Pioneer Energy Services Corp. (NYSE:PES)
Q4 2015 Earnings Conference Call
February 17, 2016, 11:00 am ET
Anne Pearson - IR, Dennard-Lascar
Stacy Locke - CEO
Lorne Phillips - CFO
Brian Uhlmer - GMP Securities
John Watson - Simmons
Daniel Burke - Johnson Rice
Ken Sill - Seaport Global
Jason Wangler - Wunderlich Securities
Greetings and welcome to the Pioneer Energy Services Fourth Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Anne Pearson of Dennard-Lascar, Investor Relations. Thank you. You may begin.
Thank you, and good morning, everyone. Before I turn the call over to Pioneer's CEO, Stacy Locke; and to CFO, Lorne Phillips for their opening remarks, I have a few of the usual items we need to cover.
First of all, a replay of today's call will be available by webcast and also by telephone replay. You will find the replay information for both in this morning's news release. Also as a reminder, information reported on this call speaks only as of today, February 17, 2016, so any time sensitive information may not be accurate at the time of a replay.
Management may make forward-looking statements based on beliefs and assumptions and information currently available to them. While they believe these expectations are reasonable, they can give no assurances they'll prove to be correct. They are subject to certain risks and uncertainties and assumptions described in today's news release and also in recent public filings with the SEC. So if one or more of these risks materialize or should the underlying assumptions prove to be incorrect actual results may differ materially.
Also, please note that this conference call may contain certain references to non-GAAP measures. You'll find reconciliation to the GAAP measures in this morning's news release.
So now I would like to turn the call over to Stacy Locke.
Thank you, Anne, and good morning everybody. Joining me here in San Antonio is Lorne Phillips, the Chief Financial Officer.
All in all, I think we are managing through the downturn very well. We have cut a tremendous amount of cost out of the businesses, we have a solid positive EBITDA, we are active in our four core businesses and performing very well in each one of them. Wireline just took the gold medal in safety in 2015 which we're very proud of and U.S. drilling also was number one of the top 15 drilling contractors in safety in the United States in '15.
I think when you look at our total company TRIR we are the industry leader or very close to it with a total company TRIR of 0.7 which I'm extremely proud of. But overall we're busy, we're performing well, we're safe and we're earning the respect of our clients which is the greatest measure. And I'm very proud of what our team is accomplishing throughout this downturn.
Drilling down partner fund, drilling down into the segments a little bit, let's start with drilling. I mentioned up above kind of solid positive EBITDA. In drilling we have five strong contracts that last pretty much all of '16 and all of '17 generating somewhere between $5 million and $6 million per contract per year. We also have two other term contracts in existence earning somewhere between $4 million and $4.5 million a year through the third quarter. We also have additional three rigs working also contributing to EBITDA.
In 2016, unexpectedly, we had another $9 million of early term payments come in right at the beginning of this year. Our performance in drilling overall is exceptional, we're breaking performance records on a regular basis, and throughout 2015, we totally transformed our drilling fleet by selling all of the lower horsepower older kind of classification rigs and fit today with 31 rigs, 52% of which are AC powered and 94% are pad-capable. No more mechanicals exist in our fleet today.
We continue to be in discussions as kind of throughout '15 with potential sales of equipment. We continue to desire to sell four to five of the drilling rigs down in the country of Colombia and we continue to hold four rigs for sale here in the U.S. At Colombia, we have three rigs under term contracts. However the three are suspended and so unfortunately Colombia will be an EBITDA drain on us in this quarter and possibly into the second quarter until we get those rigs back to work.
Looking at the production services, businesses starting with well servicing very steady utilization there at 55%, very steady average hourly rate at 562 per hour which is down really only 9% from our first quarter of 2015. Very lucky to be working with the large independents and the majors as clients they're the ones that are active and as a result we're generating steady EBITDA each month in that business. We have downsized the marketed fleet there from the 125 total units to today where we are marketing 89 to 90 of those rigs. Our better markets are in the Eagle Ford, the Bakken, and then we have a core group of rigs that work in the underground storage and those are all steady basis of activity for us.
Looking at wireline and coil tubing kind of together, where when you look at wireline, we believe we're continuing to be one of the most active wireline, if not the most active wireline provider across the United States. We generally have 35 to 45 units out working each day. I think we're considered quite good and recognized by the variety of services that we provide.
