News Release

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NuStar Energy L.P. Reports Strong Third Quarter 2019 Earnings Results

Income from Continuing Operations Up 20 Percent Versus Third Quarter of 2018

Permian Crude System Volumes Currently Approaching 430,000 Barrels Per Day; Quarterly Average Up 233 Percent Since System Acquisition in May 2017

Corpus Christi Crude System Enters New Era with Doubled Receipts since July 2019

SAN ANTONIO--(BUSINESS WIRE)--Nov. 5, 2019-- NuStar Energy L.P. (NYSE: NS) reported income from continuing operations of $53 million for the third quarter of 2019, up $9 million or 20 percent from $44 million in the third quarter of 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $169 million, up $15 million or 10 percent from $154 million for the third quarter of 2018.

Distributable cash flow (DCF) available to common limited partners from continuing operations was $88 million for the third quarter of 2019, up $11 million or 14 percent compared to $77 million in the third quarter of 2018. The distribution coverage ratio to common limited partners from continuing operations was 1.36 times for the third quarter and 1.23 times for the nine months ended September 30, 2019.

“Our strong third quarter 2019 results were primarily driven by continued volume ramp on our Permian Crude System, as well as a contribution from our new Taft 30-inch pipeline utilized for crude exports out of our Corpus Christi North Beach terminal," said NuStar President and CEO Brad Barron.

“During the month of October, the Corpus Christi Crude System saw aggregate volumes increase to 591,000 barrels per day (BPD), double our receipts in July, before our Taft pipeline projects were in service. Additionally, during October, we moved 169,000 BPD into the Corpus Christi refinery market and over 422,000 BPD over our docks, which more than doubles the amount moved over the docks in July.”

Barron also noted that due in part to NuStar's sale of its St. Eustatius facility in July, the partnership's third quarter debt-to-EBITDA ratio was 3.96 times, significantly lower when compared to 4.52 times at the end of the third quarter of 2018. "This demonstrates our commitment to de-levering and financial discipline,” he added.

Permian Crude System Continues to Show Phenomenal Growth of 233 Percent Since Acquisition

“We continue to be pleased with the performance and growth of our Permian Crude System,” Barron said. “The Permian has proven itself the fastest-growing and most resilient shale play in North America, and NuStar’s Permian Crude System has consistently outperformed the basin since our acquisition. In fact, since we acquired our system in May 2017, our system throughput has now grown by an amazing 233 percent, far outpacing overall Permian Basin throughput, which has grown 98 percent.”

In 2019 alone, NuStar has expanded its capacity from 460,000 BPD to 560,000 BPD to accommodate its customers' plans and added a total 34 additional well connections. Additionally, volumes continued to grow significantly as NuStar moved an average of 416,000 BPD in October. With November nominations of 436,000 BPD, NuStar continues to expect to exit 2019 with throughput around 450,000 BPD, a significant increase over NuStar's 2017 exit rate of 200,000 BPD.

Within a 24-hour period, Corpus Christi Export and Mexico Projects Enter Service

On September 4, 2019, NuStar began moving volumes on three key pipeline projects that are significantly expanding the partnership's capacity to move Permian crude oil to Corpus Christi for export, and to move refined products into Northern Mexico.

“With the second phase of our WTI export project in service, we are now transporting Permian barrels on our Taft 30-inch pipeline from our connection to Cactus II and delivering those barrels into our Corpus Christi North Beach terminal for export," Barron said. "Our legacy assets in South Texas: our South Texas Crude System, Three Rivers 12” line, and Corpus Christi terminal, together with our recently completed Corpus Christi export project additions, including our Taft 30-inch pipeline, overlay and interconnect to such a degree that we now refer to them as a single system, our ‘Corpus Christi Crude System.’”

Additionally, NuStar completed its project to double the capacity of its Valley pipeline to expand supply of refined products from Corpus Christi to the Rio Grande Valley and Northern Mexico in September, and, since then, the partnership's committed customers on that system have been ramping up their volumes. In September NuStar also brought its Nuevo Laredo project into early service, which allows the partnership to transport diesel from the Corpus Christi refining complex to the NuStar Nuevo Laredo terminal in Mexico. Barron added that NuStar is on schedule to complete the second phase, which includes additional tankage and truck-loading bays at Nuevo Laredo, in February 2020.

