Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a
fully integrated frac sand supply and services company, a low-cost
producer of high quality Northern White raw frac sand and provider
of proppant logistics solutions through both its in-basin
transloading terminal and SmartSystems™ products and services,
today announced results for the second quarter 2021.
Charles Young, Smart Sand’s Chief Executive Officer, stated “We
are pleased to have put the U.S. Well Service lawsuit behind us
with the favorable judgement and our negotiated settlement of $35
million in cash. This brings this issue to a positive conclusion,
provides us with additional liquidity to support the business and
allows us the ability to fully focus on the path ahead for Smart
Sand. Although second quarter sales volumes were basically flat
with first quarter sales, our activity levels for the first half of
2021 were higher than we achieved in the first half of 2019, before
the pandemic severely impacted market activity. Should commodity
prices continue to stay in their current pricing ranges, we believe
activity will start to improve over the next twelve months. With
our high quality asset base, ample liquidity and strong balance
sheet, we are well positioned to compete in the market going
forward.”
Second Quarter 2021 Results
Revenues were $29.6 million in the second quarter of 2021,
compared to $27.5 million in the first quarter of 2021 and $26.1
million in the second quarter of 2020. Revenues were up in the
second quarter, compared to the first quarter of 2021, due to
higher sand sales revenues resulting from higher in-basin sales
volumes, partially offset by a decrease in logistics and shortfall
revenues. Logistics revenue decreased in the second quarter of
2021, as compared to the first quarter of 2021, due to increased
in-basin shipments, which include transportation and other handling
services, rather than mine gate shipments. The increase in revenue
in the second quarter of 2021, as compared to the second quarter of
2020, was primarily due to the negative impact of COVID-19 on sales
during 2020, which was partially offset by shortfall revenue.
Tons sold were approximately 767,000 in the second quarter of
2021, compared with approximately 760,000 tons in the first quarter
of 2021 and 208,000 tons in the second quarter of 2020, increases
of 1% and 269%, respectively. Sales volumes were relatively
consistent in the second quarter of 2021, compared to the first
quarter of 2021, and significantly higher than the same period in
the prior year. Demand has increased from last year as the overall
economy has improved from the depressed levels caused by COVID-19
in 2020.
For the second quarter of 2021, the Company had a net loss of
$(27.3) million, or $(0.65) per basic and diluted share, compared
to net loss of $(3.9) million, or $(0.09) per basic and diluted
share, for the first quarter of 2021 and net income of $4.6
million, or $0.12 per basic and diluted share, for the second
quarter of 2020. The higher net loss in the second quarter of 2021,
as compared to the first quarter of 2021 is primarily due to $19.6
million recorded as non-cash bad debt expense in the current
period, which is the difference between the $54.6 million accounts
receivable balance that was subject to the Company’s litigation
with U.S. Well Services, LLC (“U.S. Well”) and the $35.0 million
cash received in the settlement of such litigation, partially
offset by higher average sand prices over the previous quarter.
While the Company wrote down a portion of the receivables that it
had previously recorded related to the disputed contract with U.S.
Well, it increased its cash position by $35.0 million as a result
of the proceeds received in the settlement.
The difference in net (loss) income in the second quarter of
2021 compared to the second quarter of 2020 was primarily due to
$19.6 million non-cash bad debt expense recorded against the
residual balance of accounts receivable previously under litigation
with U.S. Well, combined with lower average sale prices per ton of
our sand and no shortfall revenue in the current period.
Contribution margin was $3.5 million, or $4.55 per ton sold, for
the second quarter of 2021 compared to $1.0 million, or $1.36 per
ton sold, for the first quarter of 2021 and $19.3 million, or
$92.62 per ton sold, for the second quarter of 2020. The sequential
increase in contribution margin and contribution margin per ton in
the second quarter of 2021 compared to the first quarter of 2021
was primarily due to production cost savings as we remain focused
on being the lowest cost provider of northern white frac sand. The
decrease in contribution margin and contribution margin per ton in
the second quarter of 2021 compared to the same period in the prior
year was due primarily to shortfall revenue in the prior year
period on historically low sales volumes as the COVID-19 pandemic
began to impact the global economy.
