Matrix Service Company (Nasdaq: MTRX) today
reported its financial results for the fourth quarter and year
ended June 30, 2018.
"As we progressed through fiscal 2018, we saw
significant improvement in the end markets we serve, reflected in
part by the strong project awards received in our Storage Solutions
and Industrial segments and by improving levels of higher margin
work across most of the business. Backlog at June 30, 2018
increased 79% to $1.219 billion during the year," said John R.
Hewitt, President and Chief Executive Officer. "That said, the
majority of these awards came later than expected, pushing revenue
into fiscal 2019 and beyond.
"In addition to the strong project award
activity, as we indicated on our third quarter call, we saw
improvement in our revenue volumes and operating results in the
fourth quarter.
"However, our fourth quarter results were
impacted by impairment charges totaling $18.0 million. This
includes a goodwill impairment charge of $17.3 million in the
Electrical Infrastructure segment and a $0.7 million write off of
an amortizing intangible asset in the Oil Gas & Chemical
segment. The goodwill impairment was triggered by the
Company’s decision to shift its strategy away from EPC power
generation projects to smaller individual packages that better fit
the Company’s risk profile, combined with the recent trend of
increased competition and sluggish maintenance and capital spending
by some key clients in the Northeast and Mid Atlantic high voltage
markets."
Including these impairment charges, the Company
reported a net loss in the fourth quarter of fiscal 2018 of $0.55
per fully diluted share and a full year loss of $0.43 per fully
diluted share. Excluding these non-cash charges, the adjusted
earnings per fully diluted share (a non-GAAP measure) were $0.03
and $0.15 for the three months and year ending June 30, 2018.
The Company has included a reconciliation of this non-GAAP measure
in this earnings release.
Looking forward, Hewitt said, "We expect
activity in our Storage Solutions, Industrial, and Oil, Gas &
Chemical segments to be strong in fiscal 2019. Further, we also
expect improvement in our Electrical Infrastructure segment as our
core markets in the Northeast and Mid Atlantic strengthen and we
execute on our strategic growth plans through focused organic
expansion and targeted acquisitions to increase our geographic
footprint in high voltage electrical. We will also continue
to pursue smaller power generation construction packages.
"In short, we are very optimistic about the
outlook for our business across all of the market segments we
serve. We expect our business volume to build quarter over
quarter throughout the year, with fiscal 2019 being considerably
stronger than fiscal 2018."
Fourth Quarter Fiscal 2018
Results
Revenue for the fourth quarter ended June 30,
2018 was $293.1 million compared to $291.8 million in the same
quarter a year earlier. On a segment basis, revenue increased
$34.7 million and $17.0 million in the Industrial and Storage
Solutions segments, respectively. These increases were driven
primarily by higher volumes of iron and steel work in the
Industrial segment and higher volumes of tank construction work in
the Storage Solutions segment. These increases were largely offset
by a decrease of $47.4 million in the Electrical Infrastructure
segment due to a reduction in power generation capital construction
work and lower high voltage volumes.
Consolidated gross profit was $21.5 million in
the three months ended June 30, 2018 compared to $23.1 million in
the three months ended June 30, 2017. Gross margin for the
fourth quarter of fiscal 2018 was 7.3% compared to 7.9% in the same
period a year earlier as both periods were impacted by lower direct
margin opportunities previously booked in a challenging market
environment.
Selling, general and administrative costs were
$20.6 million in the fourth quarter of fiscal 2018 compared to
$19.6 million in the same period a year earlier.
Fiscal 2018 Results
Revenue for the fiscal year ended June 30, 2018
was $1.092 billion compared to $1.198 billion in the same period a
year earlier, a decrease of $106.0 million. On a segment
basis, revenue decreased in the Storage Solutions and Electrical
Infrastructure segments by $167.0 million and $117.5 million,
respectively, which were partially offset by higher revenues in the
Industrial and Oil Gas & Chemical segments of $96.3 million and
$82.3 million, respectively. The decrease in Storage
Solutions segment revenue is primarily the result of delays in
project awards during fiscal 2017 and the first half of fiscal
2018. The decrease in Electrical Infrastructure segment
revenue is due to a reduction in power generation capital
construction work and lower high voltage volumes. The
increase in Industrial segment revenue is primarily attributable to
improved market conditions for our iron and steel customers.