It's not just the plug-in perk that you hear a lot, the big tickets that you see in the horizontal plays, we do, do that. So we do a lot of cement bond logs, gamma ray neutrons, free points, gyros, pipe recovery, open-hole logging, a whole variety of bond logs, bridge plugs, chemical cuts, slip line, caller, locators, et cetera. And that's really expanded for us during these times as the pump down activity has decreased. So fortunately we have that capability, we do a lot of training on that, and I believe that that will help us continue to stay busy through this downturn.
Now in wireline and in coil, we've been trying to find equilibrium between supplying equipment in the demand in the market and it's been a challenge because it's continuing to decline. I think that first quarter is kind of probably going to be the four in those business and so our cost is lagging there but we think going forward we're going to be able to manage those businesses at a minimum breakeven cash flow hopefully a little positive and we decreased the marketing fleet say of wireline steadily through the year, we’re down now to marketing about 60 of the 125 total units.
In coil, we also have been active although a little less active, but like wireline where we broadened our services and we're seeing a lot of activity in the sub-two inch pipe market, some in the two inch and some in the two and three-eighths but more of the drilling out of plugs work has been deemphasized in this market. And there again we've downsized the number of units that were actively manning and marketing to about 7 out of 17. We had previously been around 9 or 10, we brought that down lower to try to balance cost and I think we're doing a real good job of that, I think we will see the improvement in those two businesses as we get further into this quarter and into the second quarter. I think generally speaking the next couple of quarters are going to be better in the production-services business.
I'd like to turn it over now to Lorne to go through some of the financials in a little bit more detail.
Thanks, Stacy. Good morning everyone. For this last quarter, we reported revenues of $104.5 million and adjusted EBITDA of $20 million. Excluding the impact of impairment charges, net of taxes, our adjusted net loss was $16.1 million or $0.25 per share.
Some key points for the quarter include the following items. First, we amended our credit facility which reduced commitments from $300 million to $200 million and also while doing that eliminated the total debt-to-EBITDA covenant and adjusted the senior debt-to-EBITDA and interest coverage covenants to be more flexible.
The senior debt-to-EBITDA covenant increases each quarter until it reaches 4.75 times in the fourth quarter of 2016 and stays there until it began stepping down again in the third quarter of 2017. For year-end 2015, senior debt for this calculation totaled $95million borrowed on the revolver plus $17 million in letters of credit and our ratio was 0.96 times.
The interest coverage covenant is now set at 1.5 times until it decreases to 1.25 times in the third quarter of this year, and it stays there until it takes back up to 1.5 in the fourth quarter of 2017.
Also we reduced our expected 2006 capital expenditures to be approximately $25 million. That does include approximately $8 million of previously ordered long lead time equipment associated with the drilling business and new builds. And those amounts will likely be paid in late second quarter or early third quarter.
We also sold four SCR rigs for gross proceeds of $17.3 million in aggregate and classified four additional non-core drilling rigs as held for sale. So our current drilling fleet today consists of 31 rigs, of those 31, 94% are pad-capable and 52% are AC. We have 23 drilling rigs in the U.S., 16 of those are AC rigs and 88% of those 16 rigs are utilized and our SCR rigs are currently idle.
Turning now to the business segments. Production services revenue was $53.4 million down 19% from the prior quarter and gross margin was 19% down from 27%. Stacy went through the businesses there, so I'm going to move onto drilling.
Revenues in drilling were $51.1 million, up 24% from the prior quarter and utilization was 54% based on a fleet of 37 rigs.
Our margin per day was up over $2,000 a day to $13,578 as primarily due to the full benefit of the new builds we delivered through the year and the contribution from the rigs in Colombia going back to work and some about 1 million of accelerated earning not working revenue related to the sale of a rig.
If you exclude the benefit of margin from rigs earning but not working, our margin per day in the quarter would have been approximately 11,000. This compares to the prior quarter which was 7,200 including Colombia, and 8,900 if you excluded Colombia. And the reason for that increase was primarily due to cost control, I think our drilling group did a great job in both Colombia and the U.S. of controlling costs and as a result driving a little higher margin per day than we anticipated when we gave guidance on the last quarter.
