CenturyTel Achieves Strong Fourth Quarter Revenue and Cash Flow Growth.Business Editors & Technology Writers MONROE Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as , La.--(BUSINESS WIRE)--Jan. 30, 2001 CenturyTel CenturyTel, Inc. (NYSE: CTL) formerly named Century Telephone Enterprises, Inc. is a United States telecommunications firm, headquartered in Monroe, Louisiana. , Inc. (NYSE NYSE See: New York Stock Exchange Symbol: CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) announces operating results for fourth quarter 2000. -- Revenues from 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. operations climbed 24.9% to $527.2 million. -- Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
from recurring operations increased 25.4% to $269.4 million. -- Net income from recurring operations decreased 4.3% to $57.1 million. -- Cash earnings per share (earnings before goodwill amortization) from recurring operations was $.49 in both periods. -- Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from recurring operations fell 4.8% to $.40. -0-
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Fourth Quarter Highlights (a) Quarter Quarter
(In thousands, except per share amounts) Ended Ended %
12/31/00 12/31/99 Change
----------------------------------------------------------------------
Revenues (1) $ 527,180 $ 422,129 24.9%
EBITDA (2) $ 269,379 $ 214,809 25.4%
Net Income (3) $ 57,121 $ 59,697 (4.3%)
Cash Earnings Per Share (3) $ .49 $ .49 -
Diluted Earnings Per Share (3) $ .40 $ .42 (4.8%)
Average Diluted Shares
Outstanding 142,149 141,756 .3%
Telephone Revenues (1) $ 376,347 $ 289,298 30.1%
Wireless Revenues $ 111,791 $ 100,545 11.2%
Other Operations Revenues $ 39,042 $ 32,286 20.9%
----------------------------------------------------------------------
Telephone Access Lines 1,800,565 1,272,867 41.5%
Wireless Units in Majority-Owned
Markets 751,200 696,641 7.8%
----------------------------------------------------------------------
(a) Excluding the effects of asset divestitures and nonrecurring
gains and losses
(1) Includes $85.7 million revenue contribution from Verizon
acquisitions completed in third quarter 2000
(2) Earnings from recurring operations before interest, taxes,
depreciation, amortization and gain on sales of assets
(3) Excludes after-tax gain on asset sale of $7.6 million, or $.05
per share, and non recurring charge of $4.1 million, or $.03
per share, in fourth quarter 1999
---------------------------------------------------------------------- "CenturyTel's fourth quarter results reflect excellent growth in revenue and cash flow," Glen F. Post, III, President and Chief Executive Officer, said. "Recent wireline acquisitions from Verizon are meeting our revenue expectations with the exception of access rates in Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee , and the integration of these properties is on track. We are also pleased with the results in our wireless operations this quarter as we added more than 26,000 contract wireless customers and experienced solid growth in service revenues." ---------------------------------------------------------------------- Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues from recurring operations rose 24.9% to $527.2 million from $422.1 million. 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 from recurring operations grew to $269.4 million from $214.8 million, a 25.4% increase. CenturyTel achieved a consolidated EBITDA margin of 51.1% during the quarter. Net income for the quarter from recurring operations declined 4.3% to $57.1 million from $59.7 million in fourth quarter 1999, primarily due to the interest expense increase related to the financing of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 500,000 telephone access lines acquired from Verizon during third quarter 2000. Cash earnings per share from recurring operations was $.49 in both periods. Diluted earnings per share from recurring operations decreased 4.8% to $.40 from $.42. Telephone revenues grew 30.1% to $376.3 million during the quarter, compared with $289.3 million in fourth quarter 1999. The Verizon acquisition properties contributed $85.7 million in telephone revenues during the quarter. Telephone 