ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the third quarter of 2021.
Financial Highlights
- Delivered $(0.04) GAAP EPS on a fully diluted basis for the third quarter of 2021, compared with $0.28 for the same period in 2020
- Delivered $0.41 Distributable EPS on a fully diluted basis for the third quarter of 2021, compared to $0.36 Distributable EPS for the same period in 2020, representing a 14% YOY increase
- Reported GAAP-based Net Investment Income of $5.3 million for the third quarter of 2021, compared to $3.9 million for the same period in 2020
- Increased Distributable Net Investment Income for the third quarter of 2021 by 79% YOY to $32.0 million, compared to $17.9 million for the same period in 2020
- Closed $1.1 billion of investments in the first three quarters of 2021, including over $200 million in the third quarter in a seasoned portfolio of residential solar assets
- Launched $100 million CarbonCount®-based Commercial Paper Note Program, the first such program in the United States
- Grew Portfolio 45% YOY to $3.2 billion and Managed Assets 28% YOY to $8.2 billion
- Declared dividend of $0.35 per share
ESG Highlights
- Received award for Corporate Philanthropist of 2021 in Anne Arundel County, Md
- Initial cohort of the Hannon Armstrong Climate Solutions Scholars were announced by Morgan State and Miami Universities
- An estimated over 100,000 metric tons of carbon emissions will be avoided annually by our transactions closed this quarter, equating to a CarbonCount score of 0.3 metric tons per $1,000 invested
"We continue to produce outstanding results driven by the flexibility to invest in multiple asset classes and a declining cost of capital," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer.
"In addition, we continue our leadership on ESG with CarbonCount and our philanthropic efforts targeted at the intersection of social justice and climate action."
A summary of our results is shown in the table below:
|
|
For the three months ended
|
|
For the three months ended
|
||||||||||||||
|
|
$ in thousands |
|
Per Share
|
|
$ in thousands |
|
Per Share
|
||||||||||
GAAP Net Income |
$ |
(2,838 |
) |
|
|
$ |
(0.04 |
) |
|
|
$ |
21,175 |
|
|
$ |
0.28 |
|
|
Distributable earnings |
34,787 |
|
|
|
0.41 |
|
|
|
27,746 |
|
|
0.36 |
|
|||||
|
|
For the nine months ended
|
|
For the nine months ended
|
||||||||||||||
|
|
$ in thousands |
|
Per Share |
|
$ in thousands |
|
Per Share |
||||||||||
GAAP Net Income |
$ |
64,159 |
|
|
|
$ |
0.79 |
|
|
|
$ |
57,491 |
|
|
$ |
0.78 |
|
|
Distributable earnings |
118,036 |
|
|
|
1.42 |
|
|
|
88,175 |
|
|
1.19 |
|
Financial Results
"In the third quarter, we continued to expand our well-diversified, low-cost, flexible funding platform by launching a $100 million CarbonCount-based Commercial Paper Note Program, the first such program in the United States," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer. “With this and the other pillars of our funding platform in place, we now have over $960 million of potential liquidity available to fund scheduled and anticipated investments.”
Comparison of the quarter ended September 30, 2021 to the quarter ended September 30, 2020
Total revenue was unchanged, as higher interest income, the result of a larger portfolio and higher average rate, was offset by lower gain on sale and fee income due to a change in our securitized asset mix and lower advisory fee generating opportunities.
Interest expense increased $1 million, or 5%, primarily as a result of higher outstanding debt balances. We recorded a $1 million provision for loss on receivables driven primarily by loans and loan commitments made during the period. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $4 million primarily due to an increase in our employee headcount, compensation, and investment in corporate infrastructure.
We recognized a $7 million loss using the hypothetical liquidation at book value method (HLBV) for our equity method investments in the third quarter of 2021, compared to $17 million for the same period in 2020, primarily due to the impact of increasing power prices and the resulting unrealized mark to market losses on economic hedges used by some of our projects to reduce the impact of power price fluctuations.
Income tax benefit (expense) increased approximately $4 million in the third quarter of 2021 compared to the same period in 2020.
GAAP net income (loss) in the third quarter of 2021 was $(3) million, compared to $21 million in the same period in 2020. Distributable earnings in the third quarter of 2021 was approximately $35 million, or an increase of approximately $7 million from the same period in 2020 due primarily to new assets added to our portfolio.