And regarding consolidated operating costs per day, we reported 14,152. That number includes the impact from Colombia operator pass-through items, mobilization impacts. And so for purposes of comparing average operating costs per day in the U.S., if we put a rig back to work and compare that to current day rates in the market, we estimate that our cost per day would be approximately $12,500 to $13,500 for putting the rig back to work in the U.S. It would be closer to the $12.5 if it's working in the southern part of the U.S. and on the higher end of that if you're in the northern part.
Since 2014, we have received termination notices on 19 rigs totaling $62.8 million. The termination payments are recognized ratably over the term of the underlying drilling contracts.
We recognized $49.2 million in 2015 of which $10.3 million was in the fourth quarter. We expect to recognize $7.2 million in the first quarter of this year, $4.4 million in the second quarter, and $1.8 million in the third quarter. The revenue days associated with earning not working rigs are expected to be 296 in the first quarter of '16, 182 in the second quarter, and 72 days in the third quarter. We expect to receive the remaining $9 million of cash payments associated with the early termination notices by the end of this quarter.
As stated earlier, we have 31 rigs in our fleet today, 14 of those rigs are earning revenues under drilling contracts in the U.S. and 12 of those are under term contracts. Of those 12 that are under term contracts four are earning but not working that leaves eight that are working under term contracts and their roll off is as follows: one will be up for renewal in the second quarter of 2016, two in the third quarter of '16, one in the fourth quarter of 2017, and the remaining four expire in 2018.
For the four rigs that are currently earning but not working all four are AC rigs and two of those contracts expire this quarter and the remaining two expire in the third quarter of 2016.
In Colombia, revenue was approximately $7.2 million which was up $4.5 million due to the three rigs going back to work during the quarter. As Stacy mentioned those three rigs are now suspended and they are not earning revenue during the suspension period.
Turning now to our companywide expense items, G&A expense was $17 million in the quarter which was up 1% compared to the third quarter. The $17 million number did include approximately $1 million related to severance and lease terminations and some other legal cost that we do not expect to repeat in the first quarter. And for guidance we expect G&A expense to be in the $15.5 million to $16 million range and for the full-year we expect that number to be approximately $60 million to $64 million.
Depreciation and amortization was $35.4 million compared to $35.3 million in the prior quarter. We expect D&A to be approximately $33 million to $34 million in the first quarter and in the neighborhood of $130 million for the full-year.
Interest expense was $5.5 million in the fourth quarter and that was reduced by about approximately $0.5 million of capitalized interest. So for the first quarter, we expect that number to be higher to be approximately $6.4 million due to not having the capitalized interest of slightly higher borrowing rate due to the amendment in December.
The effective tax rate in the fourth quarter was 33%. Excluding the impact of foreign currency gains or losses and any other unusual items our effective tax rate is expected to be in the 35% to 37% range in future quarters. Also in the first quarter of 2016, we expect to recognize an annual Colombian wealth tax of approximately $0.7 million which will impact EBITDA.
After the debt repayments made earlier in 2015, we now have $95 million outstanding on our $200 million revolving credit facility, with an additional $17.3 million committed in letters of credit.
With that I'll turn it back over to Stacy for final comments.
Thank you, Lorne. I think in markets like this performance is key, and the cream typically rises to the top in tough markets and that's exactly what I'm seeing happen with Pioneer. In drilling demand is soft but the rigs that we have working are clearly outperforming. Over the whole, we are drilling our wells faster than our peers and that's really all of our peers. On rigs moves, we consistently move our latest new builds in 2 to 2.5 days which as far as I know nobody can touch that kind of track record.
And as I mentioned before we are the safest. This performance will drive demand when demand returns to the market and we expect to outperform in both utilization and in margin per day when the market recovers. However for this first quarter it's going to be saw capital spending down, demand is very light. So we're going to be conservative and guide 45% to 50% drilling utilization and margins of about 12 to 12.5 per day.
On the production services side of the business, as I've stated before our well-servicing fleet is the best in the industry bar none, highest utilization rate, highest average hourly rate and the best clientele in the business. Wire and coil are highly regarded by our clients and recognized for the broad services that we provide. While Q1 will most likely be the bottom recall than in prior cycles, the production service type of activity generally is what leads us in the recovery.