2019 and 2020 Full-Year Projections Show Stable Growth, Year over Year

“Our 2019 range for Adjusted EBITDA remains unchanged at $665 to $715 million, which includes results from St. Eustatius operations, but excludes non-cash impairment charges related to the sale of those operations," said Tom Shoaf, NuStar Executive Vice President and Chief Financial Officer.

“For a clearer view of our ongoing business and for improved comparability, we are also providing projections for 2019 EBITDA from continuing operations of $625 to $675 million, which exclude any past contributions from St. Eustatius," Shoaf added. "These projections show an expected increase of 9 percent at the midpoint when compared to 2018 EBITDA from continuing operations of $597 million. Looking further out to 2020 full-year guidance, we expect NuStar’s 2020 EBITDA to be $715 to $765 million or an increase of about 14 percent at the midpoint over 2019.”

"These results clearly demonstrate the benefit of our strategic decision to de-risk and simplify our business by selling our Caribbean assets and redeploying that capital in our core North American business. On an apples-to-apples basis, we expect to be able to improve EBITDA by almost 25 percent over a two-year period, while simultaneously lowering our leverage and strengthening our financial metrics to generate stable, consistent growth for our unitholders,“ Shoaf concluded.

 

Year Ended December 31, 2018

 

Projected for the year ended December 31,

 

 

2019

 

2020

Income from continuing operations

$

146,375

 

 

$ 171,000 - 206,000

 

$ 233,000 - 258,000

Income (loss) from discontinued operations, net of tax

59,419

 

 

(308,000 - 313,000)

 

 

Net income (loss)

$

205,794

 

 

$ (137,000 - 107,000)

 

$ 233,000 - 258,000

 

 

 

 

 

 

EBITDA from continuing operations

$

596,822

 

 

$ 625,000 - 675,000

 

$ 715,000 - 765,000

EBITDA from discontinued operations

104,491

 

 

(300,000 - 305,000)

 

 

Total EBITDA

701,313

 

 

325,000 - 370,000

 

715,000 - 765,000

Impairment losses and loss on sale

43,366

 

 

340,000 - 345,000

 

 

Gain from hurricane insurance proceeds

(78,756

)

 

 

 

 

Adjusted EBITDA

$

665,923

 

 

$ 665,000 - 715,000

 

$ 715,000 - 765,000

 

Conference Call Details

A conference call with management is scheduled for 10:00 a.m. CT today, November 5, 2019. The conference call may be accessed by dialing toll-free 844/889-7787, reservation passcode 5169897. International callers may access the conference call by dialing 661/378-9931, reservation passcode 5169897. The Partnership intends to have a playback available following the conference call, which may be accessed by dialing toll-free 855/859-2056, reservation passcode 5169897. International callers may access the playback by dialing 404/537-3406, reservation passcode 5169897. The playback will be available until 1:00 p.m. CT on December 5, 2019.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/fb63w7oe or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

The discussion will disclose certain non-GAAP financial measures. Reconciliations of certain of these non-GAAP financial measures to U.S. GAAP may be found in this press release, with additional reconciliations located on the Financials page of the Investors section of NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 9,900 miles of pipeline and 74 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 74 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes, and the related conference call will include, forward-looking statements regarding future events, such as the partnership’s future performance. All forward-looking statements are based on the partnership’s beliefs as well as assumptions made by and information currently available to the partnership. These statements reflect the partnership’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2018 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. 

 

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information

(Unaudited, Thousands of Dollars, Except Unit, Per Unit and Ratio Data)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Service revenues

$

289,258

 

 

$

270,269

 

 

$

830,757

 

 

$

777,937

 

Product sales

88,798

 

 

109,873

 

 

267,570

 

 

368,188

 

Total revenues

378,056

 

 

380,142

 

 

1,098,327

 

 

1,146,125

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Costs associated with service revenues:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

100,852

 

 

94,673

 

 

297,358

 

 

283,481

 

Depreciation and amortization expense

66,332

 

 

62,111

 

 

196,141

 

 

183,712

 

