Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”, “the
Company”, “we” and “our”), one of the world’s largest lessors of
intermodal containers, reported first-quarter 2018 results.
Financial and Business Summaries
- Lease rental income of $120.2 million
for the quarter, an increase of $3.9 million, or 3 percent, from
the prior quarter;
- Net income attributable to Textainer
Group Holdings Limited common shareholders of $18.7 million for the
quarter, or $0.33 per diluted common share, an increase of $1.5
million, or 9 percent, from the prior quarter;
- Adjusted net income(1) of $17.0 million
for the quarter, or $0.30 per diluted common share, an increase of
$2.2 million, or 15 percent, from the prior quarter;
- Adjusted EBITDA(1) of $105.3 million
for the quarter, an improvement of $4.6 million, or 5 percent, from
the prior quarter;
- Utilization averaged 97.8 percent for
the quarter and is currently at 97.8 percent, an improvement of 40
basis point over the prior quarter average;
- Closed a $300 million, seven-year fixed
rate term loan, increasing our ratio of fixed rate debt to 74% of
total debt outstanding; and
- New containers totaling $428 million
either ordered or received year-to-date.
"We are pleased to report a fifth consecutive quarter of revenue
growth. Adjusted net income increased $2.2 million, or 15 percent,
from the previous quarter. Our performance continues to benefit
from our steady investment in new containers and the favorable
market conditions,” stated Philip K. Brewer, President and Chief
Executive Officer of Textainer Group Holdings Limited.
“Although the first quarter is traditionally our industry’s
weakest quarter, fundamentals remained strong. New container prices
and lease yields are stable at attractive levels. Utilization is
high and turn-ins of on-lease containers have been lower than
expected during this time of the year. The quantity of used
containers being sold is low due to the limited available sales
inventory caused by high utilization, and used container prices
remained high.
“To take advantage of these attractive market conditions, we are
continuing our planned investment in new containers. We have
ordered or taken delivery of $428 million of new containers this
year. The majority of these containers are already on lease or
committed to be picked up by the end of June. The average rental
rate for these new containers is significantly above the average
rental rate of our existing fleet,” continued Mr. Brewer. “We are
heading into the traditional peak season with great momentum and
are well positioned to accommodate the growth and needs of our
customers.”
Key Financial Information (in thousands
except for per share and TEU amounts):
Q1 2018 Q4 2017 Q1
2017 Lease rental income $ 120,222 $ 116,297 $ 107,617 Total
revenues $ 133,238 $ 129,316 $ 116,687 Income from operations $
48,656 $ 45,310 $ 20,039 Net income (loss) attributable to
Textainer Group Holdings Limited common shareholders $ 18,718 $
17,211 $ (6,974 ) Net income (loss) attributable to Textainer Group
Holdings
Limited common shareholders per diluted
common share
$ 0.33 $ 0.30 $ (0.12 ) Adjusted net income (loss) (1) $ 17,008 $
14,792 $ (9,067 ) Adjusted net income (loss) per diluted common
share (1) $ 0.30 $ 0.26 $ (0.16 ) Adjusted EBITDA (1) $ 105,253 $
100,613 $ 82,112 Average fleet utilization 97.8 % 97.4 % 95.0 %
Total fleet size at end of period (TEU) 3,329,110 3,279,892
3,054,198 Owned percentage of total fleet at end of period 80.0 %
78.8 % 81.3 %
(1) “Adjusted net income (loss)” and “adjusted EBITDA” are
Non-GAAP Measures that are reconciled to GAAP measures in section
“Reconciliation of GAAP financial measures to non-GAAP financial
measures” below. “Adjusted net income (loss)” is defined as net
income (loss) attributable to Textainer Group Holdings Limited
common shareholders before charges to write-off of unamortized
deferred debt issuance costs and bond discounts, unrealized gains
on interest rate swaps, collars and caps, net and the related
impact of reconciling items on income tax expense (benefit) and net
income (loss) attributable to the non-controlling interests
(“NCI”). “Adjusted EBITDA” is defined as net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders before interest income and expense, the write-off of
unamortized deferred debt issuance costs and bond discounts,
realized (gains) losses on interest rate swaps, collars and caps,
net, unrealized gains on interest rate swaps, collars and caps,
net, income tax expense (benefit), net income (loss) attributable
to the NCI, depreciation expense, container impairment,
amortization expense and the related impact of reconciling items on
net income (loss) attributable to the NCI. “Reconciliation of GAAP
financial measures to non-GAAP financial measures” provides certain
qualifications and limitations on the use of Non-GAAP Measures.
