Altria Group, Inc. (Altria) (NYSE: MO) today reports its 2021
first-quarter business results and reaffirms its guidance for 2021
full-year adjusted diluted earnings per share (EPS).
“We are off to a strong start to the year and believe our
businesses are on track to deliver against full-year plans. Against
a challenging comparison, our tobacco businesses performed well in
the first quarter and we continued to make progress advancing our
non-combustible portfolio,” said Billy Gifford, Altria’s Chief
Executive Officer.
“This morning we announced another important milestone in
Altria’s journey in Moving Beyond Smoking™. We now have full global
ownership of on! oral nicotine pouches as we recently closed
transactions to acquire the remaining 20% global interest.”
“We would like to honor the memory of Tom Farrell, our late
Chairman of the Board. Tom served 13 distinguished years on our
Board, offered valuable insights and guidance during his tenure and
was a true visionary. We will miss his leadership, contributions
and friendship.”
Altria Headline Financials1
($ in millions, except per share data)
Q1 2021
Change vs.
Q1 2020
Net revenues
$ 6,036
(5.1)%
Revenues net of excise taxes
$ 4,880
(3.3)%
Reported tax rate
26.6 %
0.1 pp
Adjusted tax rate
25.0 %
1.0 pp
Reported diluted EPS2
$ 0.77
(7.2)%
Adjusted diluted EPS2
$ 1.07
(1.8)%
1 “Adjusted” financial measures presented in this release
exclude the impact of special items. See “Basis of Presentation”
for more information.
2 “EPS” represents diluted earnings per share attributable to
Altria.
As previously announced, a conference call with the investment
community and news media will be webcast on April 29, 2021 at 9:00
a.m. Eastern Time. Access to the webcast is available at
www.altria.com/webcasts.
Cash Returns to Shareholders
Dividends
- In the first quarter, Altria paid $1.6 billion in
dividends.
- Altria’s current annualized dividend rate is $3.44 per
share.
- Altria maintains its long-term objective of a dividend payout
ratio target of approximately 80% of its adjusted diluted EPS.
Future dividend payments remain subject to the discretion of
Altria’s Board of Directors (Board).
Share Repurchase Program
- In the first quarter, Altria repurchased 6.9 million shares at
an average price of $47.02, for a total cost of $325 million.
- As of March 31, 2021, Altria had approximately $1.7 billion
remaining under the current $2 billion share repurchase program,
which Altria expects to complete by June 30, 2022. Share
repurchases depend on marketplace conditions and other factors, and
the program remains subject to the discretion of Altria’s
Board.
Non-combustible Products Business Platform
Heated Tobacco
- In March, PM USA introduced the new IQOS 3 device for sale in
all current markets. IQOS 3 has a longer battery life and a faster
re-charging time compared to the 2.4 version.
- As of the end of April, PM USA expanded Marlboro HeatSticks in
retail stores statewide, across Georgia, Virginia, North Carolina
and South Carolina.
- In the first quarter, Marlboro HeatSticks achieved a cigarette
category retail share in stores with distribution of:
- 1.1% in Atlanta, an increase of 0.2% from the fourth quarter of
2020.
- 1.0% in Charlotte, an increase of 0.3% from the fourth quarter
of 2020.
- In June, PM USA plans to open a new IQOS boutique in the Tysons
Corner Mall, a center point in the highly populated Northern
Virginia metro market.
- As previously announced, PM USA:
- plans to expand IQOS and Marlboro HeatSticks into three
additional metro markets in 2021.
- expects Marlboro HeatSticks to be sold in geographies covering
approximately 25% of U.S. cigarette industry volume by the end of
2021.
Oral Tobacco
- In December 2020 and April 2021, Altria subsidiaries closed
transactions to acquire the remaining 20% of the global on!
business for a total of approximately $250 million.
- In the first quarter, Helix expanded the distribution of on! by
an additional 15,000 stores. on! was available in approximately
93,000 stores as of the end of the first quarter.
- on!’s retail share performance:
- on!’s retail share of the total oral tobacco category was 1.7%
in the first quarter, an increase of 0.6% from the fourth quarter
of 2020.
- on!’s retail share of the oral tobacco category in stores with
on! distribution was 3.1% for the twelve months ended March 31,
2021, an increase of 0.7% from the twelve months ended December 31,
2020.
- As previously announced, Helix expects by mid-year 2021:
- unconstrained on! manufacturing capacity in the U.S.
market.
- on! to be sold in stores covering 90% of total oral tobacco
category volume and 80% of total cigarette category volume in the
U.S.
JUUL Investment
In the first quarter:
- Altria estimates (i) total e-vapor category volumes increased
by 24% versus a year ago and 7% sequentially and (ii) JUUL’s retail
share of the total e-vapor category was 33%, a decrease of 6%
year-over-year and 2% sequentially.
- Altria recorded a non-cash pre-tax unrealized loss of $200
million as a result of a decrease in the fair value of JUUL. The
decrease in fair value was primarily driven by (i) Altria’s
projections of lower JUUL revenues over time due to lower JUUL
volume assumptions resulting from a continuation of heightened
competitive dynamics in the U.S. e-vapor category and (ii) an
increase in the discount rate due to a change in market
factors.
As of March 31, 2021, the fair value of Altria’s JUUL investment
was $1.5 billion.
Altria accounts for its investment in JUUL under the fair value
option. Under this option, Altria’s consolidated statement of
earnings includes any cash dividends received from its investment
in JUUL as well as any change in the fair value of the investment,
which is calculated quarterly. These fair value changes are treated
as special items and are excluded from Altria’s adjusted
results.
Capital Markets Activity
Debt Liability Management Transaction
In the first quarter, Altria:
- Executed a series of transactions to take advantage of
favorable market conditions to adjust its debt maturity profile and
extend the weighted average maturity of its debt. Specifically,
Altria issued new long-term senior unsecured notes totaling $5.5
billion and repurchased over $5 billion aggregate principal amount
in outstanding long-term senior unsecured notes through cash tender
offers and a redemption (“Debt Liability Management
Transaction”).
- Recorded pre-tax losses on early extinguishment of debt in the
amount of $649 million as a result of the tender offers and the
redemption.
Following the completion of the Debt Liability Management
Transaction, Altria’s weighted average coupon rate was 4.0% as of
March 31, 2021 compared to 4.1% as of December 31, 2020.