Total costs associated with service revenues

167,184

 

 

156,784

 

 

493,499

 

 

467,193

 

Cost of product sales

80,880

 

 

105,746

 

 

253,451

 

 

352,347

 

General and administrative expenses

27,804

 

 

26,255

 

 

78,363

 

 

71,151

 

Other depreciation and amortization expense

2,216

 

 

2,192

 

 

6,154

 

 

6,389

 

Total costs and expenses

278,084

 

 

290,977

 

 

831,467

 

 

897,080

 

Operating income

99,972

 

 

89,165

 

 

266,860

 

 

249,045

 

Interest expense, net

(46,902

)

 

(44,314

)

 

(136,886

)

 

(140,091

)

Other income, net

608

 

 

925

 

 

2,020

 

 

3,548

 

Income from continuing operations before income tax expense

53,678

 

 

45,776

 

 

131,994

 

 

112,502

 

Income tax expense

1,090

 

 

2,113

 

 

3,568

 

 

8,697

 

Income from continuing operations

52,588

 

 

43,663

 

 

128,426

 

 

103,805

 

(Loss) income from discontinued operations, net of tax

(4,777

)

 

4,473

 

 

(312,527

)

 

99,863

 

Net income (loss)

$

47,811

 

 

$

48,136

 

 

$

(184,101

)

 

$

203,668

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common unit:

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.15

 

 

$

(3.53

)

 

$

0.20

 

 

$

(3.51

)

Discontinued operations

(0.04

)

 

0.04

 

 

(2.90

)

 

1.01

 

Total net income (loss) per common unit

$

0.11

 

 

$

(3.49

)

 

$

(2.70

)

 

$

(2.50

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common units outstanding

107,763,870

 

 

104,264,796

 

 

107,687,019

 

 

96,920,202

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Data (Note 1):

 

 

 

 

 

 

 

 

 

 

 

EBITDA from continuing operations

$

169,128

 

 

$

154,393

 

 

$

471,175

 

 

$

442,694

 

DCF from continuing operations available to common limited partners

$

87,842

 

 

$

76,721

 

 

$

238,159

 

 

$

219,873

 

Distribution coverage ratio from continuing operations

1.36x

 

 

1.19x

 

 

1.23x

 

 

1.19x

 

 

 

For the Four Quarters Ended September 30,

 

2019

 

2018

Consolidated Debt Coverage Ratio (Note 2)

3.96x

 

4.52x

 

 

 NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars, Except Barrel Data)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Pipeline:

 

 

 

 

 

 

 

Crude oil pipelines throughput (barrels/day)

1,218,913

 

 

914,450

 

 

1,109,856

 

 

848,892

 

Refined products and ammonia pipelines throughput

(barrels/day)

554,276

 

 

567,320

 

 

542,713

 

 

555,113

 

Total throughput (barrels/day)

1,773,189

 

 

1,481,770

 

 

1,652,569

 

 

1,404,005

 

Throughput and other revenues

$

179,173

 

 

$

162,843

 

 

$

507,917

 

 

$

449,909

 

Operating expenses

49,409

 

 

47,032

 

 

150,437

 

 

138,079

 

Depreciation and amortization expense

41,946

 

 

38,790

 

 

123,646

 

 

114,036

 

Segment operating income

$

87,818

 

 

$

77,021

 

 

$

233,834

 

 

$

197,794

 

Storage:

 

 

 

 

 

 

 

Throughput (barrels/day)

438,999

 

 

335,118

 

 

400,060

 

 

336,957

 

Throughput terminal revenues

$

26,333

 

 

$

21,143

 

 

$

71,189

 

 

$

61,300

 

Storage terminal revenues

87,402

 

 

89,090

 

 

256,449

 

 

274,917

 

Total revenues

113,735

 

 

110,233

 

 

327,638

 

 

336,217

 

Operating expenses

51,443

 

 

47,641

 

 

146,921

 

 

145,402

 

Depreciation and amortization expense

24,386

 

 

23,321

 

 

72,495

 

 

69,676

 

Segment operating income

$

37,906

 

 

$

39,271

 

 

$

108,222

 

 

$

121,139

 

Fuels Marketing:

 

 

 

 