First-Quarter Results
Lease rental income increased $12.6 million and $3.9 million,
compared to the first and fourth quarter of 2017, respectively,
primarily due to higher utilization and increases in the average
rental rates and the average fleet size. The increase from the
fourth quarter of 2017 was in spite of two fewer billing days in
the first quarter of 2018.
Direct container expense decreased $6.0 million and $1.1
million, compared to the first and fourth quarter of 2017,
respectively, mostly due to lower storage costs resulting from
higher average utilization and lower repositioning expense in
2018.
Depreciation expense decreased $4.3 million, compared to the
first quarter of 2017, primarily due to an increase in future
residual values used to compute depreciation expense on each of our
three primary dry container types effective July 1, 2017.
Depreciation expense increased $0.9 million, compared to the fourth
quarter of 2017, in line with fleet growth.
Container impairment decreased $3.0 million and $0.8 million,
compared to the first and fourth quarter of 2017, respectively,
mostly due to a decrease in the write down of containers held for
sale to their estimated fair value as resale prices improved.
Interest expense increased by $2.7 million and $2.5 million,
compared to the first and fourth quarter of 2017, respectively,
mostly due to higher borrowing costs resulting from higher interest
rates, a higher average debt balance, and a higher ratio of fixed
rate debt. Partially offsetting this increase, realized gains on
interest rate swaps, collars and caps, net, increased by $2.3
million and $0.9 million compared to the first and fourth quarter
of 2017, respectively, due to higher rates.
Outlook
“We remain very optimistic as we look towards the summer months.
In the build up to Lunar New Year, we leased out more than 100,000
TEU of new equipment. We were pleasantly surprised to see a
continuation of bookings and limited container returns post Lunar
New Year. Lease outs this year have been at attractive cash-on-cash
yields with average maturities approaching 7 years,” commented Mr.
Brewer. “We expect lease-out demand to increase further in the
coming weeks.
“The IMF is projecting world GDP growth of 3.9%. Idle container
ship capacity currently stands at a very low level and leading
ports around the world continue to report strong throughput volume.
The cash-on-cash returns on recent lease-out deals have improved
compared to a few weeks ago. Manufacturing prices are expected to
remain stable or strengthen in the coming weeks. With stable or
increasing new container prices and limited sales inventory, resale
prices should hold at the current high levels. We remain among the
top buyers of new containers this year and are ideally positioned
to take advantage of the increase in demand as we move into the
traditional peak season. This quarter marked a good start to the
year. We expect to see further growth and continued improvement in
our financial performance,” concluded Mr. Brewer.
Investors’ Conference Call and Webcast
Textainer will hold a conference call and a Webcast at 11:00 am
EDT on Tuesday, May 8, 2018 to discuss Textainer’s first
quarter 2018 results. An archive of the Webcast will be available
one hour after the live call through May 7, 2019. For callers
in the U.S. the dial-in number for the conference call is
1-888-895-5271; for callers outside the U.S. the dial-in number for
the conference call is 1-847-619-6547. The participant passcode for
both dial-in numbers is 46800713. To access the live Webcast or
archive, please visit Textainer’s Investor Relations website at
http://investor.textainer.com.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world’s
largest lessors of intermodal containers with 3.3 million TEU
in our owned and managed fleet. We lease containers to
approximately 300 customers, including all of the world’s leading
international shipping lines, and other lessees. Our fleet consists
of standard dry freight, dry freight specials, and refrigerated
intermodal containers. We also lease tank containers through our
relationship with Trifleet Leasing and are the primary supplier of
containers to the U.S. Military. Textainer is one of the largest
and most reliable suppliers of new and used containers. In addition
to selling older containers from our lease fleet, we buy older
containers from our shipping line customers for trading and resale.
