2021 include amounts related to the grant component of the PSP2 and PSP3 agreements with the Treasury and to the CARES Act Employee Retention credit; partially offset by amounts recorded in connection with the rehire of Team Members previously terminated under the Company's involuntary employee separation program but which were rehired in compliance with the restrictions mandated by the Company's participation in the PSP2 and PSP3 programs. Heathrow officials announced the airport would cap the number of passenger departures from Heathrow over the summer due to ground staff shortages, thus affecting thousands of BA customers. Daily News Updates Log in to your WTOP account for notifications and alerts customized for you. The union said the Delta deal will lead to a cumulative $7 billion in pay raises. (1) 2021 includes amounts related to accelerated depreciation. Please keep your comments respectful and relevant. MIRAMAR, Fla., Aug. 9, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported second quarter 2022 financial results. Spirit pilots rejected an offer would have paid senior captains over US$200,000 a year, Spirit airlines Chief Executive Ben Baldanza said in the statement. Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses, (in thousands, except CASM data in cents), Less: Operating special items expense (credit), Adj. Now, more than two years have passed since the crisis started. Your email address will not be published. See Special Items table for more details. All Guests and Team Members evacuated the aircraft and were bussed back to the terminal. Copyright 2022 KVVU. For the third quarter 2022, Spirit reported a pre-tax loss of $48.9 million and a pre-tax margin of negative 3.6 percent. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. The captain braked safely and brought the plane to a stop, received an indication of damage to the engine, and ordered an evacuation in accordance with our standard procedures, a Spirit spokesperson told the Post. Receive the latest airlines news, delivered straight to your inbox. All rights reserved. Cost PerformanceTotal GAAP operating expenses for the second quarter 2022 increased 66.3 percent compared to the second quarter 2019 to $1,412.0 million. Condensed Consolidated Statements of Operations, (unaudited, in thousands, except per-share amounts). Net income (loss) per share, diluted (3). (2) Excludes operating special items and aircraft fuel expense. Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Excluding special items, adjusted net loss for the second quarter 2022 was $32.2 million1, or an adjusted net loss of $0.30 per diluted share1. (2) Excludes operating special items and aircraft fuel expense. Merger Agreement with JetBlueOn October 19, 2022, Spirit stockholders voted to approve the merger agreement between Spirit and JetBlue that was entered into on July 28, 2022. The company reported a pre-tax loss of $67.5 million, with a negative pre-tax margin of 4.9%. Your region selection will be saved in your cookie for future visits. Spirit Airlines, Inc. All Rights Reserved. Airlines have issued travel waivers for many parts of the US allowing passengers to rebook without penalty for a short window. External site may not meet accessibility requirements. The Company believes that providing analysis of financial and operational performance compared to third quarter 2019 is a more relevant measure of performance than comparing to third quarter 2021 due to the severe impacts from the COVID-19 pandemic on the Company's financial results and operational performance for 2021. Spirit is processing future flight credits for customers for the full amount of their unflown fight purchase, and is also giving them a US$100 future flight credit, says the companys web site. "We do sympathize with (the passengers)," said Spirit pilot Travis Wheat. WebThe company tried to fix the pain points that other airlines made a major part of their busines 02/18/2023 - 1:00 am | View Link; Spirit Airlines adding nonstop flights from Bay Area to Published All Rights Reserved. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The association said it leaves Spirit flight attendants burdened with picking up the pieces. Spirit undertakes no duty to update any forward-looking statements or estimates. Reconciliation of Adjusted Provision (Benefit) for Income Taxes to GAAP Provision (Benefit) for Net Income (unaudited), Provision (benefit) for income taxes, as reported, Less: Net Income (loss) tax impact of special items, Adj. The estimated 110.7 million includes the dilutive impact of approximately 2.0 million shares that are related to the 2025 Convertible Notes outstanding. Spirit Airlines Reports Second Quarter 2022 Results. Operating special items include the following: Non-operating special items include the following: Refer to the section "Non-GAAP Financial Measures" for additional information. 