The first quarter is going to be challenging both combination of less spending but also seasonal as it is every year. So we’re guiding a further decline in revenue of 10% to 15% and margins probably down a little bit more kind of in the 15% to 20% of revenue range. But in closing, I think we are standing strong in the recovery and I believe we’re going to outperform as we come out of it.
Thank you, and be happy to answer any questions.
Thank you. We will now be conducting a question-and-answer session. [Operator Instructions]. Thank you.
Our first question comes from the line of Brian Uhlmer with GMP Securities. Please proceed with your question.
I wanted to ask a couple of quick questions first off when we’re talking about well servicing here, that’s a phenomenal job and obviously we know that you have the best equipment out there and always had the highest hourly rates. However, the decline has been much less than anticipated. And is that a factor of job mix, a factor of the cost of switch you guys off of rigs off of equipment that that’s running on similar pads for long amount of time or what do you say are the primary factors to keep those rates up there and what kind of risk do you see in the current environment to those rates?
Well, yes, I think it’s a combination of things but as I mentioned before safety plays a huge role in that because we’re extremely safe TRIR of under one in well service, it’s been a leader in safety year in, year out. And so for the type of clients they were working for that’s just a pre requisite. The second part of that is that type of client, that the clients that we’re working for are the bigger publicly traded independents and majors and they are the ones that are still active in this market. And so we have a very solid core of clients that are still doing business and they like the versatility of these larger or higher horse power taller master rigs because they can do maintenance work, they can do completion work, they can segway over 24 hour work. They have total flexibility with that caliber of an asset.
And another component of it is, I mentioned the storage wells we just have a block of rigs I think it’s close to 10 or 11 rigs that work for like the strategic reserve and chemical companies and those rigs are just extremely steady year in, year out, we’ve been on some of these projects for over a decade, and so that you kind of keep that baseline in there of that work.
But pricing we’ve had to reduced pricing but I think our performance and safety has allowed us to just kind of hold our pricing a little more favorably than others and the type of equipment we have. But we perform and we can charge a little more but bring in the performance on a safety and just operational performance and the clients are happy and they don’t want to change and they work with us on the pricing. So it’s just a very high quality operation head and toe.
Great, thanks. And on production services, if you could handicap your revenue decline across your three service lines between how much let me try and word this correctly, you're guide for revenue decline is under $15 million, is that going to be disproportionate to wireline or well servicing or coil tubing or they all going to be down about the same? And I'll just leave it at that.
Yes, Brian I would say we expect them all to be down in revenue, part of its seasonal but obviously huge impact is decrease spending of our customers. So we expect all the business lines to be down in Q1 on revenue, but more so related to wire and coil things so.
Okay. I was getting at. And my last one should hope for a quick answer, can you handicap the sale of those Colombian rigs, give us a projected timeline or are there any hot leads or is this something that is just starting to play out?
Well I would say that we have had some hot leads but they were a little harder before the most recent drop in oil prices. So I'd say it’s a little cold right now but if we get any improvement to the course of this year. I think they’re extremely nice rigs, they’re ideally suited for international work as they got all the redundant equipment that's required and all walking rigs with top drive, big 500 ton top drives and 100-man camp, so they’re really suited well for international markets, it’s just everything is so soft right now. We had interest from other South American countries and Mexico prior to this last drop in prices and I think – I think you’ll see that come back to us.
I would say there is at least a 50:50 chance; we will move some of those rigs this calendar year. I couldn’t say really any more than that because I do think things will get a little better later in the year from an oil price perspective and I think that could drive that demand back up a little bit.
Our next question comes from the line of John Watson with Simmons. Please proceed with your question. John Watson, your line is live.
Good morning. So understanding that very little visibility exist but as you look forward to Q2, you believe that current cost cutting initiatives will allow you to maintain flat to possibly higher margins in production services or will they expect to decline in Q1 into lower margins in Q2?
I think, John, I think Stacy mentioned this, but we continue to reduce cost throughout the company, and including in the first quarter. So there is going to be a benefit as we roll Q1 to Q2 of cost coming down. I think as you said the visibility is pretty limited but I think we would expect that Q2 is at least a strong for the revenue perspective better than improved seasonality in Q2 over Q1. So I hesitate to say this is the margin but, as Stacy said, we are kind of we are thinking that it’s likely Q1 is the bottom for production service. And certainly, we know we’re going to be rolling some cost savings in full quarter benefit in the second quarter.
