Canyon Services Group Inc. (TSX:FRC) reports fourth quarter and year 2009
results

CALGARY, March 9 /CNW/ - Canyon Services Group Inc. ("Canyon") today announced its fourth quarter 2009 and year 2009 results. The following should be read in conjunction with the Management's Discussion and Analysis, the consolidated financial statements and notes of Canyon Services Group Inc. for the year ended December 31, 2009 which are available on SEDAR at www.sedar.com.

2010 OUTLOOK

Exploration and production companies have increasingly changed their focus to the exploration and development of unconventional resource plays that hold both oil and natural gas. Many of these shales and tight sand plays holding natural gas (Montney, Horn River, etc) were previously uneconomic due to a lack of technology required for the effective drilling and completion of wells into these reservoirs. Horizontal drilling technology combined with multistage fracturing programs have made the development of these plays economic at prices lower than those required for the development of conventional oil & natural gas reservoirs. E&P companies have also started to apply these horizontal drilling and multistage fracturing techniques to conventional resources such as shallow and deep oil plays such as Viking oil in Eastern Alberta and Cardium oil in Western Alberta. These natural gas and oil plays will continue to be the highlight of Western Canadian activity and correspondingly we believe that demand for multistage fracturing programs will continue to grow, as they have become integral to completion programs for a variety of oil and natural gas bearing reservoirs. This focus on fracturing has caused a dramatic increase in the demand for pressure pumping services as the number and size of fractures per well have increased significantly. Hydraulic horsepower deployed per well has increased to as high as 20,000 - 45,000 in deep horizontal wells in tight gas and shale plays such as the Montney or Horn River. The equipment is also on location for much longer as the completion programs have evolved to multi-stage programs that may require several days to complete. This change in completion methods has resulted in much improved utilizations and job sizes to-date in 2010 and these trends are expected to continue for the remainder of 2010 and also for 2011.

The improvement in commodity prices late in 2009 and the expansion of 2010 exploration and development budgets has resulted in higher activity across the well stimulation business. Drilling rig utilization climbed from 53% from the first of January to 70% in late Q1 2010, after averaging only 25% for the 2009 year. In addition, with strengthening oil prices and more stable natural gas prices, investors have returned to the energy industry, evidenced by the number of equity issuances in late 2009 and in early 2010, providing exploration and development companies with the financial flexibility to increase capital programs. As a result, industry analysts are forecasting a meaningful increase in industry activity for 2010 with a well count in the range of 11,000 to 14,000 compared to less than 9,500 in 2009.

Canyon expects significantly improved financial and operating results in 2010, compared to 2009. The previously announced $45 million capital program is well underway and on schedule to add 50,000 hydraulic horsepower of pumping capacity to its fleet, as well as related equipment including high rate blenders and sand handling equipment. Following completion of the capital program in Q2 2010, Canyon's fracturing equipment fleet will increase to 75,000 hydraulic horsepower. In conjunction with this capital expansion, Canyon has been steadily adding qualified personnel required to meet the demands of drastically increased activity levels and revenues experienced to-date in 2010 and expected for the remainder of the year and 2011. Canyon will be ideally positioned to execute its plans to expand its market share in multistage hydraulic fracturing services throughout Alberta and northeast British Columbia. Canyon also expects to expand its operating presence to service the Bakken and Shaunavon oil plays in Saskatchewan. We will also continue to focus on deploying its Grand Canyon LWP(TM) technology as it has proven to be effective in improving the economic return of oil and natural gas reservoirs. Given the positive outlook for pressure pumping, and Canyon's expanding market share, Canyon will be expanding its previously announced capital budget in the first half of 2010.

