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PGT Innovations, Inc. (NYSE:PGTI) Q3 2018 After-effects Antithesis Appointment Alarm November 1, 2018 10:30 AM ET

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Jeffrey Jackson – President and CEO

Brad West – CFO


Truman Patterson – Wells Fargo

Jeremy Hamblin – Dougherty & Company

Keith Hughes – SunTrust

Phillip Ng – Jefferies

Nishu Sood – Deutsche Bank

Ken Zener – KeyBanc


Good morning and acceptable to the PGT Innovations Third Analysis 2018 Antithesis Appointment Call. All participants will be in listen-only mode. [Operator Instructions]

I’d now like to about-face the appointment over to Brad West, Chief Banking Officer. Amuse go ahead, sir.

Brad West

Thanks, Marco. Acceptable morning, everyone, and acknowledge you for aing us on the alarm today. In accession to the annual release, we accept provided a accelerate presentation to accompany today’s discussion. This webcast is actuality recorded and will be accessible for epitomize on the Investors folio of our website at forth with the acknowledging slides.

Before we begin, I would like to absolute your absorption to the cautionary statements on Accelerate 2, as able-bodied as the disclaimers included in the columnist absolution accompanying to advanced statements. I’ll admonish you that the today’s animadversion accommodate advanced statements that abatement aural the acceptation of the Private Securities Litigation Reform Act of 1995, including the adapted 2018 banking achievement outlook. These animadversion absorb risks, uncertainties and added factors that could annual absolute after-effects to alter materially. These factors are abundant in our company’s antithesis columnist absolution and in the accident factors included in our Form 10-K for the year assured December 31, 2017, our best contempo 10-Q as able-bodied as Form 8-K filings with the SEC. The Aggregation undertakes no obligation to about amend or alter any advanced statements.

On Accelerate 3, you should additionally agenda that we abode after-effects application non-GAAP measures, which we accept accommodate added advice for investors to advice facilitate allegory of able and present performance. A adaptation of these non-GAAP measures to their GAAP counterparts is accessible on the Broker Relations breadth of our website.

And afterwards if we are clumsy to get to your questions today, or you allegation added chase up, amuse accord me a alarm at 941-480-2722. I would now like to about-face the appointment over to Jeff Jackson, PGT Innovation’s CEO and President. Jeff.

I would now like to about-face the appointment over to Jeff Jackson, PGT Innovation’s CEO and President. Jeff.

Jeffrey Jackson

Thanks, Brad, and acceptable morning everyone.

Before I animadversion on the quarter, I’d like to say a few words about the latest blow that hit our state, Blow Michael.

Turning to Accelerate 4, aftermost ages on October 10, Blow Michael fabricated a landfall acceptable the aboriginal Class 4 storm to hit Florida’s Panhandle with wind speeds of 155 mph. It was alone 1 to 2 mph abbreviate of acceptable a Class 5 storm. Blow Michael’s acrimony did not stop in the Florida Panhandle, breadth it decimated an absolute town, it maintained its above blow cachet as it anesthetized through Florida into Georgia, acceptable the aboriginal Class 3 storm to hit Georgia aback 1898.

The storm’s complete aisle connected from Florida all the way to Maryland agreement some 30 actor bodies beneath a blow or aing storm watch or admonishing forth the way. PGT Innovations’ absolute focus as consistently is on allowance our communities afflicted by the storm. And I abide to be abundantly appreciative an ashamed by the way in which our employees, barter and adolescent Floridians appear calm during such adverse events.

In Michael’s absolute aftermath, PGT Innovations aggregation associates already afresh abounding our trucks with abundant bare aliment such as generators, flashlight and baptize and beatific them into the Florida Panhandle. Alive carefully with Homeland Security, dozens of our aggregation associates volunteered to administer aliment afterwards traveling into areas of confusion that had no hotels, electricity or alike aliment calmly available.

Many of our barter opened up their businesses to acquiesce our aggregation associates and others to accept a makeshift appeal first. This is accession archetype of how we. accomplish a stronger appulse calm and how PGT Innovations puts into action one of our bulk values, community.

Turning to Accelerate 5, while some South Florida areas crave homes to bear wind speeds of 175 afar per hour, abounding of the communities in the Florida Panhandle accept far few beneath acrimonious architecture codes.

Sadly, the breadth breadth Blow Michael hit the hardest had little to no protection, because accepted architecture codes in that allotment of Florida alone crave aperture aegis 1 mile from the coast. In the after-effects of Blow Michael, as local, accompaniment and federal admiral appraise the damage, a accord is arising that architecture codes forth Florida’s Panhandle allegation to be captivated to a college standard.

Not alone do we agree, but we are committed to accomplishing our allotment to ensure communities in blow decumbent regions are acquainted their options and advice them be bigger able for the aing big storm. We are appreciative to be allotment of a aggregation of experts that was on the arena to appraise this damage. As a 15-year citizen of Florida, I’m afflicted by how adverse the appulse from the storm has been. As a community, we can do a bigger job attention our citizens to convalescent our architecture codes and the areas of coverage, and additionally convalescent architecture absolute and methods.

Now axis to Accelerate 6. I would like to booty a few annual to analysis our action for creating abiding actor bulk for our barter and shareholders. The third analysis of 2018 was the alpha of an agitative affiliate for PGT Innovations.

With the accession of Western Window Systems, we accept positioned PGT Innovations as a civic baton in the exceptional window and aperture space. The accession of Western Window Systems’ geographic cast supports our cardinal eyes on accession alfresco of Florida, with alcove articles that acquiesce us to strengthen our allowance profile.

Western Window Systems shares our allegation to developing able brands and avant-garde articles and our connected advance culture. PGT Innovations as PGT Innovations, we aspect our success to our focus on the connected beheading of our four cardinal pillars apparent on Accelerate 6. Our aboriginal colonnade is on our barter and able brands. And PGT Innovations will put the chump at the centermost of our business carrying 360 bulk annual before, during and afterwards the sale.

By absorption on our customers, we accept becoming the chump award, which we accept will abide to drive advance as we aggrandize our footprint. Second, we are focused on alluring able accomplished leaders and alms allowances to advice our aggregation affiliate succeed. We accept that a able committed aggregation of advisers is key to success and we strive to accomplish our aggregation the best abode to accept a career.

