The Death of Six Flags Is Getting Ugly
Summary
TLDRThe video script discusses Six Flags' history of poor decision-making, from the Time Warner fiasco to recent financial struggles under CEO Saleem Bass. Despite a record-breaking theme park industry in 2022, Six Flags failed to capitalize, due to Bass's strategy to make the parks 'premium' by raising prices, which backfired. In 2023, Bass adjusted the strategy, lowering prices and planning new thrill rides to attract visitors. Despite a 55% drop in net income, the outlook is cautiously optimistic as Six Flags aims to innovate and invest in its core strength: thrilling rides.
Takeaways
- 🎢 Six Flags has a history of poor decision-making, including a failed partnership with Time Warner and excessive spending on roller coasters that led to bankruptcy.
- 📉 In 2022, despite a surge in theme park attendance industry-wide due to pent-up demand, Six Flags failed to capitalize and instead experienced a significant drop in attendance and revenue under CEO Saleem Bass' new strategy.
- 💸 Saleem Bass attempted to reposition Six Flags as a premium destination by increasing prices, but this strategy backfired, causing a sharp decline in visitors and revenue.
- 🔄 In response to the backlash, Bass reversed course in 2023, lowering prices and initiating numerous sales, although the base prices remained slightly higher than pre-2022 levels.
- 📊 Six Flags' Q2 2023 results showed a 55% drop in net income, which was primarily due to a $38 million adjustment in self-insurance reserves, not a direct result of operational performance.
- 🤔 The large increase in self-insurance reserves raises questions about Six Flags' management, as it contrasts with industry norms and suggests mismanagement or oversight.
- 📈 Despite the net income drop, there are some positive signs, including a 2% increase in revenue and an 11% increase in July attendance, hinting at potential recovery.
- 🎢 Bass has shifted focus back to investing in new thrill rides, recognizing that this is the core strength and DNA of Six Flags, a change from previous strategies focusing on amenities.
- 💰 Capital expenditures for 2024 are projected to increase significantly, indicating a renewed commitment to enhancing the park experience through new attractions.
- 🎢 The company plans to retire older, high-maintenance rides and replace them with state-of-the-art thrill rides, aiming to excite the park's customer base.
- 🚀 Saleem Bass expressed optimism about Six Flags' future, with a renewed vision that includes innovation across various aspects of the business, and a goal of attracting 25 to 27 million guests annually by 2025.
Q & A
What is the main issue discussed in the script regarding Six Flags' business decisions?
-The script discusses Six Flags' history of poor decision-making, particularly the recent strategy by the new CEO, Saleem, to turn Six Flags into a premium destination by increasing prices, which resulted in a significant drop in attendance and revenue.
What happened to Six Flags in the early 2000s that is considered a poor business decision?
-In the early 2000s, Six Flags made a poor decision by selling to Time Warner, which eventually resulted in financial trouble and bankruptcy a few years later after spending a large amount of money on new roller coasters.
What was the theme park industry's situation in 2022 according to the script?
-The script mentions that the theme park industry in 2022 experienced a surge in demand after the COVID-19 pandemic and shutdowns, leading to record-breaking revenues and attendance for most theme park companies, except for Six Flags.
What was the strategy that Saleem, the CEO of Six Flags, implemented in 2022 and why did it fail?
-Saleem's strategy in 2022 was to increase prices to turn Six Flags into a premium destination like Disney or Universal. It failed because attendance dropped significantly, and revenue and net income decreased, making Six Flags' performance lag behind its competitors.
What was the initial reaction to Six Flags' Q2 2023 results?
-The initial reaction to Six Flags' Q2 2023 results was shock and disbelief due to a 55% drop in net income, which was later explained by a $38 million adjustment in self-insurance reserves.
Why did Six Flags make a $38 million adjustment to their self-insurance reserves?
-Six Flags made the adjustment due to a past settlement of $36 million to guests in 2021, which was not properly accounted for in their reserves. The increase is meant to cover potential future insurance claims and lawsuits.
What changes did Saleem make in response to the poor performance of Six Flags in 2022?
-In response to the poor performance, Saleem dropped the prices, although they are still slightly higher than pre-2022 levels. He also initiated a large number of sales on season passes from October 2022 through May of the following year.
What was the attendance increase for Six Flags in the first half of 2023 compared to the previous year?