OVERVIEW OF FOURTH QUARTER AND YEAR 2009

The 2009 year was a difficult year for the energy services industry. Oil and natural gas industry activity levels were significantly impacted by natural gas prices and by recent global economic events. The average 2009 WTI oil prices and Nymex natural gas prices declined approximately 53% and 38% respectively from 2008 levels. In response, Canyon's customers reined in exploration and development budgets for 2009, as they carefully managed cash flows and credit facilities over the course of the year. As a result, the key indicators for utilization of stimulation equipment, well licensing activity and drilling rig utilization, significantly trailed prior year's levels. Well licenses issued and drilling rig utilization rates in 2009 were 46% and 39% lower respectively than in 2008. The reduction in industry-wide activity throughout the year significantly impacted Canyon's revenues which declined 35% to $47 million in 2009 from $72 million in 2008. However, despite the lower annual revenues, Canyon succeeded in implementing its strategy to expand into the deeper segments of the WCSB, adding to the Company's portfolio of large, horizontal, multi-stage fracs in the Montney. This resulted in increases of 23% and 43% respectively in the average revenue per job in the Hydraulic Fracturing Division for the three and twelve months ended December 31, 2009, over the comparable 2008 periods.

To capitalize on the Company's success penetrating the deeper segments of the market, Canyon completed a $50 million equity financing and commenced a $45 million capital program in the fourth quarter to increase the hydraulic horse power pumping capacity of its equipment fleet, tripling its capacity to 75,000 hydraulic horsepower by the end of second quarter 2010.

The fourth quarter of 2009 has shown signs of a modest recovery that continues to gather strength as we progress through the first quarter of 2010. In Q4 2009, WTI oil prices have increased by 29% over Q4 2008 and by 12% over the previous quarter, Q3 2009. The Nymex natural gas spot price increased by 43% over the previous quarter, Q3 2009, and has shown further improvement in Q1 2010. The recent positive trend in commodity prices, along with increased access to capital by exploration and development companies, has translated into expanded exploration and production budgets resulting in much improved activity levels across the well stimulation industry, with well licenses issued and drilling rig utilization rates for Q4 2009 higher by 98% and 57% respectively over the previous Q3 2009. Although the drilling rig utilization rate averaged 33% in Q4 2009, the rate was about 53% in the first week of January 2010 and has grown steadily to 70% by the mid-point of Q1 2010.

In Q4 2009, Canyon recorded revenues of $14 million, an increase of 187% over Q3 2009 when industry activity was at an historic low. Importantly, the fourth quarter experienced activity levels improving slowly each month, leading to the month of December being the strongest month for revenues recorded since February 2009. This was achieved in a month when industry activity usually slows for the holiday season.

The operating and financial highlights for the three and twelve months ended December 31, 2009 may be summarized as follows:

Operating and Financial Highlights

    
    -   On October 28, 2009, Canyon issued 10,000,000 common shares at $2.00
        per common share pursuant to a bought deal prospectus offering,
        concurrent with an offering of 15,000,000 common shares at $2.00 per
        common share pursuant to a private placement, resulting in the total
        issuance of 25,000,000 common shares for gross proceeds of
        $50 million and net proceeds after fees and expenses of approximately
        $47 million.
    -   In connection with the private placement with limited partnerships
        comprising ARC Energy Fund 6, Mr. Douglas Freel, Senior
        Vice-President of ARC Financial Corp. was appointed to the Canyon
        board of directors effective as of October 28, 2009.
    -   With these proceeds, Canyon's fracturing equipment fleet will
        increase to a capacity of 75,000 hydraulic horsepower to allow the
        Company to continue its focus on larger, high-rate treatments in
        northeast British Columbia, northwestern Alberta and in Saskatchewan.
        The $45 million capital program is scheduled to be completed in
        Q2 2010. As at December 31, 2009, $16 million of this program has
        been spent.
    -   Canyon's continued penetration into the deeper segments of the market
        resulted in the Hydraulic Fracturing Division contributing 59% of
        consolidated revenues, or $28 million, compared to 41%, or
        $30 million, in 2008 and the average revenue per job within this
        division increasing by 23% in 2009 over 2008.
    -   The consolidated average revenue per job for all divisions increased
        by 15% to $48,044 in 2009 from $41,955 in 2008.
    -   In Q4 2009, Canyon completed 291 jobs compared to 611 jobs completed
        in Q4 2008, while for the 2009 year total jobs completed decreased to
        980 from 1,725 in 2008 due to the significant reduction in industry
        activity in response to weak commodity prices and recent global
        economic events.
    -   EBITDA before stock option expense of $1.4 million in Q4 2009
        improved considerably from the negative $2.1 recorded in Q3 2009.
        However, EBITDA before stock option expense in Q4 2009 declined
        significantly from the $7.6 million earned in Q4 2008 due to weaker
        demand across the industry for well stimulation services. This has
        resulted in a loss before income taxes of $1.9 million in Q4 2009
        compared to income before income taxes of $4.3 million in Q4 2008.
    -   Annual 2009 EBITDA before stock option expense was $0.2 million
        compared to $9.8 million for 2008, while the loss before income taxes
        was $11.1 million in 2009 compared to a loss before income taxes of
        $2.4 million in 2008.
    -   As at December 31, 2009, the Company's available cash and credit
        facilities total $49 million to fund the remaining $29 million of
        expenditures under the capital program.


