Herbalife Nutrition Announces First Quarter 2022 Results and Updates Full Year 2022 Guidance
Herbalife Nutrition Ltd. (NYSE: HLF) reported Q1 2022 financial results, showing net sales of $1.3 billion, an 11% decline from Q1 2021. Reported diluted EPS was $0.96, down from $1.33 a year earlier. Despite a 7% drop in volume points, the company expects a turnaround in net sales by Q4 2022, aided by in-person sales events and new initiatives. Adjusted EBITDA reached $185.6 million, just above guidance. Full-year sales guidance has been lowered to a range of down 10% to down 4%. The company is implementing pricing and cost measures in response to inflationary pressures.
- Adjusted EBITDA of $185.6 million exceeded guidance.
- Share repurchase of 2.6 million shares totaling $101.7 million.
- Expectations for a return to net sales growth in Q4 2022.
- Net sales decreased 11% year-over-year.
- Volume points declined 7% compared to Q1 2021.
- Full-year net sales guidance reduced to down 10% to down 4%.
“We have implemented several new sales initiatives across the Company designed to achieve net sales growth in the fourth quarter, while at the same time we are instituting incremental pricing actions and cost control measures,” said
HIGHLIGHTS
-
First quarter 2022 net sales of
$1.3 billion 11.0% decrease compared to the first quarter 2021. On a two-year stack basis, first quarter net sales grew5.8% compared to the first quarter 2020. -
First quarter 2022 reported diluted EPS of
$0.96 $0.99 $1.33 $1.42 -
First quarter 2022 reported net income of
$98.2 million $185.6 million -
During the first quarter, the Company repurchased approximately 2.6 million shares for a total purchase price of
$101.7 million -
Updating full year 2022 net sales guidance range to down (
10.0% ) to (4.0% ), adjusted3 diluted EPS guidance range to$3.50 $4.00 $680 million $740 million - In response to inflationary pressures, the Company announces margin improvement initiatives, including incremental pricing actions and cost control measures.
____________________
1 Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of these measures to the most directly comparable GAAP measure, and a discussion of why we believe these non-GAAP measures are useful.
2 The previously reported 2021 net income of
3 Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures. See the “Outlook” discussion below and the related footnotes and Schedule A – “Reconciliation of Non-GAAP Financial Measures” for additional information regarding adjusted diluted EPS and adjusted EBITDA guidance.
MANAGEMENT COMMENTARY
Reported EPS for the first quarter was
Looking to the future, the Company is updating its outlook for the year. For the full year, the Company is lowering net sales guidance to be in the range of down
The Company has identified that, as a group, the behavior of distributors that joined the business during the pandemic has departed from historical trends and is below the Company’s expectations. This slowdown is primarily isolated to the collective performance of that group, while distributors that joined the business pre-pandemic, and the entirety of the Company’s preferred customer base continue to order at historical levels.
The Company believes that the return of in-person events could act as a catalyst. Most of the Company‘s distributors that joined the business during the pandemic have never been to an in-person event, and there is no substitute for gathering in person for learning, collaborating and motivating.
“The interactive discussions, the face-to-face team building and the social elements that are characteristic of our in-person events are not only an important source of training, motivation, and inspiration for our distributors, but also strengthen the social fabric that our business thrives on,“ said Chairman and CEO
In addition to the return of in-person sales events, the Company has implemented numerous sales initiatives at a local level that are all aimed at driving increased engagement in the business.
The Company is also taking meaningful steps to improve margins, through both pricing actions and cost controls. The Company implemented price increases in the majority of markets in the first quarter, and will take incremental pricing actions during the second quarter in response to the dramatic increase in input and freight costs. Additionally, the Company is implementing short-term and long-term cost control measures.