Debt Maturity
In May, Altria expects to retire $1.5 billion aggregate
principal amount of long-term senior unsecured notes at maturity
with available cash.
Environmental, Social and Governance (ESG)
Altria’s Corporate Responsibility Focus Areas are: reducing the
harm of tobacco products, preventing underage use, protecting the
environment, driving responsibility through our value chain,
supporting our people and communities and engaging and leading
responsibly.
Environmental
- In April, Altria joined over 400 businesses and investors in
supporting the Biden administration’s commitment to climate action
and calling for U.S. targets aligned with the Paris Agreement and
the latest climate science. The letter Altria signed was organized
by the We Mean Business coalition and Ceres. It communicates
business and investor support for an ambitious 2030 emissions
reduction target, or Nationally Determined Contribution pursuant to
the Paris Agreement, in pursuit of reaching net-zero emissions by
2050.
Social
- In April, Altria released its 2020-2021 Supporting our People
and Communities Corporate Responsibility Progress Report. 2020
Highlights include:
- Altria established aspirational Inclusion and Diversity Aiming
Points, which include 50-50 gender parity at its Vice President and
above levels and a composition of at least 30% ethnically diverse
executives. At the end of 2020, approximately 34% of Altria’s VPs
were women and approximately 19% were ethnically diverse.
- Altria’s data on pay equity showed that salaries of non-white
employees are 99.6% of white employees’ salaries, and female
employees’ salaries are 99.4% of male employees’ salaries when
adjusted for factors generally considered to be legitimate
differentiators of salary.
- Altria’s Corporate Giving, Employee Community Engagement and
Race & Equity Initiative included $55 million of corporate
giving, of which, Altria contributed $5 million to help address
systemic racism.
Governance
- In April, Thomas F. Farrell II, Altria’s Chairman of the Board
passed away. The Board plans to evaluate Board leadership
succession and appoint a new Chair at its meeting following
Altria’s 2021 Annual Meeting of Shareholders in May.
Impact of COVID-19 Pandemic
Impact on Tobacco Business Operations
- To date, Altria’s tobacco businesses have not experienced any
material adverse effects associated with governmental actions to
restrict consumer movement or business operations, but Altria
continues to monitor these factors. The majority of retail stores
in which tobacco products are sold, including convenience stores,
have been deemed to be essential businesses by authorities and
remain open.
- Altria continues to monitor the macroeconomic risks of COVID-19
and its effect on adult tobacco consumers (ATC), including
stay-at-home practices, disposable income (which may be impacted by
unemployment rates and fiscal stimulus), purchasing patterns and
adoption of non-combustible products.
Impact on Wine Business Operations
- In 2020, Ste. Michelle’s on-premise and direct-to-consumer
sales were significantly impacted by COVID-19. Ste. Michelle
continues to monitor the impact of the COVID-19 pandemic-associated
risks to its businesses.
Impact on ABI, JUUL and Cronos Investments
- ABI has been, and continues to be, impacted by COVID-19. While
ABI stated in its year end 2020 earnings report that it expects its
financial results in 2021 to improve meaningfully versus 2020, ABI
did not provide earnings guidance for 2021 given the continued
uncertainty. The extreme market disruption and volatility
associated with the COVID-19 pandemic resulted in a steep decline
in ABI’s stock price in the first half of 2020. Although there was
a gradual recovery in ABI’s stock price in the second half of 2020
and again in April 2021, the fair value of Altria’s investment in
ABI continues to be below the carrying value. While Altria believes
that this decline is temporary, it will continue to monitor its
investment in ABI, including the impact of the COVID-19 pandemic on
ABI’s business and market valuation.
- JUUL’s operations were negatively impacted in 2020 by COVID-19
due to stay-at-home practices and government-mandated restrictions.
While the impact was considered in Altria’s quantitative valuations
conducted in connection with the preparation of its financial
statements for the three months ended March 31, 2021 and the year
ended December 31, 2020, Altria does not believe the COVID-19
pandemic was a primary driver of the non-cash pre-tax impairment
charge recorded during 2020 or the changes in fair value recorded
during 2020 and during the three months ended March 31, 2021.
Altria will continue to monitor the impact of the COVID-19 pandemic
on JUUL’s business in its quarterly valuations of JUUL.
- Cronos has been, and continues to be, impacted by COVID-19, due
in part to government actions limiting access to retail stores in
the United States and Canada. Altria will continue to monitor its
investment in Cronos, including the impact of the COVID-19 pandemic
on Cronos’s business and market valuation.
2021 Full-Year Guidance
Altria reaffirms its guidance for 2021 full-year adjusted
diluted EPS to be in a range of $4.49 to $4.62, representing a
growth rate of 3% to 6% from an adjusted diluted EPS base of $4.36
in 2020. While the 2021 full-year adjusted diluted EPS guidance
accounts for a range of scenarios, the external environment remains
dynamic. Altria will continue to monitor conditions related to (i)
unemployment rates, (ii) fiscal stimulus, (iii) ATC dynamics,
including stay-at-home practices, disposable income, purchasing
patterns and adoption of non-combustible products, (iv) regulatory
and legislative (including excise tax) developments, (v) the timing
and breadth of COVID-19 vaccine administration and (vi)
expectations for adjusted earnings contributions from its alcohol
assets.
Altria’s 2021 full-year adjusted diluted EPS guidance range
includes planned investments in support of its Vision, such as (i)
marketplace investments to expand the availability and awareness of
Altria’s non-combustible products, (ii) costs associated with
building an industry-leading consumer engagement platform that
enhances data collection and insights in support of ATC conversion
to non-combustible products and (iii) increased non-combustible
product research and development expense. Altria expects 2021
adjusted diluted EPS growth in the last three quarters of the
year.
Altria continues to expect its 2021 full-year adjusted effective
tax rate will be in a range of 24.5% to 25.5%.
Altria’s full-year adjusted diluted EPS guidance and full-year
forecast for its adjusted effective tax rate exclude the impact of
certain income and expense items that management believes are not
part of underlying operations. These items may include, for
example, loss on early extinguishment of debt, restructuring
charges, asset impairment charges, acquisition-related costs,
COVID-19 special items, equity investment-related special items
(including any changes in fair value of the equity investment and
any related warrants and preemptive rights), certain tax items,
charges associated with tobacco and health litigation items, and
resolutions of certain nonparticipating manufacturer (NPM)
adjustment disputes under the 1998 Master Settlement Agreement
(such dispute resolutions are referred to as NPM Adjustment
Items).
