- Consolidated Revenues of $24.9B, Compared to $27.0B Last
Year
- Consolidated Operating Margin of 9.9%; Adjusted*
Consolidated Operating Margin of 11.2%
- Diluted EPS of $1.87; Adj. Diluted EPS of $2.47, Compared to
$3.62 Last Year
- Declares a Quarterly Dividend of $1.63, a $0.01 Increase Per
Share
UPS (NYSE:UPS) today announced fourth-quarter 2023 consolidated
revenues of $24.9 billion, a 7.8% decrease from the fourth quarter
of 2022. Consolidated operating profit was $2.5 billion, down 22.5%
compared to the fourth quarter of 2022, and down 27.1% on an
adjusted basis. Diluted earnings per share were $1.87 for the
quarter; adjusted diluted earnings per share of $2.47 were 31.8%
below the same period in 2022.
For the fourth quarter of 2023, GAAP results include a total
charge of $512 million, or $0.60 per diluted share, comprised of a
non-cash, after-tax mark-to-market (MTM) pension charge of $274
million, after-tax transformation and other charges of $154
million, and a non-cash, after-tax impairment charge of $84 million
related to our Coyote trade name in our truckload brokerage
unit.
“I want to thank UPSers for providing the best on-time
performance of any carrier for the sixth year in a row,” said Carol
Tomé, UPS chief executive officer. “2023 was a unique and difficult
year and through it all we remained focused on controlling what we
could control, stayed on strategy and strengthened our foundation
for future growth.”
U.S. Domestic Segment
4Q
2023
Adjusted
4Q
2023
4Q
2022
Adjusted
4Q
2022
Revenue
$16,915 M
$18,252 M
Operating profit
$1,437 M
$1,569 M
$1,840 M
$2,328 M
- Revenue decreased 7.3%, driven by a 7.4% decrease in average
daily volume.
- Operating margin was 8.5%; adjusted operating margin was
9.3%.
International Segment
4Q
2023
Adjusted
4Q
2023
4Q
2022
Adjusted
4Q
2022
Revenue
$4,606 M
$4,950 M
Operating profit
$890 M
$899 M
$1,020 M
$1,091 M
- Revenue decreased 6.9%, driven by an 8.3% decrease in average
daily volume primarily due to softness in Europe.
- Operating margin was 19.3%; adjusted operating margin was
19.5%.
Supply Chain Solutions1
4Q
2023
Adjusted
4Q
2023
4Q
2022
Adjusted
4Q
2022
Revenue
$3,396 M
$3,831 M
Operating profit
$150 M
$319 M
$335 M
$403 M
1 Consists of operating segments that do
not meet the criteria of a reportable segment under ASC Topic 280 –
Segment Reporting.
- Revenue decreased 11.4% due primarily to market rate declines
and excess market capacity in forwarding.
- Operating margin was 4.4%; adjusted operating margin was
9.4%.
Full-Year 2023 Consolidated
Results
- Revenue was $91.0 billion, a decrease of 9.3%.
- Operating profit of $9.1 billion; adjusted operating profit of
$9.9 billion, down 28.7%.
- Operating margin was 10.0%; adjusted operating margin was
10.9%.
- Diluted EPS totaled $7.80; adjusted diluted EPS of $8.78.
- Adjusted return on invested capital was 21.9%.
- Cash from operations was $10.2 billion and free cash flow was
$5.3 billion.
- In addition, the Company returned $7.6 billion of cash to
shareowners through dividends and share buybacks.
Dividend Declaration
For the 15th consecutive year, the UPS Board of Directors has
approved an increase to the company’s quarterly dividend. UPS will
pay a first-quarter 2024 dividend of $1.63 per share on all
outstanding Class A and Class B shares. The dividend is payable
March 8, 2024 to shareowners of record on February 20, 2024.
2024 Outlook
The company provides certain guidance on an adjusted (non-GAAP)
basis because it is not possible to predict or provide a
reconciliation reflecting the impact of future pension adjustments
or other unanticipated events, which would be included in reported
(GAAP) results and could be material.
