STEP Energy Services Ltd. Reports Third Quarter 2019 Results

CALGARY, Alberta, Nov. 07, 2019 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (the “Company” or “STEP”) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2019. The following press release should be read in conjunction with the unaudited condensed consolidated interim financial statements and notes thereto as at and for the three and nine months ended September 30, 2019 (the “Financial Statements”), the MD&A dated November 6, 2019 and audited consolidated financial statements as at and for the year ended December 31, 2018.   The above documents are available on STEP’s website at or on SEDAR at


Through challenging market conditions STEP was able to generate strong margin performance by remaining focused on high equipment utilization, strong project execution and a low-cost structure.  In Canada, the political headwinds and an ongoing focus on conservative spending programs continued to reduce overall industry activity with rig counts decreasing approximately 40% from the third quarter of 2018. The Company’s focus on efficiencies and cost reductions in conjunction with our alignment with clients with large pad completion programs supported strong operational and financial performance. In the U.S., clients continued to slow drilling and completion programs as they remain focused on executing capital programs within cash flows. These factors have led to an oversupplied market which has decreased demand, put service pricing under pressure, negatively impacted equipment utilization and resulted in weaker financial performance.   

In reaction to these challenging market conditions the Company continued to focus on the factors within its control to optimize margins. The Company achieved success implementing cost control measures, securing and executing larger strategic work programs, improving pumping efficiencies and relocating assets to create new opportunities while maintaining a conservative deployment of capital. These activities allowed the Company to maintain positive margins and generate improved year to date margins from Canadian operations relative to 2018.


FINANCIAL(unaudited)Three months ended September 30, Nine months ended September 30, 
($000s except percentages and per share amounts) 2019  2018    2019  2018 
Consolidated revenue$178,745 $240,541   $541,790 $612,735 
Net (loss) income attributable to shareholders$(112,843)$9,260   $(119,471)$19,245 
  Per share-basic$(1.69)$0.14   $(1.79)$0.30 
  Per share-diluted$(1.69)$0.14   $(1.79)$0.29 
  Weighted average shares – basic 66,767,919  66,595,729    66,733,701  64,497,647 
  Weighted average shares – diluted 66,767,919  67,087,768    66,733,701  65,673,283 
Adjusted EBITDA (1)$22,690 $42,451   $69,644 $105,335 
Adjusted EBITDA % (1) 13% 18%   13% 17%

(1)“Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net (loss) income before finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, current and deferred income tax provisions and recoveries, share-based compensation, transaction costs, foreign exchange forward contract (gain) loss, foreign exchange (gain) loss, and impairment losses. “Adjusted EBITDA %” is calculated as Adjusted EBITDA divided by revenue.

BALANCE SHEET(unaudited)  As at September 30,As at December 31,
($000s except shares and per share amounts)     2019 2018
Cash and cash equivalents    $23,436$364
Working capital (including cash and cash equivalents)(2)  $96,066$67,158
Total assets    $766,890$887,908
Total long-term financial liabilities(2)    $266,544$260,451
Net debt (2)    $235,870$254,210
Shares outstanding  66,799,296 66,682,319

(2)See Non-IFRS Measures. “Working capital”, “Total long-term financial liabilities” and “Net debt” are financial measures not presented in accordance with IFRS.  “Working capital” is equal to total current assets less total current liabilities.  “Total long-term financial liabilities” is comprised of Loans and borrowings, Long-term lease obligations and Other liabilities.  “Net debt” is equal to loans and borrowings before deferred financing charges less cash and cash equivalents.

