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5
F R O M T H E P R E S I D E N T
- Branch Locations
- Expansion Markets
Nicholas Financial Branch Locations & Expansion Markets
The final piece of our four-pronged approach to growth was our
openness to portfolio acquisitions. We began the year announcing
the acquisition of all material assets and certain specific liabilities
of Metrolina Credit Company. This acquisition added approximately
$22.5 MM in receivables to our portfolio (mostly in North and South
Carolina). A little over a year later we can look back and confident-
ly confirm this was a very good deal for Nicholas that not only con-
Fiscal year 2020 is now behind us. We
have celebrated our success and our
victories, learned from our challenges
and setbacks, and now eagerly look
forward to the years ahead of us.
Armed with an extremely solid liquid-
ity position, we have the strength to
tributed to our profitability, but also helped improve other aspects
face and survive many challenges and obstacles. Equipped with
of our operations. We were able to achieve cost savings by way of
excellent access to capital through our credit facility, we have the
office consolidations, retain some quality personnel talent in our
ability to maximize our share in existing and new markets, as well
combined operations, expand our dealer base in most markets, and
as to act quickly as new opportunities present themselves. Bless-
reduce the amount of direct competition all in one transaction.
ed with some of the best and most talented individuals both in
We followed up the Metrolina transaction with a series of bulk ac-
quisitions between December 2019 and February 2020 – resulting in
approximately $22 MM in total portfolio acquisitions from Platinum
Auto Finance. Once again, by adding seasoned receivables with a
proven pay history and the protection of limited recourse, we were
able to add to our portfolio more quickly than we could through
core originations alone – all the while mitigating the risk of default
and loss.
Although we remain
committed to our core
business of indirect
retail sales financing
the field and in our corporate office, we have the team in place to
execute on our strategy today and for years to come. It will never
be perfect, and it will surely never be easy, but we have once again
tasted some modest success and are hungry for much, much more.
On behalf of our Board of Directors, our management team and
each of our hardworking and dedicated employees I say, “Thank
You!” Thank you to all of you who have invested in Nicholas. We
appreciate your continued belief in our Company. We are sincerely
grateful for your confidence, support and trust.
for the subprime buyer of used vehicles as well as the expansion
of our direct loan product, we are also very open to exploring and
even pursuing quality portfolio acquisitions that align well with
our customer base and operations.
Doug Marohn
President & Chief Executive Officer
