AMSC (NASDAQ:AMSC), a global solutions provider serving wind and
power grid industry leaders, today reported financial results for
its third quarter of fiscal 2015 ended December 31, 2015.
Revenues for the third quarter of fiscal 2015 were $25.8
million, compared with $21.2 million for the same period of fiscal
2014. The year over year growth in revenues was a result of
strength in both our wind and grid businesses.
AMSC’s net loss for the third quarter of fiscal 2015 decreased
to $3.0 million, or $0.22 per share, from $6.4 million, or $0.72
per share, for the same period of fiscal 2014. AMSC’s net loss in
the third fiscal quarter includes a gain of $2.5 million realized
from the Company’s sale of its minority equity interest in Blade
Dynamics.
Excluding the gain on the sale of the minority equity interest
in Blade Dynamics and other items, the Company’s non-GAAP net loss
for the third quarter of fiscal 2015 was $4.9 million, or $0.36 per
share, compared with a non-GAAP net loss of $9.6 million, or $1.09
per share, in the same period of fiscal 2014. Please refer to the
financial table below for a reconciliation of GAAP to non-GAAP
results.
Cash, cash equivalents, and restricted cash at December 31, 2015
totaled $37.7 million, compared with $36.6 million at September 30,
2015.
“Our financial and operational performance in the third quarter
was very strong,” said Daniel P. McGahn, President and CEO, AMSC.
“We delivered in excess of 20% year-over-year revenue growth,
including shipping a record number of ECS to Inox and generating
the highest D-VAR revenues in nearly three years. In
addition, we achieved the highest quarterly gross margin in more
than four years, and generated cash during the quarter as well.
Operationally, we completed a set of multi-year strategic
agreements with Inox Wind which we believe will provide a near-term
foundation for the business as we execute on our longer-term
objectives, particularly generating meaningful revenues from our
REG and Ship Protection System products.”
Business Outlook For the fourth quarter ending
March 31, 2016, AMSC expects that its revenues will be in the range
of $18 million to $22 million. The Company’s net loss for the
fourth quarter of fiscal 2015 is expected to be less than $8.5
million, or $0.62 per share. In addition, AMSC expects that
its non-GAAP net loss (as defined below) for the fourth quarter of
fiscal 2015 will be less than $9.5 million, or $0.70 per share. The
company expects its cash flow for the fourth quarter of fiscal 2015
to approach neutral, resulting in a balance of cash, cash
equivalents, and restricted cash at the end of the fourth fiscal
quarter roughly equivalent to the balance at the end of the third
fiscal quarter.
Conference Call Reminder In conjunction with
this announcement, AMSC management will participate in a conference
call with investors beginning at 10:00 a.m. Eastern Time today to
discuss the Company’s financial results and business outlook. Those
who wish to listen to the live or archived conference call webcast
should visit the “Investors” section of the Company’s website at
http://www.amsc.com/investors. The live call also can be accessed
by dialing 785-424-1666 and using conference ID 8650194.
About AMSC (NASDAQ:AMSC) AMSC generates the ideas, technologies
and solutions that meet the world’s demand for smarter, cleaner …
better energy™. Through its Windtec™ Solutions, AMSC provides wind
turbine electronic controls and systems, designs and engineering
services that reduce the cost of wind energy. Through its Gridtec™
Solutions, AMSC provides the engineering planning services and
advanced grid systems that optimize network reliability, efficiency
and performance. The Company’s solutions are now powering gigawatts
of renewable energy globally and are enhancing the performance and
reliability of power networks in more than a dozen countries.
Founded in 1987, AMSC is headquartered near Boston, Massachusetts
with operations in Asia, Australia, Europe and North America. For
more information, please visit www.amsc.com.
AMSC, Windtec, Gridtec, and Smarter, Cleaner … Better Energy are
trademarks or registered trademarks of American Superconductor
Corporation. All other brand names, product names, trademarks or
service marks belong to their respective holders.
