Tiffany & Co. (NYSE: TIF; the “Company”) today reported its
financial results for the three months (“fourth quarter”) and 12
months (“full year”) ended January 31, 2020. Net sales increased 3%
in the fourth quarter and were approximately unchanged in the full
year, as compared to the respective prior year periods.
In the fourth quarter:
- Worldwide net sales of $1.4 billion and comparable sales both
increased 3% from the prior year; on a constant-exchange-rate
basis, which excludes the effect of translating
foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP
Measures”), net sales and comparable sales also increased 3% from
the prior year.
- Worldwide net sales and comparable sales, excluding the Hong
Kong market in both years, increased by 5% each from the prior
year. The effect of foreign currency translation was not
significant.
- Net earnings of $201 million were 2% lower than the prior
year’s $205 million, and net earnings per diluted share were $1.66
versus $1.67 in the prior year. Excluding certain costs recorded in
the period related to the proposed acquisition of the Company (the
“Merger”) by LVMH Moët Hennessy - Louis Vuitton SE (“LVMH”),
pursuant to the Agreement and Plan of Merger, dated as of November
24, 2019 (the “Merger Agreement”) by and among the Company, LVMH,
Breakfast Holdings Acquisition Corp. and Breakfast Acquisition
Corp., fourth quarter net earnings were $218 million, or $1.80 per
diluted share (see “Non-GAAP Measures”).
In the full year:
- Worldwide net sales were approximately unchanged at $4.4
billion and comparable sales declined 1% from the prior year; on a
constant-exchange-rate basis, net sales increased 1% from the prior
year and comparable sales were approximately unchanged.
- Net earnings of $541 million were 8% lower than the prior
year’s $586 million, and net earnings per diluted share were $4.45
versus $4.75 in the prior year. Excluding the aforementioned costs
recorded in the period related to the Merger, full year net
earnings were $558 million, or $4.59 per diluted share (see
“Non-GAAP Measures”).
Alessandro Bogliolo, Chief Executive Officer, said, “We look
back on fiscal 2019 as a year of progress on all of our strategic
initiatives. We attribute the acceleration in the fourth quarter
across most of our markets to our focus on elevating our sales mix
towards higher value items within each jewelry product category,
with the largest growth being in our gold and gold and diamond
offerings. The higher price points of these items contributed to
the approximately 10% increase in our overall average unit retail
price this full year compared to the prior year.
“Fiscal 2019 also reflected the impact of well-executed
introductions of new products. Our men’s category was reinvigorated
with a collection of new designs that we believe resonated well
with our customers. The Tiffany T color collection has been a very
successful addition to the iconic Tiffany T collection. We look
forward to bringing similar excitement to our customers with very
powerful new designs in 2020.
“The continuing investment in our store network has been
multi-faceted with openings, relocations or major renovations of
our flagship stores in Shanghai, Hong Kong, London and Sydney. This
year, we surprised and delighted our customers with our concept
store on Cat Street in Tokyo, several pop-up stores around the
world along with our strategic global Tiffany Blue Box Café
openings in Shanghai and Hong Kong. In New York, we started the
transformative renovation of our landmark store on Fifth Avenue and
the Tiffany Flagship Next Door opened this January featuring
decorative collaborations in its unique space.”
Mr. Bogliolo also said, “Our primary focus now is on preparing
our Company, business and communities for the COVID-19 pandemic and
the return to normal operations. The health and well-being of our
employees and customers are critical and we continue to adopt
recommended safeguards and plans at our stores, offices and
factories as circumstances change. We have had to temporarily close
or shorten operating hours of certain stores around the globe. For
example, in the Chinese Mainland, since January 24, 2020, we have
lost approximately half of our total normal retail trading days as
a result of closures or shortened hours of operations. Our agile
teams are aligned to continually assess the dynamic conditions
resulting from the global outbreak to determine our near-term
actions.”
Mr. Bogliolo concluded, “Due to the pending completion of the
Merger, we will not be communicating an outlook for the full year
as we have traditionally done.”
