Q2 2018 Highlights
Renewable Energy Group, Inc. ("REG" or the "Company") (NASDAQ:REGI)
today announced its financial results for the second quarter ended
June 30, 2018.
"We produced outstanding results in the first half of the year,
demonstrating our ability to execute across all aspects of our
business," said Randy Howard, President and Chief Executive
Officer. "We tripled our Adjusted EBITDA for the first six
months compared to last year, excluding allocation of the 2017 BTC,
which is an accomplishment made even more impressive because our
Geismar renewable diesel refinery was offline for three weeks due
to planned maintenance. With Geismar back online and once
again producing above nameplate capacity, combined with a solid
margin environment, we look forward to a strong second half of the
year."
Net income attributable to common stockholders was $33.0 million
in the second quarter of 2018, compared to net loss of $34.8
million in the second quarter of 2017. The improvement in net
income reflects better margins in 2018 as well as more gallons
sold. Adjusted net income was $23.5 million compared to
Adjusted net income of $4.5 million in the second quarter of 2017,
excluding allocation of the 2017 BTC. Second quarter 2018
Adjusted EBITDA was $42.3 million, compared to Adjusted EBITDA of
$19.7 million in the second quarter of 2017, excluding allocation
of the 2017 BTC. After reallocating the net benefit of the
BTC to applicable periods in 2017, Adjusted net income was $62.5
million and Adjusted EBITDA was $79.1 million in the second quarter
of 2017.
Revenues for the quarter were $580.2 million on 171.9 million
gallons of fuel sold. Revenues in the second quarter
increased $45.0 million compared to the second quarter of 2017
mainly due to more gallons sold and a higher average selling price
in the second quarter of 2018, partially offset by lower revenue
from sales of separated RINs.
The Company estimates that if the currently lapsed BTC is
retroactively reinstated for 2018 on the same terms as in 2017,
REG's net income, Adjusted net income and Adjusted EBITDA would
each increase by approximately $66.2 million for business conducted
in the quarter ended June 30, 2018 and would each increase by
approximately $108.7 million for business conducted in the first
six months of 2018.
Second Quarter 2018 Highlights
All figures refer to the quarter ending June 30, 2018,
unless otherwise noted. All comparisons are to the quarter
ended June 30, 2017 unless otherwise noted.
REG sold a total of 171.9 million gallons of fuel, an increase
of 7.3% primarily due to increased biodiesel and petroleum gallons
sold, partially offset by fewer sales of biomass-based diesel
gallons produced by third parties. The average selling price per
gallon was $3.11, an increase of 8.7% excluding allocation of the
2017 BTC. The Company produced 124.4 million gallons of
biomass-based diesel during the quarter, a 5.9% increase.
Revenues were $580.2 million, an increase of 8.4% that was
primarily due to the increase in gallons sold and higher average
selling price per gallon partially offset by lower revenue from
sales of separated RINs.
Gross profit was $57.6 million, or 9.9% of revenues, compared to
gross profit of $31.5 million, or 5.9% of revenues. Gross
profit as a percentage of revenue increased due to lower feedstock
costs and operational improvements, partially offset by declining
RIN prices.
Net income attributable to common stockholders was $33.0
million, or $0.78 per share on a fully diluted basis. This compares
to a net loss of $34.8 million, or $0.90 per share on a fully
diluted basis in the second quarter of 2017. Adjusted net income
attributable to common stockholders was $23.5 million, or $0.56 per
share, compared to an adjusted net income excluding allocation of
the 2017 BTC of $4.5 million, or $0.12 per share, on a fully
diluted basis in the second quarter of 2017. Adjusted EBITDA
was $42.3 million compared to $19.7 million, excluding allocation
of the 2017 BTC, in the second quarter 2017.
At June 30, 2018, REG had cash and cash equivalents of
$221.8 million, an increase of $144.1 million from December 31,
2017. This increase is mainly due to receipt of the 2017 BTC
refunds in 2018.