July, 2020
4
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@_h[Yj"GeWdi
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B_iYWb"o[Wh"[dZ[Z"HWhY^"31,
(Jh_]_dWj_edi"_d"j^ekiWdZi)
2020
"
12,638"
"
"$
28.2%""
""
25"
"$
4,017"
""
3,142"
2019
"
"
6+630"
15-3%
14"
3+/25"
0+807 "
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12-6" % " "
22.4" % " "
12-2" % " "
10-6" % " "
11-/" % " "
11-2" % " "
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2 " "
1 " "
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2019 " "
3 " "
2 " "
1 " "
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3 " "
2 " "
1 " "
0 " "
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`em\jkd\ek"`e"\XZ_"f]"k_\"?fdgXeprj"Zfddfe"j_Xi\j+"k_\"J=O@=M"?fdgfj`k\"Ee[\o+"Xe["k_\"@fn"Ffe\j"QO"
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"
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"""Ee[\o
"
" $
" "
04/1/2015 " " 04/1/2016 " " 04/1/2017 " "
04/1/2018 " " 04/1/2019 " "
0//-//" " $
0//-//" " "
66-/1" " $
88-26" " "
64-76" " $
01/-52" " "
53-63" " $
033-02" " "
53-13" " $
046-60" " "
04/1/2020 "
30-57"
046-01"
" "
0//-//" " "
80-16" " "
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13
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2020
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2018
"
"
"
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" "
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," " "
04+517" " "
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1+136" " "
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08+757" " "
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02+171" " "
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2+052" " "
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15
"
"
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?fekiXZkj"gliZ_Xj\[.@`i\Zk"HfXej"fi`^`eXk\[
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"""@`i\Zk"HfXej"gliZ_Xj\[
JldY\i"f]"YiXeZ_"cfZXk`fej
2017
2016
2019
2020
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"
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"
"
"
"
"
"
"
"
2018
"
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"$ 222+501"
"$ 17/+73/"
"$ 141+31/"
"$ 214+2/8"
"$ 127+/73"
"" 206+1/4"
"" 155+462"
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"$ 78+223"
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"$ 74+13/"
""
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"$ 006+106"
""
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"$ 068+506"
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(0)
"
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(0-6/)%
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5-17%
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(01+847)" $
2019
"
""
03+/33"
33+048"
(12+076)
24+/05 "
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" "
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22
