Rimini Street (NASDAQ:RMNI) held its first-quarter earnings conference call on Thursday. Below is the complete transcript from the call.
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Summary
Rimini Street Inc reported a Q1 2026 revenue of $105.5 million, a 1.2% increase year-over-year, with a 5.2% increase excluding PeopleSoft products.
The company closed 11 new client transactions with over $1 million in TCV, totaling $33 million, significantly higher than the previous year’s $5.6 million.
Rimini Street Inc is investing in its agentic AI ERP solutions and expanding its sales team, which has grown to over 80 sellers.
The company has a positive outlook with a revenue growth guidance of 4-6% for 2026 and adjusted EBITDA margins in the 12.5-15.5% range.
CEO Seth Raven highlighted a shift towards longer-term contracts and a strategic focus on helping clients modernize existing systems with AI solutions, avoiding vendor upgrades.
Net income for the first quarter was $1.4 million, with adjusted EBITDA at $8.9 million, reflecting a decrease from the prior year due to increased investments.
The company reported a strong cash position with $132.2 million as of March 31, 2026, and made a $10 million voluntary debt prepayment.
Rimini Street Inc continues to wind down its support for Oracle’s PeopleSoft software, with related revenue decreasing from 8% to 3% of total revenue.
Full Transcript
OPERATOR
Good afternoon ladies and gentlemen and welcome to the Rimini Street Q1 2026 earnings conference call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, April 30, 2026. I will now turn the call over to Dean Paul, Vice President, Treasurer, and Head of Investor Relations. Please go ahead.
Dean Paul (Vice President, Treasurer and Head of Investor Relations)
Thank you operator. I’d like to welcome everyone to Rimini Street’s fiscal first quarter 2026 earnings conference call. On the call with me today is Seth Ravin, our CEO and President and Michael Perica, our CFO. Today we issued our earnings press release for the first quarter ending March 31, 2026, copy of which can be found on our website under the Investor Relations section. A reconciliation of GAAP to non GAAP financial measures has been provided in the tables following the financial statements in the press release. An explanation of these measures and why we believe they are meaningful is also included in the press release and our website under the heading about non GAAP Financial Measures and certain Key Metrics. As a reminder, today’s discussion will include forward looking statements about our operations that reflect our current outlook. These forward looking statements are subject to risks and uncertainties that may cause results to differ materially from statements made today. We encourage you to review our most recent SEC filings, including our Form 10Q filed today for a discussion of risks that may affect our future results or stock price. Now, before taking questions, we will begin with prepared remarks. With that, I’d like to turn the call over to Seth.
Seth Ravin
Thank you Dean and thank you everyone for joining us. First Quarter Results Our first quarter results reflect continued growth and accelerating momentum. A growing number of organizations are leveraging Rimini support and our proven Rimini smart path to execute their global ERP and operational transaction processes Faster, better and cheaper with more agility and speed to value all within existing budgets. Rimini street can help just about any organization lower its total operating costs and improve competitive advantage or improve return for government constituents. Using technology we delivered strong growth in adjusted calculated billings and adjusted ARR and expanded remaining performance obligations year over year adjusted for the Oracle PeopleSoft support and services wind down and which includes new logo and renewal subscription sales. We also continued to make additional strategic investments in our next generation. our Rimini Agentic AI ERP solutions that can be quickly deployed over existing ERP software without the cost or risk of unnecessary upgrades, migrations or replatforming during the quarter, we closed 11 new client transactions with a total contract value (TCV) of over $1 million and totaling $33 million, compared to five transactions totaling $5.6 million during the same period. We added 50 new logos that included household, global and regional Brand wins. The combined strength of the second half of 2025 and first quarter 2026 results give us continued confidence in delivering growth in fiscal 2026, positioning the company for increased growth and profitability. We are continuing our evolution beyond our position as the premier third party enterprise software support provider to a leader in also helping clients modernize their existing business transaction systems in the AI era. We are now the software support and agentic AI ERP company Today, more than 1900 Rimini street employees in 22 countries, helping organizations avoid unnecessary, costly and risky ERP and other enterprise software upgrades, migrations and replatformings that often deliver low ROI and offer little competitive advantage. Instead, organizations can invest in modernization of their existing systems, leveraging Next Generation Rimini AgentIQ AI ERP Solutions and that can be quickly and economically deployed over their current ERP and other enterprise software and deliver real competitive advantage. We believe we can help organizations achieve significant IT operating cost savings, improve profitability, enhance competitive advantage and accelerate growth. Our clients have already realized over $10 billion in operational savings. Rimini street leads in the Gentiq AI erp. We are helping clients set a new vision, technical and functional path forward from their current vendor ERP software release. A path does not require any return to the vendor for a future upgrade or migration to their current ERP software release in order to achieve innovation and modernization. The client can innovate and modernize their existing ERP software and other enterprise software using agentic AI ERP solutions deployed easily economically right over the top of their existing software releases. The Rimini Smart Path is our proprietary, proven three-step methodology that clients can use to self fund and accelerate innovation, especially AI and automation without undergoing costly, risky or unnecessary ERP upgrades or rip and replace migrations by leveraging and modernizing existing IT environments, all without operational disruption.
