Q1 2024 UniFirst Corporation Earnings Call

January 3, 2024

Okay.

[music].

Greetings and welcome to the UniFirst Corporation First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press the 1, followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. I would now like to turn the conference over to Stephen Centros, President and Chief Executive Officer.

Greetings and welcome to the Uni First Corporation first quarter earnings call. During the presentation. All participants will be in a listen only mode. Afterwards, we will conduct a question and answer session at that time. If you have a question. Please press the one followed by the four on your telephone.

If at any time during the conference you need to reach an operator, Please press star zero.

I would now like to turn the conference over to Steven Central's, President and Chief Executive Officer. Please go ahead.

Stepheven Centrs: Thank you and good morning. I'm Stephen Centros, Unifirst President and Chief Executive Officer. Joining me today is Shane O'Connor, Executive Vice President and Chief Financial Officer. We'd like to welcome you to Unifirst Corporation's conference call to review our first quarter results for the fiscal year 2024. This call will be on a listen-only mode until we complete our prepared remarks. But first, a brief disclaimer.

Thank you and good morning.

Stephen Central's <unk>, President and Chief Executive Officer, joining me today is Shane Oconnor Executive Vice President and Chief Financial Officer, We'd like to welcome you to unit first Corporation's conference call to review, our first quarter results for the fiscal year 2020 for Skol will be on a listen only mode until we complete our prepared remarks, but first a brief disclaimer.

Speaker Change: This conference call may contain forward-looking statements that reflect the company's current views with respect to future events and financial performance.

Conference call May contain forward looking statements that reflect the company's current views with respect to future events and financial performance.

Speaker Change: These forward-looking statements are subject to certain risks and uncertainties. The words anticipate, optimistic, believe, estimate, expect, intend, and similar expressions that indicate future events and trends identify forward-looking statements. Actual future events may differ materially from those anticipated, depending on a variety of risk factors. For more information, please refer to the discussion of these risk factors in our most recent Form 10-K and 10-Q filings with the Securities and Exchange Commission.

These forward looking statements are subject to certain risks and uncertainties. The words anticipate optimistic believe estimate expect intend and similar expressions that indicate future events and trends identify forward looking statements actual future events may differ materially from those anticipated depending on a variety of risk factors for more information. Please refer.

A discussion of these risk factors in our most recent Form 10-K, and 10-Q filings with the Securities and Exchange Commission.

Speaker Change: We're pleased with the results of our first quarter, which represent a solid start to our new fiscal year. I want to thank all of our team partners who continue to always deliver for each other and our customers as we strive towards our vision of being recognized as the best service provider in the industry.

We're pleased with the results of our first quarter, which represent a solid start to our new fiscal year I want to thank all of our teams and partners, who continue to always deliver for each other and our customers as we strive towards our vision of being recognized as the best service provider in the industry.

Speaker Change: all while living our mission of serving the people who do the hard work. The people who do the hard work are the workforce that keeps our communities up and running. So many of them are our existing and prospective customers, as well as our own Unifers team partners. Our mission is to support those employees by providing the right products and services that allow them to do their job successfully and safely.

All while living our mission of serving the people who do the hard work.

The people who do the hard work are the workforce that keeps our communities up and running so many of them are existing and perspective customers as well as our own universe team partners. Our mission is to support those employees by providing the right products and services that allow them to do their job successfully and safely whether that means providing uniforms.

Speaker Change: Whether that means providing uniforms, workwear, facility service, first aid and safety, clean room or other products and services, our goal is to partner with our customers to ensure we have the right structure, to ensure that we structure the right program, products and services for their business and their team.

Where facility services first aid and safety clean room or other products and services. Our goal is to partner with our customers to ensure we have the right structure to ensure that we structure the right program products and services for their business and their team.

Speaker Change: Overall, revenues in our first quarter were up nine and a half percent compared to the first quarter of 2023. Consolidated growth benefited from the acquisition of clean uniform in March of 2023 and strong growth in our first aid and safety division.

Overall revenues in our first quarter were up nine 5% compared to the first quarter of 2023 consolidated growth benefited from the acquisition of clean uniform in March of 2023, and strong growth in our first aid and safety Division.

Speaker Change: Core laundry operations organic growth in the quarter was 5.2%.

Our core laundry operations organic growth in the quarter was five 2%.

Speaker Change: Profits were up over 20% in the quarter compared to a year ago, largely driven by the growth of our top line and lower cost expended during the quarter related to key initiatives.

Profits were up over 20% in the quarter compared to a year ago, largely driven by the growth of our top line and lower cost expanded during the quarter related to key initiatives.

Speaker Change: As a reminder, we have been expending costs over the last couple of years related to our technology transformation, as well as a rebranding initiative. As expected, these costs are declining due to the completion of our rebranding, as well as activities surrounding the deployment of our CRM largely winding down. We continue to expend dollars related to our ERP project. However, as we enter implementation phases of the project, more costs are being capitalized.

As a reminder, we have been expanding cost over the last couple of years related to our technology transformation as well as our rebranding initiative as expected. These costs are declining due to the completion of our rebranding as well as activities surrounding the deployment of our CRM largely winding down we continue to expend dollars related to our ERP project.

As we enter implementation phases of the project more costs are being capitalized.

Speaker Change: Our performance in the quarter from a new account sales perspective was very strong, exceeding our new sales from a year ago at this time by a healthy margin. Part of this outcome was driven by the addition of a top three account in our core laundry operation.

Our performance in the quarter from a new account sales perspective was very strong exceeding our new sales from a year ago. At this time by a healthy margin part of this outcome was driven by the addition of a top three account in our core laundry operations, we continue to sell prospects and the value of that universe can bring their businesses. Our approach is a consultative one whereas.

Speaker Change: We continue to sell prospects and the value that Unifers can bring their businesses. Our approach is a consultative one, where as I mentioned, we focus on creating the right programs with the right prominence and products for our customers.

As I mentioned, we focus on creating the right programs with the <unk> and products for our customers.

Speaker Change: Conversely, we did experience more headwinds against our top line performance as the quarter progressed in the areas of price and customer retention.

Conversely, we did experience more headwinds against our top line performance as the quarter progressed and the areas of pricing customer retention.

Speaker Change: And although still stable overall, we are getting less tailwind from wearer levels currently than we were a year ago.

And although still stable overall, we are getting less tailwind from where levels currently than we were a year ago.