Adjusted EBITDA was $(21.5) million for the second quarter of
2021, compared with $(3.5) million for the first quarter of 2021
and $15.6 million for the second quarter of 2020. Adjusted EBITDA
declined in the second quarter of 2021 compared to the first
quarter of 2021 as a result of the $19.6 million bad debt expense
recorded in the second quarter of 2021 related to the settlement of
litigation with U.S. Well, partially offset by lower production
costs. The decrease in Adjusted EBITDA compared to the second
quarter of 2020 was primarily due to the bad debt expense recorded
in the quarter and no shortfall revenue recognized in the current
period.
Liquidity
Our primary sources of liquidity are cash on hand, cash flow
generated from operations and available borrowings under our ABL
Credit Facility and the Acquisition Liquidity Support Facility from
our recent acquisition. As of June 30, 2021, cash on hand was $39.3
million and we had $12.9 million in undrawn availability on our ABL
Credit Facility, with no borrowings outstanding under our ABL
Credit Facility or the Acquisition Liquidity Support Facility. In
the second quarter, we received a $35 million cash payment as a
settlement of our litigation with U.S. Well. For the six months
ended June 30, 2021, we spent approximately $5.0 million on capital
expenditures. We estimate that full year 2021 capital expenditures
will be between $10.0 million and $12.0 million. We continue to
remain focused on a strong balance sheet and low leverage levels.
During the first six months of 2021, we paid down approximately
$3.3 million in long term debt.
Conference Call
Smart Sand will host a conference call and live webcast for
analysts and investors on August 4, 2021 at 10:00 a.m. Eastern
Time to discuss the Company’s second quarter 2021 financial
results. Investors are invited to listen to a live audio webcast of
the conference call, which will be accessible on the “Investors”
section of the Company’s website at www.smartsand.com. To access
the live webcast, please log in 15 minutes prior to the start of
the call to download and install any necessary audio software. An
archived replay of the call will also be available on the website
following the call. The call can also be accessed live by dialing
(888) 799-5165 or, for international callers, (478) 219-0056. The
passcode for the call is 6365240. A replay will be available
shortly after the call and can be accessed by dialing (855)
859-2056 or, for international callers, (404) 537-3406. The
conference ID for the replay is 6365240.
Forward-looking Statements
All statements in this news release other than statements of
historical facts are forward-looking statements that contain our
Company’s current expectations about our future results. We
have attempted to identify any forward-looking statements by using
words such as “expect,” “will,” “estimate,” “believe” and
other similar expressions. Although we believe that the
expectations reflected and the assumptions or bases underlying our
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. Such
statements are not guarantees of future performance or events and
are subject to known and unknown risks and uncertainties that could
cause our actual results, events or financial positions to differ
materially from those included within or implied by such
forward-looking statements.
Factors that could cause our actual results to differ materially
from the results contemplated by such forward-looking statements
include, but are not limited to, fluctuations in product demand,
regulatory changes, adverse weather conditions, increased fuel
prices, higher transportation costs, access to capital, increased
competition, continued effects of the global pandemic, changes in
economic or political conditions, and such other factors discussed
or referenced in the “Risk Factors” section of the Company’s Annual
Report on Form 10-K for the year ended December 31, 2020, filed by
the Company with the U.S. Securities and Exchange
Commission (“SEC”) on March 3, 2021, and in the Company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2021,
filed by the Company with the SEC on August 4, 2021.
You should not place undue reliance on our forward-looking
statements. Any forward-looking statement speaks only as of the
date on which such statement is made, and we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise, unless required by law.
