Steel Dynamics Reports Fourth Quarter and 2009 Results
FORT WAYNE, Ind., Feb. 3 /PRNewswire/ -- Steel Dynamics, Inc. (Nasdaq: STLD) today announced net income of $26.7 million for the fourth quarter of 2009, or $0.12 per diluted share and a net loss of $8.2 million, or $0.04 per diluted share, for the fiscal year ended December 31, 2009. By comparison, fourth quarter 2008 showed a loss of $82.7 million and full-year 2008 net income was $463.4 million. Net sales for the fourth quarter of 2009 were $1.2 billion, 3 percent lower than the fourth quarter of 2008. Full-year 2009 net sales were $4.0 billion, 51 percent lower than net sales of $8.1 billion in 2008.
"Our fourth quarter results were within the range we bracketed in December," said Keith Busse, Chairman and CEO. "Our steel operations met our expectations in the fourth quarter, achieving an operating profit of $108.3 million. This was the result of the continued outstanding operating performance at our mills, benefiting in particular from continued strong sales of flat-rolled and engineered-bar steels. OmniSource generated an operating profit of $4.6 million in the quarter, with weaker results due to lower margins and reduced volumes. Continued losses in the steel fabrication segment and costs related to the start-up of Mesabi Nugget also detracted from fourth quarter's results."
Steel shipments for the fourth quarter were 1.2 million tons, 6 percent lower than the third quarter of 2009, but 24 percent higher than the fourth quarter of 2008. The average steel selling price for the fourth quarter increased $48 per ton from $627 in the third quarter to $675 per ton, which compares to $913 per ton in the fourth quarter of 2008. The average ferrous scrap cost per ton charged in the fourth quarter increased $29 compared to the third quarter.
Steel shipments for the year 2009 were 4.0 million tons, 28 percent lower than the 5.6 million tons shipped in 2008. Year-to-year average selling price per ton decreased $322, from $973 in 2008 to $651 in 2009. SDI's average ferrous scrap cost per ton charged in 2009 was $232 compared to $421 in 2008.
In metals recycling, OmniSource's ferrous shipments for the fourth quarter were 1.2 million tons, 7 percent lower than the third quarter of 2009 but 34 percent higher than the fourth quarter of 2008. In the fourth quarter, OmniSource provided 49 percent of the ferrous scrap purchased by SDI's steel mills. Fourth quarter non-ferrous shipments were 202.8 million pounds, 7 percent lower than the third quarter of 2009, but 14 percent higher than the fourth quarter of 2008.
For the year 2009, total ferrous scrap shipments were 4.1 million tons, 27 percent lower than shipments of 5.6 million tons in 2008. In 2009, 47 percent of SDI's ferrous scrap requirements were supplied by OmniSource. Non-ferrous shipments in 2009 were 780.1 million pounds compared to 911.8 million pounds in 2008, 14 percent lower. It should be noted that 2008 ferrous and non-ferrous figures exclude shipments by Recycle South prior to the June 2008 acquisition.
"Looking back at 2009, and in light of the extraordinary steel-market and economic conditions the country faced throughout the year, the company's performance was reasonably good," Busse stated. "With the exception of operations depending on non-residential construction, our business improved as the year progressed. We ended the year on a sound footing, and I am very proud of our employees throughout the company. All have focused on efficient operations and cost control, as well as attention to product quality and customer service. 2009 was a tough year, but we came through this extraordinary period much better prepared.
"As we enter the new year, we have seen a slight improvement in business conditions. Demand for our flat-rolled, engineered bar, and merchant bar steel products, as well as recycled metals, remains robust; but demand for structural steel and building components is still very weak. Our flat-roll steel business, inclusive of The Techs, continues to run at a high rate of capacity utilization. OmniSource continues to operate at about 75 percent of capacity. Our first-quarter outlook is for stronger profitability in both our steel operations and in metals recycling. We expect to provide quantitative guidance later in the quarter.