Altria’s management cannot estimate on a forward-looking basis
the impact of certain income and expense items, including those
items noted in the preceding paragraph, on its reported diluted EPS
or its reported effective tax rate because these items, which could
be significant, may be unusual or infrequent, are difficult to
predict and may be highly variable. As a result, Altria does not
provide a corresponding U.S. generally accepted accounting
principles (GAAP) measure for, or reconciliation to, its adjusted
diluted EPS guidance or its adjusted effective tax rate
forecast.
ALTRIA GROUP, INC.
See “Basis of Presentation” below for an explanation of
financial measures and reporting segments discussed in this
release.
Financial Performance
- Net revenues decreased 5.1% to $6.0 billion, primarily driven
by lower net revenues in the smokeable products segment. Revenues
net of excise taxes decreased 3.3% to $4.9 billion.
- Reported diluted EPS decreased 7.2% to $0.77, primarily driven
by losses on early extinguishment of debt from the Debt Liability
Management Transaction, a decrease in the estimated fair value of
Altria’s investment in JUUL and higher acquisition-related costs,
partially offset by higher reported operating companies income
(OCI) in the wine segment and favorable Cronos-related and
ABI-related special items.
- Adjusted diluted EPS decreased 1.8% to $1.07, primarily driven
by unfavorable timing of interest expense and a higher adjusted
income tax rate.
Table 1 - Altria’s Adjusted
Results
First Quarter
2021
2020
Change
Reported diluted EPS
$
0.77
$
0.83
(7.2)
%
NPM Adjustment Items
(0.01
)
—
Implementation and acquisition-related
costs
0.02
0.16
Tobacco and health litigation items
0.01
0.01
JUUL changes in fair value
0.10
—
ABI-related special items
(0.05
)
0.03
Cronos-related special items
(0.04
)
0.05
Loss on early extinguishment of debt
0.27
—
Tax items
—
0.01
Adjusted diluted EPS
$
1.07
$
1.09
(1.8)
%
Note: For details of pre-tax, tax and after-tax amounts, see
Schedule 5.
Special Items
The EPS impact of the following special items is shown in Table
1 and Schedules 4 and 5.
Implementation and Acquisition-Related Costs
- In the first quarter of 2021, Altria recorded pre-tax charges
of $48 million (or $0.02 per share), primarily related to
acquisition-related costs for the settlement of an arbitration
related to the 2019 on! transaction.
- In the first quarter of 2020, Ste. Michelle recorded pre-tax
charges of $392 million (or $0.16 per share) consisting of $292
million for a wine inventory write-off and $100 million for
estimated losses on future non-cancelable grape purchase
commitments that Ste. Michelle believes no longer have a future
economic benefit.
ABI-Related Special Items
- In the first quarter of 2021, equity earnings from ABI included
net pre-tax income of $128 million (or $0.05 per share), consisting
primarily of (i) ABI’s completion of the issuance of a minority
stake in its U.S.-based metal container operations, (ii)
mark-to-market gains on certain ABI financial instruments
associated with its share commitments and (iii) charges associated
with an early bond termination by ABI.
- In the first quarter of 2020, equity earnings from ABI included
net pre-tax charges of $56 million (or $0.03 per share), consisting
primarily of (i) mark-to-market losses on certain ABI financial
instruments associated with its share commitments and (ii) ABI’s
completion of its initial public offering of a minority stake of
its Asia Pacific subsidiary.
The special items above include Altria’s respective share of the
specific amounts recorded by ABI and may also include additional
adjustments related to (i) conversion from international financial
reporting standards to GAAP and (ii) adjustments to Altria’s
investment required under the equity method of accounting.
Cronos-Related Special Items
In the first quarter 2021, Altria recorded net pre-tax (income)
expense consisting of the following:
First Quarter
($ in millions, except per share
data)
2021
2020
(Gain) loss on Cronos-related financial
instruments 1
$
(110)
$
137
(Income) losses from equity investments
2
40
(48)
Total Cronos-related special items -
(income) expense
$
(70)
$
89
Earnings per share
$
(0.04)
$
0.05
1 The 2021 and 2020 amounts are related to the non-cash change
in the fair value of the warrant and certain anti-dilution
protections acquired in the Cronos transaction.
2 Amounts primarily include Altria’s share of Cronos’s non-cash
change in the fair value of Cronos’s derivative financial
instruments associated with the issuance of additional shares.
JUUL Changes in Fair Value
- In the first quarter of 2021, Altria recorded a non-cash
pre-tax unrealized loss of $200 million (or $0.10 per share) as a
result of a decrease in the fair value of Altria’s investment in
JUUL. A corresponding adjustment was made to the JUUL tax valuation
allowance.
Loss on Early Extinguishment of Debt
- In the first quarter of 2021, Altria recorded pre-tax losses on
early extinguishment of debt of $649 million (or $0.27 per share)
as a result of the Debt Liability Management Transaction.
SMOKEABLE PRODUCTS
Revenues and OCI
- Net revenues decreased 6.4%, primarily driven by lower shipment
volume and higher promotional investments, partially offset by
higher pricing. Revenues net of excise taxes decreased 4.6%.
- Reported OCI was essentially unchanged, as higher pricing,
lower costs and NPM Adjustment Items, were mostly offset by lower
shipment volume, higher promotional investments and higher per unit
settlement charges.
- Adjusted OCI decreased 0.7%, primarily driven by lower shipment
volume, higher promotional investments and higher per unit
settlement charges, partially offset by higher pricing and lower
costs. Adjusted OCI margins increased by 2.2 percentage points to
57.5%.
Table 2 - Smokeable Products: Revenues
and OCI ($ in millions)
First Quarter
2021
2020
Change
Net revenues
$
5,250
$
5,606
(6.4)%
Excise taxes
(1,121)
(1,278)
Revenues net of excise taxes
$
4,129
$
4,328
(4.6)%
Reported OCI
$
2,372
$
2,370
0.1%
NPM Adjustment Items
(32)
—
Tobacco and health litigation items
35
22
Adjusted OCI
$
2,375
$
2,392
(0.7)%
Adjusted OCI margins 1
57.5
%
55.3
%
2.2 pp
1 Adjusted OCI margins are calculated as adjusted OCI divided by
revenues net of excise taxes.