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Any statements in this release about our belief that the set of
multi-year strategic agreements with Inox Wind will provide a
near-term foundation for the business, our execution of our
longer-term objectives and our expectations regarding anticipated
financial results and balance of cash, cash equivalents, and
restricted cash and other statements containing the words
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions, constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements represent management’s current
expectations and are inherently uncertain. There are a number of
important factors that could materially impact the value of our
common stock or cause actual results to differ materially from
those indicated by such forward-looking statements. Such factors
include: We have a history of operating losses, which may continue
in the future; Our operating results may fluctuate significantly
from quarter to quarter and may fall below expectations in any
particular fiscal quarter; We have a history of negative operating
cash flows, and we may require additional financing in the future,
which may not be available to us; Our Term Loans include certain
covenants and other events of default, and should we not comply
with these covenants or incur an event of default, we may be
required to repay our obligation in cash, which could have an
adverse effect on our liquidity; We may be required to issue
performance bonds or provide letters of credit, which restricts our
ability to access any cash used as collateral for the bonds or
letters of credit; Changes in exchange rates could adversely affect
our results from operations; If we fail to maintain proper and
effective internal controls over financial reporting, our ability
to produce accurate and timely financial statements could be
impaired and may lead investors and other users to lose confidence
in our financial data; Our financial condition may have an adverse
effect on our customer and supplier relationships; Our success in
addressing the wind energy market is dependent on the manufacturers
that license our designs; A significant portion of our revenues are
derived from a single customer; Our success is dependent upon
attracting and retaining qualified personnel and our inability to
do so could significantly damage our business and prospects; We may
not realize all of the sales expected from our backlog of orders
and contracts; Our business and operations would be adversely
impacted in the event of a failure or security breach of our
information technology infrastructure; We may not be able to ramp
up production at our newly leased manufacturing facility in
Romania, and, if we are able to do so, we may have manufacturing
quality issues, which would negatively affect our revenues and
financial position; We rely upon third-party suppliers for the
components and subassemblies of many of our Wind and Grid products,
making us vulnerable to supply shortages and price fluctuations,
which could harm our business; Many of our revenue opportunities
are dependent upon subcontractors and other business collaborators;
If we fail to implement our business strategy successfully, our
financial performance could be harmed; Problems with product
quality or product performance may cause us to incur warranty
expenses and may damage our market reputation and prevent us from
achieving increased sales and market share; New regulations related
to conflict-free minerals may force us to incur significant
additional expenses; Our contracts with the U.S. government are
subject to audit, modification or termination by the U.S.
government and include certain other provisions in favor of the
government, and the continued funding of such contracts remains
subject to annual congressional appropriation which, if not
approved, could reduce our revenue and lower or eliminate our
profit; Many of our customers outside of the United States,
particularly in China, are, either directly or indirectly, related
to governmental entities, and we could be adversely affected by
violations of the United States Foreign Corrupt Practices Act and
similar worldwide anti-bribery laws outside the United States; We
have limited experience in marketing and selling our superconductor
products and system-level solutions, and our failure to effectively
market and sell our products and solutions could lower our revenue
and cash flow; We may acquire additional complementary businesses
or technologies, which may require us to incur substantial costs
for which we may never realize the anticipated benefits; Our
success depends upon the commercial use of high temperature
superconductor (HTS) products, which is currently limited, and a
widespread commercial market for our products may not develop;
Growth of the wind energy market depends largely on the
availability and size of government subsidies and economic
incentives; We have operations in and depend on sales in emerging
markets, including India and China, and global conditions could
negatively affect our operating results or limit our ability to
expand our operations outside of these countries, and changes in
India’s or China’s political, social, regulatory and economic
environment may affect our financial performance; Our products face
intense competition, which could limit our ability to acquire or
retain customers; Our international operations are subject to risks
that we do not face in the United States, which could have an
adverse effect on our operating results; Adverse changes in
domestic and global economic conditions could adversely affect our
operating results; We may be unable to adequately prevent
disclosure of trade secrets and other proprietary information; Our
patents may not provide meaningful protection for our technology,
which could result in us losing some or all of our market position;
There are a number of technological challenges that must be
successfully addressed before our superconductor products can gain
widespread commercial acceptance, and our inability to address such
technological challenges could adversely affect our ability to
acquire customers for our products; Third parties have or may
acquire patents that cover the materials, processes and
technologies we use or may use in the future to manufacture our
Amperium products, and our success depends on our ability to
license such patents or other proprietary rights; Our technology
and products could infringe intellectual property rights of others,
which may require costly litigation and, if we are not successful,
could cause us to pay substantial damages and disrupt our business;
We have filed a demand for arbitration and other lawsuits against
our former largest customer, Sinovel, regarding amounts we contend
are overdue, and we cannot be certain as to the outcome of these
proceedings; We have been named as a party in various legal
proceedings, and we may be named in additional litigation, all of
which will require significant management time and attention,
result in significant legal expenses and may result in an
unfavorable outcome, which could have a material adverse effect on
our business, operating results and financial condition; and Our
common stock has experienced, and may continue to experience,
significant market price and volume fluctuations, which may prevent
our stockholders from selling our common stock at a profit and
could lead to costly litigation against us that could divert our
management’s attention.