At June 30, 2018, accounts receivable were $91.2 million,
or 14 days of sales. Accounts receivable at December 31, 2017 were
$90.6 million. Inventory was $141.7 million at June 30, 2018,
or 24 days of cost of sales, an increase of $6.2 million from
December 31, 2017. Accounts payable were $120.7 million and $84.6
million at June 30, 2018 and December 31, 2017,
respectively. The increase in accounts payable is due to
amounts due to customers resulting from the retroactive BTC
reinstatement.
The table below summarizes REG’s results for the second quarter
of 2018.
REG Q2 2018 and Q2 2017 Revenues, Net
Income (Loss), Adjusted Net Income (Loss) and Adjusted EBITDA
Summary(dollars and gallons in
thousands)
|
Q2 2018 |
|
Q2 2017 |
|
Y/Y Change |
Gallons sold |
171,943 |
|
|
160,219 |
|
|
7.3% |
Average selling price
per gallon, excluding the BTC |
$ |
3.11 |
|
|
$ |
2.86 |
|
|
8.7% |
Total revenues |
$ |
580,150 |
|
|
$ |
535,103 |
|
|
8.4% |
Net income (loss)
attributable to common stockholders |
$ |
32,956 |
|
|
$ |
(34,809 |
) |
|
N/M |
Adjusted Net Income
excluding 2017 BTC allocation |
$ |
23,477 |
|
|
$ |
4,486 |
|
|
423.3% |
Adjusted Net
Income |
$ |
23,477 |
|
|
$ |
62,474 |
|
|
(62.4)% |
Adjusted EBITDA
excluding 2017 BTC allocation |
$ |
42,308 |
|
|
$ |
19,703 |
|
|
114.7% |
Adjusted EBITDA |
$ |
42,308 |
|
|
$ |
79,068 |
|
|
(46.5)% |
Reconciliation of Non - GAAP Measures
The Company believes supplementing its consolidated financial
statements presented in accordance with GAAP with non-GAAP measures
provides investors with useful information regarding the Company's
core operating performance, as well as short-term and long-term
trends.
Adjusted net income and adjusted diluted earnings per common
share are derived from GAAP results by excluding the non-cash
impacts related to the change in the estimated fair value of the
convertible debt conversion liability, change in fair value of
contingent considerations, impairment of assets, and stock
compensation, coupled with allocation of the net benefit of the
2017 BTC as set forth in the footnotes to the tables below and the
other items identified in the tables below that we believe are not
related to our core operating activities.
Earnings before interest, taxes, depreciation and amortization,
and further adjusted for certain additional items identified in the
table below, or Adjusted EBITDA, is presented in order to assist
investors in analyzing performance across reporting periods on a
consistent basis by excluding items that are not believed to be
indicative of core operating performance. Adjusted EBITDA is used
by the Company to evaluate, assess and benchmark financial
performance on a consistent and a comparable basis and as a factor
in determining incentive compensation for Company executives.
Adjusted net income, adjusted diluted earnings per common share
and Adjusted EBITDA as presented by the Company may be calculated
differently from, and therefore may not be comparable to, similarly
titled measures used by other companies. Investors should consider
non-GAAP measures in addition to, and not as a substitute for, or
as superior to, financial performance measures prepared in
accordance with GAAP.