Speaker Change: Although our first quarter top-line results were well within our range of expectations, we do expect these items will pressure organic growth as the year progresses.

Although our first quarter top line results were well within our range of expectations. We do expect these items will pressure organic growth as the year progresses.

Speaker Change: As we look towards the rest of fiscal 24 and beyond, margin improvement will certainly be a key focus of the organization. Executing on our growth model while also managing costs in areas we control will be critical, all while assuring we don't impact the ability to execute on our transformational initiatives or adversely affect customer service levels.

As we look towards the rest of fiscal 'twenty, four and beyond margin improvement will certainly be a key focus of the organization executing on our growth model. While also managing costs in areas. We control critical all while assuring we don't impact the ability to execute on our transformational initiatives are adversely affect customer service levels.

In addition to day to day execution, we're focused on margin opportunities in many areas. We continue to work to optimize the use of our new CRM, including leveraging some of cleans proprietary technology across all of unit one.

Areas, such as strategic pricing and account profitability as well as strategic manufacturing and sourcing represent significant opportunities. Although some of these benefits going forward will be more significantly enabled through the implementation of our ERP. We continue to focus on these areas and others that we feel can move the needle in the near to mid term.

Our clean acquisition continues to perform very well with several recent wins re signing long term customer relationships. This shows the confident that cleans customer base has enjoining universe and continuing to receive industry leading service.

We continue to believe very strongly in the bright future of our first aid and safety Division, which grew 22, 4% in the current quarter compared to the first quarter of 2023, we continue to make investments in sales and service infrastructure of this segment to expand our footprint and ensure we can reach existing unit first customers as well as <unk>.

New prospects in the markets that have a strong need for these products and services.

As we progress increasing route density in addition to penetrating customers with the full breadth of services that we provide will be critical steps in building the profitability of this segment.

As I mentioned last quarter. The company continues to make solid progress in contributions in the area of environmental social and governance.

The nature of of the industry and rental model has always allowed us and the company to do our part enhancing the economy's economic environmental footprint, given our role as a natural recycler as well as the better utilization of resources, an operation like ours enables as.

As an example of our efforts during the quarter, we engaged a company that is going to convert the remainder of our operating plants and our core laundries to energy efficient led lighting, we continue to be focused on making the right investments to meaningfully impact the environment support our customers and have a positive impact on our business.

With that I'll turn the call over to Shane who will provide more details of our first quarter as well as the outlook for the remainder of 2024.

Thanks, Steve.

And our first quarter of 2024 consolidated revenues were $593 5 million.

Up nine 5% from $541 8 million a year ago, and consolidated operating income increased to $53 1 million from $43 4 million or 22, 4%.

Net income for the quarter increased to $42 $3 million or $2.26 per diluted share from $34 million or $1 81 per diluted share.

Consolidated EBITDA increased to $86 2 million.

Compared to $69 7 million in the prior year or 23, 7%.

Our financial results in the first quarters of fiscal 2024, and 2023 included approximately $2 $9 million and $10 million, respectively of costs directly attributable to the key initiatives that Steve discussed.

The effect of these items on the first quarter of fiscal 2024, and 2023 combined to decrease operating income and EBITDA by $2 $9 million $10 million respectively.

Net income by $2 4 million and $7 $6 million, respectively, and EPS by <unk> 12, and <unk> 40, respectively.

Net income and EPS also benefited from approximately $2 1 million of interest income recognized in the first quarter of 2024 as a result of a tax dispute we were able to favorably resolve.

Our core laundry operations revenues for the quarter were $524 million up nine 8% from the first quarter of 2023.

Core laundry organic growth, which adjusts for the estimated effect of acquisitions as well as fluctuations in the Canadian dollar was five 2%.

This solid organic growth rate was primarily the result of solid new account sales and improved pricing related to the efforts over the last year to share with our customers the cost increases that we incurred in our business.

Core laundry operating margin increased to 8% for the quarter were $42 1 million from seven 1% in prior year or $33 8 million.

And the segment's EBITDA margin increased to 14% from 12, 2%.

The cost we incurred related to our key initiatives were recorded to the core laundry operations segment and combined to decrease the core laundry operating and EBITDA margins for the first quarter of fiscal 2024, and 2023 by <unk>, 6% and two 1% respectively.

Excluding these items the segment's operating and EBITDA margins were also impacted by higher costs, we incurred related to investments. We have made in building our corporate capabilities over the last year and higher merchandise costs.

These items were partially offset by lower energy costs during the quarter, which decreased to four 1% of revenues in the first quarter of 2024 down from four 7% in 2023.

Revenues from our specialty garments segment, which delivers specialized nuclear decontamination and clean room products and services.

Increased slightly to $44 7 million from $44 1 million in prior year or one 3%.

This increase was primarily due to growth in our clean room operations segment's operating margin increased 27, 1% from 23, 1%, primarily the result of lower merchandise costs and our clean room operations.

As we mentioned in the past this segment's results can vary significantly from period to period due to seasonality as well as timing and profitability of nuclear reactor outages and projects.

Our first aid segment's revenues increased to $24 9 million from $23 million in prior year or 22, 4%. However, the segment had an operating loss of $1 $1 million during the quarter. These results continued to reflect the investments we've been making in our first aid van business.

<unk> that Steve discussed.

At the end of our first fiscal quarter, we continued to reflect a solid balance sheet and financial position with no long term debt and cash cash equivalents and short term investments totaling $88 8 million.

Cash provided by operating activities for the first quarter increased to $45 7 million from $27 7 million in prior year or <unk> 64, 9%, primarily due to our improved profitability and we continue to invest in our future with capital expenditures during this period of $39 one.

$1 million.

Sure.

I'd like to take this opportunity to provide an update on our outlook. At this time, we continue to expect our full year consolidated revenues for fiscal 2024 will be between 2.4 hundred $1 5 billion and two for $3 5 billion. However, due to recent trends in our core laundry operations in the latter half of the <unk>.

<unk>, we anticipate that the lower half of this range is more likely we continue to expect diluted earnings per share to be between $6 50 to $7 16.

This concludes our prepared remarks, and we would now be happy to answer any questions that you might have.

Okay.

Thank you if you would like to register a question. Please press the one followed by the flaw in your telephone Youll hear a sweet home from technology I request. If your question has been answered and you would like to withdraw your registration. Please press. The one followed by the three one moment. Please for our first question.