Okay, great, and then my follow-up. Are the four rigs out for sale, will those be auctioned or will there be privately negotiated sale? And is there a point where insufficient scale exist such that you just exit Colombia altogether?
Well on the four rigs we are not in a great rush to sell them, we have done better. We sent rigs to auction at the very beginning of the year. We were the first big auction of the year of 2015. That market's probably deteriorated through the course of 2015. So we really don’t have any interest to run that equipment at auction. So we’re going to market private sale basis and take our time with it, because it’s pickled well and good shape and we’re not in a rush to sell it and we’re in dialogue with some people on in it already.
And then in Colombia, we’re pretty open I guess right now we have three rigs that are under contract, the operator expects to go back to work in April, we were making nice margins on that work before they were put in suspension. And so we certainly want to preserve that optionality to go back to work there and we think with improving pricing Colombia will also improve.
Having said that, our primary goal would be to downsize at least four rigs because for all the reasons we went there really don’t exist anymore, so we just like to make that footprint smaller more on the range of three to four running rigs and then sell the other ones. I think we had a number of people interested before the market got real soft. So we’re pretty confident that interest will return at whatever point the market gets a little favorable. So there again we’ve got all the rigs nicely stacked, rigged up, painted, looking great in a yard and we’ll have buyers come for sure at some point.
Our next question comes from the line of Daniel Burke with Johnson Rice. Please proceed with your question.
In the U.S. drilling market, Stacy, certainly there is not much of a spot market right now but you got a couple of rigs active out there in the spot side. Can you just talk about what that market is like right now and what are the prospects of being able to sustain what you got in the spot market and potentially add a couple of rigs on the spot side given your phasing you got a couple of idling on the AC side and we’ll hit some contracts rollovers later on?
Yes, that’s a good point. In this market there is very little demand for equipment, we were able to take a rig that came off term at the beginning of this year and we were able to put it with another operator and now we’ve got it with the second operator after the current well is over. So we’re hopeful that the top performing rig, we're helpful that rig we can keep active but there is no guarantees but I’m optimistic about it because it’s really performed for everybody that its worked for.
And then the other spot rig is up in the Marcellus and that well is also performing very well and we have indication on the clients that that work will continue. So I think we feel fairly good about those coupled rigs and then we’re in conversations I think kind of everything shutdown in Q1 in terms of discussions we’re having in Q4 about Q1.
But I don’t think that’s going to last through the year, there is a lot of term contracts of our peers rolling off in the first and second and third quarter of this year, and what we’ve had a number of conversations with folks about high grading rigs that can perform a little better, move a little faster, are more flexible on pads than some of these other rigs out there. And so we’re pretty optimistic that even in a soft market like we have as these terms roll off and they want to keep some semblance of program going, we’re going to have an opportunity to move a rig and as a replacement and I think that, I feel pretty comfortable even in a soft market we’ll be able to put two or two, three rigs back to work over the next three, six months.
Now if you had any sort of improvement at all, I think that could go up quite materially but we just don’t have the improvement yet. I think it’s going to get better and when it gets better rigs that perform are going to go back to work kind of what point I was making earlier. So I think we will go back to work. But we I think we go back to work even if it doesn’t improve a little bit but a lot more, so if we get some green shoots of recovery out there.
That’s helpful. So one of the two idle ACs is the last build delivery I assume.
Yes. What we stripped, you may recall we had an opportunity to strip the term contract off of that last new build which is 84 and apply the contract to an existing AC rig for the same client that have used it previously that they had early termed out. And the client we gave him a little discount one the day rate and they didn't have to mow the rig from Huston all the way to their. So they saved on that, got to use that rig. So we still have that new build that it was committed at one point in December and then it was uncommitted like a day later, but it's just that kind of market. But we're -- we think as things -- we're not going to just pull it out the yard to go to work for anybody, we're looking for the right client, ideally a new client and that wants to try some performance.
And so we're going to take our time and put it out preferably in Texas and wait till we have a right opportunity. We're not expecting to make the big day rate on it, but just get it to work for our new client that could drive demand for more rigs like it down the road a year or two.
