Elevate Credit Announces First Quarter 2017 Results

$1.7 Million in Net Income for the first quarter of 2017 and $24.9 Million in Quarterly Adjusted EBITDA1

FORT WORTH, Texas--()--Elevate Credit, Inc. (NYSE:ELVT) (“Elevate” or the “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced results for the first quarter ended March 31, 2017.

“We are pleased with our first quarter performance, which saw the Company generate net income and strong quarterly Adjusted EBITDA”

“We are pleased with our first quarter performance, which saw the Company generate net income and strong quarterly Adjusted EBITDA,” said Ken Rees, Chief Executive Officer of Elevate. “We believe these results highlight Elevate’s unique growth opportunity in serving non-prime consumers with more responsible online credit products. Elevate has generated nearly 100% compound annual revenue growth rates since 2013, and we are particularly proud that between 2013 and 2016 we have simultaneously reduced the average customer APR by over 40% while expanding margins. With our proven advanced analytics and IQ technology platform, we are well positioned to continue to grow our innovative products and help our customers improve their financial health; ultimately delivering on our promise of a ‘good today, better tomorrow’.”

First Quarter 2017 Financial Highlights

  • 20% year-over-year revenue growth: Revenues totaled $156.4 million, a 19.6% increase from $130.7 million for the prior-year period.
  • Nearly 40% year-over-year growth in loans receivable: Combined loans receivable – principal, were $444.5 million, a 38.6% increase from $320.7 million for the prior-year period.
  • Stable credit quality: Loan loss provision was 52.9% of revenues and within our targeted range of 45%-55%. The ending combined loan loss reserve, as a percentage of combined loans receivable, was 15.7%, slightly lower than the 16.3% we reported for the prior-year period.
  • Record low customer acquisition costs: The total number of new customer loans for the first quarter of 2017 was approximately 53,000 with an average customer acquisition cost of $198, compared to approximately 41,000 customer loans and an average customer acquisition cost of $235 for the prior-year period.
  • Positive net income: Net income of $1.7 million, or $0.06 per pro forma diluted share, which was based on a 2.5 to 1 stock split and all preferred stock converting into common stock upon the IPO but it excludes the 14.3 million common shares issued in the IPO since this happened after quarter end.
  • Continued improvement in Adjusted EBITDA margin: Adjusted EBITDA was $24.9 million and the resulting Adjusted EBITDA margin was 15.9%.

__________________________

1

  Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable – principal, combined loan loss reserve and combined loans receivable are non-GAAP measures. These terms are defined elsewhere in this release. Please see the schedules appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.
 

Liquidity and Capital Resources

The Company completed its initial public offering in April 2017 by selling 14.3 million shares of its common stock for total net proceeds of approximately $81 million after deducting related offering expenses. The Company used these proceeds to pay off $15 million of convertible term notes and $45 million of sub-debt term notes, with the remainder used to pay off a substantial portion of its UK term notes and for general corporate purposes. The reduction in this debt will save the Company approximately $14 million in annual pre-tax interest expense. After the debt pay-offs discussed above, the Company’s debt-to-equity ratio is approximately 4 to 1.

As announced in early May, Elastic SPV, Ltd., which purchases loan participations in the Elastic line of credit product originated by Republic Bank & Trust Company (“Republic Bank”), increased its debt facility with Victory Park Capital from $150 million to $250 million. This is the first step in a two-step process to provide additional funding, diversified funding sources and further lower the cost of funds. The second step will involve adding another special purpose vehicle, or “SPV,” during the second quarter of 2017.

First Quarter 2017 Business Highlights

  • RISE Enters Mississippi. Elevate began offering additional responsible loan opportunities to non-prime consumers in Mississippi, adding a 15th state to those served by our RISE installment loan product. Mississippi is already served by the Elastic line of credit.
  • Lower Interest Rates. The Company improved interest rates for the newest RISE customers, lowering the top APR by 6600 basis points on the RISE installment loans.
  • Customers Make Progress. Elevate announced that more than 55,000 RISE customers experienced an appreciable increase to their credit scores, while more than 20,000 customers are now eligible for interest rates that are 50 percent lower than their original rate. Already, two-thirds of RISE customers are qualified for some form of discounted rate.
  • Great Place to Work. Elevate was named one of the Best Workplaces in Texas by consulting firm Great Place to Work® and Fortune, adding this recognition to its previous award as one of the country's Best Medium Workplaces.

