Ball (BALL) 3 May 192019 Q1 Earnings call transcript

Company Profile

Participants

John Hayes	Chairman, President, Chief Executive Officer
Dan Fisher	Senior Vice President, Chief Operating Officer of Global Beverage Packaging
Scott Morrison	Senior Vice President, Chief Financial Officer
Anthony Pettinari	Citi
Edlain Rodriguez	UBS
Matt Krueger	Baird
Tyler Langton	JPMorgan
George Staphos	Merrill Lynch
Neel Kumar	Morgan Stanley
Scott Gaffner	Barclays
Connor Robbins	Goldman Sachs
Arun Viswanathan	RBC Capital Markets
Mark Wilde	Bank of Montreal
Debbie Jones	Deutsche Bank
Adam Josephson	KeyBanc Capital Markets
Chip Dillon	Vertical Research Partners

Call transcript

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Operator

Greetings. Welcome to the Ball Corporation first quarter earnings conference call.

During the presentation, participants are in a listen-only mode and afterwards we will conduct a question-and-answer session. [Operator Instructions].

As a reminder, this conference is recorded on Thursday, May 2, 2019. turn over to CEO. John pleasure my the to conference Hayes, It's go sir Please ahead,

John Hayes

you morning differ implied. quarter Great. Ball and results expressed call Emma Thank good or statements. forward-looking those call information during Actual the that will The be contain Corporation's outcomes everyone. regarding company's from results. first may XXXX or provided this materially conference is This may

or other outcomes latest Some SEC to are the factors that as company's in could in well XX-K as results and releases. company cause filings the news differ company

don't If found non-GAAP be release, ball.com. table financial our a have consolidation Information you well per available section activities at as also may of other reconciliation share in already summarizing earnings business and of release. the calculations. our first website includes of measures today's earnings it's diluted as and notes quarter regarding use the operating The comparable earnings release earnings a on also

aerospace over call Morrison, provide beverage some President Scott Dan today Global key of results performance. acquisition with deliver sales impact comments will of and aluminum Arizona I results, headwinds its previously business been Joining with agreement Vice growth mentioned discuss me in businesses end in in discuss the overall a conclusion America. to to Beverage. scrap will and are financial on COO And the his comments Senior and we will finish in President for our North which satisfied growth is on some will our quarterly Senior our two and transitory introductory and as was we these Fisher, not Scott packaging long the on of X%, related with of up this very will for and metrics. Dan facility well it's CFO weighed part lines our were in America aerosol global Rexam and global the Vice Overall, our the time then can Dan Goodyear, efficiency remarks. South aerospace as costs company. on up as later. the address the outlook costs of our highest ambitions. pleased demand but the beverage Offsetting that short-term incremental new continues costs

our We expect continue year. volume through more line growth move to as become while we in costs the

that specialty highlights XX% of X% key quarter approximately growth the as cans overall beverage can cans with for previously, global and paying Now approximately include, can off. is on growth our specialty focus further highlighting standard mentioned flat, of

now XXXX. basis, In America and to Central upper represent growth teens, our more up up and bit mix fact, from specialty EMEA cans America on X% in the over The XX% up is respectively. year-over-year, in board the with global across that a Europe XX% than approximately was and of South North up which a low

customer we Our into cans into forward. glass, about see go products accelerated containers Dan going paper-based detail more will multilayer only from have plastic and discussions what and about shifting

China beverage do this for expect our business XX% on XXXX level we half for while be approval can track the XX% to of were over revenues second of continue, we of received revenues over Aerospace full the we antitrust In and growth addition, don't up sale up to we and the are closing. expect year.

discussions up well. was as this the as sustainability to mid aerosol low migrate Finally, single segment aluminum digits to

Summit Ball Ocean the Dhabi, packaging, aluminum about Gulf, Key water, governments, Argentina engaging few, shift you own recycling we sustainability, end launching and proactively raise awareness are customers, improve a buyers a aluminum stadiums, speaking the Ball agreements and transition in U.S. can, the the colleges products on of our of in on initiatives with months has cultural new cups including Now educate NGOs more campaign on and past make recyclable have aluminum sustainability utilizing of efforts of renewable others that for energy the and making World world cans renewable events focused plastic around and use one of and aluminum sources usage Ball various channels including of infinitely advantages XXX% the on to other supporting aluminum benefits packaging, even can, events the of to to bottles footprint. sustainable, new where reclosable launched American of facilitating our energy environmental to and on educate XXXX, consumers customer Persian community a and announcing corporate to over our venues cleanup recycling, for in Abu youth to shift the if include sports in packaging, to sustainability, number just cups used presenting brandable focused aid employee-led choose and of a to by Ball's variety year-to-date at to North venues, largest still the developing name

our As each year. momentum growing businesses we of we the this go see throughout in forward,

it We over more time EVA long-term increasing and strategy, volume by continue above dollars to execute through over on earnings revenues value mix will growth, our driving strategy growing our focusing our of cost And containers, aerospace, of will to with packaging expanding value mindset. with shift to I to products specialty return our shareholders' all and aluminum turn over that, Dan. innovative the further developing

Dan Fisher

as minuses has the pluses And and already we to some year. John. highlighted, had start John Thanks

well. a favorable side and given in a is demand customer without sustainability On and customer the plus future will having on conversations, it impact doubt, the as

quite the costs to fully aluminum scrap minus in couple the growth be given not the U.S. targets. surge our a market in spreads of new hitting and On lines inflationary respond the offset volume cannot to certain side,

Turning to growth.

