BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial
results for the three- and nine-month periods ended October 31,
2019. All financial information is in Canadian dollars unless
otherwise noted. The complete financial results are available at
Sedar, as well as in the Quarterly Reports section of BRP’s
website.
“We delivered once again a solid financial
performance and our best third quarter ever. Our industry is
performing well globally, and we continue to outpace it with double
digit growth. As we look ahead, our strong third quarter results
allow us to raise the lower end of the guidance for our full year
normalized EPS range with expected growth of 19% to 23%,” stated
José Boisjoli, President and CEO. “Due to the strength of our
strategy and the seamless execution by our people, we are on track
to deliver industry-leading results for FY20. Our efforts are
paying off and we don’t intend to ease up,” he added.
Highlights for the Three- and Nine-Month
Periods Ended October 31, 2019
Revenues increased by $249.4
million, or 17.9%, to $1,643.6 million for the
three-month period ended October 31, 2019,
compared with $1,394.2 million for the corresponding period ended
October 31, 2018. The revenue increase was mainly due to higher
wholesale of Year-Round Products and Seasonal
Products. The Company's North
American retail sales for powersports vehicles and outboard engines
increased by 21% for the three-month period ended
October 31, 2019 compared with the three-month period ended October
31, 2018. The increase was driven by higher wholesale of Year-Round
Products and snowmobile.
Gross profit increased by $85.1
million, or 23.9%, to $441.9 million for the
three-month period ended October 31, 2019,
compared with $356.8 million for the corresponding period ended
October 31, 2018. The gross profit increase includes an
unfavourable foreign exchange rate variation of $4 million. Gross
profit margin percentage increased by 130 basis points to 26.9%
from 25.6% for the three-month period ended October 31, 2018. The
increase of 130 basis points was primarily due to a higher volume
of Year-Round Products and PWC sold and from a favourable mix in
snowmobile and SSV. The increase was partially offset by higher
sales program costs and by higher commodity and production
costs.
Operating expenses increased by
$34.2 million, or 17.1%, to $233.9 million for the
three-month period ended October 31, 2019,
compared with $199.7 million for the three-month period ended
October 31, 2018. This increase was mainly attributable to
continued product investments.
Revenues increased by $698.9
million, or 18.7%, to $4,436.8 million for the
nine-month period ended October 31, 2019, compared
with $3,737.9 million for the corresponding period ended
October 31, 2018. The revenue increase was primarily attributable
to higher wholesale of Year-Round Products and a favourable foreign
exchange rate variation of $22
million.
The Company's North American retail sales for powersports vehicles
and outboard engines increased by 13% for the
nine-month period ended October 31, 2019 compared
with the nine-month period ended October 31, 2018, mainly due to an
increase in Year-Round Products, partially offset by lower retail
of outboard engines.
Gross profit increased by
$151.8 million, or 16.5%, to $1,070.3 million for the
nine-month period ended October 31, 2019, compared
with $918.5 million for the corresponding period ended October
31, 2018. Gross profit margin percentage decreased by 50 basis
points to 24.1% from 24.6% for the nine-month period ended October
31, 2018. The decrease was primarily due to higher commodity,
production and distribution costs and higher sales program costs,
partially offset by higher volume of Year-Round Products sold and a
favourable product mix of Seasonal Products.
Operating expenses increased by
$91.0 million, or 15.9%, to $663.4 million for the
nine-month period ended October 31, 2019, compared
with $572.4 million for the nine-month period ended October 31,
2018. The increase was mainly attributable to higher expenses to
support for the launch of various products such as the Can-Am
Ryker, continued product investments, costs related to the
modernization of information systems and additional operating
expenses resulting from acquisition of companies in the Marine
segment, partially offset by lower variable employee compensation
expenses.