    QUARTERLY COMPARATIVE STATEMENTS OF OPERATIONS

    Quarter Ended                                  December 31,  December 31,
                                                          2009          2008
    -------------------------------------------------------------------------
                                                    (unaudited)   (unaudited)

    Revenues                                       $13,972,096   $29,006,991

    Expenses
      Operating                                     10,712,005    19,246,032
      Selling, general and administrative            1,892,690     2,124,602
      Stock-based compensation expense                 560,775       570,918
      Interest on long-term debt                       361,792       307,916
      Other interest                                     6,705        29,775
      Depreciation and amortization                  2,314,524     2,382,322
                                                  ---------------------------
    Income (loss) before income taxes               (1,876,395)    4,345,426

                                                  ---------------------------

      Income taxes-current                                   -             -
      Income taxes-future                                    -        69,550
                                                  ---------------------------
                                                             -        69,550
                                                  ---------------------------
    Net comprehensive income (loss)                $(1,876,395)   $4,275,876
                                                  ---------------------------
                                                  ---------------------------

    EBITDA before stock option expense(1)           $1,367,401    $7,636,357
                                                  ---------------------------
                                                  ---------------------------

                                                  ---------------------------
                                                  ---------------------------
    Income (loss) per share:

      Basic                                             $(0.05)        $0.19
      Diluted                                           $(0.05)        $0.19
                                                  ---------------------------
                                                  ---------------------------

    Note(1): See Non-GAAP Measures.
    

Revenues

Consolidated revenues for Q4 2009 declined to $14.0 million compared to the record $29.0 million earned in Q4 2009 as a result of the unprecedented decrease in industry-wide demand by E&P companies for well stimulation services throughout 2009. However, the improvement in industry-wide activity levels late in Q4 2009 resulted in the month of December being the strongest month for revenues recorded since February 2009. The job count in Q4 2009 was 291 compare to 611 for Q4 2008.

Operating Expenses

Operating expenses in Q4 2009 were $10.7 million, or 77% of revenues, compared to $19.2 million, or 66% of revenues, for the comparable quarter of 2008. Operating costs include a significant fixed component comprising salaries and wages for field and support staff, insurance, licenses and registrations for the equipment fleet, safety, laboratory, communications, and operating base costs. These fixed costs were managed by Canyon throughout 2009 with cost cutting measures introduced in late March 2009, including staff reductions, wage rollbacks and suspension of certain benefits.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased to $1.9 million in Q4 2009 from $2.1 million in Q4 2008 due to wage rollbacks and suspension of certain benefits introduced in late March 2009 in response to industry conditions.

Stock-Based Compensation Expense

Stock-based compensation expense represents the value assigned to the granting of options and incentive-based units under the Company's Share Purchase Option Plan and Stock Based Compensation Plan respectively, using the Black-Scholes model. For Q4 2009, $0.2 million (2008 - $0.6 million) was charged to expenses and included in contributed surplus in respect of these two plans. In addition, obligations for payments under the Company's Deferred Share Unit Plan are accrued as stock-based compensation expense over the vesting period. The accrued liability increases or decreases with fluctuations in the price of the Company's common shares, with a corresponding increase or decrease in the stock-based compensation expense. This expense totaled $0.4 million for Q4 2009 (2008 - $nil) and included in accounts payable and accrued liabilities.

