TIDMXLM
RNS Number : 6302B
XLMedia PLC
24 September 2018
For immediate release 24 September 2018
XLMedia PLC
("XLMedia" or the "Group" or the "Company")
Interim results for the six months ended 30 June 2018
Acquisitions and further diversification set foundations for the
future
XLMedia (AIM: XLM), a leading provider of digital performance
marketing services, announces its unaudited interim results for the
six months ended 30 June 2018.
Financial highlights
-- Revenues of $59.1 million (H1 2017: $67.9 million)
-- Gross profit of $33.5 million (H1 2017: $35.2 million)
-- Adjusted EBITDA of $20.9 million (H1 2017: $22.8 million)
-- Profit before tax of $16.8 million (H1 2017: $19.5 million)
-- Interim dividend of $6.5 million or 3.0040 cents per share
(H1 2017: 4.0226 cents per share); and
-- Strong balance sheet with $51.3 million of cash and
short-term investments to be deployed in further acquisitions for
future growth
-- On track to meet profit expectations for the full year
Operating highlights
-- Completed a series of acquisitions in the period totalling $45.8 million, including:
o Leading Finnish gambling related informational websites for
$18.0 million
o WhichBingo.co.uk, one of the leading online informational
portals and comparison sites for online bingo games in the UK for
$10.5 million
o Three US personal finance informational websites for $5.9
million
o Shortly after period end, acquired Investorjunkie.com a
leading US personal finance website for $5.8 million
-- Solid performance from our Personal Finance assets, growing
both in asset base and amount of clients.
-- Preparation for launch into the significant future potential US gambling market
-- Enhanced the Group's Asia-Pacific presence in the mobile apps
vertical and increased revenues from new clients in the region
-- Management have worked hard to mitigate previously reported
regulatory headwinds and operating challenges and remain on track
to deliver the year end market consensus profit number
Ory Weihs, Chief Executive Officer of XLMedia, commented:
"The Group produced a solid profit performance in the first
half, albeit against a backdrop of regulatory pressures and
challenging market conditions in the online gambling sector.
However, we are now seeing positive signals and expect to meet
profit expectations for the full year.
"Since the beginning of this year we have been focusing on
implementing our strategy and executing acquisitions in order to
accelerate growth, allocating over $45 million of capital for
acquisitions. Our newly acquired assets perform as expected and we
are confident they will deliver a strong return.
A webcast of our results presentation will be available on our
website later today:
https://www.xlmedia.com/investor-relations/webcasts/
XLMedia will be holding a presentation for private and retail
investors at 4.00pm on Tuesday 25 September 2018. To register for
the event, please contact Vigo Communications on
xlmedia@vigocomms.com.
For further information, please contact:
XLMedia plc Ory Weihs www.xlmedia.com Via Vigo Communications
Vigo Communications Jeremy Garcia / Fiona Tel: 020 7390 0230
Henson / Kate Rogucheva www.vigocomms.com
Cenkos Securities plc (Nomad and Joint Tel: 020 7397 8900
Broker) Mark Connelly / Callum Davidson
www.cenkos.com
Berenberg (Joint Broker) Chris Bowman Tel: 020 3207 7800
/ Mark Whitmore www.berenberg.com
Business review
The Group delivered a solid performance in H1 despite
experiencing disruption in some regions in which we operate, in
addition to discontinuing a number of underperforming activities.
As a consequence, revenues for the six months ended 30 June 2018
were $59.1 million compared to $67.9 million in H1 2017.
Regulatory environment
Regulatory developments in the online gambling sector had an
impact on our performance in the first six months of the year,
including: the closure of the Australian online casino market at
the end of 2017; uncertainty regarding the regulatory status of
certain European markets, specifically Germany, where some
operators suspended activity while others lowered marketing spend
pending clearer guidelines; as well as changes to gambling
advertising regulations in the UK.
At the beginning of H1 2018 we saw some decline in marketing
campaigns in the UK in order to adjust to the implementation of
new, more stringent UK gambling advertising guidelines.
Whilst these developments affected our performance, we believe
this should lead to a clearer and more functional environment, and
to long-term stability in the market and higher quality earnings
for the Company.