Net Income
data |
|
|
Three-month periods ended |
|
Nine-month periods ended |
|
(in millions of Canadian dollars) |
October 31,2019 |
|
October 31,2018 |
|
October 31,2019 |
|
October 31,2018 |
|
|
|
|
|
|
|
|
|
|
Revenues by
category |
|
|
|
|
|
|
|
|
Powersports |
|
|
|
|
|
|
|
|
Year-Round Products |
$725.0 |
|
$562.4 |
|
$2,086.6 |
|
$1,643.0 |
|
Seasonal Products |
554.8 |
|
490.9 |
|
1,358.7 |
|
1,225.9 |
|
Powersports PAC and OEM Engines |
225.7 |
|
201.8 |
|
584.4 |
|
504.8 |
|
Marine |
138.1 |
|
139.1 |
|
407.1 |
|
364.2 |
|
Total
Revenues |
1,643.6 |
|
1,394.2 |
|
4,436.8 |
|
3,737.9 |
|
Cost of
sales |
1,201.7 |
|
1,037.4 |
|
3,366.5 |
|
2,819.4 |
|
Gross
profit |
441.9 |
|
356.8 |
|
1,070.3 |
|
918.5 |
|
As a percentage of revenues |
26.9 |
% |
25.6 |
% |
24.1 |
% |
24.6 |
% |
Operating
expenses |
|
|
|
|
|
|
|
|
Selling and marketing |
104.6 |
|
86.8 |
|
293.6 |
|
248.8 |
|
Research and development |
60.3 |
|
51.6 |
|
173.7 |
|
158.2 |
|
General and administrative |
70.3 |
|
58.0 |
|
188.4 |
|
155.8 |
|
Other operating expenses (income) |
(1.3 |
) |
3.3 |
|
7.7 |
|
9.6 |
|
Total operating expenses |
233.9 |
|
199.7 |
|
663.4 |
|
572.4 |
|
Operating
income |
208.0 |
|
157.1 |
|
406.9 |
|
346.1 |
|
Net financing costs |
23.8 |
|
16.9 |
|
64.1 |
|
54.7 |
|
Foreign exchange loss on long-term debt |
— |
|
10.2 |
|
0.4 |
|
69.0 |
|
Income before income taxes |
184.2 |
|
130.0 |
|
342.4 |
|
222.4 |
|
Income
tax expense |
48.9 |
|
39.8 |
|
90.0 |
|
77.8 |
|
Net income |
$135.3 |
|
$90.2 |
|
$252.4 |
|
$144.6 |
|
Attributable to shareholders |
$135.6 |
|
$90.3 |
|
$253.0 |
|
$144.3 |
|
Attributable to non-controlling interest |
$(0.3 |
) |
$(0.1 |
) |
$(0.6 |
) |
$0.3 |
|
|
|
|
|
|
|
|
|
|
Normalized EBITDA
[1] |
$268.2 |
|
$203.2 |
|
$582.6 |
|
$474.0 |
|
Normalized net income [1] |
$136.7 |
|
$102.9 |
|
$258.2 |
|
$222.8 |
|
[1] See “Non-IFRS
Measures” section. |
QUARTERLY REVIEW BY SEGMENT
Powersports
Year-Round Products
Revenues from Year-Round Products increased by
$162.6 million, or 28.9%, to $725.0 million for the three-month
period ended October 31, 2019, compared with $562.4 million for the
corresponding period ended October 31, 2018. The increase resulted
mainly from a higher volume of SSV sold and the introduction of the
Can-Am Ryker.
North American Year-Round Products retail sales
increased on a percentage basis in the high-twenties range compared
with the three-month period ended October 31, 2018.
Seasonal Products
Revenues from Seasonal Products increased by
$63.9 million, or 13.0%, to $554.8 million for the three-month
period ended October 31, 2019, compared with $490.9 million for the
corresponding period ended October 31, 2018. The increase was
driven by a favourable product mix in snowmobile and a higher
volume of PWC and snowmobile sold.
North American Seasonal Products retail sales
increased on a percentage basis in the high-teens range compared
with the three-month period ended October 31, 2018.
Powersports PAC and OEM
Engines[1] Revenues from
Powersports PAC and OEM Engines increased by $24.4 million, or
12.1%, to $226.6 million for the three-month period ended October
31, 2019, compared with $202.2 million for the corresponding
period ended October 31, 2018. The increase was mainly attributable
to a higher volume of SSV parts and accessories.