These actions are in addition to the previously announced transformation program to optimize global processes for future growth, which is also expected to improve margins through productivity and efficiency enhancements within the business. As previously disclosed, the Company expects the first phase of the program to result in annual incremental savings in the range of
“While organic sales growth remains our top priority, we are working on multiple fronts to improve our margin profile that supports our strong operating model, which has delivered powerful cash flow over the years,” said CFO
First Quarter 2022 Key Metrics
Regional
Region |
Reported Net Sales 1Q'22 (mil) |
Growth/Decline including FX vs. 1Q'21 |
Growth/Decline excluding FX vs. 1Q'21 (a) |
||||
|
$ |
407.7 |
1.1 |
% |
3.6 |
% |
|
|
$ |
326.2 |
|
(9.5 |
%) |
(9.5 |
%) |
EMEA |
$ |
295.0 |
|
(16.7 |
%) |
(6.9 |
%) |
|
$ |
118.4 |
|
0.2 |
% |
1.1 |
% |
|
$ |
105.6 |
|
(37.6 |
%) |
(38.9 |
%) |
South & |
$ |
82.9 |
|
(13.6 |
%) |
(9.4 |
%) |
Worldwide Total |
$ |
1,335.8 |
|
(11.0 |
%) |
(7.8 |
%) |
(a) Growth/decline in net sales excluding the effects of foreign exchange is based on “net sales in local currency,” a non-GAAP financial measure. See Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why we believe adjusting for the effects of foreign exchange is useful.
Regional Volume Point Metrics
|
Volume Points |
|
| Region | 1Q'22 (mil) |
Yr/Yr % Chg |
|
518.5 |
|
|
403.1 |
( |
EMEA |
391.7 |
( |
|
209.4 |
( |
|
66.9 |
( |
South and |
110.3 |
( |
Worldwide Total |
1,699.9 |
( |
Outlook
Following is the Company’s second quarter and updated full year 2022 guidance based on current business trends:
Three Months Ending |
Twelve Months Ending |
|||
|
|
|||
Low |
High |
Low |
High |
|
Volume Point Growth vs 2021 |
( |
( |
( |
( |
Net Sales Growth vs 2021 |
( |
( |
( |
( |
Adjusted Diluted EPS (a) (b) |
|
|
|
|
Adjusted EBITDA ($ millions) (b) |
|
|
|
|
Cap Ex ($ millions) |
- |
- |
|
|
Currency Fluctuation in Guidance
-
Guidance is based on the average daily exchange rates for the first two weeks of
April 2022 . -
For the second quarter 2022, net sales guidance includes a projected currency headwind of approximately 270bps, adjusted(a)(b) diluted EPS guidance includes a projected currency headwind of approximately
$0.07 $9 million -
For the full year 2022, net sales guidance includes a projected currency headwind of approximately 230bps, adjusted(a)(b) diluted EPS guidance includes a projected currency headwind of approximately
$0.23 $29 million -
Net sales, adjusted(a)(b) diluted EPS, and adjusted(a)(b) EBITDA represent projections translated into US dollars at currency rates equal to the average rates used to translate 2021 second quarter and full year net sales and diluted EPS and adjusted for items such as hedging gains/losses to be directly comparable to 2021 values. See our Company’s Form 10-K for the year ended
December 31, 2021 and Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why we believe adjusting for the effects of foreign exchange is useful.
Share Repurchase in Guidance
-
With respect to guidance, the Company has assumed
$50 million
(a) Excludes the following items that cannot be accurately predicted: any future potential ongoing tax effects from the exercise or vesting of equity awards that could impact the Company's tax rate due to the stock compensation accounting standard, as well as any future potential dilution from the Company’s convertible notes due in 2024.
(b) Adjusted diluted EPS and adjusted EBITDA guidance are non-GAAP measures and exclude potential charges or gains that may be recorded during the applicable period, such as, among other things, loss contingencies, gain/loss on debt extinguishments and refinancing, tax charges relating to tax law changes, net expenses related to the COVID-19 pandemic, and other unanticipated charges and events. The Company does not provide reconciliations of forward-looking non-GAAP Adjusted diluted EPS and adjusted EBITDA guidance to net income, the comparable GAAP measure, because the impact and timing of these potential charges and gains cannot be determined without unreasonable efforts due to their inherent historical variability, complexity, and unpredictability. These items, which are necessary for a presentation of the reconciliation to GAAP, could have a potentially significant impact on the Company’s GAAP results.
Earnings Conference Call
The dial-in number for this conference call for domestic callers is (833) 962-1459, and (956) 394-3596 for international callers (conference ID: 8987991). Live audio of the conference call will be simultaneously webcast in the investor relations section of the Company's website at http://ir.Herbalife.com.