Oil Gas & Chemical segment revenue increased primarily as a
result of higher construction volumes, combined with an improved
turnaround and maintenance environment.
Consolidated gross profit was $91.9 million in
fiscal 2018 compared to $81.0 million in fiscal 2017. Fiscal
2018 gross margin was 8.4% compared 6.8% in fiscal 2017. The
increase in gross margin in fiscal 2018 is primarily attributable
to the financial impact of a large power generation project in the
Electrical Infrastructure segment in fiscal 2017 and better
recovery of overhead costs in fiscal 2018.
Consolidated SG&A expenses were $84.4
million in fiscal 2018 compared to $76.1
million in fiscal 2017. The increase in fiscal 2018 is
primarily attributable to overhead associated with a fiscal 2017
acquisition that expanded the Company's engineering business, as
well as higher project pursuit costs across the business.
Income Tax Expense
The effective tax rates were 15.2% and 5.5% for
the three months and fiscal year ended June 30, 2018,
respectively. As a result of the Tax Cuts and Jobs Act and
its transitional application to our June 30 fiscal year end, we
expected our effective income tax rate to be approximately 32% in
fiscal 2018. Our effective income tax rate in fiscal 2018 was
negatively impacted by $8.3 million of non-deductible goodwill
being impaired in the fourth quarter. The Company estimates
that its fiscal 2019 effective tax rate will approximate 27%.
Backlog
The June 30, 2018 backlog balance increased by
$536.3 million to $1.219 billion, a 79% increase, as a result of
strong project awards, particularly in the Storage Solutions and
Industrial segments. This balance compares to $682.3 million at
June 30, 2017 and $914.2 million at March 31, 2018. Project
awards in the three months ended June 30, 2018 totaled $597.5
million compared to $262.9 million during the same period a year
ago, an increase of 127.3%. Project awards for the fiscal
year ended June 30, 2018 totaled $1.628 billion compared to $1.061
billion during the same period a year ago, an increase of
53.5%.
Financial Position
At June 30, 2018, the Company has zero
outstanding debt, a cash balance of $64.1 million and liquidity of
$137.2 million.
Earnings Guidance
The strength of our backlog and opportunity
pipeline, tempered by the wind up of these projects will drive
continuous improvement of our top and bottom line performance as we
move through the fiscal year. The Company expects fiscal 2019
revenue to be between $1.250 billion and $1.350 billion and
earnings to be between $0.85 and $1.15 per fully diluted share.
Conference Call Details
In conjunction with the earnings release, Matrix
Service Company will host a conference call with John R. Hewitt,
President and CEO, and Kevin S. Cavanah, Vice President and CFO.
The call will take place at 10:30 a.m. (Eastern) / 9:30 a.m.
(Central) on Tuesday, September 11, 2018 and will be simultaneously
broadcast live over the Internet which can be accessed at the
Company’s website at matrixservicecompany.com on the Investors’
page under Conference Calls/Events. Please allow extra time
prior to the call to visit the site and download the streaming
media software required to listen to the Internet broadcast.
The conference call will be recorded and will be available for
replay within one hour of completion of the live call and can be
accessed following the same link as the live call.
About Matrix Service Company
Matrix Service Company provides engineering,
fabrication, construction and repair and maintenance services to
the Electrical Infrastructure, Oil Gas & Chemical, Storage
Solutions and Industrial markets.
The Company is headquartered in Tulsa, Oklahoma,
with regional operating facilities throughout the United States,
Canada and other international locations.
