Picture supply: The Motley Idiot.
Oil-Dri Of America (NYSE: ODC)
Q3 2023 Earnings Name
Jun 09, 2023, 11:00 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Individuals
Ready Remarks:
Operator
Good day, and thanks for standing by. Welcome to the Oil-Dri Company of America Q3 fiscal 12 months 2023 teleconference. Presently, all contributors are in a listen-only mode. Please be suggested that right this moment’s convention is being recorded.
I might now like at hand the convention over to your speaker right this moment, Dan Jaffee, president and chief government officer. Please go forward.
Dan Jaffee — President and Chief Govt Officer
Thanks, and welcome, all people, to our third-quarter teleconference. I would wish to evaluation with you the people who find themselves on. We’re conducting this nearly. So, we’re not all in the identical room, however we’re all on and accessible to reply questions.
Susan Kreh, CFO and CIO; Aaron Christiansen, VP of operations; Wade Robey, VP of ag and president of Amlan Worldwide; Chris Lamson, group VP of retail and wholesale; Laura Scheland, VP of strategic partnerships and basic counsel; David Atkinson, VP, company controller; and Leslie Garber, supervisor of investor relations. And, Leslie, please stroll us by means of the protected harbor.
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Leslie Garber — Investor Relations Supervisor
Thanks, Dan, and welcome, everybody. On right this moment’s name, feedback could comprise forward-looking statements relating to the corporate’s efficiency in future intervals. Precise leads to these intervals could materially differ. In our press launch and in our SEC filings, we spotlight various essential danger components, tendencies, and uncertainties which will have an effect on our future efficiency.
We ask that you just evaluation and take into account these components in evaluating the corporate’s feedback and in evaluating any funding in Oil-Dri inventory. Thanks for becoming a member of us. Dan?
Dan Jaffee — President and Chief Govt Officer
Nice. Yeah. I would wish to make some basic remarks, after which, I am going to flip it over to Susan Kreh for some extra detailed remarks. What you are seeing is a superb quarter, and it is the end result of a workforce that’s working very properly collectively in each side of the enterprise, each our line workforce and our assist workforce are pulling collectively to make this occur.
And so, I simply need to be sure I thank and acknowledge our workforce. It was an amazing quarter, and we imagine — even when I am trying on the inventory value is doing, and it is operating up, and I am going to allow you to guys do your personal math, however no matter type of EPS you need to apply for a 12 months and any type of a number of you need to do, you may see that we should always have a variety of upward strain on the inventory value. So, the board has approved us to be opportunistic. We’re producing a variety of money and to restart our inventory buyback program.
So, we will likely be opportunistic with it. We’ll abide by all of the coaching guidelines that we have to do, however we see our inventory as a very good purchase at this degree. Susan, I am going to flip it over to you for a number of the particulars.
Susan Kreh — Chief Monetary Officer and Chief Data Officer
Positive. Thanks, Dan. So, throughout our final two investor calls, we have talked in regards to the optimistic momentum we’re experiencing within the enterprise as our complete workforce is concentrated on serving our clients and dealing to revive pre-pandemic margins. Through the third quarter, Aaron Christiansen and the whole provide chain workforce achieved an all-time excessive in on-time shipments, thus offering excellent service to our clients.
Our gross sales groups have additionally been very profitable in taking value to the market. And whereas we have now not but recovered margins to our pre-pandemic ranges, we made vital progress throughout the quarter and rising our gross revenue margin to 26.1% from 22.6% throughout the prior quarter, whereas on the similar time, rising our internet gross sales 23% over the third quarter and the prior 12 months. Most of that development resulted from pricing initiatives to get well price will increase and restore our margins. Nevertheless, we additionally had significant quantity development of 25% inside our business-to-business phase, which on a consolidated foundation, was offset by the purposeful shedding of some low-profit quantity inside our retail and wholesale phase.
Throughout our fiscal third quarter, the Oil-Dri workforce achieved one other main milestone. As of April thirtieth, 2023, Oil-Dri is absolutely funded, outlined profit pension plan was terminated, and all funds have been dispersed. The accounting for this was a nonrecurring noncash cost of 4.8 million internet of tax, ensuing from the mix of recognizing the unrealized losses on our pension investments and the switch of our surplus to our outlined contribution 401(ok) plan for the advantage of our contributors. For these of you who’re involved in extra particulars, yow will discover them in Observe 10, pension, and different post-retirement advantages in our 10-Q submitting.
