Moody's Corporation · NYSE:MCO
Moody's — Q1 2020 Earnings Presentation
67 slides from Moody's's earnings presentation, May 6, 2020
Slide 1: 1Q 2020 Investor Presentation
1Q 2020 Investor Presentation May 6, 2020
Slide 2: Disclaimer
Disclaimer Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for the business and operations of Moody’s Corporation (the “Company”) that involve a number of risks and uncertainties. Such statements may include, among
Slide 3: Table of Contents
Table of Contents 1. Moody’s Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody’s Investors Service (MIS) 5. Moody’s Analytics (MA) 6. Appendix May 6, 2020 3
Slide 4: Moody's Overview
1 Moody’s Overview
Slide 5: Company Overview
Company Overview Leading global provider of Independent provider of credit rating opinions, Provides financial credit rating opinions and insight and tools for intelligence and analytical related information for over financial risk measurement tools supporting our 100 years and management customers’
Slide 6: Moody's Stakeholder Engagement
Moody’s Stakeholder Engagement Supporting our stakeholders during COVID-19 crisis Employees Customers Communities Policymakers » Employee safety and » Dedicated » Focusing on areas » Increased dialogue with wellbeing remains our priority microsite showing research where we can leverage government of
Slide 7: Moody's Strategic Priorities
Moody’s Strategic Priorities Integrated Risk Pyramid Regional Expansion Private Co. Latin Asia- Data / SME EMEA America Pacific Emerging Markets Business Adjacencies Private Co. Data / SME Commercial Real Estate ESG Cyber Risk Enhance technology infrastructure to enable automation, innovation and ef
Slide 8: Key Business Development and Growth Initiatives
Key Business Development and Growth Initiatives Better decisions through unique and powerful customer solutions Know-Your-Customer Environment, Social Commercial Real Estate (KYC) and Governance (ESG) (CRE) WORLD CLASS KYC SOLUTIONS EXTENSIVE ESG CAPABILITIES NEW CRE PLATFORMS BvD and RDC recognized
Slide 9: Drivers of Sustainable Corporate Value
Drivers of Sustainable Corporate Value Introduced Sustainability Disclosures in our Public Filings E N V I R O N M E N TA L GOVERNANCE » Measurement of carbon » Professional integrity emissions and identification » Systematic risk management of opportunities to reduce » Diverse Board membership indi
Slide 10: CSR and Sustainability Initiatives Remain a Focus
CSR and Sustainability Initiatives Remain a Focus We drive progress and measurable impact in our complex and changing world by building more inclusive economies, stronger communities and an environmentally sustainable future. Empowering people Activating an environmentally Helping young people with
Slide 11: Financial Overview
2 Financial Overview
Slide 12: Long-Term Growth Opportunities
Long-Term Growth Opportunities Three Levers to Achieve EPS Growth Note: Long-term growth opportunities presented on this slide are on average over time. 1. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. 2. Subject to marke
Slide 13: Financial Performance
Financial Performance 1 Revenue1 Adjusted Diluted EPS3 $7.80 to $8.40 $8.00 $6.0 mid-single-digit $4.8 % decline $7.00 $5.0 $4.4 $4.2 $6.00 $4.0 $3.5 $3.6 $2.0 $1.4 $1.7 $ Billions $5.00 $8.29 $3.0 $1.2 $1.2 $7.39 $2.0 $4.00 $6.07 $2.8 $2.7 $2.9 $4.71 $4.94 $1.0 $2.3 $2.4 $3.00 $0.0 $2.00 2015 2016