Net sales by region were as
follows:
- In the Americas, total net sales increased 4% in the fourth
quarter and decreased 2% in the full year as compared to the prior
year, to $640 million and $1.9 billion, respectively; comparable
sales increased 3% in the fourth quarter and decreased 2% in the
full year. Sales increased across most of the region in the fourth
quarter, which management attributed to an increase in spending by
local customers. In the full year, sales decreased across most of
the region, which management attributed to lower spending by
foreign tourists. On a constant-exchange-rate basis, total sales
increased 4% and comparable sales increased 3% in the fourth
quarter; total sales and comparable sales both decreased 2% in the
full year.
- In Asia-Pacific, total net sales increased 8% in the fourth
quarter and 2% in the full year, to $342 million and $1.3 billion,
respectively; comparable sales increased 7% in the fourth quarter
and decreased 1% in the full year. Total sales growth in both
periods reflected increased wholesale sales, as well as business
sales in the full year. Sales performance in both periods reflected
double-digit growth in the Chinese Mainland, significant
disruptions in Hong Kong beginning earlier in the year and mixed
performance in other markets in the region. Management also
attributed these sales results to higher spending by local
customers, partially offset by lower spending by foreign tourists.
On a constant-exchange-rate basis, total sales increased 10% in the
fourth quarter and 5% in the full year, while comparable sales
increased 9% in the fourth quarter and 3% in the full year, as
compared to the prior year.
- In Japan, total net sales decreased 8% in the fourth quarter
and increased 1% in the full year, to $180 million and $650
million, respectively; comparable sales decreased 8% in the fourth
quarter and were unchanged in the full year. Management believes
that the sales decrease in the fourth quarter reflected the
Japanese consumers’ response to the increase in Japan’s consumption
tax that took effect on October 1, 2019. On a
constant-exchange-rate basis, total sales decreased 10% in the
fourth quarter and were unchanged in the full year, and comparable
sales decreased 10% and 1%, respectively.
- In Europe, total net sales increased 4% in the fourth quarter
and decreased 1% in the full year, to $168 million and $498
million, respectively; comparable sales increased 5% in the fourth
quarter and declined 1% in the full year. The increase in the
fourth quarter reflected sales growth across most of the region,
which management attributed to higher spending by both local
customers and foreign tourists. Management attributed the decrease
in the full year to the effect of foreign currency translation. On
a constant-exchange-rate basis, total sales increased 4% in the
fourth quarter and 2% in the full year and comparable sales
increased 5% and 2%, respectively.
- Other net sales decreased 9% to $26 million in the fourth
quarter and 2% to $94 million in the full year, primarily due to a
decrease in the wholesale sales of diamonds. Comparable sales
increased 11% and decreased 9% in the fourth quarter and the full
year, respectively.
- Tiffany opened nine Company-operated stores in the full year
and closed four. At January 31, 2020, the Company operated 326
stores (124 in the Americas, 91 in Asia-Pacific, 58 in Japan, 48 in
Europe, and five in the UAE).
- Sales for jewelry categories in the full year were as follows:
Jewelry collections increased 2%; Engagement jewelry declined 2%;
and Designer jewelry declined 6%. The increase in sales in the
Jewelry collections category was primarily driven by the Tiffany T
collection and High jewelry, partially offset by softness in other
collections.
Other highlights:
- Gross margin (gross profit as a percentage of net sales) of
63.3% in the fourth quarter and 62.4% in the full year decreased as
compared to 63.8% and 63.3% in the respective prior year periods.
The decrease in the full year is primarily attributable to a shift
in sales mix toward higher price point jewelry, which normally
carries a lower gross margin.
- Selling, general and administrative (“SG&A”) expenses
increased 3% in the fourth quarter and were approximately unchanged
in the full year. These changes reflected costs recorded in the
respective periods related to the Merger, as well as increased
store occupancy and depreciation expenses in both periods,
decreased marketing spending in both periods and increased labor
and incentive compensation costs in the fourth quarter but a
decrease in such costs for the full year. Excluding the
aforementioned costs related to the Merger, SG&A expenses
decreased 1% in both the fourth quarter and the full year of 2019
(see “Non-GAAP Measures”).
