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AdCare Health Systems Reports Second Quarter 2014 Results

Company Endeavors to Transition to a Facilities Holding Company

ATLANTA, Aug. 11, 2014 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA) a recognized provider of senior living and healthcare facility management, today reported results for the second quarter ended June 30, 2014.

Business and Financial Highlights

  • Board of Directors approved a strategic plan to transition the Company's business from owning and operating healthcare properties to owning and leasing healthcare properties, effectively creating a facilities holding company. Signed agreement to sublease skilled nursing and rehabilitation facility located in south Georgia to a local nursing home operator effective July 1, 2014.
  • Revenues reflecting the historical business model as an owner and operator of skilled nursing facilities were $55.7 million, up 1.6% compared with $54.9 million in the second quarter of 2013.
  • Adjusted EBITDAR from continuing operations was $5.4 million, up 12.9% compared with $4.8 million in the second quarter of 2013 (see "Use of Non-GAAP Financial Information" below for the definition of Adjusted EBITDAR from continuing operations and its reconciliation to GAAP net loss).
  • Net loss attributable to AdCare common shareholders of $3.3 million compared with net loss of $7.0 million in the second quarter of 2013.
  • Board of Directors declared a quarterly cash dividend payment of $0.68 per share on the Company's 10.875% Series A Preferred Stock which was paid on June 30, 2014 to holders of record at the close of business on June 20, 2014.

"Our strategic vision is to establish AdCare Health as a healthcare property holding and leasing company, with the objective of stabilizing free cash flow and returning us to profitability," stated David Tenwick, AdCare's Chairman and Interim Chief Executive Officer. "Subsequent to the end of the second quarter, we took a significant step towards this vision as the Board of Directors approved management's plan to execute a series of leasing transactions which will transition our currently owned and operated healthcare facilities, principally skilled nursing facilities, to third party operators and sub-lease our existing leased facilities."

Mr. Tenwick continued, "By setting out our strategic plan to exit the day-to-day management of our healthcare facilities, we established a clear goal to return cash to the shareholders in the near-term and provide additional return on investment down the road. After our transition to a facilities holding company is completed, then we expect a more expeditious return to profitability and lower working capital requirements resulting in the generation of positive free cash flow. We believe that this, in turn, will enable us to return cash to shareholders through an increasing quarterly dividend, while setting the stage for the pursuit of other strategic alternatives at improved valuations."

Second Quarter and Six Month 2014 Summary of Financial Results

The results below do not reflect any significant changes in the business model and primarily are related to the historical business model of owning and operating healthcare facilities.

Revenues in the second quarter of 2014 were $55.7 million, up 1.6% from $54.9 million in the second quarter of 2013. Revenues for the first six months of 2014 increased by 1% to $110.7 million from $109.5 million in 2013.

The net loss attributable to AdCare common shareholders in the second quarter of 2014 totaled $3.3 million, or $(0.19) per basic and diluted share, compared with a net loss of $7.0 million, or $(0.47) per basic and diluted share, in the second quarter of 2013. Several non-recurring and non-operational expenses impacted the net loss for both periods, including salary retirement and continuation costs of $1.3 million in the second quarter of 2014, and a $1.9 million non-cash derivative loss and $848,000 in non-recurring expense related to the audit committee's investigation in the second quarter of 2013. For the first six months of 2014, the net loss attributable to AdCare common stockholders was $6.3 million, or $(0.36) per basic and diluted share, compared with a net loss of $9.9 million, or $(0.67) per basic and diluted share, in 2013.

Quarterly Adjusted EBITDAR from continuing operations in the second quarter of 2014 totaled $5.4 million compared with $4.8 million in the second quarter of 2013. Adjusted EBITDAR from continuing operations for the first six months of 2014 totaled $10.8 million compared to $8.8 million for the first six months of 2013 (see "Use of Non-GAAP Financial Information" below for the definition of Adjusted EBITDAR from continuing operations, a non-GAAP financial measure, as well as an important discussion about the use of this measure and its reconciliation to GAAP net loss, the most directly comparable GAAP financial measure).

