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Bright Health Group Reports Second Quarter 2022 Results

  • Revenue of $1.6 billion, up 41.5% from Q2'21, GAAP Net Loss of $251.3 million, Adjusted EBITDA Loss of $194.9 million
  • Enterprise Medical Cost Ratio of 88.8%
  • Reaffirming 2022 Consolidated Revenue, MCR, and Adjusted EBITDA guidance

Bright Health Group, Inc. (“Bright Health Group” or the “Company”) (NYSE: BHG), the first technology-enabled, Fully Aligned system of care built for healthcare's consumer retail market, today reported financial results for its Second Quarter ended June 30, 2022.

“Bright Health Group has made significant progress this year on reducing medical costs, accurate risk adjustment capture, and improving operational performance resulting in strong performance in the Second Quarter,” said Mike Mikan, President and CEO of Bright Health Group. “As we look forward, continued execution on these efforts as well as pricing action we’ve taken for next year supports a meaningful step closer to profitability in 2023, which gives us further conviction in our target of breakeven Adjusted EBITDA in 2024.”

Key Metrics

 

As of June 30,

 

2022

 

2021

Consumer and Patient Metrics

 

 

 

Bright HealthCare Commercial Consumers

970,000

 

550,000

Bright HealthCare Medicare Advantage Consumers

120,000

 

110,000

NeueHealth Value-Based Patients

500,000

 

40,000

 

Three Months Ended

 

Six Months Ended

($ in thousands)

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Financial Metrics

 

 

 

 

 

 

 

Revenue

$

1,576,628

 

 

$

1,113,840

 

 

$

3,412,203

 

 

$

1,988,398

 

Medical Cost Ratio (1)

 

88.8

%

 

 

86.8

%

 

 

86.6

%

 

 

83.5

%

Operating Cost Ratio

 

26.2

%

 

 

23.4

%

 

 

24.4

%

 

 

23.6

%

GAAP Net Loss

$

(251,330

)

 

$

(43,723

)

 

$

(431,959

)

 

$

(68,268

)

Adjusted EBITDA (non-GAAP)

$

(194,860

)

 

$

(93,766

)

 

$

(269,690

)

 

$

(107,593

)

(1)

 

Medical Cost Ratio for the three months ended June 30, 2022 and 2021, include a 130 basis point and 320 basis point, respectively, unfavorable impact from COVID-19 related costs. Medical Cost Ratio for the six months ended June 30, 2022 and 2021, include a 230 basis point and 360 basis point, respectively, unfavorable impact from COVID-19 related costs.

See the table at the end of this release for additional information and a reconciliation of the non-GAAP measure used in the table above.

Financial Outlook

For full year 2022, Bright Health Group is providing the following guidance and commentary:

  • Bright Health Group’s total Revenue is expected to be $6.8 billion to $7.1 billion with an expected enterprise Medical Cost Ratio between 90% and 94%.
  • On a segment basis, Bright HealthCare end-of-year membership is expected to be approximately 1,000,000, while NeueHealth Revenue is expected to be approximately $2.2 billion.
  • Intercompany Revenue elimination, comprised of payments from Bright HealthCare to NeueHealth for managing patient care and for network services, is expected to be approximately $1.2 billion.
  • Adjusted EBITDA for 2022 is expected to be a loss of between $500.0 million and $800.0 million.

Earnings Conference Call

As previously announced, Bright Health Group will discuss the Company’s results, strategy, and outlook on a conference call with investors at 8:00 a.m. Eastern Time today. Bright Health Group will host a live webcast of this conference call which can be accessed from the Investor Relations page of the company’s website (investors.brighthealthgroup.com). Following the call, a webcast replay will be available on the same site. This earnings release and the Form 8-K dated August 10, 2022, can be accessed on the Investor Relations page of the Company’s website. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor this portion of our website, in addition to following our press releases, U.S. Securities and Exchange Commission (“SEC”) filings and public conference calls and webcasts.

About Bright Health Group

Bright Health Group is the first technology-enabled, Fully Aligned system of care built for healthcare's consumer retail market. Our differentiated approach aligns care delivery with the financing of care to drive better outcomes, lower costs, and enhance the consumer experience. We have two market-facing businesses: NeueHealth and Bright HealthCare. NeueHealth provides care delivery and value-based enablement services to approximately 500,000 value-based patients through our owned and affiliated clinics. Bright HealthCare offers Commercial and Medicare health plan products to over 1 million consumers across the nation. We believe everyone should have access to personal, affordable, and high-quality healthcare. Our mission is to Make healthcare right. Together. For more information, visit www.brighthealthgroup.com.