1 dead, 1 injured after shooting in Northwest D.C. 7 passengers taken to hospitals after turbulence diverts flight to Dulles. There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission. Compared to the second quarter 2019, fare revenue per segment increased 25.7 percent to $72.41 and non-ticket revenue per segment increased 22.8 percent to $68.202. Third Quarter 2022 Financial Results. The commercial airline sector closed in half for 63 days due to this industrial action. Required fields are marked *. FLIGHT VACATION HOTEL CAR CRUISE Round Trip Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Spirit says the Airbus A321 en route to Cancun turned back to Philadelphia International Airport out of an abundance of caution after the crew reported a suspected There are more than 700 Spirit flight attendants based in Las Vegas, and with a busy summer travel season just around the corner, these flight attendants are sounding the alarm before it gets even worse. A mechanical engineer and aviation enthusiast dedicated to share some knowledge by creating top-notch content, especially in engineering and aviation topics. Compared to the third quarter 2019, fare revenue per segment increased 23.2 percent to $67.52 and non-ticket revenue per segment increased 21.1 percent to $67.073. Deltas pilot agreement profoundly changes the economics for the entire industry and thats great news for Americans pilots, said American Airlines spokesman Gordon Johndroe in a statement. For the second quarter 2022, Spirit reported a pre-tax loss of $67.5 million and a pre-tax margin of negative 4.9 percent. However, we no longer exclude supplemental rent adjustments and, as such, Adjusted CASM and Adjusted CASM ex-fuel shown above for 2021 have been revised to reflect this change. The aim is to enable effective communications, engagement and knowledge sharing between travel resellers and suppliers.. Know More, Price Based Country test mode enabled for testing United States (US). Operating special items include the following: Non-operating special items include the following: (1) Refer to the section "Non-GAAP Financial Measures" for additional information. The Company does not provide a reconciliation of forward-looking measures on a forward-looking basis where the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in/excluded from the non-GAAP financial measures without unreasonable efforts. Operating expenses per available seat mile ("CASM") is a common metric used in the airline industry to measure an airline's cost structure and efficiency. 2021 includes amounts related to out-of-period interrupted trip expense credits recognized in connection with Federal Excise Tax recovery. Our commitment to paying our team members well and competitively remains unchanged, and we look forward to reaching an agreement with APA quickly so that Americans pilots, too, can benefit from these meaningful enhancements to their pay and quality of life.. In addition, it includes the write-off of related deferred financing costs and original issuance discount. Second Quarter 2022 Results For the second quarter 2022, Spirit reported a net loss of $52.4 million, or a net loss of $0.48 per diluted share. See Special Items table for more details. The-CNN-Wire & 2023 Cable News Network, Inc., a Warner Bros. Published March 1, 2023 at 2:06 AM PST. But people who needed to replace their Spirit tickets found the cost of same-day fares on other airlines was two- to three times more than their tickets, said wire services. Furthermore, such forward-looking statements speak only as of the date of this release. And further strikes have been planned by the employees of low-cost carrier Ryanair, British Airways, and other major airlines. Smaller airlines face a shortage of pilots as major airlines recruit from their ranks. In periods where the amount of 2025 Convertible Notes (the "Notes") outstanding remains unchanged from the third quarter 2022 and the Company is profitable, the Notes could have a dilutive impact of approximately 2.0 million on the weighted average diluted shares outstanding. Listen 4:52. There is still much work to do to return to full utilization and normalized margins, but we remain confident we can reach both of those targets by mid-year 2023," said Ted Christie, Spirit's President and Chief Executive Officer. A strike started in July as hundreds of Heathrow customer service agents decided to take action. Tracy Vaughan, SVP Global Trade Development at Visit Lauderdale, Marc Anderson CEO of Visit San Antonio speaks to Graham McKenzie in London about his city and IPW23, Graham McKenzie talks to Visit Floridas CEO Dana Young at #huddle23, At #huddle23 in West Palm Beach we speak to Lauren Pace of Visit Florida, Jane Cunningham, Director of European Engagement Destinations International, Kent Anderson of Kirk Mountain Adventures, Qantas pressured to scrap travel credit expiry date, Regulator: Air India tried to cover up peegate incident, Norwegian Reward loyalty programme revamped, More German airport strikes cause flight cancellations, JetBlue marks new JFK terminal groundbreaking, Sabre adds low cost airline Jin Air to GDS, Call to raise Australia working holiday visa age limit, Passengers brace yourselves: Spirit strike has potential imitators. For the third quarter 2022, Spirit reported a net loss of $36.4 million, or a net loss of $0.33 per diluted share. (1) Excludes operating special items. 2 May 2022. Net income (loss) per share, diluted, "Top line revenue growth in the second quarter 2022 exceeded our expectations, driving a better-than-expected adjusted pre-tax margin despite much higher than anticipated fuel prices. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. (2) 2021 includes federal excise tax recovery amounts. Excludes operating special items. Spirit Airlines, Inc. All Rights Reserved. (AP Photo/Matt Rourke, File). (2) Reflects the difference between the Company's GAAP Provision for Income Taxes and Adjusted Provision for Income Taxes as presented in the Reconciliation of Adjusted Net income to GAAP Net Income, on a per share basis and before discrete items excluded in the Non-GAAP measure. of any outstanding equity awards and warrants. I am thrilled we were able to reach an agreement with JetBlue that delivers value for our stockholders, Team Members, and Guests.". 2021 includes amounts primarily related to the premiums paid to early extinguish a portion of the Company's 2025 Convertible Notes and the 8.00% Senior Secured Notes. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. According to FLIGHTRIGHT website, the amount of the compensation depends on the flight distance and you might be entitled to either 250 , 300 , 400 or 600 .. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. The contract takes effect Thursday and runs through 2026, when it can be amended by federal law, union contracts in the airline industry do not expire. In addition, 2022 includes costs associated with the retention bonus program under the Frontier Merger Agreementand the JetBlue Merger Agreement. The Company believes that adjusting for loss on disposal of assets, special charges (credits), federal excise tax recovery adjustments and accelerated asset retirements is useful to investors because these items are not indicative of the Company's ongoing performance and the adjustments are similar to those made by our peers and allow for enhanced comparability to other airlines. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. (5) Total capital expenditures assumes all new aircraft deliveries are either delivered under direct leases or financed through sale-leaseback transactions. total other (income) expense (4), Adj. (4) For periods beyond second quarter 2022, if the Company is profitable, the Company estimates its weighted average diluted shares outstanding will be 110.7 million, plus the dilutive impacts from outstanding equity awards and warrants. You are already subscribed to this newsletter. Before we go over the most relevant strike action in the past and the industrial action planned for the near future, it is essential to understand what happens when airline employees go on strike. EasyJet strikes. Net income (loss) per share, diluted (3). (1) Non-ticket revenues equals the sum of non-fare passenger revenues and other revenues. Pilots at Delta Air Lines have a new contract He said they tried to warn passengers of a pending strike weeks earlier with billboards and press releases. Unionized Spirit Airlines flight attendants protested management's handling of flight delays and cancellations in a demonstration at Fort Lauderdale-Hollywood International Airport. Dont count on a policy protecting you. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Sign up to receive the latest financial news and events by email. The new contract sets the state for pilot negotiations at Fort Worth-based American Airlines, Dallas-based Southwest Airlines and Chicago-based United, which are all negotiating with unions for new deals. Excluding special items, adjusted net Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. The fourth quarter and full year 2022 guidance items provided in this release are based on the Company's current estimates and are not a guarantee of future performance. However, we no longer exclude supplemental rent adjustments and, as such, non-GAAP measures for 2019 and 2021 have been revised to reflect this change and no longer exclude any previously reported supplemental rent adjustments. While routes inside Spain will be the most affected, it is believed that routes out of the country will also be affected. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Total operating revenues for the third quarter 2022 were $1.3 billion, an increase of 35.4 percent compared to the third quarter 2019 primarily due to increased flight volume and higher operating yields. Our Fit Fleet is one of the youngest and most fuel-efficient in the U.S. We serve destinations throughout the U.S., Latin America and the Caribbean and are dedicated to giving back and improving those communities. See "Reconciliation of Adjusted Operating Expenses to GAAP Operating Expenses" table below for more details. FleetSpirit took delivery of four new A320neo aircraft during the second quarter 2022. On Sunday, 341 or 40 percent of Spirit Airlines flights were delayed with about 165 canceled, according to the flight-tracking website FlightAware.com. The restriction will now last until August 15 at the earliest (although could be extended again) and its understood the sales freeze could also affect long-haul flights on some dates and routes, according to The Times. Sign up to receive the latest financial news and events by email. Strikes are primarily used as bargaining chips in negotiations between unions and employers, so there is always the chance that both sides will come to an agreement before one actually takes place. View original content to download multimedia:https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Investor Relations Contact DeAnne Gabel(954) 447-7920investorrelations@spirit.com. The airline did not say how many passengers were on board. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. Discovery Company. Adjusted Operating expenses ($Millions)(1), Total other (income) expense ($Millions)(3), Total capital expenditures ($Millions)(5). For the full year 2022, the Company estimates its weighted average diluted share count will be 108.8 million. Tax RateOn a GAAP basis, the Company's effective tax rate for the second quarter 2022 was 22.4 percent. The Mole has evolved over 20 years to facilitate interesting and relevant curated, easy to digest, content of all types, from a variety of channels, for travel industry professionals. Spirit ended third quarter 2022 with unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility of $1.3 billion. This allows our Guests to pay only for the options they choose like bags, seat assignments and refreshments something we call La Smarte. We finished the quarter on a strong note with a 98.8 percent completion factor for June. Lets see what is happening with some of them. Ended the first quarter 2022 with $1.6 billion of unrestricted cash, cash equivalents, short-term investment securities and liquidity available under the Company's revolving credit facility. The aircraft landed safely, and we are currently working to reaccommodate our guests, Spirit said in a statement to CNN. For example, on August 8th, 1966, 35,000 IAM workers in five airlines went on strike. The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. The Company estimates the decrease in operating income attributable to the direct impact from the hurricane was approximately $5 million in the third quarter and will be approximately $5 million in the fourth quarter 2022. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Total capital expenditures, including net pre-delivery purchase deposits, for the nine months ended September30, 2022, were $190.4 million, primarily related to the purchase of spare parts, including three spare engines, two flight simulators, and expenditures related to the building of Spirit's new facilities in Dania Beach, Florida. To avoid complicating things even further, Ryanair staff have come to an agreement for the strike action to take place from Monday to Thursday only. WebSecond Quarter 2022 Results For the second quarter 2022, Spirit reported a net loss of $52.4 million, or a net loss of $0.48 per diluted share. Daily Weather Forecast And management needs to plan and run an operation that matches our current staffing levels and be reliable to passengers and the crew, said Jasmine Lopez a Spirit Airlines flight attendant. Although the Company was profitable on an adjusted net income basis in the third quarter 2022, the 2025 convertible shares were anti-dilutive and therefore excluded from the weighted-average diluted share count used to calculate adjusted net income per diluted share for the third quarter 2022. (2) See "Special Items" for more details. Spirit pilots have said their pay lags behind competitors such as AirTran Airways and JetBlue. FILE - A Delta Air Lines plane takes off from Hartsfield-Jackson Atlanta International Airport in Atlanta, Nov. 22, 2022. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Moreover, customer satisfaction is at the top of the priority list for the airline industry as well as safety for the whole aviation industry. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Excludes operating special items. Fort Lauderdale-bound Flight 3044 was on its takeoff roll shortly before 6 p.m. Saturday when the right engine ingested the bird, the airline said. We were struck by lightning twice, said the crew. See Special Items table for more details. The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share and Adjusted CASM. The incident is the latest impact from a storm that has caused more than 4,000 flight cancellations nationwide on Friday, according to FlightAware data. (AP Photo/Matt Rourke, File). In addition, if the Company is profitable, the dilutive impact, if any, from outstanding equity awards and warrants will also impact the weighted average diluted shares outstanding. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The airline did not say how many passengers were on board. The Air Line Pilots Association said 78% of Delta pilots who voted supported the contract. (1) Excludes operating special items. 2023 Cable News Network. Strong demand and sound revenue management coupled with excellent operational reliability and overall cost management helped mitigate the impacts of these headwinds. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Any action you take should include your awareness of this fact: airlines are not obligated to do anything for you. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. 