About Smart Sand
We are a fully integrated frac sand supply and services company,
offering complete mine to wellsite proppant logistics, storage and
management solutions to our customers. We produce low-cost, high
quality Northern White frac sand and offer proppant logistics,
storage and management solutions to our customers through our
in-basin transloading terminal and our SmartSystems wellsite
proppant storage capabilities. We provide our products and services
primarily to oil and natural gas exploration and production
companies and oilfield service companies. We own and operate
premium frac sand mines and related processing facilities in
Wisconsin and Illinois, which have access to three Class I rail
lines, allowing us to deliver products substantially anywhere in
the United States and Canada. For more information, please visit
www.smartsand.com.
SMART SAND, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
Three Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(in thousands, except per share amounts) |
Revenues: |
|
|
|
|
|
Sand sales revenue |
$ |
28,801 |
|
|
23,147 |
|
|
7,375 |
|
Shortfall revenue |
— |
|
|
1,741 |
|
|
14,000 |
|
Logistics revenue |
838 |
|
|
2,562 |
|
|
4,731 |
|
Total revenue |
29,639 |
|
|
27,450 |
|
|
26,106 |
|
Cost of
goods sold |
31,999 |
|
|
32,427 |
|
|
11,906 |
|
Gross (loss) profit |
(2,360 |
) |
|
(4,977 |
) |
|
14,200 |
|
Operating expenses: |
|
|
|
|
|
Salaries, benefits and payroll taxes |
2,285 |
|
|
2,375 |
|
|
2,155 |
|
Depreciation and amortization |
577 |
|
|
561 |
|
|
461 |
|
Selling, general and administrative |
3,855 |
|
|
3,154 |
|
|
2,930 |
|
Bad debt expense |
19,592 |
|
|
— |
|
|
— |
|
Total operating expenses |
26,309 |
|
|
6,090 |
|
|
5,546 |
|
Operating (loss) income |
(28,669 |
) |
|
(11,067 |
) |
|
8,654 |
|
Other income (expenses): |
|
|
|
|
|
Interest expense, net |
(513 |
) |
|
(547 |
) |
|
(607 |
) |
Other income |
3,467 |
|
|
198 |
|
|
63 |
|
Total other expenses, net |
2,954 |
|
|
(349 |
) |
|
(544 |
) |
(Loss)
income before income tax expense (benefit) |
(25,715 |
) |
|
(11,416 |
) |
|
8,110 |
|
Income tax expense (benefit) |
1,552 |
|
|
(7,504 |
) |
|
3,470 |
|
Net (loss) income |
$ |
(27,267 |
) |
|
$ |
(3,912 |
) |
|
$ |
4,640 |
|
Net
(loss) income per common share: |
|
|
|
|
|
Basic |
$ |
(0.65 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.12 |
|
Diluted |
$ |
(0.65 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.12 |
|
Weighted-average number of common shares: |
|
|
|
|
|
Basic |
41,748 |
|
|
41,629 |
|
|
39,644 |
|
Diluted |
41,748 |
|
|
41,629 |
|
|
39,644 |
|
|
|
|
|
|
|
|
|
|
SMART SAND, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
June 30, 2021(unaudited) |
|
December 31, 2020 |
Assets |
(in thousands) |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
39,278 |
|
|
$ |
11,725 |
|
Accounts receivable |
10,371 |
|
|
69,720 |
|
Unbilled receivables |
1,220 |
|
|
127 |
|
Inventory |
15,937 |
|
|
19,136 |
|
Prepaid expenses and other current assets |
14,860 |
|
|
11,378 |
|
Total current assets |
81,666 |
|
|
112,086 |
|
Property, plant and equipment, net |
268,417 |
|
|
274,676 |
|
Operating lease right-of-use assets |
29,028 |
|
|
32,099 |
|
Intangible assets, net |
7,857 |
|
|
8,253 |
|
Other assets |
490 |
|
|
563 |
|
Total assets |
$ |
387,458 |
|
|
$ |
427,677 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
4,942 |
|
|
$ |
3,268 |
|
Accrued expenses and other liabilities |
10,037 |
|
|
13,142 |
|
Deferred revenue, current |
4,827 |
|
|
6,875 |
|
Long-term debt, net, current |