Financial Outlook

For the full year 2017, the Company expects total revenue of $680 million to $720 million, net income of $13 million to $19 million and Adjusted EBITDA of $95 million to $105 million.

Conference Call

The Company will host a conference call to discuss its first quarter 2017 financial results on Tuesday, May 9th at 7:30am Central Time / 8:30am Eastern Time. Interested parties may access the conference call live over the phone by dialing 1-877-407-0792 (domestic) or 1-201-689-8263 (international) and requesting the Elevate First Quarter 2017 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The conference call will also be webcast live through Elevate’s website at http://www.elevate.com/investors.

An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 pm ET on May 23, 2017, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international), and providing the passcode 13660205, or by accessing Elevate’s website.

Forward-Looking Statements

This press release contains 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. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s expectations regarding fiscal year 2017 revenue, net income and Adjusted EBITDA; the Company’s belief that it is well positioned to continue to grow its products and help its customers improve their financial health; the Company’s targeted loan loss provision range of 45%--55%; the expectation that the reduction in debt from the use of the initial public offering proceeds will save the Company approximately $14 million in annual pre-tax interest expense; the intention to create an additional SPV during the second quarter of 2017 as another funding source for the Elastic line of credit product; and the expectation that this additional SPV for Elastic would provide additional funding, diversified funding sources and further lower the cost of funds. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: the Company’s limited operating history in an evolving industry; new laws and regulations in the consumer lending industry in many jurisdictions that could restrict the consumer lending products and services the Company offers, impose additional compliance costs on the Company, render the Company’s current operations unprofitable or even prohibit the Company’s current operations; scrutiny by regulators and payment processors of certain online lenders’ access to the Automated Clearing House system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruptions in the credit markets; and other risks related to litigation, compliance and regulation. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Prospectus related to the Company’s initial public offering of common stock filed pursuant to Rule 424(b) under the Securities Act of 1933, and in the Company's current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Elevate

Elevate (NYSE: ELVT) has originated $4 billion in non-prime credit to more than 1.6 million non-prime consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The Company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Sunny. For more information, please visit http://www.elevate.com.

       
Elevate Credit, Inc. and Subsidiaries
Condensed Consolidated Income Statements
(Unaudited)
 
Three months ended March 31,
(dollars in thousands, except share and per share amounts) 2017 2016
Revenues $ 156,367 $ 130,722
Cost of sales:
Provision for loan losses 82,793 59,089
Direct marketing costs 10,488 9,606
Other cost of sales   4,108       3,583  
Gross profit   58,978       58,444  
 
Operating expenses:
Compensation and benefits 20,528 16,100
Professional services 7,576 7,249
Selling and marketing 2,478 2,505
Occupancy and equipment 3,257 2,735
Depreciation and amortization 2,608 2,633
Other   915       706  
Total operating expenses   37,362       31,928  
 
Operating income 21,616 26,516
Other income (expense):
Net interest expense (19,246 ) (13,500 )
Foreign currency transaction gain / (loss) 568 (1,358 )
Non-operating expense   (133 )     -  
Total other expense   (18,811 )     (14,858 )
Income before taxes 2,805 11,658
Income tax expense   1,137       5,866  
Net income $ 1,668     $ 5,792  
 
Basic earnings per share $ 0.13 $ 0.45
Diluted earnings per share $ 0.06 $ 0.20
 
Basic weighted average shares outstanding 13,138,951 12,797,458
Diluted weighted average shares outstanding 28,735,755 28,806,423
 
Pro forma basic earnings per share $ 0.06 $ 0.22
Pro forma diluted earnings per share $ 0.06 $ 0.20
Pro forma basic weighted average shares outstanding 27,237,476 26,895,983
Pro forma diluted weighted average shares outstanding 28,735,755 28,806,423
 
       
Elevate Credit, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
 
 
March 31, December 31,
(dollars in thousands)       2017   2016
(unaudited) (audited)
ASSETS
Cash and cash equivalents * $ 97,231 $ 53,574
Restricted cash 1,686 1,785
Loans receivable, net of allowance for loan losses of $69,798 and $77,451, respectively * 367,312 392,663
Prepaid expenses and other assets * 11,716 11,314
Receivable from CSO lenders 22,993 26,053
Receivable from payment processors* 18,789 19,105
Deferred tax assets, net 33,874 31,197
Property and equipment, net 17,601 16,159
Goodwill 16,027 16,027
Intangible assets, net   2,259     2,304  
Total assets $ 589,488   $ 570,181  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities * $ 29,936 $ 31,390
State and other taxes payable 953 1,026
Deferred revenue 23,640 28,970
Notes payable, net * 511,265 493,478
Derivative liability   4,400     1,750  
Total liabilities   570,194     556,614  
 