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124,255" " "
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144,150" " "
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238,818" " $
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(Ed"j^ekiWdZi,"[nY[fj"[Whd_d]i
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2019
2020
"
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(21)" "
2+323" " $
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2+323" " $
v"
(2+537)
""
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6+6/1" " "
-34" " $
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2+323" " $
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2+355" " $
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v"
6+750"
(/-35)
""
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v"
(2+537)
6+750"
v"
6+750"
(/-35)
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36
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" "
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(Ed"j^ekiWdZi)
" "
2020
108+255" " $
2+053" " "
(7+/45)" "
(1+505)" "
(804)" "
10/+832" " "
(00+051)" "
088+670" " $
"
2019
"
117+883"
1+778"
(0/+/72)
(1+715)
,"
107+863"
(05+821)
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28" " "
(7)" "
(15)" "
4/" " $
0/-40" " "
8-36" " "
8-38" " "
0/-46" " "
8-54" " "
0-85" " "
"" " "
"" " "
"" " "
0-3/" " $
"
3/3"
""
""
""
230 "
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Zfeki`Ylk`fej"Xi\"mfclekXip"Xe["jlYa\Zk"kf"Eek\ieXc"N\m\el\"O\im`Z\"c`d`kXk`fej-"P_\"?fdgXep"[`["efk"dXb\"X"
[`jZi\k`feXip"dXkZ_`e^"\dgcfp\\"Zfeki`Ylk`fe-"P_\">fXi["n`cc"i\,\mXclXk\"k_\"?fdgXeprj"dXkZ_`e^"gfc`Zp"]fi"gcXe"
p\Xi"1/1/"cXk\i"`e"k_\"p\Xi-
12."?ecc_jc[dji"WdZ"?edj_d][dY_[i"
P_\"?fdgXep"Zlii\ekcp"`j"efk"X"gXikp"kf"Xep"g\e[`e^"c\^Xc"gifZ\\[`e^j"fk_\i"k_Xe"fi[`eXip"iflk`e\"c`k`^Xk`fe"
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50
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k_Xe"k_\"REA+"n`cc"i\kX`e"Z\ikX`e"Zi\[`k"`ejliXeZ\"`eZfd\"kf^\k_\i"n`k_"Z\ikX`e"i\Zfm\i`\j"i\cXk\["kf"Zi\[`k"`ejliXeZ\"
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fe"X"Zfejfc`[Xk\["YXj`j"]fi"Xj"cfe^"Xj"k_\"?fdgXep"Zfejfc`[Xk\j"k_\"REA-
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k_\"gi`dXip"Y\e\]`Z`Xip"f]"k_\"REA-
P_\"Xjj\kj"f]"k_\"REA"j\im\"Xj"ZfccXk\iXc"]fi"k_\"fYc`^Xk`fej"f]"k_\"REA-""P_\"c\e[\i"_Xj"ef"i\Zflij\"kf"Xjj\kj"flkj`[\"
f]"k_\"REA-
P_\"]fccfn`e^"kXYc\"gi\j\ekj"k_\"Xjj\kj"Xe["c`XY`c`k`\j"_\c["Yp"k_\"REA"(]fi"c\^Xc"gligfj\j+"k_\"Xjj\kj"Xe["k_\"
c`XY`c`k`\j"f]"k_\"REA"n`cc"i\dX`e"[`jk`eZk"]ifd"k_\"?fdgXep)9
"
"
=jj\kj
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B`eXeZ\"i\Z\`mXYc\j+"e\k
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PfkXc"c`XY`c`k`\j
" "
" "
$
"
"
$
" "
$
"
$
2020
" "
"
" " "
6+771" $
054+855" "
0+166" "
064+014" $
" " "
013+144" $
486" "
013+741" $
"
2019
"
"
"
1+/36"
076+473"
,"
078+520"
"
031+508"
,"
031+508 "
14."NjeYa"KbWdi