EU GDPR regulation, which became effective in May 2018, is also
applicable across a number of our territories. In preparation for
this regulation and to ensure our compliance we have conducted a
comprehensive preparatory compliance program. The program included
mapping and evaluating our information gathering practices in all
business segments and processes and an adjustment of our practices
as required. We have implemented internal guidelines, policies and
practices and are closely monitoring market developments on an
ongoing basis to ensure our continued compliance with the
regulation. The Group does not expect GDPR to have a material
effect on performance.
Strategy
We continued to execute on our strategy and, during the period,
completed a series of acquisitions for an aggregate consideration
of $45.8 million. We continue to evaluate potential assets and
targets and expect to accelerate this activity. As with previous
acquisitions, our ability to both source and integrate at scale
underpins our future aspirations and enables management to further
diversify our operations.
The acquisitions we completed during the period were identified
from a pipeline of opportunities, following a rigorous internal due
diligence process. The Group adopts key criteria in identifying
potential targets, including:
-- complementary assets, adding diversity in geographies,
customers and sectors with specific focus placed on personal
finance and regions where gambling is fully regulated;
-- active in additional sub-sectors - for example, in our
personal finance arsenal of assets - adding complementary customers
with potential cross-sales opportunities between these assets. The
recently acquired Investorjunkie.com asset increased our customer
base in the personal finance investment sub-sector allowing us to
cross sell additional products; and
-- demonstration of growth potential and benefits of scale for us once migrated onto our Palcon infrastructure and integrated into the Group. Recent Finnish acquisitions are expected to deliver improved profit margins once fully integrated.
We continue our strategy to diversify our revenues both
geographically and by sector. In H1 2018 North America generated
19% of revenues (H1 2017: 28%), Scandinavia generated 35% of
revenues (H1 2017: 26%), the UK generated 11% (H1 2017: 8%), other
European countries generated 17% of revenues (H1 2017: 29%) and
Asia generated 7% (H1 2017: 5%).
In terms of sector diversification: gambling accounted for 70%
of H1 2018 revenues (H1 2017: 63%) and Mobile Apps accounted for
20% of H1 revenues (H1 2017: 24%). The increase in the proportion
of gambling related revenue was mainly due to the Group's decision
to discontinue certain lower margin media buying activities.
We believe that we have laid solid foundations and believe the
Financial Services sector will be an important growth engine for
the Group in the medium term, performing alongside our more
traditional end markets.
Business Segments review
($'000) Publishing Media Other Total
H1 2018
Revenues 32,360 23,446 3,282 59,088
% of revenues 54.8% 39.7% 5.5% 100%
Direct profit 25,586 7,083 852 33,521
Profit margin 79.1% 30.2% 26.0% 56.7%
H1 2017
Revenues 29,809 33,895 4,225 67,929
% of revenues 43.9% 49.9% 6.2% 100%
Direct profit 24,863 9,964 346 35,173
Profit margin 83.4% 29.4% 8.2% 51.8%
H1 2018 showed increase in the publishing segment but a decrease
in the media, which resulted in overall revenues of $59.1 million,
a decrease of 13% (H1 2017: $67.9 million).
Publishing
Publishing revenues grew 9% in the period to $32.4 million (H1
2017: $29.8 million), driven by acquisitions. H1 performance was
impacted by a reduction in activity in a number of specific
territories, in addition to regulatory changes outlined above. Some
of these issues included spamming and other attacks on our websites
as well as technical issues. Concurrently, the Group has been
focused on recovery steps with the majority of technical and
attacks issues having been resolved by now. In addition, we have
been developing additional revenue generating activities. In 2018
we acquired websites and domains for an aggregate consideration of
$45.8 million and will continue to acquire and develop more
assets.
Direct profit margins reduced slightly, as previously guided, to
$25.6 million or 79% of publishing revenues (H1 2017: $24.9
million, 83%) mainly as a result of increased investment in content
and integrating recently acquired websites. We continue to invest
and develop our existing assets and optimise recently acquired
assets in order to improve performance going forward.