"There are numerous signs of recovery in the U.S. economy. Service center and OEM steel inventories are at historically low levels. These are conditions when rapid changes traditionally occur in the steel marketplace. As always, with our flexible operating culture and top-notch production facilities, Steel Dynamics is in a very good position to take advantage of these market opportunities as they develop," Busse said.
Operating Segment Information
The following highlights our fourth quarter and full-year 2009 results for each of SDI's three primary operating segments. These operating results exclude profit-sharing costs and amortization related to each of the respective segment's intangible assets.
Steel Operations. Steel operations represented 64 percent of the company's fourth quarter external net sales and 63 percent of the company's external net sales for the full year 2009. This segment includes five electric-arc-furnace (EAF) steel mills and related steel finishing and processing facilities, including The Techs. In addition to flat-rolled steel, the company's steel operations produce structural steel, merchant bars, special-bar-quality steel, rail, and other specialty shapes.
Fourth quarter 2009 steel operations net sales were $790.0 million on shipments of 1.2 million tons (including intra-company shipments). Steel operations net sales for the year 2009 were $2.6 billion on shipments of 4.0 million tons (including intra-company shipments). Based on tons shipped for the full year 2009, including steel shipments made by The Techs, flat-rolled products accounted for 67 percent of 2009 steel segment shipments. Structural steel and rail shipments were 12 percent, merchant bars were 9 percent, engineered bars were 7 percent and the remaining 5 percent were shipments by our Steel of West Virginia subsidiary. Operating income for the steel segment in the fourth quarter was $108.3 million, or $93 per ton shipped, compared to $106 per ton in the third quarter. Operating income for the year was $209.2 million, or $52 per ton shipped.
The fourth quarter's average selling price per ton for steel operations was $675, an increase of $48 per ton from $627 in the third quarter of 2009, but a decrease of $238 per ton from the year-ago quarter. The average ferrous scrap cost per net ton charged increased by $29 compared to the third quarter and was $78 lower than the fourth quarter of 2008. For the year 2009, the average selling price per ton was $651, a decrease of $322 from 2008. The average scrap cost per ton in 2009 decreased $189 from 2008.
Metals Recycling and Ferrous Resources. This segment includes ferrous and non-ferrous metals processing and trading by OmniSource Corporation and SDI's Iron Dynamics scrap-substitute operation, which produces pig iron for use by the Flat Roll Division. The segment also includes expenses related to the Mesabi Nugget project, which is currently in a start-up mode. The segment's net sales for the fourth quarter were $521.6 million (including intra-company sales to the company's steel operations), which represents 32 percent of SDI's fourth quarter external net sales. For the full year 2009, the segment's net sales were $1.7 billion (including intra-company sales to the company's steel operations), which represents 31 percent of the company's external net sales. The operating loss in the fourth quarter for this segment was $2.5 million and operating income for the year 2009 was $35.2 million.
OmniSource's operating income for the fourth quarter was $4.6 million and for the year 2009 was $57.5 million. Total ferrous shipments in the fourth quarter, including shipments to SDI's steel operations, were 1.2 million tons and non-ferrous metals shipments were 202.8 million pounds. During the fourth quarter, the company's metals recycling operations supplied 502,000 tons of ferrous scrap to SDI's steel operations, or approximately 49 percent of the tonnage of ferrous scrap purchased by our mills during the quarter. For the year 2009, metals recycling operations supplied 1.6 million tons of ferrous scrap to SDI's steel operations, or approximately 47 percent of the tonnage of ferrous scrap purchased by our mills.
Steel Fabrication Operations. Steel fabrication operations includes New Millennium Building Systems, which fabricates steel joists, trusses, and decking used in the construction of non-residential buildings. Fourth quarter net sales were $27.2 million, or 2 percent of SDI's fourth quarter external net sales. Net sales for the year were $158.0 million, or 4 percent of the company's external net sales for 2009. The operating loss for the fourth quarter for this segment was $6.2 million. For the year, the operating loss was $6.1 million, or $42 per ton shipped. Fourth quarter shipments totaled 30,000 tons at an average selling price of $906 per ton. For the year 2009, shipments totaled 145,000 tons at an average selling price of $1,088.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in the steel and scrap metals markets, Steel Dynamics' revenue, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance, and actual results could differ materially from our current expectations.