For the full year 2024, UPS expects revenue to range from
approximately $92.0 billion to $94.5 billion and consolidated
adjusted operating margin to range from approximately 10.0% to
10.6%.
The company is planning capital expenditures of about $4.5
billion and dividend payments of around $5.4 billion, subject to
board approval. The effective tax rate is expected to be around
23.5%.
* “Adjusted” or “Adj.” amounts are non-GAAP financial
measures. See the appendix to this release for a discussion of
non-GAAP financial measures, including a reconciliation to the most
closely correlated GAAP measure.
Conference Call
Information
UPS CEO Carol Tomé and CFO Brian Newman will discuss
fourth-quarter results with investors and analysts during a
conference call at 8:30 a.m. ET, January 30, 2024. That call will
be open to others through a live Webcast. To access the call, go to
www.investors.ups.com and click on “Earnings Conference Call.”
Additional financial information is included in the detailed
financial schedules being posted on www.investors.ups.com under
“Quarterly Earnings and Financials” and as furnished to the SEC as
an exhibit to our Current Report on Form 8-K.
About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with
2023 revenue of $91.0 billion, and provides a broad range of
integrated logistics solutions for customers in more than 200
countries and territories. Focused on its purpose statement,
“Moving our world forward by delivering what matters,” the
company’s approximately 500,000 employees embrace a strategy that
is simply stated and powerfully executed: Customer First. People
Led. Innovation Driven. UPS is committed to reducing its impact on
the environment and supporting the communities we serve around the
world. UPS also takes an unwavering stance in support of diversity,
equity and inclusion. More information can be found at www.ups.com,
about.ups.com and www.investors.ups.com.
Forward-Looking
Statements
This release, our Annual Report on Form 10-K for the year ended
December 31, 2022 and our other filings with the Securities and
Exchange Commission contain and in the future may contain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements other than
those of current or historical fact, and all statements accompanied
by terms such as “will,” “believe,” “project,” “expect,”
“estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and
similar terms, are intended to be forward-looking statements.
Forward-looking statements are made subject to the safe harbor
provisions of the federal securities laws pursuant to Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.
From time to time, we also include written or oral
forward-looking statements in other publicly disclosed materials.
Forward-looking statements may relate to our intent, belief,
forecasts of, or current expectations about our strategic
direction, prospects, future results, or future events; they do not
relate strictly to historical or current facts. Management believes
that these forward-looking statements are reasonable as and when
made. However, caution should be taken not to place undue reliance
on any forward-looking statements because such statements speak
only as of the date when made and the future, by its very nature,
cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
anticipated results. These risks and uncertainties, include, but
are not limited to the impact of: continued uncertainties related
to the COVID-19 pandemic; changes in general economic conditions,
in the U.S. or internationally; industry evolution and significant
competition; changes in our relationships with any of our
significant customers; our ability to attract and retain qualified
employees; strikes, work stoppages or slowdowns by our employees;
results of negotiations and ratifications of labor contracts; our
ability to maintain our brand image and corporate reputation;
increased or more complex physical security requirements; a
significant data breach or information technology system
disruption; global climate change; interruptions in or impacts on
our business from natural or man-made events or disasters including
terrorist attacks, epidemics or pandemics; exposure to changing
economic, political and social developments in international
markets; our ability to realize the anticipated benefits from
acquisitions, dispositions, joint ventures or strategic alliances;
changing prices of energy, including gasoline, diesel and jet fuel,
or interruptions in supplies of these commodities; changes in
exchange rates or interest rates; our ability to accurately
forecast our future capital investment needs; significant expenses
and funding obligations relating to employee health, retiree health
and/or pension benefits; our ability to manage insurance and claims
expenses; changes in business strategy, government regulations, or
economic or market conditions that may result in impairments of our
assets; potential additional U.S. or international tax liabilities;
increasingly stringent laws and regulations, including relating to
climate change; potential claims or litigation related to labor and
employment, personal injury, property damage, business practices,
environmental liability and other matters; and other risks
discussed in our filings with the Securities and Exchange
Commission from time to time, including our Annual Report on Form
10-K for the year ended December 31, 2022, and subsequently filed
reports. You should consider the limitations on, and risks
associated with, forward-looking statements and not unduly rely on
the accuracy of predictions contained in such forward-looking
statements. We do not undertake any obligation to update
forward-looking statements to reflect events, circumstances,
changes in expectations, or the occurrence of unanticipated events
after the date of those statements, except as required by law.