Seth Ravin
Rimini AgentIQ UX is our AI driven experience and automation layer that is deployed right over existing client ERP software and turns their ERP software from a static system of record into an autonomous system of action, delivering innovation and modernization in weeks, not years and at a fraction of the cost of a major upgrade, migration or replatforming project. Client Success Stories Rimini street is helping clients across many industries, geographies and software protect and optimize their core ERP systems while funding innovation and modernization, including fixing broken processes, automating workflows and functions, and using AI to solve
Seth Ravin
specific business challenges without disruptive, costly or risky ERP software upgrade, migrations or replatforming. Here are a few examples of how Rimini street solutions for SAP, Oracle and VMware software enabling innovation, transforming and improved competitive advantage for clients Cubic Corporation, a US Defense and transportation technology company, said that partnering with Rimini street allowed them to gain full control of their SAP roadmap, avoid a costly S4 HANA upgrade and reallocate savings in internal capacity towards automation, AI and broader modernization initiatives.
Seth Ravin
Flexitec, a French automotive products company, said that they chose Rimini Support to help reduce risk and operational disruption in its SAP environment, strengthening cybersecurity posture and accelerating compliance readiness while enabling the reallocation of savings towards R and D and modernization programs. Clean Era, a South Korean paper and hygiene products company, said they were able to cut SAP and Oracle vendor maintenance costs by approximately 50% with Rimini street stabilizing their core ERP environment and freeing budget and talent to accelerate AI analytics, filed expansion and IOT driven operational improvements. Elmort, a Brazilian industrial company, said that unifying support across VMware and SAP with Rimini street created the opportunity to increase operational stability and security while redirecting budget internal resources from maintenance to sustainability and growth initiatives, Partners, Alliances and Channels we continued strengthening and maturing our indirect sales ecosystem including adding new partner managers for strategic technology services and channel relationships.
Seth Ravin
During the quarter we closed accretive sales transactions globally that we do not believe we would have otherwise closed without partners. These partnerships extend our reach, bring complementary expertise and help clients execute modernization strategies that combine Rimini street support with world class platforms, cloud services and AI tooling. The ecosystem is becoming a strategic multiplier for us, accelerating adoption, expanding influence and enabling shared go to market opportunities. Summary we are focused on accelerating growth, improving profitability and delivering shareholder return. We plan to leverage Rimini Street’s proprietary, unique and proven smart path methodology, service portfolio and capabilities to help a growing list of clients take back control of their technology roadmap and spending and successfully navigate business and technical complexity in the age of AI. Now over to you Michael.
Michael Perica
Thank you Seth and thank you for joining us everyone. Q1 results Our first quarter results reflect solid execution and continued signs of momentum highlighted by remaining performance obligations, RPO and billings growth along with a return to top line growth. Despite the headwinds from the wind down of support and services for Oracle’s PeopleSoft software, our strong operating cash flow and cash position enabled us to comfortably make $10 million of additional voluntary principal prepayments that reduced our debt balance to $58.4 million and increased our net cash position to $73.8 million at the end of the quarter.
