All right, just the clock has turned over to 11, so good morning, everybody. My name is Matt Wilson. I will be your host for today's H1 results presentation for the IVE Group. A recording of this presentation will be available on the company's website in a couple of days if you happen to miss anything. Presenting today will be the Executive Chairman of the IVE Group, Mr. Geoff Selig, the Chief Executive Officer, Mr. Matt Aitken, and the Chief Financial Officer, Mr. Darren Dunkley. We'll be taking written questions today, so if you would like to ask a question of the management team, please type your question into the Q&A dialogue box. You'll see it in the bottom right-hand corner of your screen.
Please don't forget to put your name and the name of your company with your question. Pardon me. At the end of today's presentation, the Head of Investor Relations for the IVE Group, Mr. Richard Nelson, will read out the questions and the team will respond. With that, I would like to introduce to you the Chairman of the IVE Group, Mr. Geoff Selig. Welcome, Geoff.
Thank you, and good morning. Welcome to our FY 2H1 results presentation. In terms of the contents of the presentation this morning, we've got clearly our H1 results, some important business updates in addition to what we provided at the AGM back in November. We'd like to spend, given the last two years has been, COVID impact, and there's been a lot of talk around the impacts of COVID on the business, the company has continued to perform very well under the circumstances. We feel it is important and timely, for existing and potential shareholders to recap on our track record since listing just on six years ago. We'll then move on to the outlook and guidance and then Q&A at the end as we just foreshadowed.
Turning to the dashboard, just to point out before we go through the dashboard that the numbers are underlying results on a continuing operations basis, and any comparisons to PCP exclude JobKeeper receipts that were received in H1 FY 2021. As the heading says, a significant uplift in EPS over the prior corresponding period as a result of solid revenue growth, which we'll touch on later, stable margins, and the leverage of a recalibrated cost base over the last couple of years. 12.2% increase in revenue. 24.7% increase in EBITDA. 99% increase in NPAT. Gross profit margin, once again, remaining stable, slightly up. High cash conversion to EBITDA, 78%. Net debt, which we'll touch on later, at AUD 78.7 million, with still AUD 51.6 million cash on hand.
Earnings per share up 100% on PCP at AUD 0.146. As a result of the financial performance for the H1, we are declaring today an interim dividend of AUD 0.085 per share, fully franked. I'll now hand over to our CEO, Matt Aitken, to walk us through the financials.
Good morning, everyone. Thank you, Geoff. I'm going to cover the next two pages 5 and 6 in the investor presentation. Revenue of AUD 382.6 million is almost AUD 42 million up on PCP of AUD 3.8 million. That includes Active Display Group and AFI Branding acquisition revenues of AUD 8.2 million. Revenue has increased over PCP across all parts of the business, with our top 20 clients increasing 12% over PCP. We have seen clients moving back onshore from Asia too, and this has been most evident in the retail display part of our business. While a number of retailers reduced their catalog volumes due to a lack of predictability in their own product supply chain, we also saw a large number of retailers like Kmart and Target returning to the catalog and letterbox channel.
Client retention remains high with no material client loss. While the travel, tourism, event, and exhibition sectors remained at similar levels to PCP, we are now seeing signs of those rebounding as we would expect. Pleasingly, the majority of the revenue uplift related to our continued focus on cross-selling and market share growth. By way of a few examples, during H1, we extended our scope of services through securing Westpac's premiums and merchandising contract and expanded our contracts with Big W, Woolworths, Metcash, and Priceline, all in the area of retail display. In the letterbox and distribution part of our business, revenue was up 17% over PCP as a result of significant new business wins during May to July last year.
Principally these were Officeworks, Bunnings and ALDI, and to a lesser extent, the closure of a competitive distribution network in Australia in early H1. As mentioned, new business momentum across all parts of the group has been strong through H1. As we enter H2, I'm pleased to announce we are in the final stages of contract execution for two new contracts, each with annual revenues of circa AUD 10 million per annum. Turning to page 6, gross profit margin of 47.5% was stable to PCP of 47.3%, which reflects the strong revenue growth over PCP, stable market conditions, notwithstanding the current supply chain challenges and tight management of our COGS. NPAT, as Geoff said, of AUD 20.9 million was a 99% increase over PCP of AUD 8.5 million.