Media
Media revenues decreased 31% to $23.5 million (H1 2017: $33.9
million). This was primarily driven by proactive measures to cease
low margin activities, lower levels of mobile traffic within the
gaming segment and previously announced gambling regulatory
changes. We are focusing our efforts in other sectors in the mobile
division including driving sales across Asia, most notably Korea,
as well as in other sectors such as financial apps and e-commerce
through our US activities. In the medium term we see growth
potential in media activities for fully regulated markets both for
gambling as well as for personal financial products.
Direct profit for the media segment decreased 29% to $7.1
million or 30% of revenues (H1 2017: $10.0 million, 29%).
Current Trading and Outlook
We have started the second half of 2018 well, buoyed by the
impact of recent acquisitions and positive signs of recovery in a
number of key segments and markets. Management has worked to
continue the diversification of the Group's core operational
activities, with continuous focus on setting strong foundations,
and adding both scale and product diversity. We believe these
measures and the investments made will underpin growth in the
medium term.
The Board is therefore confident of meeting profit expectations
for the full year and as such is declaring an interim dividend of
$6.5 million or 3.0040 cents per share , to be paid in Pound
Sterling (2.2728 pence per share) 2 November 2018 to shareholders
on the register at 5 October 2018 . The ex-dividend date is 4
October 2018.
Financial review
H1 2018 H1 2017 Change
-------- -------- -------
Revenues 59,088 67,929 -13%
======== ======== =======
Gross Profit 33,521 35,173 -5%
======== ======== =======
Operating expenses 16,243 16,028 +1%
======== ======== =======
Operating income 17,278 19,145 -10%
======== ======== =======
Adjusted EBITDA 20,883 22,893 -9%
======== ======== =======
Profit Before Tax 16,790 19,490 -14%
======== ======== =======
The first half of 2018 was impacted by the regulatory trends, a
withdrawal from low margin activities and other SEO performance
issues which resulted in revenues of $59.1 million, a decrease of
13% compared to the same period last year.
Gross profit was $33.5 million or 57% of revenues, representing
a 5% decrease compared to the same period last year (H1 2017: $35.2
million, 52%).
Operating expenses during the first six months of the year were
$16.2 million, an increase of 1% compared to the same period last
year (H1 2017: $16.0 million). The increase in costs was not
significant. As we are focused on meeting performance expectations
we control expenses but will continue to proportionally increase
our operational expenses base in order to support future
growth.
Operating expenses included $1.0 million of research and
development expenses, reflecting a decrease compared to the same
period last year (H1 2017: $2.5 million). These expenses are in
addition to investments in technology and internal systems
developed during the period of $4.3 million (H1 2017: $1.7
million). Total R&D spend together with capitalised costs was
$5.3 million compared to $4.2 million in H1 2017. As we progress
and enhance our systems a bigger portion of the spend serves for
future benefits and less for ongoing support of our systems. We see
technology as a key driver to increasing revenues and profit for
the coming years.
Adjusted EBITDA(1) reached $20.8 million or 35% of revenues,
reflecting a decrease of 9% relative to the same period last year
(H1 2017: $22.9 million, 34%).
As a result of the reduced revenues and gross profit as compared
to the same period last year, profit before tax decreased by 14% to
$16.8 million (H1 2017: $19.5 million). Net income for the period
was $14.1 million, reflecting a decrease of 9% (H1 2017: $15.5
million). Net income included non-controlling interest of $0.5
million.
As at 30 June 2018 we had $51.3 million of cash and short-term
investments compared to $43.3 million as at 31 December 2017. The
increase in cash reflects an increase of $13.4 million provided by
operating activity, and an additional increase from share capital
issuance of $42.6 million, offset mainly by investing $43.7 million
mainly on acquisitions and $8.0 million of dividends paid out
during the first half of 2018.
Current assets as at 30 June 2018 were $77.0 million (31 Dec
2017: $67.1 million) and non-current assets were $129.0 million (31
Dec 2017: $87.4 million). The increase in non-current assets is
attributed mainly to acquisitions of domains and websites.
Total equity as at 30 June 2018 was $166.2 million, or 81% of
total assets (2017: 76%). At the end of 2017 and during H1 2018 we
drew down bank loans totaling $11 million. With our current
pipeline of potential acquisition targets, we expect to have access
to larger bank facilities to execute them. The strong balance sheet
combined with cash and short-term investments of $51.3 million
together with strong banking relationships ensures the Group is
well positioned to continue to execute its strategic plan.