From time to time, we expect to participate in analyst and
investor conferences. Materials provided or displayed at those
conferences, such as slides and presentations, may be posted on our
investor relations website at www.investors.ups.com under the
heading "Presentations" when made available. These presentations
may contain new material nonpublic information about our company
and you are encouraged to monitor this site for any new posts, as
we may use this mechanism as a public announcement.
Reconciliation of GAAP and Non-GAAP
Financial Measures
We supplement the reporting of our financial information
determined under generally accepted accounting principles ("GAAP")
with certain non-GAAP financial measures.
Adjusted financial measures should be considered in addition to,
and not as an alternative for, our reported results prepared in
accordance with GAAP. Our adjusted financial measures do not
represent a comprehensive basis of accounting and therefore may not
be comparable to similarly titled measures reported by other
companies.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP
metrics, we are unable to provide quantitative reconciliations to
the most closely correlated GAAP measure due to the uncertainty in
the timing, amount or nature of any adjustments, which could be
material in any period.
Changes in Foreign Currency Exchange Rates and Hedging
Activities
We supplement the reporting of revenue, revenue per piece and
operating profit with adjusted measures that exclude the
period-over-period impact of foreign currency exchange rate changes
and hedging activities. We believe currency-neutral revenue,
revenue per piece and operating profit information allows users of
our financial statements to understand growth trends in our
products and results. We evaluate the performance of International
Package and Supply Chain Solutions on this currency-neutral
basis.
Currency-neutral revenue, revenue per piece and operating profit
are calculated by dividing current period reported U.S. Dollar
revenue, revenue per piece and operating profit by the current
period average exchange rates to derive current period local
currency revenue, revenue per piece and operating profit. The
derived amounts are then multiplied by the average foreign currency
exchange rates used to translate the comparable results for each
month in the prior year period (including the period-over-period
impact of foreign currency hedging activities). The difference
between the current period reported U.S. Dollar revenue, revenue
per piece and operating profit and the derived current period U.S.
Dollar revenue, revenue per piece and operating profit is the
period-over-period impact of currency fluctuations.
Incentive Compensation Program Design Changes
During 2022, we completed certain structural changes to the
design of our incentive compensation programs that resulted in a
one-time, non-cash charge in connection with the accelerated
vesting of certain equity incentive awards that we do not expect to
repeat. We supplement the presentation of our operating profit,
operating margin, income before income taxes, net income and
earnings per share with non-GAAP measures that exclude the impact
of these changes. We believe excluding the impacts of such changes
allows users of our financial statements to more appropriately
identify underlying growth trends in compensation and benefits
expense.
Long-lived Asset Estimated Residual Value Changes
During the fourth quarter of 2022, we incurred a one-time,
non-cash charge resulting from a reduction in the estimated
residual value of our MD-11 fleet. We supplement the presentation
of our operating profit, operating margin, income before income
taxes, net income and earnings per share with non-GAAP measures
that exclude the impact of this charge. We believe excluding the
impact of this charge better enables users of our financial
statements to understand the ongoing cost associated with our
long-lived assets.
Transformation Charges, and Goodwill, Asset Impairment and
Divestiture Charges
We supplement the presentation of our operating profit,
operating margin, income before income taxes, net income and
earnings per share with non-GAAP measures that exclude the impact
of charges related to transformation activities, and goodwill,
asset impairment and divestiture charges. We believe excluding the
impact of these charges better enables users of our financial
statements to view and evaluate underlying business performance
from the perspective of management. We do not consider these costs
when evaluating the operating performance of our business units,
making decisions to allocate resources or in determining incentive
compensation awards.