Highlights for the quarter included:

  • Quarterly consolidated revenue for the three months ended September 30, 2019 of $178.7 million compared to $240.5 million in the same period of 2018. The 26% decrease in quarterly revenue is primarily attributable to slower industry activity in both Canada and the U.S. with approximately 100 fewer fracturing days worked in 2019 when compared to 2018. Although quarterly consolidated revenue fell versus the prior year, performance was strong relative to an overall reduction in rig activity of 37% in Canada and 20% in our principal US markets in the third quarter of 2019 compared to the previous year third quarter.
  • Consolidated revenue for the nine months ended September 30, 2019 of $541.8 million decreased by 12% from $612.7 million over the prior year primarily due to slower industry activity partially offset by a full nine-month contribution of the U.S. fracturing operations compared to six months in 2018. As with the quarterly performance, the reduction in year over year revenue belied a more pronounced drop in rig activity of 30% in Canada from the peak winter drilling season to the end of September of 2019 and a year to date rig activity decline of 28% in our principal US markets through the end of September.
  • Quarterly adjusted EBITDA was $22.7 million (or 13% of revenue) in the third quarter of 2019 compared to $42.5 million (or 18%) in the same period of 2018. Quarterly adjusted EBITDA margins decreased by five percentage points primarily due to decreased pricing as a result of declining activity and demand for services. The Company effectively managed cost of sales and equipment utilization to offset some of the pricing compression and preserve margins.  Consolidated selling, general and administrative expenses remained relatively consistent to 2018 third quarter levels.
  • For the nine months ended September 30, 2019, Adjusted EBITDA decreased by 34% compared to the prior year primarily due to decreased revenue and margin compression combined with severance and restructuring costs incurred in the first quarter of 2019.  Adjusted EBITDA margin percent for the nine month period of 13% compared well to 17% for the same period in the prior year again reflecting the Company’s ability to preserve margin in a difficult operating environment. 
  • During the third quarter of 2019, the Company recorded a non-cash impairment charge with respect to goodwill and intangible assets in the U.S. fracturing segment of $113.5 million. The Company anticipates 2020 to be similar to 2019 with sustained pressure on commodity prices and the expectation that our clients will maintain a conservative focus on capital spending.  These factors have a negative impact on the Company’s outlook for these operations and have resulted in an impairment to the carrying value of these assets.
  • As a result, net loss for the three and nine months ended September 30, 2019 was $112.8 million and $119.5 million, respectively, compared to net income of $9.3 million and net income of $19.2 million in the same periods of 2018. Net losses in 2019 are the result of the impairment and slowing activity partially offset by a full nine-month contribution of U.S. fracturing operations.
  • Effective January 1, 2019, the Company implemented the following accounting change: The Company reorganized the composition of its operating segment disclosure to reflect how management makes strategic decisions and assesses the performance of the Company’s operations. Corporate activities are now separated from Canadian and U.S. Operations. The Company has reclassified prior period information to align with the new composition of operating segments.


Canadian Segment

($000’s except per day, days, units, proppant pumped
and HP)
 Three months ended
September 30,
 Nine months ended
 September 30,
(unaudited) 2019  2018(4)Change % 2019  2018(4)Change %
  Fracturing$65,754 $108,191 (39)$201,329 $276,815 (27)
  Coiled tubing 32,080  39,773 (19) 80,836  104,317 (23)
  97,834  147,964 (34) 282,165  381,132 (26)
  Cost of sales 84,149  120,178 (30) 257,581  333,704 (23)
  Selling, general and administrative 2,453  4,183 (41) 7,238  11,659 (38)
Results from operating activities$11,232 $23,603 (52)$17,346 $35,769 (52)
Add non-cash items:          
  Depreciation 11,319  11,681 (3) 37,057  32,304 15 
  Share-based compensation 534  714 (25) 1,409  1,911 (26)
Adjusted EBITDA (1)$23,085 $35,998 (36)$55,812 $69,984 (20)
Adjusted EBITDA % (1) 24% 24%0  20% 18%11 
Sales mix (% of segment revenue)          
  Fracturing 67% 73%(8) 71% 73%(3)
  Coiled tubing 33% 27%22  29% 27%7 
Fracturing services          
  Fracturing revenue per operating day(1)$186,272 $244,777 (24)$198,942 $245,186 (19)
  Number of fracturing operating days (2) 353  442 (20) 1,012  1,129 (10)
  Proppant pumped (tonnes) 255,000  198,000 29  676,000  509,000 33 
  Stages completed 3,768  5,062 (26) 9,360  11,403 (18)
  Active pumping HP, end of period 225,000  225,000 0  225,000  225,000 0 
  Idle pumping HP, end of period 72,500  72,500 0  72,500  72,500 0 
  Total pumping HP, end of period (3) 297,500  297,500 0  297,500  297,500 0 
Coiled tubing services          
  Coiled tubing revenue per operating day(1)$53,916 $49,163 10 $51,259 $45,713 12 
  Number of coiled tubing operating days (2) 595  809 (26) 1,577  2,282 (31)
  Active coiled tubing units, end of period 9  13 (31) 9  13 (31)
  Idle coiled tubing units, end of period 7  -   7  -  
  Total coiled tubing units, end of period 16  13 23  16  13 23 