[1] Earnings Before interest, Taxes, Depreciation and
Amortization and adjusted to exclude share based payments
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
30 June 31 December
--------- -----------
2018 2017
--------- -----------
Unaudited Audited
--------- -----------
USD in thousands
----------------------
Assets
Current assets:
Cash and cash equivalents 41,976 38,416
Short-term investments 9,335 4,861
Trade receivables 17,776 18,950
Other receivables 6,769 4,665
Financial derivatives 1,128 200
--------- -----------
76,984 67,092
--------- -----------
Non-current assets:
Long-term investments 649 681
Property and equipment 1,419 1,230
Goodwill 30,052 30,052
Domains and websites 84,682 45,762
Other intangible assets 11,119 8,585
Deferred taxes 621 862
Other assets 455 244
128,997 87,416
--------- -----------
205,981 154,508
========= ===========
The accompanying notes are an integral part of the interim
condensed consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
30 June 31 December
--------- -----------
2018 2017
--------- -----------
Unaudited Audited
--------- -----------
USD in thousands
----------------------
Liabilities and equity
Current liabilities:
Trade payables 9,926 9,813
Other liabilities and accounts payable 8,705 10,972
Income tax payable 10,708 8,573
Financial derivatives 162 1,425
Current maturity of long-term bank loans 5,475 2,500
--------- -----------
34,976 33,283
--------- -----------
Non-current liabilities:
Long- term bank loans 4,243 2,500
Income tax payable 252 1,825
Deferred taxes 42 42
Other liabilities 225 201
--------- -----------
4,762 4,568
--------- -----------
Equity:
Share capital (* *)
Share premium 111,911 68,417
Capital reserve from share-based transactions 1,766 1,227
Capital reserve from transactions with non-controlling
interests (2,445) (2,445)
Retained earnings 54,720 49,167
--------- -----------
Equity attributable to equity holders of the Company 165,952 116,366
Non-controlling interests 291 291
--------- -----------
Total equity 166,243 116,657
--------- -----------
205,981 154,508
========= ===========
*) Lower than USD 1 thousand.
The accompanying notes are an integral part of the interim
condensed consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
Six months ended Year ended
30 June 31 December
------------------ ------------
2018 2017 2017
-------- -------- ------------
Unaudited Audited
------------------ ------------
USD in thousands
(except per share data)
Revenues 59,088 67,929 137,632
Cost of revenues 25,567 32,756 64,487
-------- -------- ------------
Gross profit 33,521 35,173 73,145
Research and development expenses 966 2,518 4,474
Selling and marketing expenses 3,724 2,742 6,263
General and administrative expenses 11,553 10,768 21,639
-------- -------- ------------
16,243 16,028 32,376
-------- -------- ------------
Operating income 17,278 19,145 40,769
Finance expenses (589) (148) (2,113)
Finance income 101 493 689
-------- -------- ------------
Finance income (expenses), net (488) 345 (1,424)
-------- -------- ------------
Profit before taxes on income 16,790 19,490 39,345
Taxes on income 2,738 3,981 7,474
-------- -------- ------------
Net income and other comprehensive income 14,052 15,509 31,871
======== ======== ============
Attributable to:
Equity holders of the Company 13,553 14,587 30,323
Non-controlling interests 499 922 1,548
-------- -------- ------------
14,052 15,509 31,871
======== ======== ============
Earnings per share attributable to equity
holders of the Company:
Basic and Diluted earnings per share
(in USD) 0.06 0.07 0.15
======== ======== ============
Weighted average number of shares used
in computing basic earnings per share
(in thousands) 214,466 198,357 198,739
======== ======== ============
Weighted average number of shares used
in computing diluted earnings per share
(in thousands) 217,854 201,004 202,331
======== ======== ============
The accompanying notes are an integral part of the interim
condensed consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended Year ended
30 June 31 December
------------------ ------------
2018 2017 2017
-------- -------- ------------
Unaudited Audited
------------------ ------------
USD in thousands
--------------------------------
Cash flows from operating activities:
Net income 14,052 15,509 31,871