"Though our reported results reflect meaningful progress to improve Adjusted EBITDAR for continuing operations, we are focused on accelerating the creation of shareholder value by transitioning to the new operating model," commented Ron Fleming, AdCare's chief financial officer. "We subleased, effective July 1, 2014, a skilled nursing and rehabilitation facility in the South Georgia region as the first step in this transition, which we expect to improve our financial position and reduce our execution risk going forward. We believe our progress in the quarter, including the stabilization of our cost of services and reduced general and administrative expenses, will help us execute this transition."

Cash and cash equivalents at June 30, 2014 totaled $11.1 million, as compared with $19.4 million at December 31, 2013. Total debt outstanding at June 30, 2014 totaled $153.2 million (which includes $5.2 million in liabilities of disposal group held for sale and $6.0 million in liabilities of variable interest entity held for sale), as compared with $160.3 million at December 31, 2013 (which includes $6.0 million in liabilities of variable interest entity held for sale).

About AdCare Health Systems

AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a recognized provider of senior living and healthcare facility management. Since the Company's inception in 1988, it has owned and managed long-term care facilities and retirement communities, and has sought to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. The Company has implemented a strategic plan pursuant to which, through a series of leasing transactions, it will transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company. For more information about AdCare, visit www.adcarehealth.com.

Important Cautions Regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to: (i) statements regarding the strategic plan to transition the Company to a facilities holding company; (ii) statements regarding expense reductions, profitability, free cash flow and improved valuations; (iii) statements regarding anticipated dividend payments and shareholder returns; (iv) statements regarding financial and operational improvements; and (v) statements regarding the outlook for financial metrics. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the healthcare industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

In addition, each facility mentioned in this press release is operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.

References to the consolidated Company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.

Use of Non-GAAP Financial Information

Beginning with the reporting of results for the first quarter of 2011, the Company began to report the measures of Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations. These are measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company defines: (i) "Adjusted EBITDA from continuing operations" as net income (loss) from continuing operations before interest expense, income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain, and other non-routine adjustments; and (ii) "Adjusted EBITDAR from continuing operations" as net income (loss) from continuing operations before interest expense, income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain, rent, and other non-routine adjustments.

Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations should not be considered in isolation or as a substitute for net income, income from operations or cash flows provided by, or used in, operations as determined in accordance with GAAP. Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations are used by management to focus on operating performance and management without mixing in items of income and expense that relate to the financing and capitalization of the business, fixed rent or lease payments of facilities, derivative loss or gain, and certain acquisition related charges and other non-routine adjustments.

The Company believes these measures are useful to investors in evaluating the Company's performance, results of operations and financial position for the following reasons:

  • They are helpful in identifying trends in the Company's day-to-day performance because the items excluded have little or no significance to the Company's day-to-day operations;
  • They provide an assessment of controllable expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance; and
  • They provide data that assists management to determine whether or not adjustments to current spending decisions are needed.

AdCare believes that the use of these measures provides a meaningful and consistent comparison of the Company's underlying business between periods by eliminating certain items required by GAAP, which have little or no significance in the Company's day-to-day operations.

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in 000's, except per share data)

(Unaudited)










Three Months Ended June 30,


Six Months Ended June 30,



2014


2013


2014


2013

Revenues:









  Patient care revenues


$           55,425


$           54,361


$         109,875


$         108,531

  Management revenues


304


498


786


1,008

Total revenues


55,729


54,859


110,661


109,539










Expenses:









  Cost of services (exclusive of facility rent, depreciation and amortization)


46,364


45,851


91,815


91,857

  General and administrative expense


4,179


4,505


8,740


9,433

  Audit committee investigation expense



848



1,982

  Facility rent expense


1,751


1,758


3,510


3,495

  Depreciation and amortization


1,954


1,778


3,810


3,500

  Salary retirement and continuation costs


1,282


149


1,282


149

 Total expenses


55,530


54,889


109,157


110,416

Income (Loss) from Operations


199


(30)


1,504


(877)










Other Income (Expense):









  Interest expense, net


(2,650)


(3,087)


(5,273)


(6,256)

  Acquisition costs, net of gains



(487)



(577)

  Derivative (loss) gain



(1,947)



189

  Loss on extinguishment of debt



(25)


(583)


(27)

  Loss on disposal of assets



(4)



(4)

  Other expense


(84)



(191)


Total other expense, net


(2,734)


(5,550)


(6,047)


(6,675)










Loss from Continuing Operations Before Income Taxes


(2,535)


(5,580)


(4,543)


(7,552)

Income tax expense




(8)


(78)

 Loss from Continuing Operations


(2,535)


(5,580)


(4,551)


(7,630)










Loss from Discontinued Operations, Net of Tax


(260)


(1,365)


(767)


(2,065)

Net Loss


(2,795)


(6,945)


(5,318)


(9,695)










Net Loss Attributable to Noncontrolling Interests


157


241


330


433

Net Loss Attributable to AdCare Health Systems, Inc.