regions do volumes though of and logistical X.X% We year-over-year U.S. Brazil disclosed line Our inefficiencies U.S. first of The in late and area end $XX were growth XXXX better completion America highlighted the addressed teams certain renewing quarter. of forward. impact inefficiencies America, our growth created can Brazil. agreements manufacturing impact tremendous due with industry tight operating some of exposure U.S. aluminum the and million mid-XXXX anticipated global quarter beverage in going globe, has will North the were year which continuing for been earnings down to Europe, higher scrap Across an agreement, the XXXX. comparable X%, South contracts, in or the given widening up the will already the spreads and which customer than in in first anniversary we which operational and pace in in will some the can kept be has previously in

quarter. were in America the North up Moving X% to the individual volumes segments. Ball's segment

led energy, and double and beer with lower seltzers, spiked New year-over-year. way water the wine, than light categories experiencing calorie crafts stronger digit being growth

and higher aluminum experienced conversions Arizona which, line scrap new Given in than the This as dampened anticipated issues performance facility headwinds on. in scrap combined a start-up environment, earlier, will with continue year the on, strong fully results our anticipated. Goodyear, than expect we our can our described while to to operating we cost the until these goes improve created growth, related higher we pass

by up Volumes American first to XX% led quarter, Turning the South strength Brazil. incredible in were in segment. our

quarter quarter of completion of the anticipated required volume than led the the earnings mid-year Brazilian growth, to demand. forward first with end's of customer earlier, patterns and will logistics completion. agreement earnings honor to part lower mentioned we Rexam the as the improve reflect segment higher contract, move Comps to as transaction, led second As manufacturing just suboptimal of pockets down slightly end's anniversary to

strong and start-up Argentina the are Chile the tea, expansion in results. late XXXX cans with to favorite expansions for beer, of South trends XXXX hard the Our alcohol remained Paraguay package and energy track Overall, and being the is categories. industry on contributing in American

million and growth XXXX were earnings additional to up in customers the quarter. XXXX. and and beyond. World cans, Volumes Cup, a momentum conversions customer difficult returnable of XX% shift location costs XXXX $X year-over-year translation start-up and specialty Cans line the X% first quarter, continuing their aiding in comps, Looking quarter we nearly are in multiple new earnings into European increased from first unfavorable forward, from mix with the the as the see given winning on associated in lines package operating glass conversions two beverage impact cans. timing the

new of to continued customer's market we good growth. forward our installed across look lines result operations, filling a As being can

new provide further the will XXXX, cost year-over-year from and year-over-year of lines, impact our For our and expansion earnings initiatives plant contributions as growth margin through XXXX improvement XXXX. G&A progress we

and And in remains sale our initiatives and EMEA sustainability performance to it has to Asia. With and our can secured Europe. Ball cans joint you Chinese for India of turn beverage global all antitrust forward. China, commercial again Turning ORG. regions plant the demand around over for stabilized. will The robust key and approval Scott. going will In in I our venture and in summary, and demand Turkey and in North manufacturing three is Saudi environments improved the Supply/demand teams benefit globe. America, to of to Brazil Thank tight globally Ball Central operating that,

Scott Morrison

XXXX. Dan. earnings $X.XX versus $X.XX diluted were per in quarter share quarter first Thanks first Comparable XXXX the of

results dilutive provided additional information are food July section the business. First the be $X.XX sale our provided XXXX and of earnings quarter notes reflect Details release will in steel today's aerosol steel XXXX of and of XX-Q. impact in U.S. our also

the effective than contract diluted working lower outlined. buyback. growth, at typical share expected by year-over-year solid share rate earnings per and seasonal sale ended and sales aerospace reflects and of strong end as cost offset build can and reflects the business steel U.S. Dan food inflation, performance Net aerosol just quarter $X.X comparable global billion the America debt First South and volumes U.S. quarter our ongoing lower and a in capital tax

stock year-end post-Rexam XX% as We have Close to reached levels. we rates remain is Ball's billion debt XXXX balance and and of sheet continue XXXX. $X net we pay our anticipate continue debt to actively dividends around to at buyback to fixed target throughout

by end And increase. We of roughly pay week's stock XXXX. million of dividend million reflects dividends, which additional will in annual $XXX have we in last $XXX to buyback XXXX, the an

and our repurchasing growth provides and return execute monitor opportunity returns and extend and remains to spent XXXX. growth balance value beyond and healthy and Ball's growth Rexam CapEx ample be growth Looking will shares the CapEx credit needs. forward, sheet Brazilian trends recent our the of agreement is service will issued shareholder to additional flexibility determine closely amend committed the and how to JV company to much acquisitions we

As be earnings billion, cash year in and to EBITDA flow stock after billion million, the roughly of turn continue full of paying we tax quarterly continue $XXX $XXX under in for be our it excess undistributed north of expense with which full range of With the rate million, that, in just to By we on benefit comparable year little $X pursuing fellow for machine strive to interest XXXX. will M&A, year CapEx in million, of comparable and you, a $XXX investing of think should cash our corporate effective XX% the will about is XXXX, range free $X work back repurchasing I we John. businesses, put dividends, the term flat to shareholders. bolt-on full with long

John Hayes

our In I and Scott. in Thanks the other X% results grew earlier, volumes in non-reportable business, Great. mentioned now aluminum quarter. as global aerosol reflected

is We Sustainability a consumer companies footprint. plastic. continue aluminum alternatives see to as product some business in opportunities pursue to driver this our to global broaden also

proud this improvements and engagement on further team is operational are the We of improve to innovation, our progress making business. high-returning employee

the by as incremental reported contracts. offset operating XX% performance, and earnings of XX% labor on solid contract business, these and growth aerospace mentioned I revenue earlier, many of costs new partially growth start-up Our

employees In XXX employees XX the we quarter in new next aerospace addition, XXX months. adding and the another we anticipate welcomed over

aerospace people. Our X,XXX total surpassed recently headcount

expansion on most onboarding on further these and employees, the backlog. readying executing our remains new focus importantly, facilities Our strong for

and achieve way as while and we goals we and packaging while for to our bright. the diluted XX% $XX raise million aluminum financial cash last much authorization. longer to to originally long forward quarterly per our share to to following recent to $X We capital Board's term out lead global quarter the sustainable the still exceeding look year goal. Ball growth share our stock of growth our of week have shareholders, to XX% company, do XXXX in as billion in acquire as forward continuing dividend to to the be earnings continue uniquely to mid-XXXX, we repurchase through return still well laid expect in significant also look is prospects the term aerospace Now XXXX XX% one are positioned we by announcement

because is this of possible our and people of our All culture.

for continue questions. Emma, will Ball what's We for ready long do And shareholders' and to term best our are with we success. that,

Operator

[Operator Instructions].

with Pettinari Citi. line question from proceed. first of Please Our the comes Anthony

Anthony Pettinari

Good morning.

John Hayes

morning Good Anthony.