In July 2018, we fabricated anybody at PGT Innovations a Aggregation actor for the aboriginal time in the Company’s history. Beforehand in 2018, we opened a childcare adeptness at our abode alms affordable, acceptable affliction for our aggregation members. These two able examples of our focus on convalescent the lives of our aggregation associates serve able-bodied in the ages of October, of continuing to advance our agent base.

In addition, Western Window Systems was accustomed as one of the best places to assignment in Inc. magazine’s June 2018 issue, which is affirmation of their allegation to the shareholder. Third, we are committed to advance in our business and ascent our operation to accommodated accession demand. PGT Innovations is differentiated from our competitors with our aeriform affection innovated, impact-resistant products, which accommodated and alike beat Florida’s architecture codes.

And the exceptional action able articles of our Western Window Systems analysis are advised to arrange indoor/outdoor alive spaces and admission regulations and the ever-increasing appeal for action able products. Our articles are adjustable with austere appulse aggressive architecture codes in Florida and the action codes and regulations in abounding Western markets in Arctic America serve as a key differentiator in our targeted markets.

And fourth, we strategically admeasure basic generated from our able chargeless banknote breeze to abutment our growth. We appearance the advance of chargeless banknote breeze and acquisitions in advance projects as bulk to alive actor value. These pillars including advance in businesses that abutment able amoebic advance as able-bodied as authoritative added cardinal acquisitions like Western Window Systems aback the adapted befalling presents itself.

With the Western Window Systems acquisition, we auspiciously entered the band bazaar for the aboriginal time accomplishing admission to basic at an adorable anchored rate. Afterward the acquisition, we able a acknowledged disinterestedness offering, which accustomed us to added bound delever our antithesis sheet, thereby accouterment us with added adaptability in operational and cardinal initiatives action forward. We accept our beheading of these affairs in the third analysis has put PGT Innovations in a able position and able-bodied assertive to connected growth.

Now I’d like to move to a altercation of our after-effects for the quarter. Alpha on Accelerate 7, I’m aflame to abode accession analysis of able banking results, absorption advance in the appeal for our articles above all our markets. For the quarter, we delivered sales of $199 million, which was a 57% admission over the third analysis of 2017.

Sales in the adjustment and adjustment access was the bigger disciplinarian in our top-line for our bequest PGTI business. We’re up 56% adjoin the aforementioned aeon aftermost year, we abide to abound the adjustment and adjustment by capitalizing on added appeal for impact-resistant articles afterward aftermost year’s alive blow division and strategically advance in announcement and business to drive sales. Sales into the new architecture access for our bequest PGTI business grew 22% over the above-mentioned year quarter.

Also a agency in the college akin of sales for the third analysis of 2018 compared to the aforementioned analysis aftermost year is the appulse of Blow Irma in 2017, which acquired about $13 actor in sales about-face from the third to the fourth analysis of 2017 due to business interruption. Attractive at adapted antithesis per allotment for the quarter, we appear $0.38 for the third analysis of 2018 adjoin $0.16 in the aforementioned analysis aftermost year, a 138% increase.

Solid operating achievement accept connected through the third analysis as we afresh approved our adeptness to advantage our cogent admission in sales above our anchored bulk base. Aftermost quarter, apery the aboriginal time in the Company’s history, we able adapted EBITDA margins of 20% and we accept done it afresh in the third quarter. The best cogent annual of the quarter, of advance is our closing of the accession of Western Window Systems in August.

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PGT Innovations is focused on developing industry arch products, operating with conduct and putting the chump first. Western Window Systems acutely fits that bill. We are abnormally aflame about the advance befalling at Western Window Systems with us. This marks a new affiliate and a cogent anniversary for our Company, as we become a civic baton in the exceptional window and aperture space.

Turning to Accelerate 8, I would like to analysis the cardinal fit amid our anew accumulated businesses. We are currently in our four years into our action to become a civic baton of exceptional windows and doors.

Our aboriginal appearance was to coalesce our position in our bulk bazaar of Florida, by absorption on that bazaar and affair the needs of our barter with new products. Additionally, we’ve acquired the added and third arch brands in the appulse artefact amplitude in 2014 and in 2016 appropriately and did all this while advancement industry-leading markets.

The aing appearance of our action was and is the amplification into new geographies and added alcove window and aperture products. The accession of Western Window Systems and their articles that amuse some of the best acrimonious action codes and regulations in Arctic America and serve the growing a indoor/outdoor alive articulation in states above the country. It does absolutely that.

We accept Western Window Systems has and will abide to accomplish bigger in-market sales advance and builders who admiration articles that Western offers and we accept they accept and will abide to accomplish industry arch margins absorption on high-end alcove action able windows and doors, additionally appetite for connected operational improvement. Although, we are still in the aboriginal stages, the affiliation of our Aggregation is on track.

We abide to apprehend anniversary bulk synergies of $8 actor to $12 million, primarily from the affiliation of our accumulation alternation breadth we can annual from our above scale. Additionally, we see agitative cross-selling opportunities and apprehend to abide to strengthen cast acceptance and leadership, an important aspect of our advance strategy.

For the third analysis of 2018, Western Window Systems performed as expected, constant in allusive gross allowance and adapted EBITDA allowance accession for PGT Innovations. We accept we are on clue to accommodated our allowance advance ambition of 150 to 200 abject credibility as abiding cast mix and bulk synergies began to be realized.

On December 4, we will host our aboriginal Broker Affair forth with a armpit bout of Western Window Systems’ abode in Phoenix, Arizona. I will be authoritative a presentation forth with Scott Gates, our Senior Vice President of PGT Innovations and President of Western Window Systems.

The presentation will be accompanying webcast on our website at We will afresh accept an befalling for investors and analysts to booty a bout of our advanced adeptness to see absolute our accomplishment processes, forth with a able adeptness that accept apprenticed absorbing advance and this accomplish leaders. Break acquainted for added advice in the advancing weeks.

Turning to Accelerate 9, as we accessory ahead, a key disciplinarian of our connected advance includes our position as the fastest growing accompaniment in the nation now afore 21 actor people. And we accept that cogent new architecture advance abeyant remains. In Florida, we are ciphering the 2018 apartment starts to be about 95,000, admitting normalized single-family apartment starts is about 125,000 per year.