Factors that could cause such predictive statements to turn out other than as anticipated or predicted include, among others: the effects of prolonged or deepening recession on industrial demand; general or specific sector (i.e., automotive, consumer appliance or construction) economic conditions affecting steel consumption; the impact of price competition, whether domestic or the result of foreign imports; difficulties in integrating acquired businesses; risks and uncertainties involving new products or new technologies; changes in the availability or cost of steel scrap or substitute materials; increases in energy costs; occurrence of unanticipated equipment failures and plant outages; labor unrest; and the effect of the elements on production or consumption.
More specifically, we refer you to SDI's detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.
Forward-looking or predictive statements we make are based upon information and assumptions, concerning our businesses and the environments in which they operate, which we consider reasonable as of the date on which these statements are made. Due to the foregoing risks and uncertainties, however, as well as matters beyond our control which can affect forward-looking statements, you are cautioned not to place undue reliance on these predictive statements, which speak only as of the date of this press release. We undertake no duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Conference Call and Webcast
On Thursday, February 4, 2010, at 10:00 a.m. Eastern time, Steel Dynamics will host a conference call in which management will discuss fourth quarter 2009 and full-year 2009 results. You are invited to listen to the live audio broadcast of the conference call over the Internet, accessible from the Steel Dynamics Web site: www.steeldynamics.com
Dial-in information is available on our Web site. An audio replay of the Webcast and a downloadable podcast will be available from the SDI Web site. No telephone replay will be available.
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three
Three Months Twelve Months Months
Ended Ended Ended
December 31, December 31, September 30,
2009 2008 2009 2008 2009
Net sales $1,179,802 $1,210,434 $3,958,806 $8,080,521 $1,172,196
Costs of goods
sold 1,025,629 1,251,344 3,559,730 6,849,262 955,503
--------- --------- --------- --------- -------
Gross profit
(loss) 154,173 (40,910) 399,076 1,231,259 216,693
Selling,
general, and
administrative
expenses 61,002 53,208 223,013 276,560 56,133
Profit sharing 2,570 (9,207) 2,980 66,997 451
Amortization of
intangible
assets 12,199 10,919 53,552 41,334 11,661
------ ------ ------ ------ ------
Operating income
(loss) 78,402 (95,830) 119,531 846,368 148,448
Interest
expense, net
capitalized
interest 33,546 41,845 141,360 144,574 34,520
Other income,
net (1,463) (99) (3,592) (33,147) (2,167)
------ --- ------ ------- ------
Income (loss)
before income
taxes 46,319 (137,576) (18,237) 734,941 116,095
Income taxes
(benefit) 19,773 (50,029) (7,218) 280,427 47,365
------ ------- ------ ------- ------
Net income
(loss) 26,546 (87,547) (11,019) 454,514 68,730
Net loss
attributable to
non-controlling
interests (105) (4,874) (2,835) (8,872) (288)
Net income
(loss)
attributable to
Steel
Dynamics, Inc. $26,651 $(82,673) $(8,184) $463,386 $69,018
====== ======== ======= ======== =======
Basic earnings
(loss) per share
attributable to
Steel
Dynamics, Inc.
stockholders $.12 $(.45) $(.04) $2.45 $.32
==== ===== ===== ===== ====
Weighted average
common shares
outstanding 215,749 181,825 200,704 189,140 215,218
======= ======= ======= ======= =======
Diluted earnings
(loss) per share
attributable to
Steel
Dynamics, Inc.
stockholders,
including the
effect of
assumed
conversions
when dilutive $.12 $(.45) $(.04) $2.38 $.30
==== ===== ===== ===== ====
Weighted average
common shares
and equivalents
outstanding 234,194 181,825 200,704 194,586 234,080
======= ======= ======= ======= =======
Dividends
declared per
share $.075 $.10 $.325 $.40 $.075
===== ==== ===== ==== =====
Steel Dynamics, Inc.