(1)See Non-IFRS Measures.
(2)An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment.
(3)Represents total owned HP, of which 225,000 HP is currently deployed and some of the remainder requires certain maintenance and refurbishment.
(4)2018 amounts were reclassified as the Company reorganized the composition of its operating segments.

Revenue for the three and nine months ended September 30, 2019 was $97.8 million and $282.2 million, respectively, compared to $148.0 million and $381.1 million for the same periods in 2018.  The decrease in quarterly revenue is primarily due to ongoing industry slowdown in the WCSB.  Canadian fracturing operations worked 20% fewer days in the third quarter of 2019 compared to the same period of 2018 while rig counts decreased approximately 40% over the same period. Management anticipated this slow down in the fourth quarter of 2018 and reduced manned equipment by 25%. As we have seen in other quarters this year, clients provided approximately 63% of the proppant pumped in the quarter compared to 16% in the prior year third quarter. Client provided proppant decreases revenue and revenue per day but typically yields higher operating margins.  Despite the 40% reduction in industry activity as noted by the rig count, coiled tubing revenue decreased by 19% and operating days decreased by 27% in the third quarter of 2019 compared to the same period of 2018. As a result of these factors, revenue for the nine months ended September 30, 2019 decreased by 26% compared to the prior year.

Adjusted EBITDA for the three and nine months ended September 30, 2019 was $23.1 million (or 24% of revenue) and $55.8 million (or 20%), respectively, compared to $36.0 million (or 24%) and $70.0 million (or 18%) for the same periods in 2018. Despite pricing pressure, Adjusted EBITDA Margin percentage was maintained on a quarterly basis and slightly improved on a year to date basis, due to field execution, management of manned equipment and cost controls. Over the last 12 months STEP has reduced headcount, deferred and cancelled growth capital and re-evaluated overhead and selling, general and administrative spending. The third quarter 2019 Adjusted EBITDA decrease of $12.9 million over the third quarter of 2018 is primarily due to decreased fracturing activity. Although adjusted EBITDA for the nine months ended September 30, 2019 decreased by $14.2 million compared to the prior year, the Company was able to improve year to date adjusted EBITDA percentage by two percentage points due to the impact of the optimization measures outlined above.

Management is committed to improving returns on capital employed by managing capacity and focusing on efficiency and cost control.