This release contains forward-looking statements
that are made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
are generally accompanied by words such as “anticipate,”
“continues,” “expect,” “forecast,” “outlook,” “believe,”
“estimate,” “should” and “will” and words of similar effect that
convey future meaning, concerning the Company’s operations,
economic performance and management’s best judgment as to what may
occur in the future. Future events involve risks and uncertainties
that may cause actual results to differ materially from those we
currently anticipate. The actual results for the current and future
periods and other corporate developments will depend upon a number
of economic, competitive and other influences, including those
factors discussed in the “Risk Factors” and “Forward Looking
Statements” sections and elsewhere in the Company’s reports and
filings made from time to time with the Securities and Exchange
Commission. Many of these risks and uncertainties are beyond the
control of the Company, and any one of which, or a combination of
which, could materially and adversely affect the results of the
Company's operations and its financial condition. We undertake no
obligation to update information contained in this release.
|
|
For more
information, please contact: |
|
|
|
Matrix Service
Company |
Alpha IR
Group |
Kevin S. Cavanah
|
Investor
Relations |
Vice President and
CFO |
Bobby Winters |
T: 918-838-8822
|
T: 312-445-2870 |
E:
kcavanah@matrixservicecompany.com |
E:
MTRX@alpha-ir.com |
|
|
|
Matrix Service Company |
|
Consolidated Statements of
Income |
|
(In thousands, except per share
data) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
Revenues |
|
$ |
293,087 |
|
|
$ |
291,836 |
|
|
$ |
1,091,553 |
|
|
$ |
1,197,509 |
|
Cost of revenues |
|
271,636 |
|
|
268,709 |
|
|
999,617 |
|
|
1,116,506 |
|
Gross profit |
|
21,451 |
|
|
23,127 |
|
|
91,936 |
|
|
81,003 |
|
Selling, general and
administrative expenses |
|
20,565 |
|
|
19,596 |
|
|
84,417 |
|
|
76,144 |
|
Goodwill and other
intangible asset impairment |
|
17,998 |
|
|
— |
|
|
17,998 |
|
|
— |
|
Operating income
(loss) |
|
(17,112 |
) |
|
3,531 |
|
|
(10,479 |
) |
|
4,859 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
expense |
|
(520 |
) |
|
(638 |
) |
|
(2,600 |
) |
|
(2,211 |
) |
Interest
income |
|
147 |
|
|
21 |
|
|
381 |
|
|
132 |
|
Other |
|
166 |
|
|
(337 |
) |
|
550 |
|
|
(334 |
) |
Income (loss) before
income tax expense |
|
(17,319 |
) |
|
2,577 |
|
|
(12,148 |
) |
|
2,446 |
|
Provision (benefit) for
federal, state and foreign income taxes |
|
(2,636 |
) |
|
3,531 |
|
|
(668 |
) |
|
2,308 |
|
Net income (loss) |
|
(14,683 |
) |
|
(954 |
) |
|
(11,480 |
) |
|
138 |
|
Less: Net income
attributable to noncontrolling interest |
|
— |
|
|
— |
|
|
— |
|
|
321 |
|
Net loss attributable
to Matrix Service Company |
|
$ |
(14,683 |
) |
|
$ |
(954 |
) |
|
$ |
(11,480 |
) |
|
$ |
(183 |
) |
Basic loss per common
share |
|
$ |
(0.55 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.01 |
) |
Diluted loss per common
share |
|
$ |
(0.55 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.01 |
