Alliance Gaming Reports Second-Quarter Results Consistent With Pre-Announcement; Bob Miodunski Appointed to Board of Directors.Business Editors LAS VEGAS--(BUSINESS WIRE)--Feb. 8, 2000 Alliance Gaming Alliance Gaming NYSE: AGI is a Las Vegas, Nevada based manufacturer of slot machines and casino management software. History On June 18, 1996 merged with Bally Gaming International. Corp. (Nasdaq:ALLY) today announced a net loss consistent with the pre-announced loss of $7.2 million or 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. after the net impact of $1.0 million or 10 cents per share of special items for the three months ended December December: see month. 1999. This compares with a net loss of $10.2 million or $1.04 per share in the prior-year quarter. In addition, the company announced that Bob Miodunski, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , has been appointed to the board of directors. This brings the total number of directors to five. At Dec. 31, 1999, the company's Bally bally Adjective, adv Brit old-fashioned, slang extreme or extremely: a bally nuisance, he's too bally charming for his own good Adj. 1. Gaming and Systems business unit had an installed base of more than 2,000 gaming machine See video game console. units earning recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues compared with an installed base of approximately 1,700 units at Sept. 30, 1999. During the December 1999 quarter, the company recorded $6.4 million of revenues from recurring revenue sources, up 333 percent from the December 1998 quarter, and achieved a 54 percent gross margin or $3.5 million. Operating results for the December 1999 quarter include: -- Consolidated revenues of $114.5 million for the quarter ended Dec. 31, 1999, up 10 percent from $103.9 million in the December 1998 quarter. Bally Gaming and Systems reported a 36 percent increase in revenues over the December 1998 quarter due to increases in the number of new units shipped and the installed base of recurring revenue units and a $1,000 increase in the average price per unit sold. Route Operations recorded a 13 percent increase in revenues over the December 1998 quarter. Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Operations reported an 8 percent increase in comparison with the December 1998 quarter despite the adverse effect of the expansion and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling projects at the Rainbow Casino. Wall Machines and Amusement Amusement is the state of experiencing humorous and usually entertaining events or situations, and is associated with enjoyment, happiness, laughter and pleasure. Amusement may also be experienced through the recollection of events which have given rise to amusement in the past. Games reported an 18 percent decrease in revenues due to lower unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. and lower unit selling prices. -- Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , including the net $0.5 million impact on EBITDA of unusual items, was $9.1 million in the quarter ended Dec. 31, 1999, up 130 percent compared with $4.0 million in the December 1998 quarter. Consolidated operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. totaled $2.4 million in the 1999 quarter compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.8 million in the December 1998 quarter. The increases over the prior-year quarter are primarily a result of higher unit sales coupled with higher revenues from recurring revenue sources at Bally Gaming and Systems and higher Route Operations and Casino Operations revenues, partially offset by a greater allowance for doubtful receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and higher depreciation and amortization expense resulting from the larger installed base of recurring revenue units. For the six months ended Dec. 31, 1999, revenues totaled $231.7 million resulting in EBITDA, after the unusual items, of $23.9 million compared with $202.7 million of revenues and $15.7 million of EBITDA in the prior-year period. For the six months ended Dec. 31, 1999 the company reported a net loss applicable to shareholders of $6.7 million or 66 cents per share after the impact of unusual items compared with a net loss of $12.9 million or $1.34 per share for the prior-year period. &uot;Our December quarter results came in line with the expectations we announced at the beginning of January January: see month. ,&uot; stated Miodunski. &uot;Each of our business units showed improvement in EBITDA and operating income (loss) over the prior-year quarter, although Bally Gaming and Systems still operated at a loss. Our Casinos A list of casinos. Antigua and Barbuda