Shipment Volume
- Smokeable products segment reported domestic cigarette shipment
volume decreased 12.0%, primarily driven by trade inventory
movements, the industry’s rate of decline, one fewer shipping day
and other factors.
- When adjusted for trade inventory movements, one fewer shipping
day and other factors, smokeable products segment domestic
cigarette shipment volume decreased by an estimated 3.5%.
- When adjusted for trade inventory movements, one fewer shipping
day and other factors, total estimated domestic cigarette industry
volumes decreased by an estimated 2%.
- Reported cigar shipment volume increased 11.1%.
Table 3 - Smokeable Products: Shipment
Volume (sticks in millions)
First Quarter
2021
2020
Change
Cigarettes:
Marlboro
19,415
21,842
(11.1)%
Other premium
981
1,137
(13.7)%
Discount
1,618
2,045
(20.9)%
Total cigarettes
22,014
25,024
(12.0)%
Cigars:
Black & Mild
479
430
11.4%
Other
1
2
(50.0)%
Total cigars
480
432
11.1 %
Total smokeable products
22,494
25,456
(11.6)%
Note: Cigarettes volume includes units sold as well as
promotional units, but excludes units sold for distribution to
Puerto Rico, and units sold in U.S. Territories, to overseas
military and by Philip Morris Duty Free Inc., none of which,
individually or in the aggregate, is material to the smokeable
products segment.
Retail Share and Brand Activity
- Marlboro retail share of the total cigarette category increased
0.4 share points to 43.1%.
- The industry retail share for the discount cigarette segment
increased 0.1 share point to 25.3%.
Table 4 - Smokeable Products:
Cigarettes Retail Share (percent)
First Quarter
2021
2020
Percentage point
change
Cigarettes:
Marlboro
43.1
%
42.7
%
0.4
Other premium
2.3
2.3
—
Discount
3.6
4.0
(0.4)
Total cigarettes
49.0
%
49.0
%
—
Note: Retail share results for cigarettes are based on data from
IRI/MSAi, a tracking service that uses a sample of stores and
certain wholesale shipments to project market share and depict
share trends. This service tracks sales in the food, drug, mass
merchandisers, convenience, military, dollar store and club trade
classes. For other trade classes selling cigarettes, retail share
is based on shipments from wholesalers to retailers (STARS). This
service is not designed to capture sales through other channels,
including the internet, direct mail and some illicitly
tax-advantaged outlets. It is IRI’s standard practice to
periodically refresh its services, which could restate retail share
results that were previously released in this service.
ORAL TOBACCO PRODUCTS
Revenues and OCI
- Net revenues increased 4.2%, primarily driven by higher
pricing, partially offset by higher promotional investments in on!.
Revenues net of excise taxes increased 4.4%.
- Reported OCI decreased 5.3%, primarily driven by higher costs
(including acquisition-related costs) and higher promotional
investments, partially offset by higher pricing.
- Adjusted OCI increased 3.1%, primarily driven by higher
pricing, partially offset by higher promotional investments and
higher costs. Adjusted OCI margins declined by 0.9 percentage
points to 72.1%.
Table 5 - Oral Tobacco Products:
Revenues and OCI ($ in millions)
First Quarter
2021
2020
Change
Net revenues
$
626
$
601
4.2%
Excise taxes
(31)
(31)
Revenues net of excise taxes
$
595
$
570
4.4%
Reported OCI
$
392
$
414
(5.3)%
Acquisition-related costs
37
2
Adjusted OCI
$
429
$
416
3.1%
Adjusted OCI margins 1
72.1
%
73.0
%
(0.9) pp
1 Adjusted OCI margins are calculated as adjusted OCI divided by
revenues net of excise taxes.
Shipment Volume
- Oral tobacco products segment reported domestic shipment volume
increased 0.6%, primarily driven by the growth of on! oral nicotine
pouches and trade inventory movements, partially offset by retail
share losses (primarily due to the growth of oral nicotine
pouches), calendar differences and other factors. When adjusted for
trade inventory movements, calendar differences and other factors,
oral tobacco products segment shipment volume increased by an
estimated 0.5%.
- Total oral tobacco industry volume increased by an estimated 5%
over the past six months, driven by growth in oral nicotine
pouches.
Table 6 - Oral Tobacco Products:
Shipment Volume (cans and packs in millions)
First Quarter
2021
2020
Change
Copenhagen
122.9
125.0
(1.7)%
Skoal
48.2
51.3
(6.0)%
Other (includes Red Seal and
on!)
26.8
20.4
31.4%
Total oral tobacco products
197.9
196.7
0.6%
Note: Volume includes cans and packs sold, as well as
promotional units, but excludes international volume, which is
currently not material to the oral tobacco products segment. New
types of oral tobacco products, as well as new packaging
configurations of existing oral tobacco products, may or may not be
equivalent to existing MST products on a can-for-can basis. To
calculate volumes of cans and packs shipped, one pack of snus or
one can of oral nicotine pouches, irrespective of the number of
pouches in the pack, is assumed to be equivalent to one can of
MST.
Retail Share & Brand Activity
- Oral tobacco products segment retail share was 48.1% and
Copenhagen continued to be the leading oral tobacco brand with a
retail share of 30.2%. Share losses in the oral tobacco products
segment, including Copenhagen, were due to the growth of oral
nicotine pouches.
Table 7 - Oral Tobacco Products: Retail
Share (percent)
First Quarter
2021
2020
Percentage point
change
Copenhagen
30.2
%
32.4
%
(2.2
)
Skoal
12.9
14.4
(1.5
)
Other (includes Red Seal and
on!)