An audio replay will be available following the completion of the conference call in MP3 format or by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers (conference ID: 8987991). The webcast of the teleconference will be archived and available on
About
For more information, please visit IAmHerbalifeNutrition.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Additionally, many of these risks and uncertainties are, and may continue to be, amplified by the COVID-19 pandemic. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
- the potential impacts of the COVID-19 pandemic on us; our Members, customers, and supply chain; and the world economy;
- our ability to attract and retain Members;
- our relationship with, and our ability to influence the actions of, our Members;
-
our noncompliance with, or improper action by our employees or Members in violation of, applicable
U.S. and foreign laws, rules, and regulations; - adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
- changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance, or ESG, matters;
- the competitive nature of our business and industry;
- legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
-
the Consent Order entered into with the
FTC , the effects thereof and any failure to comply therewith; -
risks associated with operating internationally and in
China ; - our ability to execute our growth and other strategic initiatives, including implementation of our transformation program and increased penetration of our existing markets;
-
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the war in
Ukraine , cybersecurity incidents, pandemics, and/or other acts by third parties; - our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
- our reliance on our information technology infrastructure;
- noncompliance by us or our Members with any privacy laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
- contractual limitations on our ability to expand or change our direct-selling business model;
- the sufficiency of our trademarks and other intellectual property;
- product concentration;
- our reliance upon, or the loss or departure of any member of, our senior management team;
- restrictions imposed by covenants in the agreements governing our indebtedness;
- risks related to our convertible notes;
- changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
-
our incorporation under the laws of the
Cayman Islands ; and - share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Results of Operations
| Condensed Consolidated Statements of Income | ||||||||
| (In millions, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
| (unaudited) | ||||||||
$ |
326.2 |
|
$ |
360.5 |
|
|||
| EMEA |
|
295.0 |
|
|
354.2 |
|
||
|
407.7 |
|
|
403.4 |
|
|||
|
118.4 |
|
|
118.2 |
|
|||
|
105.6 |
|
|
169.3 |
|
|||
| South and |
|
82.9 |
|
|
96.0 |
|
||
| Worldwide |
|
1,335.8 |
|
|
1,501.6 |
|
||
| Cost of Sales |
|
307.1 |
|
|
314.3 |
|
||
| Gross Profit |
|
1,028.7 |
|
|
1,187.3 |
|
||
| Royalty Overrides |
|
433.8 |
|
|
474.0 |
|
||
| Selling, General, and Administrative Expenses |
|
454.9 |
|
|
506.7 |
|
||
| Other Operating Income (1) |
|
(13.1 |
) |
|
(15.9 |
) |
||
| Operating Income |
|
153.1 |
|
|
222.5 |
|
||
| Interest Expense, net |
|
29.7 |
|
|
37.5 |
|
||
| Income Before Income Taxes |
|
123.4 |
|
|
185.0 |
|
||
| Income Taxes |
|
25.2 |
|
|
37.6 |
|
||
| Net Income | $ |
98.2 |
|
$ |
147.4 |
|
||
| Weighted-Average Shares Outstanding: | ||||||||
| Basic |
|
99.9 |
|
|
108.4 |
|
||
| Diluted |
|
101.7 |
|
|
111.1 |
|
||
| Earnings Per Share: | ||||||||
| Basic | $ |
0.98 |
|
$ |
1.36 |
|
||
| Diluted | $ |
0.96 |
|
$ |
1.33 |
|
||
(1) Other Operating Income for the three months ended |
| Condensed Consolidated Balance Sheets | ||||||||
| (In millions) | ||||||||
2022 |
2021 |
|||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ |
569.7 |
|
$ |
601.5 |
|
||
| Receivables, net |
|
84.0 |
|
|
66.9 |
|
||
| Inventories |
|
570.0 |
|
|