) |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
26,833 |
|
|
26,600 |
|
|
26,769 |
|
|
26,533 |
|
Diluted |
|
26,833 |
|
|
26,600 |
|
|
26,769 |
|
|
26,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matrix Service Company |
|
Consolidated Balance Sheets |
|
(In thousands) |
|
|
June 30, |
|
June 30, |
2018 |
2017 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
64,057 |
|
|
$ |
43,805 |
|
Accounts
receivable, less allowances (2018 - $6,327; 2017 - $9,887) |
203,388 |
|
|
210,953 |
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts |
76,632 |
|
|
91,180 |
|
Inventories |
5,152 |
|
|
3,737 |
|
Income
taxes receivable |
3,359 |
|
|
4,042 |
|
Other
current assets |
4,458 |
|
|
4,913 |
|
Total current
assets |
357,046 |
|
|
358,630 |
|
Property, plant and
equipment, at cost: |
|
|
|
Land and
buildings |
40,424 |
|
|
38,916 |
|
Construction equipment |
89,036 |
|
|
94,298 |
|
Transportation equipment |
48,339 |
|
|
48,574 |
|
Office
equipment and software |
41,236 |
|
|
36,556 |
|
Construction in progress |
1,353 |
|
|
5,952 |
|
Total
property, plant and equipment - at cost |
220,388 |
|
|
224,296 |
|
Accumulated depreciation |
(147,743 |
) |
|
(144,022 |
) |
Property,
plant and equipment - net |
72,645 |
|
|
80,274 |
|
Goodwill |
96,162 |
|
|
113,501 |
|
Other intangible
assets |
22,814 |
|
|
26,296 |
|
Deferred income
taxes |
4,848 |
|
|
3,385 |
|
Other assets |
4,518 |
|
|
3,944 |
|
Total assets |
$ |
558,033 |
|
|
$ |
586,030 |
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
79,439 |
|
|
$ |
105,649 |
|
Billings
on uncompleted contracts in excess of costs and estimated
earnings |
120,740 |
|
|
75,127 |
|
Accrued
wages and benefits |
24,375 |
|
|
20,992 |
|
Accrued
insurance |
9,080 |
|
|
9,340 |
|
Income
taxes payable |
7 |
|
|
169 |
|
Other
accrued expenses |
4,824 |
|
|
7,699 |
|
Total current
liabilities |
238,465 |
|
|
218,976 |
|
Deferred
income taxes |
429 |
|
|
128 |
|
Borrowings under senior secured revolving credit facility |
— |
|
|
44,682 |
|
Other
liabilities |
296 |
|
|
435 |
|
Total liabilities |
239,190 |
|
|
264,221 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock—$.01 par value; 60,000,000 shares authorized; 27,888,217
shares issued as of June 30, 2018 and June 30, 2017;
26,853,823 and 26,600,562 shares outstanding as of June 30, 2018
and June 30, 2017 |
279 |
|
|
279 |
|
Additional paid-in capital |
132,198 |
|
|
128,419 |
|
Retained
earnings |
211,494 |
|
|
222,974 |
|
Accumulated other comprehensive income |
(7,411 |
) |
|
(7,324 |
) |
|
336,560 |
|
|
344,348 |
|
Less
treasury stock, at cost — 1,034,394 and 1,287,655 shares as of
June 30, 2018 and June 30, 2017 |
(17,717 |
) |
|
(22,539 |
) |
Total stockholders'
equity |
318,843 |
|
|
321,809 |
|
Total liabilities and
stockholders’ equity |
$ |
558,033 |
|
|
$ |
586,030 |
|
|
|
|
|
|
|
|
|
|
Results of Operations |
(In thousands) |
|
|
|
|
|
|
|
|
|
ElectricalInfrastructure |
|
Oil Gas
&Chemical |
|
StorageSolutions |
|
Industrial |
|
Total |
Three Months
Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
Gross revenues |
|
$ |
52,730 |
|
|
$ |
81,600 |
|
|
$ |
97,442 |