- Earnings from operations as a percentage of net sales
(“operating margin”) was 19.8% in the fourth quarter and 16.6% in
the full year, compared to 20.3% and 17.8% in the respective prior
year periods. Excluding the aforementioned costs related to the
Merger, operating margin was 21.4% in the fourth quarter and 17.0%
in the full year of 2019 (see “Non-GAAP Measures”).
- The effective income tax rate for the fourth quarter of 2019
was 22.1% versus 20.3% in the prior year. The effective income tax
rate for the full year was 21.6% versus 21.1% in the prior
year.
- The Company repurchased approximately 1.8 million shares of its
Common Stock in the full year at a total cost of $163.4 million and
an average cost of approximately $91 per share. Pursuant to certain
restrictions set forth in the Merger Agreement, the Company did not
repurchase any shares of its Common Stock in the fourth
quarter.
- Net inventories at January 31, 2020 were largely unchanged from
the prior year.
- At January 31, 2020, cash and cash equivalents and short-term
investments totaled $897 million. Total debt (short-term borrowings
and long-term debt) of $1.0 billion represented 31% of
stockholders’ equity as compared to 32% a year ago.
Conference Call:
In light of the Company’s entry into the Merger Agreement, the
Company will not conduct a conference call to review its results
for the three and 12 months ended January 31, 2020. These results
are set forth in the Company’s Annual Report on Form 10-K filed
today with the U.S. Securities and Exchange Commission.
Next Scheduled Announcement:
The Company expects to report its financial results for the
first quarter ending April 30, 2020 on June 5, 2020 by issuing a
news release. To receive email alerts of this as well as other
future announcements, please register at investor.tiffany.com (and
click on “Contact Us/Email Alerts”).
About Tiffany & Co.:
In 1837, Charles Lewis Tiffany founded his company in New York
City where his store was soon acclaimed as the palace of jewels for
its exceptional gemstones. Since then, TIFFANY & CO. has become
synonymous with elegance, innovative design, fine craftsmanship and
creative excellence. During the 20th century fame thrived worldwide
with store network expansion and continuous cultural relevance, as
exemplified by Truman Capote’s Breakfast at Tiffany’s and the film
starring Audrey Hepburn.
Today, with more than 14,000 employees, TIFFANY & CO. and
its subsidiaries design, manufacture and market jewelry, watches
and luxury accessories - including more than 5,000 skilled artisans
who cut diamonds and craft jewelry in the Company’s workshops,
realizing its commitment to superlative quality. The Company
operates more than 300 TIFFANY & CO. retail stores worldwide as
part of its omnichannel approach. To learn more about TIFFANY &
CO. as well as its commitment to sustainability, please visit
www.tiffany.com.
Forward-Looking Statements:
The historical trends and results reported in this release
should not be considered an indication of future performance.
Further, statements contained in this release that are not
statements of historical fact, including those that refer to plans,
assumptions and expectations for future periods, are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995, each as amended. Forward-looking statements by their nature
address matters that are, to different degrees, uncertain, such as
statements about the consummation of the Merger and the anticipated
benefits thereof. Forward-looking statements include, but are not
limited to, statements that can be identified by the use of words
such as 'expects,' 'projects,' 'anticipates,' 'assumes,'
'forecasts,' 'plans,' 'believes,' 'intends,' 'estimates,'
'pursues,' 'scheduled,' 'continues,' 'outlook,' 'may,' 'will,'
'can,' 'should' and variations of such words and similar
expressions. Examples of forward-looking statements include, but
are not limited to, statements we make regarding the Company's
plans, assumptions, expectations, beliefs and objectives with
respect to the Merger; store openings and closings; store
productivity; the renovation of the Company's New York Flagship
store, including the timing and cost thereof, and the temporary
relocation of its retail operations to 6 East 57th Street; product
introductions; sales; sales growth; sales trends; store traffic;
the Company's strategy and initiatives and the pace of execution
thereon; the amount and timing of investment spending; the
Company's objectives to compete in the global luxury market and to
improve financial performance; retail prices; gross margin;
operating margin; expenses; interest expense and financing costs;
effective income tax rate; the nature, amount or scope of charges
resulting from recent revisions to the U.S. tax code; net earnings
and net earnings per share; share count; inventories; capital
expenditures; cash flow; liquidity; currency translation;
macroeconomic and geopolitical conditions; growth opportunities;
litigation outcomes and recovery related thereto; amounts recovered
under Company insurance policies; contributions to Company pension
plans; and certain ongoing or planned real estate, product,
marketing, retail, customer experience, manufacturing, supply
chain, information systems development, upgrades and replacement,
and other operational initiatives and strategic priorities.