We additionally apprehend to see connected advance in the adjustment and acclimate channel, afterward an alive blow division over the aftermost few years, we are seeing added appeal amid Florida barter for impact-resistant articles that can bear tougher acclimate conditions.

On Accelerate 10, the alcove markets we serve historically, and we apprehend to abide into the future, accept developed faster than the approved window and aperture market. To accommodate evidence, it’s estimated that 18% of Florida homes accept impact-resistant windows, 13% accept impact-resistant doors and accession 18% accept storm shutters.

This indicates that at atomic 50% of Floridians accept no aegis on openings of their homes to aegis their acreage adjoin astringent storms. Blow Michael and Irma approved that every home in Florida, not aloof littoral homes, can be impacted by astringent weather.

As a result, home owners throughout the absolute accompaniment of Florida accept began analytic for blow aegis for their homes, which is why we accept our announcement and business investments abide to annual our growth. As a aftereffect of able demand, we assured the analysis with a sales top band of $104 million, including Western Window Systems adjoin $51 actor at the end of the third analysis aftermost year and we able this while advancement advance times that will acquiesce us to serve our customers’ needs in a adapted manner.

Now I’d like to about-face the alarm over to Brad to altercate the banking after-effects in added detail. Brad?

Brad West

Thank you, Jeff.

First, I would like to analysis some of our contempo cogent achievements abbreviated on Accelerate 11 and afresh altercate third analysis after-effects in added detail. In accession to the cardinal allowances of the accession of Western Window Systems categorical by Jeff, we were able to accomplish added cogent accomplishments in adequation with the transaction.

Top band had the transaction for the aboriginal time in our history, we entered the band markets adopting $350 actor at an adorable anchored bulk of 6.75%. In September, we completed a banal offering, the accretion of which accustomed us to pay bottomward $152 actor of our appellation accommodation acclaim adeptness to added strengthen our antithesis sheet.

At the cleanup of the acquisition, our gross advantage arrangement was about 4x abaft 12-months adapted EBITDA, across-the-board of $8 actor in anniversary bulk synergies. At the end of the third quarter, our gross advantage arrangement has bigger to 2.6x and over 80% of our absolute advantage is at a anchored bulk of 6.75% in an ambiance of adopting rates.

Another absolute aftereffect of our debt paydown was that we accustomed a ratings advancement from Moody’s to B1. Additionally, we had a B appraisement from Accepted & Poor’s with a absolute outlook. We accept our admission to abiding borrowings at an adorable bulk calm with the achievement of an accession that provides us with bounded and artefact band assortment and added allowances has put PGT Innovations in a able banking and operational position able-bodied assertive for connected growth.

Now affective on to Accelerate 12 for a arbitrary of our after-effects for the third quarter. We appear net sales of $199 million, an admission of 57% compared to the prior-year analysis attributable to a cardinal of absolute factors, advanced mentioned by Jeff, including a 56% admission in our adjustment and adjustment articulation and admittance of $18.7 actor in sales from the contempo accession of Western Window Systems.

For the third analysis of 2018, our gross accumulation were $73.0 million, up $33.3 actor adjoin the third analysis of 2017 and our gross allowance added to 36.7% of sales, a 5.4 allotment point admission from the above-mentioned year quarter.

The admittance of Western Window Systems in our third analysis after-effects provided a allusive gross allowance advance of about 1.7 allotment points. Also, we abide to see gross allowance advance in our bequest business from college volume, bigger operating capability and a favorable mix of sales.

Gross margins additionally benefited from bulk increases that took aftereffect during the added analysis of 2018. Offsetting these allowances were inflationary factors including an admission in the bulk of aluminum and increases in action and ammunition costs. Afterwards because the furnishings of our aluminum covered program, the admission in aluminum prices had a abrogating appulse of 1.1 allotment credibility on our gross margins in the third analysis of 2018.

As of today, we accept apprenticed for about 65%, of our estimated aluminum needs for the of 2018 and the boilerplate delivered bulk is $1.17 per pound, which compares to $1.05 per batter in 2017. Additionally, we accounted for about 55% for aloof the LME allocation of the absolute costs at an boilerplate bulk of $0.98 per batter in 2019. Amuse agenda that this does not accommodate the commitment cost, which today is about $0.19 per pound.

Going forward, we will abide to adviser the bulk of aluminum and the assessment and barter ambiance and as adapted admission our advantage or accomplish added advisable increases in the bulk of our products. We are admiring that we broadcast margins by 5.4 allotment credibility in the third analysis 2018 admitting inflationary pressures and we accept we are positioned to added strengthen our allowance contour attractive ahead.

Selling, accepted and authoritative costs were $44.1 actor in the third analysis 2018, an admission of $19.1 actor from $25.0 actor in the third analysis of 2017. SG&A in the third analysis of 2018 includes $2.8 actor accompanying to our contempo accession and in the third analysis of 2017, including $0.7 actor in college costs accompanying to Blow Irma.

Adjusting for these costs, SG&A was $41.3 actor in the third analysis of 2018 or 20.7% of net sales compared to $24.2 actor in the third analysis of 2017% or 19.1% of net sales, an admission of 1.6%. The adapted admission in SG&A is primarily the aftereffect of the admittance of the SG&A costs of Western Window Systems in the third analysis of 2018 aback the acquisition, which totaled $6.9 actor including $1.1 actor in non-cash acquittal of their amortizable affluence assets. This represents about 37% of the absolute sales accession of Western Window Systems of $18.7 actor in the third analysis of 2018.

Excluding these items, SG&A as a bequest business grew $10.2 actor or abide in akin as a allotment of sales at about 19%. This admission in bequest SG&A spending is mainly a aftereffect of the college akin of sales but additionally includes college personnel-related costs of about $3.2 actor including college allurement advantage absorption the bigger achievement in the third analysis of 2018 compared to aftermost year, an admission of $1.1 actor due to our cardinal investments in added business and announcement initiatives during 2018. As able-bodied as an admission in stock-based advantage bulk of $800,000.

Adjusted EBITDA for the third analysis of 2018 was $39.8 actor or a allowance of 20.0% compared with adapted EBITDA of $22.2 actor or a allowance of 17.5% for the third analysis of 2017.

As with our gross profits and gross margin, adapted assets and adapted EBITDA benefited from college sales and bigger operating achievement as able-bodied as the admittance of Western Window Systems, which benefited EBITDA margins by 40 abject points.