We sold an average of more than 130,000 containers per year for the
last five years to more than 1,400 customers making us one of the
largest sellers of used containers. Textainer operates via a
network of 14 offices and more than 500 independent depots
worldwide.
Important Cautionary Information Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of U.S. securities laws. Forward-looking statements
include statements that are not statements of historical facts and
include, without limitation, statements regarding: (i) expecting
lease-out demand to increase in the coming weeks; (ii) expecting
manufacturing prices to remain stable or strengthen; (iii)
expecting resale prices to hold at current high levels; (iv) being
position to take advantage of the increased demand; and (v)
expecting further growth and improvement in financial performance.
Readers are cautioned that these forward-looking statements involve
risks and uncertainties, are only predictions and may differ
materially from actual future events or results. These risks and
uncertainties include, without limitation, the following items that
could materially and negatively impact our business, results of
operations, cash flows, financial condition and future prospects:
any deceleration or reversal of the current domestic and global
economic conditions; lease rates may decrease and lessees may
default, which could decrease revenue and increase storage,
repositioning, collection and recovery expenses; the demand for
leased containers depends on many political and economic factors
and is tied to international trade and if demand decreases due to
increased barriers to trade or political or economic factors, or
for other reasons, it reduces demand for intermodal container
leasing; as we increase the number of containers in our owned
fleet, we increase our capital at risk and may need to incur more
debt, which could result in financial instability; Textainer faces
extensive competition in the container leasing industry which tends
to depress returns; the international nature of the container
shipping industry exposes Textainer to numerous risks; gains and
losses associated with the disposition of used equipment may
fluctuate; our indebtedness reduces our financial flexibility and
could impede our ability to operate; and other risks and
uncertainties, including those set forth in Textainer’s filings
with the Securities and Exchange Commission. For a discussion of
some of these risks and uncertainties, see Item 3 “Key
Information— Risk Factors” in Textainer’s Annual Report on Form
20-F filed with the Securities and Exchange Commission on
March 14, 2018.
Textainer’s views, estimates, plans and outlook as described
within this document may change subsequent to the release of this
press release. Textainer is under no obligation to modify or update
any or all of the statements it has made herein despite any
subsequent changes Textainer may make in its views, estimates,
plans or outlook for the future.
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of
Comprehensive Income (Loss)
Three Months Ended March 31, 2018 and
2017
(Unaudited)
(All currency expressed in United States
dollars in thousands, except per share amounts)
Three Months Ended March 31, 2018
2017 Revenues: Lease rental income $
120,222 $ 107,617 Management fees 3,988 3,222 Trading container
sales proceeds 2,401 1,800 Gain on sale of containers, net
6,627 4,048 Total revenues 133,238
116,687 Operating expenses: Direct container
expense 13,696 19,659 Cost of trading containers sold 2,105 1,289
Depreciation expense 56,334 60,608 Container impairment 832 3,811
Amortization expense 1,822 948 General and administrative expense
8,104 7,345 Short-term incentive compensation expense 938 1,360
Long-term incentive compensation expense 1,358 1,376 Bad debt
(benefit) expense, net (607 ) 252 Total
operating expenses 84,582 96,648 Income
from operations 48,656 20,039 Other
(expense) income: Interest expense (31,619 ) (28,913 ) Interest
income 303 128 Realized gains (losses) on interest rate swaps,
collars and caps, net 1,184 (1,162 ) Unrealized gains on interest
rate swaps, collars and
caps, net
2,263 2,294 Other, net 2 (14 ) Net other
expense (27,867 ) (27,667 )
Income (loss) before income tax and
noncontrolling interests