Notes

A reconciliation of the projected Adjusted EBITDA, which is a forward-looking non-GAAP financial measure, to the most directly comparable GAAP financial measures, is not provided because the Company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as interest expense, income tax expense, depreciation and amortization, impairment of intangible assets, share-based compensation expense, transaction costs, changes in the fair value of contingent consideration, changes in the fair value of equity securities, contract termination costs, restructuring costs; and the tax effect of all such items. Historically, the Company has excluded these items from non-GAAP financial measures. The Company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business, are inherently unpredictable as to if or when they may occur. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Forward-Looking Statements

Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: our ability to continue as a going concern if we do not obtain additional financing; a lack of acceptance or slow adoption of our business model; our ability to retain existing consumers and expand consumer enrollment; our ability to obtain and accurately assess, code, and report Individual and Family Plan and Medicare Advantage risk adjustment factor scores for consumers; our ability to contract with care providers and arrange for the provision of quality care; our ability to accurately estimate our medical expenses, effectively manage our costs and claims liabilities or appropriately price our products and charge premiums; our ability to obtain claims information timely and accurately; the impact of the ongoing COVID-19 pandemic on our business and results of operations; the risks associated with our reliance on third-party providers to operate our business; the impact of modifications or changes to the U.S. health insurance markets; our ability to manage the growth of our business; our ability to operate, update or implement our technology platform and other information technology systems; our ability to retain key executives; our ability to successfully pursue acquisitions and integrate acquired businesses; the occurrence of severe weather events, catastrophic health events, natural or man-made disasters, and social and political conditions or civil unrest; our ability to prevent and contain data security incidents and the impact of data security incidents on our members, patients, employees and financial results; our ability to comply with requirements to maintain effective internal controls; our ability to adapt to the new risks associated with our expansion into Direct Contracting; and the other factors set forth under the heading “Risk Factors” in the Company’s reports on Form 10-K, Form 10-Q, and Form 8-K (including all amendments to those reports) and our other filings with the SEC. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or changes in our expectations.

Bright Health Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

 

 

June 30,

2022

 

December 31,

2021

Assets

Current assets:

Cash and cash equivalents

$

1,427,517

 

$

1,061,179

 

Short-term investments

 

833,923

 

 

193,835

 

Accounts receivable, net of allowance of $6,737 and $4,074, respectively

 

144,878

 

 

113,474

 

Direct contracting performance year receivable

 

396,104

 

 

 

 

Prepaids and other current assets

 

357,989

 

 

291,712

 

Total current assets

 

3,160,411

 

 

1,660,200

 

Other assets:

Long-term investments

 

861,675

 

 

675,192

 

Property, equipment and capitalized software, net

 

47,937

 

 

38,344

 

Goodwill

 

835,450

 

 

835,140

 

Intangible assets, net

 

316,249

 

 

343,860

 

Other non-current assets

 

39,335

 

 

45,603

 

Total other assets

 

2,100,646

 

 

1,938,139

 

Total assets

$

5,261,057

 

$

3,598,339

 

Liabilities, Redeemable Noncontrolling Interest, Redeemable Preferred Stock and Shareholders’ Equity (Deficit)

Current liabilities:

Medical costs payable

$

1,049,874

 

$

817,975

 

Accounts payable

 

120,541

 

 

118,140

 

Unearned revenue

 

56,872

 

 

53,295

 

Risk adjustment payable

 

1,847,883

 

 

931,170

 

Direct contracting performance year obligation

 

310,603

 

 

 

 

Short-term borrowings

 

 

 

 

155,000

 

Other current liabilities

 

245,276

 

 

207,238

 

Total current liabilities

 

3,631,049

 

 

2,282,818

 

Other liabilities

 

36,091

 

 

41,994

 

Total liabilities

 

3,667,140

 

 

2,324,812

 

Commitments and contingencies (Note 10)

Redeemable noncontrolling interests

 

164,454

 

 

128,407

 

Series A redeemable preferred stock, $0.0001 par value; 100,000,000 shares authorized in 2022 and 2021; 750,000 and — shares issued and outstanding in 2022 and 2021, respectively