-------- -------- ------------
Adjustments to reconcile net income to
net cash provided by operating activities:
Adjustments to the profit or loss items:
Depreciation, amortisation and impairment 2,788 3,353 5,932
Finance (income) expense, net (1,584) 1,350 2,813
Cost of share-based payment 774 338 419
Taxes on income 2,738 3,981 7,474
Exchange differences on balances of cash
and cash equivalents 329 (1,313) (1,545)
-------- -------- ------------
5,045 7,709 15,093
-------- -------- ------------
Changes in asset and liability items:
Decrease (increase) in trade receivables 1,174 (1,762) (1,875)
Decrease (increase) in other receivables (2,789) 1,047 (982)
Increase in trade payables 113 3,072 539
Increase (decrease) in other accounts
payable (2,459) (72) 286
Increase (decrease) in other long-term
liabilities 24 (5) (27)
------------
(3,937) 2,280 (2,059)
------------
Cash paid and received during the period
for:
Interest paid (215) - -
Interest received 99 15 17
Taxes paid (2,195) (2,214) (4,154)
Taxes received 556 305 305
------------
(1,755) (1,894) (3,832)
-------- -------- ------------
Net cash provided by operating activities 13,405 23,604 41,073
-------- -------- ------------
The accompanying notes are an integral part of the interim
condensed consolidated financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Cont.)
Six months ended Year ended
30 June 31 December
------------------ ------------
2018 2017 2017
--------- ------- ------------
Unaudited Audited
------------------ ------------
USD in thousands
--------------------------------
Cash flows from investing activities:
Purchase of property and equipment (421) (120) (388)
Payment for acquired business - (4,597) (5,100)
Acquisition of and additions to domains,
websites, technologies and other intangible
assets (43,756) (4,825) (16,160)
Proceeds and collection of receivable
from sale of assets 150 150 300
Short- term and long-term investments,
net (4,964) 41 (1,595)
------------
Net cash used in investing activities (48,991) (9,351) (22,943)
--------- ------- ------------
Cash flows from financing activities:
Share capital issuance, net of issuance
costs 42,618 - -
Dividend paid to equity holders of the
Company (8,000) (7,504) (15,505)
Acquisition of non-controlling interests - - (2,250)
Dividend paid to non-controlling interests (499) (881) (1,804)
Proceeds from exercise of options 641 605 1,205
Repayment of long-term loan from bank (1,250) - -
Receipt of long-term loan from bank 5,965 - 5,000
Net cash provided by (used in) financing
activities 39,475 (7,780) (13,354)
--------- ------- ------------
Exchange differences on balances of cash
and cash equivalents (329) 1,313 1,545
--------- ------- ------------
Increase (decrease) in cash and cash equivalents 3,560 7,786 6,321
Cash and cash equivalents at the beginning
of the period 38,416 32,095 32,095
--------- ------- ------------
Cash and cash equivalents at the end of
the period 41,976 39,881 38,416
========= ======= ============
Significant non-cash transactions:
Payable for acquisition of business -503 -
===
The accompanying notes are an integral part of the interim
condensed consolidated financial statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
NOTE 1: GENERAL
XLMEDIA PLC and its subsidiaries (The Group) are an online
performance marketing companies. The Group attracts paying users
from multiple online and mobile channels and directs them to online
businesses.
The Group attracts users through online marketing techniques
(such as publications and advertisements) which are then directed,
by the Group, to its customers in return for a share of the revenue
generated by such user, a fee generated per user acquired, fixed
fees or a hybrid of any of these three models.
For further information regarding online marketing and the
Group's business segments, see Note 3.
NOTE 2: SUPPLEMENTARY INFORMATION
(a) In January 2018, the Company issued 16,000,000 Ordinary
shares in a placing to institutional investors at a price of 198
pence per Ordinary share. The total gross funds raised were
approximately GBP 31.7 million (USD 44.2 million) and the related
costs amounted to approximately GBP 1.1 million (USD 1.6
million).
(b) During the period the Group acquired additional assets for
the publishing segment for total cash consideration of
approximately USD 40 million.