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
(dollars in thousands / volume data in actual net tons,
except non-ferrous data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
---- ---- ---- ----
Steel
Operations*
Shipments
Flat Roll
Division 645,679 361,145 2,060,874 2,328,805
Structural
and Rail
Division 116,695 228,132 477,116 1,095,095
Engineered
Bar Products
Division 88,524 123,449 303,616 566,190
Roanoke Bar
Division 93,212 94,374 356,829 530,452
Steel of West
Virginia 47,118 45,788 202,740 264,695
The Techs 178,580 89,551 644,612 823,661
--------- ------- ------ ------- -------
Combined 1,169,808 942,439 4,045,787 5,608,898
Intra-
company (67,667) (51,803) (251,665) (447,729)
-------- ------- ------- -------- --------
External 1,102,141 890,636 3,794,122 5,161,169
========= ========= ========= =========
Production
(excluding
The Techs) 996,834 760,307 3,547,201 4,780,083
Net sales
Combined $789,960 $860,242 $2,633,778 $5,456,712
Intra-
company (33,882) (38,189) (122,675) (375,016)
-------- ------- ------- -------- --------
External $756,078 $822,053 $2,511,103 $5,081,696
========= ========= ========= =========
Operating
income
(loss)
before
amortization
of
intangibles $107,757 $3,646 $208,467 $858,063
Amortization
of
intangibles (2,931) (3,189) (12,242) (15,033)
------------ ------ ------ ------- -------
Operating
income
(loss) $104,826 $457 $196,225 $843,030
========= ========= ========= =========
Metals
Recycling
and Ferrous
Resources**
Ferrous
metals
shipments
Combined 1,202,946 897,922 4,066,834 5,553,540
Intra-
company (503,138) (438,532) (1,606,754) (2,270,777)
------ -------- -------- ---------- ----------
External 699,808 459,390 2,460,080 3,282,763
========= ========= ========= =========
Non-ferrous
metals
shipments
(thousands
of pounds) 202,838 177,246 780,084 911,832
Iron Dynamics
shipments
Liquid pig
iron 40,002 21,171 180,627 163,210
Hot
briquetted
iron 14,137 27,005 40,443 75,409
Other 744 3,833 1,483 17,769
----- --- ----- ----- ------
Intra-
company 54,883 52,009 222,553 256,388
========= ========= ========= =========
Net sales
Combined $521,554 $388,859 $1,682,133 3,692,421
Intra-
company (143,386) (123,080) (441,979) (1,207,766)
------ -------- -------- -------- ----------
External $378,168 $265,779 $1,240,154 $2,484,655
========= ========= ========= =========
Operating
income
(loss)
before
amortization
of
intangibles $(2,545) $(118,364) $35,218 $129,216
Amortization
of
intangibles (8,865) (7,104) (39,927) (24,369)
------------ ------ ------ ------- -------
Operating
income
(loss) $(11,410) $(125,468) $(4,709) $104,847
========= ========= ========= =========
Steel
Fabrication***
Shipments
Combined 30,066 63,783 145,259 286,612
Intra-
company (200) (101) (882) (969)
-------- ---- ---- ---- ----
External 29,866 63,682 144,377 285,643
========= ========= ========= =========
Net sales
Combined $27,245 $93,195 $158,008 $375,532
Intra-
company (311) (222) (1,509) (781)
-------- ---- ---- ------ ----
External $26,934 $92,973 $156,499 $374,751
========= ========= ========= =========
Operating
income
(loss)
before
amortization
of
intangibles $(6,173) $5,439 $(6,098) $18,333
Amortization
of
intangibles (31) (215) (258) (458)
------------ --- ---- ---- ----
Operating
income
(loss) $(6,204) $5,224 $(6,356) $17,875
========= ========= ========= =========
First Second Third
Quarter Quarter Quarter
2009 2009 2009
---- ---- ----
Steel Operations*
-----------------
Shipments
Flat Roll Division 303,938 454,745 656,512
Structural and Rail
Division 129,555 96,476 134,390
Engineered Bar Products
Division 71,540 63,124 80,428
Roanoke Bar Division 76,610 89,112 97,895
Steel of West Virginia 43,124 54,959 57,539
The Techs 118,359 127,290 220,383
--------- ------- ------- -------
Combined 743,126 885,706 1,247,147
Intra-company (52,012) (47,590) (84,396)
------------- ------- ------- -------
External 691,114 838,116 1,162,751
========= ========= =========
Production (excluding The
Techs) 702,317 757,568 1,090,482
Net sales
Combined $535,184 $526,465 $782,169
Intra-company (30,142) (19,572) (39,079)
------------- ------- ------- -------