 

747,481

 

 

 

Shareholders’ equity (deficit):

 

 

Common stock, $0.0001 par value; 3,000,000,000 shares authorized in 2022 and 2021; 629,322,217 and 628,622,872 shares issued and outstanding in 2022 and 2021, respectively

 

63

 

 

63

 

Additional paid-in capital

 

2,915,056

 

 

2,861,243

 

Accumulated deficit

 

(2,170,751

)

 

 

(1,700,851

)

Accumulated other comprehensive loss

 

(50,386

)

 

 

(3,335

)

Treasury stock, at cost, 2,522,148 shares at June 30, 2022 and December 31, 2021, respectively

 

(12,000

)

 

 

(12,000

)

Total shareholders’ equity (deficit)

 

681,982

 

 

 

1,145,120

 

Total liabilities, redeemable noncontrolling interests, redeemable preferred stock and shareholders’ equity (deficit)

$

5,261,057

 

$

3,598,339

 

Bright Health Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Loss)

(in thousands, except per share data)

(Unaudited)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

Premium revenue

$

1,437,329

 

$

1,042,086

 

 

$

3,117,779

 

 

$

1,902,717

 

Direct contracting revenue

 

137,205

 

 

 

 

 

 

320,002

 

 

 

 

Service revenue

 

12,845

 

 

12,085

 

 

 

25,273

 

 

 

20,523

 

Investment income (loss)

 

(10,751

)

 

59,669

 

 

 

(50,851

)

 

 

65,158

 

Total revenue

 

1,576,628

 

 

1,113,840

 

 

 

3,412,203

 

 

 

1,988,398

 

Operating expenses:

 

 

 

 

 

Medical costs

 

1,398,166

 

 

904,630

 

 

 

2,978,762

 

 

 

1,589,200

 

Operating costs

 

413,320

 

 

261,060

 

 

 

832,238

 

 

 

469,300

 

Depreciation and amortization

 

13,229

 

 

7,195

 

 

 

26,270

 

 

 

11,776

 

Total operating expenses

 

1,824,715

 

 

1,172,885

 

 

 

3,837,270

 

 

 

2,070,276

 

Operating loss

 

(248,087

)

 

(59,045

)

 

 

(425,067

)

 

 

(81,878

)

Interest expense

 

337

 

 

4,142

 

 

 

1,530

 

 

 

4,688

 

Other income

 

2

 

 

 

 

 

 

(782

)

 

 

 

Loss before income taxes

 

(248,426

)

 

(63,187

)

 

 

(425,815

)

 

 

(86,566

)

Income tax (benefit) expense

 

2,904

 

 

(19,464

)

 

 

6,144

 

 

 

(18,298

)

Net loss

 

(251,330

)

 

(43,723

)

 

 

(431,959

)

 

 

(68,268

)

Net earnings attributable to noncontrolling interests

 

(23,336

)

 

(795

)

 

 

(37,941

)

 

 

(1,412

)

Series A preferred stock dividend accrued

 

(9,461

)

 

 

 

 

 

(18,399

)

 

 

 

Net loss attributable to Bright Health Group, Inc. common shareholders

$

(284,127

)

$

(44,518

)

 

$

(488,299

)

 

$

(69,680

)

Basic and diluted loss per share attributable to Bright Health Group, Inc. common shareholders

$

(0.45

)

$

(0.28

)

 

$

(0.78

)

 

$

(0.46

)

Basic and diluted weighted-average common shares outstanding

 

629,201

 

 

160,942

 

 

 

628,984

 

 

 

150,616

 

 

Bright Health Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

Six Months Ended June 30,

 

2022

 

 

 

2021

 

Cash flows from operating activities:

Net loss

$

(431,959

)

$

(69,680

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

26,270

 

 

11,776

 

Impairment of intangible assets

 

6,720

 

 

 

 

Share-based compensation

 

53,141

 

 

19,054

 

Deferred income taxes

 

1,154

 

 

(18,018

)

Unrealized loss (gain) on equity securities

 

57,151

 

 

 

(62,754

)

Other, net

 

4,582

 

 

8,681

 

Changes in assets and liabilities, net of acquired assets and liabilities:

 

 

Accounts receivable

 

(31,404

)

 

(14,427

)

Direct contracting performance year receivable

 

(396,104

)

 

 

 