These and the important factors discussed under the caption
“Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal
year ended March 31, 2015, and our other reports filed with the
SEC, among others, could cause actual results to differ materially
from those indicated by forward-looking statements made herein and
presented elsewhere by management from time to time. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date of this press release.
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Wind |
|
$ |
17,229 |
|
|
$ |
15,131 |
|
|
|
$ |
48,976 |
|
|
$ |
30,244 |
|
Grid |
|
|
8,543 |
|
|
|
6,119 |
|
|
|
|
19,523 |
|
|
|
15,157 |
|
Total Revenues |
|
|
25,772 |
|
|
|
21,250 |
|
|
|
|
68,499 |
|
|
|
45,401 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
19,263 |
|
|
|
18,094 |
|
|
|
|
55,758 |
|
|
|
43,953 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
6,509 |
|
|
|
3,156 |
|
|
|
|
12,741 |
|
|
|
1,448 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,759 |
|
|
|
2,795 |
|
|
|
|
8,924 |
|
|
|
8,993 |
|
Selling, general and
administrative |
|
|
7,023 |
|
|
|
7,550 |
|
|
|
|
21,331 |
|
|
|
23,534 |
|
Arbitration award expense |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
10,188 |
|
Restructuring and impairments |
|
|
— |
|
|
|
507 |
|
|
|
|
779 |
|
|
|
5,416 |
|
Amortization of acquisition related
intangibles |
|
|
39 |
|
|
|
39 |
|
|
|
|
118 |
|
|
|
118 |
|
Total operating expenses |
|
|
9,821 |
|
|
|
10,891 |
|
|
|
|
31,152 |
|
|
|
48,249 |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(3,312 |
) |
|
|
(7,735 |
) |
|
|
|
(18,411 |
) |
|
|
(46,801 |
) |
|
|
|
|
|
|
|
|
|
|
Change in fair value of
derivatives and warrants |
|
|
(1,092 |
) |
|
|
2,288 |
|
|
|
|
409 |
|
|
|
3,048 |
|
Gain on sale of
minority interest |
|
|
2,511 |
|
|
|
— |
|
|
|
|
2,511 |
|
|
|
— |
|
Interest expense,
net |
|
|
(238 |
) |
|
|
(525 |
) |
|
|
|
(841 |
) |
|
|
(1,555 |
) |
Other (expense) income,
net |
|
|
(20 |
) |
|
|
(209 |
) |
|
|
|
(1,189 |
) |
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax
expense |
|
|
(2,151 |
) |
|
|
(6,181 |
) |
|
|
|
(17,521 |
) |
|
|
(44,929 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
806 |
|
|
|
172 |
|
|
|
|
2,256 |
|
|
|
363 |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
($ |
2,957 |
) |
|
($ |
6,353 |
) |
|
|
($ |
19,777 |
) |
|
($ |
45,292 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per common
share |
|
|
|
|
|
|
|
|
|
Basic |
|
($ |
0.22 |
) |
|
($ |
0.72 |
) |
|
|
($ |
1.52 |
) |
|
($ |
5.50 |
) |
Diluted |
|
($ |
0.22 |
) |
|
($ |
0.72 |
) |
|
|
($ |
1.52 |
) |
|
($ |
5.50 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
13,539 |
|
|
|
8,764 |
|
|
|
|
13,052 |
|
|
|
8,228 |
|
Diluted |
|
|
13,539 |
|
|
|
8,764 |
|
|
|
|
13,052 |
|
|
|
8,228 |
|
UNAUDITED CONSOLIDATED BALANCE
SHEETS |
|
(In thousands) |
|
|
|
December 31, |
|
March 31, |
|
|
|
2015 |
|
|
2015 |
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
36,437 |
|
|
$ |
20,490 |
|
|
Accounts receivable,
net |
|
17,052 |
|
|
|
9,879 |
|
|
Inventory |
|
15,238 |
|
|
|
20,596 |
|
|
Prepaid expenses and
other current assets |
|
5,611 |
|
|
|
10,764 |
|
|
Restricted cash |
|
433 |
|
|
|
2,822 |
|
|
Total current assets |
|
74,771 |
|
|
|
64,551 |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
51,204 |
|
|
|
56,097 |
|
|
Intangibles, net |
|
996 |
|
|
|
1,422 |
|
|
Restricted
cash |
|
795 |
|
|
|
1,236 |
|
|
Deferred
tax assets |
|
7,766 |
|
|
|
7,766 |
|
|