-The attendance for Six Flags in the first half of 2023 increased by only 6% year-over-year, despite significant price drops and discounts.
What is Six Flags' plan for the future according to the script?
-Six Flags plans to invest in new thrill rides and improve park maintenance, with capital expenditures expected to increase to between $200 to $220 million in 2024 and further to $230 to $250 million in 2025.
What is the expected impact of Six Flags' new strategy on their annual guest numbers by 2025?
-With the new strategy focusing on thrill rides and park improvements, Six Flags expects to reach their goal of 25 to 27 million guests annually by 2025.
Outlines
🎢 Six Flags' History of Poor Decisions and 2022 Strategy
The script discusses Six Flags' history of poor decision-making, dating back to their sale to Time Warner in the early 2000s, which led to bankruptcy after excessive spending on roller coasters. The narrative continues with the company's 2022 strategy under new CEO Saleem Bass, who attempted to transform Six Flags into a premium destination like Disney or Universal by significantly increasing prices. This approach failed, resulting in a drop in attendance, revenue, and net income, and putting Six Flags at a disadvantage compared to competitors like Cedar Fair.
📉 Six Flags' Dismal 2023 Q2 Earnings and Self-Insurance Adjustment
The script reveals that Six Flags' net income plummeted in the first half of 2023, initially appearing as a catastrophic financial failure. However, it is explained that a $38 million adjustment in self-insurance reserves contributed to this drop. This adjustment was attributed to increased payouts from juries and rising interest rates, though the speaker suggests that it might be due to mismanagement, as competitors did not report similar increases. Despite this, the speaker notes that attendance and revenue were still disappointing, with only a 6% increase in attendance year-over-year and a 2% increase in revenue.
🎢 Reviving Six Flags with New Rides and Maintenance
The speaker expresses optimism about Six Flags' future plans, which include investing in new rides and improving maintenance to reduce downtime. Saleem Bass acknowledges the importance of thrill rides as the company's DNA and plans to retire high-maintenance rides in favor of state-of-the-art replacements. Capital expenditures are set to increase in 2024 and 2025, signaling a commitment to enhancing the park experience. The speaker also emphasizes the need for strategic investment in the right rides for the right parks to maximize impact.
🏗️ Addressing Great Adventure's Decline and Future Investments
The script addresses the decline of Six Flags Great Adventure, which is losing ground in the New York City and Philadelphia area due to increased competition and lack of significant investment. The speaker suggests that while some parks might need new rides, investing in a major park like Great Adventure would have a greater impact. The speaker also criticizes the previous strategy of raising prices without improving the park experience and supports the new focus on thrill rides and maintenance.
🚀 Six Flags' Upward Trajectory and Future Plans
The speaker concludes with a positive outlook on Six Flags' future, highlighting the company's plans to innovate across various aspects of their business, including culture, digital training, revenue management, and guest-facing technologies. Saleem Bass's speech is praised for its vision and commitment to taking risks and learning from failures. The speaker is cautiously optimistic about the company's potential to rebound and become better than ever, with a focus on thrilling rides and improved park experiences.
Mindmap
Keywords
💡Six Flags
💡Tradition
💡Bankruptcy
💡Pent-up demand
💡Premium destination
💡Net income
💡Self-Insurance reserves
💡Attendance
💡Season pass
💡Thrill rides
💡Capital expenditures
Highlights
Six Flags' history of poor decision-making, including the disastrous partnership with Time Warner and subsequent bankruptcy.
The theme park industry's record-breaking revenues and attendance in 2022 due to pent-up demand post-pandemic shutdowns, excluding Six Flags.
Salem Bass, the new CEO of Six Flags, introduced a strategy to reposition the company as a premium destination like Disney or Universal, which failed, resulting in decreased attendance and revenue.
Salem Bass's initial strategy of increasing prices to elevate the perceived premium experience of Six Flags backfired, causing a significant drop in attendance and revenue.
Six Flags' 2023 Q2 results showed a shocking 55% drop in net income, primarily due to a $38 million adjustment in self-insurance reserves.
The self-insurance reserves adjustment was attributed to increased payouts and interest rates, but competitors did not report similar increases, suggesting mismanagement at Six Flags.
Despite the net income drop, Six Flags' Q2 2023 revenue was only up by 2%, and attendance saw a meager 6% increase year-over-year.
