 �
6.9 � �
224.2 � Income tax expense
11.6 18.9 30.5 35.4 40.4 75.8 � � � � � � � � � � � � �
Net
earnings from continuing operations 16.4 � �
35.3
� �
51.7 � � �
181.9 �
(33.5 ) �
148.4 � Income from discontinued operations - net of tax - -
- 0.5 (0.5 ) - � � � � � � � � � � � � �
Net earnings
16.4 � �
35.3 � �
51.7 � � �
182.4 �
(34.0 ) �
148.4 � Less: (Income) loss
attributable to noncontrolling interests (2.5 ) - (2.5 ) 0.1 - 0.1
� � � � �
�
� � � � � � � �
Net earnings attributable to common
shareholders
$ 13.9
� �
$ 35.3
� �
$ 49.2
� � �
$ 182.5
�
$ (34.0
) �
$ 148.5
� �
Earnings per share attributable to common shareholders
Basic: Net earnings from continuing operations
$ 0.07
$ 0.24 $ 0.85 $ 0.69 Income from discontinued
operations, net of tax
-
�
-
�
-
-
Net earnings attributable to common shareholders
$ 0.07 �
$ 0.24 � �
$ 0.85 $ 0.69 Diluted: Net
earnings from continuing operations
$ 0.07 $ 0.24
$ 0.85 $ 0.69 Income from discontinued operations,
net of tax
-
�
-
�
-
-
Net earnings attributable to common shareholders
$ 0.07 �
$ 0.24 � �
$ 0.85 $ 0.69 � �
Weighted
average common shares outstanding: Basic
205.2
205.2 214.5 214.5 Diluted
206.7
206.7 215.0 215.0 �
Amounts attributable to
common shareholders Net earnings from continuing operations
$ 13.9 $ 49.2 $ 182.0
$ 148.5
Income from discontinued operations, net of tax
- �
-
�
0.5 - Net earnings attributable to common
shareholders
$ 13.9 �
$ 49.2
�
$ 182.5
$ 148.5
�
The Company believes that certain
non-GAAP measures, when presented in conjunction with comparable
GAAP measures, are useful because that information is an
appropriate measure for evaluating the Company�s operating
performance.��Internally, the Company uses this non-GAAP
information as an indicator of business performance, and evaluates
management�s effectiveness with specific reference to this
indicator. These measures should be considered in addition to, not
a substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP.��������
R.R. Donnelley & Sons Company Reconciliation of GAAP
to Non-GAAP Measures IN MILLIONS, EXCEPT PER SHARE AND MARGIN
DATA (UNAUDITED) � � � � � � � � � Three Months Ended March 31,
2009 Three Months Ended March 31, 2008
Income from continuing
operations
Operating margin
Net earnings attributable to
common shareholders
Net earnings attributable to
common shareholders per diluted share
Income from continuing operations Operating
margin Net earnings attributable to common
shareholders Net earnings attributable to common
shareholders per diluted share GAAP basis measures $ 87.4
3.6 % $ 13.9 $ 0.07 $ 269.7 9.0 % $ 182.5 $ 0.85 � Non-GAAP
adjustments: Restructuring and impairment charges (1) 54.2 2.2 %
35.3 0.17 6.9 0.2 % 4.5 0.02 Income tax adjustments (2) - - - - - -
(38.0 ) (0.18 ) (Income) loss from discontinued operations - � - �
� - � - - � - � � (0.5 ) � - � Total Non-GAAP adjustments $ 54.2 �
2.2 % � $ 35.3 � $ 0.17 $ 6.9 � 0.2 % � $ (34.0 ) � $ (0.16 )
Non-GAAP measures $ 141.6 � 5.8 % � $ 49.2 � $ 0.24 $ 276.6 � 9.2 %
� $ 148.5 � � $ 0.69 � � � � �
(1) Restructuring and impairment
charges (pre-tax): Operating results for the three months ended
March 31, 2009 and 2008 were affected by the following
restructuring and impairment charges:
�
2009 2008 Employee termination costs
(a) $ 39.0 $ 4.6 Lease termination and other facility closure costs
2.4 � 0.6 �
Total restructuring expense $ 41.4 �
$
5.2 � �
2009 2008 Impairment
charges (b) $ 12.8 $ 1.7 � � (a) employee
termination costs resulted from the reorganization of certain
operations and the exiting of certain business activities. � (b)
impairment charges related to the impairment of other long-lived
assets. � � (2) Income tax adjustments: Net earnings for the three
months ended March 31, 2008 were affected by a $38 million reversal
of reserves for uncertain tax positions.