U.S. Segment

($000’s except per day, days, units, proppant pumped and HP) Three months ended
September 30,
Nine months ended
September 30,
(unaudited) 2019  2018(4)Change % 2019  2018(4)Change %
  Fracturing$56,835 $65,079 (13)$182,228 $153,604 19 
  Coiled tubing 24,076  27,498 (12) 77,397  77,999 (1)
  80,911  92,577 (13) 259,625  231,603 12 
  Cost of sales 86,576  94,226 (8) 262,102  210,201 25 
  Selling, general and administrative 2,946  2,364 25  8,449  5,373 57 
Results from operating activities$(8,611)$-4,013 115 $(10,926)$16,029 (168)
Add non-cash items:          
  Depreciation 11,859  12,877 (8) 35,599  26,321 35 
  Share-based compensation 521  704 (26) 1,730  1,768 (2)
Adjusted EBITDA (1)$3,769 $9,568 (61)$26,403 $44,118 (40)
Adjusted EBITDA % (1) 5% 10%(50) 10% 19%(47)
Sales mix (% of segment revenue)          
  Fracturing 70% 70%0  70% 66%6 
  Coiled tubing 30% 30%0  30% 34%(12)
Fracturing services          
  Fracturing revenue per operating day (1)$336,302 $359,552 (6)$375,728 $404,221 (7)
  Number of fracturing operating days (2) 169  181 (7) 485  380 28 
  Proppant pumped (tonnes) 171,000  115,000 49  489,000  274,000 78 
  Stages completed 994  776 28  2,605  1,840 42 
       Active pumping HP, end of period 142,500  142,500 0  142,500  142,500 0 
       Idle pumping HP, end of period 50,000  50,000 0  50,000  50,000 0 
       Total pumping HP, end of period (3) 192,500  192,500 0  192,500  192,500 0 
Coiled tubing services          
  Coiled tubing revenue per operating day(1)$44,585 $54,344 (18)$48,132 $52,953 (9)
  Number of coiled tubing operating days (2) 540  506 7  1,608  1,473 9 
  Active coiled tubing units, end of period 8  9 (11) 8  9 (11)
  Idle coiled tubing units, end of period 5  2 150  5  2 150 
  Total coiled tubing units, end of period 13  11 18  13  11 18 

(1)See Non-IFRS Measures.
(2)An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment.
(3)Represents total owned HP, some of which will require capital for maintenance and refurbishment.
(4)2018 amounts were reclassified as the Company reorganized the composition of its operating segments.

Revenue of $80.9 million in the three months ended September 30, 2019 decreased by $11.7 million from the same quarter in 2018. Fracturing services worked 7% fewer operating days in the third quarter of 2019 compared to 2018.  Industry activity, as reflected by rig count, has continued to decline throughout 2019, resulting in an over-supplied market which has increased pressure on pricing and decreased utilization.  Coiled tubing worked 34 more days in the third quarter of 2019 compared to 2018 due to equipment repositioning which improved utilization, however, the market pressure continues to weigh on pricing with day rates declining 18% compared to third quarter 2018.  For the nine months ended September 30, 2019 revenue was $259.6 million, a 12% increase from $231.6 million in 2018. The year to date increase in revenue of $28.0 million is primarily due to operating the U.S. fracturing assets for nine months versus only six months in the prior year, increasing fracturing revenue by 19%. Coiled tubing worked 135 more days in the nine months ended September 30, 2019 compared to the same period of 2018 due to more equipment deployed on average over the nine month period. Continued excellent execution by the fracturing and coiled tubing operations have supported these results in a challenging market.  Management will continue to monitor and adjust operating capacity and regional deployment to manage utilization and financial performance.

In the U.S., seasonality is generally not a factor and the prior quarter is often utilized when comparing financial results. Revenue and adjusted EBITDA decreased by 27% and 76%, respectively compared to the prior quarter. In the second quarter of 2019, STEP intermittently deployed it’s fourth fracturing spread, however this equipment was parked in this quarter due to the weak near term demand outlook.  The market experienced an earlier than expected seasonal slow down as 2019 customer capital spending programs matured and activity slowed exacerbating the over-supply of equipment.  As a result, STEP experienced, lower activity and ongoing competitive pressure which resulted in 21% fewer fracturing operating days and 9% fewer stages completed in the third quarter.  Day rates for both fracturing and coiled tubing services were also impacted by the slowing activity and increased competition which decreased rates from the prior quarter by 16% and 10% respectively.  Coiled tubing utilization increased quarter over quarter due to the management of staffed equipment.

Adjusted EBITDA for the third quarter 2019 was $3.8 million (or 5% of revenue) compared to $9.6 million (or 10%) for the same quarter in the prior year. Much of the Adjusted EBITDA percentage decline was due to the overall decline in demand for services and increased pricing pressure across all service lines.  Compared to the prior year, the nine-month ended September 30, 2019 Adjusted EBITDA decreased by 40%.