Interest bulk for the third analysis was $11.7 million, an admission of $6.3 actor adjoin aftermost year. The accepted analysis absorption bulk includes a $5.3 actor non-cash allegation accompanying to the write-off of deferred costs costs as a aftereffect of the $152 actor accommodation fabricated on our absolute acclaim adeptness during the quarter.

Depreciation and acquittal bulk was $6.4 actor in the third analysis of 2018, an admission of $1.3 actor adjoin the prior-year period, apprenticed mainly by the accession of Western Window Systems.

Taxes for the analysis were $3.3 million, a $0.3 actor admission adjoin the above-mentioned year quarter. Our third analysis tax bulk was 20% adjoin a tax bulk of 32% in the third analysis of 2017, with the decrease, mainly apprenticed by the Tax Cuts and Jobs Act.

In addition, tax bulk in the third analysis of 2018 was bargain by $1.0 actor of balance tax allowances of banal advantage exercises. We appear GAAP net assets of $13.6 actor or $0.26 per adulterated allotment for the third analysis of 2018 adjoin $6.3 actor or $0.12 per adulterated allotment in the third analysis of 2017, apery a 117% year-over-year interest. Now excluding ancient items, adapted antithesis per adulterated allotment for the analysis were $0.38 adjoin $0.15 in the aforementioned analysis aftermost year, apery a 138% increase.

On Accelerate 13, attractive advanced to the aing abounding analysis column acquisition, I will accord some expectations apropos accumulated aggregation assumptions action advanced for absorption taxes, abrasion and acquittal and basic expenditures. We apprehend absorption bulk to be about $7 actor per quarter, we apprehend the go advanced tax bulk to be about 26%.

We apprehend abrasion and acquittal bulk to be about $9 actor per analysis and we apprehend the CapEx will boilerplate 3% to 4% of anniversary sales. Afterwards the arising of the added shares and disinterestedness alms we afresh completed, we appraisal that for the fourth quarter, the cardinal of adulterated shares will be about 59.3 million.

And finally, I would like to analysis the 2018 advice that we adapted this morning to reflect added artefact demand, as able-bodied as the accession of Western Window Systems sales for the post-acquisition aeon alpha on August 13, 2018.

PGT Innovations now expects to accomplishment in the afterward ranges: net sales of $675 actor to $685 million, an admission of 32% to 34% compared to 2017; adapted EBITDA of $123 actor to $128 million, an admission of 46% to 52% as compared to 2017; net assets per adulterated allotment of $1.13 to $1.19; and lastly, chargeless banknote breeze of $75 actor to $80 million.

With that, I would like to about-face the alarm aback over to Jeff for some closing thoughts. Jeff?

Jeffrey Jackson

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Thank you, Bradley.

In closing, I’d like to admonish you of the 5 elements of our advance apriorism on Accelerate 14, we are a civic baton in growing exceptional calm and alfresco window and aperture category. We are committed to abide to advance in aptitude in R&D to abide the industry baton in accession and artefact development. We accept a connected focus on operational efficiencies to drive added allowance expansion. We are focused on appetite to accomplish able beheading of our action to actualize abiding chump and actor value.

And finally, we are able-bodied positioned with a adapted able artefact portfolio and adapted geographic markets to abduction assisting advance in both new architecture and the adjustment and adjustment channels. 2018 has and continues to be a anniversary year for PGT Innovations. It is an agitative time to be a allotment of our ancestors of brands and broker in PGT Innovations as we abide to drive actor value.

At this time, I’d like to about-face the alarm aback over to the abettor to activate Q&A. Rocco?

Question-and-Answer Session


[Operator Instructions] Today’s aboriginal catechism comes from Truman Patterson of Wells Fargo. Amuse go ahead.

Truman Patterson

So aboriginal catechism aloof capital to blow on the contempo adjustment and acclimate strength, it’s absolutely been apprenticed by the 2017 Blow Irma and the Floridian acquaintance factor, if you will. How acceptable is this adjustment and acclimate achievement through 2019? And I’m affectionate of cerebration of it, the beam industry has apparent a hangover alpha to action and absolutely added a appellation in the after-effects of this year’s Blow Florence and Michael, are there any near-term items you can accord us, how that’s impacting appeal recently?

Jeffrey Jackson

We are little bit altered from say like the beam industry, breadth the appeal initially is apparently added adjustment accompanying because absolutely frankly, you can’t handle the [indiscernible] that affectionate of strength. You’re consistently action to lose some trials somewhere, antecedent appeal and repair, admitting in the window and aperture class you don’t absolutely see a lot of antecedent adjustment blazon demand.

We’re leasing and abide to see in Florida as I mentioned in my comments, about bisected the accompaniment bisected the citizenry in the state, the homes in the accompaniment accept no appulse protection, and as blow Michael absolutely approved this year, you can be in an breadth that commonly is not decumbent to hit by hurricanes and blow happens and it’s devastating.

So we see a able-bodied befalling for R&R to abide over the aing brace of years, you got to bethink also, as I mentioned Florida now has over 21 actor bodies in the accompaniment and we’re absolute association daily.

So we advanced the altitude here, the business climate, obviously, the weather, the retirees is advancing down, the babyish boomer bearing citizenry advancing into this breadth and the drive to advance homes and accomplish them blow efficient, if you will, or adequate is action to abide in to ’19, into 2020. So we see acceptable backbone in R&R bazaar in Florida.

Truman Patterson

Jumping over to your guidance. If I booty the aeriform ambit of your 2018 acquirement and EBITDA dollar guidance, it looks like your fourth analysis EBITDA allowance should decline, we’ll alarm it 120, 130 bip from an acutely aeriform 20% akin in the added and third quarter. Are there any near-term items that we allegation to be cerebration about that would annual the consecutive decline. I’m cerebration a appellation blow disruptions or annihilation forth those lines?

Jeffrey Jackson

Yes, d annihilation specific as blow but it was absolutely a appealing archetypal arrangement for us, our business cycles tend to be stronger in Q2 and Q3 and afresh in Q1 and Q4, sales tend to be a little bit lower, so we’re somewhat cyclical. So it absolutely aloof comes bottomward to advantage on what we advanced will be lower sales in the fourth analysis about to the third quarter, but no disruptions accompanying to hurricanes or annihilation with hurricanes alfresco the accustomed advance of business and the mix appulse on our business R&R business is about added profitable, so our allowance is bottomward in those quarters.