Other
assets |
|
303 |
|
|
|
2,753 |
|
|
Total assets |
|
$ |
135,835 |
|
|
$ |
133,825 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable and
accrued expenses |
$ |
20,723 |
|
|
$ |
21,615 |
|
|
Notes payable, current
portion, net of discount of $83 as of December 31, 2015 and $244 as
of March 31, 2015 |
|
3,584 |
|
|
|
3,756 |
|
|
Derivative
liabilities |
|
2,590 |
|
|
|
2,999 |
|
|
Deferred revenue |
|
10,676 |
|
|
|
11,019 |
|
|
Deferred tax
liabilities |
|
7,843 |
|
|
|
7,843 |
|
|
Total current liabilities |
|
45,416 |
|
|
|
47,232 |
|
|
|
|
|
|
|
|
Note
Payable, net of current portion and discount of $161 as of December
31, 2015 and $290 as of March 31, 2015 |
|
1,339 |
|
|
|
3,877 |
|
|
Deferred
revenue |
|
3,261 |
|
|
|
2,756 |
|
|
Other
liabilities |
|
790 |
|
|
|
67 |
|
|
Total liabilities |
|
50,806 |
|
|
|
53,932 |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
141 |
|
|
|
96 |
|
|
Additional paid-in
capital |
|
1,011,016 |
|
|
|
985,921 |
|
|
Treasury stock |
|
(881 |
) |
|
|
(771 |
) |
|
Accumulated other
comprehensive loss |
|
(425 |
) |
|
|
(308 |
) |
|
Accumulated
deficit |
|
(924,822 |
) |
|
|
(905,045 |
) |
|
Total stockholders' equity |
|
85,029 |
|
|
|
79,893 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
135,835 |
|
|
$ |
133,825 |
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In thousands) |
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
|
|
|
2015 |
|
|
2014 |
|
Cash flows
from operating activities: |
|
|
|
|
Net
loss |
$ |
(19,777 |
) |
|
$ |
(45,292 |
) |
|
Adjustments
to reconcile net loss to net cash used in operations: |
|
|
|
|
|
Depreciation and amortization |
|
6,050 |
|
|
|
7,298 |
|
|
|
Stock-based
compensation expense |
|
2,542 |
|
|
|
4,620 |
|
|
|
Impairment
of minority interest investment |
|
746 |
|
|
|
3,464 |
|
|
|
Provision
for excess and obsolete inventory |
|
1,835 |
|
|
|
1,401 |
|
|
|
Write-off
prepaid taxes |
|
289 |
|
|
|
— |
|
|
|
(Gain on
sale)/loss from minority interest investment |
|
(2,155 |
) |
|
|
644 |
|
|
|
Change in
fair value of derivatives and warrants |
|
(409 |
) |
|
|
(3,048 |
) |
|
|
Non-cash
interest expense |
|
290 |
|
|
|
490 |
|
|
|
Other
non-cash items |
|
694 |
|
|
|
(838 |
) |
|
|
Changes in
operating asset and liability accounts: |
|
|
|
|
|
Accounts
receivable |
|
(7,156 |
) |
|
|
(3,434 |
) |
|
|
Inventory |
|
3,288 |
|
|
|
(7,598 |
) |
|
|
Prepaid expenses and
other current assets |
|
5,800 |
|
|
|
(3,072 |
) |
|
|
Accounts payable and
accrued expenses |
|
(34 |
) |
|
|
5,694 |
|
|
|
Accrued arbitration
liability |
|
— |
|
|
|
10,328 |
|
|
|
Deferred revenue |
|
198 |
|
|
|
8,409 |
|
|
Net cash
used in operating activities |
|
(7,799 |
) |
|
|
(20,934 |
) |
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
Net cash
provided by investing activities |
|
4,856 |
|
|
|
4,355 |
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
Net cash
provided by financing activities |
|
19,202 |
|
|
|
9,747 |
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
(312 |
) |
|
|
(299 |
) |
|
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents |
|
15,947 |
|
|
|
(7,131 |
) |
Cash and
cash equivalents at beginning of year |
|
20,490 |
|
|
|
43,114 |
|
Cash and
cash equivalents at end of period |
$ |
36,437 |
|
|
$ |
35,983 |
|
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
NON-GAAP NET INCOME (LOSS) |
(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
December 31, |
December 31, |