And as a reminder, the third quarter within the prior 12 months additionally included a major nonrecurring noncash cost of 4.5 million internet of tax associated to the impairment of goodwill related to our retail and wholesale phase. One closing metric I wish to touch upon is money era throughout the third quarter. So, for the primary 9 months of fiscal 2023, internet money offered by working actions was 36.8 million, which compares to five.5 million within the prior fiscal 12 months. Of the 36.8 million within the present 12 months, 21.9 million or 60% of internet money offered by working actions was generated throughout this very robust fiscal third quarter.
Our money priorities proceed to be investing and reinvesting in our enterprise with a deal with future development actions; alternatives to assist our clients whereas sustaining our present asset base; supporting our dividend, which we simply elevated for the twentieth straight 12 months; sustaining sufficient monetary energy to assist strategic M&A as targets change into accessible; adopted by, as Dan simply mentioned, opportunistically repurchasing shares of our inventory after we imagine the valuation justifies this, which we do now. And so, with that, Dan, I am going to flip it again over to you for any extra feedback you might need and for Q&A.
Dan Jaffee — President and Chief Govt Officer
Nice. Thanks, and thanks to your recap. Yeah. What I wished to speak about since you talked in regards to the — I keep in mind the way you stated it, you stated it very properly, be purposeful shedding of some unprofitable enterprise.
So, I feel most people on the decision could have heard of the idea of moneyball because it utilized to Main League Baseball. So, at Oil-Dri, we play moneyball the place we actually attempt to get into the info and the main points and make selections as a result of we do have a nonrenewable useful resource. And we at all times need to stay as much as our mission of making worth from sorbent minerals. So, I assumed it was fascinating to — and I’ve talked about a variety of these metrics earlier than through the years.
However usually, again across the flip of the century from ’99 by means of ’04, we did over 1,000,000 tons a 12 months, but our common promoting value was round $155 a ton. This 12 months — these previous years, we perform a little over 800,000 tons. So, 22 years later, our quantity is down 20%, however our common promoting value within the quarter was $530-ish a ton. And subsequently — then a variety of that’s inflation and so forth and so forth.
So, it did not all go to the underside line, however we have been making as little as $30, $28 a ton again in ’01 on these million tons. And within the quarter, we made $138 a ton gross revenue. So, that is that 26% that Susan talked about. So, I simply — I at all times need the buyers to be conscious.
We don’t develop for development’s sake. And we — any time we’re operating out of capability in a sure line, we glance and see if there’s some low-margin enterprise that is gumming it up that we elevate costs. If it matches, nice. Which means the shopper worth it.
If it would not, it goes away, and we clear these runways for the newer quicker jets that we’re promoting, the place we’re actually partnering with our clients so as to add actual worth. And a part of that worth is our high quality and our service. And big kudos to Aaron and his workforce for setting our all-time document and on-time deliveries within the quarter, which is a unbelievable job by the provision chain. We at all times discuss how our gross sales workforce will get the primary order, however our provide workforce will get two by means of infinity and assist workforce.
Each repeat order is as a result of we have now met or exceeded our clients’ expectations. After which, they reward us with a follow-up order. And so, we attempt to reearn their enterprise every single day. Leslie, I’ll flip it to you as a result of we do have various good questions from our fateful shareholders.
And we wish to cowl as a lot of them as we will.
Leslie Garber — Investor Relations Supervisor
Nice. Thanks, Dan. [Operator instructions] We have already got a bunch of questions within the queue, so I am going to begin proper now. The primary one is from Sarah Donnelly at Gabelli Funds, and he or she requested: Roughly, how a lot clay is required to filter one gallon of renewable diesel? And I can really reply that.
And it’s, the quantity of absorbent clay is about 0.5% to 1% of the load of the oil being processed. The following query comes from Ethan Starr, a personal investor. And he asks: What suggestions are you receiving from Amlan clients, each in the US and internationally, relating to the efficacy and worth of Amlan merchandise? And I will flip that over to Wade Robey to reply.
Wade Robey — Vice President, Ag, and President of Amlan Worldwide
Yeah. Thanks, Leslie. And, Ethan, thanks for that query. As you understand, we have been promoting internationally with Amlan merchandise for various years.