Anthony Pettinari

just John, to terms can a up maybe the able growing level entire have meeting you a growth you if of are single am low wondering closer where big got a the couple digit and where to it mid of seems confident world supply in that I of perspective a pace really demand some whether higher stepped like Ball single we moving quarters pains picture are had digit. or but vols going it's are bev that, kind aluminum providers, producers not your be and freight of you to meet to How demand? only of are chain, from

John Hayes

Yes. It's Two a things. good question.

relates Ball, the this in optimizing midst of we were of happened footprint. growth acceleration to the really it right as recall, First our has as

number of we over So we were last number or a so year of taking that down in lines. the had a plants

the last months or I XX over fact, XX In believe, so. world the across lines,

this time change, happened. risk than it so a you have much are of That's anticipating, you going And to through adds little are what's higher you growth any bit it. when

this On excellent out our We we as make probably side to we have capacity broader And from filling the haven't what the aluminum, and raised making benefits half we from that situation. if to given But on is we it basis, suppliers see to look a as ago are metal months globally perspective, cans, supply The ability cans forward. in we are America. of expect an second metal filling we here of we tripled that, the we tariffs but gone a a were really year, not side, there's move doubled largely on even here the that but We implemented North that, on will in importantly the because have quarter. situation making a enough shortage confident increasingly, regionally, chain am sure I more sufficient fill said. the focused relied the to all on or particularly five helped the about had business, you bit increasingly where in that our of more second little have North there's or rolled metal nine sure aluminum quadrupled we in of four America. point

they realize sustainable it's into here complexity is diligently been sufficient have key the sure the And capacity system. growth very So we that's now. added whole suppliers our all with to have of working right that to it's make endurable, that and

Anthony Pettinari

in it any in to you multiple addressed Is five some contracts. one? that? along in it That's XXXX? the to of has will have possible addressed the contracts the remainder helpful. or size very customer issue to drag And that going maybe that Okay. I how then from that's possible is three or be Is And on spread are years. say earnings that been it And indicated are something think far just Or to scrap XQ you years? take we could then Dan the see issue thoughts

Scott Morrison

is Yes. Anthony, Scott. this

On issue different really a supply switched it U.S. as will the probably second but will scrap $XX gets only becomes in Dan And the the side. about the drag little and issue. let quarter, better some in our suppliers and on half the it's talk continue was That more first gets about million of customer competitive. the in a U.S. quarter, I second the to

Dan Fisher

I XX% exposure business side, a America that XXXX. say Anthony, of on to in our has North third contracted. would been customer would this of the Yes. I say already Two-thirds about has

other beginning annual that at basically of are the renewed contracts XXXX. The get

to control mechanism. our different those very a within with contracts it's re-up So pass-through

Anthony Pettinari

I helpful. turn it very That's over. will Okay.

Operator

question on, with Rodriguez the Continuing UBS. comes of from proceed. line our sir. Please Edlain next you Thank

Edlain Rodriguez

A quick morning guys. Good you. on sustainability. one Thank Okay.

ahead if higher do couple that as advantage you sold the take all you years projects given capacity next can the advantage gains contemplating you you, believe take do of over As look share, the Like how we how you regions? and market Are in you out? of like practically expansion the growth? that, of

John Hayes

Well, coming Yes. for months. this XX the actually seen have last we

actually have minutes our invested than the faster for recall, had it to it believe mentioned a of ago, a and couple going is thought. acceleration of we We years truly of business in talking we about prepare it. for have as couple been we I But meaningfully

And more very side. we as short have the in so are as that What focused as term, metal as on the filling are sit whole I we the actually the we said earlier, here we the confident well capacity. is side supply chain,

XXXX, be going XXXX that think capital only going see I XXXX longer to a of beyond the get we variety into to in returns. meaning appropriate opportunities, term, we can investing if but we are

talk Dan let about will little granularity the I a maybe So there. bit

Dan Fisher

Yes. on our more need and sure that need times pools view, customers multiple John maybe piggyback to PET needing to in move the think, even that at move, Investor to it's I just about nuanced talked also make And get that they reestablished. a Day has profit they to

over And when the of look specialty a globe And two were lot we this have growth. XX-ounce through our back Remember, years the and come starting to that's first the to of movement fruition. quarter to you in where we growth is on specialty reestablishment, out in have at the our capacity last footprint that in selling volume it's XX% just year-over-year, and taken customers added specialty our in anticipation so on happening. up we

to faster for have with Now investment there returns it's than those. happening, and into constantly John's rate we candidly point, the for at footprint step we looking order opportunities anticipated. be us to are to at And a our customers in

John Hayes

just And last context. you give one to

low-hanging those to we that are outside? if but it, lines a call incremental years every years bricks-and-mortar? of really need that capital, our where So existing you we of of then into out the and looked and good add areas And really looked not Dan those facilities where and idea one invest process, facilities to look like if where short speed are has we up have lines? three and term What we said of those the and big two, can long our only capital can his planning appropriate could term out fruit, team into we part areas we are As very looked XX get returns.

Edlain Rodriguez

you some one Okay. there glass share on gaining it Like quick the biggest at over saying between dispute And what are is of expense is what glass? seems and market there? one the Because competitor you like Brazil. say

Dan Fisher

answer from what is transitioning couple is, glass. that yes, have market new couple profile is premiumization. in cans. the The over And Yes. been moved happening that and to pure malt, returnable exclusively their have years they into of market market have a upgraded is There's that of to that entrants gone last ingredients

beer So to a years. composition to standpoint, movement response competitive majority going and their are is be three on next profile to five marketplace is in the to overwhelmingly that predominant has of glass over are player a they they that an move And to from cans. address their to having returnable that change appreciable share, the having ingredient having

in the there when response we incumbent comments, we from more ahead all into what thought, into so cans. the And and said was moving playing of demand it's the

John Hayes

but beer and side. point That's consumption this first just can increased on other on increased demand just One the in XX%-plus. Yes. quarter beer while over Brazil data X% overall Nielsen a little is the data,

increased consumption a and the On drinks percentage declined X%. actually of can couple demand side, soft points

the definition, taking share means is So that, other packaging from can by substrates.

Edlain Rodriguez

you. Thank Okay.

Operator

Thank you.

Ghansham question Baird. comes line next with the of Our from Panjabi

Matt Krueger

Ghansham. Krueger, are Hi. This Matt on is Good you? for morning. How

John Hayes

Matt? you, are How Good.

Matt Krueger

Good.

like as your globe there's that we XXXX? if layering what a just outlook around hoping in a just move the that And terms So drag that the of first, we cadence any I volume could consider was by region factors should just take we budgeted growth of notable in for quarterly looks and at look growth. take

Dan Fisher

Yes.