Marine[1]
Revenues from the Marine segment decreased by
$3.4 million, or 2.3%, to $142.4 million for the three-month period
ended October 31, 2019, compared with $145.8 million for the
corresponding period ended October 31, 2018. The decrease was
mainly due to a lower volume of outboard engines sold, mostly
offset by the additional revenues following the acquisition of
Telwater.
North American outboard engine retail sales
decreased on a percentage basis in the low-teens range compared
with the three-month period ended October 31, 2018.
[1] Includes inter-segment transactions
DECLARATION OF DIVIDEND
The Board of Directors approved a quarterly
dividend of $0.10 per share for holders of its multiple voting
shares and subordinate voting shares. The dividend will be paid on
January 10, 2020 to shareholders of record at the close of business
on December 27, 2019. The payment of each quarterly dividend
remains subject to the declaration of that dividend by the Board of
Directors. The actual amount, the declaration date, the
record date and the payment date of each quarterly dividend are
subject to the discretion of the Board of Directors.
Fiscal Year 2020 Guidance
The table below sets forth BRP’s financial
guidance for Fiscal Year 2020 which reflects the adoption of the
new IFRS 16 - Leases (“IFRS 16”) standard effective as of
February 1, 2019. Under IFRS 16 – Leases, operating lease expenses
are recorded as depreciation and interest expense rather than
operating costs within Normalized EBITDA[1]. No restatement of
prior periods was made.
The financial guidance targets have been
adjusted as follows:
Financial Metric |
FY19 |
|
|
FY20 Guidance[3] vs FY19 |
Revenues |
|
|
|
|
Year-Round Products |
$2,240.6 |
|
|
Up 20% to 22% (previously up to 16% to 19%) |
Seasonal Products |
$1,803.5 |
|
|
Up 3% to 5%(previously up to 2% to 5%) |
Powersports PAC and OEM Engines |
$707.5 |
|
|
Up 7% to 10%(previously up to 5% to 9%) |
Marine |
$492.2 |
|
|
Up 14% to 19%(previously up to 17% to 22%) |
Total Company Revenues |
$5,243.8 |
|
|
Up 12% to 14%(previously up 10% to 13%) |
Normalized EBITDA[1] |
$655.9 |
|
|
Up 21.5% to 23.0%(previously up 21% to 23%) |
Effective Tax Rate[1][2] |
25.5% |
|
|
26.5% to 27.0% |
Normalized Earnings per Share – Diluted[1] |
$3.10 |
|
|
Up 19% to 23% ($3.70 to $3.80)(previously $3.65 to
$3.80) |
Net Income |
227.3 |
|
|
$350M to $370M (assuming an Fx loss on long-term debt and lease
liabilities of $0.5M) |
Other guidance:
- Expecting ~$235M Depreciation Expense
(increased from ~$231M) compared to $176M in FY19, ~$87M of
Net Financing Costs Adjusted (decreased from ~$89M) and
~94.0M shares (decreased from 94.3M shares).
- Expecting Capital Expenditures of ~$360M to $370M in
FY20 compared to $299M in FY19.
[1] Please refer to “Non-IFRS Measures”
section.[2] Effective tax rate based on Normalized Earnings before
Normalized Income Tax. [3] Please refer to “Forward-Looking
Statements” and “Key assumptions” sections for a summary of
important risk factors underlying the FY20 guidance.
The above targets are based on a number of
economic, market and operational assumptions the Company has
made in preparing its Fiscal Year 2020 financial guidance,
including assumptions regarding the performance of the economies in
which it operates, foreign exchange currency fluctuations, market
competition and tax laws applicable to its operations. The Company
made a number of economic, market and opertional assumptions in
preparing and making forward-looking statements. The Company is
assuming reasonable industry growth ranging from flat to
high-single digits, moderate market share gains in Year-Round
Products and Seasonal Products and constant market share for the
Marine segment. The Company is also assuming interest rates
increase modestly, currencies remain at near current levels and
inflation remains in line with central bank expectations in
countries where the Company is doing business. The Company cautions
that the assumptions used to prepare the forecasts for Fiscal Year
2020, although believed to be reasonable at the time they were
made, may prove to be incorrect or inaccurate. In addition, the
above forecasts do not reflect the potential impact of any
non-recurring or other special items or of any new material
commercial agreements, dispositions, mergers, acquisitions, other
business combinations or other transactions that may be announced
or that may occur after November 26, 2019. The financial
impact of such transactions and non-recurring and other special
items can be complex and depends on the facts particular to each of
them. We therefore cannot describe the expected impact in a
meaningful way or in the same way we present known risks affecting
our business. Accordingly, our actual results could differ
materially from our expectations as set forth in this news release.