Ee"IXp"1/08+"k_\"?fdgXeprj">fXi["f]"@`i\Zkfij"(s>fXi[t)"Xlk_fi`q\["X"e\n"jkfZb"i\gliZ_Xj\"gif^iXd"Xccfn`e^"]fi"
k_\"i\gliZ_Xj\"f]"lg"kf"$7-/"d`cc`fe"f]"k_\"?fdgXeprj"flkjkXe[`e^"j_Xi\j"f]"Zfddfe"jkfZb"`e"fg\e"dXib\k"
gliZ_Xj\j+"gi`mXk\cp"e\^fk`Xk\["kiXejXZk`fej+"fi"k_ifl^_"fk_\i"jkilZkli\j"`e"XZZfi[XeZ\"n`k_"Xggc`ZXYc\"]\[\iXc"
j\Zli`k`\j"cXnj-"P_\"Xlk_fi`qXk`fe"nXj"\]]\Zk`m\"`dd\[`Xk\cp-
P_\"k`d`e^"Xe["XZklXc"eldY\i"f]"j_Xi\ij"n`cc"[\g\e["fe"X"mXi`\kp"f]"]XZkfij+"`eZcl[`e^"jkfZb"gi`Z\+"ZfigfiXk\"Xe["
i\^lcXkfip"i\hl`i\d\ekj"Xe["fk_\i"dXib\k"Xe["\Zfefd`Z"Zfe[`k`fej-"P_\"?fdgXeprj"jkfZb"i\gliZ_Xj\"gif^iXd"dXp"
Y\"jljg\e[\["fi"[`jZfek`el\["Xk"Xep"k`d\-
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flkjkXe[`e^"j_Xi\j-
"
P_\"kXYc\"Y\cfn"jlddXi`q\j"ki\Xjlip"j_Xi\"kiXejXZk`fej"le[\i"k_\"?fdgXeprj"jkfZb"i\gliZ_Xj\"gif^iXd-
"
"
"
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"
"
"
" "
" "
" "
51
Om[bl["cedj^i"[dZ[Z"HWhY^"31,
(Ed"j^ekiWdZi)
" "
2019
2020
"
"
IkcX[h"e\"
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"
" =cekdj
" "
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"
" =cekdj
4,714" " $
119" " "
4,833" " $
(70,459) " "
(979) " "
(71,438) " "
3+603" " $
," " "
3+603" " $
"
(6/+348)
,"
(6/+348)
15."NkXi[gk[dj"Al[dji
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B`]k_"P_`i[">Xeb"`e"Zfee\Zk`fe"n`k_"k_\"Q-O-"OdXcc">lj`e\jj"=[d`e`jkiXk`ferj"LXpZ_\Zb"Lifk\Zk`fe"Lif^iXd"(k_\"
sLLL"HfXet)-"LlijlXek"kf"k_\"LXpZ_\Zb"Lifk\Zk`fe"Lif^iXd+"Xcc"fi"X"gfik`fe"f]"k_\"LLL"HfXe"dXp"Y\"]fi^`m\e"`]"k_\"
?fdgXep"lj\j"k_\"gifZ\\[j"f]"k_\"LLL"HfXe"]fi"`kj"gXpifcc"Zfjkj"Xe["fk_\i"\og\ej\j"`e"XZZfi[XeZ\"n`k_"k_\"
i\hl`i\d\ekj"f]"k_\"LXpZ_\Zb"Lifk\Zk`fe"Lif^iXd-"P_\"?fdgXep"`ek\e[j"kf"lj\"k_\"gifZ\\[j"f]"k_\"LLL"HfXe"]fi"
gXpifcc"Zfjkj"Xe["fk_\i"Zfm\i\["\og\ej\j"Xe["`ek\e[j"kf"j\\b"]lcc"]fi^`m\e\jj"f]"k_\"LLL"HfXe"Xj"jffe"Xj"g\id`kk\["
le[\i"k_\"LXpZ_\Zb"Lifk\Zk`fe"Lif^iXd-
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flkjkXe[`e^"gi`eZ`gXc"YXcXeZ\"gclj"XZZil\["Xe["legX`["`ek\i\jk-"P_\"LLL"HfXe"XZZil\j"`ek\i\jk"Xk"X"iXk\"g\i"Xeeld"
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gi`eZ`gXc"YXcXeZ\"gclj"XZZil\["Xe["legX`["`ek\i\jk"`j"[l\"fe"IXp"16+"1/11-"P_\"LLL"HfXe"`j"lej\Zli\[-"P_\"LLL"
HfXe"dXp"Y\"gi\gX`["Xk"Xep"k`d\"gi`fi"kf"dXkli`kp"n`k_"ef"gi\gXpd\ek"g\eXck`\j-"P_\"Lifd`jjfip"Jfk\"ZfekX`ej"
\m\ekj"f]"[\]Xlck"Xe["fk_\i"gifm`j`fej"ZljkfdXip"]fi"X"cfXe"f]"k_`j"kpg\-
>TNSY">WJINHYN[J%"7SH'/"Ke"Fle\"0/k_"1/1/""Lf`ek"Li\[`Zk`m\"EeZ-+"k_\"OXe"@`\^f,YXj\["ZfdgXep"k_Xk"gifm`[\j"
dXZ_`e\"c\Xie`e^"jfclk`fej"kf"c\e[\ij+"XeefleZ\["kf[Xp"k_Xk"J`Z_fcXj"B`eXeZ`Xc"_Xj"j\c\Zk\["k_\"ZfdgXeprj"i`jb"
jZfi`e^"jfclk`fej"kf"_\cg"k_\d"Y\kk\i"j\^d\ek"_`^_"Xe["cfn"i`jb"Xggc`ZXk`fej"kf"`dgifm\"k_\"Zljkfd\i"Xe["[\Xc\i"
\og\i`\eZ\"[li`e^"k_\"]`eXeZ`e^"gifZ\jj-
AMFWJ"@JUZWHMFXJX/"Bfi"k_\"g\i`f["=gi`c"0+"1/1/"k_ifl^_"Fle\"10+"1/1/+"k_\"?fdgXep"i\gliZ_Xj\["Xe"X[[`k`feXc"
3+601"j_Xi\j"f]"fli"Zfddfe"jkfZb"]fi"$16"k_fljXe["Xk"Xe"Xm\iX^\"gi`Z\"f]"$4-71"g\i"j_Xi\-""P_\"kfkXc"j_Xi\j"