These forward-looking statements are not guarantees of future
results and are based upon the current views, assumptions and plans
of management, and speak only as of the date on which they are made
and are subject to a number of factors, risks and uncertainties,
many of which are outside of our control. You should not place
undue reliance on such statements. Actual results could therefore
differ materially from the planned, assumed or expected results
expressed in, or implied by, these forward-looking statements.
While we cannot predict all of the factors that could form the
basis of such differences, key factors, risks and uncertainties
include, but are not limited to: the recent outbreak of the novel
coronavirus and changes in financial, business, travel and tourism,
political, public health and other conditions, circumstances,
requirements and practices resulting therefrom; global
macroeconomic and geopolitical developments; changes in interest
and foreign currency rates; changes in taxation policies and
regulations (including changes effected by the recent revisions to
the U.S. tax code) or changes in the guidance related to, or
interpretation of, such policies and regulations; shifting tourism
trends; regional instability; violence (including terrorist
activities); political activities or events (including the
potential for rapid and unexpected changes in government, economic
and political policies, the imposition of additional duties,
tariffs, taxes and other charges or other barriers to trade,
including as a result of changes in diplomatic and trade relations
or agreements with other countries); weather conditions that may
affect local and tourist consumer spending; changes in consumer
confidence, preferences and shopping patterns, as well as our
ability to accurately predict and timely respond to such changes;
shifts in the Company's product and geographic sales mix;
variations in the cost and availability of diamonds, gemstones and
precious metals; adverse publicity regarding the Company and its
products, the Company's third-party vendors or the diamond or
jewelry industry more generally; any non-compliance by third-party
vendors and suppliers with the Company's sourcing and quality
standards, codes of conduct, or contractual requirements as well as
applicable laws and regulations; changes in our competitive
landscape; disruptions impacting the Company's business and
operations; failure to successfully implement or make changes to
the Company's information systems; changes in the cost and timing
estimates associated with the renovation of the Company's New York
Flagship store; delays caused by third parties involved in the
aforementioned renovation; any casualty, damage or destruction to
the Company's New York Flagship store or 6 East 57th Street
location; the Company's ability to successfully control costs and
execute on, and achieve the expected benefits from, the operational
initiatives and strategic priorities referenced above; conditions
to the completion of the Merger may not be satisfied or the
regulatory approvals required for the Merger may not be obtained,
in each case, on the terms expected or on the anticipated schedule
which contemplates closing of the acquisition in the middle of
2020; the occurrence of any event, change or other circumstance
that could give rise to the termination of the Merger Agreement or
affect the ability of the parties to recognize the benefits of the
Merger; the effect of the announcement or pendency of the Merger on
the Company's business relationships, operating results and
business generally; risks that the Merger disrupts the Company's
current plans and operations and potential difficulties in the
Company's employee retention as a result of the Merger; potential
litigation that may be instituted against the Company or its
directors or officers related to the Merger or the Merger Agreement
and any adverse outcome of any such litigation; the amount of the
costs, fees, expenses and other charges related to the Merger,
including in the event of any unexpected delays; other risks to
consummation of the Merger, including the risk that the Merger will
not be consummated within the expected time period, or at all,
which may affect the Company's business and the price of the common
stock of the Registrant; and any adverse effects on the Company by
other general industry, economic, business and/or competitive
factors. Consequences of material differences in results as
compared with those anticipated in the forward-looking statements
could include, among other things, business disruption, operational
problems, financial loss, legal liability to third parties and
similar risks. Developments relating to these and other factors may
also warrant changes to the Company's operating and strategic
plans, including with respect to store openings, closings and
renovations, capital expenditures, information systems development,
inventory management, and continuing execution on, or timing of,
the aforementioned initiatives and priorities. Such consequences
and changes could also cause actual results to differ materially
from the expected results expressed in, or implied by, the
forward-looking statements.