EPS of 14.6 cents per share was a 104% improvement over PCP of 7.2 cents per share, and EPS growth was driven by the uplift in revenue, stable margins, lower finance costs, and the benefits of a cost-based recalibration that occurred 12-18 months ago. Depreciation and amortization of AUD 21.4 million to PCP of AUD 24.2 million. Net finance costs of AUD 3.7 million were lower to PCP of AUD 5 million. We had AUD 3.4 million of non-operating items excluded from the underlying earnings, largely relating to business remediation, the employee share issue to all employees, as we mentioned at the release of our full year results in August last year, and software as a service cost relating to IT platforms not yet deployed.
I'll now ask Darren to skip through pages 7 and 8 of the presentation.
Thank you, Matt, and good morning. I will now continue to take you through the financial section of the presentation, starting at page 7 with the net debt. Continued balance sheet strength as a result of our strong cash generation, maintaining low gearing levels, enhancing our flexibility and capacity to pursue a range of earnings accretive initiatives. Net debt of AUD 78.7 million is flat on 30 June compared to AUD 90.1 million on PCP. A good result given seasonal working capital increase as well as cash funding of the acquisitions of ADG and AFI. Our cash on hand of AUD 51.6 million is after the group repaid AUD 50 million of senior facility in the period, canceling AUD 35 million of the facility with the remaining AUD 15 million of the facility undrawn. The group's AUD 30 million working capital facility also remains undrawn.
In total, the group has AUD 45 million of undrawn facilities available. The pay down of senior debt will continue to reflect in reduced finance costs in our NPAT earnings. Again, our balance sheet strength cornerstones our capacity to execute on growth initiatives for the remainder of FY 2022 and beyond. Capital expenditure. Our operational asset base is in excellent condition and continues to result in lower capital expenditure than previous years on the back of investments in meaningful acquisitions and growth initiatives. H1 capital expenditure of AUD 3.5 million, excluding our investment in Lasoo. Full year capital expenditure forecast to be circa AUD 13 million, again, excluding our investment in Lasoo, which is made up as AUD 10 million in groupwide target investment and maintenance, as previously communicated at the time of our FY 2021 full year results release.
AUD 3 million in growth acquisition capital expenditure to support the integration of ADG and AFI into our retail display operations in Victoria. This is a good example of using our balance sheet strength for growth initiatives. To reiterate on previous updates, our ongoing CapEx spend relative to our depreciation expense for base business is expected to be approximately 60% of our depreciation pre AASB 16. On page 8, cash generation and interim dividend. Operating cash flow conversion of 78%. Operating cash flow conversion impacted by significant increase in working capital due to high activity levels in the period, as was foreshadowed at our FY 2021 full year results release. Disciplined management of the business, working capital, and debt underpins continued strong dividend payment for the period, resulting in a dividend of AUD 0.085 per share being declared. This concludes the financial section of the presentation.
I'll now hand you back over to Matt. Thank you.
Thanks, Darren. As we mentioned at the release of our FY 2021 full year results in August last year, we've earmarked AUD 30 million-AUD 40 million for investment in growth initiatives, including acquisitions. The acquisition of Active Display Group and AFI Branding Solutions in November last year was the first use of these funds as part of executing on our strategy and pursuing a range of growth initiatives we have on our radar. The integration of both ADG and AFI continues to progress very well and is expected to be complete by the end of June this year, at which point all four ADG operations in Victoria will have been fully integrated into our facilities at Braeside, Victoria. Post-integration, we remain confident in achieving AUD 45 million of annualized revenue, AUD 6.5 million of EBITDA and million dollars.
All the key customers and staff have successfully transitioned to IVE, with our sales teams already cross-selling IVE's broader offer to ADG and AFI clients and likewise to IVE clients for new products and services that we have acquired. On page eleven, in relation to supply chain, the global supply chain disruption for both raw materials and finished goods is requiring ongoing close management by the IVE team. Notwithstanding, we remain well-placed to navigate the current dynamics, which we expect to continue for the foreseeable future. As I mentioned earlier, we've been the beneficiary of clients moving revenue back onshore, and this has been particularly noticeable in the retail display space. The global supply chain challenges are primarily affecting the supply of paper, where we maintain strong relationships with our global and domestic partners.