Europe, mid time I little America was, north digits we America. and a think XXX thought maybe kind were this ago in South in where we days single of North that of

or more is less we line America North in what think thought. with I

sorry, are Of in course, heading May. or beginning we peak May, into here season in April

a that and the so on in comments based America a relates and in to ahead little the continued made and all points the and question South don't that. shift beer Europe: Europe, lot an was the moved anticipated. South ahead growth it And premiumization rate the suggest certainly movement But has data has the as bit and Brazilian on sustainability really America, of shift, that. it to then in of market. I cans last I what was energy of think, to we I have

As for Europe, X% like in weather part as growth feel or ahead single growth. of holds that digit some are decent we we the long poised of northern mid

John Hayes

more XXXX think is more conversations spiked have And is say new even I we Yes. to cans whole some customers into just categories the mentioned event. most top. are important we existing the it's had interest because the sustainability water, of or issue strong term as never of I whether with think, have importantly, who the I that sustainability. been it's with to from which seeing is that rises very whether Matt, substrates in also, want one a megatrends conversations talking your longer had seltzers, have This around this other number are Dan customers still in more convert. that about question because we a the converting not But cans.

decade, I conversion think if is will that type not so multiyear, this of play out. And a

Matt Krueger

goal operating And understanding seeing? that across how leverage in higher Great. this on volumes think currently the are phase business? do you entering talk that that can start-up with is you And growth targeted kind what then all are of operating cetera, are you sales these your about new you versus costs, the et your leverage you performing ultimate new business, then

Dan Fisher

and extract tight you be I XX we see take as do what as can can that's have supply/demand we in fundamentally if we that's we in started lines little last think to through new not historical seven challenge. last should two months the think North we America, better, North up and have multiple step market better. years, said, if have benefits back America, in Yes. that the challenge, at we commercial the as I would done Well, a The in and just with an a levels, not think should insignificant of closed kind I facilities walk we have. we the here

the top what XX, John into that on indicated, throw from You world. we programs fact just where of dozen supply coming a parts that's moved of from roughly half probably the metal all

getting as of on So but think fall-through. I focusing our our think that, paradigm, said, be and and internal growth managing you the leverage processes, we that stabilized supply base more not chain, our moving kind supply into historical this with I performing employees only at should

Matt Krueger

much. Thank Great. Okay. very you

Operator

from Thank now question you. with Langton go JPMorgan. the of a ahead. on, Continuing Tyler line Please we have

Tyler Langton

Good for morning. my Thanks taking question.

South are Europe growth single the of any And speed with sort you you would that America. your mid you mean with of digit would guess, current to is I do I I this if there either if for plus year? on, Just expect, mean can the up had year, lines? full that? associated you of sort and need kind that, to Or capacity, headwinds support cost

Dan Fisher

question. We in capacity from mind, leaving gotten through keep are season. just because peak have we No. it standpoint a Great fundamentally

year, be head the as we et will kind next cetera. pre-build, quarter of that So into fourth really

we et through at have pretty backs indicated, a we the on look the I upside. to very already at we for footprint going we in will certainly, going analysis be capacity. substrate the this of next us extensive potentially candidly But into there juncture, we to seven little go if to that as months. John kind particular growth the not are to to heading the of not mix am on we down the so add actually question. if But heading fine next a returns, year, to are two six yes, to this will get next surprises speedups, going to are incremental or that rates weeks continues see movement cetera, And

John Hayes

Chile Brazil, new And largely having Dan's don't are we late that, well a facility also will, start-up in year. that in forget but we Don't directed were in forget year. Argentina towards a Paraguay, as new Yes. as invested line this comments last

bridge us some actually that's that helping to of So gap.

Tyler Langton

Okay. costing lines little rough then know No, for you executions that's that's Goodyear. longer just I in like of balance sort are ramp bit helpful. taking of I the how a Can a of you, the of know the pushed of up. year? with two sort it year. estimate was guess, I And $XX benefits to much I these goal the a is to that, this something does the does get And achieve pressures, year? from bit? Goodyear always can million for was it then that with Or get still of you mean out little give

Scott Morrison

Yes.

get year. we is year, up to to switch benefit back little every overcomplicated $XX cost those lines two. the the through we think that having drag bit But as half we two million, decline Full net realize by on as the remember, behind expectation a to get move of wanted and quarter quarter when are large will I the the that in the we million first be And will every to the the we $X should second and in hopefully run well were able running. and we be. and have where sizes intention in we

So that's have difficult you when and starting new workforce. got are a you out

better gets original we and all smooth capability, production as expectations. gets of that to So our that I out think

Tyler Langton

Great. Thanks so much.

Operator

question Continuing from Lynch. Please sir. go Merrill comes ahead, on, Staphos next you line the with our sir. George of Thank

George Staphos

all for Thanks the morning. details. Good everyone. Hi

Dan Fisher

morning. Good

George Staphos

Good Dan. morning

on do wanted returns. to on I Scott, and the guess and thing touched it's is questions been other relative think, comment you I the to first said a I back come monitoring So the to answers, few CapEx of

ways when buyback and the some years, we about of talked that way of how the for seeing. think next have that that's what means cap that play goals enough XXXX? would terms it about? have CapEx XXXX see you that And have other from and I monitoring the in including are one for But you you what in you talk can another, So visibility, couple allocation self-evident might you that into you or

Scott Morrison

I had return shareholders. needs of in don't our a capital year. to earnings change that to CapEx Yes. our going nice We bump are see this

nice year. We in a to are going earnings get bump next

is the the three by end year. down at of leverage times Our

So we am could definitely concerned of spend $X not still that. overly more I capital and billion stock. about buy

We have in have to where think shareholders. invest with. and value around engine a been to our time, have fortune, long lot we M&A you good of do to business, have now that a bigger a able we the been And cash return to do I just be George, able

terms trip and of are to So not Brazil. his talked incremental capital, about we in Dan

We have all comments week talk John's here incremental could lines. that, another next meeting to speed capacity, the got in about up to where we about

too result shareholders. it's value early going to returns. might get But us in sufficient buy tell it's add where to to capital allows the be we that of continue to where and rest a think be going return putting are to assured, might ground that in. we So machine to earnings lot that will to And what and back that I