Our presence within the U.S. market has actually solely been vital for in regards to the final 12 months and a half. So, slightly totally different within the reply primarily based on area. Internationally, we have now an extended historical past of efficiency, an extended historical past of buyer use and established efficacy.
In the US, we’re constructing that, clearly, as we launch and penetrate the big vertically built-in trade that we serve within the poultry sector particularly but additionally in swine. The suggestions has been glorious to this point. We have been working very onerous to penetrate and start to promote in any respect the biggest integrators within the U.S. within the poultry market.
We’re already making substantial progress there within the brief time we have been launched. And the suggestions has been overwhelmingly optimistic, not just for our core know-how, which is our mineral clay, but additionally as clients have tried our formulated merchandise to get broader spectrum efficacy as they search to enhance animal efficiency and assist their flocks, their herds attain optimum potential. So, general, extraordinarily optimistic suggestions and nice momentum, each within the new North American market we’re concentrating on, however continued momentum internationally.
Leslie Garber — Investor Relations Supervisor
OK. Nice. Thanks, Wade. The following query comes from Robert Smith for Middle for Efficiency Investing.
And I am really going to mix his query with a query from Ethan Starr, so I am going to learn each of them. With respect to Amlan, we have been awaiting the touchdown of some large fish and assume you might be additional alongside this observe. Final June, you shared a goal for this 12 months and ponder whether you are keen to offer us a goal for fiscal ’24. If not, would it not be cheap, on my half, to count on a determine of, say, 50 million primarily based on the chance of reeling in an enormous one? After which, that is additionally at the side of Ethan Starr’s query, that claims on final quarter’s webcast, Dan stated that Amlan is just about a enterprise of grand slams or strike out.
Whereas nothing is definite till you’ve gotten a contractual buy, does the Amlan workforce assume that it has been getting nearer to a number of of these grand slams? So, Wade, I will have you ever reply each of these.
Wade Robey — Vice President, Ag, and President of Amlan Worldwide
Once more, thanks, Leslie, and thanks, Robert and Ethan, once more for these questions. Robert, I am not going to offer a particular quantity or goal. I do not assume I ought to try this. However what I am going to discuss is de facto the query I feel each you and Ethan are asking which is, are we nearer to essentially transformational development inside the Amlan enterprise? And I might say, yeah.
We’re very inspired by the momentum. The North American market, which we simply launched in about 1.5 years in the past, is already our largest market by way of tons bought. It’s a extremely concentrated, extremely vertically built-in market as you understand. So, as we penetrate and are profitable at these prime producers in the US, we did not have very giant stair steps of development.
And so, we count on that to occur, and we are literally seeing that in our business progress right this moment. Internationally, the market tends to be slightly bit extra diffuse, extra distributed. So, the expansion tends to be, say, in LatAm or in Asia or towards the regular curve of compounded development you may count on as you proceed to launch new merchandise and develop in these markets. However due to the North American significance to our general market alternative, our addressable market, we are going to see very vital development in steps and count on that within the coming years.
Once more, nice progress within the U.S. this 12 months. It is already our largest market by way of tons, and we count on that to proceed.
Leslie Garber — Investor Relations Supervisor
Thanks, Wade. I will do the identical factor once more and mix two very related questions, one from Robert Smith, one from Ethan Starr. First a part of the query, with respect to Amlan in China and the change to a grasp distributor. What are the places and takes to this modification in advertising and your expectations for the approaching 12 months? After which, the second half is: Please — may you please clarify the reasoning behind the restructuring of Amlan’s China enterprise? What number of workers does Amlan’s Chinese language subsidiary have? Are any former Amlan workers now employed by the brand new grasp distributor.
And why do you assume this modification will result in larger gross sales and income in China? Wade?
Wade Robey — Vice President, Ag, and President of Amlan Worldwide
OK. Thanks, Leslie. And once more, thanks, Robert and Ethan. A superb query or sequence of questions.
And there is various questions embedded in there. I am going to attempt to hit all of them as I can as I’m going by means of. Like a variety of multinationals which might be attempting to promote into China, Amlan Oil-Dri made the choice this 12 months that slightly than attempting to go in instantly and construct a big infrastructure and actually study as we spend as we attempt to penetrate that market, that we might take a step again and actually deal with what has been our strongest distributor in that market up to now, which is Zhongnong, that we introduced in our press launch. They are a very vital distributor inside China.
