Kennedy-Wilson Holdings, Inc. (NYSE: KW) today reported results for 3Q-2021:
|
3Q |
|
YTD |
||||||||||
(Amounts in millions, except per share data) |
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||
GAAP Results |
|
|
|
|
|
|
|
||||||
GAAP Net Income (Loss) to Common Shareholders |
$65.9 |
|
|
($25.1 |
) |
|
|
$275.7 |
|
|
($77.1 |
) |
|
Per Diluted Share |
0.47 |
|
|
(0.18 |
) |
|
|
1.96 |
|
|
(0.55 |
) |
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP Results |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA |
$202.7 |
|
|
$76.3 |
|
|
|
$740.5 |
|
|
$261.1 |
|
|
Adjusted Net Income |
111.9 |
|
|
27.3 |
|
|
|
423.5 |
|
|
84.1 |
|
|
"Our strong 3Q and year-to-date results reflect the tremendous progress we have made in growing our business over the last 18 months," said William McMorrow, Chairman and CEO of Kennedy Wilson. "We saw exceptional rent growth across our portfolio in 3Q resulting in continued growth in the value of our real estate portfolio. I am also pleased to report that the Board of Directors increased the quarterly dividend by 9% to $0.24 per share."
3Q Highlights
|
Gross Transaction Value
|
|
Est. Annual NOI To KW
|
|
Fee-Bearing Capital
|
||||||||
As of 2Q-21 |
|
|
$ |
403 |
|
|
|
$ |
4.5 |
|
|
||
Gross acquisitions and loan investments |
$ |
1,229 |
|
|
17 |
|
|
|
0.4 |
|
|
||
Gross dispositions and loan repayments |
537 |
|
|
(4 |
) |
|
|
(0.1 |
) |
|
|||
Assets stabilized / (unstabilized) |
? |
|
|
(2 |
) |
|
|
? |
|
|
|||
Operations |
? |
|
|
3 |
|
|
|
? |
|
|
|||
FX and other |
? |
|
|
(4 |
) |
|
|
? |
|
|
|||
Total as of 3Q-21 |
$ |
1,766 |
|
|
$ |
413 |
|
|
|
$ |
4.8 |
|
|
|
3Q - 2021 vs. 3Q - 2020 |
YTD - 2021 vs. YTD - 2020 |
||||||||
|
Occupancy |
|
Revenue |
|
NOI |
Occupancy |
|
Revenue |
|
NOI |
Multifamily - Market Rate |
0.7% |
|
7.1% |
|
10.4% |
0.6% |
|
2.0% |
|
1.6% |
Multifamily - Affordable |
0.5% |
|
4.3% |
|
3.3% |
1.6% |
|
3.2% |
|
2.0% |
Office |
(1.3)% |
|
2.0% |
|
3.6% |
(1.3)% |
|
5.1% |
|
6.3% |
Total |
|
|
5.1% |
|
6.9% |
|
|
3.2% |
|
3.4% |
(1) Excludes minority-held investments |
3Q-21 Investment Activity
Capital Allocation:
Balance Sheet and Capital Markets
Footnotes
(1) |
Represents consolidated cash and includes $340 million of restricted cash, which is included in cash and cash equivalents. The Company's share of cash, including unconsolidated joint-ventures, totals $955 million. |
(2) |
Future purchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the company's restricted stock grants or otherwise, with the amount and timing of the repurchases dependent on market conditions and subject to the Company's discretion. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable laws, may be suspended or terminated at any time without prior notice. |
Conference Call and Webcast Details
Kennedy Wilson will hold a live conference call and webcast to discuss results at 7:00 a.m. PT/ 10:00 a.m. ET on Thursday, November 4. The direct dial-in number for the conference call is (844) 340-4761 for U.S. callers and (412) 717-9616 for international callers. A replay of the call will be available for one week beginning one hour after the live call and can be accessed by (877) 344-7529 for U.S. callers and (412) 317-0088 for international callers. The passcode for the replay is 10160706.