(2,638)


(6,704)


(4,988)


(9,262)










Preferred stock dividend


(646)


(306)


(1,292)


(612)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders


$           (3,284)


$           (7,010)


$           (6,280)


$           (9,874)










Net loss per Common Share attributable to AdCare Health Systems, Inc.









Common Stockholders -









  Basic:









  Continuing Operations


$             (0.18)


$             (0.38)


$             (0.32)


$             (0.53)

  Discontinued Operations


(0.01)


(0.09)


(0.04)


(0.14)



$             (0.19)


$             (0.47)


$             (0.36)


$             (0.67)










  Diluted:









  Continuing Operations


$             (0.18)


$             (0.38)


$             (0.32)


$             (0.53)

  Discontinued Operations


(0.01)


(0.09)


(0.04)


(0.14)



$             (0.19)


$             (0.47)


$             (0.36)


$             (0.67)










Weighted Average Common Shares Outstanding:









  Basic


17,221


14,766


17,220


14,725

  Diluted


17,221


14,766


17,220


14,725

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in 000's)




June 30,
 2014


December 31, 
 2013



(Unaudited)



ASSETS





Current assets:





Cash and cash equivalents


$           11,147


$                19,374

Restricted cash and investments


207


3,801

Accounts receivable, net of allowance of $5,684 and $4,989


26,913


23,598

Prepaid expenses and other


3,622


483

Assets of disposal group held for use



5,135

Assets of disposal group held for sale


6,818


400

Assets of variable interest entity held for sale


5,894


5,945

 Total current assets


54,601


58,736






Restricted cash and investments


6,988


11,606

Property and equipment, net


137,529


138,233

Intangible assets - bed licenses


2,471


2,471

Intangible assets - lease rights, net


4,466


4,889

Goodwill


4,224


4,224

Lease deposits


1,697


1,715

Deferred loan costs, net


4,197


4,542

Other assets


13


12

Total assets


$         216,186


$              226,428






LIABILITIES AND EQUITY










Current liabilities:





Current portion of notes payable and other debt


$           31,344


$                12,027

Current portion of convertible debt, net of discounts


10,500


11,389

Revolving credit facilities and lines of credit


2,625


2,738

Accounts payable


19,933


23,783

Accrued expenses


13,703


13,264

Liabilities of disposal group held for sale


5,197


Liabilities of variable interest entity held for sale


5,953


6,034

 Total current liabilities


89,255


69,235






Notes payable and other debt, net of current portion:





Senior debt, net of discounts


77,495


107,858

Bonds, net of discounts


7,003


6,996

Revolving credit facilities


5,613


5,765

Convertible debt


7,500


7,500

Other liabilities


1,809


1,589

Deferred tax liability


191


191

Total liabilities


188,866


199,134






Commitments and contingency 










Preferred stock, no par value; 5,000 shares authorized; 950 shares issued and outstanding, redemption amount $23,750 at both June 30, 2014 and December 31, 2013, respectively


20,392


20,442






Stockholders' equity:





 Common stock and additional paid-in capital, no par value; 55,000 shares authorized; 17,513 and 16,016 issued and outstanding at June 30, 2014 and December 31, 2013, respectively


55,056


48,370

Accumulated deficit


(46,164)


(39,884)

 Total stockholders' equity


8,892


8,486

Noncontrolling interest in subsidiary


(1,964)


(1,634)

 Total equity


6,928


6,852

 Total liabilities and equity


$         216,186


$              226,428

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

TRAILING FIVE QUARTERS

(Amounts in 000's)

(Unaudited)



For Three Months Ended

























6/30/2013


9/30/2013


12/31/2013


3/31/2014


6/30/2014

Revenues:











 Patient care revenues


$54,361


$53,733


$53,949


$54,450


$55,425

 Management revenue


498


521


568


482


304

    Total revenues


54,859


54,254


54,517


54,932


55,729

Expenses:











 Cost of services (exclusive of facility rent, depreciation and amortization)


45,851


44,427


44,576


45,450


46,364

 General and administrative expenses


4,505


4,583


5,016


4,560


4,179

 Audit committee investigation expense


848


302


102


-


-

 Facility rent expense


1,758


1,761


1,772


1,759


1,751

 Depreciation and amortization


1,778


1,796


2,465


1,857


1,954

 Salary retirement and continuation costs


149


5


-


-


1,282

    Total expenses


54,889


52,874


53,931


53,626


55,530

(Loss) Income from Operations


(30)


1,380


586


1,306


199












Other Income (Expense):











 Interest expense, net


(3,087)


(3,204)


(2,891)


(2,622)


(2,650)

 Acquisition costs, net of gains


(487)


(33)


45


-


-

 Derivative (loss) gain


(1,947)


1,989


829


-


-

 Loss on extinguishment of debt


(25)


(6)


(77)


(583)


-

 Loss on disposal of assets


(4)


(5)


-


-


-

 Other income (expense)


-


15


(321)


(108)


(84)

Total other expense, net


(5,550)


(1,244)


(2,415)


(3,313)


(2,734)












(Loss) Income from Continuing Operations Before Income Taxes


(5,580)


136


(1,829)


(2,007)


(2,535)

Income tax (expense) benefit


-


54


(118)


(8)


-

(Loss) Income from Continuing Operations


(5,580)


190


(1,947)


(2,015)


(2,535)

Loss from Discontinued Operations, Net of Tax


(1,365)


(603)


(1,308)


(508)


(260)

Net Loss


(6,945)


(413)


(3,255)


(2,523)


(2,795)

Net Loss Attributable to Noncontrolling Interest


241


195


168


173


157

Net Loss Attributable to AdCare Health Systems, Inc.


(6,704)


(218)


(3,087)


(2,350)


(2,638)

Preferred stock dividend


(306)


(306)


(646)


(646)


(646)

Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders


($7,010)


($524)


($3,733)


($2,996)


($3,284)

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED EBITDAR FROM CONTINUING OPERATIONS

(Amounts in 000's)

(Unaudited)




For Three Months Ended














6/30/2013


9/30/2013


12/31/2013


3/31/2014


6/30/2014












Net Loss


($6,945)


($413)


($3,255)


($2,523)


($2,795)

 Impact of discontinued operations


1,365


603


1,308


507


260

Net (loss) income from continuing operations


(5,580)


190


(1,947)


(2,016)


(2,535)

 Interest expense, net


3,087


3,204


2,891


2,623


2,650

 Income tax (benefit) expense 


-


(54)


118


8


-

 Amortization of stock-based compensation


291


186


360


513


226

 Depreciation and amortization


1,778


1,796


2,465


1,856


1,954

 Acquisition costs, net of gains


487


33


(45)


-


-

 Derivative loss (gain)


1,947


(1,989)


(829)


-


-

 Loss on extinguishment of debt


25


6


77


583


-

 Loss on disposal of assets


4


5


-


-


-

 Audit committee investigation expense


848


302


102


-


-

   Reincorporation - Georgia


-


-


91


-


-

 Salary retirement and continuation costs


149


5


-


-


1,282

 Other (income) expense 


-


(15)


321


107


84

Adjusted EBITDA from continuing operations


3,036


3,669


3,604


3,674


3,661

 Facility rent expense


1,758


1,761


1,772


1,759


1,751

Adjusted EBITDAR from continuing operations


$4,794


$5,430


$5,376


$5,433


$5,412

 

ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES

SUPPLEMENTARY SCHEDULES

(Unaudited)