Adjusted Net Income (Loss) and Adjusted EPS
Reconciliation:
The following table sets forth Adjusted Net Income (Loss) and
Adjusted net income (loss) per share for the periods presented, as
well as a reconciliation to net income (loss) determined in
accordance with GAAP:
(In thousands,
except per share amounts) |
Three Months Ended June
30, 2018 |
|
Three Months Ended June
30, 2017 |
|
Six Months Ended June
30, 2018 |
|
Six Months Ended June
30, 2017 |
|
Net income (loss) attributable to the Company |
$ |
33,850 |
|
$ |
(34,809 |
) |
$ |
248,239 |
|
$ |
(50,723 |
) |
Gain on
involuntary conversion |
(454 |
) |
|
— |
|
|
(4,454 |
) |
|
— |
|
Gain on
sale of assets |
— |
|
|
— |
|
|
(990 |
) |
|
— |
|
Change in
fair value of convertible debt conversion liability |
— |
|
|
32,546 |
|
|
— |
|
|
32,718 |
|
Change in
fair value of contingent considerations |
(7,129 |
) |
|
(24 |
) |
|
(8,669 |
) |
|
565 |
|
Gain on
debt extinguishment |
(2,337 |
) |
|
— |
|
|
(2,105 |
) |
|
— |
|
Loss on
the Geismar lease termination |
— |
|
|
3,967 |
|
|
— |
|
|
3,967 |
|
Other
(income) expense, net |
(2,066 |
) |
|
(32 |
) |
|
(2,289 |
) |
|
288 |
|
Impairment of assets |
— |
|
|
1,341 |
|
|
— |
|
|
1,341 |
|
Straight-line lease expense |
(3 |
) |
|
(85 |
) |
|
(35 |
) |
|
(117 |
) |
Executive
severance payment |
50 |
|
|
— |
|
|
215 |
|
|
— |
|
Non-cash
stock compensation |
2,203 |
|
|
1,688 |
|
|
3,997 |
|
|
2,996 |
|
2017 BTC
(1) |
— |
|
|
— |
|
|
(204,936 |
) |
|
— |
|
Adjusted net income
(loss) attributable to the Company |
$ |
24,114 |
|
|
$ |
4,592 |
|
|
$ |
28,973 |
|
|
$ |
(8,965 |
) |
Effect of
participating share-based awards |
637 |
|
|
106 |
|
|
730 |
|
|
— |
|
Adjusted net
income (loss) excluding 2017 BTC allocation attributable to common
stockholders |
$ |
23,477 |
|
|
$ |
4,486 |
|
|
$ |
28,243 |
|
|
$ |
(8,965 |
) |
|
|
|
|
|
|
|
|
Adjusted net
income (loss) attributable to the Company |
$ |
24,114 |
|
|
$ |
4,592 |
|
|
$ |
28,973 |
|
|
$ |
(8,965 |
) |
Allocation of 2017 BTC |
— |
|
|
59,365 |
|
|
— |
|
|
96,093 |
|
Adjusted net
income (loss) including 2017 BTC allocation attributable to the
Company |
24,114 |
|
|
63,957 |
|
|
28,973 |
|
|
87,128 |
|
Effect of
participating share-based awards |
637 |
|
|
1,483 |
|
|
730 |
|
|
1,936 |
|
Adjusted net
income (loss) including 2017 BTC allocation attributable to common
stockholders |
$ |
23,477 |
|
|
$ |
62,474 |
|
|
$ |
28,243 |
|
|
$ |
85,192 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to common stockholders |
|
|
|
|
|
|
|
Diluted |
$ |
0.78 |
|
|
$ |
(0.90 |
) |
|
$ |
5.94 |
|
|
$ |
(1.31 |
) |
|
|
|
|
|
|
|
|
Adjusted net
income (loss) excluding 2017 BTC allocation per share attributable
to common stockholders |
|
|
|
|
|
|
|
Diluted |
$ |
0.56 |
|
|
$ |
0.12 |
|
|
$ |
0.69 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
Adjusted net
income including 2017 BTC allocation per share attributable to
common stockholders |
|
|
|
|
|
|
|
Diluted |
$ |
0.56 |
|
|
$ |
1.61 |
|
|
$ |
0.69 |
|
|
$ |
2.20 |
|
(1) On February 9, 2018, the Biodiesel Mixture Excise Tax Credit
("BTC") was retroactively reinstated for the 2017 calendar
year. The retroactive credit for 2017 resulted in a net
benefit to us that was recognized in the first quarter of 2018 for
GAAP purposes. Because this credit relates to the 2017 full
year operating performance and results, we removed the net benefit
of the 2017 BTC from our 2018 results and allocated a portion of
the net benefit of the tax credit to each of the four quarters of
2017 based upon gallons sold.