Michael Perica
Revenue for the first quarter was $105.5 million a year over year increase of 1.2% excluding support services for PeopleSoft products, revenue increased by 5.2% year over year. FX movements impacted first quarter revenue negatively by 0.5%. Annualized recurring revenue was 400.8 million for the first quarter, a year over year increase of 1Point2%. Our revenue retention rate for service subscriptions, which makes up 95% of our revenue, was 88% with approximately 81% of subscription revenue non cancellable for at least 12 months.
Michael Perica
Billings for the first quarter were 95.3 million, an increase of 19.9% year over year when excluding billings associated with support services for PeopleSoft products, the year over year increase was 22.9%. Gross margin was 59.0% of revenue for the first quarter compared to 61.0% of revenue for the prior year. First quarter on a non GAAP basis which excludes stock based compensation expense, Gross margin was 59.5% of revenue for the first quarter compared to 61.5% of revenue for the prior year.
Michael Perica
First quarter our gross margin in the period was negatively impacted by investments pulled forward in the year to take advantage of market opportunities and select non subscription engagements that had large front loaded startup costs. Nonetheless, as noted during our Investor Day presentations last December, our use of innovation and other analytics deployed on top of our existing systems of record provides us with confidence in our ability to build from this current gross margin level and achieve the targets we outlined.
Michael Perica
Operating Expenses Reorganization charges associated with optimization costs for the first quarter were 407,000. Also, we have carved out our R and D expenditures of 571,000 in the quarter in a separate line item that reflects our ongoing and increasing research and development activity for our proprietary historical offerings as well as our burgeoning AgentIQ, AI ERP and UX solutions. Sales and marketing expense as a percentage of revenue was 36.6% for the first quarter compared to 32.9% of revenue for the prior year. First quarter on a non GAAP basis which excludes stock based compensation expense, sales and marketing expense as a percentage of revenue was 35.8% for the first quarter compared to 32% of revenue for the prior year. First quarter our sales and marketing costs in the period was negatively impacted by investments pulled forward in the year to take advantage of market opportunities. General and administrative expenses as a percentage of revenue was 16.9% of revenue for the first quarter compared to 16.8% of revenue for the prior year. First quarter On a non GAAP basis which excludes stock based compensation, expense G and A was 15.7% of revenue for the first quarter compared to 15.6% of revenue for the prior year. First quarter as we stated in our most recent earnings call, we do not expect litigation expenses to be material on a going forward basis and are now including any residual legal costs in the G and a line item in our income statement. Net income attributable to shareholders for the first quarter was 1.4 million or $0.01 per diluted share compared to the prior year. First quarter of $0.04 per diluted share. On a non GAAP basis, net income for the first quarter was 4 million or $0.04 per diluted share compared to the first quarter of the prior year of $0.10 per diluted share. Adjusted EBITDA as defined in our earnings release and now excludes unrealized FX translation adjustments was 8.9 million for the first quarter or 8.4% of revenue compared to the prior year’s first quarter of $15.7 million or 15.1% of revenue. Balance Sheet we entered the first quarter of 2026 with a cash balance of $132.2 million compared to $122.6 million of cash for the prior year. First Quarter On a cash flow basis, first quarter operating cash flow increased $24.5 million compared to the prior year’s first Quarter increase of $33.7 million. Deferred revenue as of March 31, 2026 was $277.3 million compared to deferred revenue of $256.4 million for the prior year. First Quarter Remaining Performance Obligations RPO, which includes the sum of bill deferred revenue, contract assets and non cancellable Future revenue, was $643.6 million as of March 31, 2026 compared to $553.1 million for the prior year. First quarter, an increase of 16.4% when excluding RPO relating to support services for PeopleSoft products. The year end balance increased 18.2%, reflecting our building momentum with both new bookings, growth and longer duration commitments. PeopleSoft support wind down Update as we discussed during previous quarters earnings conference calls, our July 2025 settlement agreement with Oracle provides, amongst other obligations in terms between the parties that the Company will complete its previously announced wind down of its support and services for Oracle’s PeopleSoft software no later than July 31, 2028. We have made progress in reducing both the number of PeopleSoft’s software support clients and related revenues since announcing the wind down revenue from PeopleSoft software support services was 3% of revenue for the first quarter compared to approximately 7% for the previous year first quarter and down from 8% of revenue when we began the wind down process during the second half of 2024. Business Outlook the company is providing second quarter 2026 revenue guidance to be in the range of 106 million to 108 million and reiterating the full year 2026 guidance provided at our investor day in December 2025 of revenue growth in the 4 to 6% range and adjusted EBITDA margins in the 12.5 to 15.5% range combined to achieve rule of 20. For additional information, please see the disclosures in our Form 10Q filed today, April 30, 2026 with the U.S. securities and Exchange Commission. This concludes our prepared remarks. Operator will now take questions
OPERATOR
thank you ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press Star followed by the number one. On your Touchstone phone you will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press Star followed by the number two. If you’re using a speakerphone, please lift the headset before pressing any keys. Our first question comes from the line of Brian Kinslinger from Alliance Global Partners. Please go ahead.