STOCKHOLDERS’ EQUITY
Common stock 5 5
Convertible preferred stock; Series A 3 3
Convertible preferred stock; Series B 3 3
Accumulated other comprehensive income 1,010 1,087
Additional paid-in capital 89,627 88,854
Accumulated deficit   (71,354 )   (76,385 )
Total stockholders’ equity   19,294     13,567  
Total liabilities and stockholders’ equity $ 589,488   $ 570,181  
 
        * These balances include certain assets and liabilities of a variable interest entity (“VIE”) that can only be used to settle the liabilities of that VIE. All assets of the Company are pledged as security for the Company’s outstanding debt, including debt held by the VIE.
 
             
Quarterly Revenue by Product
 
Three Months Ended March 31, 2017
(dollars in thousands)       US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Average combined loans receivable - principal(4) $ 245,629 $ 175,617 $ 421,246 $ 43,967 $ 465,213
Effective APR 147 % 96 % 126 % 229 % 136 %
Finance charges $ 89,235 $ 41,771 $ 131,006 $ 24,846 $ 155,852
Other $ 156   $ 359   $ 515   $ 0   $ 515  
Total revenue $ 89,391   $ 42,130   $ 131,521   $ 24,846   $ 156,367  
 
Three Months Ended March 31, 2016
(dollars in thousands)       US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Average combined loans receivable - principal(4) $ 229,133 $ 74,991 $ 304,124 $ 39,408 $ 343,532
Effective APR 160 % 85 % 142 % 239 % 153 %
Finance charges $ 91,265 $ 15,838 $ 107,103 $ 23,449 $ 130,552
Other $ 33   $ 137   $ 170   $ 0   $ 170  
Total revenue $ 91,298   $ 15,975   $ 107,273   $ 23,449   $ 130,722  
 

(1)

 

Represents loans and revenue related to our Rise product. Includes loans originated by third-party lenders through the CSO programs, which are not included in our condensed consolidated financial statements.

(2)

Represents loans and revenue related to our Elastic product.

(3)

Represents loans and revenue related to our Sunny product.

(4)

Average combined loans receivable - principal is calculated using daily principal balances. See the 'Non-GAAP Financial Measures' section for a reconciliation of this non-GAAP measure to the most comparable GAAP measure.

 
 
Loan Loss Reserve by Product
             
Three months ended March 31, 2017
(dollars in thousands)       US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Combined loan loss reserve(4):
Beginning balance $ 53,336 $ 19,389 $ 72,725 $ 9,651 $ 82,376
Net charge-offs (59,630 ) (21,375 ) (81,005 ) (10,923 ) (91,928 )
Provision for loan losses 48,708 22,073 70,781 12,012 82,793
Effect of foreign currency   -       -       -       122       122  
Ending balance $ 42,414     $ 20,087     $ 62,501     $ 10,862     $ 73,363  
Total combined loans receivable(4)(5) $ 244,739     $ 181,077     $ 425,816     $ 42,846     $ 468,662  
 
Combined loan loss reserve as a percentage of ending combined loans receivable 17 % 11 % 15 % 25 % 16 %
Net charge-offs as a percentage of revenues 67 % 51 % 62 % 44 % 59 %
Provision for loan losses as a percentage of revenues 54 % 52 % 54 % 48 % 53 %
 
Three months ended March 31, 2016
(dollars in thousands)       US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Combined loan loss reserve(4):
Beginning balance $ 46,635 $ 10,016 $ 56,651 $ 9,133 $ 65,784
Net charge-offs (50,218 ) (8,100 ) (58,318 ) (10,692 ) (69,010 )
Provision for loan losses 42,504 7,145 49,649 9,440 59,089
Effect of foreign currency   -       -       -       (271 )     (271 )
Ending balance $ 38,921     $ 9,061     $ 47,982     $ 7,610     $ 55,592  
Total combined loans receivable(4)(5) $ 224,785     $ 77,224     $ 302,009     $ 39,259     $ 341,268  
 
Combined loan loss reserve as a percentage of ending combined loans receivable 17 % 12 % 16 % 19 % 16 %
Net charge-offs as a percentage of revenues 55 % 51 % 54 % 46 % 53 %
Provision for loan losses as a percentage of revenues 47 % 45 % 46 % 40 % 45 %
 

(1)

 

Represents loan loss reserve attributable to Rise for the periods ended March 31, 2017 and 2016.