R. R. Donnelley &
Sons Company Segment GAAP to Non-GAAP Operating Income and
Margin Reconciliation For the Three Months Ended March 31, 2009 and
2008 $ IN MILLIONS (UNAUDITED) � � �
U.S. Print andRelated Services
� International � Corporate � Consolidated �
Three Months Ended March 31,
2009
�
Net sales $ 1,907.4 $ 548.2 $ - $ 2,455.6 Operating expense 1,793.0
� � 531.7 � � 43.5 � � 2,368.2 � Operating income (loss) 114.4 16.5
(43.5 ) 87.4 Operating margin % 6.0 % 3.0 % nm 3.6 % �
Non-GAAP Adjustments
Restructuring charges 24.3 13.9 3.2 41.4 Impairment charges 8.4 � �
4.4 � � - � � 12.8 � Total Non-GAAP adjustments 32.7 18.3 3.2 54.2
� Operating income (loss) excluding restructuring and impairment
charges $ 147.1 $ 34.8 $ (40.3 ) $ 141.6 Operating margin before
restructuring and impairment charges % 7.7 % 6.3 % nm 5.8 % �
Depreciation and amortization 107.7 30.3 10.0 148.0 Capital
expenditures 35.7 16.2 3.0 54.9 �
Three Months Ended March 31,
2008
Net sales $ 2,240.7 $ 756.4 $ - $ 2,997.1 Operating expense 1,974.0
� � 707.4 � � 46.0 � � 2,727.4 � Operating income (loss) 266.7 49.0
(46.0 ) 269.7 Operating margin % 11.9 % 6.5 % nm 9.0 % �
Non-GAAP Adjustments
Restructuring charges 3.6 2.8 (1.2 ) 5.2 Impairment charges 1.7 � �
- � � - � � 1.7 � Total Non-GAAP adjustments 5.3 2.8 (1.2 ) 6.9 �
Operating income (loss) excluding restructuring and impairment
charges $ 272.0 $ 51.8
$ (47.2
) $ 276.6 Operating margin before restructuring and impairment
charges % 12.1 % 6.8 % nm 9.2 % � Depreciation and amortization
104.3 42.9 10.4 157.6 Capital expenditures 47.7 21.2 3.0 71.9 � � �
�
R. R. Donnelley & Sons Company Condensed Consolidated
Statements of Cash Flows For the Three Months Ended March 31, 2009
and 2008 IN MILLIONS (UNAUDITED) � � � �
2009 �
2008
Operating Activities
� Net earnings $ 16.4 $ 182.4 � (Income) loss from discontinued
operations - (0.5) � Adjustment to reconcile net earnings to cash
provided by operating activities 183.5 177.7 � � Changes in
operating assets and liabilities � �
338.8
� (233.1) Net cash provided by operating activities of continuing
operations
538.7
126.5 Net cash used in operating activities of discontinued
operations � � - � (0.8)
Net cash provided by operating
activities � �
$ 538.7
�
$ 125.7 � � � � � � � � �
Net cash used in investing
activities � �
$ (72.2) �
$ (170.0) � � � � � � �
� �
Net cash provided by financing activities � �
$ 249.3
�
$ 48.4 � Effect of exchange rate on cash and cash
equivalents (12.2) 14.6 � � � � � � � � �
Net increase in cash
and cash equivalents � �
$ 703.6 �
$ 18.7 � Cash
and cash equivalents at beginning of period 324.0 379.0 � � � � � �
� � �
Cash and cash equivalents at end of period � �
$
1,027.6 �
$ 397.7 Supplemental non-cash disclosure: �
Use of restricted cash to fund obligations associated with deferred
compensation plans $ 0.1 � $ 24.0
R.R. Donnelley & Sons
Company Revenue Reconciliation Reported to Pro Forma For the
Three Months Ended March 31, 2009 and 2008 $ IN MILLIONS
(UNAUDITED) � � �
Reported net
sales
Adjustment for
net sales of acquired
businesses
Pro forma net
sales
Three Months Ended March 31,
2009
U.S. Print and Related Services $ 1,907.4 $ - $ 1,907.4
International 548.2 � � - � 548.2 � Consolidated $ 2,455.6 $ - $
2,455.6 �
Three Months Ended March 31,
2008
U.S. Print and Related Services $ 2,240.7 $ 23.6 $ 2,264.3
International 756.4 � � 5.2 � $ 761.6 � Consolidated $ 2,997.1 $
28.8 $ 3,025.9 �
Net sales change
U.S. Print and Related Services -14.9 % -15.8 % International -27.5
% -28.0 % Consolidated -18.1 % -18.8 % �
The reported results of the
company include the results of acquired businesses from the
acquisition date forward.��The company has provided this schedule
to reconcile reported net sales for the three months ended March
31, 2009 and 2008 to pro forma net sales as if the acquisitions
took place at the beginning of the respective periods.
�
For the three months ended March
31, 2008, the adjustment for net sales presents the combined
results of acquired businesses, Pro Line Printing, Incorporated
(acquired March 14, 2008), and PROSA (acquired January 2,
2009).
R.R. Donnelley & Sons Company Liquidity Summary As of
March 31, 2009 and March 31, 2008 $ IN MILLIONS (UNAUDITED) � � � �
�
Total Liquidity (1)
March 31, 2009 March 31, 2008 Cash (2) $ 1,027.6 $ 397.7 Committed
Credit Facility ("Facility") (3) 2,000.0 2,000.0 3,027.6 2,397.7
Usage
Commercial paper - 516.8 Borrowings under Facility 400.0 350.0
Letters of credit outstanding under Facility 35.5 23.8 435.5 890.6
� Net Available Liquidity $ 2,592.1 $ 1,507.1 � � (1) Liquidity
does not include credit facilities of non-U.S. subsidiaries, which
are uncommitted facilities. �
(2) Approximately 40% of the cash
as of March 31, 2009 and 87% of the cash as of March 31, 2008 is
located outside the U.S.; permanent repatriation to the U.S. would
be taxable.
Cash balance at March 31, 2009 includes $400 million used to repay
April 1, 2009 senior note maturity. � (3) $2 billion committed
credit facility maturing on January 6, 2012.
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