LSB Industries, Inc. (NYSE: LXU) (“LSB” or the “Company”) today announced results for the fourth quarter ended December 31, 2019.

Fourth Quarter Summary

  • Net sales of $73.9 million for the fourth quarter of 2019, compared to $94.7 million for the fourth quarter of 2018.
  • Net loss of $27.7 million for the fourth quarter of 2019 (or $18.0 million adjusted for non-cash write-down), compared to $13.0 million for the fourth quarter of 2018.
  • Adjusted EBITDA(1) of $7.2 million for the fourth quarter of 2019, compared to $25.1 million for the fourth quarter of 2018 which include adjustments for certain legal fees incurred in both periods ($3.8 million and $1.8 million in 2019 and 2018, respectively).
  • 91% average ammonia on-stream rate for the full year of 2019 versus 89% for the full year of 2018.
  • Completed an extensive turnaround at our Pryor facility including the installation of a new, larger urea reactor and the installation of a new, larger sulfuric acid converter at our El Dorado facility.

“Our fourth quarter capped off a year of significant progress and challenges for LSB,” stated Mark Behrman, LSB Industries’ President and CEO. “Net sales and adjusted EBITDA were down relative to the same quarter last year due to weaker selling prices for both our agricultural and industrial products as well as lower overall sales volumes resulting primarily from an extensive planned turnaround at our Pryor facility and several unplanned outages, partially offset by lower natural gas prices.”

“Pricing was down for all of our major agricultural product categories during the fourth quarter reflecting a combination of factors including the continued oversupply of ammonia in our primary end markets, increased imports of some of our downstream products, and a late U.S. corn harvest which resulted in weaker than expected fertilizer demand for fall application.”

Mr. Behrman continued, “Regarding our plant operations, during the fourth quarter, we completed an extensive turnaround at our Pryor facility and made upgrades to our El Dorado facility that we expect to enhance their reliability and production volume going forward. Ammonia on-stream rates across our three facilities averaged 91% for 2019, which was below our expectations but was a continuation of our three-year trend of steady performance improvement and was an increase of more than 10 percentage points from 2016. We have seen good progress from our multi-faceted approach to increasing the reliability of our operations thus far and expect continued improvement in 2020 as we work to reach our long-term goal of 95% annual ammonia on-stream rates.”

“With respect to our outlook for 2020, we anticipate that agricultural and industrial selling prices for the first six months will continue to be impacted by the aforementioned factors impacting the agricultural market coupled with excess ammonia inventories weighing on the industrial market pricing. We do, however, expect to deliver significant increases in net sales and adjusted EBITDA for the year as we have no planned turnarounds this year, and we expect to take advantage of the increased production capacity of UAN and sulfuric acid that we added in 2019. Additionally, we have secured incremental sales opportunities in our industrial and mining business. Collectively, we project these factors will more than offset the challenging pricing environment for our products. As previously mentioned, we anticipate continued improvement in the operating performance of our facilities as a result of the maintenance and upgrades we completed in 2019. We also believe that demand from our agricultural markets will improve given industry forecasts for increased acreage of corn to be planted relative to 2019 allowing us to take advantage of our expanded production capabilities.” Mr. Behrman concluded, “In short, while our fourth quarter results were below our expectations headed into the period, we believe we have positioned LSB to deliver strong improvement in EBITDA and cash flow in 2020, which would be further enhanced by our ability to leverage any strengthening in ammonia and fertilizer prices that we anticipate will materialize during the year.”

(1) This is a Non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

 

 

 

Three Months Ended December 31,

 

 

2019

2018

 

 

(Dollars in thousands)

Net Sales by Market Sector

 

Net Sales

Sector Mix

Net Sales

Sector Mix

% Change

Agricultural

 

$ 32,851

45 %

$ 40,873

43 %

(20) %

Industrial

 

34,064

46 %

42,898

45 %

(21) %

Mining

 

6,981

9 %

10,959

12 %

(36) %

 

 

$ 73,896

 

$ 94,730

 

(22) %

Comparison of 2019 to 2018 quarterly periods:

  • Net sales of our agricultural products were down during the quarter relative to the prior year period driven by weaker pricing for agricultural ammonia, HDAN, and UAN, and lower sales volumes of UAN and ammonia. The lower volumes were largely attributable to a weak fall ammonia application season, lower comparable on-stream rates, and an extended turnaround at our Pryor facility.
  • Net sales of our industrial products decreased due to lower selling prices for industrial ammonia, which is principally indexed to Tampa benchmark pricing. This decrease is primarily due to ample ammonia supply resulting from a very limited fall harvest and application season. Industrial product sales volumes were also lower relative to the prior year period as the 2018 fourth quarter benefitted from strong nitric acid sales as a result of incremental business due to plant outages at a competitor’s facilities. Mining product volumes decreased as a result of lower demand as compared to the fourth quarter of 2018.
  • Operating loss increased and adjusted EBITDA decreased in the quarter relative to the prior year period primarily due to weaker product sales and the related loss of fixed cost absorption from lower production rates as well as approximately $9.5 million of other expenses related primarily to the non-cash write-down of non-core capital assets, spare parts, and capital spares. This equipment was determined to be obsolete after the completion of the extensive updates and upgrades we’ve made to our facilities. Additionally, in the fourth quarter of 2018, we received a favorable settlement with a subcontractor responsible for past faulty work at our Pryor facility.

The following tables provide key sales metrics for our Agricultural products:

 

 

 

Three Months Ended December 31,

Product (tons sold)

 

2019

 

2018

 

% Change

Urea ammonium nitrate (UAN)

 

 

64,298

 

 

103,618

 

(38) %

High density ammonium nitrate (HDAN)

 

 

58,603

 

 

46,650

 

26%

Ammonia

 

 

17,071

 

 

19,070

 

(10) %

Other

 

 

2,516

 

 

2,023

 

24%

 

 

 

142,488

 

 

171,361

 

(17) %

 

Average Selling Prices (price per ton) (A)

 

 

 

 

 

 

UAN

 

$

161

 

$

180

 

(11) %

HDAN

 

$

201

 

$

240

 

(16) %

Ammonia

 

$

253

 

$

316

 

(20) %

(A) Average selling prices represent “net back” prices which are calculated as sales less freight expenses divided by product sales volume in tons.

The following table indicates the volumes sold of our major Industrial products:

 

 

Three Months Ended December 31,

Product (tons sold)

 

2019

 

2018

 

% Change

Ammonia

 

64,868

 

67,919

 

(4) %

Nitric acid, excluding Baytown

 

29,594

 

35,870

 

(17) %

Other Industrial Products

 

9,839

 

7,552

 

30 %

 

 

104,301

 

111,341

 

(6) %

  Tampa Ammonia Benchmark (price per metric ton)

$ 255

$ 345

(26) %

 

The following table indicates the volumes sold of our major Mining products:

 

 

Three Months Ended December 31,

Product (tons sold)

 

2019

 

2018

 

% Change

LDAN/HDAN/AN solution

 

29,015

 

42,277

 

(31) %

Input Costs

 

 

 

 

 

 

Average natural gas cost/MMBtu

 

$ 2.47

 

$ 3.46

 

(29) %

 

Financial Position and Capital Expenditures

As of December 31, 2019, our total cash position was $22.8 million. Additionally, we had approximately $42.1 million of borrowing availability under our Working Capital Revolver giving us total liquidity of approximately $65 million. Total long-term debt, including the current portion, was $459.0 million at December 31, 2019 compared to $425.2 million at December 31, 2018. The increase in long-term debt primarily relates to the issuance of $35 million of additional Senior Secured Notes completed in the second quarter of 2019 which will be primarily used for margin enhancement projects. The aggregate liquidation value of the Series E Redeemable Preferred at December 31, 2019, inclusive of accrued dividends of $103.0 million, was $242.8 million.

Interest expense for the fourth quarter of 2019 was $12.1 million compared to $11.1 million for the same period in 2018, and full year 2019 interest expense was $46.4 million.

Capital expenditures were approximately $15.6 million in the fourth quarter of 2019 and $36.1 million for the full year. For the full year of 2020, total capital expenditures are expected to be between $25 to $30 million, inclusive of margin enhancement capital.