Brian Kinslinger (Analyst)
Great. Thanks so much for taking my question. You talked about stronger booking trends that have started since the second half of 2025. Can you provide any quantifiable context? Maybe year over year comparisons, either booking totals you can provide or a book to bill? And then lastly maybe from a qualitative standpoint, discuss domestic versus International.
Seth Ravin
Sure, Brian, Seth here. As we said starting mid last year we started to see an uptick and we’ve shown it of course in the billings and bookings numbers. The compares I think have already been in each of the releases so the team will be happy to get you those at a later date. But I think we’re seeing continued growing demands. We’re seeing continued growing pipelines and those are now converting as you’re seeing into larger contracts. We’re seeing longer term contracts. Just look at the number of deals with the TCV over 1 million even in North America where we had zero of those deals in Q1 of last year, 60% of those deals were in North America this year. So we’re seeing various indicators of continued growing demand and our ability to execute continues to get better and better. So we’re pleased with what we saw happening in Q1 and how it sets us up even for the full year.
Brian Kinslinger (Analyst)
And then to follow up on that you mentioned in your prepared remarks just now as well about the longer duration. I think traditionally you’ve had one year contracts, correct me if I’m wrong, whereas the renewable for a year. What’s happening now? What are you seeing in terms of duration or maybe dig a little deeper into what you’re describing as longer duration?
Seth Ravin
Well, I think our average contract length used to be just under three years, about 2.5, 2.6 years for a new contract. And we’re seeing longer term contracts being signed and I think the indication of that is we’re watching customers think about a much longer term for this next phase of technology transition and they’re looking at their existing systems, they’re looking at the amount of change that’s coming their way or being pushed their way, realizing a lot of it isn’t going to generate the kind of return on investment or the competitive advantage they need. And they’re looking to us for longer term solutions. And I think that’s what you’re seeing play out in the contracts.
Brian Kinslinger (Analyst)
Okay, my last question is in the previous quarter you highlighted 26 customers that were that we’re testing your Agenti AI solutions. Maybe you can update us on that number, share what feedback you’re getting from them and timelines to production. And then lastly, how would you want to be measured over the next 18 months on your progress of that new solution? Is it improving organic growth rates? Are you going to discuss the revenue contribution? Just how should investors think about that?
Seth Ravin
Well I think how we should think about it is exactly based on the guidance. It’s about growth. The fact that we’re returning to growth against the headwinds of the PeopleSoft wind down is certainly a nice indicator. And I think the fact that we would return to growth with a mid single digit this year as we said, a “Rule of 20” is what we’re aiming for between a top line and a bottom line. Wanted to give ourselves a little range and flexibility between the top line and bottom line and then look to us to get to that rule of 40 that we want to get to which of course requires us to see a double digit growth on the top line and a double digit return on the bottom. So I think those are very, very key. The other part is obviously we have investors who want to see shareholder return. We believe that we sit on surplus cash. We believe that that should be returned to shareholders in one way or another, whether that’s through stock buybacks, whether that’s through paying down debt. But increasing shareholder value is a key component. So I think those are the measures that we’re looking at in terms of growing the business. Now, when it comes to the world of Agentic AI and Agentic AI ERP, there’s two things you need to remember. There’s one, there’s the fact that we create both a path and we create a vision that customers can follow that doesn’t require any future return to the vendor. That’s very, very key. That is a big change from prior years where customers often thought of us as more of a temporary detour for some number of years and then a return to the vendor to get their next level of innovation. That’s no longer the case. And that’s why you’re watching us win bigger and bigger contracts. Because customers are liking what we put on the table as a path and a strategy that does not lead them back to the software vendor in a future year. And that is changing the game dramatically for us on the ground.