(2)

Represents loan loss reserve attributable to Elastic for the periods ended March 31, 2017 and 2016.

(3)

Represents loan loss reserve attributable to Sunny for the periods ended March 31, 2017 and 2016.

(4)

Not a financial measure prepared in accordance with GAAP. See reconciliation table accompanying this release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

(5)

Includes loans originated by third-party lenders through the CSO programs, which are not included in our condensed consolidated financial statements.

 
             
Customer Loan Data by Product
 
Three months ended March 31, 2017
        US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Beginning number of combined loans outstanding 121,996 89,153 211,149 78,044 289,193
New customer loans originated 12,365 20,471 32,836 20,125 52,961
Former customer loans originated 14,403 - 14,403 - 14,403
Attrition   (48,879 )     (15,461 )     (64,340 )     (22,478 )     (86,818 )
Ending number of combined loans outstanding   99,885       94,163       194,048       75,691       269,739  
 
Customer acquisition cost $ 306 $ 150 $ 209 $ 181 $ 198
Average customer loan balance $ 2,288 $ 1,852 $ 2,076 $ 523 $ 1,648
 
Three months ended March 31, 2016
        US Installment(1)   US Line of Credit(2)   Total Domestic   UK(3)   Total
Beginning number of combined loans outstanding 118,222 36,487 154,709 68,014 222,723
New customer loans originated 16,757 7,792 24,549 16,168 40,717
Former customer loans originated 17,375 45 17,420 - 17,420
Attrition   (51,883 )     (5,816 )     (57,699 )     (22,085 )     (79,784 )
Ending number of combined loans outstanding   100,471       38,508       138,979       62,097       201,076  
 
Customer acquisition cost $ 275 $ 167 $ 241 $ 226 $ 235
Average customer loan balance $ 2,087 $ 1,968 $ 2,054 $ 581 $ 1,595
 

(1)

 

Represents loan activity attributable to Rise for the periods ended March 31, 2017 and 2016.

(2)

Represents loan activity attributable to Elastic for the periods ended March 31, 2017 and 2016.

(3)

Represents loan activity attributable to Sunny for the periods ended March 31, 2017 and 2016.

 

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable and combined loan loss reserve.

Adjusted EBITDA and Adjusted EBITDA margin

In addition to net income determined in accordance with GAAP, Elevate uses certain non-GAAP measures such as “Adjusted EBITDA” in assessing its operating performance. Elevate believes this non-GAAP measure serves as an appropriate measure to be used in evaluating the performance of its business.

Elevate defines Adjusted EBITDA as net income excluding the impact of income tax benefit or expense, non-operating income or expense, foreign currency transaction gain or loss associated with our UK operations, net interest expense, stock-based compensation expense and depreciation and amortization expense. Elevate defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.

Management believes that Adjusted EBITDA is a useful supplemental measure in analyzing the operating performance of the business and provides greater transparency into the results of operations of our core business. Management uses this non-GAAP financial measure frequently in its decision-making because it provides supplemental information that facilitates internal comparisons to the historical operating performance of prior periods and gives an additional indication of Elevate’s core operating performance. Elevate includes this non-GAAP financial measure in its earnings announcement in order to provide transparency to its investors and enable investors to better compare its operating performance with the operating performance of its competitors.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect expected cash capital expenditure requirements for such replacements or for new capital assets;
  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and
  • Adjusted EBITDA does not reflect interest associated with notes payable used for funding our customer loans, for other corporate purposes or tax payments that may represent a reduction in cash available to us.