20,789 (7,628 ) Income tax expense (560 ) (447 ) Net
income (loss) 20,229 (8,075 ) Less: Net (income) loss attributable
to the noncontrolling
interests
(1,511 ) 1,101
Net income (loss) attributable to
Textainer Group Holdings Limited common shareholders
$ 18,718 $ (6,974 ) Net income (loss) attributable to
Textainer Group Holdings
Limited common shareholders per share:
Basic $ 0.33 $ (0.12 ) Diluted $ 0.33 $ (0.12 ) Weighted average
shares outstanding (in thousands): Basic 57,099 56,790 Diluted
57,530 56,790 Other comprehensive income (loss): Foreign currency
translation adjustments 106 32
Comprehensive income (loss) 20,335 (8,043 )
Comprehensive (income) loss attributable
to the noncontrolling interests
(1,511 ) 1,101
Comprehensive income (loss) attributable
to Textainer Group Holdings Limited common shareholders
$ 18,824 $ (6,942 )
TEXTAINER GROUP HOLDINGS
LIMITED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, 2018 and December 31, 2017
(Unaudited)
(All currency expressed in United States
dollars in thousands)
2018 2017 Assets Current
assets: Cash and cash equivalents $ 180,685 $ 137,894 Accounts
receivable, net of allowance for doubtful accounts of $5,001 and
$5,775, respectively 85,654 78,312 Net investment in direct
financing and sales-type leases 57,186 56,959 Trading containers
9,445 10,752 Containers held for sale 26,011 22,089 Prepaid
expenses and other current assets 12,957 12,243 Insurance
receivable 14,922 15,909 Due from affiliates, net 1,323
1,134 Total current assets 388,183 335,292
Restricted cash 91,985 99,675 Containers, net of accumulated
depreciation of $1,209,766 and $1,172,355, respectively 3,968,240
3,791,610 Net investment in direct financing and sales-type leases
126,399 125,665 Fixed assets, net of accumulated depreciation of
$11,040 and $10,788, respectively 2,155 2,151 Intangible assets,
net of accumulated amortization of $41,534 and $44,279,
respectively 9,283 11,105 Interest rate swaps, collars and caps
10,020 7,787 Deferred taxes 1,569 1,563 Other assets 5,137
5,494 Total assets $ 4,602,971 $
4,380,342
Liabilities and Equity Current liabilities:
Accounts payable $ 6,822 $ 6,867 Accrued expenses 10,751 13,365
Container contracts payable 158,793 131,087 Other liabilities 228
235 Due to owners, net 6,523 11,131 Debt, net of unamortized
deferred financing costs of $6,278 and $3,989, respectively
243,703 233,681 Total current liabilities
426,820 396,366 Debt, net of unamortized deferred financing costs
of $18,628 and $20,045, respectively 2,926,440 2,756,627 Interest
rate swaps, collars and caps 51 81 Income tax payable 9,184 9,081
Deferred taxes 6,359 5,881 Other liabilities 1,971
2,024 Total liabilities 3,370,825
3,170,060 Equity: Textainer Group Holdings Limited
shareholders' equity:
Common shares, $0.01 par value. Authorized
140,000,000 shares; 57,729,249 shares issued and 57,099,249 shares
outstanding at 2018; 57,727,220 shares issued and 57,097,220 shares
outstanding at 2017
578 578 Additional paid-in capital 399,350 397,821 Treasury shares,
at cost, 630,000 shares (9,149 ) (9,149 ) Accumulated other
comprehensive loss (203 ) (309 ) Retained earnings 782,319
763,601 Total Textainer Group Holdings Limited
shareholders’ equity 1,172,895 1,152,542 Noncontrolling interests
59,251 57,740 Total equity
1,232,146 1,210,282 Total liabilities and
equity $ 4,602,971 $ 4,380,342
TEXTAINER
GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flows
Three Months Ended March 31, 2018 and
2017
(Unaudited)
(All currency expressed in United States
dollars in thousands)
2018 2017 (a) Cash flows from
operating activities: Net income (loss) $ 20,229 $ (8,075 )
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation expense 56,334 60,608 Container
impairment 832 3,811 Bad debt (recovery) expense, net (607 ) 252
Unrealized gains on interest rate swaps, collars and caps, net
(2,263 ) (2,294 )
Amortization of unamortized deferred debt
issuance costs and accretion of bond discount
2,213 4,639 Amortization of intangible assets 1,822 948 Gain on
sale of containers, net (6,627 ) (4,048 ) Share-based compensation
expense 1,504 1,597 Changes in operating assets and liabilities
(8,339 ) (10,743 ) Total adjustments 44,869
54,770 Net cash provided by operating
activities 65,098 46,695 Cash flows