Brian Kinslinger (Analyst)
Great. Thanks so much.
Seth Ravin
Thank you.
OPERATOR
Your next question comes from the line of Jeff Van Ree. From Craig Hallum, your line is now open.
Jeff Van Ree (Analyst)
Great, thanks. Thanks for taking the questions, guys. And some great underlying metrics here. Looks like some good momentum and good to see some ARR growth year over year. Seth, you were just touching on leverage and I want to revisit that gross margins. This is on the lower end of anything I’ve seen in quite a while. And Michael, I think you referenced there were some pull forwards for some, I guess what I would characterize it sounded like unexpected business opportunities. I think you, you know, S and M is up from 34 to 37 year over year, but revenue is generally flat. And so, you know, given that, I’m just trying to understand around the, you know, number one, you know, what is this near term opportunity you’re seeing that you got to invest in right now, given that you’re not raising the overall outlook? Maybe we could just start there and understand those.
Seth Ravin
Sure, Jeff. So first, yes, we made a decision to pull forward some expense from future quarters. But we of course reiterated guidance being on target with what we provided in the investor day in December and the things we’re Seeing for example, we’re investing in our US Federal team, brand new team. We see a lot of opportunity in the federal government space with our new GSA contract, our partners that we’re putting in place. And so there’s a lot going on in that part of the world. There’s also significant amount of work for us to do with PE firms. And we’ve got our first vice president of PE sales on board because today we service accounts that have over 20 different major PE firms represented. And we’re going to go in and try and work with these firms to work on their bigger portfolios in general. So that again is another expansion area for us to build on. And so those investments were being made. We also of course are investing in our agenti ERP solutions. And you saw the first time we have an R and D line item because we’re making some investments at the product level. So those are also taking place. We also expanded our sales team. We’re over 80 sellers now. And so we’ve moved our numbers back up from the mid-70s when we last had our last call for end of year. And so we’re continuing to expand and invest in sales and marketing as well. So you saw temporarily the expenses went up as a percent of revenue, but we expect those will normalize throughout the year.
Jeff Van Ree (Analyst)
And so then just to follow on to that, given all of those incremental revenue opportunities and in light of the revenue outperformance in the quarter relative to the guide, you didn’t flow it through to the annual guide. So just help me understand what was in play there.
Seth Ravin
Well, I think we want to just take it very carefully. As you know, we didn’t grow for some time and we’re back in feeling very positive and very confident in our growth for the year and hence the mid single digit growth targets that we set out there. But we want to just get another quarter under the belt and think about that before we talk about any kind of raise in the guidance.
Jeff Van Ree (Analyst)
And then maybe just last Seth on customer retention. I know it’s a focus and the AgentIQ and some other things probably have some opportunities to help there. But how should we think about churn over the next several quarters? This retention number has been at 88 here for at least a few quarters. Just any big churn events coming up here and how do you think about retention next several quarters?
Seth Ravin
Well, the 88% is a trailing twelve-month (TTM) rear view of the total number. We feel very good and as I noted in the prepared remarks, we beat our internal numbers on the retention number, it’s just going to take a while to show up in the TTM number. I think when you look at the rpo, some of those are even related to renewals. So we’re seeing good, strong renewals out of the first quarter and feeling good about where we’re looking to the year. Our goal is of course to see that TTM return to over a 90% number and we feel that we should start to see it show up in the metrics starting in the next quarter or so.
Jeff Van Ree (Analyst)
Okay, great. I’ll leave it there. Thank you.
OPERATOR
Your next question comes from the line of Alex Furman from Lucid Capital Markets. Your line is now open.