|
|
$ |
63,648 |
|
|
$ |
295,420 |
|
Less: inter-segment
revenues |
|
— |
|
|
1,230 |
|
|
1,103 |
|
|
— |
|
|
2,333 |
|
Consolidated
revenues |
|
52,730 |
|
|
80,370 |
|
|
96,339 |
|
|
63,648 |
|
|
293,087 |
|
Gross profit |
|
2,733 |
|
|
5,873 |
|
|
8,774 |
|
|
4,071 |
|
|
21,451 |
|
Operating income
(loss) |
|
$ |
(18,765 |
) |
|
$ |
114 |
|
|
$ |
802 |
|
|
$ |
737 |
|
|
$ |
(17,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
Gross revenues |
|
$ |
100,169 |
|
|
$ |
83,387 |
|
|
$ |
80,246 |
|
|
$ |
29,195 |
|
|
$ |
292,997 |
|
Less: inter-segment
revenues |
|
— |
|
|
8 |
|
|
881 |
|
|
272 |
|
|
1,161 |
|
Consolidated
revenues |
|
100,169 |
|
|
83,379 |
|
|
79,365 |
|
|
28,923 |
|
|
291,836 |
|
Gross profit |
|
8,033 |
|
|
5,910 |
|
|
6,671 |
|
|
2,513 |
|
|
23,127 |
|
Operating income
(loss) |
|
$ |
4,776 |
|
|
$ |
(1,729 |
) |
|
$ |
(535 |
) |
|
$ |
1,019 |
|
|
$ |
3,531 |
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
Gross revenues |
|
$ |
255,931 |
|
|
$ |
324,546 |
|
|
$ |
319,106 |
|
|
$ |
198,155 |
|
|
$ |
1,097,738 |
|
Less: inter-segment
revenues |
|
— |
|
|
1,774 |
|
|
4,410 |
|
|
1 |
|
|
6,185 |
|
Consolidated
revenues |
|
255,931 |
|
|
322,772 |
|
|
314,696 |
|
|
198,154 |
|
|
1,091,553 |
|
Gross profit |
|
18,300 |
|
|
33,423 |
|
|
25,778 |
|
|
14,435 |
|
|
91,936 |
|
Operating income
(loss) |
|
$ |
(16,531 |
) |
|
$ |
8,798 |
|
|
$ |
(5,907 |
) |
|
$ |
3,161 |
|
|
$ |
(10,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
Gross revenues |
|
$ |
373,384 |
|
|
$ |
247,423 |
|
|
$ |
483,254 |
|
|
$ |
103,449 |
|
|
$ |
1,207,510 |
|
Less: inter-segment
revenues |
|
— |
|
|
6,900 |
|
|
1,558 |
|
|
1,543 |
|
|
10,001 |
|
Consolidated
revenues |
|
373,384 |
|
|
240,523 |
|
|
481,696 |
|
|
101,906 |
|
|
1,197,509 |
|
Gross profit |
|
7,137 |
|
|
12,675 |
|
|
55,651 |
|
|
5,540 |
|
|
81,003 |
|
Operating income
(loss) |
|
$ |
(8,309 |
) |
|
$ |
(8,783 |
) |
|
$ |
22,928 |
|
|
$ |
(977 |
) |
|
$ |
4,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog
We define backlog as the total dollar amount of
revenue that we expect to recognize as a result of performing work
that has been awarded to us through a signed contract, notice to
proceed or other type of assurance that we consider firm. The
following arrangements are considered firm:
- fixed-price awards;
- minimum customer commitments on cost plus arrangements;
and
- certain time and material arrangements in which the estimated
value is firm or can be estimated with a reasonable amount of
certainty in both timing and amount.
For long-term maintenance contracts with no
minimum commitments and other established customer agreements, we
include only the amounts that we expect to recognize as revenue
over the next 12 months. For arrangements in which we have
received a limited notice to proceed, we include the entire scope
of work in our backlog if the notice is significant relative to the
overall project and if we conclude that the likelihood of the full
project proceeding as high. For all other arrangements, we
calculate backlog as the estimated contract amount less revenues
recognized as of the reporting date.