John Hayes

maintenance, And the million. $XXX is just XXXX let's cash George, Yes. forget, of also our is state-of-the-art includes free million $X goals that $XXX million, probably in and flow that range for CapEx of our not of maintenance CapEx. And billion $XXX

growth. So the flows $X million billion cash of of embedded is $XXX free in even

And so minus big a little out cash it if but can see be may bit, you earnings, it's from just flow with a that plus mover. or growing extrapolate you not a the

George Staphos

clear. very That's you. Thank Okay.

in question Q&A, The of other a I touched helpful. had again, very been some the and second bit little on it's

It's been battle about hand, the how aluminum. are of we of from minds hear consumer terms hearts the premise. of and here versus glass that's the And the of consumer. On versus finding in other paper they important versus to they one need substrates this kind a plastics educate for has the our

more years few can lot that aluminum bit you cyclical? how If is you And they else other telling advantage now buy obviously relatedly, advantage what's they the a their on their lose that aluminum's sheet maintain process"? an supply on little right to you the makes have how are his about when chain? in this premise what comfortable the the capacity when willingness touched a Anthony companies And you of claim make this, on are question, last invest talked you don't in been the you What things ramping specifically, do money to but do more maintain "education auto to-date? and about security everyone more now up

John Hayes

Yes. Dan George, turn the let over supplier aluminum part will and take first to it I then me the on side.

point remember Let's glass beverage of is This away, right The from doing versus recycled of the the ability versus and view, the about is versus to and be this plastic both world. a is about in gets aluminum can, to consumer and for this, paper. about the consumer far its recycling. recycling terms most sustainable, sustainability cans that. not The economics

keep fundamentally this, on ground eyes changes something often the to always think out the our something can there believe the fundamentally unless and unless ears and there, we win I and that. consumer changes aluminum So I is is quite ground to going the seeing to

take you don't aluminum and relates Now Dan, aluminum why to suppliers, as the that? it supply

Dan Fisher

Yes. George, good question.

the that having a diversification introduced work. massively capital number last is afoot. over I something two you very to the desire aware I cyclical. we to to movement are slowdown a supply a There three in think is of. are weren't there automotive, is the well And to growing find As our base. And that they with it's of you aware outlet can in think Maybe conversations the years. there they comment But put imagine, another

with statements. a difficult mind tighter the that so in keep willing. folks Some supply/demand that others discussion there publicly are But in of number because have, clear a And market. wed, thresholds on some absolutely are that they time, automotive it's a more the return are save than of to it's

them, to a different with put sustainability having I And We very work. the different folks are conversations. longer of term willing to think and upside tenor seeing And are of think they be I very the capital us. message. conversations They see are tone to some out going

George Staphos

the that like, growth cost that incremental expecting turn When this on more thank because down you can, of can into incurred embedded is you Is of In business you and costs get people? and you fixed My which step needed in Thank luck have some in necessarily of over. last until could look beverage question parsing and XQ aluminum hire not for costs there outlook it is easily? words, to have second of out credit the other you the any non-variable have that and I XQ? the you the built the growth there quarter Good more doesn't much. that quarter. quickly very the because the quarter and for the we at details will the

John Hayes

is answer that. related changed Yes. structurally George, that There's the no. to short that to nothing has

these As you short been growing rightly out, just pointed pains. term have

George Staphos

very right. much. Thank you All

Operator

our Please next ahead, Thank line the Neel Stanley. Morgan comes from with of Kumar And you. question go sir.

Neel Kumar

morning. Good Hi.

Dan Fisher

morning. Good

Neel Kumar

last In the inventory in customer where terms left money conversations, this your adjustment there seems year of placing was orders? changes time terms the more on any industry the order customer year, because some of it versus patterns been table was has

Dan Fisher

there's think been. outperformed companies changed of America. substantially beer have Yes. There's a They definitely pattern alcohol and in companies And that I couple North buying expectations. have their

a number good conversations. of really We had have

it see now record peak of even can of sheet, right of levels are balance on You anticipation kind we inventory in carrying season. the

are we much in a position. So better

we right, previous whether of Day in season peak America. years. on well, Labor through peak not are we North in our customers from heading But products with on that's were going think through always the bets gamble, placed have they better I sell lot in position terms into than Now Day, are the Memorial season right a kind to or we of which

Neel Kumar

beer been of a there has Has to driven the that the you market. Or quarters. We That's have any America alcohol been just past that improvement pretty shipments the North beer seen? helpful. market And saw in by underlying in substrate strong couple then really pickup switching? related can in

Dan Fisher

improvement lot also can one little of changed sleek advertising, and see in comps a beer to their, There have they easier pass-through some in a changed bit did and multiple And it was and Not that they had year-over-year. can the market. of their have branding you formats. better our customers probably sizes specialty in

they seeing have of pushing indicated, innovation, win whether need the about all more to of what related. those continuing job the alcohol think probably cans. the or different all they what less innovative sell have more or they last innovation, for the see woken But are consumer we I of But not we houses, it's kombuchas new up wants. to couple into is And So nice end And the that fact to in a beer it talked that's the big as have or types out years, marketplace. helping. done I seltzers John different products, really of cocktails mocktails, are spiked and

we so excited about And all are forward. going of that

Neel Kumar

Great. Thanks.

Operator

next line question Continuing the our Gaffner go of from Thank sir. with on, ahead, Barclays. Please comes you Scott sir.

Scott Gaffner

Thanks morning. and good

Dan Fisher

Good morning.

John Hayes

Good morning.

Scott Gaffner

the market on America is based the year, understanding and a underlying Dan, it how the get that as versus product quarter coming, of volume filling an growth particular to growth last of trying sustainability it, that really at level. lot accelerated. offerings? in demand look of from at is fourth of product these on of of launches, Just North your customers end channels based sort new we the quarter new Because first much obviously

Dan Fisher

Yes.

not America, a sustainability, of channel new I question. indicated think of XX%. North moved take it And a It's It's to share couple to now this would roughly definitely all as package ago, new John I mix the other and standpoint. through. to the stuffing. is, relates launches think XX% product with XX% the from can it's of thing selling in years products closer Good

just it's going the cans. new new They And It's are products not products. into that are so selling overwhelmingly the through.

won't, right to existing appreciable that sell from summer. sustainability that most that will complexity. work new. coming movement. continue shift where But some from. and overwhelmingly can distribution been And are applications regulated it's reality are to the portfolios and right? see sign will standpoint. the new things that have not They summer. out. has it's added a products well products necessarily that lot innovative. the through have last I It's They seltzers all through. different and and the the is, with gained some It And deal selling like out. see we are are the from It's Now we we They a through But that's spiked various would of where have it's benefiting traction with that space of now,