We still intend to keep a focus on building our inventory levels as we previously foreshadowed in 2021. Longer term impacts of any upward price movements have been factored into contract terms and renewals, and we continue to work closely with our clients to manage and mitigate the possible medium-term impacts. Turning to page 12 and Lasoo. Over the last 12 months, we have committed to investing in the enhancement and amplification of Lasoo, which is Australia's leading digital catalog and with a very loyal and stable consumer following. We intend to continue that investment over the next two years as we improve the consumer experience and work closely with our retail clients to unlock opportunities to drive further revenue for their business.
Phase one investment of AUD 3.5 million to re-platform, refresh the brand, and update user experience both at an app and browser level are progressing according to plan. The new platform is now in the final stages of development and on track for relaunch in the coming six months, at which point we look forward to sharing more detail with you. I'll now ask Geoff to step you through the next section of the investor presentation, commencing on page 13.
Thanks, Matt. Look, as I said up front, before we walk through the outlook and the guidance, we wanted to spend some time reflecting or recapping on our track record of strategy, execution, and capital management since we listed just over 6 years ago. We thought that was timely and important given the disruption of the last 2 years and the focus on COVID, through which the company has continued to perform strongly, as I mentioned earlier. From our perspective, a clearly defined and well-executed strategy has cemented IVE as the largest integrated marketing communications business in Australia over the last 6 years. As a result, we hold leading market positions across all sectors in which we operate.
From the investment and expansion perspective, we have invested to expand and diversify our offer, and that has resulted in the compelling value proposition we take to market. Our strong free cash flows, access to capital, we've done two capital raisings since we listed. All of this has enabled the company to execute a transformational investment program that has really essentially doubled the size of our business since we listed. Our market-leading positions across the marketing communications sector. As a result, we have a stable and diverse client base. They are a tier-one client base, a revenue mix across a range of sectors which we push for very stable margins over many years, very reliable cash flows, and a strong balance sheet, which we've touched on previously and will again shortly.
If you look at the top of page 14 and the operating and free cash flow diagram, this is a simple but powerful way for us to demonstrate the cash generation of our business. Essentially, from FY 2017 to FY 2021, we've delivered free cash flow of AUD 279 million. An average of 105% operating cash conversion to EBITDA, 16 EBITDA. That is in the context of the period FY 2017 to 2019, of significant CapEx to support revenue and expansion initiatives. As you know, CapEx has now gone to more normal op levels. Ultimately, the outcome of strong cash generation is dividends. To restate the company's dividends policy, it is 65%-75% of NPAT. That's what we target for the full-year payout ratio.
Since we've listed, we paid AUD 104.3 million in fully franked dividends, including the interim dividend we've declared today. That averages at a 7.6% yield, excluding the franking credit benefit. This is in the top quartile of all ASX-listed companies. That also excludes FY 2020, where to be prudent, no dividend was paid as a result of the COVID-19 pandemic. We also successfully completed the share buyback last year, which was good timing and a good outcome, having spent AUD 7.4 million to buy 3.6% of the issued capital of the company back at what was an average price at the time of AUD 1.37, relative to the close yesterday at AUD 1.92.
We feel at this stage we have no plans to initiate a buyback and feel it's more important for us to focus on our strategic priorities to pursue further earnings accretive growth opportunities as outlined previously and once again before we move on to the outlook. In terms of opportunity, the first point would be more of what we've done previously, and that is to grow our revenues organically through investment and cross-sell and growing market position and leveraging off our integrated offer, our world-class operations, our market position, and our competitive advantage. The strength of our balance sheet, as Darren touched on, the board is in a very good position post-COVID to invest across a range of strategic organic initiatives together with opportunities that may present in terms of attractive acquisitions. At all times, we will maintain a strong balance sheet.
You'll see from our numbers that based on our FY 2022 full-year earnings guidance, we expect net debt at 30 June to be circa 1x pre AASB 16 EBITDA. That is well below our stated leverage target of 1.5x pre AASB 16 EBITDA. As we've said a number of times before, we have allocated AUD 30 million-AUD 40 million to invest in a range of these types of opportunities. Certainly, Matt's reference to ADG and AFI before is a good example of that. We intend to drive to grow our fiber-based packaging offer, and this would be certainly expedited if we can find an appropriate acquisition in this space. We'd also expect a number of bolt-on acquisition opportunities will present over the coming 24 months.