Slide 14: Macro Environment Informing Our Outlook
Macro Environment Informing Our Outlook BASE CASE ASSUMPTIONS Expect economic 2020 GDP Benchmark interest Full year average High yield default rates remain low; 2020 U.S. rate of 11%-16%2 recovery late 3Q/4Q 2020 U.S. -5.7% high yield spreads unemployment rate of Europe -6.5% remain >700 bps ~10%1 C
Slide 15: Moody's Corporation Financial Profile
Moody’s Corporation Financial Profile 1Q 2020 TTM Revenue: $5.0 billion MIS Other 1% Recurring Transaction U.S. Non-U.S. PPIF 9% RD&A1 44% 47% MIS FIG 29% 10% MA SFG 8% 56% ERS 53% 11% CFG 32% Full Year 2020 Guidance as of April 30, 20202 Revenue • decline in the mid-single-digit % range Operating E
Slide 16: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Investing in Growth Opportunities Return of Capital Reinvestment Acquisitions Dividends Share Repurchase Invest in existing Evaluate carefully to Grow dividend in line Follow reinvestment, businesses to make sure aligned with earnings; target dividends and
Slide 17: Capital Markets Overview
3 Capital Markets Overview
Slide 18: Credit Market Update
Credit Market Update Coronavirus disrupts real economy, impact to credit market may be delayed COVID-19 PANDEMIC GEOPOLITICAL IMPACT MACROECONOMIC RESPONSE » Abrupt shock » Global fiscal easing » Aggressive worldwide central bank rate cuts » Heroic health community response – Trillions more in loan
Slide 19: U.S. Investment Grade Drives Issuance in 1Q20
U.S. Investment Grade Drives Issuance in 1Q20 Investment grade issuance surged in March, while leveraged finance stalled Investment grade bond Bank loan High-yield bond Investment grade bond spread High-yield bond spread 1Q 2019 1Q 2020 $160 790 460 410 400 390 360 260 150 130 130 100 110 $87 $65 $6
Slide 20: Debt Leverage and Interest Coverage in North America and Europe
Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies 6.0x 5.1x 5.2x 5.4x 5.3x 5.2x 4.8x 5.0x 4.6x 4.6x 4.6x 4.6x Interest Coverage 5.0x 4.4x 4.3x 4.4x 4.0x 3.0x 2.9x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.8x 2.6x 2.4x 2.7x
Slide 21: Default Rate Forecast Rises in Wake of Unprecedented Turmoil
Default Rate Forecast Rises in Wake of Unprecedented Turmoil Default Rates for Speculative- Speculative-Grade Covenant Grade Corporate Rated Issuance1 Quality Indicators2 Global U.S. Europe U.S. Loans U.S. Bonds European Bonds 16% Weakening 5.0 14% 13% 4.47x 4.5 12% 4.23x 4.1% global 11% 10% 4.0 his
Slide 22: Refunding Needs Support MIS Long-term Fundamentals
Refunding Needs1 Support MIS Long-term Fundamentals >$2.3 Trillion in Debt Maturities: North America Moody’s-Rated Corporate Bonds and Loans2 $677 $565 $490 $ Billions 342 $360 140 239 Speculative Grade Bank Loans $241 58 58 97 Speculative Grade Bonds 8 127 142 30 Investment Grade 203 245 253 199 19
Slide 23: Refunding Needs Have Grown Strongly Over Time
Refunding Needs Have Grown Strongly Over Time Next Four Years North America and EMEA Total Refunding Needs1 as of: $3,466 $3,400 $3,100 $2,800 $2,500 $ Billions $2,200 $1,972 $1,900 $1,600 $1,300 $1,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Amount reflects total maturities identified below
Slide 24: Debt Refinancing and M&A are Most Frequently Stated Uses of Proceeds
Debt Refinancing and M&A are Most Frequently Stated Uses of Proceeds Uses of Funds from USD High Yield Bonds and Bank Loans1 Debt Refinancing M&A Capital Spending Shareholder Payments 4% 12% 13% 13% 10% 18% 17% 18% 20% 16% 17% 15% 11% 22% 3% 5% 5% 7% 22% 5% 6% 7% 8% 8% 8% 7% 19% 35% 25% 39% 35% 31%