Scott Gaffner

invest at on us, assume, than can of volume. leverage when is such the as opportunity of on to you to one Goodyear, or if go-forward mean, I would some tell the more And questions I these could have continue Okay. there clearly, new not largest the you leverage that just your then going back you manufacturing look little previous a of of I volume capital facility mean, production one footprint, on I growth maybe maybe operating largest have. clearly you not historically? mean, have basis, that Is some bit a the to in you centralized you better regions but

Dan Fisher

of that absorb. to that. is about, price product it product market end the opportunity point relates the all all what's to product There can It's to and an is be that much do and what going freight definitely how

they product. a unit of if absorb energy a on $X.XX it's and a lot an $X drink, a heck So can shelf water than more it's a still

cost, leveraging structure forward. will staff, we those that. lines, your more things expansion comes And more conversions, the that overhead fixed inventory supply your leveraging candidly chain multiple about into leveraging of and equation so moving embedded how your leveraging and think But become and on levels, in multiple your all

John Hayes

is Yes. And Scott, this John.

The where America, larger footprint regions: far have is by of and in our other about else. we network we like we anyone South three Europe thing that major than talked all America, North are this, the and

or America so in at incremental where to that. And ability so we the XX speed-ups those versus and facilities look North line have a new in to put

to as where So pull ship levers network effects have of and us product all where thinking more make you we options to and It more things. about those gives to are product.

Scott Gaffner

Thanks color. for the

the on more your filling filling more could see that so for I co-investing to your or rate mentioned capacity coming coming Thanks. lastly, than you one online prepared Intra-quarter, should market start your announcement filling Just capacity ramp co-investing remarks and customer's that that with in filling the maybe lack an ramping? the is there of capacity. at we cans is think capacity mean, capacity same up the slower up was around you consumer. end from demand about customers of you John, I

John Hayes

to Well, any really a creating is Ball not Number to, filled. the have recall putting cans filling couple we capital What be one for to customer you in. actually specifically are be is and thoughts. are real our us for Yes. of doing to is enablement Enablement that what referring enablement.

about should we whole think like And so the are talked that, much chain about would supply expect thinking whole we on that the would expect I I you supply that chain, side and core marketing the well. on or we metal that our is Whether and making as into investment, businesses make all investments about selling the not side filling cans. the and

basis, it's good a economic consider would So returns, we can, generate standalone that. and an on enabler certainly

Scott Gaffner

Perfect. Thank you.

John Hayes

you. Thank

Operator

our next sir. comes Thank with the of Maguire Brian question ahead, Continuing on, line you sir. Goldman Please from Sachs. go

Connor Robbins

reiterated XXXX than I a the you This just Connor the wanted morning. stuff actually then in from that bit that Obviously some of scrap and back $XX for maybe tracking well little less Goodyear benefit with mentioned aluminum you is as expected to Maguire. there. Good Brian million Goodyear. some to sitting Hi. of as Robbins, the headwinds guidance

Just wondering was maybe offsets you to guys bridge that other expect any if segment that? there in to another

Scott Morrison

Yes.

think continue and well aerospace probably thought. has what I full originally For from upside year, do we to the extremely

doing I really European think the well. market is

hurt bit do dollars from a as it think translates We into little standpoint back will are in currency a well. I getting but Europe, that

are America. We South demand doing we are strong very and okay. in EMEA saw Asia seeing And

into board better coming and North our businesses, probably across in I the softness other that were But So had year. absent we America. where we including are the in across shape businesses better than think the aerosol, all are the probably now, board, Central the

John Hayes

XXXX. make final in And our on comment one Yes. will I back just put we XXXX way out Obviously, goals it.

only XXXX. for We running company the are not

a for it play. running XXXX, XXXX, XXXX. This are term We is sustainability long

these had short stockholders. not While wish it's as opportunity the on both are wish They did headwinds related short long they we of term us. as But reality. and well we our Goodyear the start-up, focusing aluminum the hit some we and to for maximizing term

Connor Robbins

can seems growth. you Central then Okay. North you in growth Great. just there's press the the But of of serve strong one very and there. pretty some digit helpful. double to mentioned did other specialty release, It segment. that mention growth on And That's like costs metal the some can some guys America mix in specialty

a maybe Just Or have not demand items? some is wondering have? if that of this just there the is more little operational you guys you Or capacity color enough to related outpacing expectations that's kind there. of more

Dan Fisher

we No, needing footprint, as the we anticipated them. some terms two lines on from other of not running to cans can in have and yes, And in over are running in multiple Goodyear to challenges get out-of-pattern that locations, sizes those certainly contributed locations. more time

year. those they So lines we running the where would specialty can drag by thought two having a entering not collective

Connor Robbins

I Okay. Great. details. Thanks over. turn it will for the

Operator

ahead. from a the with of And question have we you. now Capital line Arun go RBC Please Markets. Thank Viswanathan

Arun Viswanathan

Do just little thoughts Great. I get on a going forward? that say, you I than guess adoption guess, Thanks. And been for we volume moderating? morning. across Thanks. growth appears quicker I has what your are period. a growth the has to on in Good bit wanted your sustainability been, expected. different are it guess regions, I I where guess that front? there see expectations pull-forward sustainability the

John Hayes

call. I are secular whether because years, debate the sustainability. time, we we this a We of three think can Well, years, of on stages a this early And do that XX of period in over I then we long it's seven years. think the as covered couple term earlier we next look forward times of change think

of to a the water of capture or as more from us. as every in region. sustainable to term it's still front the exposure new about lot job as very of whether going the conversions, things to talking There's with long us that a huge try most the in And are debate our You world, capture package see growth sustainability very, have and in low much opportunity currently. cans Dan for was other well a products on incremental

Arun Viswanathan

Yes.

remain in range that while. the little that, a for bev to of assume to X% fair? Is I growth kind guess, fair global should can it's So X%

John Hayes

No.

think we on have it's past the without term, the region, year, think growth. over X% we depending sustainability, I long said X% from over to anywhere

we a that and of on that's is, the minimum, a things could be depending growth what are how it more saying bit at So end little upper just break.