from investing activities: Purchase of containers and fixed assets
(253,619 ) (8,898 ) Proceeds from sale of containers and fixed
assets 32,639 31,741 Receipt of payments on direct financing and
sales-type leases, net of income earned 12,893
17,616 Net cash (used in) provided by investing activities
(208,087 ) 40,459 Cash flows from financing
activities: Proceeds from debt 714,000 30,000 Principal payments on
debt (533,367 ) (88,976 ) Debt issuance costs (2,674 ) (7,480 )
Issuance of common shares upon exercise of share options 25
— Net cash provided by (used in) financing
activities 177,984 (66,456 ) Effect of
exchange rate changes 106 32 Net
increase in cash, cash equivalents and restricted cash 35,101
20,730 Cash, cash equivalents and restricted cash, beginning of the
year 237,569 142,123 Cash, cash
equivalents and restricted cash, end of the period $ 272,670
$ 162,853 (a)
Certain amounts for the three months ended
March 31, 2017 have been restated for the adoption of Accounting
Standards Update No. 2016-15, Statement of Cash Flows (Topic 230):
Classification of Certain Cash Receipts and Cash Payments and
Accounting Standards Update No. 2016-18, Statement of Cash Flows
(Topic 230): Restricted Cash. The Company adopted ASU 2016-15 and
ASU 2016-18 on April 1, 2017.
TEXTAINER GROUP HOLDINGS LIMITED AND
SUBSIDIARIESReconciliation of GAAP financial measures to
non-GAAP financial measuresThree Months and Years Ended
March 31, 2018 and 2017(Unaudited)(All currency expressed in
United States dollars in thousands, except per share amounts)
The following is a
reconciliation of certain GAAP measures to non-GAAP financial
measures (such items listed in (a) to (d) below and
defined as “Non-GAAP Measures”) for the three months and years
ended March 31, 2018 and 2017, including:
(a) net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders to adjusted EBITDA (Adjusted EBITDA defined as net
income (loss) attributable to Textainer Group Holdings Limited
common shareholders before interest income and expense, realized
(gains) losses on interest rate swaps, collars and caps, net,
unrealized gains on interest rate swaps, collars and caps, net,
income tax (expense) benefit, net income (loss) attributable to the
noncontrolling interests (“NCI”), depreciation expense, container
impairment, amortization expense and the related impact of
reconciling items on net income (loss) attributable to the
NCI);
(b) net cash provided
by operating activities to Adjusted EBITDA;
(c) net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders to adjusted net income (loss) (defined as net income
(loss) attributable to Textainer Group Holdings Limited common
shareholders before the unrealized gains on interest rate swaps,
collars and caps, net, the related impact of reconciling items on
income tax (expense) benefit and net income (loss) attributable to
the NCI); and
(d) net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders per diluted common share to adjusted net income (loss)
per diluted common share (defined as net income (loss) attributable
to Textainer Group Holdings Limited common shareholders per diluted
common share before the unrealized gains on interest rate swaps,
collars and caps, net, the related impact of reconciling items on
income tax (expense) benefit and net income (loss) attributable to
the NCI).
Non-GAAP Measures are not financial measures
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”) and should not be considered as an alternative
to net income (loss), income from operations or any other
performance measures derived in accordance with GAAP or as an
alternative to cash flows from operating activities as a measure of
our liquidity. Non-GAAP Measures are presented solely as
supplemental disclosures. Management believes that adjusted EBITDA
may be a useful performance measure that is widely used within our
industry and adjusted net income (loss) may be a useful performance
measure because Textainer intends to hold its interest rate swaps,
collars and caps until maturity and over the life of an interest
rate swap, collar or cap the unrealized gains will net to zero.
Adjusted EBITDA is not calculated in the same manner by all
companies and, accordingly, may not be an appropriate measure for
comparison.