i\gliZ_Xj\["k_ifl^_"Fle\"10+"1/1/"le[\i"k_\"gcXe"`e"X^^i\^Xk\"`j"012+640"j_Xi\j"f]"Zfddfe"jkfZb"]fi"$0-/"d`cc`fe"
Xk"Xm\iX^\"gi`Z\"f]"$7-/4-
2=D73&)./"P_\"?fdgXep"_Xj"[`jZljj\["?KRE@,08"k_ifl^_flk"k_\"0/,G+"`eZcl[`e^"Ylk"efk"c`d`k\[+"kf"]finXi[,
cffb`e^"`e]fidXk`fe+"Ek\d"0-">lj`e\jj+"Ek\d"0=-"N`jb"BXZkfij+"Ek\d"6-"IXeX^\d\ekrj"@`jZljj`fe"Xe["=eXcpj`j"f]"
B`eXeZ`Xc"?fe[`k`fe"Xe["N\jlckj"f]"Kg\iXk`fej+"Xe["Jfk\j"kf"k_\"?fejfc`[Xk\["B`eXeZ`Xc"OkXk\d\ekj
16."LkWhj[hbo"M[ikbji"e\"Jf[hWj_edi"(PdWkZ_j[Z)"
B_iYWb"T[Wh"[dZ[Z"HWhY^"31,"2020
(Ed"j^ekiWdZi,"[nY[fj"[Whd_d]i"f[h"i^Wh["Wcekdji)
B_hij
LkWhj[h
N[YedZ
LkWhj[h
O^_hZ
LkWhj[h
Bekhj^
LkWhj[h
" "
" "
" "
"
05+530" " $
1+377" " "
3+274" " "
7+860" " "
686" " "
1/5" " "
480" " $
"" " "
/-/6" " $
/-/6" " $
04+474" " $
1+187" " "
3+///" " "
7+816" " "
25/" " "
81" " "
157" " $
"" " "
/-/2" " $
/-/2" " $
03+862" " $
0+775" " "
3+486" " "
6+84/" " "
43/" " "
118" " "
200" " $
"" " "
/-/3" " $
/-/3" " $
"
03+785"
0+732"
2+808"
7+473"
44/"
(0+635)
1+185"
""
/-20"
/-20 "
"
"
PfkXc"i\m\el\
Eek\i\jk"\og\ej\
Lifm`j`fe"]fi"Zi\[`k"cfjj\j
Jfe,`ek\i\jk"\og\ej\
Kg\iXk`e^"`eZfd\"Y\]fi\"`eZfd\"kXo\j
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@`clk\[
"
"
" $
" "
" "
" "
" "
" "
" $
" "
" $
" $
52
B_iYWb"T[Wh"[dZ[Z"HWhY^"31,"2019
(Ed"j^ekiWdZi,"[nY[fj"[Whd_d]i"f[h"i^Wh["Wcekdji)
B_hij
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N[YedZ
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Bekhj^
LkWhj[h
" "
" "
" "
"
07+648" " $
1+43/" " "
4+315" " "
7+7/0" " "
0+881" " "
461" " "
0+31/" " $
"" " "
/-07" " $
/-07" " $
08+3/3" " $
1+275" " "
7+263" " "
6+855" " "
567" " "
85" " "
471" " $
"" " "
/-/6" " $
/-/6" " $
05+63/" " $
1+2/2" " "
6+760" " "
6+736" " "
(0+170)" "
(265)" "
(8/4)" $
"" " "
(/-01)" $
(/-01)" $
"
05+286"
1+164"
00+054"
7+823"
(4+866)
(0+121)
(3+634)
""
(/-5/)
(/-5/)
"
"
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@`clk\[
"
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" $
" "
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" "
" "
" "
" $
" "
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" $
53
Ej[c"9=."?edjhebi"WdZ"KheY[Zkh[i"
AlWbkWj_ed"e\"@_iYbeikh["?edjhebi"WdZ"KheY[Zkh[i"
P_\"?fdgXep"dX`ekX`ej"[`jZcfjli\"Zfekifcj"Xe["gifZ\[li\j"[\j`^e\["kf"\ejli\"`e]fidXk`fe"i\hl`i\["kf"Y\"[`jZcfj\["
`e"`kj"i\gfikj"]`c\["glijlXek"kf"k_\"O\Zli`k`\j"AoZ_Xe^\"=Zk"f]"0823+"Xj"Xd\e[\["(k_\"sAoZ_Xe^\"=Zkt)+"`j"i\Zfi[\[+"
gifZ\jj\[+"jlddXi`q\["Xe["i\gfik\["n`k_`e"k_\"k`d\"g\i`f[j"jg\Z`]`\["`e"k_\"OA?rj"ilc\j"Xe["]fidj-"OlZ_"
`e]fidXk`fe"`j"XZZldlcXk\["Xe["Zfddle`ZXk\["kf"dXeX^\d\ek+"`eZcl[`e^"k_\"?_`\]"Ao\Zlk`m\"K]]`Z\i"Xe["?_`\]"
B`eXeZ`Xc"K]]`Z\i"Xj"Xggifgi`Xk\+"kf"Xccfn"k`d\cp"[\Z`j`fej"i\^Xi[`e^"i\hl`i\["[`jZcfjli\-"P_\"?fdgXeprj"
dXeX^\d\ek+"`eZcl[`e^"`kj"?_`\]"Ao\Zlk`m\"K]]`Z\i"Xe["?_`\]"B`eXeZ`Xc"K]]`Z\i+"[f\j"efk"\og\Zk"k_Xk"k_\"?fdgXeprj"
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