Additional information about potential risks and uncertainties
that could affect the Company's business and financial results is
included under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company’s Annual Report on Form 10-K for the fiscal year ended
January 31, 2020, the definitive proxy statement on Schedule 14A
that the Company filed on January 6, 2020, and in the Company's
other filings made with the U.S. Securities and Exchange Commission
("SEC") from time to time, which are available via the SEC's
website at www.sec.gov. Readers of this release should consider the
risks, uncertainties and factors outlined above and in the
aforementioned Form 10-K in evaluating, and are cautioned not to
place undue reliance on, the forward-looking statements contained
herein. The Company undertakes no obligation to update or revise
any forward-looking statements to reflect subsequent events or
circumstances, except as required by applicable law or
regulation.
# # #
TIFFANY & CO. AND SUBSIDIARIES
(Unaudited)
NON-GAAP MEASURES
The Company reports information in accordance with U.S.
Generally Accepted Accounting Principles (“GAAP”). Internally,
management also monitors and measures its performance using certain
sales and earnings measures that include or exclude amounts, or are
subject to adjustments that have the effect of including or
excluding amounts, from the most directly comparable GAAP measure
(“non-GAAP financial measures”). The Company presents such non-GAAP
financial measures in reporting its financial results to provide
investors with useful supplemental information that will allow them
to evaluate the Company’s operating results using the same measures
that management uses to monitor and measure its performance. The
Company’s management does not, nor does it suggest that investors
should, consider non-GAAP financial measures in isolation from, or
as a substitute for, financial information prepared in accordance
with GAAP. These non-GAAP financial measures presented here may not
be comparable to similarly-titled measures used by other
companies.
Net Sales
The Company’s reported net sales reflect either a
translation-related benefit from strengthening foreign currencies
or a detriment from a strengthening U.S. dollar. Internally,
management monitors and measures its sales performance on a
non-GAAP basis that eliminates the positive or negative effects
that result from translating sales made outside the U.S. into U.S.
dollars (“constant-exchange-rate basis”). Sales on a
constant-exchange-rate basis are calculated by taking the current
year’s sales in local currencies and translating them into U.S.
dollars using the prior year’s foreign currency exchange rates.
Management believes this constant-exchange-rate basis provides a
useful supplemental basis for the assessment of sales performance
and of comparability between reporting periods. The following
tables reconcile the sales percentage increases (decreases) from
the GAAP to the non-GAAP basis versus the previous year:
Fourth Quarter 2019 vs. 2018
Year-to-date 2019 vs. 2018
GAAP Reported
Translation Effect
Constant- Exchange- Rate
Basis
GAAP Reported
Translation Effect
Constant- Exchange- Rate
Basis
Net
Sales:
Worldwide
3
%
—
%
3
%
—
%
(1
)%
1
%
Americas
4
—
4
(2
)
—
(2
)
Asia-Pacific
8
(2
)
10
2
(3
)
5
Japan
(8
)
2
(10
)
1
1
—
Europe
4
—
4
(1
)
(3
)
2
Other
(9
)
—
(9
)
(2
)
—
(2
)
Comparable
Sales:
Worldwide
3
%
—
%
3
%
(1
)%
(1
)%
—
%
Americas
3
—
3
(2
)
—
(2
)
Asia-Pacific
7
(2
)
9
(1
)
(4
)
3
Japan
(8
)
2
(10
)
—
1
(1
)
Europe
5
—
5
(1
)
(3
)
2
Other
11
—
11
(9
)
—
(9
)
Fourth Quarter 2019 vs. 2018
Year-to-date 2019 vs. 2018
GAAP Reported
Translation Effect
Constant- Exchange- Rate
Basis
GAAP Reported
Translation Effect
Constant- Exchange- Rate
Basis
Jewelry sales by
product category:
Jewelry collections
6
%
—
%
6
%
2
%
(1
)%
3
%
Engagement jewelry
2
—
2
(2
)
(2
)
—
Designer jewelry
—
1
(1
)
(6
)
(1
)
(5
)
Statements of Earnings.