Leverage
The calculation of our fixed-rate debt and leverage ratios as of September 30, 2021 and December 31, 2020 are shown in the table below:
|
September 30,
|
|
% of Total |
|
December 31,
|
|
% of Total |
||||||
|
($ in millions) |
|
|
|
($ in millions) |
|
|
||||||
Floating-rate borrowings (1) |
$ |
25 |
|
|
1 |
% |
|
$ |
23 |
|
|
1 |
% |
Fixed-rate debt (2) |
2,365 |
|
|
99 |
% |
|
2,166 |
|
|
99 |
% |
||
Total |
$ |
2,390 |
|
|
100 |
% |
|
$ |
2,189 |
|
|
100 |
% |
Leverage (3) |
1.6 to 1 |
|
|
|
1.8 to 1 |
|
|
(1) | Floating-rate borrowings include borrowings under our floating-rate credit facilities. |
|
(2) | Debt excludes securitizations that are not consolidated on our balance sheet. |
|
(3) | Leverage, as measured by our debt-to-equity ratio. |
Portfolio
Our balance sheet portfolio totaled approximately $3.2 billion as of September 30, 2021, which included approximately $1.7 billion of behind-the-meter assets and approximately $1.5 billion of grid-connected assets. The following is an analysis of the performance of our portfolio as of September 30, 2021:
|
Portfolio Performance |
|
|
||||||||||||||||||||||||
|
Government |
|
Commercial |
|
|
||||||||||||||||||||||
|
1 (1) |
|
1 (1) |
|
2 (2) |
|
3 (3) |
|
Total |
||||||||||||||||||
|
(dollars in millions) |
||||||||||||||||||||||||||
Total receivables |
126 |
|
|
1,242 |
|
|
|
14 |
|
|
|
8 |
|
|
|
1,390 |
|
|
|||||||||
Less: Allowance for loss on receivables |
— |
|
|
(26 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
(39 |
) |
|
|||||||||
Net receivables (4) |
126 |
|
|
1,216 |
|
|
|
9 |
|
|
|
— |
|
|
|
1,351 |
|
|
|||||||||
Investments |
11 |
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|||||||||
Real estate |
— |
|
|
357 |
|
|
|
— |
|
|
|
— |
|
|
|
357 |
|
|
|||||||||
Equity method investments (5) |
— |
|
|
1,442 |
|
|
|
26 |
|
|
|
— |
|
|
|
1,468 |
|
|
|||||||||
Total |
$ |
137 |
|
|
$ |
3,022 |
|
|
|
$ |
35 |
|
|
|
$ |
— |
|
|
|
$ |
3,194 |
|
|
||||
Percent of Portfolio |
4 |
% |
|
95 |
|
% |
|
1 |
|
% |
|
— |
|
% |
|
100 |
|
% |
|||||||||
Average remaining balance (6) |
$ |
6 |
|
|
$ |
13 |
|
|
|
$ |
10 |
|
|
|
$ |
4 |
|
|
|
$ |
12 |
|
|
(1) | This category includes our assets where based on our credit criteria and performance to date, we believe that our risk of not receiving our invested capital remains low. |
|
(2) | This category includes our assets where based on our credit criteria and performance to date, we believe there is a moderate level of risk of not receiving some or all of our invested capital. |
|
(3) | This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Included in this category are two commercial receivables with a combined total carrying value of approximately $8 million as of September 30, 2021 which we have held on non-accrual status since 2017. We have recorded an allowance for the entire asset amounts. We expect to continue to pursue our legal claims with regards to these assets. This category previously contained an equity method investment in a wind project with no book value due to our allocation of impairment losses recorded by the project sponsor. We sold this equity method investment in the third quarter for nominal proceeds. |
|
(4) | Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets. |
|
(5) | Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately. |
|
(6) | Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 152 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $72 million. |
Guidance
The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share. The Company also expects that annual dividends per share will grow at a compound annual rate of 3% to 5% from 2021 to 2023, relative to the 2020 baseline of $1.36 per share, which is equivalent to a 2023 midpoint of $1.53 per share. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing Portfolio; (ii) yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.
Dividend
The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.35 per share of common stock. This dividend will be paid on January 11, 2022, to stockholders of record as of December 28, 2021.
Conference Call and Webcast Information
Hannon Armstrong will host an investor conference call today, Thursday, November 4, 2021, at 5:00 p.m. eastern time. The conference call can be accessed live over the phone by dialing 1-844-200-6205 or for international callers, +1-929-526-1599. The participant access code is 653037. A replay will be available two hours after the call and can be accessed by dialing 1-866-813-9403 or for international callers, +44 204-525-0658. The access code for the replay is 112851. The replay will be available until November 11, 2021.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time immediately following the call.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $8 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
Forward-Looking Statements:
Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").
Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the ongoing impact of the current outbreak of the novel coronavirus (COVID-19), on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in the Form 10-K and in our subsequent filings under the Securities Exchange Act of 1934, as amended. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding new virus variants and uncertainty regarding whether "herd immunity" can be achieved through vaccination campaigns.
Statements regarding the following subjects, among others, may be forward-looking:
- negative impacts from a continued spread of COVID-19, including on the U.S. or global economy or on our business, financial position or results of operations;
- our expected returns and performance of our investments;
- the state of government legislation, regulation and policies that support or enhance the economic feasibility of projects that reduce carbon emissions or increase resilience to climate change, which we refer to as climate solutions, including energy efficiency and renewable energy projects and the general market demands for such projects;
- market trends in our industry, energy markets, commodity prices including continued low natural gas prices, interest rates, the capital markets or the general economy;
- our business and investment strategy;
- the availability of opportunities to invest in climate solutions including energy efficiency and renewable energy projects and our ability to complete potential new opportunities in our pipeline;
- our relationships with originators, investors, market intermediaries and professional advisers;
- competition from other providers of capital;
- our or any other company’s projected operating results;
- actions and initiatives of the federal, state and local governments and changes to federal, state and local government policies, regulations, tax laws and rates and the execution and impact of these actions, initiatives and policies;
- the state of the U.S. economy generally or in specific geographic regions, states or municipalities, and economic trends;
- our ability to obtain and maintain financing arrangements on favorable terms, including securitizations;
- general volatility of the securities markets in which we participate;
- the credit quality of our assets;
- changes in the value of our assets, our portfolio of assets and our investment and underwriting process;
- the impact of weather conditions, natural disasters, accidents or equipment failures or other events that disrupt the operation of our investments or negatively impact the value of our assets;
- rates of default or decreased recovery rates on our assets;
- interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
- changes in interest rates and the market value of our assets and target assets;
- effects of hedging instruments on our assets or liabilities;
- the degree to which our hedging strategies may or may not protect us from risks, such as interest rate or commodity price volatility;
- impact of and changes in accounting guidance;
- our ability to maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes;
- our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “1940 Act”);
- availability of and our ability to attract and retain qualified personnel;
- estimates relating to our ability to generate sufficient cash in the future to operate our business and to make distributions to our stockholders; and
- our understanding of our competition.
The risks included here are not exhaustive. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. Any forward- looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this earnings release, whether as a result of new information, future events or otherwise.
The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.
Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
|||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||||
Revenue |
|
|
|
|
|
|
|
|||||||||||||
Interest income |
$ |
26,236 |
|
|
|
$ |
23,508 |
|
|
|
$ |
76,352 |
|
|
|
$ |
71,046 |
|
|
|
Rental income |
6,430 |
|
|
|
6,469 |
|
|
|
19,361 |
|
|
|
19,408 |
|
|
|||||
Gain on sale of receivables and investments |
13,072 |
|
|
|
13,628 |
|
|
|
54,988 |
|
|
|
34,449 |
|
|
|||||
Fee income |
3,144 |
|
|
|
4,984 |
|
|
|
8,769 |
|
|
|
13,115 |
|
|
|||||
Total revenue |
48,882 |
|
|
|
48,589 |
|
|
|
159,470 |
|
|
|
138,018 |
|
|
|||||