Our first question comes from the line of Manav Patnaik with Barclays. Please proceed with your question.

Hi, Good morning. This is roni Kennedy on for them at all a happy new year and thank you for taking my question.

Good morning can you guys. Please.

Good morning could you please kind of unpack with regards to what you alluded to I think the headwinds from price and customer retention.

So less and less of a tailwind from where levels and if that is.

Specifically the driver of guiding to the lower half of that guidance.

What.

Anticipate based on what you had laid out in the latter stages of the quarter. Just if you could unpack that in further detail.

Sure.

And this is.

That is the driver of us tweaking down the guidance or making the commentary that the lower end is more likely.

Yes over the back half of the quarter.

We certainly started to seeing some more price sensitivity and again this is all compared to what our what our expectations were kind of coming in.

Not somewhat not surprising maybe based on some moderating cost energy and so on that that we are seeing.

But that was a little bit off of what we had projected kind of coming into the year and any of any of those type of changes kind of early on in the year have more of an impact as sort of you think about it over the over the course of the year.

With respect to customer retention, we had mentioned over the back half of last year that things were trending a little bit lower we saw some of that over the quarter a couple of strategic losses I'll call them during the quarter that <unk>.

We ended up being recognized.

And again those kinds of things have more of an impact as you as you work them out over the over the full year with respect to the adds versus reductions we've been talking about the environment being relatively stable and I would still categorize it as such but certainly compared to a year ago, and even somewhat compared to maybe the back half of last year.

We're seeing a little less in the way of where additions I wouldn't say net net it's turned.

Negative in a large way, but a little off of our expectation for the quarter.

That's helpful. Thank you and then can I just ask three year assessment, our characterization of demand and what the conversations with customers are like.

How that's incorporated within the guidance for the remainder of the year.

Yes in general we guide looking at things.

In the environment as we see them today, we often make the comment that we don't assume.

Sort of more deterioration if there were to be broader pickup in.

<unk> reductions at our customers, we don't really build that and that being said I'm not sure that we are hearing loud from our customers that thats imminent.

People are taking a little bit more of a cautious tone out there with respect to hiring.

But we're not also not hearing broad calls for reductions I mean, one of the things that makes US reporting this time of year somewhat unique is that a lot of those conversations with customers start to become clear sort of after the holidays as they kind of get into their new year see what demand looks like coming out of the holidays and <unk>.

Their plan going into their their calendar year. So it's a little bit of a tricky time, having those conversations at this time of year, but in general we're not hearing anything that should raise major flags.

But some caution.

Thank you I appreciate it.

Thank you Ron.

Our next question comes from the line of Andy Wittmann with Baird. Please proceed with your question.

Great. Good morning, Thanks for taking my questions guys.

First started first thing I wanted to do is drill a little bit more on the customer retention Steve.

I guess in prior quarters, you've talked a little bit about how you might be moderating somewhat.

I guess the question is to what do you.

Attribute the customer retention is it customers that are closing doors closing up shop is it is it.

Is it the pricing initiatives that you are trying to get some growing other ways you heard the term I think he is the turn here strategic losses, which I guess means that customers that you tried to get the pricing. It wasn't growing and you are okay with not okay, with losing but because it wasn't profitable account.

Maybe you could just elaborate on the retainer and factors in more detail.

Sure, it's a little bit of all of the above Andy.

A couple of those strategic accounts I think they were.

And instance, we're sort of at the end of the day, we decided not to move forward.

I do I Should've said in my my answer to the first question I do believe that the pricing environment is a factor at least in the way we measure retention when we measure retention, we're looking at sort of the all in impact of these accounts over the last 12 months and I do think that through the strong period of.

Asian that.

As we all were trying to get more from customers.

Not saying that's necessarily the reason that you lose an account, but if you do lose that account it may be priced higher than it otherwise would have been a year or so ago, if that makes sense and so I do think some of the way our numbers are falling out or an impact of pricing and it's sort of another I've talked about.

It before when you sell a new account and you're losing accounts those accounts could be a similar profile often often don't have the same pricing and account you've had for longer likely has higher pricing, particularly in this period that.

We've been going through with inflation. So I think price has been somewhat a part of it.

And look not not to overestimated the competitive environment is always part of it but I'm not sure that there's a significant difference in that regard I think it's a little bit more of the pricing environment and people working through inflation more likely maybe to say hey, I want to go out to bid or put my account out to bid.

And that's had some impact we have seen some.

Customers not being able to pay by terms and things like that I think we've seen an increase in and most of the metrics we track as part of our our retention.

So hopefully that helps a little bit.

I appreciate the color on that.

I guess next I wanted to just dig.

Dig into merchandise cost I feel like I've been asking this one.

Almost every quarter, but we're going to ask it again this quarter I guess.

Given the compares on merchandise costs now it's been a headwind to your margins for a while.

Yes.

It seems reasonable to be thinking about merchandise costs, maybe flipping positive in a few upcoming quarters. It wasn't this quarter.

But.

Maybe can you can you quantify the impact that merchandise costs, what we're year for year here and talk about when you think that could flip positively.

Yes, I can do that.

So when we talk about our merchandise costs coming into the year, we had sort of said our expectations were that merchandise was going to be like a 10% to 20 basis point headwind right. Obviously that headwind was greatly reduced from what we had been seeing for the previous couple of years as our.

Dice levels adjusted coming out of the pandemic, we still expect that that's going to be the headwind that we're going to see its relatively moderate in the quarter.

It was a headwind it was only 20 basis points at this point in time, given given a 10 to 20 basis point headwind, we would characterize that as merchandize relative or merchandise flattening.

That's sort of where were at from the maturity of our merchandise.

We don't have any expectation or we haven't included in our guidance an assumption that merchandise is going to flip and become a benefit throughout the remainder of 2024 at this point in time, our expectation is that it is going to be relatively flat with just a little bit of a headwind.

Okay. That's.

That's helpful and then yes.

Yes go ahead Steve.

Just going to add one thing there and it's not it's not a major item but.

I did mention that we added a large account in the quarter, a big infusion of merchandise with that account as well.

And given we're talking about merchandise being relatively flat that it is an item that has caused and will cause a headwind over the course of this year until it kind of falls off.

And is amortized kind of next year at this time so.

That's a factor in there as well.

Yes that makes sense.