The webcast will be available at: https://services.choruscall.com/links/kw211104cCHqAWtJ.html. A replay of the webcast will be available one hour after the original webcast on the Company's investor relations web site for three months.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Kennedy-Wilson Holdings, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in millions) |
||||||||||
|
|
September 30,
|
|
December 31,
|
||||||
Assets |
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
840.8 |
|
|
|
$ |
965.1 |
|
|
Accounts receivable |
|
43.2 |
|
|
|
47.9 |
|
|
||
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $802.7 and $815.0) |
|
4,836.9 |
|
|
|
4,720.5 |
|
|
||
Unconsolidated investments (including $1,583.8 and $1,136.5 at fair value) |
|
1,737.9 |
|
|
|
1,289.3 |
|
|
||
Other assets |
|
189.4 |
|
|
|
199.1 |
|
|
||
Loan purchases and originations |
|
126.4 |
|
|
|
107.1 |
|
|
||
Total assets |
|
$ |
7,774.6 |
|
|
|
$ |
7,329.0 |
|
|
|
|
|
|
|
||||||
Liabilities |
|
|
|
|
||||||
Accounts payable |
|
$ |
13.1 |
|
|
|
$ |
30.1 |
|
|
Accrued expenses and other liabilities |
|
549.5 |
|
|
|
531.7 |
|
|
||
Mortgage debt |
|
2,674.3 |
|
|
|
2,589.8 |
|
|
||
KW unsecured debt |
|
1,775.7 |
|
|
|
1,332.2 |
|
|
||
KWE unsecured bonds |
|
929.1 |
|
|
|
1,172.5 |
|
|
||
Total liabilities |
|
5,941.7 |
|
|
|
5,656.3 |
|
|
||
Equity |
|
|
|
|
||||||
Cumulative perpetual preferred stock |
|
295.2 |
|
|
|
295.2 |
|
|
||
Common stock |
|
? |
|
|
|
? |
|
|
||
Additional paid-in capital |
|
1,702.0 |
|
|
|
1,725.2 |
|
|
||
Retained earnings |
|
196.3 |
|
|
|
17.7 |
|
|
||
Accumulated other comprehensive loss |
|
(393.7 |
) |
|
|
(393.6 |
) |
|
||
Total Kennedy-Wilson Holdings, Inc. shareholders' equity |
|
1,799.8 |
|
|
|
1,644.5 |
|
|
||
Noncontrolling interests |
|
33.1 |
|
|
|
28.2 |
|
|
||
Total equity |
|
1,832.9 |
|
|
|
1,672.7 |
|
|
||
Total liabilities and equity |
|
$ |
7,774.6 |
|
|
|
$ |
7,329.0 |
|
|
Kennedy-Wilson Holdings, Inc. Consolidated Statements of Operations (Unaudited) (Dollars in millions, except share amounts and per share data) |
||||||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||||||
Rental |
|
$ |
96.1 |
|
|
|
$ |
102.2 |
|
|
|
$ |
279.7 |
|
|
|
$ |
308.8 |
|
|
Hotel |
|
6.2 |
|
|
|
3.1 |
|
|
|
9.2 |
|
|
|
10.4 |
|
|
||||
Investment management and property services fees |
|
9.7 |
|
|
|
8.9 |
|
|
|
27.1 |
|
|
|
25.2 |
|
|
||||
Loans and other |
|
2.4 |
|
|
|
1.3 |
|
|
|
6.2 |
|
|
|
1.5 |
|
|
||||
Total revenue |
|
114.4 |
|
|
|
115.5 |
|
|
|
322.2 |
|
|
|
345.9 |
|
|
||||
Expenses |
|
|
|
|
|
|
|
|
||||||||||||
Rental |
|
32.4 |
|
|
|
33.5 |
|
|
|
97.8 |
|
|
|
102.2 |
|
|
||||
Hotel |
|
3.7 |
|
|
|
2.7 |
|
|
|
7.8 |
|
|
|
10.9 |
|
|
||||
Commission and marketing |
|
0.1 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
2.5 |
|
|
||||
Compensation and related (includes $6.9 and $7.6 and $21.9 and $24.5 of share-based compensation) |
|
40.2 |
|
|
|
26.3 |
|
|
|
123.5 |
|
|
|
85.1 |
|
|
||||
General and administrative |
|
8.9 |
|
|
|
8.6 |
|
|
|
24.7 |
|
|
|
26.1 |
|
|
||||
Depreciation and amortization |
|
39.2 |
|
|
|
44.3 |
|
|
|
125.3 |
|
|
|
135.1 |
|
|
||||
Total expenses |
|
124.5 |
|
|
|
116.3 |
|
|
|