The outlook provided constitutes forward-looking statements within
the meaning of applicable securities laws and should be read in
conjunction with the "Caution Concerning Forward-Looking
Statements" section.
Conference Call and Webcast
Presentation
Today at 9 a.m. EST, BRP Inc. will host a
conference call and webcast to discuss its FY2020 third
quarter. The call will be hosted by José Boisjoli, President and
CEO, and Sébastien Martel, CFO. To listen to the conference call by
phone (event number 4313848), please dial 514-392-0235 or
1-800-377-0758 (toll-free in North America). Click here for
international dial-in numbers.
The Company’s third quarter FY2020 MD&A,
financial statements and webcast presentation are posted in the
Quarterly Reports section of BRP’s website.
About BRP
We are a global leader in the world of
powersports vehicles, propulsion systems and boats built on over 75
years of ingenuity and intensive consumer focus. Our portfolio of
industry-leading and distinctive products includes Ski-Doo and Lynx
snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles,
Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude
and Rotax marine propulsion systems as well as Rotax engines for
karts, motorcycles and recreational aircraft. We complete our lines
of products with a dedicated parts, accessories and clothing to
fully enhance the riding experience. With annual sales of CA$5.2
billion from over 120 countries, our global workforce is made up of
more than 13,000 driven, resourceful people.www.brp.com@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude,
Manitou, Alumacraft, Quintrex, Stacer, Savage and the BRP logo are
trademarks of Bombardier Recreational Products Inc. or its
affiliates. All other trademarks are the property of their
respective owners.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSCertain information included in this release,
including, but not limited to, statements relating to our Fiscal
Year 2020 financial outlook (including revenues, Normalized EBITDA,
Effective Tax Rate, Normalized earnings per share, net income,
depreciation expense, net financing costs adjusted and capital
expenditures), the declaration and payment of dividends, the
Company’s ability to achieve its Fiscal Year 2020 guidance and
other statements that are not historical facts, are
“forward-looking statements” within the meaning of Canadian and
United States securities laws. Forward-looking statements are
typically identified by the use of terminology such as “may”,
“will”, “would”, “should”, “could”, “expects”, "forecasts",
“plans”, “intends”, “trends”, “indications”, “anticipates”,
“believes”, “estimates”, “outlook”, “predicts”, “projects”,
“likely” or “potential” or the negative or other variations of
these words or other comparable words or phrases. Forward looking
statements, by their very nature, involve inherent risks and
uncertainties and are based on a number of assumptions, both
general and specific , made by the Company in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that the
Company believes are appropriate and reasonable in the
circumstances, but there can be no assurance that such assumptions
will prove to be correct or that the Company’s business guidance,
objectives, plans and strategic priorities will be achieved. Key
assumptions used in determining forward-looking information are set
forth below.