The company has a demonstrable track record over many years of successfully acquiring and integrating businesses to further strengthen our own business and to also unlock synergies from an earnings perspective. Finally, an important growth opportunity for us that Matt spoke to previously, and we'll say more about over the coming 3 to 6 months is our investment in the amplification and enhancement of the Lasoo platform. I will now hand back to Matt to walk us through the last part of the formal presentation, which is the outlook and guidance on page 17.
Thank you. I think I mentioned to the outlook statement on page 17, as Geoff said, a solid H1 result and continued momentum across the business places us in a strong position to deliver a healthy full-year result that will be well up on FY 2021. As illustrated by the strength of our H1 earnings, heightened operating leverage across the business units has contributed to a significant uplift over our H1 FY 2021 performance as existing client revenue rebounds and recently secured new business phases in. Revenue momentum is strong, and we remain optimistic this will continue over the remainder of the FY 2022. From an FY full year earnings guidance perspective, we expect to deliver underlying EBITDA of between AUD 98 million and AUD 101 million.
Underlying NPAT is expected to be AUD 33 million-AUD 35 million, which is a 67%-77% increase over PCP. H2 NPAT will be impacted by AUD 3 million as a result of one-off contractual timing differences of recent paper price increases. We've continued to monitor closely and manage our paper supply chain increases, which we expect to continue right through the remainder of 2022. Restructure and acquisition costs are expected to be approximately AUD 4 million, and capital expenditure is expected to be AUD 13 million, again, excluding the lease investment of AUD 3.5 million, with net debt at 30 June 2022 expected to be circa AUD 85 million. The business still has a range of initiatives that it is executing on.
These are to complete the Victorian business relocations and Braeside Victoria site consolidation, and that will occur by the 30th of June 2022. To successfully complete the integration of ADG and AFI into the broader IVE business, again, to complete by the end of June. The final stage development and go-to-market launch of platform that I spoke to earlier. Again, timing for the end of the current financial year towards the end of June, and to finalize our strategy and plan to build a fiber-based packaging capability within the broader IVE Group. Before handing back to Geoff, I'd just like to acknowledge the contribution of all of our staff during H1, the leadership of my senior leadership team and the ongoing support of the board. Thank you very much. Back to you, Geoff.
Thanks, Matt. That ends the formal part of the presentation as uploaded this morning. Now we're happy to move to Q&A.
Okay. Thank you very much, gentlemen. At this point, I'd just like to remind people that if they would like to ask a question, in the bottom right-hand corner of your screen, you'll see a Q&A dialog box. Please click on that and write your questions there. Please don't forget to put your name and company. I'd now like to call on Richard Nelson, the Head of Investor Relations, and he'll go through some of those questions. Richard, over to you.
Thanks, Matt. At this stage, we do have a question. It regards inflation, where it seems to have been rising and threatening to become entrenched. Is this changing the way you think about your debt and leverage going forward?
Yes. Well, I mean, I wouldn't necessarily link a reference to inflation to our view necessarily on gearing or net debt. I think the important thing for us as a board and as a team is, as I just said before, to ensure that we maintain the strong balance sheet that we have and that we look to deploy the capital we have put aside wisely into the ADG and AFI acquisitions for AUD 6.5 million total acquisition price, including the deferred component, to deliver a AUD 6.5 million EBITDA number and AUD 4 million NPAT number. That's a really good example of us using our money wisely and acquiring a business in this instance, rather than an organic investment on a very low multiple. I think we keep a close eye.
On inflation and managing costs as we always do in our business. The board and the team are acutely aware of the importance of us maintaining the strong balance sheet because that benefits the business and key stakeholders of the business in many, many ways.
Thanks, Geoff. Okay. We have a question from one of the analysts, Hamish. If you wouldn't mind, unmuting, and you can ask your question.
Apologies, guys. I don't think I could use the interface for some reason. Might be user error.
We can hear you. We can hear you.
Yeah, typing. No, I was just gonna ask a couple. The first being, you know, the travel and tourism and merchandise for events. You mentioned that that really hadn't moved in the half, but has only started to respond now. What I recall is about 2% of FY 2021 revenue. Is that about where it is and where can that go if it returns to pre-COVID levels? Do you guys have an idea of that or a range as a percentage of revenue?