Six Flags claimed a 50% increase in year-to-date season pass sales, but this did not translate to higher attendance numbers, indicating a 48% non-renewal rate from the previous year's passholders.
Salem Bass acknowledged the need to invest in new rides and announced plans to increase capital expenditures for 2024 and 2025 to improve the park experience.
Six Flags plans to retire high-maintenance rides and replace them with state-of-the-art, thrilling rides to attract visitors and enhance the park's DNA.
Salem Bass's new strategy focuses on addressing ride downtime and maintenance issues to ensure the parks' operational efficiency.
Despite a disappointing Q2, there is optimism for Six Flags' future with an 11% increase in July attendance, suggesting a potential upward trend.
Salem Bass expressed a commitment to innovating across various aspects of the business, including culture, digital training, revenue management, and immersive experiences.
Six Flags has many exciting events planned for the second half of the season, aiming to attract guests and boost revenues.
Salem Bass's speech indicated a shift in leadership, showing a newfound understanding of Six Flags' identity and a commitment to taking risks and learning from past failures.
Transcripts
Six Flags a company of strong
Traditions one tradition in particular
being terrible decision-making going all
the way back from when they sold
themselves to Time Warner and that blew
up in their face from back in the early
2000s where they spent an obscene amount
of money on new roller coasters only for
them to go bankrupt a few years later
and down to today who gladly the new CEO
selem bass is keeping the tradition
alive and well oh hi selem hey s you see
last year in 2022 the theme park
industry went off I mean there was an
extreme amount of pent up demand after
2020 2021 where most people didn't visit
theme parks whether it because of coid
or because of shutdowns people just
weren't able to go out to the parks so
there was a lot of pent-up demand and it
resulted in record-breaking revenues and
attendance for most of these theme park
companies the reason why I say most of
is cuz Six Flags was not a part of the
bunch you see selem joined Six Flags at
the beginning of 2022 and he had a brand
new strategy that he decided to unveil
in the year that really should have been
easy money SL comes in and says no we're
going with a different idea and here was
the idea to turn Six Flags into a
premium destination like Disney or
Universal I mean that sounds great but
surely that's got to be like a decades
long plan I mean clearly these Parks
need a lot of investment if you're going
to get them up to that level surely you
won't just do something drastic and say
they're premium overnight right you're
despicable right yeah so sel's strategy
to make them premium was just jack up
the price in his eyes the parks were
already a premium experience and all he
had to do was just price them up and
people would come unfortunately didn't
work out for slam it blew up in his face
ATT tenance dropped like a rock and of
course Revenue came down and net income
came down and while everyone else in
their field was raking in the cash Six
Flags had had a nightmare year compared
to their number one competitor Cedar
Fair they were squashed like a bug it
seemed like this was a moment in time
that we would look back on years from
now and say Six Flags really dropped the
ball there and that's the reason why
they ended up in the dumpster so now a
year later shockingly selem is with the
company I say shockingly because six
flash tracker with CEOs is like they
drop them like flies and yet despite
putting himself in the Bon head Hall of
Fame s has somehow managed to earn
himself a second chance so now that
we're in 2023 a year removed from that
awful year what has Saleem managed to
put together to try and get Six Flags
back on track and perhaps avoid the
awful situation that it seemed like they
were on track for at the end of 2022 oh
hi
Seline there's my friend well I can give
you two pieces of things that we already
know he did well obviously one he
dropped the prices obviously that didn't
work so the base prices had to come back
down now they aren't lower than they
were before in fact they are still a
little bit higher at the base level at
least when compared to 2019 that is but
the reason why I keep saying base level
is because he's had an absurd amount of
sales literally from October of 2022
through May of this year there had been
sales on season pack
the whole time it's been nonstop it's
actually been insane the amount of sales
that have been going on the question now
for Six Flags though is have they burned
their customers right do people even
know that the prices have dropped right
do people even want to come back I mean
obviously there's not a whole lot of new
rides opening up this year across the
Six Flags chain so are people even going
to come back even if prices have dropped
especially now you know year removed
from 2022 the demand for theme parks is
not as high as it previously had been so
though this seems like a great strategy
on the surface to kind of try and bring
back guess is it going to work I don't
know to giv us an idea of how things are
going we now have Six Flags quarter 2
results which is for April through June
which is basically the beginning of peak
season for the Six Flags parks so given
that it's going to give us a pretty good