(c) On March 13, 2018, the Company declared a dividend to its
shareholders of USD 8 million ($0.04 per share).
(d) In January 2018, the Company granted 3,000,000 options to
employees (including to the Company's CEO and other key management
personnel), exercisable to 3,000,000 ordinary shares in an exercise
price of GBP 2.0 per share. The options vest over a period of 4
years from the grant date and are exercisable for a period of up to
8 years.
The following table specifies the inputs used for the fair value
measurement of the grant:
Option pricing model Black-Scholes-Merton
formula
Exercise price GBP (USD) 2.0 (2.85)
Dividend yield (%) 0
Expected volatility of the share price (%) 47.3%
Risk- free interest rate (GBP curve) 1.13%
Expected life of share options (years) 5.2
Share price GBP (USD) 1.9 (2.71)
The total fair value of the options granted was calculated at
USD 3,413 thousands at the grant date (USD 1.14 per option)
NOTE 3: OPERATING SEGMENTS
(a) General:
The operating segments are identified on the basis of
information that is reviewed by the chief operating decision maker
("CODM") to make decisions about resources to be allocated and
assess its performance. Accordingly, for management purposes, the
Group is organised into operating segments based on the products
and services of the business units and has operating segments as
follows:
Publishing - The Group owns over 2,300 informational websites
in 18 languages. These websites refer potential
customers to online businesses. The sites'
content, written by professional writers, is
designed to attract online traffic which the
Group then directs to its customers online
businesses.
Media - The Group's Media division acquires online
advertising targeted at potential online traffic
with the objective of directing it to the Group's
users. The Group buys advertising space on
search engines, websites, mobile and social
networks and places adverts referring potential
users to the Group's customers' websites or
to its own websites.
Segment performance (segment profit) is evaluated based on
revenues less direct operating costs.
Items that were not allocated are managed on a group basis.
(b) Reporting on operating segments:
Publishing Media Others Total
---------- ------ ------ --------
USD in thousands
--------------------------------------
Six months ended 30
June 2018 (unaudited):
Revenues 32,360 23,446 3,282 59,088
========== ====== ====== ========
Segment profit 25,586 7,083 852 33,521
========== ====== ======
Unallocated corporate
expenses (16,243)
Finance expenses, net (488)
Profit before taxes
on income 16,790
========
NOTE 3: OPERATING SEGMENTS (Cont.)
Publishing Media Others Total
---------- ------ ------ --------
USD in thousands
--------------------------------------
Six months ended 30
June 2017 (unaudited):
Revenues 29,809 33,895 4,225 67,929
========== ====== ====== ========
Segment profit 24,863 9,964 346 35,173
========== ====== ======
Unallocated corporate
expenses (16,028)
Finance income, net 345
Profit before taxes
on income 19,490
========
Publishing Media Others Total
---------- ------ ------ --------
USD in thousands
--------------------------------------
Year ended 31 December
2017:
Revenues 62,894 66,428 8,310 137,632
========== ====== ====== ========
Segment profit 50,309 19,982 1,423 71,714
========== ====== ======
Unallocated corporate
expenses (30,945)
Finance expenses, net (1,424)
--------
Profit before taxes
on income 39,345
========
(c) Geographic information:
Revenues classified by geographical areas based on internet user
location:
Six months ended Year ended
30 June 31 December
------------------ ------------
2018 2017 2017
-------- -------- ------------
Unaudited Audited
------------------ ------------
USD in thousands
--------------------------------
Scandinavia 20,594 17,910 38,250
Other European countries 16,380 19,407 41,621
North America 11,337 18,887 29,665
Oceania 1,039 2,145 3,493
Asia 3,856 3,395 10,940
Other countries 2,600 922 3,766
------------
Total revenues from identified
locations 55,806 62,666 127,735
Revenues from unidentified
locations 3,282 5,263 9,897
------------
Total revenues 59,088 67,929 137,632
======== ======== ============
NOTE 4: SUBSEQUENT EVENTS
On September 23, 2018 the Company announced a dividend
distribution to its shareholders of USD 6.5 million (USD 0.03 per
share).
This information is provided by RNS, the news service of the
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END
IR BRGDCDGDBGIX
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