Slide 25: Disintermediation of Credit is an Ongoing Trend
Disintermediation of Credit is an Ongoing Trend in the Global Capital Markets European Non-Financial Corporate U.S. Non-Financial Corporate Bonds vs. Bank Loans Outstanding Bonds vs. Bank Loans Outstanding Bonds Loans Bonds Loans €7,000 $9,000 €6,000 $7,500 €5,000 50% $6,000 $ Billions € Billions €4
Slide 26: Moody's Investors Service
4 Moody’s Investors Service
Slide 27: Moody's Investors Service Financial Profile
Moody’s Investors Service Financial Profile 1Q 2020 TTM Revenue: $3.0 billion » 28% recurring revenue » 34% recurring revenue Recurring U.S. Transaction Non-U.S. MIS Other 1% Corporate Public, Project, 40% Finance & Infrastructure 64% 53% Finance 15% Financial Institutions 60% 16% 36% Structured Fin
Slide 28: MIS Guidance: COVID-19 Lowers Outlook
MIS Guidance: COVID-19 Lowers Outlook1 Revenue Adjusted Operating Margin1 $2.9B 58.0% $2,900 High-single-digit 55% - 57% % decline $2,700 $2,500 $2,300 $2,100 $1,900 $1,700 1 1 2019 2020F 2019 2020F Key drivers of MIS FY 2020 outlook1 » Issuance2 expected to decline in the low-double-digit percent r
Slide 29: The Benefits of a Moody's Rating
The Benefits of a Moody’s Rating Investors seek our opinions and particularly value the knowledge of our analysts and the depth of our research. Transparency, Wider access Tangible Planning Responsive to credit comparison to capital financing benefits and budgeting investor demand and market stabili
Slide 30: Rating Performance Drives Investor Confidence
Rating Performance Drives Investor Confidence Ten-Year Default Rates by Rating for 2009- Ten-Year Cumulative 1993-2018 CLO 2018 Cohort: Non-Financial Corporates1 Impairments2 9% 100% 8% 88% 8% 90% 87% 7% 80% 6% 5% 70% 63% 60% 5% 50% 44% 4% 40% 32% 3% 30% 26% 2% 19% 2% 20% 16% 10% 6% 7% 1% 2% 0% 0% 0
Slide 31: Illustrative Value of a Moody's Rating
Illustrative Value of a Moody’s Rating Example: 10 year $500 million corporate bond Unrated Rated by Moody’s $500,000,000 Bond $500,000,000 x 4.3% Interest rate x 4.0% = $21,500,000 Annual interest payments = $20,000,000 x 10 years Tenor x 10 years = $215,000,000 Lifetime interest expense = $200,000
Slide 32: Broad Coverage Serves Global Needs
Broad Coverage Serves Global Needs ~15 Years Lead/Senior Analyst tenure #1 Global Credit Americas EMEA APAC Rating Agency 20191 » 29,600+ rated » 4,700+ rated » 2,200+ rated companies and companies and companies and #1 U.S. Credit Rating Agency structured deals structured deals structured deals 2012
Slide 33: Continue to Invest in Key International Markets
Continue to Invest in Key International Markets Revenue in Emerging Markets Asia Pacific » China: Successful joint venture with CCXI and robust cross-border operations » South Korea: Full ownership of KIS subsidiary, $342M a leading provider of domestic credit ratings in South Korea » India: Majorit
Slide 34: Moody's in Greater China
Moody’s in Greater China 2019 Revenue and Attributable Income 2nd Largest Onshore Bond Market at $14 Trillion from China3 200 $176 Total debt securities outstanding 2012–20191 150 2012 2019 $ Millions 100 50 3% 40 50 30 20% -2% $17 20 0% 1% - 10 MIS Cross Border and Attributable Income from 0 Total
Slide 35: MIS ESG Opportunity: Driving Expansion Beyond Credit