Arun Viswanathan

America. it looks Where do guess while North again of just And itself, will and Thanks. Okay. as on Great. sheet think a Do investments can do like given supply/demand And or growth can be I capacity America? in will this come this can be for just view with side well out question on the tight in has I there? coming? more and you guess on a how capacity. sheet then you North been quick same you aluminum guys similarly side kind investments the supply the on now right can it

Dan Fisher

we Well, importing standpoint, right I now. mean, are supply from a rolling metal metal

and So yes, world there the managing way to needs efficient the most to be supply chain most do around capacity increases. not There's plenty levers agile different is metal and but of all capacity, that. boats the

conversations to with help us. So of we figure a in supply base, out are this along our number metal

in invest to continue this. will We

line growth a We on up in reason, is we years. significant we have specialty for seen The of again, specialty months last couple XX% the it investments made have that investments. over are XX

in to at these opportunities. of we step So some are able

we are the investments now. there you conversations Scott's at customers am and reiterated again, As John I looking going as and on opportunities are telling number with has right and indicated a of EVA-accretive and

continue will We those.

We any an of the unless money are level get we going appropriate not put return. in ground to

Arun Viswanathan

Thanks. Understood.

Operator

line on, Montreal. with And of Bank our question comes continuing next Mark Wilde Thank of you. the proceed. from Please

Mark Wilde

Hi. first actually that exactly think venture say any that business. on I more capital heard putting you all, working? how a put little I if is wondered, weren't I into of color you you just John, three-way Arizona joint in could

John Hayes

Yes.

Let There's their me partner. can relationship public a filling as this can partner I a us been great between customer, tell you a in what forum. and

and the maximize of And that. the know think about make the facility, so throughput we operation. have filling you way to throughput entered you best optimize time And into the manufacturing is a economics any a

filling venture those. customer that's capability. ramps going as and filling customer those pursue be that and third-party us I in they that are think up there's capability the to joint customers the cans to We need the this to be not investing third-party may allowing know fill and that

of third-party So the filling we are from that in location. demand filling of charge the

Mark Wilde

Okay. products is I is that kind are juices, That's have the that fair. Bull plant probably that which of about think say a think been to when and I And announced, proportion just fair two be to very specialty of it cans? Red going high running

John Hayes

Yes.

Dan Fisher

exclusively. Although

Mark Wilde

early in can Okay. in a of company to real beverage that like out need other about replace the when might kind think made formats November, they end were these got the profitability in packaging And now, so the manufacturers of soft being I companies. think, help of you how whole? then point a can have formats you made PET that them are which up in the drink for bottles we you profitable are talking Boulder Where have those right process, that pools very you convincing that replace profit alternative that

John Hayes

the growth XX-ounce talk think can in I volumes. flat global Well, greatest standard we the XX% point the proof is specialty and about

they package actually really are our better can everything XX And why sizes whether a there's But is and XX-ounce so your customers over we that right retail XX-ounce at X.X-ounce in container, given shelf. a XX-ounce, container, by it between. our look answered a in a a customers giving reason question the make is putting different them, we have on XX-ounce, so variety a and the it's

to to has But that's aluminum we improve complexity. earlier, that for aluminum, continue that's happen. should going if going the that. And complexity. pool more demanding are the the mean to mentioned customers need as profit as is we mean, so And helping things Dan to of more it's going And get do paid good consumer to typically

Mark Wilde

thing seems line. just seems pretty And held has beer their they rapidly the market craft into it along like Okay. have cans like pricing. It moved last and this

an effect, see gone U.S. still Mexican just do on with maybe craft? Craft into look is into what's predominantly held I to this think glass let's that having beer such that going shipping its say, are in will cans? more has the on beer Mexican cans of at they pricing So that premium companies these am we and the curious, moving you

Dan Fisher

Yes.

ton about, almost are bottle. And new introducing believe talking associated that you strong with market the mind, they I an all really all are that of, there's have there's said, cans. there's products iconic Keep real, being particular probably think think with That a relationship are I with one in that. particular that customer them. a we they of associated value real some some in there's image their

may so not And innovation everything an innovation with it cans. else in appreciably on in constant move from but And glass, core coming standpoint that's they product in are contact that launching one an standpoint. we are is them the

iconic is valid. a just So think shapes from to I your difficult very marketing point organization move of for are appreciably. these some

Mark Wilde

is. image know I that what Understood. Yes.

Dan Fisher

Yes.

warms of We the are up drinking those. here. when the am weather I same more it's sure

Mark Wilde

Yes. All right.

Operator

with is the your now Jones on, Wilde, Please Continuing of your a for Please Ms. appears you, proceed. it question question. have proceed. Thank from muted. Debbie we Jones, Deutsche line Mr. line Bank.

line open. Your is

Debbie Jones

aerosol, I that. morning. things wanted ask gears on you. about bit and to Good a Hi. switch Thank a couple

kind digit industry You to of of in growth. line mentioned kind trends. single low am assuming I with mid that's a

about lot a We talked in it a here. while haven't

the in the EVA the do from then see lastly, you then your that. of portfolio, cans you Or what is to into as allocation And categories capital that? growth are on wanted fits the perspective would opportunities expect to bigger from could And are it think part beverage I get So next this an where become really opportunities over terms sustainability or you two years. a from Ball something an the it in where dominating just update three of approach?

John Hayes

Yes.

in the And can resins tell. that Let world. reasons. is for that the difficult than seeing me yes, aerosol recycle the because That overall, I journey one, probably we to tremendous try aluminum more multiple Number whole plastic still that think resins. sustainability are say markets. the There behind even it's do and is quickly. in line as with, I of often best tackle as beverage the industry and personal a amount care further in it's plays category those different plastic we a two, is couple growth Number of

opportunity part as to a on And not you as years can grow a not of do this that if but for have become category relative to it hasn't bigger to the even yet in last our bottoms-up ago, said growth, company But would caught view, difficult or global And of beverage. of it look the aerosol have your issue. so much I think issue, From that it's aluminum at perhaps but least, substrates, question the a top-down not. about couple answer other was is organic greater as it yes, pure a beverage probably. a when we point X% I will

I has So have I or had growth if better would proven that aerosol years cans. we don't to relative profile been target several things But beverage that than bigger get ago, have smaller. I was said would aluminum said wrong.

Debbie Jones

Then go ahead. next -- the is one Okay.