379.8 |
|
|
|
361.9 |
|
|
||||
Income from unconsolidated investments |
|
143.1 |
|
|
|
14.9 |
|
|
|
213.9 |
|
|
|
45.0 |
|
|
||||
Gain on sale of real estate, net |
|
15.0 |
|
|
|
4.0 |
|
|
|
417.0 |
|
|
|
47.7 |
|
|
||||
Transaction-related expenses |
|
? |
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(0.6 |
) |
|
||||
Interest expense |
|
(45.3 |
) |
|
|
(50.8 |
) |
|
|
(141.4 |
) |
|
|
(150.0 |
) |
|
||||
Loss on early extinguishment of debt |
|
? |
|
|
|
? |
|
|
|
(38.6 |
) |
|
|
(1.3 |
) |
|
||||
Other income (loss) |
|
0.4 |
|
|
|
0.3 |
|
|
|
(2.6 |
) |
|
|
0.2 |
|
|
||||
Income / (loss) before benefit from (provision for) income taxes |
|
103.1 |
|
|
|
(32.5 |
) |
|
|
390.3 |
|
|
|
(75.0 |
) |
|
||||
(Provision for) benefit from income taxes |
|
(30.6 |
) |
|
|
12.8 |
|
|
|
(98.2 |
) |
|
|
10.3 |
|
|
||||
Net income (loss) |
|
72.5 |
|
|
|
(19.7 |
) |
|
|
292.1 |
|
|
|
(64.7 |
) |
|
||||
Net (income) loss attributable to noncontrolling interests |
|
(2.3 |
) |
|
|
(1.1 |
) |
|
|
(3.5 |
) |
|
|
0.5 |
|
|
||||
Preferred dividends |
|
(4.3 |
) |
|
|
(4.3 |
) |
|
|
(12.9 |
) |
|
|
(12.9 |
) |
|
||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
|
$ |
65.9 |
|
|
|
$ |
(25.1 |
) |
|
|
$ |
275.7 |
|
|
|
$ |
(77.1 |
) |
|
Basic earnings (loss) per share |
|
|
|
|
|
|
|
|
||||||||||||
Earnings (loss) per share |
|
$ |
0.48 |
|
|
|
$ |
(0.18 |
) |
|
|
$ |
1.98 |
|
|
|
$ |
(0.55 |
) |
|
Weighted average shares outstanding |
|
138,934,754 |
|
|
|
140,119,442 |
|
|
|
138,989,733 |
|
|
|
140,181,438 |
|
|
||||
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
|
||||||||||||
Earnings (loss) per share |
|
$ |
0.47 |
|
|
|
$ |
(0.18 |
) |
|
|
$ |
1.96 |
|
|
|
$ |
(0.55 |
) |
|
Weighted average shares outstanding |
|
139,437,126 |
|
|
|
140,119,442 |
|
|
|
140,565,582 |
|
|
|
140,181,438 |
|
|
||||
Dividends declared per common share |
|
$ |
0.22 |
|
|
|
$ |
0.22 |
|
|
|
$ |
0.66 |
|
|
|
$ |
0.66 |
|
|
(1) Includes impact of the Company allocating income and dividends per basic and diluted share to participating securities. |
||||||||||||||||||||
Kennedy-Wilson Holdings, Inc. Adjusted EBITDA (Unaudited) (Dollars in millions) |
||||||||||||||||||
The table below reconciles net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders to Adjusted EBITDA, using Kennedy Wilson's pro-rata share amounts for each adjustment item. |
||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
|
$ |
65.9 |
|
|
$ |
(25.1 |
) |
|
|
$ |
275.7 |
|
|
$ |
(77.1 |
) |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||||
Add back (Kennedy Wilson's Share)(1): |
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
55.9 |
|
|
57.5 |
|
|
|
167.3 |
|
|
172.4 |
|
|
||||
Loss on early extinguishment of debt |
|
? |
|
|
? |
|
|
|
38.6 |
|
|
1.3 |
|
|
||||
Depreciation and amortization |
|
39.1 |
|
|
44.8 |
|
|
|
125.9 |
|
|
136.7 |
|
|
||||
Provision for (benefit from) income taxes |
|
30.6 |
|
|
(12.8 |
) |
|
|
98.2 |
|
|
(9.6 |
) |
|
||||
Preferred dividends |
|
4.3 |
|
|
4.3 |
|
|
|
12.9 |
|
|
12.9 |
|
|
||||
Share-based compensation |
|
6.9 |
|
|
7.6 |
|
|
|
21.9 |
|
|
24.5 |
|
|
||||
Adjusted EBITDA |
|
$ |
202.7 |
|
|
$ |
76.3 |
|
|
|
$ |
740.5 |
|
|
$ |
261.1 |