idea of how Six Flags is going to
perform for the rest of the year so
selem balls in your court let's see what
you got
oh my
Godus 55% on net
income what
happened now you guys know I'm perhaps
among the most cynical when it comes to
Six Flags in their current state but
even I had not foreseen such a God awful
earnings report like no joke when I
first saw this my breath was taken away
I I I actually could not fathom that
these numbers could have been that bad I
mean if the 20 22 numbers was a
nightmare year what does that make 2023
so far listen folks we we got to get to
the bottom of this how did net income
fall this far it's just OB scene it
makes no sense oh hi s looks like your
ride is not working but luckily this is
not necessarily the nightmare situation
that we had envisioned when we first saw
that number is Six Flags has a at least
somewhat reasonable excuse for why that
happened you see they made a $38 million
adjustment up in their self Insurance
reserves what in the world does that
mean well essentially what it is is you
take $38 million that you would have had
in cash otherwise and you go ahead and
you put it over into basically what's
essentially a different bank account in
a certain extent that can only be used
towards paying off insurance claims so
when 65 gets sued and there's a lawsuit
or something like that and they have to
pay out a certain amount they could take
out of that and it doesn't affect effect
future quarterly reports this is so that
way any sort of settlements or accidents
that happen can be separate from the
rest of the performance of the company
now what's interesting is that they
claim this is because uh payouts from
juries are going up and interest is
going up and all this other stuff that
you know means they have put more money
away put more money to the side just in
case you know Insurance risk comes up
right but it's kind of odd because they
claim this is an industrywide thing even
though none of competitors have cited
this none of their competitors had a
massive increase in their self Insurance
reserves we haven't seen Disney do it we
haven't seen Universal do it we haven't
seen SE Fair do it we haven't seen
SeaWorld do it none of these guys are
doing this so why did Six Flags have to
incur such a massive increase it's just
bad management by their part they just
forget to have to increase it over time
while everyone else is doing it like
maybe a couple of million dollars at a
time they don't have to report it on
their earnings report at least not in
this massive fashion well not exactly
you look back back into 2021 Six Flags
had to pay out a settlement of $36
million to guests of Six Flags Great
America in Illinois mind you that was
right before Saleem took over started
firing people to cut down on staff and
replace people up in the top to get in
his own guys in that upper management
position so I think it's actually pretty
likely that this was just kind of lost
in the weeds like people didn't realize
or they forgot that this payout happened
and they just never were making those
small incremental payments into the Self
Insurance Reserve to get it back up to
fill up what had already been paid out
by this deal so they say oh well it
wasn't because of a settlement or a
claim that happened that we had to raise
the price of this which is technically
true but this $38 million adjustment is
not because of increased payouts or
anything like that it's because they
just haven't filled their reserves to
make up for this payout that they had to
make a 2021 so good news and bad news
here it means that hey the Q2 earnings
numbers not as bad as we initially
thought yippee however it also means
that there's still some uh mismanagement
going on up top cuz this sort of
adjustment just shouldn't have had to
have happened out of nowhere right so
when you ignore that awful awful awful
net income number and you look at the
rest of this earnings report it's not
terrible it's not particularly good
either though um I mean revenues being
up only 2% eh
and I mean attendance You know despite
dropping you know those prices so much
and having so many discounts only a 6%
increase year-over-year you know mind
you from a year ago when you know tenant
was down like 25% I mean you're still
ages away from your tenant you know back
in 2019 I mean even 2021 you're still
behind that so uh you know it's it's not
not very promising stuff here Six Flag
claims that year-to date season pass
sales are up 50% which you know given
the discounts makes sense but when you
look at the attendance numbers it
doesn't quite make sense right how could
attendance only be up 6% if season pass
sales are up 50% well the reason why as
they explain later in the earnings call
um apparently new season pass holders is
only up by 2% meaning that 48% of season
passholders from last year did not
return as season passholders for this
year not a great sign that people are
responding well to your Investments Le
stop saying that they are because
clearly they're not you don't have that
sort of turnover in your season
passholders if that's the case a big
excuse that Six Flags used to try and
lessen the blow of these disappointing
numbers was to say oh the weather was
bad it was too hot it was raining all
this other stuff and it's like listen
every other theme park also said the
same thing right SeaWorld Cedar Fair
they all said oh weather was bad weather