MIS ESG Opportunity: Driving Expansion Beyond Credit ANALYSIS RESEARCH2 OUTREACH » Moody’s forecasts global green, » ~200 media engagements social and sustainability bond 38,000+ 5,000+ in 1Q20 driven by Moody’s issuance to be $275 to $325 Credit ratings ESG assessments Events and MIS research billi
Slide 36: Integrating Climate Analytics to Better Inform the Market
Integrating 427 Climate Analytics to Better Inform the Market + + Research report on exposure to future heat REIS Network data partner stress for U.S. counties » Relative projections of future heat stress for each U.S. county to demonstrate high risk areas provided by 427 Joint by-line article: the
Slide 37: Moody's Analytics
5 Moody’s Analytics
Slide 38: Moody's Analytics Financial Profile
Moody’s Analytics Financial Profile 1Q 2020 TTM Revenue: $2.0 billion » 98% recurring revenue2 » ~ 96% retention rate3 Recurring U.S. Transaction Non-U.S. 14% Research, Data and Analytics1 58% 73% 86% Enterprise Risk 42% Solutions 27% » 77% recurring revenue 1. Includes trailing twelve months of pro
Slide 39: MA Guidance: Continue to Expect Revenue Growth and Margin Expansion
MA Guidance: Continue to Expect Revenue Growth and Margin Expansion1 Revenue Adjusted Operating Margin1 Mid-single-digit Approximately 30% % growth $2.0B 27.8% 1 2019 2020F 2019 2020F1 Key drivers of MA FY 2020 outlook » Strong recurring revenue moderates COVID-19 impact » MAKS divestiture weighs on
Slide 40: Moody's Analytics has Several Platforms for Growth
Moody’s Analytics has Several Platforms for Growth Revenue More Than Tripled Since Inception $2,000 Moody’s Analytics 2019 Revenue: $1,954m $1,800 2008 – 2019 CAGR: +12% (~60% organic) $1,600 Enterprise Risk Solutions $1,400 2019 Revenue: $522m 2008 – 2019 CAGR: +14% $1,200 (~68% organic) $ Millions
Slide 41: MA's Strong Retention Rates Mitigate COVID-19 Impact
MA’s Strong Retention Rates Mitigate COVID-19 Impact Revenue components 2020 Current Outlook2 Revenue from sales Existing contractual obligations ~50% 89% 1 closed prior to 1/1/2020 being met by MA and Customers Recurring Revenue from Revenue ~40% scheduled renewals Renewal yield might be affected R
Slide 42: Sales Strategies Adapting to COVID-19
Sales Strategies Adapting to COVID-19 Observing some impact Sales Activities on new business pipeline Shifting » Expect sales cycles to take Converting selling longer than 9-12 month activities from Up +400% historical average face-to-Face to Number of » Business development virtual Virtual Meetings
Slide 43: RD&A: Subscription Growth Driven by Retention, Upgrades and Pricing & New Sales
RD&A: Subscription Growth Driven by Retention, Upgrades and Pricing & New Sales Subscription Sales Growth (constant currency) Full Year 2019 5.4% 110.6% 96.2% 9.0% Expansion of ratings coverage Retained Base Upgrades and Price New Sales Business Base Production of insightful credit Full Year 2018 an
Slide 44: Global Regulatory and Accounting Drivers for the ERS Business
Global Regulatory and Accounting Drivers for the ERS Business EMEA Revised SA FRTB* CVA review* operational risk* Incorporate ESG risks BoE/ PRA Revised SA Updated into supervisory process ST market risk* Leverage Ratio* Revised minimum HLA requirement capital requirements Revised for MR* Revised G-
Slide 45: Appendix
6 Appendix
Slide 46: Corporate Finance: Revenue and Issuance