Management also believes that adjusted net
income and adjusted net income (loss) per diluted common share are
useful in evaluating our operating performance because unrealized
gains on interest rate swaps, collars and caps, net is a noncash,
non-operating item. We believe Non-GAAP Measures provide useful
information on our earnings from ongoing operations. We believe
that adjusted EBITDA provides useful information on our ability to
service our long-term debt and other fixed obligations and on our
ability to fund our expected growth with internally generated
funds. Non-GAAP Measures have limitations as analytical tools, and
you should not consider either of them in isolation, or as a
substitute for analysis of our operating results or cash flows as
reported under GAAP. Some of these limitations are:
- They do not reflect our cash
expenditures, or future requirements, for capital expenditures or
contractual commitments;
- They do not reflect changes in, or cash
requirements for, our working capital needs;
- Adjusted EBITDA does not reflect
interest expense or cash requirements necessary to service interest
or principal payments on our debt;
- Although depreciation expense and
container impairment is a noncash charge, the assets being
depreciated may be replaced in the future, and neither adjusted
EBITDA, adjusted net income (loss) or adjusted net income (loss)
per diluted common share reflects any cash requirements for such
replacements;
- They are not adjusted for all noncash
income or expense items that are reflected in our statements of
cash flows; and
- Other companies in our industry may
calculate these measures differently than we do, limiting their
usefulness as comparative measures.
Three Months Ended March 31,
2018 2017 (Dollars in thousands)
(Unaudited) Reconciliation of adjusted net income
(loss): Net income (loss) attributable to Textainer Group
Holdings Limited common shareholders $ 18,718 $ (6,974 )
Adjustments: Unrealized gains on interest rate swaps, collars and
caps, net (2,263 ) (2,294 ) Impact of reconciling items on income
tax expense 22 38
Impact of reconciling items on net income
(loss) attributable to the noncontrolling interests
531 163
Adjusted net income
(loss) $ 17,008 $ (9,067 )
Reconciliation of adjusted
net income (loss) per diluted common share: Net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders per diluted common share $ 0.33 $ (0.12 ) Adjustments:
Unrealized gains on interest rate swaps, collars and caps, net
(0.04 ) (0.04 ) Impact of reconciling items on income tax expense —
—
Impact of reconciling items on net income
(loss) attributable to the noncontrolling interests
0.01 —
Adjusted net income (loss)
per diluted common share $ 0.30 $ (0.16 )
Three Months Ended March 31, 2018
2017 (Dollars in thousands) (Unaudited)
Reconciliation of adjusted EBITDA: Net income (loss)
attributable to Textainer Group Holdings Limited common
shareholders $ 18,718 $ (6,974 ) Adjustments: Interest income (303
) (128 ) Interest expense 31,619 28,913 Realized (gains) losses on
interest rate swaps, collars and caps, net (1,184 ) 1,162
Unrealized gains on interest rate swaps, collars and caps, net
(2,263 ) (2,294 ) Income tax expense 560 447 Net income (loss)
attributable to the noncontrolling interests 1,511 (1,101 )
Depreciation expense 56,334 60,608 Container impairment 832 3,811
Amortization expense 1,822 948
Impact of reconciling items on net income
(loss) attributable to the noncontrolling interests
(2,393 ) (3,280 ) Adjusted EBITDA $ 105,253 $
82,112 Net cash provided by operating activities $ 65,098 $
46,695 Adjustments: Bad debt (recovery) expense, net 607 (252 )
Amortization of unamortized deferred debt
issuance costs and accretion of bond discount
(2,213 ) (4,639 ) Gain on sale of containers, net 6,627 4,048
Share-based compensation expense (1,504 ) (1,597 ) Interest income
(303 ) (128 ) Interest expense 31,619 28,913 Realized (gains)
losses on interest rate swaps, collars and caps, net (1,184 ) 1,162
Income tax expense 560 447 Changes in operating assets and
liabilities 8,339 10,743
Impact of reconciling items on net income
(loss) attributable to the noncontrolling interests
(2,393 ) (3,280 ) Adjusted EBITDA $ 105,253 $
82,112
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180508005468/en/
Textainer Group Holdings LimitedHilliard C. Terry, III,
+1-415-658-8214Executive Vice President and Chief Financial
Officerir@textainer.com
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