Volume Outlook

The Company’s outlook for sales volumes for the full year 2020 are as follows:

 

Products

Full Year 2020 Sales (tons)

Full Year Actual 2019 Sales (tons)

Agriculture:

 

 

UAN

465,000 – 485,000

360,000

HDAN

285,000 – 305,000

278,000

Ammonia

105,000 – 125,000

84,000

 

 

 

Industrial, Mining and Other:

 

 

Ammonia

260,000 – 280,000

275,000

LDAN/HDAN and AN solution

205,000 – 225,000

172,000

Nitric Acid and Other Mixed Acids

105,000 – 125,000

100,000

Sulfuric Acid

145,000 – 165,000

135,000

DEF

20,000 – 30,000

16,000

 

Conference Call

LSB’s management will host a conference call covering the fourth quarter results on Tuesday, February 25, 2020 at 10:00 a.m. ET/9:00 a.m. CT to discuss these results and recent corporate developments. Participating in the call will be President & Chief Executive Officer, Mark Behrman and Executive Vice President & Chief Financial Officer, Cheryl Maguire. Interested parties may participate in the call by dialing (201) 493-6739. Please call in 10 minutes before the conference is scheduled to begin and ask for the LSB conference call. To coincide with the conference call, LSB will post a slide presentation at www.lsbindustries.com on the webcast section of the Investor tab of our website.

To listen to a webcast of the call, please go to the Company’s website at www.lsbindustries.com at least 15 minutes prior to the conference call to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website. We suggest listeners use Microsoft Explorer as their web browser.

LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers throughout the United States. Additional information about the Company can be found on its website at www.lsbindustries.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identifiable by use of the words “may,” “believe,” “expect,” “intend,” “plan to,” “estimate,” “project” or similar expressions, and include but are not limited to: financial performance improvement; view on sales to mining customers; estimates of consolidated depreciation and amortization and future Turnaround expenses; our expectation of production consistency and enhanced reliability at our Facilities; our projections of trends in the fertilizer market; improvement of our financial and operational performance; our planned capital expenditures for 2020; volume outlook and our ability to complete plant repairs as anticipated.

Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risk and uncertainties. Though we believe that expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectation will prove to be correct. Actual results may differ materially from the forward-looking statements as a result of various factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC), including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in our Form 10-K for the year ended December 31, 2019 and, if applicable, our Current Reports on Form 8-K. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statement to reflect events, new information or circumstances occurring after the date of this press release except as required by applicable law.

See Accompanying Tables

 

LSB Industries, Inc. Financial Highlights Three and Twelve Months Ended December 31,

   

 

 

December 31,

 

 

December 31,

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In Thousands, Except Per Share Amounts)

 

Net sales

 

$

73,896

 

 

$

94,730

 

 

$

365,070

 

 

$

378,160

 

Cost of sales

 

 

86,173

 

 

 

82,319

 

 

 

360,085

 

 

 

362,325

 

Gross profit (loss)

 

 

(12,277)

 

 

 

12,411

 

 

 

4,985

 

 

 

15,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

 

9,467

 

 

 

15,031

 

 

 

34,172

 

 

 

40,811

 

Other expense (income), net

 

 

9,532

 

 

 

(137)

 

 

 

9,904

 

 

 

(1,951

)

Operating loss

 

 

(31,276

)

 

 

(2,483

)

 

 

(39,091

)

 

 

(23,025

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

12,080

 

 

 

11,056

 

 

 

46,389

 

 

 

43,064

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

5,951

 

Non-operating other income, net

 

 

(534

)

 

 

(1,258

)

 

 

(1,139

)

 

 

(1,554

)

Loss before provision (benefit) for income taxes

 

 

(42,822

)

 

 

(12,281

)

 

 

(84,341

)

 

 

(70,486

)

Provision (benefit) for income taxes

 

 

(15,108

)

 

 

764

 

 

 

(20,924

)

 

 

1,740

 

Net loss

 

 

(27,714

)

 

 

(13,045

)

 

 

(63,417

)

 

 

(72,226

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on convertible preferred stocks

 

 

75

 

 

 

75

 

 

 

300

 

 

 

300

 

Dividends on Series E redeemable preferred stock

 

 

8,120

 

 

 

7,092

 

 

 

30,729

 

 

 

26,840

 

Accretion of Series E redeemable preferred stock

 

 

502

 

 

 

493

 

 

 

1,995

 

 

 

3,375

 

Net loss attributable to common stockholders

 

$

(36,411)

 

 

$

(20,705

)

 

$

(96,441

)

 

$

(102,741

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and dilutive income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(1.30)

 

 

$

(0.75

)

 

$

(3.44

)

 

$

(3.74

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSB Industries, Inc. Consolidated Balance Sheets

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(In Thousands)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

22,791

 

 

$

26,048

 

Accounts receivable

 

 

40,203

 

 