Okay, just a couple of technical questions here.

I guess just.

Was there any change is there any change to the amount of key initiatives costs or some of the other factors this quarter in the in your press release talking about your outlook you didn't have the same level of detail as you did last quarter. When you gave your initial guidance.

I was wondering if there was any changes turning the other assumptions here, maybe the margin rates key initiative costs. Other things that you detailed previously, but we're not reiterating specifically this quarter.

Yes, largely we're maintaining that guidance.

Which is one of the reasons why we didnt include the additional detail because it would have been somewhat redundant my expectation or what's included in my.

In my model at this point in time it continues to be about $16 million worth of initiative cost tax rate for the year continues to be 25%.

Largely we're maintaining the expectations from the guidance.

As it relates to the lower half of the range. The commentary there yet 20 to 30 basis points of organic grew.

Growth within my core laundry is probably at risk based on some of the things we had seen in the latter half.

On.

That will that.

That <unk>.

Revenue impact would pressure my margins, but at this point in time.

We have some things that are going in the opposite direction, most notably in the form of energy Alright, previously when I had guided or provided guidance. My expectation was that energy was going to be about four 3% of revenues for the year at this point in time based on recent fluctuate.

<unk> and fuel prices I now expect that to be about four 1%.

So our expectation is that's going to be able to do to.

Offset maybe some of the pressure related to the revenue trends.

This is this is all super helpful I'm going to sneak in one other one sorry.

Just on the comments on the $2 $1 million on the interest expense line you had a tax dispute that was settled was there like.

Yes.

Are they like.

Interest on the cash taxes.

Implicit in that that caused you to.

Recognize that as income this quarter is that what it is shane or I don't know.

I'm spit balling here you tell us.

That's exactly right there was an ongoing tax dispute in as opposed as a result of the favorable resolution we received certain interest related to.

Related to that so we were able to recognize that in the quarter, it's been going on for a long time.

This is the one that's been disclosed in your filings presumably with.

Government I think it was no.

Interestingly enough it was related to Mexico, but unrelated to that one we disclosed in the filing this was a separate one from I don't know through three or four years ago, maybe more that was able to be resolved and therefore, we were able to recoup the interest but the other one is still out there and sort of pending.

Usually when you have those tax disputes youll money and those those higher interest rates are somewhat punitive.

When you are actually getting money back.

Proportionately benefit you too so.

That was that was our experience in the quarter.

Thank you have a great Jacob thanks.

Thanks, Andy.

Our next question comes from the line of Josh Chan with UBS. Please proceed with your question.

Hi, good morning, even chain happy new year.

I was wondering.

I was wondering if there is any conclusions that you can draw from I guess, the accounts that youre, losing or walking away from versus the large accounts that you're winning kind of whats, what's causing the losses losses.

Causing you to win the large accounts specifically.

Yes, great question I mean at the end of the day.

I sort of alluded to as we sell our value proposition go into accounts sell them on the right program for the right products for those customers.

We sell on our process, we sell in our procedures our ability to execute.

At times.

If those accounts feel like they haven't been receiving the service that they want it provides an opportunity and the same goes just quite frankly, if we lose an account.

Again, it doesn't all fall into one category when you lose a piece of business, sometimes its strategic like I mentioned, sometimes it can be.

Local lack of execution by the route driver if we've had more turnover.

And sometimes it can be that.

An account is going out to bid and they get a very competitive offer and we struggled to match that offer so its really on both sides. It's execution, it's selling our value. It's continuing to provide consistent service and showing that we can as I talk about our vision to be recognized as the service.

<unk>, that's going to be the best for those customers. So I know, it's a little bit of a generic answer but.

The Devil's in the execution on both sides.

Yes that makes a lot of sense, thanks, Steven and then I guess.

If I can follow up on the specialty.

<unk>.

I was under the impression that this quarter things would be a little bit weaker than what you show because of the nuclear dynamics. So I was just wondering if.

The full year it could be a little stronger than what you had previously guided based on just the strength this quarter.

I think right now that is somewhat true, we probably have the full year a little bit ahead as to where it was before we do still expect the rest of the year to show some drop off.

And then not to necessarily replicate some of the strength in the first quarter. There was some sort of one time things in the first quarter that sort of buoy did a bit.

Again that segments made up of the two sub segments, the clean room and the nuclear the clean room continues to be very consistent and as we talked about on our last earnings call. We do expect kind of the nuclear slowdown based on some reduction in business.

With some of our Canadian customers. So we still expect that trend, but right now in the model the full year does have.

That segment, a little bit ahead of what we had guided but still below last year's profitability.

Perfect. Thank you for the color and the rest of the year.

Thank you.

Our next question comes from the line of Tim Mulrooney with William Blair. Please proceed with your question.

Hi, Good morning. This is Luke on for Tim Thanks for taking my questions today.

So.

Your first aid business had a nice start to the fiscal year.

<unk> performed well for several consecutive quarters now.

Should we still expect to see that business inflect the positive profitability by year end.

And how should we think about the cadence of profitability as we move through fiscal 2024.

Yes look for the full year, we think that the division can be around breakeven.

So we do expect a little bit of a pickup in profitability over the course of the year, we're still at that point in our investment in this division, where it's more about expanding the breadth of our service offerings and.

Or our geographic offerings I should say our coverage.

And over the course of the next couple of years and we're starting at this year, we really are starting to focus more on.

Filling out the customers with the products and services filling out the routes with more density and that will start to turn to profitability, but for the most part our guidance for the full year.

Has this in that sort of treading water around breakeven.

Great very helpful. And then if I can follow up with just one more I know you provided just a bit of color on kind of how early you're conversations have been going with customers.

But maybe just as a follow up to that.

Are there any of your end markets that are showing particularly outside strength or weakness.

As youre looking at them today.

No I wouldn't say, so I think that as we kind of look at metrics and wear levels across the country. There really arent any particular pockets that jump out.

Yes.

Something I've been watching is we've had a couple of decent years in the energy sector.

And that continues to be pretty solid.

As long as oil prices hold up.

But no I wouldn't say, we're seeing any any particular geographic or industry driven <unk>.

Trends that are worth noting.

Understood. Thanks, so much.

Thank you.

Our next question comes from the line of Andrew Steinman with J P. Morgan. Please proceed with your question.

Hi, Shane I, just wanted to confirm something.

I think its pretty clear, but I just want to confirm that the 24 guide.