Alex Furman (Analyst)
Hey guys, thanks very much for taking my question and congratulations on the return to growth here in Q1. Looks like here in the first quarter you added about 30 active clients relative to where you ended 2025. The last three years, give or take, Q1 has been about flat in terms of customer acquisition. Is this just more of the same what we’ve been kind of talking about increased for your AI solutions? Or are we maybe starting to see more of a year round sales and adoption process as your clients are starting to implement more AI? Are we maybe starting to see more of a year-round sales and adoption process as your clients are starting to implement more AI?
Seth Ravin
And thanks. We absolutely are seeing improvement in everything from the number of leads coming in to lead conversion to opportunity, opportunity to closes. So higher quality pipeline, higher quality execution, but the demand environment is absolutely growing as well. There is no doubt that the world of AI has shifted the dynamics from a technological standpoint. You’re also watching, as Rimini street had predicted many years ago, the breakup of these big ERP monolithic systems into smaller pieces we called components disposable ERP. Those pieces are breaking down further and what this means is that businesses and government organizations are now able to buy pieces a la carte, let’s say, versus having to buy them all in one big package. And we’re well positioned, maybe the best position to help customers through all these technological transitions, including the thoughtful implementation of AI where it’s appropriate. And because our number one objective is driving down the total cost of operations and improving profitability or improving share return for government organizations, we think we are well positioned to help customers for the long term. And we’re talking 5, 10, 15, 20 years through this next phase of transition. So I think all of that coming together is what we’re watching and showing up in the numbers.
Alex Furman (Analyst)
Okay, that’s really helpful. Thanks for all of that color. And then I see you have a new line item here. Research and development. Sounds like that’s going to be more of a focus for the company going forward. How much should we expect to see there going forward there this year and in the future?
Seth Ravin
Well, I think answers on this line.
Alex Furman (Analyst)
Oh, I’m sorry.
Seth Ravin
No, go ahead. Oh, I was just going to say that we expect to continue to make investments in this space because we’ve been a services company, we’ve always had products, but the opportunity for us to develop more in the product and the licensing arena for subscription licenses has increased. And so we’re going to make those investments. But keep in mind we’re staying within our guidance limits. We’re not talking about changing guidance even with the R and D line item. And I’m sorry, Michael, you wanted to add there.
Michael Perica
Yeah. Just want to augment in the point that Seth made, Alex, at the end that this was incorporated overall in our guidance. We do expect it to creep up throughout the year and can exit the year about 1% or so. That’s how we’re looking at it. To augment these key technological investments both with what we have existing and these new offerings that we’re talking about.
Alex Furman (Analyst)
Okay, that’s really helpful. Thank you guys very much. Thank you.
OPERATOR
Your next question comes from the line of Brian Kinslinger from Alliance Global Partners. Please go ahead.
Brian Kinslinger (Analyst)
Yeah, great, thanks. I just wanted to confirm that today the revenue from the Agentic AI solution is quite modest, but that we’ll begin to see that contribution pick up maybe in the second half of the year into the next year. And then my second part of my question is, will there eventually be a report or some kind of metric that helps investors frame how much revenue is coming from that new solution?
Seth Ravin
Sure, Brian. Of course, it’s not what we call a material amount yet from the AgentIQ AI ERP solutions themselves. But two ways to think about this. There is the actual revenue that’s accretive, that comes from solutions and sales and licensing and subscriptions in the agentic bucket. That’s a new set of of products and services. There’s a second, more important one which is already at work here, and that is the fact that we have created a vision and we have a path and we have a solution going forward for customers that leads them away from having to do vendor upgrades and migrations in the future and allows them to drive their existing systems with modernization on that platform. That alone is what’s driving, we believe, underneath a lot of the extra demand we’re seeing because that is creating new demand that we did not have before. And it’s bringing customers back to the table, who have now come back to us to join Rimini street, who before had turned us down, proposals that they didn’t move forward with. We’re now able to show them a path forward with an agenta capability that says, okay, we’ll go ahead and move forward at this time. So don’t underestimate the very fact that we have this path and this vision and technology that alone is driving increased sales.
Brian Kinslinger (Analyst)
Okay, thank you.
Seth Ravin
Certainly,
OPERATOR
there are no further questions at this time. I will now turn the call over to Seth Raven, CEO. Please continue.
Seth Ravin
Great. Well, thank you very much, and thanks, everyone, for joining us. And we will see you on the next earnings call. Have a great day.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
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