They’ve a big workforce and actually service throughout China, throughout the species that we need to goal. So, a wonderful accomplice for us to develop with. And we felt to make that transfer to a grasp distributor was actually the perfect determination for the corporate and probably the most environment friendly use of our funding as we develop that market. China, as you in all probability know, is the biggest swine market on the planet.
It is second in poultry. So, it’s totally vital to our enterprise, and we did not need to step again. We merely wished to make extra environment friendly the best way we went to market, the channels we selected, and the way we invested for development. The workforce in China goes to be small.
We’ll have a few representatives there that may assist Zhongnong from a technical and a enterprise perspective. As Zhongnong has a major workforce already on the bottom. We needn’t construct a big workforce going ahead. We’ll simply assist their efforts with coaching, with supplies, with product in trial assist.
So, we will try this with a really environment friendly workforce, a really environment friendly spend. After which, once more, we count on the China market to develop considerably. It should proceed to be a major a part of our portfolio, a major a part of our gross sales globally. And we count on development in that area over the subsequent couple of years that will likely be reflective of the investments we make.
So, very enthusiastic about China, enthusiastic about these modifications.
Leslie Garber — Investor Relations Supervisor
Nice. Thanks, Wade. Our subsequent query comes from Eric Cinnamond from Palm Valley Capital. And he requested: Are you able to present an estimate on how a lot decrease pure gasoline costs assist gross margins throughout the quarter? Susan, will you are taking that one, please?
Susan Kreh — Chief Monetary Officer and Chief Data Officer
Positive. Thanks for the query. Properly, we do not really give element by element price. What I might level you to is that, even with the very substantial 27% lower within the quarter, as a result of prices like freight which rose 19% and the manufacturing, excluding metal, rose 7%, we have been up 12% within the quarter, and we nonetheless proceed to see costs rising.
And simply to place slightly extra colour on it, the manufacturing, excluding gasoline, that is the place you see prices like labor, which is — we have seen vital will increase in. Our contracted labor for mining — depreciation goes up as we proceed to reinvest at larger ranges in our enterprise. Then our repairs, the place the labor and the components are costlier 12 months over 12 months, these are all influencing that 17% year-over-year improve. However once more, that is a much bigger piece of the pie, and freight is a much bigger piece of the pie than pure gasoline.
So, that is why you see the prices proceed to extend.
Leslie Garber — Investor Relations Supervisor
Nice. Thanks. The following query comes from John Bair at Ascend Wealth Advisors. And he asks: First, he says, Congrats on a unbelievable quarter and outcomes.
As soon as once more, persistence wins out for long-term shareholders. Query is expounded to logistics points and in case you are seeing reduction in transport price and supply instances. Aaron Christiansen, will you please reply that?
Aaron Christiansen — Vice President, Operations
Yeah, John. Blissful to reply the query. I feel you requested an identical query final quarter. I am going to cut up the reply into two components and to speak home freight and logistics and worldwide freight logistics individually.
Home freight, each from a price and a lead time or supply time standpoint, has stabilized the pre-pandemic pre provide chain ranges. Our freight logistics workforce has been very opportunistic, profiting from freight contracts that helps stabilize these prices buried in our nice service metrics that each Susan and Dan spoke to is, in actual fact, the freight market domestically that is returned to fairly pandemic ranges. On the export aspect, we’re a lot improved over the previous two quarters, each from a price and repair perspective. The restoration has been slower.
We’re most definitely not again to the place we wish to be from a lead time standpoint however dramatically improved from two quarters in the past. Hopefully, that solutions your query, John.
Leslie Garber — Investor Relations Supervisor
Thanks, Aaron. OK. Now, I will reply one other query from Ethan Starr. Apart from the next degree of promoting concentrated within the fourth quarter, what else are you doing to essentially drive larger gross sales of light-weight litter, each by way of elevated distribution and retail sell-through? Chris Lamson, please reply that for Ethan.
Chris Lamson — Group Vice President, Retail and Wholesale
Positive. Good morning, all people, and really a lot admire the nice query, Ethan. I feel I received a very good one from him each quarter or two. So, let me break that down into each our non-public label light-weight enterprise and our branded enterprise.