When you point to the lower half of the range I think thats just for revenues and not for EPS I think before 2004, EPS, you're still pointing to the whole range I just wanted to confirm that but could you also update us on what youre, assuming for interest and 24 kind of given the first quarter benefit.

And you can imagine what I really want to kind of point to me. It's like what are you embedding in terms of the margin progress through.

Through the year and what gives you confidence in that margin outlook.

Yeah. So.

Yes actually can you ask the first part of the question again I'm sorry.

Got.

It's a multi part question sorry, so the first one I just wanted to confirm what you pointed to the lower half of the range for the guide I think Thats, just a comment for revenues and not a comment for EPS in other words I think when you say.

While I have you are talking about revenues and for EPS Youre still point you to the whole range.

Yes, yes, sorry about that.

No Thats correct.

The comment about lower half is just top line related.

We are still we are still pointing to the full range from a from an EPS perspective.

From an interest perspective.

You take a look at my interest income in the first quarter it largely benefited from about $2 $1 million in the first quarter.

Subsequent to that Mike.

My expectation is that the interest income all realize sort of the Q1 run rate exclusive of that two one so about $1 million worth of interest income per quarter.

And Andrew I think the second part of your question, which was alluding to the confidence in sort of the back the rest of the year is kind of margin outlook given everything that we've been saying here is.

The one comment I'd make to that Shane alluded to it to some extent with respect to what we're seeing on merchandise, but I think in general when you look across all of our costs. Unlike the last couple of years, where.

There was a lot more deviation in increases we are seeing across our cost base. We are seeing more stabilization. There right. Obviously merchandise is a big piece of that from a labor perspective.

It's consistent with what you read out there.

It's still a challenging labor environment, but certainly not as challenging in terms of staffing pressure on wages and so on it doesn't mean those costs have retreated, but the confidence in them over the next few quarters is higher than in past couple of years. When we were going through a lot of a lot of inflation.

And the energy was Shane talked about as well as a as a helpful item that we've modeled in.

Perfect. Thank you.

Thank you.

As a reminder to register for a question press the one four.

Our next question comes from the line of Kartik Mehta with Northcoast Research. Please proceed with your question.

Thank you good morning.

Steve you've talked about maybe what's happening in terms of add subs and maybe some customers extending payments, but if you look at just overall at your customers. How would you assess the health of those customers and how do you feel about the ongoing viability of any changes.

No I wouldn't say that when we look across our customer base, we think that there is any.

Weakening of overall financial liability and how we how we look at that.

So no I think I think stable in that in that area. I think my commentary was more just around.

Probably a normal amount of caution given the environment.

For their businesses and their growth outlooks, and so on and so forth as we look over the course of the year.

And gene you talked about obviously energy hopefully benefiting for the rest of the year, assuming things kind of stay where they are.

I know previously you were able to put into the fuel surcharges because of fuel prices.

Are those surgeries surcharges and the effect or is that part of maybe some of the pricing dynamics that you've talked about.

So this is Steve we did we did take a step back in the energy surcharge last year at some point right now we're sort of holding even we sort of have a schedule that we're looking at.

I do think that lower energy price does put some pressure not just on.

On the surcharge, which is a relatively smaller amount at this point in the Grand scheme of things, but customers sort of pushing back on general price increase in new account pricing and so on so.

Yes, I would say indirectly what youre, saying is true that the lower energy prices is part of I think the pressure on price.

And one last question.

No you've been inquisitive.

Turning fleet last year, you've looked at acquisitions and I'm wondering.

If youre seeing any change in the environment in terms of pricing.

Or maybe what people might be willing or not going to do.

I wouldn't say any real change I mean, I think if you kind of look over the last number of years.

Aside from clean, which was a larger deal and a little bit of a larger one that's happened in the industry over the last number of years there continues to be.

A small handful of potential deals that emerge and people kind of test the test the waters and so and I think that really continues I think.

Sellers in this industry continued to be driven by sort of their planning and succession planning and family dynamics and that continues to be true I think the multiples have gone up and as I've said before we.

We will be aggressive.

For deals that we think make sense and are in either strategic geographies for us or that we feel the quality of the business really warrants that so.

I would say that really hasnt changed much over the last couple of years.

Thank you very much I really appreciate it.

Thank you.

As a reminder to register for a question press the one four.

There are no further questions at this time I will turn the call back to you.

Great I'd like to thank everyone for joining us today to review our first quarter results and we look forward to speaking with everybody again in March when we expect to be reporting our second quarter performance. Thank you and have a great day happy new year.

Okay.

That does conclude the conference call for today, we thank you for your participation and ask that you. Please disconnect your line.

Okay.

Yes.

Okay.

Yes.

Thanks.

Okay.

Yes.

[music].

Okay.

So.

Sure.

Okay.

Yes.

Yeah.

[music].

Greetings and welcome to the Uni First Corporation first quarter earnings call.

During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session at that time. If you have a question. Please press the one followed by the four and your telephone.

If at any time during the conference you need to reach an operator, Please press star zero.

I would now like to turn the conference over to Steven Central's, President and Chief Executive Officer. Please go ahead.

Thank you and good morning.

Stephen Central's <unk>, President and Chief Executive Officer, joining me today is Shane Oconnor Executive Vice President and Chief Financial Officer, We'd like to welcome you to unit first Corporation's conference call to review, our first quarter results for the fiscal year 2024 call will be on a listen only mode until we complete our prepared remarks, but first a brief disclaimer.

Conference call May contain forward looking statements that reflect the company's current views with respect to future events and financial performance.

A discussion of these risk factors in our most recent Form 10-K, and 10-Q filings with the Securities and Exchange Commission.

All while living our mission of serving the people who do the hard work.

The people who do the hard work are the workforce that keeps our communities up and running so many of them are existing and perspective customers as well as our own universe team partners. Our mission is to support those employees by providing the right products and services that allow them to do their jobs successfully and safely whether that means providing uniforms.

Where facility service first aid and safety clean room or other products and services. Our goal is to partner with our customers to ensure we have the right structure to ensure that we structure the right program products and services for their business and their team.

Our core laundry operations organic growth in the quarter was five 2%.

Profits were up over 20% in the quarter compared to a year ago, largely driven by the growth of our top line and lower cost expanded during the quarter related to key initiatives.

As we enter implementation phases of the project more costs are being capitalized.