EBITDA (See Non-GAAP Measures)

In Q4 2009, the significant reduction in industry activity that existed for most of 2009 has resulted in EBITDA before stock based compensation expense of $1.4 million, significantly lower than the amount of $7.6 million recorded in Q4 2008. The Q4 2009 EBITDA before stock based compensation expense of $1.4 million consists of loss before income taxes of $(1.9) million, plus depreciation and amortization of $2.3 million, plus interest on long-term debt and other interest of $0.4 million, plus stock-based compensation expense of $0.6 million. The comparable Q4 2008 EBITDA before stock based compensation expense of $7.6 million consists of income before income taxes of $4.3 million, plus depreciation and amortization of $2.4 million, plus interest on long-term debt and other interest of $0.3 million, plus stock-based compensation expense of $0.6 million.

Interest Expense

Interest on long-term debt and other interest was $0.4 million for Q4 2009, compared to $0.3 million for Q4 2008. Q4 2009 includes $0.3 million in deferred financing costs charged to expense upon full repayment of the Term Facility from proceeds of the equity financing. Therefore, actual interest paid in Q4 2009 was $0.1 million compared to $0.3 million in Q4 2008. The decrease is due to lower debt levels following repayment of $20 million in debt following completion of the equity financing in October 2009.

Depreciation Expense

Depreciation expense was recorded at $2.3 million in Q4 2009, largely unchanged from the $2.4 million recorded in Q4 2008.

Income Tax Expense

At the expected combined income tax rate of 29.0%, the loss before income taxes for Q4 2009 of $(1.9) million would have resulted in an expected income tax recovery of approximately $(0.5) million compared to the actual recovery of nil. The expected future income tax recovery was reduced by $0.4 million as a result of the effect of stock based compensation, other non-deductible expenses and future tax rate differences, and reduced by $0.1 million as a result of the effect of a future income tax valuation allowance.

Net Comprehensive Income (Loss) and Income (Loss) per Share

Net income (loss) and comprehensive income (loss) totaled $(1.9) million for Q4 2009, compared to $4.3 million in Q4 2008. The decrease in income is due to the significant decrease in demand by exploration and production companies for well stimulation services in response to downward natural gas prices.

For the quarter ended December 31, 2009, basic and diluted income (loss) per share was $(0.05), compared to basic and diluted income per share of $0.19 recorded in Q4 2008.

    
    2009 YEAR-TO-DATE COMPARATIVE STATEMENTS OF OPERATIONS

    Year Ended                                     December 31,  December 31,
                                                          2009          2008
    -------------------------------------------------------------------------

    Revenues                                       $46,932,062   $72,371,527

    Expenses
      Operating                                     40,038,477    55,256,260
      Selling, general and administrative            6,646,589     7,318,402
      Stock-based compensation expense               1,282,568     1,168,607
      Interest on long-term debt                       826,009     1,413,411
      Other interest                                    63,843       166,737
      Depreciation and amortization                  9,203,459     9,403,178
                                                  ---------------------------
    Loss before income taxes                       (11,128,883)   (2,355,068)
                                                  ---------------------------

      Income taxes-future reduction                    (69,550)     (326,177)
                                                  ---------------------------
    Comprehensive loss                            ($11,059,333)  ($2,028,891)
                                                  ---------------------------
                                                  ---------------------------

    EBITDA before stock option expense(1)
     (unaudited)                                      $246,996    $9,796,865
                                                  ---------------------------
                                                  ---------------------------

    Loss per share:
      Basic                                             ($0.42)       ($0.09)
      Diluted                                           ($0.42)       ($0.09)
                                                  ---------------------------
                                                  ---------------------------
    Note(1): See Non-GAAP Measures.
    