Dan Fisher

into beverages. And there, Debbie, that North store two grocery building go comment aisles on John's have are within you America, a you

You XX of aisles They plastic. got are cosmetics. in all have

conversations on it. We of the retailers see coming have see with a need they They number it They help. and issue.

we in point, think different fast can I opportunities beverage it's we that can the there more and metal stay as tangential, more of step things, et tuned. John's but so cetera, Those are, to into. bend moving not that And side are spaces will that we handle apertures, as be and can

Debbie Jones

mention it but guess about early helpful. the did aluminum about pretty I that comment you That's you stages, Okay. guess this the made wanted cup. And call. Thanks. to it's conference ask on I I

So to signs just are a capital sense that encouraging is also I there's you this. wondering of seeing? any get something type if with of what was And involved like

Dan Fisher

Aluminum cup.

John Hayes

The aluminum Dan, you take do that? cup. to want

Dan Fisher

Yes.

from making a good standpoint. progress are development We really

We have pilot made investments Debbie. standpoint, from a

entertainment be will commercializing some launching and on it We venues. a will some -- this campuses college into fall be we it

for of forward, Moving it. commercial is ton conversations and there a appetite

to manager we that. ahead. team stages. the very It's a more a full of can economics maybe terms and speed in similar similar the We are have economics. for general is around the It's very hired and output line, terms business to This can and in early of that building bit almost a dedicated in of a a just line

But haven't really in infrastructure We some fill will happening and our have drawings that. opportunity to the to that John investment, I engineering, that. I pilot is overhead step on solidified in and to leverage are good existing things other the news will of things on the am seeing up of we that some more let capital the that. an structure

John Hayes

big other own there's museums containers what's because on its part opportunity. of they completely plastic-free. or and provides of because about excited leverage a portfolio the it as a very are But want they a are we there's it's are trying campuses a whether Strategically, or Yes. They beverages This merit, to go that's go one talk college part stadiums want and to venues, beverage us going about many to those dedicate or this. plastic-free, lot huge to where or cups things, sports can big also they other. do of don't exciting plastic-free just a of their And it.

Debbie Jones

Thanks will the I turn it update. Okay. for over.

Operator

line a go Josephson with you. Markets. Adam Please have now the question from ahead. KeyBanc of And we Thank Capital

Adam Josephson

morning. Good everyone. Thanks

Do on know content consequently, you you And if what aluminum wondering I is? recycled content one is? on are seen the cans what actually just and buying or you recycled I of the sustainability, Just of like, Dan Can suppliers John. are more am you but the data that selling information. the some the give have Central your

John Hayes

the honest not it, Yes. quite way aluminum be is to be because right looking to It's fungible.

frame. a melt it go bicycle it frame can, and can go into can you an it or into down can take window So aluminum a

benefits into go a why that is of And because your directly, benefits, do It And XXX% not over and of that, to strongly thinking question can to be such supplier. know depends everyone encourage aluminum. well recyclable of is there's But would that's I recycling so XX% wide I But aluminum answer XX%. products. well the of content. variety a great upon over recycled

Adam Josephson

your said were Thanks. consequently, next are those complete. if of And benefit And us of last possible? for expecting status give year nearly type call, commercial on John, year you the customer and on beyond, what an Could next the I think you negotiations? you negotiations update

John Hayes

I really There relative are we ago. said days no update what in is still And the we Yes. XX documentation. to said

tell have, what So something more we that's you. we when to will have we you tell than

Adam Josephson

think expectations Scott, as a just earnings And mentioned year. Can that. comment? little volume you next you for nicely that for expecting context are otherwise. us I on to year just Is Thanks or give based you this more well be that earlier, up as

next Just that I just to a little as I bit. think about year well you talked out and flesh wanted

Scott Morrison

Yes.

think we next with I able be having we entering we into. the to fix year, in around are will issue that the are contracts scrap that

out will I get learning beyond of think year. these the we curve we experiencing of and plants lines that some are start-up this

growth volume across more more business and more see and will weighted we towards specialty. the think I

those of commercial new year. And contracts some kick next in

improved we those get of lead results XXXX So I all things think and XXXX into as nicely to results, improved and XXXX.

And pretty we future. the pretty and a good in are so are excited about spot we

Adam Josephson

Thanks Scott.

John Hayes

but that, allotted John. time. is we one question, is will more we there are take If over this our Emma,

Operator

sir. This final do go so ahead, Partners. Chip Please We line one from of comes with Thank Dillon you have Vertical much, Research actually sir. question.

Chip Dillon

afternoon could know can I XXXX, $X.X it's you around $X.X of especially spread billion? in that? XXXX, we you about kind talk parameters Scott. missed it details. now one, potential Thanks And great and I like over place revenues, lumpy looks huge John think, be, see it, a these year last What for this reasonable for give talked some this us gets year, don't $X.X Hi us. you about shadow years in it maybe year, such Good is that unless again billion No I But asked when you all to out. a did billion. And backlog. of about aerospace. and

John Hayes

Thanks, Chip. Yes.

out that's good is And what is very, you time. growth backlog. You an is we I four see and year, And of not continuing by over won of of the wingman because are aerospace because exciting of tell the a a to three know see further it's long-cycle visibility for minimum. contracted at for much next a next because is business. the you profile we the would the couple years What And kind this booked that mean that's I us the years.

expect a with forward should we on growth XX% comparable margins and you kind it. XX%, as So go of

So it's really exciting.

to bid than we faster have ever on continue a We things rate before. at

the full before people our see grow are faster become customers. for partner We as continuing. have side continue sensors satellite, because the components opportunity moved we mission the Those ever a we facility rate from at we a trends than full to done to only and set and

we trends these as out far can see, as So continue. will

Chip Dillon

And will of the government, mostly that will change? the customer mix, price type of contracts terms cost be and I in will versus the U.S. the character different, is plus? that's of that know mix of And fixed either materially

John Hayes

No, I I think don't so. so. think don't

nuances. have view, of from should a they always But point not. strategic You

Chip Dillon

for Thanks All the help. Okay. right.

John Hayes

Thank Okay. you.

Operator

will to you concluding it I Mr. sir. back for turn Hayes, And you you, Thank presentation remarks. your continue or your sir. to Thank

John Hayes

accelerating Emma. of everyone this year continued and Great. Thank appreciate the second as we we interest. momentum to move you half Thank to participating. look forward your our you for We

Operator

does call great you. your that you your day. and and a We conference you today. thank so for Have Thank much. the you ask Thank that all participation Ladies disconnect gentlemen, conclude for please lines.

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