Expenses |
|
|
|
|
|
|
|
|||||||||||||
Interest expense |
27,349 |
|
|
|
26,085 |
|
|
|
95,394 |
|
|
|
65,884 |
|
|
|||||
Provision for loss on receivables |
1,485 |
|
|
|
2,458 |
|
|
|
2,896 |
|
|
|
5,629 |
|
|
|||||
Compensation and benefits |
12,218 |
|
|
|
9,012 |
|
|
|
39,850 |
|
|
|
27,223 |
|
|
|||||
General and administrative |
4,964 |
|
|
|
3,918 |
|
|
|
14,814 |
|
|
|
11,181 |
|
|
|||||
Total expenses |
46,016 |
|
|
|
41,473 |
|
|
|
152,954 |
|
|
|
109,917 |
|
|
|||||
Income before equity method investments |
2,866 |
|
|
7,116 |
|
|
|
6,516 |
|
|
|
28,101 |
|
|
||||||
Income (loss) from equity method investments |
(7,215 |
) |
|
|
16,506 |
|
|
|
69,519 |
|
|
|
32,505 |
|
|
|||||
Income (loss) before income taxes |
(4,349 |
) |
|
|
23,622 |
|
|
|
76,035 |
|
|
|
60,606 |
|
|
|||||
Income tax (expense) benefit |
1,250 |
|
|
|
(2,345 |
) |
|
|
(11,510 |
) |
|
|
(2,860 |
) |
|
|||||
Net income (loss) |
$ |
(3,099 |
) |
|
|
$ |
21,277 |
|
|
|
$ |
64,525 |
|
|
|
$ |
57,746 |
|
|
|
Net income (loss) attributable to non-controlling interest holders |
(261 |
) |
|
|
102 |
|
|
|
366 |
|
|
|
255 |
|
|
|||||
Net income (loss) attributable to controlling stockholders |
$ |
(2,838 |
) |
|
|
$ |
21,175 |
|
|
|
$ |
64,159 |
|
|
|
$ |
57,491 |
|
|
|
Basic earnings (loss) per common share |
$ |
(0.04 |
) |
|
|
$ |
0.28 |
|
|
|
$ |
0.81 |
|
|
|
$ |
0.80 |
|
|
|
Diluted earnings (loss) per common share |
$ |
(0.04 |
) |
|
|
$ |
0.28 |
|
|
|
$ |
0.79 |
|
|
|
$ |
0.78 |
|
|
|
Weighted average common shares outstanding—basic |
79,335,173 |
|
|
|
74,012,788 |
|
|
|
78,407,028 |
|
|
|
71,376,004 |
|
|
|||||
Weighted average common shares outstanding—diluted |
79,335,173 |
|
|
|
76,131,252 |
|
|
|
82,069,464 |
|
|
|
72,644,626 |
|
|
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||
|
September 30,
|
|
December 31,
|
||||||
Assets |
|
|
|
||||||
Cash and cash equivalents |
$ |
413,259 |
|
|
|
$ |
286,250 |
|
|
Equity method investments |
1,468,282 |
|
|
|
1,279,651 |
|
|
||
Commercial receivables, net of allowance of $39 million and $36 million, respectively |
1,224,741 |
|
|
|
965,452 |
|
|
||
Government receivables |
126,412 |
|
|
|
248,455 |
|
|
||
Real estate |
356,861 |
|
|
|
359,176 |
|
|
||
Investments |
17,637 |
|
|
|
55,377 |
|
|
||
Securitization assets |
203,625 |
|
|
|
164,342 |
|
|
||
Other assets |
130,046 |
|
|
|
100,364 |
|
|
||
Total Assets |
$ |
3,940,863 |
|
|
|
$ |
3,459,067 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||||
Liabilities: |
|
|
|
||||||
Accounts payable, accrued expenses and other |
$ |
77,395 |
|
|
|
$ |
59,944 |
|
|
Credit facilities |
25,483 |
|
|
|
22,591 |
|
|
||
Non-recourse debt (secured by assets of $574 million and $723 million, respectively) |
438,051 |
|
|
|
592,547 |
|
|
||
Senior unsecured notes |
1,771,264 |
|
|
|
1,283,335 |
|
|
||
Convertible notes |
155,285 |
|
|
|
290,501 |
|
|
||
Total Liabilities |
2,467,478 |
|
|
|
2,248,918 |
|
|
||
Stockholders’ Equity: |
|
|
|
||||||
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding |
— |
|
|
|
— |
|
|
||
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 84,275,179 and 76,457,415 shares issued and outstanding, respectively |
843 |
|
|
|
765 |
|
|
||
Additional paid in capital |
1,671,747 |
|
|
|
1,394,009 |
|
|
||
Accumulated deficit |
(225,933 |
) |
|
|
(204,112 |
) |
|
||
Accumulated other comprehensive income (loss) |
7,746 |
|
|
|
12,634 |
|
|
||
Non-controlling interest |
18,982 |
|
|
|
6,853 |
|
|
||
Total Stockholders’ Equity |
1,473,385 |
|
|
|
1,210,149 |
|
|
||
Total Liabilities and Stockholders’ Equity |
$ |
3,940,863 |
|
|
|
$ |
3,459,067 |
|
|
EXPLANATORY NOTES
Non-GAAP Financial Measures
Distributable Earnings
We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, gains or (losses) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of our Operating Partnership. We also make an adjustment to our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our distributable earnings. In making this determination we will consider certain circumstances such as the time period in default and sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.
Contacts
Investor Contact:
Chad Reed
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410-571-6189
Media Contact:
Gil Jenkins
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443-321-5753
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