Three Months Ended June 30, 2018
The following table provides a summary of changes in our backlog
for the three months ended June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
ElectricalInfrastructure |
|
Oil Gas
&Chemical |
|
StorageSolutions |
|
Industrial |
|
Total |
|
|
|
|
|
|
(In thousands) |
|
|
|
|
Backlog as of March 31,
2018 |
|
$ |
81,147 |
|
|
$ |
213,638 |
|
|
$ |
338,424 |
|
|
$ |
281,000 |
|
|
$ |
914,209 |
|
Project awards |
|
85,540 |
|
|
94,184 |
|
|
371,275 |
|
|
46,475 |
|
|
597,474 |
|
Revenue recognized |
|
(52,730 |
) |
|
(80,370 |
) |
|
(96,339 |
) |
|
(63,648 |
) |
|
(293,087 |
) |
Backlog as of June 30,
2018 |
|
$ |
113,957 |
|
|
$ |
227,452 |
|
|
$ |
613,360 |
|
|
$ |
263,827 |
|
|
$ |
1,218,596 |
|
Book-to-bill
ratio(1) |
|
1.6 |
|
|
1.2 |
|
|
3.9 |
|
|
0.7 |
|
|
2.0 |
|
|
|
|
|
|
(1)
Calculated by dividing project awards by revenue recognized. |
|
Twelve Months Ended June 30, 2018
The following table provides a summary of changes in our backlog
for the twelve months ended June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
ElectricalInfrastructure |
|
Oil Gas
&Chemical |
|
StorageSolutions |
|
Industrial |
|
Total |
|
|
|
|
|
|
(In thousands) |
|
|
|
|
Backlog as of
June 30, 2017 |
|
$ |
162,637 |
|
|
$ |
287,007 |
|
|
$ |
141,551 |
|
|
$ |
91,078 |
|
|
$ |
682,273 |
|
Project awards |
|
207,251 |
|
|
263,217 |
|
|
786,505 |
|
|
370,903 |
|
|
1,627,876 |
|
Revenue recognized |
|
(255,931 |
) |
|
(322,772 |
) |
|
(314,696 |
) |
|
(198,154 |
) |
|
(1,091,553 |
) |
Backlog as of
June 30, 2018 |
|
$ |
113,957 |
|
|
$ |
227,452 |
|
|
$ |
613,360 |
|
|
$ |
263,827 |
|
|
$ |
1,218,596 |
|
Book-to-bill
ratio(1) |
|
0.8 |
|
|
0.8 |
|
|
2.5 |
|
|
1.9 |
|
|
1.5 |
|
|
|
|
|
|
(1)
Calculated by dividing project awards by revenue recognized. |
|
Non-GAAP Financial Measure
The following table presents a non-GAAP
financial measure of our adjusted diluted earnings per share for
the three and twelve months ended June 30, 2018. The most
directly comparable financial measure is diluted earnings (loss)
per common share presented in the Statements of Consolidated
Income. We have presented this financial measure because we
believe it more clearly depicts the core operating results of the
Company during the periods presented and provides a more comparable
measure of the Company's operating results to other companies
considered to be in similar businesses. Since adjusted
diluted earnings per share is not a measure of performance
calculated in accordance with GAAP, it should be considered in
addition to, rather than as a substitute for, the most directly
comparable GAAP financial measure.
|
Matrix Service Company |
|
Reconciliation of GAAP to Non-GAAP Financial
Measures |
|
(In thousands, except per share
data) |
|
(Unaudited) |
|
|
|
Three Months EndedJune 30, 2018 |
|
Twelve Months EndedJune 30, 2018 |
Diluted earnings (loss)
per common share: |
|
|
|
|
As
reported |
|
$ |
(0.55 |
) |
|
$ |
(0.43 |
) |
Goodwill
and other intangible asset impairment, net of tax |
|
0.58 |
|
|
0.58 |
|
Adjusted
diluted earnings per common share |
|
$ |
0.03 |
|
|
$ |
0.15 |
|
|
|
|
|
|
Weighted average common
shares outstanding - diluted: |
|
|
|
|
As
reported |
|
26,833 |
|
|
26,769 |
|
Dilutive
potential of previously anti-dilutive common shares |
|
600 |
|
|
401 |
|
Adjusted
weighted average common shares outstanding - diluted |
|
27,433 |
|
|
27,170 |
|
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