Adjusted EBITDA loss for the third quarter of 2019 was $4.2 million compared to a $3.1 million loss in 2018. The increased loss is due to the transfer of professionals from operating segments to work on corporate initiatives, new professionals that will provide cost savings of consulting fees in the future, professional fees for benefits and legal consulting, integration of information technology data centers and increased system security.

For the nine month period ended September 30, 2019, corporate Adjusted EBITDA was a $12.6 million loss compared to $8.8 million loss in 2018. During the year, management has undertaken a detailed cost review with the goal to reduce professional, consulting, information technology and legal charges. This has included maturing internal capabilities to reduce reliance on third party consulting. 2019 results also include expenses related to restructuring and severance, professional fees for benefits and legal consulting, integration of information technology data centers and the costs associated with our ongoing efforts to maintain appropriate IT system security.


During the third quarter, commodity prices remained volatile with WTI crude prices spiking to almost US$63 per barrel related to the drone attacks on Saudi Arabian oil facilities, then retreating to around US$55 per barrel towards the end of the quarter. Global trade, geopolitical and economic uncertainty are impacting global supply and demand outlooks, which continue to influence commodity prices and demand for our services. Our clients remain focused on spending within their cash flows and are facing budget exhaustion as they near completion of their 2019 capital programs.  The Company expects this will result in decreased drilling and completion spending and lower demand for our services in the fourth quarter.  Lower activity levels coupled with equipment over-supply in the oilfield services market are expected to continue to pressure pricing and equipment utilization for the balance of the year.  Industry participants have noted that recent reductions in manned equipment in both Canada and the US will serve to begin balancing supply and demand for pumping services in 2020 which could contribute to stabilizing pricing and margins. Client work programs for 2020 are under consideration with full visibility not expected until later in the year.  However, the Company expects with the renewal of capital plans in the New Year, demand for services should improve over the last quarter of 2019.

Canadian Operations

During the third quarter, both fracturing and coiled tubing services improved utilization on manned capacity over last year’s third quarter, despite lower levels of industry activity. This utilization, along with larger pad work, contributions from key contracts, and effective cost management contributed to positive third quarter results and relatively strong adjusted EBITDA margins. STEP anticipates that activity will slow through the remainder of the year due to reduced activity from budget exhaustion and the traditional holiday season. As anticipated STEP maintained second quarter manned capacity levels through the third quarter. In anticipation of lower activity levels in 2019, late in 2018 the Company reduced its manned fracturing capacity by 25% and coiled tubing capacity by 30%.  Over recent quarters, the Company has seen other industry players also reduce manned capacity which should serve to better balance the near-term market.   Additional active capacity adjustments may be made as management continues to monitor industry demand and evaluate economic returns. Pricing is expected to remain generally stable from current levels for coiled tubing services, with fracturing pricing remaining under pressure.

U.S. Operations

End-of-the-year activity slowdowns have occurred earlier than expected impacting STEP’s third quarter results. The fracturing market remains over-supplied causing further pricing pressure and reducing utilization. Coiled tubing operations achieved increased operating days which benefitted asset utilization but witnessed continued pricing pressure which negatively impacted the third quarter results. The outlook for the remainder of the year remains cautious for both services lines as activity is expected to decline due to budget exhaustion and year end holidays.  As was noted for Canadian operations, the Company has seen a recent reduction in manned equipment in the markets in which it competes which should help balance near term market conditions.  Client programs for 2020 are still under review however Management believes demand for services should improve relative to the last quarter of 2019 as clients renew capital programs commencing January 2020.

Capital update

In light of the ongoing uncertainty regarding near-term demand for services, STEP has maintained a cautious capital program. Management has also worked hard to optimize maintenance spending while maintaining its fleet in a field ready state. This work has included a number of initiatives to optimize fleet performance and extend asset life. Initiatives include pairing assets to match work intensity, installation of reliability systems to increase assets lives and successful negotiations with capital vendors to reduce costs. As a result of these measures, STEP has been able to reduce its 2019 capital program by $20.0 million bringing the total down to $44.0 million.