Our performance in the quarter from a new account sales perspective was very strong exceeding our new sales from a year ago. At this time by a healthy margin part of this outcome was driven by the addition of a top three account in our core laundry operations, we continue to sell prospects and the value that <unk> can bring their businesses. Our approach is a consultative one whereas.

As I mentioned, we focus on creating the right programs with the right products and products for our customers.

Conversely, we did experience more headwinds against our top line performance as the quarter progressed and the areas of pricing customer retention.

And although still stable overall, we are getting less tailwind from where levels currently than we were a year ago.

Although our first quarter top line results were well within our range of expectations. We do expect these items will pressure organic growth as the year progresses.

Areas, such as strategic pricing and account profitability as well as strategic manufacturing and sourcing represents significant opportunities. Although some of these benefits going forward will be more significantly enabled through the implementation of our ERP. We continue to focus on these areas and others that we feel can move the needle in the near to mid term.

Our clean acquisition continues to perform very well with several recent wins re signing long term customer relationships. This shows the confidence that cleans customer base hasn't joining unit first and continuing to receive industry leading service.

New prospects in the markets that have a strong need for these products and services.

As we progress increasing route density in addition to penetrating customers with the full breadth of services that we provide will be critical steps in building the profitability of this segment.

As I mentioned last quarter. The company continues to make solid progress in contributions in the area of environmental social and governance the.

With that I'll turn the call over to Shane who will provide more details of our first quarter as well as the outlook for the remainder of 2024.

Thanks, Steve.

And our first quarter of 2024 consolidated revenues were $593 5 million.

Up nine 5% from $541 8 million a year ago, and consolidated operating income increased to $53 1 million from $43 4 million or 22, 4%.

Net income for the quarter increased to $42 $3 million or $2.26 per diluted share from $34 million or $1 81 per diluted share.

Consolidated EBITDA increased to $86 2 million compared to $69 7 million in the prior year or 23, 7%.

The effect of these items on the first quarter of fiscal 2024, and 2023 combined to decrease operating income and EBITDA by $2 $9 million $10 million respectively.

Net income by $2 4 million and $7 $6 million, respectively, and EPS by <unk> 40, respectively.

Net income and EPS also benefited from approximately $2 1 million of interest income recognized in the first quarter of 2024 as a result of a tax dispute we were able to favorably resolve.

Our core laundry operations revenues for the quarter were $524 million up nine 8% from the first quarter of 2023.

Core laundry organic growth, which adjusts for the estimated effect of acquisitions as well as fluctuations in the Canadian dollar was five 2%.

Core laundry operating margin increased to 8% for the quarter were $42 1 million from seven 1% in prior year or $33 8 million.

And the segment's EBITDA margin increased to 14% from 12, 2%.

Cost we incurred related to our key initiatives were recorded to the core laundry operations segment and combined to decrease the core laundry operating and EBITDA margins for the first quarter of fiscal 2024, and 2023 by <unk>, 6% and two 1% respectively.

These items were partially offset by lower energy costs during the quarter, which decreased to four 1% of revenues in the first quarter of 2024 down from four 7% in 2023.

Revenues from our specialty garments segment, which delivers specialized nuclear decontamination and clean room products and services.

Increased slightly to $44 7 million from $44 1 million in prior year or one 3%.

As we mentioned in the past this segment's results can vary significantly from period to period due to seasonality as well as timing and profitability of nuclear reactor outages and projects.

Our first aid segment's revenues increased to $24 9 million from $20 3 million in prior year or 22, 4%. However, the segment had an operating loss of $1 $1 million during the quarter. These results continued to reflect the investments we've been making in our first aid van.

<unk> that Steve discussed.

Cash provided by operating activities for the first quarter increased to $45 7 million from $27 7 million in prior year or 64, 9%, primarily due to our improved profitability and we continue to invest in our future with capital expenditures. During this period of $39 1 million.

I'd like to take this opportunity to provide an update on our outlook. At this time, we continue to expect our full year consolidated revenues for fiscal 2024 will be between two point for $1 5 billion and two for $3 5 billion. However, due to recent trends in our core laundry.

Our operations in the latter half of the quarter, we anticipate that the lower half of this range is more likely we continue to expect diluted earnings per share to be between $6 50 to $7 16.

This concludes our prepared remarks, and we would now be happy to answer any questions that you might have.

Okay.

Our first question comes from the line of Manav Patnaik with Barclays. Please proceed with your question.

Hi, Good morning. This is roni Kennedy on for them at all a happy new year and thank you for taking my question.

Good morning can you guys. Please.

Good morning could you please kind of unpack.

Regards to what you alluded to I think the headwinds from price and customer retention also less take less of a tailwind from where levels and if that is.

Specifically the driver of guiding to the lower half.

<unk>.

Guidance and whatnot.

What.

Anticipate based on what you had laid out in the latter stages of the quarter. Just if you could unpack that in further detail.

Sure.

And this is.

That is the driver of us tweaking down the guidance or making the commentary that the lower end is more likely.

Yes over the back half of the quarter.

We certainly started to seeing some more price sensitivity and again this is all compared to what our what our expectations were kind of coming in.

Not somewhat not surprising maybe based on some moderating cost energy and so on that that we are seeing.

Ended up being recognized.

We're seeing a little less in the way of where additions I wouldn't say net net it's turned negative in a large way, but a little off of our expectation for the quarter.

That's helpful. Thank you and then can I just ask a year assessment of our characterization of demand and what the conversations with <unk>.

Customers are like and how that's incorporated within the guidance for the remainder of the year.

Yes in general we guide looking at things.

In the environment as we see them today, we often make the comment that we don't assume.

Sort of more deterioration if there were to be broader pickup in.

<unk> reductions at our customers, we don't really build that and that being said I'm not sure that we are hearing loud from our customers that thats imminent.

Think people are taking a little bit more of a cautious tone out there with respect to hiring.

But we're not also not hearing broad calls for reductions I mean, one of the things that makes us.

US reporting this time of year somewhat unique is that a lot of those conversations with customers start to become clear sort of after the holidays as they kind of get into their new year see what demand looks like coming out of the holidays and set their plan going into their their calendar year. So it's a little bit of a tricky time, having those conversations at this time of year.

But in general we're not hearing anything that should raise major flags.

But some caution.

Thank you I appreciate it.

Thank you Ron.