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on profitability from the expansion and renovation at the Rainbow Casino and the addition of the gaming machines at the Raley's stores since Feb. 1, these positive trends should continue. Bally Wulff's operating income improved due to higher gross margins based on product mix and lower selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . &uot;We previously announced a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). at Bally Gaming and Systems and the Corporate Office to reduce payroll-related costs and provide better accountability and focus,&uot; continued Miodunski. &uot;The annual cost savings from these efforts will save the company more than $8.0 million or approximately 80 cents per share. I continue to look for ways to ensure we operate efficiently. &uot;Our rollout of recurring revenue games proceeds, and we are eagerly looking forward to the start of the field trial of our Betty Bet´ty n. 1. A short bar used by thieves to wrench doors open. The powerful betty, or the artful picklock. - Arbuthnot. 2. Boop wide-area progressive system in New Jersey this month,&uot; stated Miodunski. &uot;Recurring revenues grew by $2.2 million or 53 percent from the September September: see month. 1999 quarter and by $4.9 million or 333 percent from the December 1998 quarter. Our focus is clearly on expanding the installed base of these units to reduce the volatility in Bally Gaming and Systems results. &uot;Progress continues in the process of considering our options, including possible sales of our non-core assets,&uot; concluded Miodunski. &uot;Our board will likely have final offers to consider this quarter for our Casinos and Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). Route Operations businesses. Any offers will be evaluated based on a range of relevant factors including price, certainty of closing and regulatory approvals, to ensure the company receives the best value.&uot;
EBITDA
Business Unit
Summary
Three Months Ended
Dec. 31,
1999 1998
(Dollars in Millions)
Bally Gaming and Systems $ (0.2) $ (3.5)
Route Operations 6.2 6.0
Casino Operations 5.1 4.6
Bally Wulff 2.4 1.3
Corporate office expense (3.9) (4.4)
Unusual items ( .5) -
------- -------
Alliance total EBITDA $ 9.1 $ 4.0
The unusual items above consist of $1.5 million or 15 cents per share of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , partially offset by a $1.0 million or 10 cents per share gain on the release of an option the company had to operate gaming machines at a dormant Latent; inactive; silent. That which is dormant is not used, asserted, or enforced. A dormant partner is a member of a partnership who has a financial interest yet is silent, in that he or she takes no control over the business. dog racing dog racing, trials of speed between dogs. Now contested on oval tracks, the sport developed from the ancient practice of coursing, in which specially trained dogs chase game animals in the open field. track in Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). . In addition, as previously announced, the company incurred $0.5 million or 5 cents per share of costs related to an amendment to the company's bank credit facility, which costs are included in interest expense. Bally Gaming and Systems Revenues Increase 36 Percent The following chart summarizes the financial information for the Bally Gaming and Systems business unit:
Three Months Ended
Dec. 31,
1999 1998
(Dollars in Millions)
Revenues $30.6 $22.5
EBITDA $ (0.2) $ (3.5)
EBITDA Margin (1)% (16)%
Operating Loss $ (2.1) $ (4.5)
Approximate Number of New
Gaming Machines Sold 2,300 1,800
For the quarter ended Dec. 31, 1999, Bally Gaming and Systems reported revenues of $30.6 million, a 36 percent increase over the prior-year quarter. Revenues were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a 29 percent increase in shipments of new gaming machine units, a 21 percent increase in the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of new gaming machines and a $4.9 million increase in recurring revenues over the prior-year quarter. Bally Systems reported $5.9 million of revenue in the current- year quarter vs. $5.6 million in the prior-year quarter. The December 1999 quarter shipments for Bally Gaming included approximately 450 units to the Nevada and Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. markets, 1,350 units to international markets, and 500 units to riverboats, Native American casinos American Casino is a current American reality television series. The show originally aired on the Discovery Channel, but in June 2005, it was moved to The Travel Channel. and other domestic markets. Gross margin for the quarter ended Dec. 31, 1999 improved to 42 percent compared with 41 percent in the prior-year quarter. The improvement was due primarily to a change in product mix to higher margin gaming machines and greater revenues from higher margin recurring revenue machines, partially offset by an increase in royalty expense and a higher cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold . Bally Systems achieved a 68 percent gross margin or $4.0 million. The gross margin for recurring revenue sources was 54 percent or $3.5 million. Bally Gaming and Systems reported an operating loss of $2.1 million compared with an operating loss of $4.5 million in the prior- year quarter. The improvement resulted from higher revenues, improved gross margins and lower research and development costs, partially offset by a higher provision for doubtful accounts and higher depreciation and amortization expense resulting from the larger installed base of recurring revenue units. Route Operations Reports an 18 Percent Increase in Operating Income The following chart summarizes the combined financial information for the Nevada route operations and the Louisiana-based Video Services Inc. (VSI VSI Vinyl Siding Institute VSI Voltage Source Inverter VSI Virtual Switch Interface VSI Vertical Speed Indicator VSI Voluntary Separation Incentive VSI Virtual Socket Interface VSI Vision Systems International VSI Vertical Shaft Impactor ) operations:
Three Months Ended
Dec. 31,
1999 1998
(Dollars in Millions)
Revenues $48.2 $42.8
EBITDA $ 6.2 $ 6.0
EBITDA Margin 13% 14%
Operating Income $ 4.0 $ 3.4
Average Number of Gaming
Machines 8,340 7,990
For the quarter ended Dec. 31, 1999, the Route Operations business unit reported revenues of $48.2 million, a 13 percent increase over the prior-year quarter. The revenue improvement was due to a 16 percent increase in the Nevada route operations revenues, resulting from increases in win per day per gaming machine and an increase in the number of gaming machines deployed, partially offset by a 12 percent decrease in revenues at VSI. For the Nevada route operations, net win per day per gaming machine increased 10 percent to $61 in the 1999 quarter compared with $55.50 in the 1998 quarter. The average number of gaming machines deployed increased 6 percent over the prior-year quarter. Net margins in Southern Nevada have declined compared with the prior-year quarter due primarily to an increase in rental costs for gaming machines which amounted to $0.7 million in the 1999 quarter compared with $0.1 million in the 1998 quarter. Net margins in Northern Nevada improved over the prior-year quarter. Exclusive of these rental costs, net margins improved by 1 percent between quarters. Currently, the Gamblers Bonus product is available at approximately 300 locations and is installed in more than 3,000 gaming machines or 39 percent of the total installed base of gaming machines. The decrease in revenues at VSI is due primarily to the closing of two off-track betting off-track betting n. Abbr. OTB A system of placing bets away from a racetrack. parlors, where the company operated machines that, pursuant to a prior vote, effective July July: see month. 1, 1999 had to be closed. This contributed to a 10 percent decrease in the average number of gaming units deployed and a decrease in net win per day per gaming machine to $76.10 from $78.90 in the prior-year quarter. Route Operations EBITDA of $6.2 million and operating income of $4.0 million were higher by 3 percent and 18 percent, respectively, from the prior-year quarter. Increased revenues, improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: at VSI and lower depreciation expense were partially offset by slightly lower operating margins at the Nevada operations and higher selling, general and administrative costs, principally an increase in marketing and promotional costs for the Nevada route operations. Casino Operations Reports Operating Income up 15 Percent The following chart summarizes combined financial information for the Rainbow Casino in Vicksburg Vicksburg, city (1990 pop. 20,908), seat of Warren co., W Miss., on bluffs above the Mississippi River at the mouth of the Yazoo; inc. 1825. An important port, it is the commercial, processing, and shipping center for a cotton, timber, and livestock area. , Miss. and the Rail City Casino in Sparks Sparks, city (1990 pop. 53,367), Washoe co., W Nev., just E of Reno; inc. 1905. The Southern Pacific RR was the major employer until the dieselization of railroad engines forced the closing (1957) of the railroad shops there. , Nev.:
Three Months Ended
Dec. 31,
1999 1998
(Dollars in Millions)
Revenues $16.1 $14.9
EBITDA $ 5.1 $ 4.6
EBITDA Margin 32% 31%
Operating Income $ 4.6 $ 4.0
Average Number of Gaming
Machines 1,280 1,180
Average Number of Table Games 21 21
Number of Gaming Machines
at end of quarter 1,493 1,164