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. increased 19.6%, reaching $109.2 million from $91.3 million, and EBITDA rose 31.9% to $209.7 million from $159.0 million a year ago. CenturyTel's fourth quarter telephone EBITDA margin was 55.7% while the operating income margin was 29.0%. "We are making solid progress in our efforts to upgrade the acquired markets and bring new services to customers. We also achieved our goal of making high-speed Internet See broadband. access via DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary available to more than 40% of our pre-Verizon access lines," Post said. Wireless revenues from recurring operations grew 11.2% to $111.8 million in fourth quarter 2000, compared with $100.5 million in fourth quarter 1999. Wireless operating income from recurring operations was $25.9 million compared to $22.0 million, a 17.9% increase, and EBITDA from recurring operations increased 6.5% to $41.9 million compared to $39.3 million a year ago. CenturyTel's fourth quarter wireless EBITDA margin was 38.8% based on service revenues, and operating income margin was 24.0% based on service revenues. Average monthly cellular service revenue per user was $49 during fourth quarter 2000, reflecting no decline from fourth quarter 1999. The average monthly churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period. (2) The percentage of employees who leave the company during a certain time period. See churning. was 2.1% for contract customers. "CenturyTel achieved a 56% increase in contract customer net additions as compared with fourth quarter 1999. More than 19% of our wireless customers are now on digital rate plans, nearly quadruple quad·ru·ple adj. 1. Consisting of four parts or members. 2. Four times as much in size, strength, number, or amount. 3. Music Having four beats to the measure. n. the digital penetration The successful unauthorized breach of a security perimeter. See penetration test. at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999," Post said. Other operations revenues from recurring operations grew 20.9% to $39.0 million during fourth quarter 2000, compared with $32.3 million in fourth quarter 1999. CenturyTel's long distance business generated $3.4 million of the increase in other operations revenues. CenturyTel now serves more than 363,000 long distance customers, adding more than 16,000 during the quarter. For the full year of 2000, consolidated revenues rose 14.7% to $1.8 billion from $1.6 billion. EBITDA grew to $953.2 million from $861.3 million, a 10.7% increase. Net income from recurring operations declined 3.5% to $231.1 million from $239.6 million in 1999, primarily due to increased interest expense related to acquisition financing. Cash earnings per share from recurring operations decreased 1.0% to $1.98 from $2.00, and diluted earnings per share decreased 4.1% to $1.63 from $1.70. In addition to historical information, this release includes certain 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. that are subject to uncertainties that could cause the Company's actual results to differ materially from such statements. Such uncertainties include but are not limited to: the Company's ability to effectively manage its growth; including integrating newly acquired businesses into our operations; hiring adequate numbers of qualified staff and successfully upgrading our billing and other information systems; the inherent risk of rapid technological change; the effects of regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. decisions affecting the Company or the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry generally; the effects of greater than anticipated competition in the Company's markets; possible changes in the demand for the Company's products and services; the Company's ability to successfully introduce new offerings on a timely and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. basis; and the effects of more general factors such as changes in overall market or economic conditions or in legislation, regulation or public policy. These and other uncertainties related to the Company's business are described in greater detail in the Company's Annual Report 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. for the year ended December December: see month. 