7,177 |
|
|
6,901 |
|
Operating lease liabilities, current |
7,602 |
|
|
7,077 |
|
Total current liabilities |
34,585 |
|
|
37,263 |
|
Deferred revenue, net |
6,984 |
|
|
3,482 |
|
Long-term debt, net |
18,826 |
|
|
22,445 |
|
Operating lease liabilities, long-term |
24,497 |
|
|
27,020 |
|
Deferred tax liabilities, long-term, net |
27,141 |
|
|
32,981 |
|
Asset retirement obligation |
16,108 |
|
|
14,996 |
|
Contingent consideration |
— |
|
|
180 |
|
Other non-current liabilities |
505 |
|
|
503 |
|
Total liabilities |
128,646 |
|
|
138,870 |
|
Commitments and contingencies |
|
|
|
Stockholders’ equity |
|
|
|
Common stock |
42 |
|
|
42 |
|
Treasury stock |
(4,422 |
) |
|
(4,134 |
) |
Additional paid-in capital |
172,512 |
|
|
171,209 |
|
Retained earnings |
90,088 |
|
|
121,267 |
|
Accumulated other comprehensive income |
592 |
|
|
423 |
|
Total stockholders’ equity |
258,812 |
|
|
288,807 |
|
Total liabilities and stockholders’ equity |
$ |
387,458 |
|
|
$ |
427,677 |
|
|
|
|
|
|
|
|
|
SMART SAND, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
Three Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(in thousands) |
Operating activities: |
|
|
|
|
|
Net (loss) income |
$ |
(27,267 |
) |
|
$ |
(3,912 |
) |
|
$ |
4,640 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation, depletion and accretion of asset retirement
obligation |
6,229 |
|
|
6,375 |
|
|
5,334 |
|
Amortization of intangible assets |
200 |
|
|
198 |
|
|
199 |
|
Loss (gain) on disposal of assets |
(62 |
) |
|
2 |
|
|
275 |
|
Provision for bad debt |
19,592 |
|
|
— |
|
|
— |
|
Amortization of deferred financing cost |
27 |
|
|
26 |
|
|
27 |
|
Accretion of debt discount |
46 |
|
|
47 |
|
|
47 |
|
Deferred income taxes |
1,852 |
|
|
(7,691 |
) |
|
(260 |
) |
Stock-based compensation |
574 |
|
|
678 |
|
|
943 |
|
Employee stock purchase plan compensation |
7 |
|
|
7 |
|
|
12 |
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
36,694 |
|
|
3,062 |
|
|
1,862 |
|
Unbilled receivables |
(1,006 |
) |
|
(88 |
) |
|
181 |
|
Inventories |
1,609 |
|
|
1,590 |
|
|
(2,514 |
) |
Prepaid expenses and other assets |
(3,531 |
) |
|
1,140 |
|
|
2,393 |
|
Deferred revenue |
(976 |
) |
|
2,191 |
|
|
379 |
|
Accounts payable |
366 |
|
|
1,332 |
|
|
(2,409 |
) |
Accrued and other expenses |
(1,788 |
) |
|
(1,043 |
) |
|
(1,086 |
) |
Income taxes payable |
— |
|
|
— |
|
|
3,758 |
|
Net cash
provided by operating activities |
32,566 |
|
|
3,914 |
|
|
13,781 |
|
Investing activities: |
|
|
|
|
|
Purchases of property, plant and equipment |
(2,830 |
) |
|
(2,213 |
) |
|
(2,238 |
) |
Proceeds from disposal of assets |
4 |
|
|
(2 |
) |
|
— |
|
Net cash
used in investing activities |
(2,826 |
) |
|
(2,215 |
) |
|
(2,238 |
) |
Financing activities: |
|
|
|
|
|
Proceeds from the issuance of notes payable |
— |
|
|
— |
|
|
952 |
|
Repayments of notes payable |
(1,698 |
) |
|
(1,672 |
) |
|
(1,290 |
) |
Payments under equipment financing obligations |
(34 |
) |
|
(31 |
) |
|
(24 |
) |
Repayment of revolving credit facility |
— |
|
|
— |
|
|
(6,000 |
) |
Payment of contingent consideration |
— |
|
|
(180 |
) |
|
(30 |
) |
Proceeds from equity issuance |
— |
|
|
17 |
|
|
— |
|
Purchase of treasury stock |
(147 |
) |
|
(141 |
) |
|
(31 |
) |
Net cash
used in financing activities |
(1,879 |
) |
|
(2,007 |
) |
|
(6,423 |
) |
Net
increase in cash and cash equivalents |
27,861 |
|
|
(308 |
) |
|
5,120 |
|
Cash and cash equivalents at beginning of period |
11,417 |
|
|
11,725 |
|
|
11,523 |
|
Cash and cash equivalents at end of period |
$ |