Hamish, it's Matt. We're definitely seeing good momentum coming back into it at the moment. I think one of the things, guys, like travel and tourism in that exhibition and event space is the acquisition of ADG and AFI gives us a significant additional capability in events, that could account for quite a significant uplift in either part of that business. They have historically been very strong in that space, and we're seeing really strong interest coming back there. No, we would expect the travel and tourism spend to continue to rebound strongly and back to historic levels, if not greater for a near period of time as that part of the sector and industry ramps back up.
Is there any broad revenue range where that was pre-COVID? Obviously, it'll be larger given the acquisitions, but just that underlying, I guess, core IVE.
Yeah. Look, I think in the last spread, we put dollars across sectors. Travel and tourism was about 3% of AUD 690 million. We're talking roughly AUD 20 million in total revenue for travel and tourism. I think it's a fair expectation that would all come back.
Yeah.
Look at Maven, as the borders are open again and but we're not talking tens of millions AUD, but still, it would be a nice uplift that's not been there in our H1 results.
Yeah.
Thanks. Thanks, Geoff and Matt. Just got two more. Just one about those two high-profile clients that you've won. Great work on that. It looks like it's AUD 20 million or thereabout in annual revenue. Can you disclose the timing of that and how much of that is baked into this really strong guidance you guys have? How much would flow through, I guess, to the next year in FY 2023?
One of them has commenced transacting already, Hamish, and one won't commence until quite late in the current financial year. The one that has commenced trading already isn't really gonna make a huge difference to the uplift in the outlook statement or result in the current financial year. We're probably addressing, you know, known black hole new business budgets and targets that we already had. The majority of the benefit will come from them more in FY 2023 than FY 2022.
Thanks. Just one more from me. You know, you guys like this excess capital you have on your balance sheet and willingness to do acquisitions. You know, are you still looking in the 3PL space, or are there different areas that, given I guess the impacts that may have happened to competitors and you know you guys do have a nose for some pretty attractive acquisitions lately. Just you know can you give us any color around what's around and how you think about it?
Certainly from a 3PL perspective. Now, I'm gonna let maybe Geoff talk to sort of what else might be around Hamish. From a 3PL perspective, part of acquiring the Active Display Group business had quite a substantial 3PL capability inside it as well. It was a business that was previously known as Market Force that WPP owned as well, and they folded that into the ADG brand. Part of our integration, if you like, is the relocation and the integration of the best part of 10,000 pallets worth of 3PL customer stock into our existing logistics facilities. That has seen good growth in that space already. It's really the ADG, AFI acquisitions are multi-pronged in terms of the parts of our business and the parts of our strategy that they're serving to.
I think in addition to that, the board's just signed off on an additional shed in Western Sydney, both to support the growth of our existing logistics business, which has been very strong over the last couple of years and also with a view to pushing hard to grow the 3PL revenues as well.
Thanks. In continuing that theme, well, the next question is do you expect further investment in inventory for the H2 on the supply chain issues? And also, do you expect any further supply chain impact due to what's going on in Europe?
I think the answer to the question is yes, we do expect to continue to grow our inventory levels. The average order time and delivery time out of Europe now for raw materials, principally paper, is circa 7-8 months. If it's not already on the water, then it's not gonna impact our H2 inventory levels. However, we procure raw materials and paper quite specifically across all parts of the globe, including domestically here out of Australia, out of Asia, and out of North America, so we're not completely reliant on Europe by any means. We do intend across the core operating parts of our business in that print space to grow our inventory levels.
Just a clarification question. Is the impact from paper prices, is that in the guidance?
Yes.
Yes, it is.
Yes, it is. The AUD 3 million of impact that we have called out in the outlook statement has already been taken into account in the guidance number.
Okay. Just on, I think, how do you see your ability to pass on rising prices?
All of our contracts have clauses in them that enable us to pass increases on. Some of those may have timing differences in them, as we're currently seeing. It's one of the reasons we're calling out an AUD 3 million impact for H2. All of our contracts have the ability for us to pass on paper increases, be that immediately or at regular stages through that contractual period.
Okay. Shifting issues just a little bit. What are the major competitive threats to each of your main businesses? Perhaps bringing in another question, which just talks about how is the company changing more broadly in the medium-term period?