31, 1999. CenturyTel's management will be hosting a conference call at 4:00 P.M. Central time to discuss fourth quarter earnings and the outlook for 2001. Investors can access CenturyTel's earnings conference call and replay by accessing the company's website at www.centurytel.com CenturyTel, Inc. provides communications services including local exchange, wireless, long distance, Internet access See how to access the Internet. and data services to nearly three million customers in 21 states. The company, headquartered in Monroe, Louisiana The city of Monroe is the parish seat of Ouachita Parish, in the US state of Louisiana. [1] [2] It is the principal city of the Monroe, Louisiana Metropolitan Statistical Area (pop. , is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CTL. CenturyTel is the 8th largest local exchange telephone company, based on access lines, and the 8th largest cellular company, based on population equivalents owned, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Visit CenturyTel's corporate Web site at www.centurytel.com -0-
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 2000 AND 1999
(UNAUDITED)
In thousands, except INCREASE
per share amounts 2000 1999 (DECREASE)
----------- ---------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,642 87,415 41.4%
Network access 217,357 171,377 26.8%
Other 35,348 30,506 15.9%
----------- ----------
376,347 289,298 30.1%
----------- ----------
Operating expenses
Plant operations 91,437 63,478 44.0%
Customer operations 29,057 22,513 29.1%
Corporate and other 46,127 44,326 4.1%
Depreciation and amortization 100,535 67,697 48.5%
----------- ----------
267,156 198,014 34.9%
----------- ----------
Telephone operating income 109,191 91,284 19.6%
----------- ----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 107,911 98,619 9.4%
Equipment sales 3,880 3,405 14.0%
----------- ----------
111,791 102,024 9.6%
----------- ----------
Operating expenses
Cost of equipment sold 8,336 7,560 10.3%
System operations 17,859 14,472 23.4%
General, administrative and
customer service 21,664 19,456 11.3%
Sales and marketing 22,036 20,773 6.1%
Depreciation and amortization 16,014 17,630 (9.2%)
----------- ----------
85,909 79,891 7.5%
----------- ----------
Wireless operating income 25,882 22,133 16.9%
----------- ----------
OTHER OPERATIONS
Operating revenues 39,042 35,136 11.1%
----------- ----------
Operating expenses
Cost of sales and other 30,888 28,595 8.0%
Depreciation and amortization 1,187 3,196 (62.9%)
----------- ----------
32,075 31,791 0.9%
----------- ----------
Other operating income 6,967 3,345 108.3%
----------- ----------
TOTAL OPERATING INCOME 142,040 116,762 21.6%
OTHER INCOME (EXPENSE)
Gain on sales of assets - 11,648 (100.0%)
Interest expense (63,089) (35,832) 76.1%
Income from unconsolidated
cellular entities 7,604 762 897.9%
Minority interest (2,149) (2,353) (8.7%)
Other income and expense 4,148 2,468 68.1%
Income tax expense (31,433) (32,782) (4.1%)
----------- ----------
NET INCOME $ 57,121 60,673 (5.9%)
=========== ==========
EARNINGS PER SHARE
Basic (1) $ 0.41 0.43 (4.7%)
Diluted (2) $ 0.40 0.43 (7.0%)
SHARES OUTSTANDING
Basic 140,325 139,372 0.7%
Diluted 142,149 141,756 0.3%
DIVIDENDS PER COMMON SHARE $ 0.0475 0.0450 5.6%
(1) Excluding the effect of asset divestitures and nonrecurring
gains and losses, basic earnings per share were $.41 and $.43
for 2000 and 1999, respectively
(2) Excluding the effect of asset divestitures and nonrecurring
gains and losses, diluted earnings per share were $.40 and
$.42 for 2000 and 1999, respectively
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 2000 AND 1999
(UNAUDITED)
Excludes the effect of asset divestitures
and nonrecurring gains and losses
In thousands, except INCREASE
per share amounts 2000 1999 (DECREASE)
----------- ---------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,642 87,415 41.4%
Network access 217,357 171,377 26.8%
Other 35,348 30,506 15.9%
------------ ------------
376,347 289,298 30.1%
------------ ------------
Operating expenses
Plant operations 91,437 63,478 44.0%
Customer operations 29,057 22,513 29.1%
Corporate and other 46,127 44,326 4.1%
Depreciation and amortization 100,535 67,697 48.5%
------------ ------------