One-Time Compensation Payment
We supplement the presentation of our operating profit,
operating margin, income before income taxes, net income and
earnings per share with non-GAAP measures that exclude the impact
of a one-time payment made to certain U.S.-based, non-union
part-time supervisors following the ratification of our labor
agreement with the Teamsters. We do not expect this or similar
payments to recur. We believe excluding the impact of this one-time
payment better enables users of our financial statements to view
and evaluate underlying business performance from the same
perspective as management.
Defined Benefit Pension and Postretirement Medical Plan Gains
and Losses
We recognize changes in the fair value of plan assets and net
actuarial gains and losses in excess of a 10% corridor (defined as
10% of the greater of the fair value of plan assets or the plan's
projected benefit obligation), as well as gains and losses
resulting from plan curtailments and settlements, for our pension
and postretirement defined benefit plans immediately as part of
Investment income and other in the statements of consolidated
income. We supplement the presentation of our income before income
taxes, net income and earnings per share with adjusted measures
that exclude the impact of these gains and losses and the related
income tax effects. We believe excluding these defined benefit
pension and postretirement medical plan gains and losses provides
important supplemental information by removing the volatility
associated with plan amendments and short-term changes in market
interest rates, equity values and similar factors.
Free Cash Flow
We calculate free cash flow as cash flows from operating
activities less capital expenditures, proceeds from disposals of
property, plant and equipment, and plus or minus the net changes in
other investing activities. We believe free cash flow is an
important indicator of how much cash is generated by our ongoing
business operations and we use this as a measure of incremental
cash available to invest in our business, meet our debt obligations
and return cash to shareowners.
Adjusted Return on Invested Capital
Adjusted ROIC is calculated as the trailing twelve months
(“TTM”) of adjusted operating income divided by the average of
total debt, non-current pension and postretirement benefit
obligations and shareowners’ equity, at the current period end and
the corresponding period end of the prior year. Because adjusted
ROIC is not a measure defined by GAAP, we calculate it, in part,
using non-GAAP financial measures that we believe are most
indicative of our ongoing business performance. We consider
adjusted ROIC to be a useful measure for evaluating the
effectiveness and efficiency of our long-term capital
investments.
Adjusted Total Debt / Adjusted EBITDA
Adjusted total debt is defined as our long-term debt and finance
leases, including current maturities, plus non-current pension and
postretirement benefit obligations. Adjusted EBITDA is defined as
earnings before interest, taxes, depreciation and amortization
adjusted for the impacts of incentive compensation program
redesign, one-time compensation, goodwill & asset impairment
charges, transformation and other costs, defined benefit plan gains
and losses and other income. We believe the ratio of adjusted total
debt to adjusted EBITDA is an important indicator of our financial
strength, and is a ratio used by third parties when evaluating the
level of our indebtedness.
Reconciliation of GAAP and
Non-GAAP Income Statement Items
(in millions, except per share
data):
Three months ended December
31, 2023
As Reported (GAAP)
Pension Adj.(1)
Asset Impairment
Charges(2)
Transformation & Other
Adj.(3)
As Adjusted
(Non-GAAP)
U.S. Domestic Package
$
15,478
$
—
$
—
$
132
$
15,346
International Package
3,716
—
—
9
3,707
Supply Chain Solutions
3,246
—
111
58
3,077
Operating Expense
22,440
—
111
199
22,130
U.S. Domestic Package
1,437
—
—
132
1,569
International Package
890
—
—
9
899
Supply Chain Solutions
150
—
111
58
319
Operating Profit
2,477
—
111
199
2,787
Other Income and (Expense):
Other pension income (expense)
(293
)
359
—
—
66
Investment income (expense) and other
86
—
—
—
86
Interest expense
(207
)
—
—
—
(207
)
Total Other Income (Expense)
(414
)
359
—
—
(55
)
Income Before Income Taxes
2,063
359
111
199
2,732
Income Tax Expense
458
85
27
45
615
Net Income
$
1,605
$
274
$
84
$
154
$
2,117
Basic Earnings Per Share
$
1.88
$
0.32
$
0.10
$
0.18
$
2.47
Diluted Earnings Per Share
$
1.87
$
0.32
$
0.10
$
0.18
$
2.47
(1) Net mark-to-market loss recognized
outside of a 10% corridor on company-sponsored defined benefit
pension and postretirement plans.