2013

2014

End of Period Data

 Q1 

Q2

  6 Mo. YTD 

 Q3 

 9 Mo. YTD 

 Q4 

 12 Mo. YTD 

 Q1 

Q2

  6 Mo. YTD 












Number of Facilities











SNF











   Owned

23

23

23

23

23

23

23

23

23

23

   Leased

9

9

9

9

9

9

9

9

9

9

   Managed

10

10

10

10

10

10

10

3

3

3

ALF











   Owned

2

2

2

2

2

2

2

2

2

2

IL











   Managed

1

1

1

1

1

1

1

1

1

1

Total

45

45

45

45

45

45

45

38

38

38












Number of Operational Beds











SNF











   Owned

2,458

2,458

2,458

2,458

2,458

2,458

2,458

2,458

2,458

2,458

   Leased

1,090

1,090

1,090

1,090

1,090

1,090

1,090

1,090

1,090

1,090

   Managed

813

813

813

813

813

813

813

510

510

510

ALF











   Owned

112

112

112

112

112

112

112

112

112

112

IL











   Managed

83

83

83

83

83

83

83

83

83

83

Total at Period End

4,556

4,556

4,556

4,556

4,556

4,556

4,556

4,253

4,253

4,253

Total Weighted Average (d)

3,660

3,660

3,660

3,660

3,660

3,660

3,660

3,660

3,660

3,660












SNF + ALF % Owned

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

70.2%

SNF + ALF % Leased

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%

29.8%












Revenue Mix % (b)











   Skilled (c) 

32.8%

31.9%

32.3%

29.3%

31.3%

29.1%

30.8%

31.8%

32.7%

32.3%

   Medicaid

51.9%

53.0%

52.5%

53.5%

52.8%

53.1%

52.9%

52.2%

51.7%

52.0%

   Private + Other

15.3%

15.1%

15.2%

17.2%

15.9%

17.8%

16.3%

16.0%

15.6%

15.7%

Total

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%












Patient Days (b)











   Skilled (c) 

40,263

39,716

79,979

35,406

115,385

35,005

150,390

38,147

39,779

77,926

   Medicaid

174,003

179,659

353,662

182,886

536,548

179,693

716,241

177,323

179,030

356,353

   Private + Other

40,073

39,507

79,580

42,381

121,961

46,152

168,113

40,852

42,214

83,066

Total

254,339

258,882

513,221

260,673

773,894

260,850

1,034,744

256,322

261,023

517,345












Patient Day Mix % (a)











   Skilled (c) 

16.4%

15.9%

16.1%

14.1%

15.4%

13.9%

15.0%

15.4%

15.9%

15.7%

   Medicaid

70.2%

71.1%

70.7%

71.8%

71.1%

70.8%

71.0%

71.0%

70.5%

70.7%

   Private + Other

13.4%

13.0%

13.2%

14.1%

13.5%

15.3%

14.0%

13.6%

13.6%

13.6%

Total

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%












Revenue Rates Per Patient Day (a)











   Skilled (c) 

$441.07

$436.10

$438.61

$444.21

$440.33

$448.93

$442.33

$453.82

$456.19

$455.03

   Medicaid

$162.30

$160.96

$161.62

$157.97

$160.38

$160.00

$160.28

$161.12

$160.95

$161.04

   Private + Other

$177.30

$176.11

$176.72

$176.89

$176.78

$177.66

$177.02

$181.17

$177.84

$179.49

Weighted Average Total

$217.57

$214.58

$216.06

$210.46

$214.17

$211.55

$213.51

$217.45

$217.73

$217.59












Average Daily Census (b)











   Skilled (c) 

447

436

442

385

423

380

412

424

437

431

   Medicaid

1,933

1,974

1,954

1,988

1,965

1,953

1,962

1,970

1,967

1,969

   Private + Other

446

435

439

460

447

502

461

454

464

458

Total Average Daily Census

2,826

2,845

2,835

2,833

2,835

2,835

2,835

2,848

2,868

2,858












Occupancy (b)

77.2%

77.7%

77.5%

77.4%

77.5%

77.5%

77.5%

77.8%

78.4%

78.1%












(in thousands)











Total Revenue (b)

$54,680

$54,859

$109,539

$54,254

$163,793

$54,517

$218,310

$54,932

$55,729

$110,661

Adjusted EBITDAR (b)

$4,006

$4,794

$8,800

$5,430

$14,229

$5,376

$19,605

$5,433

$5,412

$10,845

Adjusted EBITDA (b)

$2,269

$3,036

$5,305

$3,668

$8,973

$3,605

$12,577

$3,674

$3,661

$7,335












(a) Skilled nursing only - excludes managed facilities

(b) AdCare consolidated incorporating discontinued operations

(c) Skilled is defined as Medicare A + Managed Care RUGS

(d) Consists of weighted average beds of SNF + ALF owned and leased facilities

SOURCE AdCare Health Systems, Inc.

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