Again, you additionally got to accessory at the citizenry of Florida, in the fourth and aboriginal quarters, we accept a lot of association appear bottomward to absorb their winter months here. And typically, they don’t appetite to be disrupted. They do their adjustment and adjustment aback they go aback up north.

And so about Thanksgiving, Christmas fourth analysis absolutely slows from a R&R standpoint in the alpha of the year. It picks aback up some at end of the aboriginal quarter, but it absolutely does bang into this added quarter. So that’s what you will see a little bit of aloof advantage accident from mix and acutely advantage on the lower beneath sales base.


And our aing catechism comes from Jeremy Hamblin of Dougherty & Company. Amuse go ahead.

Jeremy Hamblin

I’ll add my congratulations on the absorbing results. I capital to alpha with aloof could you accord us a faculty from affectionate of all the assessment annual and what affectionate of appulse you’re seeing as it relates to the business today and affectionate of affective forward?

Jeffrey Jackson

Yes, it has been an absorbing year, Jeremy, in affiliation to tariffs, because if you anytime advanced you guys accept ample out or you advanced you apperceive what’s action to appear next, it’s affectionate of consistently commodity to abruptness you.

So there’s been added contempo allocution about tariffs again. And we had some aggrandizement that we saw in the aboriginal bisected of the year, we came out with a bulk admission over the summer advised to abode that aback and now there’s added contempo tariffs alike appear added afresh than that.

And aloof to put the algebraic off, I advanced aing year could accept an appulse on our t breadth you apperceive adeptness be as abundant as 50 bips of sales at these levels. And now we still consistently accessory at advantage and pricing, so what the absolute appulse will be, we’ll accept to delay and see. But this is commodity that we accept to be alert of. And I do advanced it’s action to appulse us action into 2019. So like I said, adapted now, it is as abundant as 50 bips.

Jeremy Hamblin

And afresh aloof as a aftereffect on that point. You’ve had a lot of your competitors accept absolutely confused to accession prices. I advanced one of your – or maybe your bigger adversary in Florida aloof aloft prices two weeks ago to account, I think, at atomic for some of the assessment impact. Best of them accept aloft prices alert this year, breadth do you guys angle in agreement of cerebration about that. Now that you’ve apparent a lot of your competitors go alike a little added aggressively than you have?

Jeffrey Jackson

Yes, Jeremy, we accept aloft prices at the alpha year, like Brad had mentioned, we’ve set the bulk admission this quarter, at the end of this analysis we should annual of that during the fourth quarter, but it’s consistently a apparatus we accept in the toolbox to go to, we do obviously, accessory at that in agreement of all of our ascribe costs, our adeptness to barrier those costs and additionally that leverages the anchored bulk abject in agreement of acknowledgment on the sales aggregate about impacting via bulk increase. So all of that is taken into account, we could do the same, it’s absolutely there and we will affectionate of barometer that as we allegation to as we access into 2019.

Jeremy Hamblin

And afresh aloof aftermost catechism is apropos the guidance. And aloof as I advanced about the huge change actuality in guidance. Could you accord me a faculty of the breach of how abundant of that admission in your advice on the sales advanced is absolutely apprenticed by Western Window maybe assuming bigger than you accepted adjoin the amoebic or the bequest PGT business lines?

Jeffrey Jackson

Brad, maybe, you can allotment added detail, but I can acquaint you that the Western Window Systems is assuming bigger than, alarm our accession model, but PGT is absolutely advancing from PGT Innovations, above our brands, the bequest business is assuming abundantly able-bodied adapted now.

Brad West

Yes, I think, Jeff nails on it and I wouldn’t add annihilation to that.


And today’s aing catechism comes from Keith Hughes of SunTrust. Amuse go ahead.

Keith Hughes

Very accessible slides you accept on the Panhandle and the ambit requirements there. How continued do you advanced it will booty for you to get some rebuilding action on there and I mean, obviously, thanks, because of the ambit you accept a adventitious for business maybe the bigger catechism is that aloof hardly assets from the aing one, we see business from that?

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Jeffrey Jackson

You apperceive Keith, I’ll be honest with, I’m action to go aback to blow Irma, hitting the Keys all the way bottomward there this able summer in August and there was still confusion in the Keys about a year later, the blow that hit in September of ’17.

A year afterwards there’s still cleanup action on, there’s still commodity now [indiscernible]. So I advanced it takes a while for that cleanup to occur. The aeriform photos I accept apparent in the letters I accept gotten aback from teams on the arena for PGT, confusion has been alarming and horrible, it’s about like a bomb that’s went off in some of these locations and places.

So I advanced the cleanup there is action to booty alike best because it involves a abundant denser affectionate backwoods citizenry with copse all that is abundant bigger landmass that got hit and aloof action to cantankerous hit Florida Keys or hitting Marco Island like blow Irma did. So you accept a lot of apple-pie up to do, I advanced we’ll potentially alpha seeing some admission in sales associated with that, I’d say at best the aback bisected of ’19 in agreement of that acquaintance above the accompaniment of Florida because of it.

So I advanced we get absolute annual from bodies seeing yet accession blow hit Florida and they may accept a home about on the East Bank and don’t accept appulse aegis or and they are attractive at that and you’re saying, let’s go there and do it. So we get some allowances anon but from the afflicted breadth its 12 months out afore you absolutely didn’t affectionate of annual our sales into that area.

Keith Hughes

And aural the acquirement guidance, of advance there is boxy fourth analysis range, what affectionate of amoebic growth, do you apprehend to see in the fourth analysis and if you could allocution about dollars and units, how those would alter in the fourth quarter?

Jeffrey Jackson

One second, I’m action to aloof get that cardinal afflicted for you there, Keith.

Brad West

As we mentioned before, we had a $13 actor alteration of sales from Q3 to Q4 aftermost year. So as it relates to the amoebic growth, I advanced you’re action to see a little bit added atmosphere advance rates, I’ll alarm it in the advice is apparently commodity in the ambit of aeriform distinct digits, because it is a $13 actor move.

As Jeff mentioned, afore the Western business is appealing abundant a little bit advanced of what we expected, but for the best allotment best of that admission in the advice is based aloft PGT’s performance, but aloof bethink that aftermost year we had a $13 actor bulk that we were up against.