That's helpful. And then the last one for Lorne, any thoughts on working capital trend here in Q1 '16 as you take in a little bit of early term revenue. And historically it hadn't been a great quarter for sourcing funds out of working capital, but as the top-line coming down, Lorne, any thoughts on Q1?
Yes. I think we might pull a little bit out of working capital, but the majority came out in 2015 and so there might be a little bit more in Q1 as we have guided down on the top-line. And obviously, with Colombian rigs being down and then we collect down there that also could hope drive pulling a little bit of cash out of working capital.
Our next question comes from line of Ken Sill with Seaport Global. Please proceed with your question.
Wanted to follow-up on Colombia real quick. One was kind of a housekeeping question. But how many days did you guys work in Colombia in Q4 and did those rigs work any at all in January?
I don't believe that we give those days out publicly. But -- so I think that -- well, what I would say in January is we did have one rig working for most of January before it was put on suspension. And then during the third quarter they were working through most of the quarter, the three rigs.
Okay. And on the term of those contracts, so you're going to have some negative EBITDA because those are carry, because the rigs are just suspended. And right now you're saying they come back in April. Is that kind of dependent on commodity price or is it just the customer has the option to kind of stop and start given the market conditions whenever they're comfortable going forward again?
Well, they -- obviously, they -- given that they're on suspension without revenue, they do have that right. So it is dependent on our understanding on some improvement in commodity prices, it's unclear exactly how much improvement is required. So the guidance we're giving is that we don't expect -- our guidance assumes that we don't expect those rigs to go back to work in the first quarter. And then we'll see how the second quarter goes.
That's fair enough. And I wanted to double check, you said you have another four rigs for sale in the U.S. that are SCR rigs?
Yes, good question. There are four rigs held for sale. The held for sale rigs are all US rigs. And then in Colombia --
Those are three mechanical and one SCR.
And those are in the US. And then the Colombia rigs that Stacy was talking about are not classified held for sale, because as he said, we may -- they could be marketed and go to work. So -- but we'd also said we would entertain selling it in the right situation.
So out of the 31 rigs you have left in the fleet those three mechanicals that were held for sale aren't included in that 31?
Correct. So it's 31 over half of them were AC and then you got one SCR and three mechanical rigs for sale in the US plus you'll sell in Colombia if the opportunity arises?
Okay. That clears it up for me. Thanks. That's all.
Okay. Thank you.
Our next question comes from line of Jason Wangler with Wunderlich Securities. Please proceed with your question.
Hey, good morning guys. Just looking on production side, as far as the equipment you're kind of stacking for now, is there a much of a CapEx spend that would be required to bring that stuff back out and get to work just kind of just dovetailing with your comments about seeing some improvement hopefully throughout the year. Just kind of your thoughts on how to manage that again inventory so to speak? And is there any associated cost with that?
I would say that very little on the drilling side, very little on the coil, wireline side. Some of the well servicing rigs are ones -- we do a full re-inspection of the mass every 10 years and sandblasted and check all the wells and prime and paint it. We do a complete overhaul, basically, every 10 years. So some of the earlier ones that we stacked were ones that we're at or approaching that point, and so in order for us to put it back in the service we would do that work first. Yes, that was going to be required whether there is a downturn or not. So we wouldn't put a rig back to service without doing that complete inspection. So that's just a kind of -- that would be required on a handful of rigs probably.
Okay. Would have been I guess -- just -- I mean it seems like it's relatively nominal, and I guess my question too, is it based on the kind of $25 million that you're looking at? If we get there would that be the good thing that if we got incremental activities that you would be bringing those output, obviously there would be incremental revenues going on with them?
Well, we would bring out the equipment that doesn't require any CapEx first. So you wouldn't -- in that $25 million it wouldn't include those types of things because we don't expect to get down to that level in this market.
Next year we -- if the market really got heated up in the back half of the year when drilling off, rolling off, we know we might amend our CapEx guidance if we needed to pull that equipment out, but I think that's an unlikely scenario.
Thank you, Mr. Locke; it appears we have no further questions at this time. I would now like to turn the floor back over to you for closing comments.
Okay. Well, thank you all very much for participating on today's call, and we look forward to a brighter future later in '16. Thank you.
Ladies and gentlemen this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation. And have a wonderful day.
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