5.0
3.6
1.4
Total oral tobacco products
48.1
%
50.4
%
(2.3
)
Note: The oral tobacco products retail share results exclude
international volume. Retail share results for oral tobacco
products are based on data from IRI InfoScan, a tracking service
that uses a sample of stores to project market share and depict
share trends. This service tracks sales in the food, drug, mass
merchandisers, convenience, military, dollar store and club trade
classes on the number of cans and packs sold. Oral tobacco products
is defined by IRI as moist smokeless, snus and oral nicotine
pouches. New types of oral tobacco products, as well as new
packaging configurations of existing oral tobacco products, may or
may not be equivalent to existing MST products on a can-for-can
basis. For example, one pack of snus or one can of oral nicotine
pouches, irrespective of the number of pouches in the pack, is
assumed to be equivalent to one can of MST. Because this service
represents retail share performance only in key trade channels, it
should not be considered a precise measurement of actual retail
share. It is IRI’s standard practice to periodically refresh its
InfoScan services, which could restate retail share results that
were previously released in this service.
WINE
Revenues, OCI and Shipment Volume
- Net revenues increased 2.7%, primarily driven by higher
pricing.
- Reported OCI increased 100%+ to $18 million, primarily driven
by 2020 inventory-related charges (included in implementation costs
in Table 8 below).
- Adjusted OCI increased 46.2% to $19 million, primarily driven
by higher pricing and lower costs.
- Reported wine shipment volume increased 1.7% to approximately
1.7 million cases.
Table 8 - Wine: Revenues and OCI (Loss)
($ in millions)
First Quarter
2021
2020
Change
Net revenues
$
150
$
146
2.7 %
Excise taxes
(4)
(4)
Revenues net of excise taxes
$
146
$
142
2.8 %
Reported OCI (Loss)
$
18
$
(379)
100.0%+
Implementation costs
1
392
Adjusted OCI
$
19
$
13
46.2 %
Adjusted OCI margins 1
13.0
%
9.2
%
3.8 pp
1 Adjusted OCI margins are calculated as adjusted OCI divided by
revenues net of excise taxes.
Altria’s Profile
Altria has a leading portfolio of tobacco products for U.S.
tobacco consumers 21+. Altria’s Vision through 2030 is to
responsibly lead the transition of adult smokers to a
non-combustible future (Vision). Altria is Moving Beyond Smoking™,
leading the way in moving adult smokers away from cigarettes by
taking action to transition millions to potentially less harmful
choices - believing it is a substantial opportunity for adult
tobacco consumers, Altria’s businesses and society.
Altria’s wholly owned subsidiaries include the most profitable
tobacco companies in their categories: Philip Morris USA Inc. (PM
USA), U.S. Smokeless Tobacco Company LLC (USSTC) and John Middleton
Co. (Middleton). Altria’s non-combustible portfolio includes
ownership of Helix Innovations LLC (Helix), the maker of on! oral
nicotine pouches, exclusive U.S. commercialization rights to the
IQOS Tobacco Heating System® and Marlboro HeatSticks®, and an
equity investment in JUUL Labs, Inc. (JUUL).
Altria complements its tobacco portfolio with ownership of Ste.
Michelle Wine Estates (Ste. Michelle) and equity investments in
Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and
Cronos Group Inc. (Cronos), a leading Canadian cannabinoid
company.
The brand portfolios of Altria’s tobacco operating companies
include Marlboro®, Black & Mild®, Copenhagen®, Skoal® and on!®.
Ste. Michelle produces and markets premium wines sold under various
labels, including Chateau Ste. Michelle®, 14 Hands® and Stag’s Leap
Wine Cellars™, and it imports and markets Antinori® and Champagne
Nicolas Feuillatte™ products in the United States. Trademarks and
service marks related to Altria referenced in this release are the
property of Altria or its subsidiaries or are used with
permission.
Learn more about Altria at www.altria.com and follow us on
Twitter, Facebook and LinkedIn.
Basis of Presentation
Altria reports its financial results in accordance with GAAP.
Altria’s management reviews OCI, which is defined as operating
income before general corporate expenses and amortization of
intangibles, to evaluate the performance of, and allocate resources
to, the segments. Altria’s management also reviews certain
financial results, including OCI, OCI margins and diluted EPS, on
an adjusted basis, which excludes certain income and expense items,
including those items noted under “2021 Full-Year Guidance.”
Altria’s management does not view any of these special items to be
part of Altria’s underlying results as they may be highly variable,
may be unusual or infrequent, are difficult to predict and can
distort underlying business trends and results. Altria’s management
also reviews income tax rates on an adjusted basis. Altria’s
adjusted effective tax rate may exclude certain tax items from its
reported effective tax rate. Altria’s management believes that
adjusted financial measures provide useful additional insight into
underlying business trends and results and provide a more
meaningful comparison of year-over-year results. Altria’s
management uses adjusted financial measures for planning,
forecasting and evaluating business and financial performance,
including allocating resources and evaluating results relative to
employee compensation targets. These adjusted financial measures
are not consistent with GAAP and may not be calculated the same as
similarly titled measures used by other companies. These adjusted
financial measures should thus be considered as supplemental in
nature and not considered in isolation or as a substitute for the
related financial information prepared in accordance with GAAP.
Reconciliations of historical adjusted financial measures to
corresponding GAAP measures are provided in this release.
Altria uses the equity method of accounting for its investment
in ABI and Cronos and reports its share of ABI’s and Cronos’s
results using a one-quarter lag because ABI’s and Cronos’s results
are not available in time to record them in the concurrent period.
The one-quarter reporting lag for ABI and Cronos does not affect
Altria’s cash flows. In the fourth quarter of 2020, Altria elected
to account for its investment in JUUL under the fair value option.
Prior to this date, Altria accounted for its investment in JUUL as
an investment in an equity security.
Altria’s reportable segments are smokeable products, including
combustible cigarettes and cigars manufactured and sold by PM USA
and Middleton; oral tobacco products, including moist smokeless
tobacco (MST) and snus products manufactured and sold by USSTC, and
oral nicotine pouches sold by Helix; and wine, produced and/or
distributed by Ste. Michelle. Results for innovative tobacco
products and PMCC are included in “All Other.”
Comparisons are to the corresponding prior-year period unless
otherwise stated.
Forward-Looking and Cautionary Statements
This release contains projections of future results and other
forward-looking statements that involve a number of risks and
uncertainties and are made pursuant to the Safe Harbor Provisions
of the Private Securities Litigation Reform Act of 1995.