Please see the discussion in the Non‐IFRS Measures section of the MD&A for the reconciliation of non‐IFRS items to IFRS measures.


Certain statements contained in this document constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements relate to the expectations of management about future events, results of operations and STEP’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While STEP believes the expectations reflected in the forward-looking statements included in this document are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon.

In particular, but without limitation, this document contains forward-looking statements pertaining to: 2019 operation outlook; anticipated market recovery; supply and demand for oilfield services and industry activity levels, including the Company’s integrated service offerings; the Company’s anticipated business strategies and expected success; effect of weather conditions on the Company’s operations; expected completions activity, utilization levels and operating margins in 2019; expected profitability for fracturing services in 2019; ability of the Company to maintain its track record of returns and margin performance; the Company’s expected performance in 2019; future development activities; planned redeployment of a fourth fracturing crew in the U.S; the Company’s ability to retain existing clients and attract new business; monitoring of industry demand, client capital budgets and market conditions; and increased clarity on client activity in the third and fourth quarters of 2019.

The forward-looking information and statements contained in this document reflect several material factors and expectations and assumptions of the Company including, without limitation: the Company will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company’s services; the Company’s ability to market successfully to current and new clients; the Company’s ability to utilize its equipment; the Company’s ability to collect on trade and other receivables; the Company’s ability to obtain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company’s capital program; the Company’s future debt levels; the impact of competition on the Company; the Company’s ability to obtain financing on acceptable terms; completion of, and timing for availability of, additional pipeline capacity; and client activity levels. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove correct.

Actual results could differ materially from those anticipated in these forward-looking statements due to the risk factors set forth below and elsewhere in this document: volatility of the oil and natural gas industry; excess equipment levels; competition in the oilfield services industry; restrictions on access to capital; reliance on suppliers of raw materials, diesel fuel and component parts; reliance on equipment suppliers and fabricators; direct and indirect exposure to volatile credit markets; fluctuations in currency exchange rates; merger and acquisition activity among the Company’s clients; federal and provincial legislative and regulatory initiatives could result in increased costs and additional operating restrictions or delays; health, safety and environment laws and regulations may require the Company to make substantial expenditures or cause it to incur substantial liabilities; loss of a significant client could cause the Company’s revenue to decline substantially; negative cash flows from operating activities; third party credit risk; hazards inherent in the oilfield services industry which may not be covered to the full extent by the Company’s insurance policies; difficulty in retaining, replacing or adding personnel; seasonal volatility due to adverse weather conditions; reliance on a few key employees; legal proceedings involving the Company; failure to maintain the Company’s safety standards and record; inability to manage growth; failure to continuously improve operating equipment and proprietary fluid chemistries; actual results may differ materially from management estimates and assumptions; and the risk factors set forth under the heading “Risk Factors” in the AIF.


STEP is an oilfield service company that provides stand-alone and fully integrated fracturing, coiled tubing and wireline solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures.

Founded in 2011 as a specialized deep capacity coiled tubing company, STEP now provides an integrated solution for deep capacity coiled tubing services and fracturing to exploration and production (“E&P”) companies in Canada and the U.S.  Our Canadian integrated services are focused in the Western Canadian Sedimentary Basin (“WCSB”), while in the U.S., our fracturing and coiled tubing services are focused in the Permian and Eagle Ford in Texas, the Haynesville in Louisiana and the SCOOP/STACK in Oklahoma.

Our four core values; Safety, Trust, ExecutionandPossibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.

For more information please contact:

Regan Davis
President & Chief Executive Officer
 Michael Kelly
Executive Vice President & Chief Financial Officer
 Rob Kukla
Director, Corporate Development
Telephone:  403-457-1772
 Telephone: 403-457-1772 Telephone: 281-606-3644



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