Additionally, Elevate’s definition of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to Elevate’s net income for the three months ended March 31, 2017 and 2016:

       
Three months ended March 31,
(dollars in thousands)       2017   2016
Net income $ 1,668 5,792
Adjustments:
Net interest expense 19,246 13,500
Stock-based compensation 702 166
Foreign currency transaction (gain) loss (568 ) 1,358
Depreciation and amortization 2,608 2,633
Income tax expense 1,137 5,866
Non-operating expense   133     -  
Adjusted EBITDA $ 24,926     29,315  
 
Adjusted EBITDA Margin 15.9 % 22.4 %
 

The Company’s Adjusted EBITDA guidance does not include certain charges and costs. The adjustments in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as the impact of income tax benefit or expense, non-operating income or expense, foreign currency transaction gain or loss associated with our UK operations, net interest expense, stock-based compensation expense and depreciation and amortization expense, among others. The Company is not able to provide a reconciliation of the Company’s non-GAAP financial guidance to the corresponding GAAP measure without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

Combined Loan Information

Elevate defines combined loans receivable – principal as loans owned by the Company plus loans originated and owned by third-party lenders pursuant to our CSO programs. In Texas and Ohio, we do not make Rise loans directly, but rather act as a Credit Services Organization (which is also known as a Credit Access Business in Texas), or, collectively, “CSO,” and the loans are originated by an unaffiliated third party. Elevate defines combined loan loss reserve as the loan loss reserve for loans owned by the Company plus the loan loss reserve for loans originated and owned by third-party lenders and guaranteed by the Company. The information presented in the tables below on a combined basis are non-GAAP measures based on a combined portfolio of loans, which includes the total amount of outstanding loans receivable that we own and that are on our condensed consolidated balance sheets plus outstanding loans receivable originated and owned by third parties that we guarantee pursuant to CSO programs in which we participate.

We believe these non-GAAP measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the combined loan portfolio on an aggregate basis. We also believe that the comparison of the combined amounts from period to period is more meaningful than comparing only the amounts reflected on our condensed consolidated balance sheets since both revenues and cost of sales as reflected in our condensed consolidated financial statements are impacted by the aggregate amount of loans we own and those CSO loans we guarantee.

Our use of total combined loans and fees receivable has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • Rise CSO loans are originated and owned by a third party lender; and
  • Rise CSO loans are funded by a third party lender and are not part of the VPC Facility.

As of each of the period ends indicated, the following table presents a reconciliation of:

  • Loans receivable, net, Company owned (which reconciles to our condensed consolidated balance sheets included elsewhere in this press release);
  • Loans receivable, net, guaranteed by the Company;
  • Combined loans receivable (which we use as a non-GAAP measure); and
  • Combined loan loss reserve (which we use as a non-GAAP measure).
     
March 31,
(dollars in thousands)       2017   2016
Company Owned Loans:  
Loans receivable – principal, current, company owned 363,336 254,607
Loans receivable – principal, past due, company owned       52,415     35,407  
Loans receivable – principal, total, company owned 415,751 290,014
Loans receivable – finance charges, company owned       21,359     19,045  
Loans receivable – company owned 437,110 309,059
Allowance for loan losses on loans receivable, company owned       (69,798 )   (51,296 )
Loans receivable, net, company owned 367,312 257,763
 
Third Party Loans Guaranteed by the Company:
Loans receivable – principal, current, guaranteed by company 26,888 28,556
Loans receivable – principal, past due, guaranteed by company       1,910     2,112  
Loans receivable – principal, total, guaranteed by company1 28,798 30,668
Loans receivable – finance charges, guaranteed by company2       2,754     1,541  
Loans receivable – guaranteed by company 31,552 32,209
Liability for losses on loans receivable, guaranteed by company       (3,565 )   (4,296 )
Loans receivable, net, guaranteed by company3 27,987 27,913
 
Combined Loans Receivable3:
Combined loans receivable – principal, current 390,224 283,163
Combined loans receivable – principal, past due       54,325     37,519  
Combined loans receivable – principal 444,549 320,682

Combined loans receivable – finance charges

      24,113     20,586  
Combined loans receivable       468,662     341,268  
 
Combined Loan Loss Reserve3:
Allowance for loan losses on loans receivable, company owned (69,798 ) (51,296 )
Liability for losses on loans receivable, guaranteed by company       (3,565 )   (4,296 )

Combined loan loss reserve

      (73,363 )   (55,592 )
 

1

 

Represents loans originated by third-party lenders through the CSO programs, which are not included in our condensed consolidated financial

statements.

2

Represents finance charges earned by third-party lenders through the CSO programs, which are not included in our condensed consolidated financial

statements.

3

Non-GAAP measure.

Contacts

Investor Relations:
Solebury Communications
Sloan Bohlen, (817) 928-1646
investors@elevate.com
or
Media Inquiries:
Vested
Ishviene Arora, (917) 765-8720
elevate@fullyvested.com

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