575.7 |
|
||
| Prepaid expenses and other current assets |
|
215.4 |
|
|
187.7 |
|
||
| Total Current Assets |
|
1,439.1 |
|
|
1,431.8 |
|
||
| Property, plant and equipment, net |
|
453.7 |
|
|
442.1 |
|
||
| Operating lease right-of-use assets |
|
214.8 |
|
|
220.0 |
|
||
| Marketing-related intangibles and other intangible assets, net |
|
316.9 |
|
|
317.3 |
|
||
|
96.0 |
|
|
95.4 |
|
|||
| Other assets |
|
304.2 |
|
|
313.2 |
|
||
| Total Assets | $ |
2,824.7 |
|
$ |
2,819.8 |
|
||
| LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ |
90.4 |
|
$ |
92.0 |
|
||
| Royalty overrides |
|
406.1 |
|
|
363.2 |
|
||
| Current portion of long-term debt |
|
29.4 |
|
|
29.4 |
|
||
| Other current liabilities |
|
573.7 |
|
|
595.8 |
|
||
| Total Current Liabilities |
|
1,099.6 |
|
|
1,080.4 |
|
||
| Non-current liabilities: | ||||||||
| Long-term debt, net of current portion |
|
2,786.5 |
|
|
2,733.2 |
|
||
| Non-current operating lease liabilities |
|
195.9 |
|
|
201.2 |
|
||
| Other non-current liabilities |
|
196.0 |
|
|
196.5 |
|
||
| Total Liabilities |
|
4,278.0 |
|
|
4,211.3 |
|
||
| Commitments and Contingencies | ||||||||
| Shareholders' deficit: | ||||||||
| Common shares |
|
0.1 |
|
|
0.1 |
|
||
| Paid-in capital in excess of par value |
|
173.0 |
|
|
318.1 |
|
||
| Accumulated other comprehensive loss |
|
(210.0 |
) |
|
(211.8 |
) |
||
| Accumulated deficit |
|
(1,087.5 |
) |
|
(1,169.0 |
) |
||
|
(328.9 |
) |
|
(328.9 |
) |
|||
| Total Shareholders' Deficit |
|
(1,453.3 |
) |
|
(1,391.5 |
) |
||
| Total Liabilities and Shareholders' Deficit | $ |
2,824.7 |
|
$ |
2,819.8 |
|
||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (In millions) | ||||||||
| Three Months Ended | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ |
98.2 |
|
$ |
147.4 |
|
||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization |
|
29.2 |
|
|
26.4 |
|
||
| Share-based compensation expenses |
|
12.4 |
|
|
13.3 |
|
||
| Non-cash interest expense |
|
1.7 |
|
|
7.1 |
|
||
| Deferred income taxes |
|
5.9 |
|
|
8.3 |
|
||
| Inventory write-downs |
|
10.9 |
|
|
9.5 |
|
||
| Foreign exchange transaction loss |
|
2.4 |
|
|
0.3 |
|
||
| Other |
|
(3.8 |
) |
|
(1.1 |
) |
||
| Changes in operating assets and liabilities: | ||||||||
| Receivables |
|
(16.7 |
) |
|
(21.9 |
) |
||
| Inventories |
|
(7.9 |
) |
|
(31.5 |
) |
||
| Prepaid expenses and other current assets |
|
(28.8 |
) |
|
(15.7 |
) |
||
| Accounts payable |
|
(2.3 |
) |
|
23.4 |
|
||
| Royalty overrides |
|
42.8 |
|
|
(8.4 |
) |
||
| Other current liabilities |
|
(22.3 |
) |
|
(52.0 |
) |
||
| Other |
|
8.8 |
|
|
5.0 |
|
||
| NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
130.5 |
|
|
110.1 |
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property, plant and equipment |
|
(41.3 |
) |
|
(33.4 |
) |
||
| Other |
|
0.1 |
|
|
- |
|
||
|
(41.2 |
) |
|
(33.4 |
) |
|||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Borrowings from senior secured credit facility, net of discount |
|
82.0 |
|
|
270.0 |
|
||
| Principal payments on senior secured credit facility and other debt |
|
(89.3 |
) |
|
(125.2 |
) |
||
| Share repurchases |
|
(116.2 |
) |
|
(645.0 |
) |
||
| Other |
|
1.1 |
|
|
1.0 |
|
||
|
(122.4 |
) |
|
(499.2 |
) |
|||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
|
1.3 |
|
|
(11.2 |
) |
||
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
|
(31.8 |
) |
|
(433.7 |
) |
||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
610.4 |
|
|
1,054.0 |
|
||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ |
578.6 |
|
$ |
620.3 |
|
||
Supplemental Information
SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited and unreviewed), (All tables provide Dollars in millions, except per Share Data)
Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA
In addition to its reported results and guidance calculated in accordance with GAAP, the Company has included in this release adjusted net income, adjusted diluted EPS and adjusted EBITDA, performance measures that the