Adjusted EBITDA Reconciliation:
The following table sets forth Adjusted EBITDA for the periods
presented, as well as a reconciliation to net income (loss)
determined in accordance with GAAP:
|
Three Months Ended June
30, 2018 |
|
Three Months Ended June
30, 2017 |
|
Six Months Ended June
30, 2018 |
|
Six Months Ended June
30, 2017 |
(In thousands) |
|
|
|
|
|
|
|
Net income
(loss) |
$ |
33,850 |
|
|
$ |
(34,809 |
) |
|
$ |
248,239 |
|
|
$ |
(50,723 |
) |
Adjustments: |
|
|
|
|
|
|
|
Income
tax expense |
3,835 |
|
|
1,960 |
|
|
2,632 |
|
|
3,035 |
|
Interest
expense |
4,925 |
|
|
4,479 |
|
|
9,576 |
|
|
9,015 |
|
Depreciation |
9,124 |
|
|
8,523 |
|
|
17,983 |
|
|
16,946 |
|
Amortization |
310 |
|
|
149 |
|
|
618 |
|
|
276 |
|
EBITDA |
52,044 |
|
|
(19,698 |
) |
|
279,048 |
|
|
(21,451 |
) |
Gain on
involuntary conversion |
(454 |
) |
|
— |
|
|
(4,454 |
) |
|
— |
|
Gain on
sale of assets |
— |
|
|
— |
|
|
(990 |
) |
|
— |
|
Change in
fair value of convertible debt conversion liability |
— |
|
|
32,546 |
|
|
— |
|
|
32,718 |
|
Change in
fair value of contingent liability |
(7,129 |
) |
|
(24 |
) |
|
(8,669 |
) |
|
565 |
|
Gain on
debt extinguishment |
(2,337 |
) |
|
— |
|
|
(2,105 |
) |
|
— |
|
Other
(income) expense, net |
(2,066 |
) |
|
(32 |
) |
|
(2,289 |
) |
|
288 |
|
Impairment of assets |
— |
|
|
1,341 |
|
|
— |
|
|
1,341 |
|
Loss on
the Geismar lease termination |
— |
|
|
3,967 |
|
|
— |
|
|
3,967 |
|
Straight-line lease expense |
(3 |
) |
|
(85 |
) |
|
(35 |
) |
|
(117 |
) |
Executive
severance |
50 |
|
|
— |
|
|
215 |
|
|
— |
|
Non-cash
stock compensation |
2,203 |
|
|
1,688 |
|
|
3,997 |
|
|
2,996 |
|
2017 BTC
(1) |
— |
|
|
— |
|
|
(204,936 |
) |
|
— |
|
Adjusted EBITDA
excluding 2017 BTC allocation |
42,308 |
|
|
19,703 |
|
|
59,782 |
|
|
20,307 |
|
Allocation of 2017 BTC (1) |
— |
|
|
59,365 |
|
|
— |
|
|
96,093 |
|
Adjusted
EBITDA |
$ |
42,308 |
|
|
$ |
79,068 |
|
|
$ |
59,782 |
|
|
$ |
116,400 |
|
(1) On February 9, 2018, the Biodiesel Mixture Excise Tax Credit
("BTC") was retroactively reinstated for the 2017 calendar
year. The retroactive credit for 2017 resulted in a net
benefit to us that was recognized in the first quarter of 2018 for
GAAP purposes. Because this credit relates to the 2017 full
year operating performance and results, we removed the net benefit
of the 2017 BTC from our 2018 results and allocated a portion of
the net benefit of the tax credit to each of the four quarters of
2017 based upon gallons sold.
About Renewable Energy GroupRenewable Energy
Group, Inc. (NASDAQ: REGI) is a leading provider of cleaner, lower
carbon intensity products and services. We are an international
producer of biomass-based diesel, a developer of renewable
chemicals and are North America's largest producer of advanced
biofuel. REG utilizes an integrated procurement, distribution, and
logistics network to convert natural fats, oils, greases, and
sugars into lower carbon intensity products. With 14 active
biorefineries, a feedstock processing facility, research and
development capabilities and a diverse and growing intellectual
property portfolio, REG is committed to being a long-term leader in
bio-based fuel and chemicals.