Keith Hughes

So you’re adage aeriform single-digit advance year-over-year in the fourth and is adumbrated in the guidance, is that correct?

Brad West


Keith Hughes

I aloof appetite to accomplish abiding units and bulk or added units or what do you –?

Brad West

Right, now it’s apparently 3 allotment credibility of that is price, the blow would be units.

Keith Hughes

This is affectionate of like a 22% or 23% comp, is that correct?.

Brad West


Keith Hughes

That’s absurd by the way. And afresh I assumption final catechism on aluminum, the aluminum prices on the big industries are trending bottomward for best of 2018, sometimes the atom bazaar can be little different. From breadth we angle adapted now is aluminum in 2019 from the accepted prices is that action to about-face into a tailwind for you at some point, will or not?

Brad West

I advanced it would be the aback bisected of the year, because this is a action of our coverage, I advanced we had advantage in abode from 2017 that afflicted 2018 that annual some of the absolute increases on the banknote and bazaar price, but if you accessory at the prices that we are belted for the aback bisected of this year and affective into aing year.

I advanced adapted now, there will abide to be a little bit of headwind, not to the aforementioned bulk that was what’s been the best contempo quarter, because that was action on about accessible comps but it’s the aforementioned with breadth it’s at adapted now, could potentially become a little bit of a the tailwind as you get appear the aback bisected of aing year.

But I would say those numbers – the aluminum bulk had the LME has aloof some this year, but the Midwest premium, which is added of a action of affectionate of the tariff. I advanced is still has a aeriform point and that is actuality compared to breadth it was this time a year ago, was up $0.10. And that’s admitting happened in March, so we’ll be angry and accept appear all the way through until we’ll accept that aboriginal analysis of aing year. So that’s why, I don’t advanced the tailwind adeptness accept as dramatic, if you got the Midwest exceptional offsetting that LME.

Keith Hughes

The LME is a altered LME, that’s the answer, okay. Acknowledge you.


And our aing catechism today comes from Sam Darkatsh of Raymond James. Amuse go ahead.

Unidentified Analyst

This is Josh calling in for Sam. Acknowledgment for demography my questions and congratulations on the quarter. Aboriginal a allegorical catechism on the fourth analysis guidance, you said there is no blow appulse on the margins. Is there any about-face in the timing of sales accompanying to Michael?

Jeffrey Jackson

No, I mean, yes, but it’s minor.

Unidentified Analyst

And afresh apropos the third quarter, what were the primary variances adjoin your plan?

Brad West

Well, I assumption I would say the easiest acknowledgment to that is, this year the R&R after-effects from Blow Irma that was the aboriginal storm to hit Florida aback Jeff and I accept been here. So we are cerebration about what the appulse was action to be on the state, it has far exceeded our expectations and bulk of abbreviating bazaar and we’ve to capitalize it and afresh you collection it up further. So I guess, absolutely by far the bigger appulse on our after-effects adjoin our expectations this year. It’s aloof been the backbone of the R&R market, obviously, your affable surprise.

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Jeffrey Jackson

And afresh I’ll aloof add to that, again, we accept accession above blow hit a above market. The Keys is a above bazaar for us, Marco Island and Naples, we got a majority of winners in those markets. So that was a above disruption for the aggregation and afresh to accept the adeptness outages at our plants, we aloof accept a lot of being action on in the third analysis as we were giving guidance, you know, third quarter

2017 as we were attractive into 2018, we approved to affectionate of annual for absolutely frankly, if this happens afresh what we would do in agreement of the after-effects and now that we’re affectionate of about through blow season. It looks like we’re action to be accept and it looks what we anticipation we can do are absolutely action to be better, as a result.

Unidentified Analyst

Is there annihilation to alarm out in the annual trends in the quarter, decidedly as it relates to amoebic growth?

Jeffrey Jackson

Obviously, did at September aftermost year as able-bodied – expire month, was the actuality above so as the ages aback our bigger hit was in September, but afresh it was difficult from apprehension side, it was a appealing constant trend due to the three months.


And our aing catechism today comes from Phillip Ng from Jefferies. Amuse go ahead.

Philip Ng

You acutely delivered some atomic amoebic advance aftermost few quarters. But as you get acicular out comps to get a little tougher analytical if you could accord us any blush on how backlogs are abstraction up and how you are cerebration about amoebic advance aing year? Could Michael accept a agnate appulse in agreement of acquaintance and any blush on how we should advanced about allocation that up would be helpful.

Jeffrey Jackson

Yes, I’ll accord you some thoughts aloof as we accessory into aing year. Acutely we’re accomplishing our allotment action now and putting the final touches on that. Some headwinds for instance we’re considering, I mean, acutely we alive in an ambiance of ascent absorption rates.

So we’re accepting to booty that into annual and yes in ascribe costs we’ve already discussed already in alarm in agreement of assessment accompanying ascribe bulk and alike allowance burden at times. We are because all those affectionate of ascribe cost, if you will, but we accept some acceptable tailwinds. I’ll be honest, R&R bazaar I advanced is positioned accurately for advance as a aftereffect of – in allotment in Florida because of all the blow activity, Blow Michael, I advanced does drive awareness, does drive bodies to change throughout the accompaniment of Florida.

And I advanced alike Blow Florence, the hurricane, that, you know, came into the Carolina area, that bazaar will admission appeal orders and awareness. So we will abide to annual with that in agreement of the tailwind and accessory home bulk appreciation, you know, homes are action up in bulk 6% year-over-year so that consistently bodes able-bodied for that R&R bazaar also, so if you booty that into account. I advanced what’s accident is basically we are growing our job abject and the abridgement is growing faster than the apartment bazaar can abutment it.

So I advanced that bodes able-bodied for new architecture also. Now accept off because absorption rates, I advanced acknowledgment is yes. It could, on the new architecture side, but we still advanced abnormally actuality in Florida this we got some acceptable aerodrome to go on new architecture breadth as well.

We are because all of those things, we’re attractive into ’19 to try to cull calm what we advanced R&R and architecture is action to be. You appetite to add Brad?

Brad West

No, I advanced that’s good. And Phil, acknowledge you for additionally bit on advantage on us, and acceptable to the aggregation here. I advanced ultimately aback you get adapted bottomward to it, you know, we are still a aggregation whose articles accretion assimilation above aloof what the bazaar supports. Adapted and we showed on that one accelerate how there is all kinds of befalling for us to abide to do that.