Revenues

For the year ended December 31, 2009, consolidated average revenue per job increased by 15% to $48,044 from $41,955 in 2008 due to Canyon's increasing penetration into the deeper segment of the market by completing larger, multi-stage fracs in northeast British Columbia. However, the significant drop in the industry-wide demand for well stimulation services resulted in a lower job count and revenues in the current year compared to the 2008 period. For the year ended December 31, 2009, the job count declined to 980 jobs completed compared to 1,725 in 2008.

Operating Expenses

Operating expenses for the year ended December 31, 2009 decreased by 28% to $40.0 million from $55.3 million in 2008 due to the lower job count. The 28% decrease in operating costs does not match the 35% decrease in revenues due to the fixed component which includes salaries and wages for field and support staff, insurance, licenses and registrations for the equipment fleet, safety, laboratory, communications, and operating base costs. However, in late March 2009, to mitigate the impact of fixed operating costs in an environment of reduced industry activity, Canyon introduced significant cost-cutting measures resulting in a 23% reduction in the fixed component of operating costs in the second half of 2009 compared to the second half of 2008. Canyon's current level of fixed operating costs will support a much higher level of activity, with the result that, when the industry returns to more normal activity levels, Canyon will incur fixed costs at a proportionately lesser rate for the additional job activity, as the necessary operating infrastructure is mostly in place.

Selling, General and Administrative Expenses

Selling, general and administrative expenses have decreased by 9% to $6.6 million in 2009 from $7.3 million in 2008, largely due to cost cutting measures introduced in late March 2009, principally a wage rollback across the company. Management expects that SG&A will grow at a proportionately lesser rate as the Company's operating activities continue to expand, as much of the back-office infrastructure necessary to support expanded operational activities is in place.

Stock-Based Compensation Expense

Stock-based compensation expense represents the value assigned to the granting of options and incentive-based units under the Company's Share Purchase Option Plan and Stock Based Compensation Plan respectively, using the Black-Scholes model. For 2009, $0.9 million (2008 - $1.2 million) was charged to expenses and included in contributed surplus. In addition, obligations for payments under the Company's Deferred Share Unit Plan are accrued as stock-based compensation expense over the vesting period. The accrued liability increases or decreases with fluctuations in the price of the Company's common shares, with a corresponding increase or decrease in the stock-based compensation expense. This expense totaled $0.4 million for 2009 (2008 - $nil) and included in accounts payable and accrued liabilities.

EBITDA (See NON-GAAP MEASURES)

In the year ended December 31, 2009, EBITDA before stock-based compensation expense was $0.2 million, significantly lower than the $9.8 million of EBITDA before stock based compensation expense recorded in 2008. The decrease is due to the lower job count and revenues in 2009 as previously discussed. The 2009 EBITDA before stock based compensation expense of $0.2 million consists of loss before income taxes of $(11.1) million, plus depreciation and amortization of $9.2 million, plus interest on long-term debt and other interest of $0.9 million, plus stock-based compensation expense $1.3 million, less future income tax reduction of $0.1 million. The comparable 2008 EBITDA before stock based compensation expense of $9.8 million consists of loss before income taxes of $(2.0) million, plus depreciation and amortization of $9.4 million, plus interest on long-term debt and other interest of $1.6 million and stock based compensation expense of $1.2 million less future income tax reduction of $0.4 million.

Interest Expense

Interest on long-term debt and other interest decreased to $0.9 million in 2009 compared to $1.6 million for the year ended December 31, 2008. Included in the 2009 interest expense is $0.3 million in deferred financing costs which was charged to expense upon full repayment of the Term Facility in November 2009 from proceeds of the equity financing. The decreased interest expense in the current year is due to lower debt levels.

Depreciation Expense

Depreciation expense was $9.2 million for the year ended December 31, 2009, largely unchanged from the $9.4 million recorded in 2008.

Income Tax Expense

At the expected combined income tax rate of 29%, loss before income taxes for the year ended December 31, 2009 of ($11.1) million would have resulted in income tax recovery of approximately ($3.2) million compared to the actual provision for a future income tax recovery of ($0.1) million. The future income tax recovery was reduced by $0.7 million as a result of the effect of stock based compensation, other non-deductible expenses and future tax rate differences, and reduced by $2.4 million as a result of the effect of a future income tax valuation allowance.