And, Ethan, you broke it down, I feel, completely actually between distribution and sell-through and/or velocity. And clearly, these two issues work collectively. So, let me begin with sell-through and velocity after which bounce to distribution. So, actually, I feel on each branded and personal label, we have now a really robust shopper worth proposition actually comprised of a very good product.
And I feel Dan and Aaron have each alluded to the standard at which we’re producing that product, I feel, continues to enhance and change into increasingly more constant. And that is a variety of onerous work within the trenches. After which, I would say we’re very a lot in a spot proper now the place we really feel like we’re on the proper value. So, good high quality product on the proper value.
I noticed your query. I wished to offer you some proof of that being true from {the marketplace}. And possibly one piece of information that we will level to, for those who take a look at the non-public label light-weight enterprise, the place we have now a commanding share, and also you take a look at the non-public label enterprise in heavyweight, the share of personal label, once more, the place we have now a commanding share in light-weight, is sort of double that of the share that different non-public label suppliers have in heavyweight. And we predict that’s — that’s excellent proof of successful within the market and that robust shopper worth that we have.
On non-public label, and I would say branded equally, actually no totally different. We’re more than happy with our product, and we’re more than happy with our value gaps. Tactically, I might say our value gaps percentage-wise are again to — pricing has been an journey within the market and an journey on shelf. And it is bounced round stabilizing slightly bit.
We’re stabilizing at gaps the place we have seen success and share development within the market traditionally. From a proportion foundation — however as costs have gone up, these value gaps from a greenback perspective are literally slightly bit greater. So, proportion about the identical, greenback sensible, slightly bit greater, and we predict that is additionally labored in our favor. And that is why we’re seeing actually modest share development on the branded aspect and pretty vital share development on the non-public label aspect.
So, distribution is tied to that. In the event you’re rising velocity and rising share, it is simpler to placed on distribution, clearly. And I feel — and we’re placing out a good quantity of distribution on the non-public label aspect of the enterprise, placed on good distribution within the greenback channel over the past 12, 18 months, as an illustration, and that is a channel that is successful. So, as you develop distribution there, you’ve gotten a little bit of a tailwind.
On the branded aspect, I would say we’re in all probability holding serve from a distribution perspective, however we’re holding serve we’re most developed, and that is strategic and purposeful. And as years of excellent work, we’re successful with — or we’re doing the perfect with of us which might be successful within the market which might be retailers which might be rising share. And that is in all probability no coincidence. There’s going to be retailers which might be sharp on worth, and we have now a worth model.
And that is extra essential within the market proper now with price pressures on the buyer in all probability because it’s ever been. So, we’re successful with the precise of us on the branded aspect and, once more, seeing some modest share development as we construct margins in consequence.
Leslie Garber — Investor Relations Supervisor
Nice. Thanks, Chris. I will flip it again to Wade to reply a query from Ethan Starr. How are the assorted trials of Amlan merchandise with potential clients going? And the way lengthy is it earlier than a purchase order determination is made?
Wade Robey — Vice President, Ag, and President of Amlan Worldwide
Yeah. Thanks, Ethan. And so, as I discussed a second in the past in one in every of my earlier solutions, the trials have been just about uniformly optimistic over the — actually throughout the globe as we have not solely examined our present merchandise with new buyer alternatives or our new merchandise within the market that we’re launching. Once you take a look at the standard cycle time from possibly first name trial to profitable sale, it could possibly differ fairly considerably, relying upon the dimensions of the corporate, whether or not they’re vertically built-in or not.
However sometimes, in a brand new trial state of affairs, it might take six, 9 months to work by means of a trial after which get to a profitable sale. Which will seem to be a very long time, however if you take a look at a variety of these giant, once more, vertically built-in corporations, a lot of them are international of their enterprise. And so, take instance, in Asia, an organization could also be headquartered in Thailand could have operations within the Philippines and Indonesia and Vietnam. And so, as we’re profitable with the regional trial, due to the vertical integration, the robust dietary veterinary staffs that run the dietary and medicated applications for these corporations, we see the advantages lower throughout the corporate itself and truly have influence in all of the areas the place they do enterprise.