2. Third quarter 2022 includes the dilutive impact of outstanding equity awards and warrants. Spirit undertakes no duty to update any forward-looking statements or estimates. Spirit airlines Chief Executive Ben Baldanza said in the statement. Adjusted Adjusted pre-tax loss for the second quarter was $38.9 million and adjusted pre-tax margin was negative 2.8 percent. I want to thank and acknowledge our entire team for caring for our Guests and each other and for doing a great job mitigating the operational impacts from Hurricane Ian. Reconciliation of Adjusted Net Income per Share to GAAP Net Income per Share (unaudited) (1), Net income (loss) per share, diluted, as reported, Adj. Learn more. Around the country Spirit runs roughly 150 flights per day. Discovery Company. MIRAMAR, Fla., Oct. 26, 2022 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") (NYSE: SAVE) today reported third quarter 2022 financial results. Airlines have issued travel waivers for many parts of the US allowing passengers to rebook without penalty for a short window. Finally, British Airways staff accepted a new pay offer and called off the planned strike at Londons Heathrow airport. Operating expenses per available seat mile ("CASM") is a common metric used in the airline industry to measure an airline's cost structure and efficiency. Entertainment (3) Includes interest expense, capitalized interest, Interest income, and other income and expense. Despite the large number of aircraft deliveries over the next few months, we remain confident we will continue to see gradual improvement in fleet utilization in the fourth quarter and throughout the first half of next year, reaching full utilization around mid-summer 2023," said Scott Haralson, Spirit's Chief Financial Officer. The Treasury Stock Method will be used to determine the dilutive impact. British Airways offered staff one-off bonuses, but employees were demanding a permanent refund. Join us by reading below as we share the details of past and current airline strikes. Merger Agreement with JetBlue As previously announced, Spirit Airlines, Inc. entered into a merger agreement with JetBlue Airways Corporation on July 28, 2022. Continued constraint on flights to and from Florida and staffing challenges are the primary limitations on Spirit's ability to optimize its network and operate its fleet at full utilization. In prior periods, we excluded supplemental rent adjustments related to the modification of aircraft or engine leases from our non-GAAP measures. Total revenue per ASM ("TRASM") was 11.54 cents, up 22.8 percent compared to second quarter 2019. LAS VEGAS, Nev. (FOX5) - Flight attendants with Spirit Airlines held a protest outside Harry Reid International Airport Friday to urge the company to get the operation together.. https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2022-results-301602233.html, Expanded its network by initiating service to Memphis, Tennessee and Salt Lake City, Utah and announced service to Albuquerque, New Mexico, Reno, Nevada, and Boise, Idaho, Added Los Angeles International Airport to its growing list of airports where its award-winning self-bag drop system is offered; Spirit's machines are also equipped with a biometric options, further streamlining the check-in process for Guests. Operating income (loss), non-GAAP (5), Adj. (2) 2021 includes amounts related to the accelerated depreciation on current aircraft seats related to the retrofit of 36 aircraft with new Acro6 seats. The workers have protested against a pay cut that took place during the pandemic and has been an ongoing pay dispute until now. Were gonna have to come back to the airfield.. A Spirit Airlines flight heading to Cancun turned back and made an precautionary landing shortly following takeoff Friday morning after the crew reported The Company believes that adjusting for loss on disposal of assets, special charges (credits), federal excise tax recovery adjustments and accelerated asset retirements is useful to investors because these items are not indicative of the Company's ongoing performance and the adjustments are similar to those made by our peers and allow for enhanced comparability to other airlines. Operating income (loss), non-GAAP (5), Adj. Spirit Airlines is getting a chance to expand at Newark-Liberty International Airport, which is close to New York City. Includes fuel taxes and into-plane fuel cost. Income (loss) before income taxes, non-GAAP (3), Add: Adj. 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Finished the quarter on a listen-only basis at http: //ir.spirit.com permanent refund the airline did not say many. Dead, 1 injured after shooting in Northwest D.C. 7 passengers taken to after. Approximately 2.0 million shares that are related to the public on a strong note with a pre-tax. Protested against a pay cut that took place during the second quarter 2022, Spirit said in a to! Flights per day count will be available to our management Method will be the most affected it... 108.8 million by lightning twice, said the Delta deal will lead to a cumulative 7... Years have passed since the crisis started passed since the crisis started weighted average diluted share count will saved. These headwinds the passengers ), add: Adj ) before income taxes, non-GAAP ( 5,... Up the pieces passengers ), '' said Spirit pilot Travis Wheat loss for the second quarter 2022 was percent. 2022 was 22.4 percent reasons, the Company is unable to address the probable significance of the date this! 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