|
|
(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts. |
||||||||||||||||||
The table below provides a detailed reconciliation of net income to Adjusted EBITDA.
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Net income (loss) |
|
$ |
72.5 |
|
|
|
$ |
(19.7 |
) |
|
|
$ |
292.1 |
|
|
|
$ |
(64.7 |
) |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||||||
Add back: |
|
|
|
|
|
|
|
|
||||||||||||
Interest expense |
|
45.3 |
|
|
|
50.8 |
|
|
|
141.4 |
|
|
|
150.0 |
|
|
||||
Loss on early extinguishment of debt |
|
? |
|
|
|
? |
|
|
|
38.6 |
|
|
|
1.3 |
|
|
||||
Kennedy Wilson's share of interest expense included in unconsolidated investments |
|
11.2 |
|
|
|
7.5 |
|
|
|
28.0 |
|
|
|
24.7 |
|
|
||||
Depreciation and amortization |
|
39.2 |
|
|
|
44.3 |
|
|
|
125.3 |
|
|
|
135.1 |
|
|
||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments |
|
1.1 |
|
|
|
1.7 |
|
|
|
4.2 |
|
|
|
5.2 |
|
|
||||
Provision for (benefit from) income taxes |
|
30.6 |
|
|
|
(12.8 |
) |
|
|
98.2 |
|
|
|
(10.3 |
) |
|
||||
Kennedy Wilson's share of taxes included in unconsolidated investments |
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
1.1 |
|
|
||||
Share-based compensation |
|
6.9 |
|
|
|
7.6 |
|
|
|
21.9 |
|
|
|
24.5 |
|
|
||||
EBITDA attributable to noncontrolling interests(1) |
|
(4.1 |
) |
|
|
(3.1 |
) |
|
|
(9.2 |
) |
|
|
(5.8 |
) |
|
||||
Adjusted EBITDA |
|
$ |
202.7 |
|
|
|
$ |
76.3 |
|
|
|
$ |
740.5 |
|
|
|
$ |
261.1 |
|
|
(1) |
EBITDA attributable to noncontrolling interest includes $1.2 million and $1.2 million of depreciation and amortization, $0.6 million and $0.8 million of interest, and $0.0 million and $0.0 million of taxes, for the three months ended September 30, 2021 and 2020, respectively. EBITDA attributable to noncontrolling interest includes $3.6 million and $3.6 million of depreciation and amortization, $2.1 million and $2.3 million of interest, and $0.0 million and $0.4 million of taxes, for the nine months ended September 30, 2021 and 2020, respectively. |
Kennedy-Wilson Holdings, Inc. Adjusted Net Income (Unaudited) (Dollars in millions, except share data) |
|||||||||||||||||||||||||||||||||||||
The table below reconciles net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders to Adjusted Net Income, using Kennedy Wilson's pro-rata share amounts for each adjustment item. |
|||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||||||||||||||||||
|
|
September 30, |
|
September 30, |
|||||||||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|||||||||||||||||||||||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
|
$ |
65.9 |
|
|
$ |
(25.1 |
) |
|
|
$ |
275.7 |
|
|
$ |
(77.1 |
) |
|
|||||||||||||||||||
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Add back (Kennedy Wilson's Share)(1): |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Depreciation and amortization |
|
39.1 |
|
|
44.8 |
|
|
|
125.9 |
|
|
136.7 |
|
|
|||||||||||||||||||||||
Share-based compensation |
|
6.9 |
|
|
7.6 |
|
|
|
21.9 |
|
|
24.5 |
|
|
|||||||||||||||||||||||
Adjusted Net Income |
|
$ |
111.9 |
|
|
$ |
27.3 |
|
|
|
$ |
423.5 |
|
|
$ |
84.1 |
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Weighted average shares outstanding for diluted |