(2) Represents an indefinite-lived
intangible asset impairment charge.
(3) Reflects other employee benefits costs
of $159 million and other costs of $40 million.
Reconciliation of GAAP and
Non-GAAP Income Statement Items
(in millions, except per share
data):
Twelve Months Ended December
31, 2023
As Reported (GAAP)
Pension Adj.(1)
One-Time
Compensation(2)
Goodwill & Asset
Impairment Charges(3)
Transformation & Other
Adj.(4)
As Adjusted
(Non-GAAP)
U.S. Domestic Package
$
54,882
$
—
$
61
$
—
$
266
$
54,555
International Package
14,600
—
—
—
51
14,549
Supply Chain Solutions
12,335
—
—
236
118
11,981
Operating Expense
81,817
—
61
236
435
81,085
U.S. Domestic Package
5,076
—
61
—
266
5,403
International Package
3,231
—
—
—
51
3,282
Supply Chain Solutions
834
—
—
236
118
1,188
Operating Profit
9,141
—
61
236
435
9,873
Other Income and (Expense):
Other pension income (expense)
(95
)
359
—
—
—
264
Investment income (expense) and other
312
—
—
—
—
312
Interest expense
(785
)
—
—
—
—
(785
)
Total Other Income (Expense)
(568
)
359
—
—
—
(209
)
Income Before Income Taxes
8,573
359
61
236
435
9,664
Income Tax Expense
1,865
85
15
43
102
2,110
Net Income
$
6,708
$
274
$
46
$
193
$
333
$
7,554
Basic Earnings Per Share
$
7.81
$
0.32
$
0.05
$
0.22
$
0.40
$
8.80
Diluted Earnings Per Share
$
7.80
$
0.32
$
0.05
$
0.22
$
0.39
$
8.78
(1) Net mark-to-market loss recognized
outside of a 10% corridor on company-sponsored defined benefit
pension and postretirement plans.
(2) Represents a one-time payment of $61
million to certain U.S.-based non-union part-time supervisors.
(3) Reflects impairment charges of $125
and $111 million in respect of goodwill and an indefinite-lived
intangible asset, respectively.
(4) Reflects other employee benefits costs
of $337 million and other costs of $98 million.
Reconciliation of Currency
Adjusted Revenue, Revenue Per Piece,
and Adjusted Operating
Profit
(in millions, except per piece
data)
Three Months Ended December
31,
2023
As Reported
(GAAP)
2022
As Reported
(GAAP)
% Change
(GAAP)
Currency
Impact
2023
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
Domestic
$
8.11
$
7.55
7.4
%
$
(0.15
)
$
7.96
5.4
%
Export
32.41
32.39
0.1
%
(0.22
)
32.19
(0.6
)%
Total International Package
$
20.68
$
20.06
3.1
%
$
(0.19
)
$
20.49
2.1
%
Consolidated
$
13.11
$
13.04
0.5
%
$
(0.02
)
$
13.09
0.4
%
Revenue:
U.S. Domestic Package
$
16,915
$
18,252
(7.3
)%
$
—
$
16,915
(7.3
)%
International Package
4,606
4,950
(6.9
)%
(41
)
4,565
(7.8
)%
Supply Chain Solutions
3,396
3,831
(11.4
)%
(24
)
3,372
(12.0
)%
Total revenue
$
24,917
$
27,033
(7.8
)%
$
(65
)
$
24,852
(8.1
)%
2023
As Adjusted
(Non-GAAP)
2022
As Adjusted
(Non-GAAP)
% Change
(Non-GAAP)
Currency
Impact
2023
As Adjusted
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating
Profit(2):
U.S. Domestic Package
$
1,569
$
2,328
(32.6
)%
$
—
$
1,569
(32.6
)%
International Package
899
1,091
(17.6
)%
18
917
(15.9
)%
Supply Chain Solutions
319
403
(20.8
)%
(7
)
312
(22.6
)%
Total operating profit
$
2,787
$
3,822
(27.1
)%
$
11
$
2,798
(26.8
)%
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation
& other.