External $505,042 $506,893 $743,090
========= ========= =========
Operating income (loss)
before amortization of
intangibles $(65,022) $36,660 $129,072
Amortization of
intangibles (3,189) (3,190) (2,932)
--------------- ------ ------ ------
Operating income (loss) $(68,211) $33,470 $126,140
========= ========= =========
Metals Recycling and
Ferrous Resources**
Ferrous metals shipments
Combined 729,869 840,199 1,293,820
Intra-company (214,753) (313,023) (575,840)
------------- -------- -------- --------
External 515,116 527,176 717,980
========= ========= =========
Non-ferrous metals
shipments (thousands of
pounds) 190,394 169,784 217,068
Iron Dynamics shipments
Liquid pig iron 41,226 44,392 55,007
Hot briquetted iron 20,326 1,483 4,497
Other 674 29 36
----- --- --- ---
Intra-company 62,226 45,904 59,540
========= ========= =========
Net sales
Combined $296,408 $308,938 $555,233
Intra-company (58,702) (68,540) (171,351)
------------- ------- ------- --------
External $237,706 $240,398 $383,882
========= ========= =========
Operating income (loss)
before amortization of
intangibles $(12,204) $3,810 $46,157
Amortization of
intangibles (11,943) (10,367) (8,752)
--------------- ------- ------- ------
Operating income (loss) $(24,147) $(6,557) $37,405
========= ========= =========
Steel Fabrication***
Shipments
Combined 45,278 35,369 34,546
Intra-company (15) (210) (457)
------------- --- ---- ----
External 45,263 35,159 34,089
========= ========= =========
Net sales
Combined $60,807 $37,026 $32,930
Intra-company (22) (556) (620)
------------- --- ---- ----
External $60,785 $36,470 $32,310
========= ========= =========
Operating income (loss)
before amortization of
intangibles $3,225 $47 $(3,197)
Amortization of
intangibles (165) (31) (31)
--------------- ---- --- ---
Operating income (loss) $3,060 $16 $(3,228)
========= ========= =========
* Steel Operations include the company's five steelmaking divisions and
The Techs three galvanizing plants.
** Metals Recycling and Ferrous Resources Operations include OmniSource
and Recycle South metals recycling operations, as well as Iron Dynamics'
(IDI) pig iron substitute production facility (all IDI shipments are
consumed internally).
Operating income (loss) also includes the expenses associated with the
construction and start up of the company's Mesabi Nugget facilities.
*** Steel Fabrication Operations include the company's joist and
deck fabrication operations.
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2009 2008
---- ----
(unaudited)
Assets
Current assets
Cash and equivalents $9,008 $16,233
Accounts receivable, net 426,592 502,932
Inventories 852,831 1,023,235
Deferred income taxes 21,492 23,562
Income taxes receivable 137,024 86,321
Other current assets 9,856 57,632
----- ------
Total current assets 1,456,803 1,709,915
Property, plant and equipment, net 2,254,050 2,072,857
Restricted cash 12,595 18,515
Intangible assets, net 533,510 614,786
Goodwill 758,259 770,438
Other assets 114,655 67,066
------- ------
Total assets $5,129,872 $5,253,577
========== ==========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $262,285 $263,393
Income taxes payable 5,664 4,107
Accrued expenses 156,570 209,697
Accrued profit sharing 2,860 62,561
Senior secured revolving credit
facility, matures 2012 167,000 366,000
Current maturities of
long-term debt 1,182 65,223
----- ------
Total current liabilities 595,561 970,981
Long-term debt
Senior secured term A loan - 503,800
7 3/8% senior notes, due 2012 700,000 700,000
5.125% convertible senior notes,
due 2014 287,500 -
6 3/4% senior notes, due 2015 500,000 500,000
7 3/4% senior notes, due 2016 500,000 500,000
Other long-term debt 67,072 15,361
------ ------
Total long-term debt 2,054,572 2,219,161
Deferred income taxes 416,468 365,496
Other liabilities 60,006 65,626
Commitments and contingencies
Stockholders' equity
Common stock 629 545
Treasury stock, at cost (730,857) (737,319)
Additional paid-in capital 972,985 541,686
Other accumulated comprehensive
loss - (1,411)
Retained earnings 1,745,511 1,820,385
--------- ---------
Total Steel Dynamics, Inc.