Other assets

 

(60,991

)

 

(39,883

)

Medical cost payable

 

231,899

 

 

223,125

 

Risk adjustment payable

 

916,713

 

 

318,758

 

Accounts payable and other liabilities

 

35,312

 

 

120,847

 

Unearned revenue

 

3,577

 

 

(333

)

Direct contracting performance year obligation

 

310,603

 

 

 

 

Net cash provided by operating activities

 

726,664

 

 

497,146

 

Cash flows from investing activities:

 

 

 

Purchases of investments

 

(1,140,896

)

 

(596,811

)

Proceeds from sales, paydown, and maturities of investments

 

204,775

 

 

449,636

 

Purchases of property and equipment

 

(15,154

)

 

(10,554

)

Business acquisitions, net of cash acquired

 

(310

)

 

(210,492

)

Net cash used in investing activities

 

(951,585

)

 

(368,221

)

Cash flows from financing activities:

Proceeds from issuance of preferred stock

 

747,481

 

 

 

 

Proceeds from issuance of common stock

 

672

 

 

9,616

 

Net proceeds from short-term borrowings

 

(155,000

)

 

 

 

Distribution to Noncontrolling interest

 

(1,894

)

 

 

 

Payments for debt issuance costs

 

 

 

 

(3,391

)

Proceeds from IPO

 

 

 

 

887,328

 

Payments for IPO offering costs

 

 

 

(4,530

)

Net cash provided by financing activities

 

591,259

 

 

889,023

 

Net increase in cash and cash equivalents

 

366,338

 

 

1,017,948

 

Cash and cash equivalents – beginning of year

 

1,061,179

 

 

488,371

 

Cash and cash equivalents – end of period

$

1,427,517

 

$

1,506,319

 

Bright Health Group, Inc. and Subsidiaries

Segment Information

(in thousands)

(Unaudited)

 

Bright HealthCare

Three Months Ended

 

Six Months Ended

(in thousands)

June 30,

 

June 30,

Statements of income (loss) and operating data:

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Bright HealthCare:

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Commercial revenue

$

945,274

 

 

$

683,943

 

 

$

2,108,498

 

 

$

1,304,999

 

Medicare Advantage revenue

 

419,594

 

 

 

339,906

 

 

 

849,907

 

 

 

560,775

 

Investment income

 

5,433

 

 

 

1,158

 

 

 

6,301

 

 

 

2,404

 

Total revenue

 

1,370,301

 

 

 

1,025,007

 

 

 

2,964,706

 

 

 

1,868,178

 

Operating expenses:

 

 

 

 

 

 

 

Medical costs

 

1,220,897

 

 

 

894,059

 

 

 

2,544,621

 

 

 

1,569,115

 

Operating costs

 

372,972

 

 

 

242,329

 

 

 

744,636

 

 

 

432,302

 

Depreciation and amortization

 

6,034

 

 

 

4,583

 

 

 

12,073

 

 

 

6,940

 

Total operating expenses

 

1,599,903

 

 

 

1,140,971

 

 

 

3,301,330

 

 

 

2,008,357

 

Operating loss

$

(229,602

)

 

$

(115,964

)

 

$

(336,624

)

 

$

(140,179

)

 

 

 

 

 

 

 

 

Medical Cost Ratio (MCR)

 

89.5

%

 

 

87.3

%

 

 

86.0

%

 

 

84.1

%

Commercial MCR

 

89.0

%

 

 

81.2

%

 

 

82.9

%

 

 

77.2

%

Medicare Advantage MCR

 

90.3

%

 

 

99.7

%

 

 

93.5

%

 

 

100.1

%

NeueHealth

Three Months Ended

 

Six Months Ended

($ in thousands)

June 30,

 

June 30,

Statements of income (loss) data:

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

NeueHealth:

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Premium revenue

$

276,460

 

 

$

36,172

 

 

$

731,462

 

 

$

64,846

 

Direct contracting revenue

 

137,205

 

 

 

 

 

 

320,002

 

 

 

 

Service revenue

 

24,651

 

 

 

19,631

 

 

 

48,772

 

 

 

35,253

 

Investment income (loss)

 

(16,184

)

 

 

58,511

 

 

 

(57,152

)

 

 

62,754

 

Total revenue

 

422,132

 

 

 

114,314

 

 

 

1,043,084

 

 

 