39,278 |
|
|
$ |
11,417 |
|
|
16,643 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Contribution Margin
We also use contribution margin, which we define as total
revenues less costs of goods sold excluding depreciation, depletion
and accretion of asset retirement obligations, to measure its
financial and operating performance. Contribution margin excludes
other operating expenses and income, including costs not directly
associated with the operations of the Company’s business such as
accounting, human resources, information technology, legal, sales
and other administrative activities.
Historically, we have reported production costs and production
cost per ton as non-GAAP financial measures. As we expand our
logistics activities and continue to sell sand closer to the
wellhead, our sand production costs will only be a portion of our
overall cost structure.
Gross profit is the GAAP measure most directly comparable to
contribution margin. Contribution margin should not be considered
an alternative to gross profit presented in accordance with GAAP.
Because contribution margin may be defined differently by other
companies in the industry, our definition of contribution margin
may not be comparable to similarly titled measures of other
companies, thereby diminishing its utility. The following table
presents a reconciliation of contribution margin to gross
profit.
|
Three Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
(in thousands, except per ton amounts) |
Revenue |
$ |
29,639 |
|
|
$ |
27,450 |
|
|
$ |
26,106 |
|
Cost of goods sold |
$ |
31,999 |
|
|
32,427 |
|
|
$ |
11,906 |
|
Gross profit |
(2,360 |
) |
|
(4,977 |
) |
|
14,200 |
|
Depreciation, depletion, and accretion of asset retirement
obligations included in cost of goods sold |
5,851 |
|
|
6,013 |
|
|
5,065 |
|
Contribution margin |
$ |
3,491 |
|
|
$ |
1,036 |
|
|
$ |
19,265 |
|
Contribution margin per
ton |
$ |
4.55 |
|
|
$ |
1.36 |
|
|
$ |
92.62 |
|
Total tons sold |
767 |
|
|
760 |
|
|
208 |
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted EBITDA
We define EBITDA as net income, plus: (i) depreciation,
depletion and amortization expense; (ii) income tax expense
(benefit); (iii) interest expense; and (iv) franchise taxes. We
define Adjusted EBITDA as EBITDA, plus: (i) gain or loss on sale of
fixed assets or discontinued operations; (ii) integration and
transition costs associated with specified transactions; (iii)
equity compensation; (iv) acquisition and development costs; (v)
non-recurring cash charges related to restructuring, retention and
other similar actions; (vi) earn-out, contingent consideration
obligations and other acquisition and development costs; and (vii)
non-cash charges and unusual or non-recurring charges. Adjusted
EBITDA is used as a supplemental financial measure by management
and by external users of our financial statements, such as
investors and commercial banks, to assess:
- the financial performance of our
assets without regard to the impact of financing methods, capital
structure or historical cost basis of our assets;
- the viability of capital expenditure
projects and the overall rates of return on alternative investment
opportunities;
- our ability to incur and service
debt and fund capital expenditures;
- our operating performance as
compared to those of other companies in our industry without regard
to the impact of financing methods or capital structure; and
- our debt covenant compliance, as
Adjusted EBITDA is a key component of critical covenants to the ABL
Credit Facility.