Comprehensive Loss and Loss per Share

Net loss totaled ($11.1) million for the year ended December 31, 2009, higher than the net loss of ($2.0) million for the comparable 2008 year, primarily due to lower activity levels and revenues in the current year caused by a significant reduction in demand by exploration and development companies for well stimulation services as a result of weak natural gas prices and global economic uncertainty.

Basic and diluted loss per share for the year ended December 31, 2009 was ($0.42), compared to the basic and diluted loss per share of ($0.09) in 2008.

NON-GAAP MEASURES

The Company's Consolidated Financial Statements are prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") and are reported in Canadian currency.

The term "EBITDA" is used in this document to refer to Earnings from continuing operations before interest, taxes, depreciation and amortization. EBITDA before stock-based compensation expense is also used in this document. EBITDA is not a term recognized under Canadian GAAP and does not have a standardized meaning prescribed by GAAP. While management of the Company believes that EBITDA is commonly used, and is a useful measure for readers in evaluating financial performance of the Company, the Company's method of calculating EBITDA may differ from, and therefore, not be comparable to similar measures provided by other reporting issuers.

The following table provides a reconciliation of net comprehensive income (loss) under GAAP as disclosed in the consolidated statements of operations to EBITDA before stock compensation expense.

    
    -------------------------------------------------------------------------
                           Three months ended             Years ended
                         December 31 (Unaudited)     December 31 (Unaudited)
    -------------------------------------------------------------------------
                           2009          2008          2009          2008
    -------------------------------------------------------------------------
    EBITDA before stock
     compensation
     expense            $1,367,401    $7,636,357      $246,996    $9,796,865
    -------------------------------------------------------------------------
    Add (Deduct):
      Depreciation and
       amortization     (2,314,524)   (2,382,322)   (9,203,459)   (9,403,178)
      Interest on
       long-term debt     (361,792)     (307,916)     (826,009)   (1,413,411)
      Other interest        (6,705)      (29,775)      (63,843)     (166,737)
      Stock-based
       compensation       (560,775)     (570,918)   (1,282,568)   (1,168,607)
      Income taxes               -       (69,550)       69,550       326,177
    -------------------------------------------------------------------------
    Net comprehensive
     income (loss)     $(1,876,395)   $4,275,876  $(11,059,333)  $(2,028,891)
    -------------------------------------------------------------------------


                         FORWARD-LOOKING STATEMENTS
    

This document contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "guidance", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "budget", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this document contains forward-looking information and statements pertaining to the following: future oil and natural gas prices; future results from operations; future liquidity and financial capacity and financial resources; future costs, expenses and royalty rates; future interest costs; future capital expenditures; future capital structure and expansion; the making and timing of future regulatory filings; and the Company's ongoing relationship with major customers.

The forward-looking information and statements contained in this document reflect several material factors and expectations and assumptions of the Company including, without limitation: that 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; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; certain commodity price and other cost assumptions; the continued availability of adequate debt and/or equity financing and cash flow to funds its capital and operating requirements as needed; and the extent of its liabilities. 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 to be correct.

The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Such information and 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 information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company's services; unanticipated operating results; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in the development plans of third parties; increased debt levels or debt service requirements; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; reliance on industry partners; and certain other risks detailed from time to time in the Company's public disclosure documents (including, without limitation, those risks identified in this document and the Company's Annual Information Form).

The forward-looking information and statements contained in this document speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

SOURCE Canyon Services Group Inc.

For further information: For further information: Brad Fedora, President and CEO, Canyon Technical Services Ltd, Suite 1600, 510-5th Street S.W., Calgary, Alberta, T2P 3S2, Phone: (403) 290-2491, Fax: (403) 355-2211; Or Barry O'Brien, Vice President, Finance and CFO, Canyon Technical Services Ltd, Suite 1600, 510-5th Street S.W., Calgary, Alberta, T2P 3S2, Phone: (403) 290-2478, Fax: (403) 355-2211

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