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net
loss |
$ |
(2,957 |
) |
|
$ |
(6,353 |
) |
|
$ |
(19,777 |
) |
|
$ |
(45,292 |
) |
Gain on
sale of interest in Blade Dynamics, net of tax effect |
|
(2,354 |
) |
|
|
— |
|
|
|
(2,354 |
) |
|
|
— |
|
Stock-based
compensation |
|
708 |
|
|
|
1,521 |
|
|
|
2,542 |
|
|
|
4,620 |
|
Arbitration
award expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,188 |
|
Amortization of acquisition-related intangibles |
|
39 |
|
|
|
39 |
|
|
|
118 |
|
|
|
118 |
|
Restructuring and impairment charges |
|
— |
|
|
|
507 |
|
|
|
779 |
|
|
|
5,416 |
|
Consumption
of zero cost-basis inventory |
|
(1,543 |
) |
|
|
(3,143 |
) |
|
|
(3,612 |
) |
|
|
(5,710 |
) |
Change of
fair value of derivatives and warrants |
|
1,092 |
|
|
|
(2,288 |
) |
|
|
(409 |
) |
|
|
(3,048 |
) |
Non-cash
interest expense |
|
83 |
|
|
|
147 |
|
|
|
290 |
|
|
|
490 |
|
Non-GAAP
net loss |
$ |
(4,932 |
) |
|
$ |
(9,570 |
) |
|
$ |
(22,423 |
) |
|
$ |
(33,218 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP
loss per share |
$ |
(0.36 |
) |
|
$ |
(1.09 |
) |
|
$ |
(1.72 |
) |
|
$ |
(4.04 |
) |
Weighted
average shares outstanding |
|
13,539 |
|
|
|
8,764 |
|
|
|
13,052 |
|
|
|
8,228 |
|
Reconciliation of Forecast GAAP Net Loss to
Non-GAAP Net Loss |
|
(In millions, except per share
data) |
|
|
|
|
|
Three months ending |
March 31, 2016 |
Net
loss |
$ |
(8.5 |
) |
Stock-based
compensation |
|
0.7 |
|
Non-cash
interest expense |
|
0.1 |
|
Consumption
of zero-cost inventory |
|
(1.5 |
) |
Other items, net |
|
|
(0.3 |
) |
Non-GAAP
net loss |
$ |
(9.5 |
) |
Non-GAAP
net loss per share |
$ |
(0.70 |
) |
Shares
outstanding |
|
13.6 |
|
Note: Non-GAAP net loss is defined by the Company as net loss
before stock-based compensation; amortization of
acquisition-related intangibles; restructuring and impairment
charges; consumption of zero cost-basis inventory; non-cash
interest expense; change in fair value of derivatives and warrants;
and other unusual charges, net of any tax effects related to these
items. The Company believes non-GAAP net loss assists management
and investors in comparing the Company’s performance across
reporting periods on a consistent basis by excluding these
non-cash, non-recurring or other charges that it does not believe
are indicative of its core operating performance. The Company also
regards non-GAAP net loss as a useful measure of operating
performance to complement operating loss, net loss and other GAAP
financial performance measures. In addition, the Company uses
non-GAAP net loss as a factor in evaluating management’s
performance when determining incentive compensation and to evaluate
the effectiveness of its business strategies.
Generally, a non-GAAP financial measure is a numerical measure
of a company's performance, financial position or cash flow that
either excludes or includes amounts that are not normally excluded
or included in the most directly comparable measure calculated and
presented in accordance with GAAP. The non-GAAP measures included
in this release, however, should be considered in addition to, and
not as a substitute for or superior to, operating income, cash
flows, or other measures of financial performance prepared in
accordance with GAAP. A reconciliation of non-GAAP to GAAP net loss
is set forth in the table above.
AMSC Contact:
Brion D. Tanous
CleanTech IR, Inc.
Phone: 978-842-3247
Email: Brion.Tanous@amsc.com
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