KEY ASSUMPTIONSThe Company made
a number of economic, market and operational assumptions in
preparing its Fiscal Year 2020 financial guidance, including
assumptions regarding the performance of the economies in which it
operates, market competition, tax laws applicable to its operations
and foreign exchange currency fluctuation. The Company made a
number of economic, market and operational assumptions in preparing
and making forward-looking statements. The Company is assuming
reasonable industry growth ranging from flat to high-single digits,
moderate market share gains in Year-Round Products and Seasonal
Products and constant market share for the Marine segment. The
Company is also assuming interest rates increase modestly,
currencies remain at near current levels and inflation remains in
line with central bank expectations in countries where the Company
is doing business. In addition, many factors could cause the
Company’s actual results, level of activity, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward-looking statements,
including, without limitation, the following factors, which are
discussed in greater detail under the heading “Risk Factors” in the
Company’s most recent Annual Information Form filed with the
Canadian Securities Administrators (available at sedar.com) and on
Form 40-F with the Securities and Exchange Commission in the United
States (available at https://www.sec.gov/): impact of adverse
economic conditions on consumer spending; decline in social
acceptability of the Company’s products; fluctuations in foreign
currency exchange rates; high levels of indebtedness;
unavailability of additional capital; unfavourable weather
conditions; seasonal sales fluctuations; inability to comply with
product safety, health, environmental and noise pollution laws;
large fixed cost base; inability of dealers and distributors to
secure adequate access to capital; supply problems, termination or
interruption of supply arrangements or increases in the cost of
materials; competition in product lines; inability to successfully
execute growth strategy; international sales and operations;
failure of information technology systems or security breach;
failure to maintain an effective system of internal control over
financial reporting and to produce accurate and timely financial
statements; loss of members of management team or employees who
possess specialized market knowledge and technical skills;
inability to maintain and enhance reputation and brands;
significant product liability claim; significant product repair
and/or replacement due to product warranty claims or product
recalls; reliance on a network of independent dealers and
distributors; inability to successfully manage inventory levels;
intellectual property infringement and litigation; inability to
successfully execute manufacturing strategy; covenants in financing
and other material agreements; changes in tax laws and
unanticipated tax liabilities; deterioration in relationships with
employees; pension plan liabilities; natural disasters; failure to
carry proper insurance coverage; volatile market price for BRP’s
subordinate voting shares; conduct of business through
subsidiaries; significant influence by Beaudier Inc. and 4338618
Canada Inc. (together the “Beaudier Group”) and
Bain Capital Luxembourg Investments S. à r. l. (“Bain
Capital”); and future sales of BRP’s shares by Beaudier
Group, Bain Capital, directors, officers or senior management of
the Company. These factors are not intended to represent a complete
list of the factors that could affect the Company; however, these
factors should be considered carefully.
The forward-looking statements contained in this
release are made as of the date of this release and BRP undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable securities regulations.
In the event that BRP does update any forward-looking statement, no
inference should be made that BRP will make additional updates with
respect to that statement, related matters, or any other
forward-looking statement.
NON-IFRS MEASURESThis press
release makes reference to certain non-IFRS measures. These
measures are not recognized measures under IFRS, do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of the Company’s results of operations from management’s
perspective. Accordingly, they should not be considered in
isolation nor as a substitute for analysis of the Company’s
financial information reported under IFRS. The Company uses
non-IFRS measures including Normalized EBITDA, Normalized net
income, Normalized income tax expense, Normalized effective tax
rate, Normalized basic earnings per share and Normalized diluted
earnings per share.
Normalized EBITDA is provided to assist
investors in determining the financial performance of the Company’s
operating activities on a consistent basis by excluding certain
non-cash elements such as depreciation expense, impairment charge
and foreign exchange gain or loss on the Company’s long-term debt
denominated in U.S. dollars. Other elements, such as restructuring
costs and acquisition related-costs, may also be excluded from net
income in the determination of Normalized EBITDA as they are
considered not being reflective of the operational performance of
the Company. Normalized net income, Normalized income tax expense,
Normalized effective tax rate, Normalized basic earnings per share
and Normalized diluted earnings per share, in addition to the
financial performance of operating activities, take into account
the impact of investing activities, financing activities and income
taxes on the Company’s financial results.
The Company believes non-IFRS measures are
important supplemental measures of financial performance because
they eliminate items that have less bearing on the Company’s
financial performance and thus highlight trends in its core
business that may not otherwise be apparent when relying solely on
IFRS measures. The Company also believes that securities analysts,
investors and other interested parties frequently use non-IFRS
measures in the evaluation of companies, many of which present
similar metrics when reporting their results. Management also uses
non-IFRS measures in order to facilitate financial performance
comparisons from period to period, prepare annual operating
budgets, assess the Company’s ability to meet its future debt
service, capital expenditure and working capital requirements and
also as a component in the determination of the short-term
incentive compensation for the Company’s employees. Because other
companies may calculate these non-IFRS measures differently than
the Company does, these metrics are not comparable to similarly
titled measures reported by other companies.