Currency Fluctuation
Our international operations have provided and will continue to provide a significant portion of our total net sales. As a result, total net sales will continue to be affected by fluctuations in the
| The following is a reconciliation of net income, presented and reported in accordance with |
||||||||
| Three Months Ended | ||||||||
| (in millions) | ||||||||
| Net income, as reported | $ |
98.2 |
|
$ |
147.4 |
|
||
| Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3) |
|
- |
|
|
5.7 |
|
||
| Debt issuance costs related to the senior secured credit facility amendment (1) (2) (4) |
|
- |
|
|
1.1 |
|
||
| Net expenses related to COVID-19 pandemic (1) (2) |
|
1.7 |
|
|
4.8 |
|
||
| Expenses related to transformation program (1) (2) |
|
1.6 |
|
|
- |
|
||
| Income tax adjustments for above items (1) (2) |
|
(0.6 |
) |
|
(1.2 |
) |
||
| Net income, as adjusted (5) | $ |
101.0 |
|
$ |
157.8 |
|
||
| The following is a reconciliation of diluted earnings per share, presented and reported in accordance with |
||||||||
| Three Months Ended | ||||||||
| (per share) | ||||||||
| Diluted earnings per share, as reported | $ |
0.96 |
|
$ |
1.33 |
|
||
| Non-cash interest expense and amortization of non-cash issuance costs (1) (2) (3) |
|
- |
|
|
0.05 |
|
||
| Debt issuance costs related to the senior secured credit facility amendment (1) (2) (4) |
|
- |
|
|
0.01 |
|
||
| Net expenses related to COVID-19 pandemic (1) (2) |
|
0.02 |
|
|
0.04 |
|
||
| Expenses related to transformation program (1) (2) |
|
0.02 |
|
|
- |
|
||
| Income tax adjustments for above items (1) (2) |
|
(0.01 |
) |
|
(0.01 |
) |
||
| Adjusted diluted earnings per share | $ |
0.99 |
|
$ |
1.42 |
|
||
| The following is a reconciliation of net income, presented and reported in accordance with |
||||||||
| Three Months Ended | ||||||||
| (in millions) | ||||||||
| Net income, as reported | $ |
98.2 |
$ |
147.4 |
||||
| Interest Expense, net |
|
29.7 |
|
|
37.5 |
|
||
| Income Taxes |
|
25.2 |
|
|
37.6 |
|
||
| Depreciation and amortization |
|
29.2 |
|
|
26.4 |
|
||
| EBITDA | $ |
182.3 |
|
$ |
248.9 |
|
||
| Net expenses related to COVID-19 pandemic (1) (2) |
|
1.7 |
|
|
4.8 |
|
||
| Expenses related to transformation program (1) (2) |
|
1.6 |
|
|
- |
|
||
| Adjusted EBITDA | $ |
185.6 |
|
$ |
253.7 |
|
||
| (1) Based on interim income tax reporting rules, these expenses are not considered discrete items. The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). | |||||||||
| (2) Excludes tax (benefit)/expense as follows: |
| Three Months Ended | |||||||
| (in millions) | |||||||
| Non-cash interest expense and amortization of non-cash issuance costs | $ |
- |
|
$ |
0.1 |
|
|
| Debt issuance costs related to the senior secured credit facility amendment |
|
- |
|
|
(0.2 |
) |
|
| Net expenses related to COVID-19 pandemic |
|
(0.3 |
) |
|
(1.1 |
) |
|
| Expenses related to transformation program |
|
(0.2 |
) |
|
- |
|
|
| Total income tax adjustments (5) | $ |
(0.6 |
) |
$ |
(1.2 |
) |
|
| Three Months Ended | |||||||
| (per share) | |||||||
| Non-cash interest expense and amortization of non-cash issuance costs |
|
- |
|
$ |
- |
|
|
| Debt issuance costs related to the senior secured credit facility amendment |
|
- |
|
|
- |
|
|
| Net expenses related to COVID-19 pandemic |
|
(0.01 |
) |
|
(0.01 |
) |
|
| Expenses related to transformation program |
|
- |
|
|
- |
|
|
| Total income tax adjustments | $ |
(0.01 |
) |
$ |
(0.01 |
) |
|
| (3) Relates to non-cash expense on the Company's |
|||
| (4) Relates to costs incurred in the amendment of the senior secured credit facility as described in the Company's Form 10-Q for the three months ended |
|||
| (5) Amounts may not total due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005984/en/
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VP, Media Relations
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Source:
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