was bad and it's like that might have
been true but it's like how many other
years has weather been bad I mean
literally a year ago in q220 22 they
made the same excuse they said weather
was bad weather was bad and it's like
I'm getting sick and tired of this
excuse weather is going to be bad every
year going forward I guess so it's like
just stop bringing it up okay I don't
even care I don't care there could have
been hurricanes every single day I
literally do not care because you use as
excuse every single time I'm sick of it
now one good thing to note however is
they did give a little bit of guidance
on the July numbers and apparently
attendance for that month is up 11%
which is better than the % that we've
seen in Q2 so hey you know it seems that
maybe things are tracking a little bit
better perhaps maybe as the summers's
gone on more people have you know
decided to take six flags up on those
season pass offers perhaps this
attendance increase can continue through
August and even through September and
October when Fright Fest is going on of
course one of Six Flags most popular
events so even though this quarter was
you know me me at best at best me you
know it could have been terrible right I
mean certainly when you look at those
numbers in the first place it looks like
it's the end of the world right but
perhaps there's something to actually be
optimistic about when it comes to Six
Flags I know sounds crazy to say you
know you never should get your hopes up
about Six Flags but take a listen to
this going back into 24 and 25 we're
going back to putting new rides in so a
lot of our care packs will be on
exciting rides that gives us we need to
go back and we're retiring a bunch of
rides that have high
maintenance and then we're replacing
them with very exciting Silling rides uh
stateoftheart new rides we're putting a
lot of money into this second I could
tell you the other thing we need to
discuss is our right
downtime and part of addressing the
right downtime is going back and looking
at resolving issues uh and maintenance
in upgrading um maybe trains in making
sure that our parts are fully stocked to
make sure that we are always predicting
and making sure that we're predicting
our maintenance and making sure the
rides are up so it's a combination of
Maintenance but it's not the biggest
part the biggest part is the thril rid
oh s you're going to be tear up here man
that's that's amazing to hear I'm so
glad that six f is finally getting back
to the roots the thing that actually
makes them exciting and interesting to
visit and that's the rides it's always
been the rides it's never been about the
food it's never been about uh how nice
the trees look or anything like that you
know like that all stuff helps right but
at the end of the day it's the rides and
that's really where you got to be
spending your money and I'm glad to see
the SL understands that in
2024 Capital expenditures basically the
amount of money they're going to invest
in the Parks is going to go up to
between 200 to 220 million with another
increase in 2025 to 230 to
250 what is this money getting spent on
well it's new rides folks new rides are
coming back to the Six Flags parks
wasn't that a nice change of pace from
of course back when s started his game
plan was let's spend as little money as
possible and let's spend it on like new
flower beds and shades and benches and
stuff like that that'll get people to
come to the parks right it didn't quite
work out but now he understands that new
rides not only do they improve the park
experience and you know increase your
capacity lower weight times but they
also actually bring new people to the
park they're great marketing material so
finally stick flies game back to their
Roots Sim has finally realized what
company he is running here I mean slim
even said thrill rides is our DNA this
is a year removed from when he was
saying oh we got Target families we got
to be family focused and it's like well
through rides aren't that and now he's
realized oh wait this is what Six Flag
is actually good at he realized oh I'm
not in charge of Disney I'm charge of
Six Flags I mean it's kind of crazy that
he didn't know that coming in but now it
seems like selem understands what Six
Flag strengths are who their target
audience is and he's actually committing
to investing in things that this
audience actually wants at least
verbally
now let's be honest right it's great and
all that you're getting back to heavily
investing in throw rides but you can't
just say all right we're doing that and
that's it like you have to have an
actual game plan an actual strategy
because wi Parks get new rides and when
do they receive them and what rides are
they it's important to make sure you're
giving the right ride to the right park
at the right time cuz for instance right
now a part that really needs something
is great adventure this is your second
most attended park it is is one of your
bred winners and yet it is losing the
battle in the New York City Philadelphia
area not only is more competition come
to the area with nickel Universe up by
American Dream coming to the area and
taking away a lot of that New York City
attendance because it's way closer to
the city than great adventure is but
also now Hershey Park for the first time
in God knows how long has passed Great
Adventure in attendance because it has
received an absurd amount of investment
top tier rides as well as just a bunch