And so from our perspective, you apperceive you accept some clashing bazaar macro bearings that’s afflicted affectionate of the clip of that assignment and afresh we consistently tend to be able to access above that. So we consistently feel acceptable about our position and that’s affectionate of how we advanced about our action for these articles to abide to do that.

Philip Ng

Brad, any blush on backlogs, in the able you’ve accustomed some blush on how that’s advanced quarter-to-quarter?

Brad West

The third quarter’s excess accomplished bottomward aloof a little bit from the added analysis but that’s accustomed because in the added quarter, the excess is advertisement to the third analysis and third analysis starts to activate to annual bodies advancing afresh and we alpha thanksgiving. And I advanced this is affectionate of time a absolute able backlog. As we mentioned in the script, those still over $100 actor to abutment our fourth analysis and guidance.

Philip Ng

And just, is there any apprehension of Florida potentially accession to architecture codes. The areas advanced not like a panel, for example, in ablaze of some of the contempo hurricanes and potentially talks in agnate markets like the Carolina.

Brad West

Yes, I advanced there is, I know. As I mentioned, some of my comments we were allotment of the aggregation that is on arena assessing accident in affiliation with University of Florida of organizations. And so, as we’re accomplishing that, we will get that advice to the adopted adeptness position absolutely bluntly you affectionate of somewhat are pushes for cipher changes in approves those changes and hopefully that will use advice we accept to.

In my opinion, we authenticate the about the Panhandle is accounting and accessory to move deepening and advantage area. I advanced you’ll see both those appear over the aing say 12 months like annihilation is a safe cast things. So it can booty time adjoin commodity this new in a way, it was for afterwards me. But, I advanced that action is advancing and I advanced it will ultimately get tougher and hopefully advice the bodies affective bigger homes.

Philip Ng

Last one for me. It sounds like the affiliation of Western Window is advancing on absolute nicely. Can you accord us some blush on the advance you’re authoritative how bound we should we apprehend some of these cross-selling efforts to absolutely affectionate of breeze through, decidedly on the R&R ancillary of things and the accent of the $8 actor to 12 actor synergy adeptness over the advance of 2019. Acknowledgment a lot.

Brad West

Yes, I’ll blow in accepted about advance got affiliation aggregation comprises of PGT bequest association as able-bodied as Scott and some of his aggregation associates and in their affair absolutely annual aggressive aberration in that are alive altered initiatives. I advanced advance is action well. On the bulk extenuative ancillary are beneath accepted ISO out of the $8 actor to 12 million. We’re aloof arctic of $7 million, if I recall, in agreement of, absolutely in savings. And we accept few added areas aloof still.

So all that’s action as planned, if not headwinds and we appear out of them authoritative anatomy we action to alpha attractive at bounded base, Southeast and Florida as a arena in the West in accepted as a region. So there’s lots of altered activities accident aural the sales alignment and channels to drive. I would say, cross-pollination brands and channels. All that’s action well.

And as I mentioned additionally in my comments, we accept our aboriginal Analyst Day, and we chose accept any question, aloof to accord the investors and analysts a feel for what we will action and access and is now allotment of PGT Innovations and what we action to booty some attractive absolute abundant advanced to December advanced to hopefully see some of you guys at Western location.


And our aing catechism today comes from Nishu Sood of Deutsche Bank.

Nishu Sood

So aboriginal catechism on the – alike if I agency out the disruption to the sales the deferral, I advanced the $13 actor in 3Q17. It looks like there were still some dispatch in the amoebic clip of sales, appulse sales adeptness accept accelerated from the affectionate of mid 20s to low 30s , how remodeling, it looks like it accelerated as well. If I aback to that. I am I accomplishing the algebraic correctly, did you see an dispatch in the clip of amoebic sales, alike demography that into annual the shift-by-shift.

Brad West

Yes, we did an affair and I advanced there’s a brace of drivers on that. The aboriginal one is that we had a absolute able appeal aeon through the absolute quarter, but Bequest PGTI was able to admission their assembly and admission their circadian output, which accustomed us to alpha to abbreviate some of the advance times that had gotten a little continued during the quarter.

I advanced the appeal remained about constant into the analysis and strong, but our absolute adeptness to address apparently bigger in the third analysis because we added our capacity.

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Nishu Sood

And obviously, the appulse aggressive Florida adjustment bazaar is action gangbusters. I’m abiding you’re acquainted that there is appealing cogent apropos about the new apartment market, decidedly on the West Coast. Any insights you can accord us into your affectionate of aboriginal date aboriginal architecture date indicators acutely a window goes in affectionate of allotment way through the architecture process, but any affectionate of aboriginal discussions orders or annihilation you’re seeing there that, can you acquaint us about the accompaniment of appeal for at West.

Brad West

Yes again, I assume, Florida. I advanced action is apparently the bigger coercion affecting appeal and we do that as about as governor on that appeal and get too abundant out of control, but I advanced ascent absorption ante are additionally in comedy a factor, but that’s what we are blame to development R&R business with the Western brand, because if you think, due to the ascent absorption rates, what they’ll do is, they’ll force bodies break in homes longer, but in homes longer, they will tend to fix those homes up.

So it’s absolutely a acceptable affair for our adamantine market, so we are actively aggravating to advance that R&R attendance in California, for instance, one of our top markets will accept assistance. But they basically serve their bulk in akin pricing, it’s absolutely biting into a market. And so alike if the, let’s say that the apartment numbers alpha on them, Western is biting still in that bazaar with a new artefact and demography share.

So what you will see, what we accept apparent is in a crumbling market, we can still abound Western window systems because of their allotment assimilation and Gordon into new geographic areas.

Nishu Sood

Final one from me, I know, the acutely the new adeptness aloof this year, but your sales clip is active at such as affair if you can number. Can you aloof accord us an amend on your adeptness to serve that, if appeal continues to abound at this accepted trends?

Brad West

Yes, I advanced we’re able-bodied positioned from an operational standpoint cast to abide to serve the appeal as I mentioned earlier, the action initially is an affair for us. But we’ve affected with technology, absolutely bluntly avant-garde plans, we are accepting added artefact out beneath bodies than anytime before.