Note Regarding Forward-Looking StatementsThis
press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
as amended, including statements regarding expected production at
our Geismar renewable diesel facility and an expected favorable
margin environment in the second the half of 2018, the possible
retroactive reinstatement of the BTC for 2018, and the estimated
benefits to Adjusted net income and Adjusted EBITDA if the BTC is
retroactively reinstated for 2018. These forward-looking
statements are based on current expectations, estimates,
assumptions and projections that are subject to change, and actual
results may differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially
include, but are not limited to, potential changes in governmental
programs and policies requiring or encouraging the use of biofuels,
including RFS2; availability of federal and state governmental tax
incentives and incentives for biomass-based diesel production,
including that the BTC may not be retroactively reinstated for 2018
or that it may be reinstated on less favorable terms; changes in
the spread between biomass-based diesel prices and feedstock costs;
the future price and volatility of feedstocks; the future price and
volatility of petroleum and products derived from petroleum; risks
associated with fire, explosions, leaks and other natural disasters
at our facilities; the effect of excess capacity in the
biomass-based diesel industry; unanticipated changes in the
biomass-based diesel market from which we generate almost all of
our revenues; seasonal fluctuations in our operating results;
competition in the markets in which we operate; our dependence on
sales to a single customer; technological advances or new methods
of biomass-based diesel production or the development of energy
alternatives to biomass-based diesel; our ability to successfully
implement our acquisition strategy; our ability to generate revenue
from the sale of renewable chemicals, fuels and other products on a
commercial scale and at a competitive cost, and customer acceptance
of the products produced; whether our Geismar biorefinery will be
able to produce renewable diesel consistently or profitably; and
other risks and uncertainties described in REG's annual report on
Form 10-K for the year ended December 31, 2017, Form 10-Q for the
quarter ended March 31, 2018 and other reports subsequently filed
with the SEC. All forward-looking statements are made as of
the date of this press release and REG does not undertake to update
any forward-looking statements based on new developments or changes
in our expectations.
Contacts
Company:Renewable Energy Group, Inc.Todd
RobinsonTreasurer+1 (515) 239-8048Todd.Robinson@regi.com
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)FOR THE THREE AND SIX MONTHS
ENDED JUNE 30, 2018 AND 2017(in thousands, except
share and per share amounts)
|
Three months ended |
|
Six months ended |
|
|
June 30, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 |
REVENUES: |
|
|
|
|
|
|
|
Biomass-based diesel sales |
$ |
551,109 |
|
|
$ |
455,928 |
|
|
$ |
825,870 |
|
|
$ |
799,664 |
|
Separated
RIN sales |
26,186 |
|
|
67,349 |
|
|
73,365 |
|
|
124,674 |
|
Biomass-based diesel government incentives |
915 |
|
|
10,821 |
|
|
366,200 |
|
|
27,762 |
|
|
578,210 |
|
|
534,098 |
|
|
1,265,435 |
|
|
952,100 |
|
Other
revenue |
1,940 |
|
|
1,005 |
|
|
3,967 |
|
|
1,896 |
|
|
580,150 |
|
|
535,103 |
|