 

 

 

Product sales

$

85,148

 

 

$

107,072

 

 

$

262,776

 

 

$

360,023

 

Cost of goods

80,046

 

 

104,904

 

 

251,349

 

 

350,011

 

Gross margin

5,102

 

 

2,168

 

 

11,427

 

 

10,012

 

Operating expenses

834

 

 

848

 

 

2,074

 

 

2,360

 

Segment operating income

$

4,268

 

 

$

1,320

 

 

$

9,353

 

 

$

7,652

 

Consolidation and Intersegment Eliminations:

 

 

 

 

 

 

 

Revenues

$

 

 

$

(6

)

 

$

(4

)

 

$

(24

)

Cost of goods

 

 

(6

)

 

28

 

 

(24

)

Operating expenses

 

 

 

 

 

 

 

Total

$

 

 

$

 

 

$

(32

)

 

$

 

Consolidated Information:

 

 

 

 

 

 

 

Revenues

$

378,056

 

 

$

380,142

 

 

$

1,098,327

 

 

$

1,146,125

 

Costs associated with service revenues:

 

 

 

 

 

 

 

Operating expenses

100,852

 

 

94,673

 

 

297,358

 

 

283,481

 

Depreciation and amortization expense

66,332

 

 

62,111

 

 

196,141

 

 

183,712

 

Total costs associated with service revenues

167,184

 

 

156,784

 

 

493,499

 

 

467,193

 

Cost of product sales

80,880

 

 

105,746

 

 

253,451

 

 

352,347

 

Segment operating income

129,992

 

 

117,612

 

 

351,377

 

 

326,585

 

General and administrative expenses

27,804

 

 

26,255

 

 

78,363

 

 

71,151

 

Other depreciation and amortization expense

2,216

 

 

2,192

 

 

6,154

 

 

6,389

 

Consolidated operating income

$

99,972

 

 

$

89,165

 

 

$

266,860

 

 

$

249,045

 

 

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars, Except Ratio Data)

 

Note 1: NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership’s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We also use adjusted results or results from continuing operations for EBITDA, which may include non-GAAP financial measures, to enhance the comparability of performance across periods.

 

Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses a distribution coverage ratio, which is calculated based on DCF, as one of the factors in its compensation determinations. DCF is a widely accepted financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.

 

None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

 

The following is a reconciliation of income from continuing operations to EBITDA from continuing operations, DCF from continuing operations and distribution coverage ratio from continuing operations.

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Income from continuing operations

$

52,588

 

 

$

43,663

 

 

$

128,426

 

 

$

103,805

 

Interest expense, net

46,902

 

 

44,314

 

 

136,886

 

 

140,091

 

Income tax expense

1,090

 

 

2,113

 

 

3,568

 

 

8,697

 

Depreciation and amortization expense

68,548

 

 

64,303

 

 

202,295

 

 

190,101

 

EBITDA from continuing operations

169,128

 

 

154,393

 

 

471,175

 

 

442,694

 

Interest expense, net

(46,902

)

 

(44,314

)

 

(136,886

)

 

(140,091

)

Reliability capital expenditures

(11,838

)

 

(7,100

)

 

(20,385

)

 

(18,032

)

Income tax expense

(1,090

)

 

(2,113

)

 

(3,568

)

 

(8,697

)

Long-term incentive equity awards (a)

3,111

 

 

2,638

 

 

7,646

 

 

5,758

 

Preferred unit distributions

(30,423

)

 

(29,881

)

 

(91,269

)

 

(62,116

)

Other items

5,856

 

 

3,098

 

 

11,446

 

 

1,498

 

DCF from continuing operations

87,842

 

 

76,721

 

 

238,159

 

 

221,014

 

Less DCF from continuing operations available to

general partner

 

 

 

 

 

 

1,141

 

DCF from continuing operations available to common

limited partners

$

87,842

 

 

$

76,721

 

 

$

238,159

 

 

$

219,873

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions applicable to common limited partners

$

64,660

 

 

$

64,248

 

 

$

194,008

 

 

$

184,369

 

Distribution coverage ratio from continuing operations (b)

1.36x

 

 

1.19x

 

 

1.23x

 

 

1.19x

 

Continued on following page.

NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars)

The following is a reconciliation of income from continuing operations to EBITDA from continuing operations.

 

Year Ended December 31, 2018

 

Projected for the

Year Ended December 31, 2019

Income from continuing operations

$

146,375

 

 

$                   171,000 - 206,000

Interest expense, net

184,398

 

 

182,000 - 188,000

Income tax expense

10,157

 

 

2,000 - 6,000

Depreciation and amortization expense

255,892

 

 

270,000 - 275,000

EBITDA from continuing operations

$

596,822

 

 

$                   625,000 - 675,000

The following is a reconciliation of net income (loss) to EBITDA to adjusted EBITDA; therefore

the reconciling items include activity from continuing and discontinued operations on a combined basis.

 

Year Ended December 31,

 

Projected for the Year Ended December 31,

 

2018

 

2019

 

2020

Net income (loss)

$

205,794

 

 

$          (137,000 - 107,000)

 

$             233,000 - 258,000

Interest expense, net

186,237

 

 

182,000 - 188,000

 

190,000 - 200,000

Income tax expense

11,408

 

 

2,000 - 6,000

 

2,000 - 7,000

Depreciation and amortization expense

297,874

 

 

278,000 - 283,000

 

290,000 - 300,000

EBITDA

701,313

 

 

325,000 - 370,000

 

715,000 - 765,000

Impairment losses and loss on sale (c)

43,366

 

 

340,000 - 345,000

 

 

Gain from hurricane insurance proceeds (d)

(78,756

)

 

 

 

 

Adjusted EBITDA

$

665,923

 

 

$             665,000 - 715,000

 

$             715,000 - 765,000

 

(a)

 

We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF.

(b)

 

Distribution coverage ratio is calculated by dividing DCF available to common limited partners by distributions applicable to common limited partners.

(c)

 

Represents non-cash impairment losses associated with long-lived assets and goodwill at our St. Eustatius terminal, as well as the losses on the sales of the St. Eustatius terminal in September 2019 and the European operations in November 2018.

(d) 

 

Represents the gain for insurance proceeds received related to hurricane damage at our St. Eustatius terminal.

   

 

 NuStar Energy L.P. and Subsidiaries

Consolidated Financial Information - Continued

(Unaudited, Thousands of Dollars, Except Ratio Data)

Note 2: The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement):

 

For the Four Quarters Ended September 30,

 

 

2019

 

 

2018

 

Net (loss) income

$

(181,975

)

 

$

228,850

 

Interest expense, net

181,558

 

 

187,334

 

Income tax expense

4,599

 

 

13,117

 

Depreciation and amortization expense

285,126

 

 

294,168

 

EBITDA

289,308

 

 

723,469

 

Other income (a)

(3,674

)

 

(81,688

)

Equity awards (b)

12,742

 

 

8,026

 

Pro forma effect of disposition (c)

335,995

 

 

 

Material project adjustments and other items (d)

95,479

 

 

3,424

 

Consolidated EBITDA, as defined in the Revolving Credit Agreement

$

729,850

 

 

$

653,231

 

 

 

 

 

 

 

Total consolidated debt

$

3,331,040

 

 

$

3,399,533

 

NuStar Logistics' floating rate subordinated notes

(402,500

)

 

(402,500

)

Proceeds held in escrow associated with the Gulf

Opportunity Zone Revenue Bonds

(41,476

)

 

(41,476

)

Consolidated Debt, as defined in the Revolving Credit Agreement

$

2,887,064

 

 

$

2,955,557

 

 

 

 

 

 

 

Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)

3.96x

 

 

4.52x

 

(a)

Other income is excluded for purposes of calculating Consolidated EBITDA, as defined in the Revolving Credit Agreement.

(b)

This adjustment represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units.

(c)

For the four quarters ended September 30, 2019, this adjustment represents the pro forma effects of the sales of our European and St. Eustatius operations as if we had completed the sales on October 1, 2018.

(d)

This adjustment represents a percentage of the projected Consolidated EBITDA attributable to any Material Project and other noncash items, as defined in the Revolving Credit Agreement.

 

Source: NuStar Energy L.P.

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

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