 

67,043

 

Allowance for doubtful accounts

 

 

(261

)

 

 

(351

)

Accounts receivable, net

 

 

39,942

 

 

 

66,692

 

Inventories:

 

 

 

 

 

 

 

 

Finished goods

 

 

21,738

 

 

 

27,726

 

Raw materials

 

 

1,573

 

 

 

1,483

 

Total inventories

 

 

23,311

 

 

 

29,209

 

Supplies, prepaid items and other:

 

 

 

 

 

 

 

 

Prepaid insurance

 

 

11,837

 

 

 

10,924

 

Supplies

 

 

24,689

 

 

 

24,576

 

Other

 

 

8, 303

 

 

 

8,964

 

Total supplies, prepaid items and other

 

 

44,829

 

 

 

44,464

 

Total current assets

 

 

130,873

 

 

 

166,413

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

936,474

 

 

 

974,248

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Operating lease assets(1)

 

 

15,330

 

 

 

 

Intangible and other assets, net

 

 

5,812

 

 

 

7,672

 

 

 

 

21,142

 

 

 

7,672

 

 

 

 

 

 

 

 

 

 

 

 

$

1,088,489

 

 

$

1,148,333

 

(1) Relates to the adoption of ASC 842 associated with lease accounting rules.

 

LSB Industries, Inc. Consolidated Balance Sheets (continued)

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(In Thousands)

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

58,477

 

 

$

62,589

 

Short-term financing

 

 

9,929

 

 

 

8,577

 

Accrued and other liabilities

 

 

25,484

 

 

 

42,129

 

Current portion of long-term debt

 

 

9,410

 

 

 

12,518

 

Total current liabilities

 

 

103,300

 

 

 

125,813

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

449,634

 

 

 

412,681

 

 

 

 

 

 

 

 

 

 

Noncurrent operating lease liabilities(1)

 

 

11,404

 

 

 

 

 

 

 

 

 

 

 

 

 

Other noncurrent accrued and other liabilities

 

 

6,214

 

 

 

8,861

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

35,717

 

 

 

56,612

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable preferred stocks:

 

 

 

 

 

 

 

 

Series E 14% cumulative, redeemable Class C preferred stock, no par value, 210,000 shares issued; 139,768 outstanding; aggregate liquidation preference of $242,800,000 ($212,071,000 at December 31, 2018)

 

 

234,893

 

 

 

202,169

 

Series F redeemable Class C preferred stock, no par value, 1 share issued and outstanding; aggregate liquidation preference of $100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Series B 12% cumulative, convertible preferred stock, $100 par value; 20,000 shares issued and outstanding; aggregate liquidation preference of $3,025,000 ($2,785,000 at December 31, 2018)

 

 

2,000

 

 

 

2,000

 

Series D 6% cumulative, convertible Class C preferred stock, no par value; 1,000,000 shares issued and outstanding; aggregate liquidation preference of $1,252,000 ($1,192,000 at December 31, 2018)

 

 

1,000

 

 

 

1,000

 

Common stock, $.10 par value; 75,000,000 shares authorized, 31,283,210 shares issued (31,283,210 shares at December 31, 2018)

 

 

3,128

 

 

 

3,128

 

Capital in excess of par value

 

 

196,833

 

 

 

198,482

 

Retained earnings

 

 

57,632

 

 

 

153,773

 

 

 

 

260,593

 

 

 

358,383

 

Less treasury stock, at cost:

 

 

 

 

 

 

 

 

Common stock, 2,009,566 shares (2,438,305 shares at December 31, 2018)

 

 

13,266

 

 

 

16,186

 

Total stockholders' equity

 

 

247,327

 

 

 

342,197

 

 

 

$

1,088,489

 

 

$

1,148,333

 

(1) Relates to the adoption of ASC 842 associated with lease accounting rules.

LSB Industries, Inc. Non-GAAP Reconciliation

This news release includes certain “non-GAAP financial measures” under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our consolidated financial statements.

EBITDA Reconciliation

EBITDA is defined as net income (loss) plus interest expense, plus loss on extinguishment of debt, plus depreciation, depletion and amortization (DD&A) (which includes DD&A of property, plant and equipment and amortization of intangible and other assets), plus provision for income taxes. We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. EBITDA has limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to EBITDA for the periods indicated.