|
1,269,402 |
|
|
953,996 |
|
COSTS OF GOODS
SOLD: |
|
|
|
|
|
|
|
Biomass-based diesel |
510,380 |
|
|
468,407 |
|
|
916,189 |
|
|
822,258 |
|
Separated
RINs |
11,011 |
|
|
34,218 |
|
|
43,748 |
|
|
80,847 |
|
Other
costs of goods sold |
1,138 |
|
|
1,024 |
|
|
2,276 |
|
|
2,154 |
|
|
522,529 |
|
|
503,649 |
|
|
962,213 |
|
|
905,259 |
|
GROSS PROFIT |
57,621 |
|
|
31,454 |
|
|
307,189 |
|
|
48,737 |
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES |
24,512 |
|
|
22,812 |
|
|
56,166 |
|
|
45,719 |
|
RESEARCH AND
DEVELOPMENT EXPENSE |
2,485 |
|
|
3,181 |
|
|
9,083 |
|
|
6,779 |
|
IMPAIRMENT OF PROPERTY,
PLANT AND EQUIPMENT |
— |
|
|
1,341 |
|
|
— |
|
|
1,341 |
|
INCOME (LOSS) FROM
OPERATIONS |
30,624 |
|
|
4,120 |
|
|
241,940 |
|
|
(5,102 |
) |
OTHER INCOME (EXPENSE),
NET |
7,061 |
|
|
(36,969 |
) |
|
8,931 |
|
|
(42,586 |
) |
INCOME (LOSS) BEFORE
INCOME TAXES |
37,685 |
|
|
(32,849 |
) |
|
250,871 |
|
|
(47,688 |
) |
INCOME TAX EXPENSE |
(3,835 |
) |
|
(1,960 |
) |
|
(2,632 |
) |
|
(3,035 |
) |
NET INCOME (LOSS) |
$ |
33,850 |
|
|
$ |
(34,809 |
) |
|
$ |
248,239 |
|
|
$ |
(50,723 |
) |
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS |
$ |
32,956 |
|
|
$ |
(34,809 |
) |
|
$ |
241,983 |
|
|
$ |
(50,723 |
) |
NET INCOME (LOSS) PER
SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: |
|
|
|
|
|
|
|
BASIC |
$ |
0.88 |
|
|
$ |
(0.90 |
) |
|
$ |
6.35 |
|
|
$ |
(1.31 |
) |
DILUTED |
$ |
0.78 |
|
|
$ |
(0.90 |
) |
|
$ |
5.94 |
|
|
$ |
(1.31 |
) |
WEIGHTED AVERAGE SHARES
USED TO COMPUTE NET LOSS PER SHARE ATTRIBUTABLE TO COMMON
STOCKHOLDERS: |
|
|
|
|
|
|
|
BASIC |
37,413,387 |
|
|
38,679,849 |
|
|
38,112,531 |
|
|
38,639,672 |
|
DILUTED |
42,079,944 |
|
|
38,679,849 |
|
|
40,713,114 |
|
|
38,639,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)AS OF JUNE 30, 2018 AND
DECEMBER 31, 2017(in thousands, except share
and per share amounts)
|
June 30, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
221,775 |
|
|
$ |
77,627 |
|
Accounts
receivable, net |
91,248 |
|
|
90,648 |
|
Inventories |
141,736 |
|
|
135,547 |
|
Prepaid
expenses and other assets |
45,294 |
|
|
51,880 |
|
Total
current assets |
500,053 |
|
|
355,702 |
|
Property, plant and
equipment, net |
591,265 |
|
|
587,397 |
|
Goodwill |
16,080 |
|
|
16,080 |
|
Intangible assets,
net |
25,944 |
|
|
27,127 |
|
Investments |
12,153 |
|
|
12,250 |
|
Other assets |
7,275 |
|
|
7,040 |
|
TOTAL ASSETS |
$ |
1,152,770 |
|
|
$ |
1,005,596 |
|
LIABILITIES AND
EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Lines of
credit |
$ |
7,844 |
|
|
$ |
65,525 |
|
Current
maturities of long-term debt |
176,746 |
|
|
13,397 |
|
Accounts
payable |
120,733 |
|
|
84,608 |
|
Accrued
expenses and other liabilities |
31,549 |
|
|
39,187 |
|
Deferred
revenue |
161 |
|
|
2,218 |
|
Total
current liabilities |
337,033 |
|
|
204,935 |
|
Unfavorable lease
obligation |
2,823 |
|
|
3,388 |
|
Deferred income
taxes |
8,430 |
|
|
8,192 |
|
Long-term contingent
consideration for acquisitions |
3,311 |
|
|
8,849 |
|
Long-term debt (net of
debt issuance costs of $4,592 and $6,627, respectively) |
31,006 |
|
|
208,536 |
|
Other liabilities |
3,379 |
|
|
4,114 |
|
Total
liabilities |
385,982 |
|
|
438,014 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
TOTAL EQUITY |
766,788 |
|
|
567,582 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
1,152,770 |
|
|
$ |
1,005,596 |
|
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