of infrastructure and new shops and
restaurants I mean the park is
completely different than it was even
just 5 years ago it's actually crazy and
yet in that time all great adventures
gotone is Jersey Devil not to say Jersey
Devil's bad but it's not enough to
overcome what their competition has been
doing and it's no surprise that great
Venture is falling behind and really
when it's one of your biggest money
makers six guys cannot afford for that
to happen so yes there might be some
Bottom Feeders like a Six Flag St Louis
like a Six Flags America that parks that
have not received significant meaningful
investment in years that might need
rides on the surface but really if you
invest in a new ride at one of those
Parks it's not going to go as far as
investing in a new ride at a great
adventure for instance so hey uh you
want me to completely spell it out for
you where you should invest in what you
should invest in hey pay me but
otherwise all I'm going to say is just
figure it out man make sure that you're
giving the right ride to the right park
it's that simple
but nonetheless I do still think six
flies is headed in the right direction
and you know what I think for the first
time despite you know the fact that this
quarter was eh you know it was all right
uh despite that I think for the first
time I'm actually on the Saleem
bandwagon oh uh and then he wants to say
he wants to raise prices again oh well
okay you know screw you screw you buddy
no I'm kid but
seriously understandable you want to
raise prices again cuz obviously you
have discounted them severely but this
time he understands hey we got to invest
in the Parks we got to make our Parks
actually significantly better uh if
we're going to raise the prices and you
know I'm totally for that right if
you're actually going to make your Parks
better you're going to improve the ride
lineups then hey I think you can warrant
you know asking for a better price but
don't just raise the prices without
doing anything like you did last year s
all right keep that in mind learn your
lesson buddy so when you combine this
new Thrill Ride Focus strategy with the
price increase is expected to come in
the future Saleem still expects that Six
Flags will reach their goal of 25 to 27
million guests annually by
2025 and you know what maybe that's
still a little bit optimistic but I'm a
believer I'm a believer that Six Flags
can pull themselves from the rut because
really I mean you look a year ago like
that game plan was never going to work
and if they had stuck with it if they
had stuck to their guns which they were
claiming they were going to do a year
ago mind you they were saying oh we are
we are with the strategy to The Bitter
End well they've gone back on that and
I'm glad they have because really that
strategy was never going to pay off it
was only going to result in disaster but
Saleem he earned himself a second chance
and this time he is making the most of
it and you know what I'm excited for the
first time in maybe I don't even know in
3 years maybe for the first time
actually excited about the future of Six
Flags you did here today on how we are
innovating across every part of our
business from culture digital training
Revenue management guest facing
Technologies immersive experiences rides
beautification Food Service retail and
much more success requires not just
leveraging your strengths but also
taking risks overcoming challenges and
learning from failure evolving your
vision and sometimes Reinventing Your
self that is true for both our
organization and our leadership we are
excited about our momentum on behalf of
the Six Flags team we appreciate your
continued support and the support of our
shareholders and investor our guests and
fans our
suppliers our bankers and most important
the support of our team and our
employees who without them nothing could
have happened we have many exciting
events lined lined up for the second
half of the Season including fryfest
kids Boo Fest October Fest and holiday
in the park we still have
40% of our revenues coming still so
far and we hope to see you at all those
events this year have a great day and we
look forward to speaking with you next
quarter thank you dude s sign me up up
man that was hype that was a goated
speech that would have been the first
time I've her sound like an actual true
blue leader that was awesome man all
right hey you know what let's do this
Lee put your head down nose to the
grindstone let's make the right
decisions I have faith for the first
time just when it seemed like things
could not get worse it seemed like at
the beginning of this quarter things did
get worse until we read into it we
understood the game plan we understood
the assignment and now we know hey it
might not be all bad from here in fact
we might be heading in an upward
trajectory for Six Flags for the first
time since perhaps
2019 and that's an exciting thing to
think about if you are a theme park fan
so anyways let me know as you guys think
in the comments is Six Flags on the
right path to get themselves sorted out
and back to being who they were you know
in the 2010s or perhaps maybe even
better than they've ever been let me
know if you believe in selem or if you
still are a s doubter I wouldn't blame
you to be quite honest but anyways leave
a like subscribe and I'll see you all
next time peace
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