Well, I think, as we said previously, we don't have one headline competitor because of the diversity of our offer. We deal with competitors at different levels, albeit we have far less competitors now than what we had five years ago and ten years ago. That's the first thing. We also hold very, very strong market positions in the respective parts of the sectors or the subsectors in which we operate. That puts us in a really unique position from which to compete.
If you look at the fundamentals of the business, our people, our asset base, operational footprint, our buying power, our level of efficiency, on all of those fundamentals, it puts us in a very, very strong competitive position, right across the various businesses that we have as we look to compete and grow market share, as we emerge from COVID.
Okay. The next question is: Are you seeing problems with retaining and/or acquiring staff?
It's Matt here. I wouldn't necessarily say we're seeing problems, but it's definitely a more challenging environment to attract staff because clearly there's a lot of opportunity out there at the moment for employees. We would expect to see that change as the borders open up and we have more migration into Australia. We are definitely seeing yes some challenges in certain roles, particularly in our tech roles. We've seen high demand for tech roles in Australia over the last six months.
One other on the acquired businesses. Can you comment on the current run rate of those businesses into the H2 of the year?
I think the revenue for H2 for the acquired businesses was circa AUD 13 million from memory, Matt?
Yes. Yep.
It's minimum. As we move through H2, they will get up onto that AUD 45 million per annum run rate by the time we hit the start of July, particularly as we see the events and exhibition sector continue to come back and improve the opportunities for the AFI Branding part of the business.
At the moment, I'm not seeing any other questions, Matt, so I'll hand back to you.
Thank you very much, Richard. All right. Well, look, I might just say for Geoff, if you might have some closing comments.
No, look, not necessarily. I can talk too much at times. I think our results illustrate what we've said over the last 12 months, notwithstanding COVID, that as revenue returns to the business, which it has done, both existing customers rebounding and new business phasing in and some acquisition revenue there from AFI and ADG. We said very clearly that as revenue comes back to the business, that the recalibrated cost base and leveraging that recalibrated cost base would drop to the bottom line. I think the H1 results that we've just been through demonstrate that very clearly.
If you overlay that with our cash position, our net debt position, our balance sheet capacity, so to speak, and our market position, I think it puts the company in a very, very strong position to pursue a range of further opportunities, to continue growing and diversifying the business over the year ahead.
One other question.
Yeah. Apologies, Geoff. Using a platform with a lot of different things coming in, I did actually miss one, so apologies for that. The question was relating to how the company see the changing over the next five years, in particular with reference to the evolving digital environment.
Yeah. Look, it's Geoff here. It's a question that we've dealt with previously and that we've talked about previously. For us, our business is not about one channel. Our business is about an integrated offering and communicating customers or clients communicating with their customers across multiple channels. That means traditional channels like print and the range of digital channels. We play quite heavily in both spaces, the digital and the more traditional or the physical, the more tactile or whatever you wish to call it. Ultimately, that's the power of the offer we take to market. That is ultimately the way most of our clients communicate.
If you look at a lot of the large retailers, for example, they have a strong digital footprint, but they're also in 7.5 million letterboxes every week. They work hand in hand, and there's a lot of other examples we could point to in customers across the group that would fall into exactly the same category. It is a combination. Through making the right decisions many years ago, and continuing to evolve and invest, we're in a strong position to be across multiple channels, which ultimately is the answer to that question.
It's Matt, I would extend to what Geoff said that, you know, I think we've read the trends, and we've read the movements well in the industry. Our data-driven communications business is one of those really good examples where we are one of the largest Salesforce partners in Australia. We're a very large Adobe marketing technology partner as well. We are navigating all big four banks through their customer comms strategies in terms of how they work directly with their customers, no matter the channel. In the professional services component of our data-driven communications business now, the revenue there is up to AUD 25 million-AUD 30 million per annum in professional services and consulting revenue.
I think it illustrates that right across different parts of our business, we are embracing those digital channels, and we're right at the forefront of where our clients want us to be in terms of being a relevant marketing partner in their supply chain.
Okay, one last check, and there are no more questions now. Thanks, Matt.
Terrific. Thank you very much, Richard. Well, that will conclude today's presentation. I'd like to thank Geoff and his team for the presentation today and an outstanding result. As I mentioned earlier, there will be a recording of this presentation available on the company website in the coming days. Without further ado, I'd like to call the meeting to close. Many thanks for all of your attendance.
Thank you all.
Thank you.
Thank you.
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