We believe that our presentation of EBITDA and Adjusted EBITDA
will provide useful information to investors in assessing our
financial condition and results of operations. Net income is the
GAAP measure most directly comparable to EBITDA and Adjusted
EBITDA. EBITDA and Adjusted EBITDA should not be considered
alternatives to net income presented in accordance with GAAP.
Because EBITDA and Adjusted EBITDA may be defined differently by
other companies in our industry, our definitions of EBITDA and
Adjusted EBITDA may not be comparable to similarly titled measures
of other companies, thereby diminishing their utility. The
following table presents a reconciliation of EBITDA and Adjusted
EBITDA to net income for each of the periods indicated.
The following table presents a reconciliation of EBITDA and
Adjusted EBITDA to net income for each of the periods
indicated:
|
Three Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
(in thousands) |
Net (loss) income |
$ |
(27,267 |
) |
|
$ |
(3,912 |
) |
|
$ |
4,640 |
|
Depreciation, depletion and amortization |
6,317 |
|
|
6,460 |
|
|
5,450 |
|
Income
tax (benefit) expense |
1,552 |
|
|
(7,504 |
) |
|
3,470 |
|
Interest
expense |
515 |
|
|
555 |
|
|
619 |
|
Franchise taxes |
97 |
|
|
98 |
|
|
94 |
|
EBITDA |
$ |
(18,786 |
) |
|
$ |
(4,303 |
) |
|
$ |
14,273 |
|
(Loss)
gain on sale of fixed assets |
(60 |
) |
|
2 |
|
|
275 |
|
Equity
compensation(1) |
581 |
|
|
685 |
|
|
842 |
|
Employee
retention credit(2) |
(3,352 |
) |
|
— |
|
|
— |
|
Acquisition and development costs |
(5 |
) |
|
23 |
|
|
144 |
|
Accretion of asset retirement obligations |
111 |
|
|
114 |
|
|
76 |
|
Adjusted
EBITDA |
$ |
(21,511 |
) |
|
$ |
(3,479 |
) |
|
$ |
15,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the non-cash expenses for stock-based awards
issued to our employees and employee stock purchase plan
compensation expense.(2) Employee retention credit is part of the
Consolidated Appropriations Act of 2021 and is recorded in other
income on the income statements for the three and six months ended
June 30, 2021. _________________________
Free Cash Flow
Free cash flow, which we define as net cash provided by
operating activities less purchases of property, plant and
equipment, is used as a supplemental financial measure by our
management and by external users of our financial statements, such
as investors and commercial banks, to measure the liquidity of our
business.
Net cash provided by operating activities is the GAAP measure
most directly comparable to free cash flow. Free cash flow should
not be considered an alternative to net cash provided by operating
activities presented in accordance with GAAP. Because free cash
flows may be defined differently by other companies in our
industry, our definition of free cash flow may not be comparable to
similarly titled measures of other companies, thereby diminishing
its utility. The following table presents a reconciliation of free
cash flow to net cash provided by operating activities.
|
Three Months Ended |
|
June 30, 2021 |
|
3/31/2021 |
|
June 30, 2020 |
|
(in thousands) |
Net cash provided by operating activities |
$ |
32,566 |
|
|
$ |
3,914 |
|
|
$ |
13,781 |
|
Purchases of property, plant
and equipment |
(2,830 |
) |
|
(2,213 |
) |
|
(2,238 |
) |
Free cash flow |
$ |
29,736 |
|
|
$ |
1,701 |
|
|
$ |
11,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts:
Josh JayneDirector of Finance, Assistant Treasurer(281)
231-2660jjayne@smartsand.com |
|
Lee BeckelmanChief Financial Officer(281)
231-2660lbeckelman@smartsand.com |
|
|
|
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