Reconciliation of Currency
Adjusted Revenue, Revenue Per Piece,
and Adjusted Operating
Profit
(in millions, except per piece
data)
Twelve Months Ended December
31,
2023
As Reported
(GAAP)
2022
As Reported
(GAAP)
% Change
(GAAP)
Currency
Impact
2023
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
Domestic
$
7.78
$
7.46
4.3
%
$
0.07
$
7.85
5.2
%
Export
33.03
34.48
(4.2
)%
0.19
33.22
(3.7
)%
Total International Package
$
20.71
$
20.91
(1.0
)%
$
0.13
$
20.84
(0.3
)%
Consolidated
$
13.62
$
13.38
1.8
%
$
0.02
$
13.64
1.9
%
Revenue:
U.S. Domestic Package
$
59,958
$
64,209
(6.6
)%
$
—
$
59,958
(6.6
)%
International Package
17,831
19,698
(9.5
)%
111
17,942
(8.9
)%
Supply Chain Solutions
13,169
16,431
(19.9
)%
9
13,178
(19.8
)%
Total revenue
$
90,958
$
100,338
(9.3
)%
$
120
$
91,078
(9.2
)%
2023
As Adjusted
(Non-GAAP)
2022
As Adjusted
(Non-GAAP)
% Change
(Non-GAAP)
Currency
Impact
2023
As Adjusted
Currency
Neutral
(Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating
Profit(2):
U.S. Domestic Package
$
5,403
$
7,574
(28.7
)%
$
—
$
5,403
(28.7
)%
International Package
3,282
4,419
(25.7
)%
133
3,415
(22.7
)%
Supply Chain Solutions
1,188
1,860
(36.1
)%
(9
)
1,179
(36.6
)%
Total operating profit
$
9,873
$
13,853
(28.7
)%
$
124
$
9,997
(27.8
)%
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging differences.
(2) Amounts adjusted for transformation
& other.
Reconciliation of Free Cash
Flow (Non-GAAP measure)
(in millions):
Twelve Months Ended December
31,
2023
Cash flows from operating activities
$
10,238
Capital expenditures
(5,158
)
Proceeds from disposals of property, plant
and equipment
193
Other investing activities
(19
)
Free Cash Flow (Non-GAAP measure)
$
5,254
Reconciliation of Adjusted
Debt to Adjusted EBITDA (Non-GAAP measure)
(in millions):
TTM(1) Ended
December 31
2023
Net income
$
6,708
Add back:
Income tax expense
1,865
Interest expense
785
Depreciation & amortization
3,366
EBITDA
$
12,724
Add back (deduct):
Incentive compensation program
redesign
—
One-time compensation
61
Goodwill & asset impairment
charges
236
Transformation and other
435
Defined benefit plan (gains) and
losses
359
Investment income and other pension
income
(576
)
Adjusted EBITDA
$
13,239
Debt and finance leases, including current
maturities
$
22,264
Add back:
Non-current pension and postretirement
benefit obligations
6,159
Adjusted total debt
$
28,423
Adjusted total debt/Net income
4.24
Adjusted total debt/adjusted EBITDA
(Non-GAAP)
2.15
(1) Trailing twelve months.
Reconciliation of Adjusted
Return on Invested Capital (Non-GAAP measure)
(in millions):
TTM(1) Ended
December 31
2023
Net income
$
6,708
Add back (deduct):
Income tax expense
1,865
Interest expense
785
Other pension (income) expense
95
Investment (income) expense and other
(312
)
Operating profit
$
9,141
Incentive compensation program
redesign
—
Long-lived asset estimated residual value
changes
—
One-time compensation
61
Goodwill & asset impairment
charges
236
Transformation and other
435
Adjusted operating profit
$
9,873
Average debt and finance leases, including
current maturities
20,963
Average pension and postretirement benefit
obligations
5,483
Average shareowners' equity
18,558
Average invested capital
$
45,004
Net income to average invested capital
14.9
%
Adjusted Return on Invested Capital
(Non-GAAP)
21.9
%
(1) Trailing twelve months
View source
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