Important factors that may cause actual results and outcomes to
differ materially from those contained in the projections and
forward-looking statements included in this release are described
in Altria’s publicly filed reports, including its Annual Report on
Form 10-K for the year ended December 31, 2020. These factors
include the following:
- unfavorable litigation outcomes, including risks associated
with adverse jury and judicial determinations, courts and
arbitrators reaching conclusions at variance with our, our
subsidiaries’ or our investees’ understanding of applicable law,
bonding requirements in the jurisdictions that do not limit the
dollar amount of appeal bonds, and certain challenges to bond cap
statutes;
- government (including the U.S. Food and Drug Administration
(FDA)) and private sector actions that impact adult tobacco
consumer acceptability of, or access to, tobacco products;
- tobacco product taxation, including lower tobacco product
consumption levels and potential shifts in adult consumer purchases
as a result of federal, state and local excise tax increases;
- unfavorable outcomes of any government investigations of
Altria, our subsidiaries or investees;
- a successful challenge to our tax positions or an increase to
the corporate income tax rate;
- the risks related to our and our investees’ international
business operations, including failure to prevent violations of
various U.S. and foreign laws and regulations such as foreign
privacy laws and laws prohibiting bribery and corruption;
- the risks associated with health epidemics and pandemics,
including the COVID-19 pandemic and similar outbreaks, such as
their impact on our financial performance and financial condition
and on our subsidiaries’ and investees’ ability to continue
manufacturing and distributing products, and the impact of health
epidemics and pandemics on general economic conditions (including
any resulting recession or other economic crisis) and, in turn,
adult consumer purchasing behavior, which may be further impacted
by any changes in government stimulus or unemployment
payments;
- the failure of our tobacco and wine subsidiaries and our
investees to compete effectively in their respective markets;
- the growth of the e-vapor category and other innovative tobacco
products, including oral nicotine pouches, contributing to
reductions in cigarette and MST consumption levels and sales
volume;
- our tobacco and wine subsidiaries’ and our investees’ continued
ability to promote brand equity successfully; to anticipate and
respond to evolving adult consumer preferences; to develop,
manufacture, market and distribute products that appeal to adult
consumers (including, where appropriate, through arrangements with,
and investments in third parties); to improve productivity; and to
protect or enhance margins through cost savings and price
increases;
- changes, including in economic conditions (due to the COVID-19
pandemic or otherwise), that result in adult consumers choosing
lower-priced brands, including discount brands;
- the unsuccessful commercialization of adjacent products or
processes by our tobacco subsidiaries and investees, including
innovative tobacco products that may reduce the health risks
associated with cigarettes and other traditional tobacco products,
and that appeal to adult tobacco consumers;
- significant changes in price, availability or quality of
tobacco, other raw materials or component parts, including as a
result of the COVID-19 pandemic;
- the risks related to the reliance by our tobacco and wine
subsidiaries on a few significant facilities and a small number of
key suppliers, distributors and distribution chain service
providers, and the risk of an extended disruption at a facility of,
or of service by, a supplier, distributor or distribution chain
service provider of our tobacco or wine subsidiaries or investees,
including as a result of the COVID-19 pandemic;
- required or voluntary product recalls as a result of various
circumstances such as product contamination or FDA or other
regulatory action;
- the failure of our information systems or service providers’
information systems to function as intended, or cyber-attacks or
security breaches;
- our inability to attract and retain the best talent due to the
impact of decreasing social acceptance of tobacco usage, tobacco
control actions; and other factors;
- impairment losses as a result of the write down of intangible
assets, including goodwill;
- the risks related to Ste. Michelle’s wine business, including
competition, unfavorable changes in grape supply, and changes in
adult consumer preferences that have resulted and may continue to
result in increased inventory levels and inventory write offs, and
governmental regulations;
- the adverse effect of acquisitions, investments, dispositions
or other events on our credit rating;
- our inability to acquire attractive businesses or make
attractive investments on favorable terms, or at all, or to realize
the anticipated benefits from an acquisition or investment and our
inability to dispose of businesses or investments on favorable
terms or at all;
- the risks related to disruption and uncertainty in the credit
and capital markets, including risk of access to these markets both
generally and at current prevailing rates, which may adversely
affect our earnings or dividend rate or both;
- our inability to attract and retain investors due to the impact
of decreasing social acceptance of tobacco usage or unfavorable ESG
ratings;
- the risk that any challenge to our investment in JUUL, if
successful, could result in a broad range of resolutions including
divestiture of the investment or rescission of the
transaction;
- the risks generally related to our investments in JUUL and
Cronos, including our inability to realize the expected benefits of
our investments in the expected time frames, or at all, due to the
risks encountered by our investees in their businesses, such as
operational, competitive, compliance, legislative and regulatory
risks at the international, federal, state and local levels,
including actions by the FDA, and adverse publicity; potential
disruptions to our investees’ management or current or future plans
and operations; domestic or international litigation developments,
government investigations, tax disputes or otherwise; and
impairment of our investment in Cronos and changes in the fair
value of our investment in JUUL;
- the risks related to our inability to acquire a controlling
interest in JUUL as a result of standstill restrictions or to
control the material decisions of JUUL, restrictions on our ability
to sell or otherwise transfer our shares of JUUL until December 20,
2024, and non-competition restrictions for the same time period
subject to certain exceptions;
- the adverse effects of risks encountered by ABI in its
business, including effects of the COVID-19 pandemic, foreign
currency exchange rates and the impact of movements in ABI’s stock
price on our equity investment in ABI, including on our reported
earnings from and carrying value of our investment in ABI, which
could result in impairment of our investment, and the dividends
paid by ABI on the shares we own;
- the risks related to our inability to transfer our equity
securities in ABI until October 10, 2021, and, if our ownership
percentage decreases below certain levels, the adverse effects of
additional tax liabilities, a reduction in the number of directors
that we have the right to have appointed to the ABI board of
directors, and our potential inability to use the equity method of
accounting for our investment in ABI;
- the risk of challenges to the tax treatment of the
consideration we received in the ABI/SABMiller business combination
and the tax treatment of our equity investment; and
- the risks, including criminal, civil or tax liability for
Altria, related to Altria’s or Cronos’s failure to comply with
applicable laws, including cannabis laws.
Altria cautions that the foregoing list of important factors is
not complete and does not undertake to update any forward-looking
statements that it may make except as required by applicable law.
All subsequent written and oral forward-looking statements
attributable to Altria or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
referenced above.