Our next question comes from the line of Andy Wittmann with Baird. Please proceed with your question.

Great. Good morning, Thanks for taking my questions guys. I guess first started first thing I wanted to do is drill a little bit more on the customer retention Steve.

I guess in prior quarters, you've talked a little bit about how it might be moderating somewhat.

I guess the question is to what do you.

Attribute the customer retention is it customers that are closing doors closing up shop is it is it.

Is it the pricing initiatives that you are trying to get some growing other ways you heard the term I think he used the term here a strategic losses, which I guess means that customers that you've tried to get the pricing it wasn't going in euro okay with not okay, with losing but because it wasn't profitable account.

Maybe you could just elaborate on the regenerative factors in more detail.

Sure, it's a little bit of all of the above Andy.

A couple of those strategic accounts I think they were.

An instance, where sort of at the end of the day, we decided not to move forward.

I do I should have said in my my answer to the first question I do believe that the pricing environment is a factor at least in the way we measure retention when we measure retention, we're looking at sort of the all in impact of these accounts over the last 12 months and I do think that through the strong period of.

<unk> that.

As we all were trying to get more from customers.

Not saying that's necessarily the reason that you lose an account, but if you do lose that in account it may be priced higher than it otherwise would have been a year or so ago, if that makes sense and so I do think some of the way our numbers are falling out or an impact of pricing and it's sort of another I've talked about.

It before when you sell a new account and you lose an account those accounts could be a similar profile often often don't have the same price and account you've had for longer likely has higher pricing, particularly in this period.

We've been going through with inflation. So I think price has been somewhat a part of it.

That's had some impact we have seen some.

Customers not being able to pay by terms and some things like that I think we have seen an increase in and most of the metrics we track as part of our our retention.

So hopefully that helps a little bit.

I appreciate the color on that.

I guess next I wanted to just dig.

Dig into merchandise cost I feel like I've been asking this one.

Almost every quarter, but we're going to ask it again this quarter I guess, it's <unk>.

Given the compares on merchandise costs now it's been a headwind to your margins for a while I guess.

It seems reasonable to be thinking about merchandize cost maybe flipping positive in a few upcoming quarters. It wasn't this quarter.

But.

Maybe can you can you quantify the impact that merchandise costs, what we're year for year here and talk about when you think that could flip positively.

Yes, I can do that.

So when we talk about our merchandise costs coming into the year, we had sort of said our expectations were that merchandise was going to be like a 10 to 20 basis point headwind right. Obviously that headwind was greatly reduced from what we had been seeing for the previous couple of years.

Our merchandise levels adjusted coming out of the pandemic, we still expect that that's going to be the headwind that we're going to see its relatively moderate in the quarter.

It was a headwind it was only 20 basis points at this point in time, given given a 10 to 20 basis point headwind.

We would characterize that as merchandize relative or merchandise flattening.

That's sort of where were at from the maturity of our merchandise.

Okay. That's.

That's helpful and then yes.

Yes go ahead Steve.

I can add one thing there and it's not it's not a major item but.

I did mentioned that we added a large account in the quarter, a big infusion of merchandise with that account as well.

And given we're talking about merchandise being relatively flat that it is an item that has caused and will cause a headwind over the course of this year until it kind of falls off.

And is amortized kind of next year at this time so.

That's a factor in there as well.

Yes that makes sense.

Okay, just a couple of technical questions here.

I guess just.

Was there any change is there any change to the amounts of key initiatives cost.

Some of the other factors this quarter in the in your press release talking about your outlook you didn't have the same level of detail as you did last quarter. When you gave your initial guidance.

I'm wondering if there was any changes any of the other assumptions here maybe at the margin rates key initiative costs. Other things that you detailed previously, but we're not reiterating specifically this quarter.

Yes, largely we're maintaining that guidance.

Which is one of the reasons why we didnt include the additional detail because it would have been somewhat redundant my expectation or what's included in my.

In my model at this point in time it continues to be about $16 million worth of initiative cost tax rate for the year continues to be 25%.

Largely we're maintaining the expectations from the guidance.

As it relates to the lower half of the range the commentary there.

At 20 to 30 basis points of organic.

Growth with them, Mike core laundry is probably at risk based on some of the things we had seen in the latter half.

On.

That will that.

That revenue impact would pressure my margins, but at this point in time.

<unk> and fuel prices I now expect that to be about four 1%.

So our expectation is that that's going to be able to do to.

Offset maybe some of the pressure related to the revenue trends.

This is this is all super helpful I'm going to sneak in one other one sorry.

Just on the comment on the $2 1 million on the interest expense line you had a tax dispute that was settled was there like.

Were they.

Interest on the cash taxes that was like implicit in that that caused you to Rick.

Recognize that as income this quarter is that what it is shane or I don't know I'm spit balling here you tell us.

No Thats exactly right. There was an ongoing tax dispute in as opposed as a result of the favorable resolution we received certain interest related to <unk>.

Related to that so we were able to recognize that in the quarter, it's been going on for a long time.

This is the one that's been disclosed in your filings presumably with.

The government I think it was no.

Usually when you have those tax disputes youll money and those those higher interest rates are somewhat punitive when youre actually getting money back they disproportionately benefit you too so.

That was that was our experience in the quarter.

Thank you have a great taken us thanks Andy.

Our next question comes from the line of Josh Chan with UBS. Please proceed with your question.

Hi, good morning, even chain happy new year.

I was wondering.

Hi, I was wondering if there is any conclusions that you can draw from I guess, the accounts that youre, losing or walking away from versus the large accounts that you're winning kind of whats, what's causing the losses losses, and what's what's causing you to win the large accounts specifically.

Yes, great question I mean at the end of the day.

I sort of alluded to as we sell our value proposition go into accounts sell them on the right program for the right products for those customers.

We sell on our process, we sell on our procedures our ability to execute.

At times.

<unk>.

If those accounts feel like they haven't been receiving the service that they want it provides an opportunity and the same goes just quite frankly, if we lose an account.

Again, it doesn't all fall into one category when you lose a piece of business, sometimes its strategic like I mentioned, sometimes it can be.

Local lack of execution by the route driver if we've had more turnover.

And sometimes it can be that.

That's going to be the best for those customers. So I know, it's a little bit of a generic answer but.

The Devil is in the execution on both sides.

Yes that makes a lot of sense, thanks, Steven and then I guess.

If I can follow up on the specialty.

