Management's discussion and analysis ("MD&A") of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes that appear elsewhere in this Quarterly Report on Form 10-Q, as well as with our Annual Report on Form 10-K for the year endedDecember 31, 2020 . In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, or beliefs. Actual results could differ materially from those discussed in the forward-looking statements. Unless otherwise specified, all comparisons made are to the corresponding period of 2020. Management's OverviewBasic Energy Services, Inc. and subsidiaries ("Basic", the "Company", "we", "us" or "our") provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company's operations are managed regionally and are concentrated in majorUnited States onshore oil-producing regions located inTexas ,California ,New Mexico ,Oklahoma ,Arkansas ,Louisiana ,Wyoming ,North Dakota ,Colorado , andMontana . Our operations are focused in prolific basins that have historically exhibited strong drilling and production economics in recent years as well as natural gas-focused shale plays characterized by prolific reserves. Specifically, the Company has a significant presence in thePermian Basin , Bakken,Los Angeles and San Joaquin Basins,Eagle Ford ,Haynesville andPowder River Basin . Our results of operations include the results ofC&J Well Services, Inc. ("CJWS") since the acquisition onMarch 9, 2020 . Summary Financial Results •Total revenue for the first quarter of 2021 was$94.3 million , which represented a decrease of$34.1 million from the first quarter of 2020. •Net loss from continuing operations for the first quarter 2021 was$33.5 million , compared to$136.4 million in the first quarter of 2020. •Adjusted EBITDA(1) for the first quarter of 2021 was$0.6 million , which represented a decrease from adjusted EBITDA of$1.3 million in the first quarter of 2020. See later in this MD&A for our reconciliation of net loss to adjusted EBITDA. (1)Adjusted EBITDA is not a measure determined in accordance with GAAP. See "Supplemental Non-GAAP Financial Measure - Adjusted EBITDA" below for further explanation and reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP. Current Environment, Liquidity, and Going Concern Demand for services offered by our industry is a function of our customers' willingness and ability to make operating and capital expenditures to explore for, develop and produce hydrocarbons inthe United States . Our customers' expenditures are affected by both current and expected levels of commodity prices. Industry conditions during 2021 continue to be influenced by factors that impacted the supply and demand of the global oil markets in 2020, primarily the outbreak of the novel coronavirus ("COVID-19") and the resulting lower demand for oil. The increased price of West Texas Intermediate oil ("WTI") in the first quarter of 2021 increased our customers' activity levels; however, we continue to maintain discipline to only offer our services into the market at profitable job margins, which we began to realize in the second half of the first quarter. This trend has continued into the second quarter. Our first quarter results were also negatively impacted by the severe winter storm that affected ourTexas operating locations inFebruary 2021 . As a result of weak energy sector conditions that began in 2020 and the resulting lower demand for our services, our customer pricing, our operating results, our working capital and our operating cash flows have been negatively impacted. During the last half of 2020, we had difficulty paying for our contractual obligations as they came due, and we continue to have this difficulty in 2021. Management has taken several steps to generate additional liquidity, including reducing operating and administrative costs, employee headcount reductions, closing operating locations, implementing employee furloughs, other cost reduction measures, and the suspension of growth capital expenditures. The decline in customers' demand for our services has had a material adverse impact on the financial condition of the Company, resulting in recurring losses from operations, a net capital deficiency, and liquidity constraints that raise substantial doubt about the Company's ability to continue as a going concern within one year after theMay 17, 2021 issuance date of these financial statements. Other steps that we may or are implementing to attempt to alleviate this substantial doubt include additional sales of non-strategic assets, obtaining waivers of debt covenant requirements from our lenders, restructuring or refinancing our debt agreements, or obtaining equity financing. In addition, we had 14 -------------------------------------------------------------------------------- a significant contractual obligation to pay cash or issue additional 10.75% senior secured notes due 2023 (the "Senior Notes") to our largest shareholder,Ascribe III Investments LLC ("Ascribe"), resulting from our acquisition of CJWS. OnMarch 31, 2021 , the Company negotiated a settlement of this obligation with Ascribe in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of$47.5 million . OnApril 15, 2021 , the Company announced it elected to utilize the 30-day grace period under the terms of the indenture governing its Senior Notes with respect to a$16.3 million interest payment (the "Senior Notes Interest Payment") due that day. The Company believed it was in the best interests of all stakeholders to use the grace period to continue its ongoing discussions with its debtholders regarding strategic alternatives to improve the Company's long-term capital structure. The Company also announced it had entered into a Forbearance Agreement (the "ABL Forbearance Agreement") onApril 14, 2021 with a majority of the lenders under its revolving credit facility who agreed to forbear from exercising remedies in respect of certain events of default