267,156 198,014 34.9%
------------ ------------
Telephone operating income 109,191 91,284 19.6%
------------ ------------
WIRELESS OPERATIONS
Operating revenues
Service revenues 107,911 97,242 11.0%
Equipment sales 3,880 3,303 17.5%
------------ ------------
111,791 100,545 11.2%
------------ ------------
Operating expenses
Cost of equipment sold 8,336 7,113 17.2%
System operations 17,859 14,197 25.8%
General, administrative and
customer service 21,664 19,140 13.2%
Sales and marketing 22,036 20,747 6.2%
Depreciation and amortization 16,014 17,387 (7.9%)
------------ ------------
85,909 78,584 9.3%
------------ ------------
Wireless operating income 25,882 21,961 17.9%
------------ ------------
OTHER OPERATIONS
Operating revenues 39,042 32,286 20.9%
------------ ------------
Operating expenses
Cost of sales and other 30,888 23,649 30.6%
Depreciation and amortization 1,187 1,444 (17.8%)
------------ ------------
32,075 25,093 27.8%
------------ ------------
Other operating income 6,967 7,193 (3.1%)
------------ ------------
TOTAL OPERATING INCOME 142,040 120,438 17.9%
OTHER INCOME (EXPENSE)
Interest expense (63,089) (35,816) 76.1%
Income from unconsolidated
cellular entities 7,604 7,622 (0.2%)
Minority interest (2,149) (2,353) (8.7%)
Other income and expense 4,148 2,574 61.1%
Income tax expense (31,433) (32,768) (4.1%)
----------- ------------
NET INCOME $ 57,121 59,697 (4.3%)
=========== ============
EARNINGS PER SHARE
Basic $ 0.41 0.43 (4.7%)
Diluted $ 0.40 0.42 (4.8%)
SHARES OUTSTANDING
Basic 140,325 139,372 0.7%
Diluted 142,149 141,756 0.3%
DIVIDENDS PER COMMON SHARE $ 0.0475 0.0450 5.6%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999
(UNAUDITED)
In thousands, except INCREASE
per share amounts 2000 1999 (DECREASE)
----------- ---------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 408,538 353,534 15.6%
Network access 727,797 654,003 11.3%
Other 117,634 118,575 (0.8%)
----------- -----------
1,253,969 1,126,112 11.4%
----------- -----------
Operating expenses
Plant operations 290,062 251,704 15.2%
Customer operations 105,950 88,552 19.6%
Corporate and other 163,761 160,631 1.9%
Depreciation and amortization 317,906 273,666 16.2%
----------- -----------
877,679 774,553 13.3%
----------- -----------
Telephone operating income 376,290 351,559 7.0%
----------- -----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 428,747 411,492 4.2%
Equipment sales 14,822 10,777 37.5%
------------ -----------
443,569 422,269 5.0%
------------ -----------
Operating expenses
Cost of equipment sold 30,064 21,408 40.4%
System operations 69,641 56,866 22.5%
General, administrative and
customer service 78,087 79,569 (1.9%)
Sales and marketing 82,673 61,903 33.6%
Depreciation and amortization 65,239 68,593 (4.9%)
------------ -----------
325,704 288,339 13.0%
------------ -----------
Wireless operating income 117,865 133,930 (12.0%)
------------ -----------
OTHER OPERATIONS
Operating revenues 148,388 128,288 15.7%
----------- -----------
Operating expenses
Cost of sales and other 112,219 99,151 13.2%
Depreciation and amortization 4,911 6,557 (25.1%)
----------- -----------
117,130 105,708 10.8%
----------- -----------
Other operating income 31,258 22,580 38.4%
----------- -----------
TOTAL OPERATING INCOME 525,413 508,069 3.4%
OTHER INCOME (EXPENSE)
Gain on sales of assets 20,593 62,808 (67.2%)
Interest expense (183,302) (150,557) 21.7%
Income from unconsolidated
cellular entities 26,986 27,675 (2.5%)
Minority interest (10,201) (27,913) (63.5%)
Other income and expense 6,696 9,190 (27.1%)
Income tax expense (154,711) (189,503) (18.4%)
----------- -----------
NET INCOME $ 231,474 239,769 (3.5%)
=========== ===========
EARNINGS PER SHARE
Basic (1) $ 1.65 1.72 (4.1%)
Diluted (2) $ 1.63 1.70 (4.1%)
SHARES OUTSTANDING
Basic 140,069 138,848 0.9%
Diluted 141,864 141,432 0.3%
DIVIDENDS PER COMMON SHARE $ 0.1900 0.1800 5.6%
(1) Excluding the effects of asset divestitures and nonrecurring
gains and losses, basic earnings per share were $1.65 and
$1.72 for 2000 and 1999, respectively
(2) Excluding the effects of asset divestitures and nonrecurring
gains and losses, diluted earnings per share were $1.63 and
$1.70 for 2000 and 1999, respectively
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999