Schedule 1
ALTRIA GROUP, INC.
and Subsidiaries
Consolidated Statements of
Earnings
For the Quarters Ended March
31,
(dollars in millions, except per
share data)
(Unaudited)
2021
2020
% Change
Net revenues
$
6,036
$
6,359
(5.1
)%
Cost of sales 1
1,608
2,173
Excise taxes on products 1
1,156
1,313
Gross profit
3,272
2,873
13.9
%
Marketing, administration and research
costs
504
473
Operating companies income
2,768
2,400
15.3
%
Amortization of intangibles
17
19
General corporate expenses
61
45
Operating income
2,690
2,336
15.2
%
Interest and other debt expense, net
308
275
Loss on early extinguishment of debt
649
—
Net periodic benefit (income) cost,
excluding service cost
(43
)
(27
)
(Income) losses from equity investments
1
(51
)
(157
)
(Gain) loss on Cronos-related financial
instruments
(110
)
137
Earnings before income taxes
1,937
2,108
Provision for income taxes
516
558
Net earnings
1,421
1,550
(8.3
)%
Net (earnings) losses attributable to
noncontrolling interests
3
2
Net earnings attributable to
Altria
$
1,424
$
1,552
(8.2
)%
Per share data:
Diluted earnings per share attributable
to Altria
$
0.77
$
0.83
(7.2
)%
Weighted-average diluted shares
outstanding
1,857
1,858
(0.1
)%
1 Cost of sales includes charges for resolution expenses related
to state settlement agreements and FDA user fees. Supplemental
information concerning those items, excise taxes on products sold
and (income) losses from equity investments is shown in Schedule
3
Schedule 2
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data
For the Quarters Ended March
31,
(dollars in millions)
(Unaudited)
Net Revenues
Smokeable Products
Oral Tobacco Products
Wine
All Other
Total
2021
$
5,250
$
626
$
150
$
10
$
6,036
2020
5,606
601
146
6
6,359
% Change
(6.4)
%
4.2
%
2.7
%
66.7
%
(5.1)
%
Reconciliation:
For the quarter ended March 31,
2020
$
5,606
$
601
$
146
$
6
$
6,359
Operations
(356)
25
4
4
(323)
For the quarter ended March 31,
2021
$
5,250
$
626
$
150
$
10
$
6,036
Operating Companies Income
(Loss)
Smokeable Products
Oral Tobacco Products
Wine
All Other
Total
2021
$
2,372
$
392
$
18
$
(14)
$
2,768
2020
2,370
414
(379)
(5)
2,400
% Change
0.1
%
(5.3)
%
100%+
(100)%+
15.3
%
Reconciliation:
For the quarter ended March 31,
2020
$
2,370
$
414
$
(379)
$
(5)
$
2,400
Implementation and acquisition-related
costs - 2020
—
2
392
—
394
Tobacco and health litigation items -
2020
22
—
—
—
22
22
2
392
—
416
NPM Adjustment Items - 2021
32
—
—
—
32
Implementation and acquisition-related
costs - 2021
—
(37)
(1)
—
(38)
Tobacco and health litigation items -
2021
(35)
—
—
—
(35)
(3)
(37)
(1)
—
(41)
Operations
(17)
13
6
(9)
(7)
For the quarter ended March 31,
2021
$
2,372
$
392
$
18
$
(14)
$
2,768
Schedule 3
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data
(dollars in millions)
(Unaudited)
For the Quarters Ended March
31,
2021
2020
The segment detail of excise taxes on
products sold is as follows:
Smokeable products
$
1,121
$
1,278
Oral tobacco products
31
31
Wine
4
4
$
1,156
$
1,313
The segment detail of charges for
resolution expenses related to state settlement agreements
included in cost of sales is as
follows:
Smokeable products
$
941
$
1,073
Oral tobacco products
2
2
$
943
$
1,075
The segment detail of FDA user fees
included in cost of sales is
as follows:
Smokeable products
$
68
$
71
Oral tobacco products
1
1
$
69
$
72
The detail of (income) losses from
equity investments is as follows:
ABI
$
(318
)
$
(134
)
Cronos
67
(23
)
JUUL
200
—
$
(51
)
$
(157
)
Schedule 4
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings
Per Share - Attributable to Altria Group, Inc.
For the Quarters Ended March
31,
(dollars in millions, except per
share data)
(Unaudited)
Net Earnings
Diluted EPS
2021 Net Earnings
$
1,424
$
0.77
2020 Net Earnings
$
1,552
$
0.83
% Change
(8.2)
%
(7.2)
%
Reconciliation:
2020 Net Earnings
$
1,552
$
0.83
2020 Implementation and
acquisition-related costs
300
0.16
2020 Tobacco and health litigation
items
19
0.01
2020 ABI-related special items
44
0.03
2020 Cronos-related special items
95
0.05
2020 Tax items
24
0.01
Subtotal 2020 special items
482
0.26
2021 NPM Adjustment Items
24
0.01
2021 Implementation and
acquisition-related costs
(37)
(0.02)
2021 Tobacco and health litigation
items
(26)
(0.01)
2021 JUUL changes in fair value
(200)
(0.10)
2021 ABI-related special items
100
0.05
2021 Cronos-related special items
70
0.04
2021 Loss on early extinguishment of
debt
(496)
(0.27)
2021 Tax items
6
—
Subtotal 2021 special items
(559)
(0.30)
Change in tax rate
(27)
(0.01)
Operations
(24)
(0.01)
2021 Net Earnings
$
1,424
$
0.77
Schedule 5
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and
non-GAAP Measures
For the Quarters Ended March
31,
(dollars in millions, except per
share data)
(Unaudited)
Earnings before Income
Taxes
Provision for Income
Taxes
Net Earnings
Net Earnings Attributable to
Altria
Diluted EPS
2021 Reported
$
1,937
$
516
$
1,421
$
1,424
$
0.77
NPM Adjustment Items
(32
)
(8
)
(24
)
(24)
(0.01
)
Implementation and acquisition-related
costs
48
11
37
37
0.02
Tobacco and health litigation items
35
9
26
26
0.01
JUUL changes in fair value
200
—
200
200
0.10
ABI-related special items
(128
)
(28
)
(100
)
(100)
(0.05
)
Cronos-related special items
(70
)
—
(70
)
(70)
(0.04
)
Loss on early extinguishment of debt
649
153
496
496
0.27
Tax items
—
6
(6
)
(6)
—
2021 Adjusted for Special Items
$
2,639
$
659
$
1,980
$
1,983
$
1.07