162,853

 

Operating expenses

 

 

 

 

 

 

 

Medical costs

 

381,387

 

 

 

28,415

 

 

 

1,006,381

 

 

 

47,897

 

Operating costs

 

52,035

 

 

 

26,368

 

 

 

110,949

 

 

 

51,819

 

Depreciation and amortization

 

7,195

 

 

 

2,612

 

 

 

14,197

 

 

 

4,836

 

Total operating expenses

 

440,617

 

 

 

57,395

 

 

 

1,131,527

 

 

 

104,552

 

Operating income (loss)

$

(18,485

)

 

$

56,919

 

 

$

(88,443

)

 

$

58,301

 

 

 

 

 

 

 

 

 

Medical Cost Ratio (MCR)

 

92.2

%

 

 

78.6

%

 

 

95.7

%

 

 

73.9

%

Non-GAAP Financial Measures

We use the non-GAAP financial measure Adjusted EBITDA. We define Adjusted EBITDA as Net Loss excluding Interest Expense, Income Taxes, Depreciation and Amortization, adjusted for the impact of impairment of intangible assets, acquisition and financing-related transaction costs, share-based compensation, changes in the fair value of contingent consideration, changes in the fair value of equity securities, contract termination costs and restructuring costs. This non-GAAP measure has been presented in this quarterly Earnings Release as a supplemental measure of financial performance that is not required by or presented in accordance with GAAP because we believe it assists management and investors in comparing our operating performance across reporting periods on a consistent basis by excluding and including items that we do not believe are indicative of our core operating performance. Management believes this measure is useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses Adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.

Adjusted EBITDA is not a recognized term under GAAP and should not be considered as an alternative to Net Income (Loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentation of Adjusted EBITDA has limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.

The following table provides a reconciliation of net loss to Adjusted EBITDA for the periods presented:

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

($ in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss

$

(251,330

)

 

$

(43,723

)

 

$

(431,959

)

 

$

(68,268

)

Interest expense

 

337

 

 

 

4,142

 

 

 

1,530

 

 

 

4,688

 

Income tax expense (benefit)

 

2,904

 

 

 

(19,464

)

 

 

6,144

 

 

 

(18,298

)

Depreciation and amortization

 

13,229

 

 

 

7,195

 

 

 

26,270

 

 

 

11,776

 

Impairment of intangible assets

 

 

 

 

 

 

 

6,720

 

 

 

 

Transaction costs (a)

 

299

 

 

 

3,130

 

 

 

410

 

 

 

5,150

 

Share-based compensation expense (b)

 

20,220

 

 

 

13,878

 

 

 

53,141

 

 

 

19,054

 

Change in fair value of equity securities (c)

 

16,183

 

 

 

(58,511

)

 

 

57,151

 

 

 

(62,754

)

Change in fair value of contingent consideration (d)

 

 

 

 

(413

)

 

 

 

 

 

1,059

 

Contract termination costs (e)

 

500

 

 

 

 

 

 

1,241

 

 

 

 

Restructuring costs (f)

 

2,798

 

 

 

 

 

 

9,662

 

 

 

 

Adjusted EBITDA

$

(194,860

)

 

$

(93,766

)

 

$

(269,690

)

 

$

(107,593

)

(a)

 

Transaction costs include accounting, tax, valuation, consulting, legal and investment banking fees directly relating to business combinations and certain costs associated with our initial public offering. These costs can vary from period to period and impact comparability, and we do not believe such transaction costs reflect the ongoing performance of our business.

(b)

 

Represents non-cash compensation expense related to stock option and restricted stock award grants, which can vary from period to period based on a number of factors, including the timing, quantity and grant date fair value of the awards.

(c)

 

Beginning in 2022, Adjusted EBITDA excludes the impact of changes in unrealized gains and losses on equity securities. The comparable period in 2021 has been recast to exclude changes in unrealized gains and losses on equity securities.

(d)

 

Represents the non-cash change in fair value of contingent consideration from business combinations, which is remeasured at fair value each reporting period.

(e)

 

Represents amounts paid for early termination of an existing vendor contracts.

(f)

 

Restructuring costs represents severance costs as part of a workforce reduction in 2022.

 

“Bright Health Group has made significant progress this year on reducing medical costs, accurate risk adjustment capture, and improving operational performance resulting in strong performance in the Second Quarter"

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