(UNAUDITED)
Excludes the effect of asset
divestitures and nonrecurring
gains and losses
In thousands, except INCREASE
per share amounts 2000 1999 (DECREASE)
----------- ----------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 408,538 339,123 20.5%
Network access 727,797 631,819 15.2%
Other 117,634 112,254 4.8%
----------- -----------
1,253,969 1,083,196 15.8%
----------- -----------
Operating expenses
Plant operations 290,062 239,691 21.0%
Customer operations 105,950 84,743 25.0%
Corporate and other 163,761 157,104 4.2%
Depreciation and amortization 317,906 263,169 20.8%
----------- -----------
877,679 744,707 17.9%
----------- -----------
Telephone operating income 376,290 338,489 11.2%
----------- -----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 428,735 398,676 7.5%
Equipment sales 14,740 10,242 43.9%
----------- -----------
443,475 408,918 8.5%
----------- -----------
Operating expenses
Cost of equipment sold 29,987 20,575 45.7%
System operations 69,541 54,518 27.6%
General, administrative and
customer service 78,087 77,409 0.9%
Sales and marketing 82,664 61,224 35.0%
Depreciation and amortization 65,155 65,982 (1.3%)
----------- -----------
325,434 279,708 16.3%
----------- -----------
Wireless operating income 118,041 129,210 (8.6%)
----------- -----------
OTHER OPERATIONS
Operating revenues 144,623 114,222 26.6%
----------- -----------
Operating expenses
Cost of sales and other 105,515 80,827 30.5%
Depreciation and amortization 4,387 3,911 12.2%
----------- -----------
109,902 84,738 29.7%
----------- -----------
Other operating income 34,721 29,484 17.8%
----------- -----------
TOTAL OPERATING INCOME 529,052 497,183 6.4%
OTHER INCOME (EXPENSE)
Interest expense (182,890) (136,933) 33.6%
Income from unconsolidated
cellular entities 32,316 34,535 (6.4%)
Minority interest (10,201) (12,283) (17.0%)
Other income and expense 14,616 8,772 66.6%
Income tax expense (151,788) (151,676) 0.1%
----------- -----------
NET INCOME $ 231,105 239,598 (3.5%)
=========== ===========
EARNINGS PER SHARE
Basic $ 1.65 1.72 (4.1%)
Diluted $ 1.63 1.70 (4.1%)
SHARES OUTSTANDING
Basic 140,069 138,848 0.9%
Diluted 141,864 141,432 0.3%
DIVIDENDS PER COMMON SHARE $ 0.1900 0.1800 5.6%
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2000 AND DECEMBER 31, 1999
(UNAUDITED)
December 31, December 31,
2000 1999
----------- ------------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 19,039 56,640
Other current assets 357,465 229,433
----------- ------------
Total current assets 376,504 286,073
----------- ------------
PROPERTY, PLANT AND EQUIPMENT
Telephone 4,999,808 3,439,469
Wireless 522,684 472,725
Other 392,024 281,713
Accumulated depreciation (2,955,223) (1,937,449)
----------- ------------
Net property, plant
and equipment 2,959,293 2,256,458
----------- ------------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets
acquired 2,509,033 1,644,884
Other 548,460 517,992
----------- ------------
Total investments
and other assets 3,057,493 2,162,876
----------- ------------
TOTAL ASSETS $ 6,393,290 4,705,407
=========== ============
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and
current maturities of
long-term debt $ 324,986 62,098
Other current liabilities 317,408 247,079
----------- ------------
Total current
liabilities 642,394 309,177
LONG-TERM DEBT 3,151,268 2,078,311
DEFERRED CREDITS AND OTHER
LIABILITIES 567,549 469,927
STOCKHOLDERS' EQUITY 2,032,079 1,847,992
----------- ------------
TOTAL LIABILITIES AND EQUITY $ 6,393,290 4,705,407
=========== ============
CAPITAL EXPENDITURES
TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999
INC
2000 1999 (DEC)
----------- ------------ ----------
(in thousands)
Telephone $ 275,523 233,512 18.0%
Wireless 58,468 58,760 (0.5%)
Other 115,546 97,708 18.3%
----------- ------------
Total capital expenditures $ 449,537 389,980 15.3%
=========== ============
CAPITAL EXPENDITURES
THREE MONTHS ENDED DECEMBER 31, 2000 AND 1999
INC
2000 1999 (DEC)
----------- ------------ ----------
(in thousands)
Telephone $ 117,682 88,334 33.2%
Wireless 19,504 14,498 34.5%
Other 29,670 50,150 (40.8%)
----------- ------------
Total capital expenditures $ 166,856 152,982 9.1%
=========== ============
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