<unk>.

I was under the impression that this quarter things would be a little bit weaker than what you show because of the nuclear dynamic. So I was just wondering if.

The full year it could be a little stronger than what you had previously guided based on just the strength this quarter.

I think right now that is somewhat true, we probably have the full year a little bit ahead as to where it was before we do still expect the rest of the year to show some drop off.

And not to necessarily replicate some of the strength in the first quarter. There was some sort of one time things in the first quarter that sort of buoy did a bit.

Again that segments made up of the two sub segments, the clean room and the nuclear the clean room continues to be very consistent and as we talked about in our last earnings call. We do expect kind of the nuclear slowdown based on some reduction in business.

With some of our Canadian customers. So we still expect that trend, but right now in the model the full year does have.

That segment, a little bit ahead of what we had guided but still below last year's profitability.

Perfect. Thank you for the color and the rest of the year.

Thank you.

Our next question comes from the line of Tim Mulrooney with William Blair. Please proceed with your question.

Hi, Good morning. This is Luke Hatton on for Tim Thanks for taking my questions today.

So.

Your first aid business had a nice start to the fiscal year.

Performed well for several consecutive quarters now.

Should we still expect to see that business inflect the positive profitability by year end.

And how should we think about the cadence of profitability as we move through fiscal 2024.

Yes look for the full year, we think that the division can be around breakeven.

Or our geographic offerings I should say our coverage.

And over the course of the next couple of years and we're starting it. This year, we really are starting to focus more on.

Filling out the customers with the products and services filling out the routes with more density and that will start to turn the profitability, but for the most part our guidance for the full year.

Has us in that sort of treading water around breakeven.

Great very helpful. And then if I can follow up with just one more I know you provided just a bit of color on kind of how early year conversations have been going with customers.

But maybe just as a follow up to that.

Are there any of your end markets that are showing particularly outside strength or weakness as.

As you are looking at them today.

No I wouldn't say, so I think that as we kind of look at metrics and wear levels across the country. There really arent any particular pockets that jump out.

Yes.

Something I've been watching is we've had a couple of decent years in the <unk>.

The energy sector.

And that continues to be pretty solid.

As long as oil prices hold up.

But no I wouldn't say, we're seeing any any particular geographic or industry driven.

Trends that are worth noting.

Understood. Thanks, so much.

Thank you.

Our next question comes from the line of Andrew Steinman with J P. Morgan. Please proceed with your question.

Hi, I just wanted to confirm something.

I think its pretty clear, but I just wanted to confirm that the 24 guide.

When do you point to the lower half of the range I think thats just for revenues and not for EPS I think before 2040, <unk>, you're still pointing to the whole range I just wanted to confirm that but could you also update us on what youre, assuming for interest and 24 kind of given the first quarter benefit.

And you could imagine what I really want to kind of point to me. It's like what are you embedding in terms of the margin progress through the year and what gives you confidence in that margin outlook.

Yes so.

Yes actually can you ask the first part of the question again I'm sorry.

Okay. So it's a multi part question sorry, so the first one I just wanted to confirm what you pointed to the lower half of the range of the guide I think Thats, just a comment for revenues and not a comment for EPS in other words I think when you say.

While I have you are talking about revenues and for EPS Youre still point you to the whole range.

Yes, yes, sorry about that.

No Thats correct.

The comment about the lower half is just top line related.

We are still we are still pointing to the full range from a from an EPS perspective.

From an interest perspective.

You take a look at my interest income in the first quarter it largely benefited from about $2 $1 million in the first quarter.

Subsequent to that.

My expectation is that the interest income all realize sort of the Q1 run rate exclusive of that two one so about $1 million worth of interest income per quarter.

There was a lot more deviation in increases we are seeing across our cost base. We are seeing more stabilization. There right. Obviously merchandise is a big piece of that from a labor perspective.

It's consistent with what you read out there, it's still a challenging labor environment, but certainly not as challenging in terms of staffing pressure on wages and so on it doesn't mean those cost have retreated, but the confidence in them over the next few quarters is higher.

Then in past couple of years, when we were going through a lot of a lot of inflation and the energy with Shane talked about as well.

As a helpful item that we've modeled in.

Perfect. Thank you.

Thank you.

As a reminder to register for a question press the one four.

Our next question comes from the line of Kartik Mehta with Northcoast Research. Please proceed with your question.

Thank you good morning.

No I wouldn't say that when we look across our customer base, we think that there is any.

Sort of weakening of overall financial viability and how we how we look at that.

So no I think I think stable in that in that area. I think my commentary was more just around.

Probably a normal amount of caution given the environment.

Their businesses and their growth outlooks, and so on and so forth as we look over the course of the year.

Yeah.

And you talked about obviously synergy hopefully benefiting here for the rest of the year, assuming things kind of stay where they are.

I know previously you were able to put into the fuel surcharges because of fuel prices.

Are those surgeries surcharges so.

Or is that part of maybe some of the pricing dynamics that you've talked about.

So this is Steve we did we did take a step back in the energy surcharge last year at some point right now we're sort of holding even we sort of have a schedule that we're looking at.

I do think that lower energy price does put some pressure not just on <unk>.

On the surcharge, which is a relatively smaller amount at this point in the Grand scheme of things, but customers sort of pushing back on general price increase in new account pricing and so on so.

Yes, I would say indirectly what youre, saying is true that the lower energy prices is part of I think the pressure on price.

And one last question.

I know you've been inquisitive.

Turning to fleet last year, you've looked at acquisitions and Im wondering if youre seeing any change in the environment in terms of pricing or maybe what people might be willing or not we're going to do.

I wouldn't say any real change I mean, I think if you kind of look over the last number of years.

Aside from clean which was a larger deal.

A little bit of a larger one that's happened in the industry over the last number of years there continues to be.

A small handful of potential deals that emerge and people kind of test the test the waters and so and I think that really continues I think.

We will be aggressive.

Deals that we think makes sense and are in either strategic geographies for us or that we feel the quality of the business really warrants that so.

I would say that really hasnt changed much over the last couple of years.

Thank you very much I really appreciate it.

Thank you.

As a reminder to register for a question press the one four.

There are no further questions at this time I will turn the call back to you.

Okay.

That does conclude the conference call for today, we thank you for your participation and ask that you. Please disconnect your line.

Q1 2024 UniFirst Corporation Earnings Call

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