Corporate Finance: Revenue and Issuance Revenue1: Mix by Quarter Issuance3: Mix by Quarter $450 $800 $89 $50 $400 $55 $72 $43 $350 $110 $84 $89 $600 $65 $108 $119 $121 $68 $75 $26 $25 $ Millions $73 $ Billions $300 $39 $111 $78 $68 $57 $165 $210 $100 $105 $162 $132 $250 $58 $70 $57 $75 $59 $28 $105
Slide 47: Corporate Finance: Revenue Diversification
Corporate Finance: Revenue Diversification Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 100% 100% 27% 27% 31% 30% 29% 28% 31% 29% 25% 80% 80% 35% 38% 66% 65% 63% 64% 65% 68% 63% 66% 62% 65% 69% 60% 60% 40% 40% 73% 73% 75% 69% 70% 71% 72% 69% 71% 65% 62% 20%
Slide 48: Structured Finance: Revenue and Issuance
Structured Finance: Revenue and Issuance Issuance2: Mix by Quarter Revenue1: Mix by Quarter $160 $140 $350 $1 $120 $1 $0 $300 $1 $1 $1 $1 $44 $100 $55 $47 $1 $250 $ Millions $43 $32 $1 $49 $49 $ Billions $51 $41 $64 $80 $35 $40 $29 $36 $39 $57 $200 $51 $36 $38 $26 $27 $34 $27 $60 $21 $18 $24 $20 $25
Slide 49: Structured Finance: Revenue Diversification
Structured Finance: Revenue Diversification Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 100% 100% 37% 33% 36% 37% 36% 80% 80% 44% 39% 45% 43% 42% 48% 63% 63% 62% 63% 63% 61% 64% 64% 62% 63% 64% 60% 60% 40% 40% 63% 67% 64% 63% 64% 61% 56% 55% 57% 58% 52% 20
Slide 50: Financial Institutions: Revenue and Issuance
Financial Institutions: Revenue and Issuance Revenue1: Mix by Quarter Issuance2: Mix by Quarter $140 $3 $3 $3 $3 $500 $3 $3 $3 $120 $3 $10 $6 $29 $7 $6 $4 $7 $5 $26 $36 $6 $400 $24 $100 $28 $30 $ Millions $3 $31 $20 $18 $ Billions $28 $33 $38 $29 $31 $34 $80 $6 $300 $27 $15 $60 $200 $411 $4 $396 $39
Slide 51: Financial Institutions: Revenue Diversification
Financial Institutions: Revenue Diversification Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 100% 100% 80% 42% 37% 40% 42% 42% 42% 80% 45% 50% 44% 45% 48% 51% 56% 53% 53% 58% 54% 58% 55% 52% 59% 72% 60% 60% 40% 40% 58% 63% 60% 58% 58% 58% 55% 50% 56% 55% 52
Slide 52: Public, Project and Infrastructure: Revenue and Issuance
Public, Project and Infrastructure: Revenue and Issuance Issuance2: Mix by Quarter Revenue1: Mix by Quarter $200 $140 $120 $52 $150 $100 $75 $ Millions $60 $ Billions $62 $67 $64 $80 $56 $56 $52 $57 $64 $54 $100 $39 $51 $46 $49 $47 $57 $60 $129 $40 $50 $95 $58 $65 $57 $82 $78 $74 $71 $79 $76 $47 $52
Slide 53: Public, Project and Infrastructure: Revenue Diversification
Public, Project and Infrastructure: Revenue Diversification Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 100% 100% 36% 34% 31% 33% 35% 37% 80% 80% 42% 39% 42% 39% 41% 57% 57% 60% 60% 59% 61% 63% 62% 65% 64% 64% 60% 60% 40% 40% 64% 66% 69% 67% 65% 63% 58% 61
Slide 54: Moody's Analytics: Financial Overview
Moody’s Analytics: Financial Overview Revenue1: Mix by Year $600 Revenue1: Mix by Quarter $2,400 $500 $31 $2,000 $42 $43 $159 $44 $42 $ Millions $138 $ Millions $400 $37 $40 $149 $159 $38 $122 $118 $133 Professional Services $1,600 $522 $115 $124 $102 $110 $149 $451 $300 Enterprise Risk Solutions $1
Slide 55: RDC Acquisition Provides Leadership Position in the KYC Market
RDC Acquisition Provides Leadership Position in the KYC Market » RDC’s data and decision tools combined with BvD’s » 2019 pro forma combined compliance product sales compliance products position MA to become a leading of ~$150M KYC solutions provider » The KYC space is a $900M market with ~18% 5-yr
Slide 56: Historically, Moody's Revenue and Interest Rates Have Not Been Strongly Correlated