|
139,437,126 |
|
|
140,119,442 |
|
|
|
140,565,582 |
|
|
140,181,438 |
|
|
|||||||||||||||||||||||
(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts. |
|||||||||||||||||||||||||||||||||||||
The table below provides a detailed reconciliation of net income to Adjusted Net Income.
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income (loss) |
|
$ |
72.5 |
|
|
$ |
(19.7) |
|
|
$ |
292.1 |
|
|
$ |
(64.7) |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Add back (less): |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
39.2 |
|
|
44.3 |
|
|
125.3 |
|
|
135.1 |
|
||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments |
|
1.1 |
|
|
1.7 |
|
|
4.2 |
|
|
5.2 |
|
||||
Share-based compensation |
|
6.9 |
|
|
7.6 |
|
|
21.9 |
|
|
24.5 |
|
||||
Preferred dividends |
|
(4.3) |
|
|
(4.3) |
|
|
(12.9) |
|
|
(12.9) |
|
||||
Net income attributable to the noncontrolling interests, before depreciation and amortization(1) |
|
(3.5) |
|
|
(2.3) |
|
|
(7.1) |
|
|
(3.1) |
|
||||
Adjusted Net Income |
|
$ |
111.9 |
|
|
$ |
27.3 |
|
|
$ |
423.5 |
|
|
$ |
84.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding for diluted |
|
139,437,126 |
|
|
140,119,442 |
|
|
140,565,582 |
|
|
140,181,438 |
|
(1) |
Includes $1.2 million and $1.2 million of depreciation and amortization for the three months ended September 30, 2021 and 2020, respectively, and $3.6 million and $3.6 million of depreciation and amortization for the nine months ended September 30, 2021 and 2020, respectively. |
Forward-Looking Statements
Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "anticipate," "estimate," "intend," "may," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties may include the factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" sections of each our Annual Report on Form 10-K for the year ended December 31, 2020, as amended by our subsequent filings with the SEC. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Common Definitions
Note about Non-GAAP and certain other financial information included in this presentation
In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included within this presentation, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (including Adjusted EBITDA, Adjusted Net Income, Net Operating Income, and Adjusted Fees, as defined above). Such information is reconciled to its closest GAAP measure in accordance with the rules of the SEC, and such reconciliations are included within this presentation. These measures may contain cash and non-cash acquisition-related gains and expenses and gains and losses from the sale of real-estate related investments. Consolidated non-GAAP measures discussed throughout this report contain income or losses attributable to non-controlling interests. Management believes that these non-GAAP financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies. Annualized figures used throughout this release and supplemental financial information, and our estimated annual net operating income metrics, are not an indicator of the actual net operating income that the Company will or expects to realize in any period.
KW-IR
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