2020 Reported
$
2,108
$
558
$
1,550
$
1,552
$
0.83
Implementation and acquisition-related
costs
395
95
300
300
0.16
Tobacco and health litigation items
24
5
19
19
0.01
ABI-related special items
56
12
44
44
0.03
Cronos-related special items
89
(6
)
95
95
0.05
Tax items
—
(24
)
24
24
0.01
2020 Adjusted for Special Items
$
2,672
$
640
$
2,032
$
2,034
1.09
2021 Reported Net Earnings
$
1,424
$
0.77
2020 Reported Net Earnings
$
1,552
$
0.83
% Change
(8.2)
%
(7.2
)%
2021 Net Earnings Adjusted for Special
Items
$
1,983
$
1.07
2020 Net Earnings Adjusted for Special
Items
$
2,034
$
1.09
% Change
(2.5)
%
(1.8
)%
Schedule 6
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and
non-GAAP Measures
For the Year Ended December 31,
2020
(dollars in millions, except per
share data)
(Unaudited)
Earnings before Income
Taxes
Provision for Income
Taxes
Net Earnings
Net Earnings Attributable to
Altria
Diluted EPS
2020 Reported
$
6,890
$
2,436
$
4,454
$
4,467
$
2.40
NPM Adjustment Items
4
1
3
3
—
Asset impairment, exit, implementation
and
acquisition-related costs
431
89
342
342
0.18
Tobacco and health litigation items
83
21
62
62
0.03
JUUL changes in fair value
(100
)
—
(100
)
(100
)
(0.05
)
Impairment in JUUL equity securities
2,600
—
2,600
2,600
1.40
ABI-related special items
763
160
603
603
0.32
Cronos-related special items
51
(2
)
53
53
0.03
COVID-19 special items
50
13
37
37
0.02
Tax items
—
(50
)
50
50
0.03
2020 Adjusted for Special Items
$
10,772
$
2,668
$
8,104
$
8,117
$
4.36
Schedule 7
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Consolidated Balance
Sheets
(dollars in millions)
(Unaudited)
March 31, 2021
December 31, 2020
Assets
Cash and cash equivalents
$
5,792
$
4,945
Inventories
1,948
1,966
Other current assets
289
206
Property, plant and equipment, net
1,982
2,012
Goodwill and other intangible assets,
net
17,775
17,792
Investments in equity securities
20,133
19,529
Other long-term assets
857
964
Total assets
$
48,776
$
47,414
Liabilities and Stockholders’
Equity
Current portion of long-term debt
$
1,500
$
1,500
Accrued settlement charges
4,539
3,564
Other current liabilities
3,965
3,999
Long-term debt
28,180
27,971
Deferred income taxes
4,727
4,532
Accrued pension costs
481
551
Accrued postretirement health care
costs
1,952
1,951
Other long-term liabilities
397
381
Total liabilities
45,741
44,449
Redeemable noncontrolling interest
40
40
Total stockholders’ equity
2,995
2,925
Total liabilities and stockholders’
equity
$
48,776
$
47,414
Total debt
$
29,680
$
29,471
Schedule 8
ALTRIA GROUP, INC.
and Subsidiaries
Calculation of Total Debt to
Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
For the Twelve Months Ended March
31, 2021
(dollars in millions)
(Unaudited)
Twelve Months Ended
March 31, 2021
Consolidated Net Earnings
$
4,325
(Income) loss from equity investments and
noncontrolling interests, net
231
Impairment of JUUL equity securities
2,600
(Gain) loss on Cronos-related financial
instruments
(107)
Dividends from less than 50% owned
affiliates
108
Provision for income taxes
2,394
Depreciation and amortization
255
Loss on early extinguishment of debt
649
Asset impairment and exit costs
(4)
Interest and other debt expense, net
1,242
Consolidated EBITDA 1
$
11,693
Current portion of long-term debt
$
1,500
Long-term debt
28,180
Total Debt 2
29,680
Cash and cash equivalents 3
5,792
Net Debt 4
$
23,888
Ratios:
Total Debt / Consolidated
EBITDA
2.5
Net Debt / Consolidated EBITDA
2.0
1 Reflects the term “Consolidated EBITDA” as defined in Altria’s
senior unsecured revolving credit agreement.
2 Reflects total debt as presented on Altria’s Condensed
Consolidated Balance Sheet at March 31, 2021. See Schedule 7.
3 Reflects cash and cash equivalents as presented on Altria’s
Condensed Consolidated Balance Sheet at March 31, 2021. See
Schedule 7.
4 Reflects total debt, less cash and cash equivalents at March
31, 2021.
Schedule 9
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data for
Special Items
For the Quarters Ended March
31,
(dollars in millions)
(Unaudited)
Cost of Sales
Marketing, administration and
research costs
General corporate
expenses
Interest and other debt
expense, net
(Income) losses from equity
investments
(Gain) loss on Cronos- related
financial instruments
2021 Special Items - (Income)
Expense
NPM Adjustment Items
$
(32
)
$
—
$
—
$
—
$
—
$
—
Implementation and acquisition-related
costs
1
37
10
—
—
—
Tobacco and health litigation items
—
35
—
—
—
—
JUUL changes in fair value
—
—
—
—
200
—
ABI-related special items
—
—
—
—
(128
)
—
Cronos-related special items
—
—
—
—
40
(110
)
Loss on early extinguishment of debt
—
—
—
649
—
—
2020 Special Items - (Income)
Expense
Implementation and acquisition-related
costs
$
392
$
2
$
1
$
—
$
—
$
—
Tobacco and health litigation items
—
22
—
2
—
—
ABI-related special items
—
—
—
—
56
—
Cronos-related special items
—
—
—
—
(48
)
137
Note: This schedule is intended to provide supplemental
financial data for certain income and expense items that management
believes are not part of underlying operations and their
presentation in Altria’s consolidated statements of earnings. This
schedule is not intended to provide, or reconcile, non-GAAP
financial measures.
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version on businesswire.com: https://www.businesswire.com/news/home/20210429005560/en/
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