Historically, Moody’s Revenue and Interest Rates Have Not Been Strongly Correlated MCO Revenue and Interest Rates MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R) 1 $6,000 9% 7.8% +120bps 8% $5,000 +100bps 7% 6.5% $ Millions $4,000
Slide 57: Proactive Capital and Liquidity Management
Proactive Capital and Liquidity Management Bond portfolio WAC1 Balanced maturity schedule5 900 $ in millions 5.0% 4.7% 800 4.5% 4.3% 4.3% 700 3.9% 600 4.0% 3.5% 3.3% 500 3.5% 4.2% 3.9% 4.0% 3.4% 500 400 823 3.0% 3.4% 3.4% 330 250 700 300 549 500 600 2.5% 2.1% 200 487 500 400 400 2.0% 2.2% 300 100 25
Slide 58: Technology: Innovating with Purpose
Technology: Innovating with Purpose Next Gen Tech is a Defining Element of our Culture, Setting Stage for Growth » Incorporating alternative » NLP based early warning and data sources to augment monitoring tools for MIS SME credit scoring accuracy analysts and MA customers » QuantCube pilot program
Slide 59: MIS 1Q20 Results
MIS 1Q20 Results Issuance1 YoY $1,300.0 $ Billions MIS Revenue Change $1,100.0 $794 $900.0 1,422 $800 $11 1,205 $670 $109 17% $700.0 $700 $5 $500.0 $600 $93 $125 8% 1Q19 1Q20 $500 $116 $96 (5%) $ Millions $400 $101 MIS Adjusted Operating Income and Margin +550bps 60.5% 62.0% 61.9% $300 $650 61.8% 61
Slide 60: MA 1Q20 Results
MA 1Q20 Results MA Revenue1 YoY MA Adjusted Operating Income and Margin $496 Change +120bps 29.3% $500 $472 28.1% $42 $200 $138 13% $400 $122 ($43) $ Millions $ Millions $300 $24 ($11) 16% $100 $200 $358 $308 $133 $146 $100 $0 $0 15.0% 1Q19 1Q20 1Q19 MA MA Revenue MA Expense 1Q20 MA Adjusted Increas
Slide 61: Prudently Reducing Expenses
Prudently Reducing Expenses FY20F vs. FY19A 3,100 +~0.5% 3,050 3,000 +2.0% - 2.5% 2,950 $2,831 Mid-single-digit 2,900 2,850 2,800 % decline 2,750 2,700 ~(5.0% - 6.0%) 2,650 ~(2.5%) 2,600 ~(1.0%) $ Millions 2,550 2,500 2,450 2,400 2,350 2,300 2,250 2,200 2,150 2,100 2,050 2,000 FY 2019 Total Operatin
Slide 62: Moody's Global Presence
Moody’s Global Presence Americas Argentina Mexico Brazil Panama Canada Peru Chile United States Costa Rica Europe, Middle East & Africa Austria Poland Belgium Portugal Cyprus Russia Czech Republic Saudi Arabia Denmark Slovak Republic France South Africa Germany Spain Israel Sri Lanka Italy Sweden Li
Slide 63: Reconciliation of Adjusted Financial Measures to GAAP
Reconciliation of Adjusted Financial Measures to GAAP Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 Year Ended March 31, 2020 (in $ millions) 2015 2016 2017 2018 2019 TTM 1Q20 Operating Income $1,490.7 $650.9 $1,820.8 $1,868 $1,998 $2,128 Operating Margin 42.8% 18.1% 43.3%
Slide 64: Reconciliation of Adjusted Financial Measures to GAAP (cont.)
Reconciliation of Adjusted Financial Measures to GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation 2020F1 Projected Operating Margin - GAAP 41% - 43% Depreciation & Amortization Approximately 4.8% Loss pursuant to the divestiture of MAKS 0.2% Projected Adjusted Operating Marg
Slide 65: Reconciliation of Adjusted Financial Measures to GAAP (cont.)
Reconciliation of Adjusted Financial Measures to GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2015 2016 2017 2018 2019 2020F1 Diluted EPS - GAAP $4.63 $1.36 $5.15 $6.74 $7.42 $7.25 - $7.85 Legacy Tax (0.03) - - - - - Impact of Litigation Settlement - $3.59 - - - - Captive insurance co
Slide 66: Investor Relations
Investor Relations ir.moodys.com ir@moodys.com moodys.com
Slide 67: May 6, 2020
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