For the quarter ended Dec. 31, 1999, Casino Operations reported an 8 percent increase in revenues over the prior-year quarter to $16.1 million. Rainbow Casino revenues increased by 4 percent to $11.7 million as a result of a 6 percent increase in the average number of gaming machines and higher table game revenue, partially offset by a 4 percent decrease in net win per day per gaming machine to $141. The increase in revenues occurred despite the adverse impact of the casino expansion and internal remodeling projects. The expansion space at the Rainbow Casino opened in late November November: see month. concurrent with the completion of the remodeling of the existing casino. The casino now operates more than 1,000 gaming machines compared with 725 at Dec. 31, 1998. Rail City Casino revenues improved by 23 percent to $4.4 million as a result of an 18 percent increase in net win per day per gaming machine to $77 and an 11 percent increase in the average number of gaming machines. Operating costs operating costs npl → gastos mpl operacionales , as a percentage of revenues, decreased over the prior-year quarter to 41 percent, as revenues grew at a greater pace than direct costs between periods. Selling, general and administrative costs as a percentage of revenues increased over the prior-year quarter to 27 percent due primarily to increases in promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade at the Rainbow Casino in connection with the expansion and remodeling projects and gaming machine rent at both properties. Casino Operations EBITDA of $5.1 million in the current quarter showed a 12 percent improvement over the prior-year quarter. Rainbow Casino EBITDA of $4.0 million increased 3 percent and Rail City Casino EBITDA of $1.1 million increased 62 percent. EBITDA as a percentage of revenues increased at Rail City Casino to 27 percent in the current quarter from 20 percent in the prior-year quarter and remained consistent at the Rainbow Casino at 34 percent between quarters. For the 1999 quarter, operating income for Casino Operations increased by 15 percent over the 1998 quarter to $4.6 million. Rainbow Casino operating income increased 5 percent to $3.6 million due primarily to increased revenues, partially offset by the increase in selling, general and administrative expenses. Rail City Casino operating income increased by 81 percent to $1.0 million due primarily to the increase in revenues, partially offset by an increase in selling, general and administrative expenses. Wall Machines and Amusement Games Reports Improved Profitability The following chart summarizes the financial results for the Wall Machines and Amusement Games business unit:
Three Months Ended
Dec. 31,
1999 1998
(Dollars in Millions)
Revenues $19.5 $23.8
EBITDA $ 2.4 $ 1.3
EBITDA Margin 12% 5%
Operating Income $ 0.8 $ 0.1
Approximate Number of New Wall
Machines Sold 2,700 2,900
Approximate Number of New Wall
Machines Leased 900 900
Installed Base of Leased Machines 5,320 4,760
For the quarter ended Dec. 31, 1999, the Wall Machines and Amusement Games business unit reported revenues of $19.5 million, an 18 percent decrease from the prior-year quarter. The lower revenues resulted from a 6 percent decrease in shipments of new wall machines, a 12 percent decrease in the average selling price of new wall machines, and a 41 percent decrease in amusement game distribution revenues, partially offset by a 16 percent increase in leased machine revenues as a result of customer demand for more leased machines. The foreign currency fluctuation Fluctuation A price or interest rate change. between the dollar and the deutschmark decreased revenues by $2.6 million and EBITDA by $0.3 million, respectively, in the quarter ended Dec. 31, 1999. Wall Machines and Amusement Games deployed approximately 900 machines into its leasing program during the current-year quarter, which was consistent with the number of machines deployed in the prior year quarter. As of Dec. 31, 1999, a total of 5,320 machines were deployed in the leasing program compared to 4,760 deployed at Dec. 31, 1998, an increase of 12 percent. Gross margin for the quarter was 43 percent compared with 38 percent in the prior-year quarter. This improvement was due to sales of higher margin progressive jackpot A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine or video poker machine) where the value of the jackpot increases a small amount for every game played. machines and the increase in lease revenues, partially offset by the unfavorable impact of a lower fixed cost absorption rate from a decrease in production. Wall Machines and Amusement Games reported operating income of $0.8 million compared with operating income of $0.1 million in the prior-year quarter, due primarily to the increase in gross margins and lower selling, general and administrative expenses, principally decreases in salary and wages and marketing expenses, partially offset by a decrease in revenues and an increase in depreciation expense. Net interest expense for the company in the three months ended Dec. 31, 1999 increased to $8.6 million from $7.4 million in the prior-year quarter due to a $0.5 million fee in connection with obtaining an amendment to its bank