Normalized EBITDA is defined as net income
before financing costs, financing income, income tax expense
(recovery), depreciation expense and normalized elements.
Normalized net income is defined as net income before normalized
elements adjusted to reflect the tax effect on these elements.
Normalized income tax expense is defined as income tax expense
adjusted to reflect the tax effect on normalized elements and to
normalize specific tax elements. Normalized effective tax rate is
based on Normalized net income before Normalized income tax
expense. Normalized earnings per share - basic and Normalized
earnings per share – diluted are calculated respectively by
dividing the Normalized net income by the weighted average number
of shares – basic and the weighted average number of shares –
diluted. The Company refers the reader to the “Selected
Consolidated Financial Information” section of this MD&A for
the reconciliations of Normalized EBITDA and Normalized net income
presented by the Company to the most directly comparable IFRS
measure.
Reconciliation Tables
The following table presents the reconciliation
of Net income to Normalized net income[1] and Normalized
EBITDA[1].
|
Three-month periods ended |
|
Nine-month periods ended |
|
(in millions of Canadian dollars) |
October 31,2019 |
|
October 31,2018 |
|
October 31,2019 |
|
October 31,2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$135.3 |
|
$90.2 |
|
$252.4 |
|
$144.6 |
|
Normalized elements |
|
|
|
|
|
|
|
|
Foreign exchange loss on long-term debt and lease liabilities |
0.1 |
|
10.2 |
|
0.5 |
|
69.0 |
|
Transaction costs and other related expenses [2] |
0.6 |
|
0.5 |
|
2.3 |
|
1.7 |
|
Restructuring and related costs [3] |
0.1 |
|
0.1 |
|
2.0 |
|
0.9 |
|
Loss on litigation [4] |
— |
|
0.3 |
|
0.4 |
|
1.1 |
|
Transaction costs on long-term debt |
— |
|
— |
|
— |
|
8.9 |
|
Pension plan past service gains |
— |
|
— |
|
— |
|
(1.4 |
) |
Depreciation of intangible assets related to business
combinations |
1.1 |
|
0.5 |
|
2.4 |
|
0.5 |
|
Other elements |
— |
|
1.9 |
|
— |
|
1.1 |
|
Income tax adjustment |
(0.5 |
) |
(0.8 |
) |
(1.8 |
) |
(3.6 |
) |
Normalized net income
[1] |
136.7 |
|
102.9 |
|
258.2 |
|
222.8 |
|
Normalized income tax expense
[1] |
49.4 |
|
40.6 |
|
91.8 |
|
81.4 |
|
Financing costs adjusted [1]
[5] |
24.1 |
|
17.3 |
|
66.0 |
|
48.1 |
|
Financing income adjusted [1]
[5] |
(0.3 |
) |
(0.4 |
) |
(1.9 |
) |
(1.5 |
) |
Depreciation expense adjusted [1] [6] |
58.3 |
|
42.8 |
|
168.5 |
|
123.2 |
|
Normalized EBITDA [1] |
$268.2 |
|
$203.2 |
|
$582.6 |
|
$474.0 |
|
|
[1] See “Non-IFRS
Measures” section. |
[2] Costs related
to business combinations. |
[3] The Company is
involved, from time to time, in restructuring and reorganization
activities in order to gain flexibility and improve efficiency. The
costs related to these activities are mainly composed of severance
costs and retention salaries. |
[4] The Company is
involved in patent infringement litigation cases with one of its
competitors. |
[5] Adjusted for
transaction costs on long-term debt and normal course issuer bid
program (“NCIB”) gains and losses in net income. |
[6] Adjusted for
depreciation of intangible assets acquired through business
combinations. |
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|
|
Elaine Arsenault |
Philippe Deschênes |
Senior Advisor, Media Relations |
Manager Treasury and Investor Relations |
Tel.: 514.238.3615 |
Tel.: 450.532.6462 |
medias@brp.com |
philippe.deschenes@brp.com |
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available at
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