So I advanced agnate of accident in our appearance benefactor abject they’re abacus as abounding crews as they can, but yes, and affectionate of a governor on the bulk of dent that’s accessible so it’s affectionate of befitting a naturals array of a folio on that.

And I advanced on R&R, we are absolutely able to accommodated from a accommodation side, the appeal in the bazaar and as it continues to grow. We go long-term, afresh three and five-year affairs with amplification of accommodation is bare from a brick-and-mortar standpoint abundantly acceptable shape. Aloof in that abacus on line, our about-face depending on what area we’re talking about. So, we are in absolute acceptable appearance from a accommodation standpoint.


And ladies and gentlemen, today’s final catechism will appear from Ken Zener from KeyBanc. Amuse go ahead.

Ken Zener

I accessory advanced to the Phoenix day. I accept a brace of questions. I apologize, if I didn’t apprehend the antecedent allotment aloof because I was beneath the call. But the gross margin, did you highlight how abundant of that astute amoebic as adjoin to an M&A mix, aloof so we get a bigger compassionate and amuse animadversion on affectionate of fourth quarter, whether it’s sequential, year-over-year?

Brad West

Ken, I did acknowledgment that in my able animadversion that the appulse of what’s in our gross allowance in the third analysis was about 1.7%. And this accession was done basically center through the analysis the band do any affectionate of extrapolation on that.

And yes, we would advanced again. Yes, accede the actuality that Western was acquired center through the third analysis – with that in mind. You got, you would commonly about see a allowance abatement little bit in the fourth analysis because of lower sales that we about see and the advantage from that standpoint. But yes, we did animadversion aloof 1.7% in the third quarter.

Ken Zener

Now the actuality you guys – R&R you said 56% growth, I think, so that’s just, that’s amazing, I beggarly operationally, how does this – how are you guys operationally accomplishing this. Are your bodies like alive overtime or is it aloof the ability and the accouterment so abundant now due to. Jeff, you talked about automation. I beggarly it’s an amazing bulk of throughput there?

Jeffrey Jackson

Yes. We acutely at the alpha of the year we said accommodation for CGR they were aloof planned, and we were up adjoin the bank on their plan – their all plan location. That didn’t acquiesce for able with able breeze of artefact through the facility. Now the new facility, we fabricated a bigger blow all those ambit and as we move into the new facility, we absolutely upgraded equipment.

So we’re able to accomplish added faster or at a quicker clip than we could afore and acutely the mix has helped absolutely bluntly with the R&R ancillary of the business bringing on college mix basic for us. And afresh actuality at PGT, we are added applicable now than we anytime accept been in the automation, we accept invested in sales of canyon to accomplish – 2.5 years has been added appear that final growth.

And so as that advance occurs, we are now accomplishment the annual of it. We relaunched our PGT vinyl WinGuard product, which is our bigger barrage in our company’s history, two years ago and aback we did that acutely the aggregate witnessed 80 canicule built, CGI if you will, so we had the cast new equipment, the technology changes et cetera.

And so add to that volumes come, we are now accomplishment the annual of that and that’s what you’re seeing you say absolutely absorbing advance that’s allotment of our investment. We invested in technology and be honest, the aftermost probably, I’ll say is leadership, like I mentioned, one of our affiliates, we added aptitude to all our locations actuality in Florida from CGI to vinyl to PGT.

And that aptitude has been on lath now growing on two, three years and that aptitude you best they accept the processes better, you brace that with volumes and bigger technology. You got abundant added able product, abundant added able markets.

Ken Zener

Realizing you are action to be acclamation a lot of this being in Phoenix and accession it, aloof I was account an commodity bygone about Toll Brothers was architecture some being in Phoenix but they absolutely were affectionate of accomplishing a hardly lower bulk point than they are acclimated to accomplishing but they said it was action to be comfortable in the faculty that they had a affectionate of a airing out aperture and – I apperceive you guys Western Window is in their product, I brainstorm they are action to accept a big 15 bottom sliding aperture and $300,000 priced home.

How accustomed the assimilation that you accept in your Florida market, the acumen I asked about Western Window, is that seems like that’s got to be – it’s about blooming acreage like lower bulk credibility in accession to R&R it seems is one of those things that you guys will accessory out it, but is that, what gives you guys so abundant aplomb is that there’s aloof so abounding home bulk credibility as able-bodied as aloof the R&R ancillary to that business and then, obviously, I advanced you talked about, absolute ample accomplishment footprint, that’s bare still.

Brad West

Yes. That’s a abundant question. Brace of things, one is the indoor/outdoor alive isn’t necessarily a bulk point home. In added words, it could be an $300,000 home or it is a $2 million, $3 actor home. In that product, [indiscernible] absolutely bluntly and we accept altered articles aural Western that fit altered niches aural that market.

And so we’re not afraid this $200,000 condos for instance, acknowledged condos and boondocks homes all over the time because still we don’t appetite that indoor-outdoor feeling. Now you add that can you advertise in two stores, maybe we alone affairs three boondocks slider or belvedere aperture or whatever but it still goes into that bazaar and the addition of absent that indoor-outdoor alive a accessory all that still growing. So that’s what makes us aflame on that.

And above that, we absolutely aloof had accomplished out to the banker arrangement that supports R&R market, what we accept in Florida and they accept that in California bags of home that hits every day from the R&R angle in California.

And so that’s aloof the market, we [indiscernible] I’m not action to say we’ve never done R&R homes with Western but apparently half, what we accept done is apply on the banker arrangement specializes in that afresh accept that business aggregation marketed to that arrangement and with artefact innovations, et cetera and programs.

So that’s what over the aing 12 months, Scott and aggregation continues from here, our sales bodies here, we’ll be doing. And it is excited. Yes.


And this concludes question-and-answer session. I’d like to about-face the appointment aback over to the administration aggregation for any final remarks.

Brad West

Thank you afresh Rocko, a abundant job done by you. And does anyone has any added alarm our questions, amuse feel chargeless to ability out to me. And we accessory advanced to talking to you afresh aing analysis or alike if you can accomplish it, hopefully at the Broker Day in the fourth – in December 4 in Phoenix. Acknowledge you.


Thank you, sir. Today’s appointment has now assured and we acknowledge you all for accessory today’s presentation. You may now abstract your ambit and accept a admirable day.

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