Internally, management monitors and measures its earnings
performance excluding certain items listed below. Management
believes excluding such items provides a useful supplemental basis
for the assessment of the Company's results relative to the
corresponding period in the prior year. The following tables
reconcile certain GAAP amounts to non-GAAP amounts:
(in millions, except per share
amounts)
GAAP
Charges related to the Merger
a
Non-GAAP
Quarter Ended January 31, 2020
Gross Profit
$
859.3
$
1.0
$
860.3
As a % of sales
63.3
%
—
%
63.3
%
Selling, general & administrative
expenses
590.4
(20.2
)
570.2
As a % of sales
43.5
%
(1.5
)%
42.0
%
Earnings from operations
268.9
21.2
290.1
As a % of sales
19.8
%
1.6
%
21.4
%
Provision for income taxes
57.1
4.1
61.2
Effective income tax rate
22.1
%
(0.2
)%
21.9
%
Net earnings
201.2
17.1
218.3
Diluted earnings per share*
1.66
0.14
1.80
Year Ended January 31, 2020
Gross Profit
$
2,761.9
$
1.0
$
2,762.9
As a % of sales
62.4
%
0.1
%
62.5
%
Selling, general & administrative
expenses
2,029.3
(20.2
)
2,009.1
As a % of sales
45.9
%
(0.5
)%
45.4
%
Earnings from operations
732.6
$
21.2
753.8
As a % of sales
16.6
%
0.4
%
17.0
%
Provision for income taxes
149.2
$
4.1
153.3
Effective income tax rate
21.6
%
(0.1
)
21.5
%
Net earnings
541.1
17.1
558.2
Diluted earnings per share*
4.45
0.14
4.59
- Expenses recorded in 2019 related to the Merger for
professional fees and incentive compensation costs.
TIFFANY & CO. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, in millions, except per share amounts)
Three Months Ended January
31,
Twelve Months Ended January
31,
2020
2019
2020
2019
Net sales
$
1,357.8
$
1,320.6
$
4,424.0
$
4,442.1
Cost of sales
498.5
478.6
1,662.1
1,631.1
Gross profit
859.3
842.0
2,761.9
2,811.0
Selling, general and administrative
expenses
590.4
573.6
2,029.3
2,020.7
Earnings from operations
268.9
268.4
732.6
790.3
Interest and other expenses, net
10.6
11.9
42.3
46.8
Earnings from operations before income
taxes
258.3
256.5
690.3
743.5
Provision for income taxes
57.1
52.0
149.2
157.1
Net earnings
$
201.2
$
204.5
$
541.1
$
586.4
Net earnings per share:
Basic
$
1.67
$
1.68
$
4.47
$
4.77
Diluted
$
1.66
$
1.67
$
4.45
$
4.75
Weighted-average number of common
shares:
Basic
120.4
121.7
121.1
122.9
Diluted
121.2
122.1
121.6
123.5
TIFFANY & CO. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited, in millions)
January 31, 2020
January 31, 2019
ASSETS
Current assets:
Cash and cash equivalents and short-term
investments
$
897.4
$
855.3
Accounts receivable, net
240.0
245.4
Inventories, net
2,463.9
2,428.0
Prepaid expenses and other current
assets
274.2
230.8
Total current assets
3,875.5
3,759.5
Operating lease right-of-use assets
1,102.7
—
Property, plant and equipment, net
1,098.8
1,026.7
Other assets, net
583.1
546.8
$
6,660.1
$
5,333.0
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings
$
147.9
$
113.4
Accounts payable and accrued
liabilities
541.5
513.4
Current portion of operating lease
liabilities
202.8
—
Income taxes payable
16.4
21.4
Merchandise credits and deferred
revenue
61.8
69.9
Total current liabilities
970.4
718.1
Long-term debt
884.1
883.4
Pension/postretirement benefit
obligations
374.5
312.4
Long-term portion of operating lease
liabilities
1,008.4
—
Other long-term liabilities
87.3
257.1
Deferred gains on sale-leasebacks
—
31.1
Stockholders’ equity
3,335.4
3,130.9
$
6,660.1
$
5,333.0
TIF-E
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200320005221/en/
Jason Wong (973) 254-7612 jason.wong@tiffany.com
Tiffany (NYSE:TIF)
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