 

LSB Consolidated

Three Months Ended December 31,

 

Twelve Months Ended December 31,

2019

 

2018

 

2019

 

2018

 

(In Thousands)

 

 

Net loss

$

(27,714

)

 

$

(13,045

)

 

$

(63,417

)

 

$

(72,226

)

Plus:

 

 

 

 

 

 

 

Interest expense

 

12,080

 

 

 

11,056

 

 

 

46,389

 

 

 

43,064

 

Loss on extinguishment of debt

 

-

 

 

 

-

 

 

 

-

 

 

 

5,951

 

Depreciation, depletion and amortization

 

17,064

 

 

 

17,326

 

 

 

69,574

 

 

 

72,626

 

Provision (benefit) for income taxes

 

(15,108

)

 

 

764

 

 

 

(20,924

)

 

 

1,740

 

EBITDA

$

(13,678

)

 

$

16,101

 

 

$

31,622

 

 

$

51,155

 

 

 

 

 

 

 

 

 

LSB Industries, Inc. Non-GAAP Reconciliation (continued)

Adjusted EBITDA

Adjusted EBITDA is reported to show the impact of one time/non-cash or non-operating items-such as, loss (gain) on sale of a business and other property and equipment, one-time income or fees, certain fair market value adjustments, non-cash stock-based compensation, and consulting costs associated with reliability and purchasing initiatives. We historically have performed Turnaround activities on an annual basis, however we are moving towards extending Turnarounds to a two or three-year cycle. Rather than being capitalized and amortized over the period of benefit, our accounting policy is to recognize the costs as incurred. Given these Turnarounds are essentially investments that provide benefits over multiple years, they are not reflective of our operating performance in a given year. As a result, we believe it is more meaningful for investors to exclude them from our calculation of adjusted EBITDA used to assess our performance. We believe that the inclusion of supplementary adjustments to EBITDA is appropriate to provide additional information to investors about certain items. The following tables provide reconciliations of EBITDA excluding the impact of the supplementary adjustments. Our policy is to adjust for non-cash, non-recurring, non-operating items that are greater than $0.5 million quarterly or cumulatively.

 

LSB Consolidated

Three Months Ended December 31,

 

Twelve Months Ended December 31,

2019

 

2018

 

2019

 

2018

(In Thousands)

 

 

EBITDA

$

(13,678

)

 

$

16,101

 

 

$

31,622

 

 

$

51,155

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

421

 

 

 

4,074

 

 

 

2,220

 

 

 

8,358

 

Severance costs

 

615

 

 

 

2,646

 

 

 

615

 

 

 

2,646

 

Legal fees (Leidos)

 

3,843

 

 

 

1,816

 

 

 

9,601

 

 

 

4,836

 

Loss (gain) on sales of property and equipment (1)

 

10,564

 

 

 

287

 

 

 

11,221

 

 

 

(1,637

)

Fair market value adjustment on preferred stock embedded derivatives

 

(437

)

 

 

(1,328

)

 

 

(558

)

 

 

(1,249

)

Consulting costs associated with reliability and purchasing initiatives

 

502

 

 

 

1,358

 

 

 

1,414

 

 

 

3,812

 

Turnaround costs

 

5,373

 

 

 

116

 

 

 

13,210

 

 

 

9,768

 

Adjusted EBITDA

$

7,203

 

 

$

25,070

 

 

$

69,345

 

 

$

77,689

 

(1) Includes a non-cash charge associated with assets held for sale.

Agricultural Sales Price Reconciliation

The following table provides a reconciliation of total agricultural sales as reported under GAAP in our consolidated financial statement reconciled to netback which is calculated as sales less freight expenses. We believe this provides a relevant industry comparison among our peer group.

Three Months Ended December 31,

 

Twelve Months Ended December 31,

2019

 

2018

 

2019

 

2018

(In Thousands)

 

 

 

 

 

 

 

 

Agricultural sales

$

32,851

 

$

40,873

 

$

187,641

 

$

187,164

 

 

 

 

 

 

 

 

Less freight:

 

3,956

 

 

2,655

 

 

14,727

 

 

13,010

 

 

 

 

 

 

 

 

Netback

$

28,895

 

$

38,218

 

$

172,914

 

$

174,154

 

Company: Mark Behrman, President & CEO Cheryl Maguire, Executive Vice President & CFO (405) 235-4546 Investor Relations: The Equity Group Inc. Fred Buonocore, CFA (212) 836-9607 Mike Gaudreau (212) 836-9620

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