stockholders' equity 1,988,268 1,623,886
Non-controlling interests 14,997 8,427
------ -----
Total stockholders' equity 2,003,265 1,632,313
--------- ---------
Total liabilities and
stockholders' equity $5,129,872 $5,253,577
========== ==========
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
Operating activities:
Net income (loss)
attributable to
Steel Dynamics, Inc. $26,651 $(82,673) $(8,184) $463,386
Adjustments to
reconcile net income
(loss) attributable
to Steel Dynamics,
Inc. to net cash
provided by operating
activities:
Depreciation and
amortization 54,783 52,599 221,426 208,752
Equity-based
compensation 2,810 4,302 17,589 14,278
Deferred income
taxes 70,763 39,299 92,596 31,306
Non-controlling
interests (105) (4,874) (2,835) (8,872)
Changes in certain
assets and
liabilities:
Accounts
receivable 53,805 618,526 72,159 310,985
Inventories (17,148) 334,458 175,183 (18,667)
Accounts payable (91,623) (318,720) (8,860) (88,451)
Income taxes
payable 584 (27,508) 1,611 (21,765)
Other working
capital (78,007) (186,231) (115,129) (115,651)
------- -------- -------- --------
Net cash provided
by operating
activities 22,513 429,178 445,556 775,301
Investing activities:
Purchase of
property, plant
and equipment (86,886) (101,872) (330,052) (412,497)
Acquisition of
businesses, net
of cash acquired - - - (271,159)
Purchase of
securities - - - (20,373)
Sale of securities - - - 32,758
Investment in direct
financing lease - - (27,967) -
Other investing
activities (2,556) (138) (15,926) 2,037
------ ---- ------- -----
Net cash used in
investing
activities (89,442) (102,010) (373,945) (669,234)
Financing activities:
Issuance of current
and long-term debt 319,105 655,000 1,268,435 2,845,900
Repayment of current
and long-term debt (238,891) (952,213) (1,690,557) (2,402,033)
Debt issuance costs - - (13,972) (7,544)
Issuance of common
stock (net of
expenses) and
proceeds from
exercise of
stock options,
including related
tax effect 3,796 (1,061) 420,930 18,422
Purchase of treasury
stock - (16,484) - (501,777)
Contribution from
non-controlling
investor - - 5,000 -
Dividends paid (16,167) (18,312) (68,672) (71,288)
------- ------- ------- -------
Net cash provided
by (used in)
financing
activities 67,843 (333,070) (78,836) (118,320)
------ -------- ------- --------
Increase (decrease)
in cash and
equivalents 914 (5,902) (7,225) (12,253)
Cash and equivalents
at beginning of
period 8,094 22,135 16,233 28,486
----- ------ ------ ------
Cash and equivalents
at end of period $9,008 $16,233 $9,008 $16,233
====== ======= ====== =======
Supplemental disclosure
of cash flow information:
Cash paid for interest $72,881 $75,562 $156,163 $152,263
======= ======= ======== ========
Cash paid for federal
and state income
taxes, net of
refunds $(5,851) $25,655 $(59,397) $341,502
======= ======= ======== ========
SOURCE Steel Dynamics, Inc.
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