So, that cycle time or time to first sale from a trial, though can appear lengthy, it may be multiplicative in its influence as these vertically built-in corporations and roll out a program throughout their operations. So, once more, very profitable trials. We have had only a few circumstances the place we have not had very, very robust optimistic outcomes. And people have led in virtually all circumstances to new enterprise penetration in these giant corporations.
Leslie Garber — Investor Relations Supervisor
Thanks, Wade. Subsequent query is from John Bair. How energetic is Oil-Dri in using nonyet-developed and reclaimed mining properties to putting in photo voltaic arrays or wind generators? And does the corporate see alternatives there, each from an environmental and tax credit score helpful foundation? Aaron, please reply that for John.
Aaron Christiansen — Vice President, Operations
Yeah. Actually excited to get to reply that query. At the start, Oil-Dri does have a three-quarter of a megawatt different energy era facility in our California plant. That is a mix of an operable photo voltaic array, in addition to pure gasoline turbine mills that convert pure gasoline into electrical energy.
Due to the utility price construction, in addition to the times per 12 months that we have now full solar, the economics of that kind of funding take advantage of sense in California. We’ve evaluated related investments within the different amenities. For a wide range of causes, they are not as economically pleasant. We do hire property close to one in every of our different crops to a corporation that manages a photo voltaic array on it, and we get well, name it, leasing rights.
And we’re within the strategy of evaluating an identical association in a single or two of our different crops the place we accomplice with an organization that truly set up zones and operates the photo voltaic array, whereby we acquire the benefit of the land. I’ll return to the California funding. We did obtain very giant state — federal and state tax incentives related to that funding. Very happy with how far out we have reached in that space, to be trustworthy.
Leslie Garber — Investor Relations Supervisor
Nice. Thanks, Aaron. The following query can also be from John Bair. It is a follow-up query, and he asks: Are you persevering with to partially hedge your pure gasoline purchases? Aaron, do you need to take that additionally?
Aaron Christiansen — Vice President, Operations
Sure. And the brief reply is sure. John, I feel you requested the identical factor final quarter, so I can actually simply successfully give an replace. We are actually absolutely in this system.
I feel the best way I responded 1 / 4 in the past was to say, we do not just like the phrase hedge. Hedging infers that you just’re trying to beat the market. And I like to consider it as dollar-cost averaging. So, we’re buying in a really algorithmic method, layered journey gasoline to assist us buffer towards upside and draw back out there.
We have bought only a portion of our pure gasoline wants which might be a bit totally different by facility that enable us to dollar-cost common. The primary of these grew to become activated within the third quarter. And we have now another six-month cycle to essentially get us slowly into the meant program. However we’re now in a spot the place we very a lot have buffered future potential headwinds within the space of pure gasoline and actually stepped right into a, name it, a contemporary buy and utilization technique.
I do not —
Leslie Garber — Investor Relations Supervisor
All proper. Thank —
Aaron Christiansen — Vice President, Operations
Sorry. One different follow-up, Leslie. I do not anticipate any modifications in that routine for fairly a while to come back.
Leslie Garber — Investor Relations Supervisor
OK. Thanks, Aaron. And that — that concludes our Q&A session. Dan, do you need to touch upon anything earlier than we log out?
Dan Jaffee — President and Chief Govt Officer
Properly, positive. We hit it — yeah. We hit it completely at 10:30. And I need to thanks guys to your — as you stated, your persistence and your long-term dedication to Oil-Dri.
And thanks to your questions. I assumed right this moment’s session was unbelievable, and I feel you noticed the ability of our workforce. I did little or no, and that is as a result of these guys are doing all of the heavy lifting. So, thanks, Oil-Dri workforce, and thanks, all stakeholders.
We’ll speak to you once more after the fourth quarter, and that would be the finish of our fiscal 12 months. So, be protected, all people. Thanks.
Questions & Solutions:
Operator
[Operator signoff]
Period: 0 minutes
Name contributors:
Dan Jaffee — President and Chief Govt Officer
Leslie Garber — Investor Relations Supervisor
Susan Kreh — Chief Monetary Officer and Chief Data Officer
Wade Robey — Vice President, Ag, and President of Amlan Worldwide
Aaron Christiansen — Vice President, Operations
Chris Lamson — Group Vice President, Retail and Wholesale
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