credit facility coupled with a higher average amount of total borrowings and slightly higher interest rates. During the quarter, the company increased its total indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. by $6.0 million, due primarily to an increase on its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. lines for working capital purposes. The company recorded an income tax provision of $0.2 million in the 1999 quarter compared with an income tax benefit of $0.2 million in the prior-year quarter. The current quarter provision is due primarily to various state income tax provisions. Alliance Gaming Corp. is a diversified diversified (di·verˑ·s gaming company with headquarters in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The company is engaged primarily in the design, manufacture and distribution of advanced gaming devices and systems worldwide and is the nation's largest gaming machine route operator and operates two regional casinos A Regional Casino, more commonly known as a Super Casino (or occasionally known as Mega Casino or variants) is the term given to the largest category of casino permitted under English law. . Additional information about the Company can be found on the Alliance Gaming Web site at http://www.ally.com. The disclosures herein include statements that are &uot;forward- looking&uot; within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Act of 1934, as amended, and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such forward-looking information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made by or on behalf of the company. Future operating results may be adversely affected as a result of a number of factors enumerated This term is often used in law as equivalent to mentioned specifically, designated, or expressly named or granted; as in speaking of enumerated governmental powers, items of property, or articles in a tariff schedule. in the company's public reports and prospectuses such as the impact of competition, uncertainties concerning such matters as the company's high leverage, its ability to service debt, its holding company structure, its operating history and recent losses, competition, product development, customer financing, sales to non-traditional gaming markets, foreign operations, dependence on key personnel, strict regulation by gaming authorities, gaming taxes and value added taxes value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM) value added tax n (Brit , the uncertain effect of National Gambling Commission, change in control, and other risk factors listed from time to time in the company's Securities and Exchange Commission reports, including but not limited to the most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q.
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended
Dec. 31,
1999 1998
(In 000's, except per-share amounts)
Revenues $114,487 $103,910
Cost of operations 73,619 68,088
Selling, general and
administrative expenses 27,867 27,866
Research and development costs 3,329 3,976
Unusual items, net 526 -
EBITDA 9,146 3,980
Depreciation and amortization 6,701 5,757
Operating income (loss) 2,445 (1,777)
Net interest expense (8,603) (7,361)
Minority interest and other (840) (864)
Net loss before income taxes (6,998) (10,002)
Income tax (provision) benefit (178) 245
Net loss (7,176) (9,757)
Special stock dividends - (418)
Net loss applicable to common shares $(7,176) $(10,175)
Basic and diluted loss per share $(0.70) $(1.04)
Weighted average common shares
outstanding 10,252 9,789
Weighted average common and common
share equivalents outstanding 10,252 9,789
-0-
ALLIANCE GAMING CORP.
SUMMARY CONSOLIDATED STATEMENT OF OPERATIONS
Six Months Ended
Dec. 31,
1999 1998
(In 000's, except per share amounts)
Revenues $231,689 $202,681
Cost of operations 148,933 129,941
Selling, general and
administrative expenses 51,485 48,903
Research and development costs 6,878 8,145
Unusual items, net 526 -
EBITDA 23,867 15,692
Depreciation and amortization 13,025 11,159
Operating income 10,842 4,533
Net interest expense (16,266) (15,032)
Minority interest and other (1,052) (1,595)
Net loss before income taxes (6,476) (12,094)
Income tax (provision) benefit (255) 61
Net loss (6,731) (12,033)
Special stock dividends - (824)
Net loss applicable to common shares $(6,731) $(12,857)
Basic and diluted loss per share $(0.66) $(1.34)
Weighted average common shares
outstanding 10,204 9,607
Weighted average common and common
share equivalents outstanding 10,204 9,607
-0-
ALLIANCE GAMING CORP.
SELECTED BALANCE SHEET DATA
As of
Dec. 31, June 30,
1999 1999
(In 000's)
Cash and cash equivalents $ 27,952 $ 16,930
Working capital 118,293 108,661
Total assets 365,905 359,307
Total long term debt,
including current maturities 342,286 318,706
Total stockholders' deficiency (38,466) (30,408)
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