thereunder, including the failure to pay interest on the Senior Notes, untilApril 28, 2021 (subject to certain early termination events) (the "ABL Forbearance Period"). OnApril 28, 2021 , the Company entered into the Limited Consent and First Amendment to the ABL Forbearance Agreement (the "ABL Forbearance Amendment") with a majority of its lenders under its revolving credit facility who agreed to extend the ABL Forbearance Period toMay 15, 2021 and consent to the incurrence of the New Term Loan Facility (as defined below), if the Company completed certain asset sales, amended the indenture governing its Senior Notes to allow for the incurrence of the New Term Loan Facility and, obtained a forbearance for certain of its other indebtedness, as applicable. The Company satisfied these conditions and onMay 3, 2021 , the Company entered into a Super Priority Credit Agreement (the "Super Priority Credit Agreement"), among the Company, as borrower, the lenders party thereto andCantor Fitzgerald Securities , as administrative agent and collateral agent. The Super Priority Credit Agreement provides for a super priority loan facility consisting of term loans in a principal amount of$10.0 million (the "New Term Loan Facility"). The proceeds of the New Term Loan Facility will be used for working capital and other general corporate purposes and the payment of fees and expenses in connection with the New Term Loan Facility and the other agreements entered into in connection with the New Term Loan Facility. The New Term Loan Facility originally matured onMay 15, 2021 ; provided that such date could be extended for up to thirty days with the prior written consent of lenders holding 66 2/3% of the aggregate outstanding amount of the term loans. At the Company's election, loans outstanding under the New Term Loan Facility accrue interest at an annualized interest rate of either a base rate plus 10.00% or LIBOR plus 11.00%. The Company may prepay the New Term Loan Facility at any time if the Company simultaneously prepays the aggregate outstanding principal amount of its Senior Notes and Senior Secured Promissory Note, plus accrued and unpaid interest. OnMay 10, 2021 , the Lenders under the New Term Loan Facility extended the maturity date of the facility toMay 23, 2021 and corresponding adjustments to certain interim milestones therein. OnMay 3, 2021 , the Company and Ascribe entered into a consent letter (the "Ascribe Consent Letter") pursuant to which Ascribe agreed to forbear from exercising any rights or remedies they may have in respect of the Company's failure to pay interest on the notes described therein from. OnMay 14, 2021 , the Company entered into an amendment to the Ascribe Consent Letter to extend the forbearance period toMay 23, 2021 . OnMay 14, 2021 , the Company entered into the (i) Second Amendment to the ABL Forbearance Agreement with a majority of its lenders under its revolving credit facility who agreed to extend the ABL Forbearance Period toMay 23, 2021 and to make corresponding adjustments to certain interim milestones therein, and (ii) the Forbearance Agreement with the requisite number of lenders under the New Term Loan Facility who agreed to forbear from exercising remedies in respect of certain events of default thereunder, including the failure to pay interest on the Senior Notes following the expiration of the applicable grace period, untilMay 23, 2021 (subject to certain early termination events). In addition, onMay 14, 2021 , the holders of approximately$316.4 million in aggregate principal amount, or 91.06%, of the$347.5 million issued and outstanding Senior Notes, subject to certain conditions precedent and continuing conditions, agreed that during the Forbearance Period ending onMay 23, 2021 (subject to certain early termination events) they would not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Holders, the Trustee of the Collateral Agent, under the Indenture for the Senior Notes, or otherwise, including, without limitation, any action to accelerate the Senior Notes with respect to the Senior Notes Interest Payment. We are in continuing discussions with the holders of the Company's Senior Notes and other indebtedness regarding strategic alternatives including financings, refinancings, amendments, waivers, forbearances, asset sales, debt issuances, and exchanges of debt, a combination of the foregoing, or other out-of-court or in-court bankruptcy restructurings of our debt and other transactions to address our capital structure. 15 -------------------------------------------------------------------------------- If the Company is unable to effectuate a successful debt restructuring, the Company expects that it will continue to experience adverse pressures on its relationships with counterparties who are critical to its business, its ability to access the capital markets, its ability to execute on its operational and strategic goals and its business, prospects, results of operations and liquidity generally. There can be no assurance as to when or whether, or on what terms the Company will implement any action as a result of these strategic initiatives, whether the implementation of one or more such actions will be successful, whether the Company will be able to effect a refinancing of its Senior Notes or the effects the failure to take action may have on the Company's business, its ability to achieve its operational and strategic goals or its ability to finance its business or refinance or restructure its indebtedness. A failure to address the Company's level of corporate leverage in the near-term will have a material adverse effect on the Company's business, prospects, results of operations, liquidity and financial condition, and its ability to service its corporate debt as it becomes due. Results of Operations Revenues Consolidated revenues decreased by 27% to$94.3 million in the first quarter of 2021 from$128.4 million in 2020, despite reflecting the full quarter impact of the CJWS acquisition. This decrease, particularly in our Water Logistics and Completion & Remedial Services segments, was primarily due to decreased demand for our services, and was further impacted by theFebruary 2021 severe winter storm inTexas . Our reportable segment revenues consisted of the following:
Three Months Ended
2021 2020 (dollars in thousands) Revenues % of Total Revenues Revenues % of Total Revenues Well Servicing$ 54,807 58%$ 58,141 45% Water Logistics 27,814 30% 44,381 35% Completion & Remedial Services 11,726 12% 25,881 20% Revenues from continuing operations$ 94,347 100%$ 128,403 100% Well Servicing Segment: The following table includes certain operating statistics related to our Well Servicing segment for the first quarter of 2021 and 2020, respectively. Weighted Average Well Servicing Number of Rigs Rig hours Rig Utilization Rate Revenue Per Rig Hour Segment Profits % 2021 514 127,700 35%$429 19% 2020 396 139,100 49%$397 17% Well Servicing revenues decreased by 6% to$54.8 million in the first quarter of 2021 from$58.1 million in 2020. Rig hours decreased by 8%, due to decreased customer activity levels in 2021 and theFebruary 2021 severe winter storm inTexas . These decreases were partially offset by the full quarter impact in 2021 of the CJWS acquisition. Revenue per rig hour increased 8% in the first quarter of 2021 due to the full quarter impact of the CJWS acquisition. Our weighted average number of rigs increased in 2021 due to the full quarter impact in 2021 of the CJWS acquisition. Water Logistics Segment: The following table includes certain operating statistics related to our Water Logistics segment for the first quarter of 2021 and 2020, respectively. Pipeline Volumes Trucking Volumes Weighted Average Number Water Logistics (in bbls) (in bbls) of Fluid Service Trucks Truck Hours Segment Profits % 2021 3,395,000 3,133,000 1,170 252,500 13% 2020 3,620,000 5,825,000 908 374,300 25% Water Logistics revenue decreased by 37% to$27.8 million in the first quarter of 2021 from$44.4 million in 2020. Our trucking volumes decreased 46% in the first quarter of 2021 due to decreased customer activity levels in 2021 and theFebruary 2021 severe winter storm inTexas . These decreases were partially offset by the full quarter impact in 2021 of the CJWS acquisition. Our pipeline disposal volumes decreased 6% in the first quarter of 2021 due to decreased customer activity levels in 2021. Our weighted average number of water logistics trucks increased in 2021 due to the full quarter impact in 2021 of the CJWS acquisition. 16 -------------------------------------------------------------------------------- Completion & Remedial Segment: Completion & Remedial Services revenues decreased by 55% to$11.7 million in the first quarter of 2021 from$25.9 million in 2020 due to decreased customer drilling and completion activity levels in 2021 and theFebruary 2021 severe winter storm inTexas . These decreases were partially offset by the full quarter impact in 2021 of the CJWS acquisition. Costs of Services Consolidated costs of services, decreased by 24% to$77.2 million during the first quarter of 2021 from$102.2 million in 2020. Well Servicing Segment: Costs of services for the Well Servicing segment decreased by 9% to$44.1 million in the first quarter of 2021 from$48.4 million in 2020, due to reduced activity levels and employee headcount. These decreases were partially offset by the full quarter impact in 2021 of the CJWS acquisition. Segment profits as a percentage of segment revenues increased to 19% in the first quarter of 2021 from 17% in 2020 due to our cost saving initiatives and the full quarter impact of the CJWS acquisition. Water Logistics Segment: Costs of services for the Water Logistics segment decreased by 27% to$24.3 million in the first quarter of 2021 from$33.1 million in 2020 due to reduced activity levels and employee headcount. Segment profits as a percentage of segment revenues decreased to 13% in the first quarter of 2021 from 25% in 2020 due to decreased pricing for our services in 2021 and severe weather in the first quarter of 2021 leading to a decline in disposal volumes. Additionally, the segment profits for this segment in the first quarter of 2021 were negatively impacted by a$1.4 million charge to earnings related to the settlement of an automobile insurance claim. Completion & Remedial Segment: Costs of services for the Completion & Remedial Services segment decreased by 58% to$8.8 million in the first quarter of 2021 from$20.6 million in 2020 due to reduced activity levels and employee headcount. Segment profits as a percentage of segment revenues increased to 25% in the first quarter of 2021 from 20% in 2020 due to our cost saving initiatives and increased mix of higher margin work in the first quarter of 2021. Selling, General and Administrative Consolidated selling, general and administrative expenses decreased by$8.1 million or 31% to$18.1 million in the first quarter of 2021 from$26.2 million in 2020. This decrease was due to lower employee headcount and the effect of our cost reduction initiatives that began in 2020. Stock-based compensation expense was$0.1 million in the first quarter of 2021 compared to$1.3 million in 2020. Depreciation and Amortization Consolidated depreciation and amortization decreased by$4.0 million , or 27%, to$10.8 million in the first quarter of 2021 from$14.8 million in 2020. This decrease was due to impairments of long-lived assets in 2020 and decreased capital spending in 2021. Capital expenditures in the first quarter of 2021 were$0.3 million compared to$5.6 million in 2020. We also acquired$0.5 million of finance leases in the first quarter of 2020 compared to zero in 2021. Impairments and Other Charges The following table summarizes our impairments and other charges: Three Months Ended March 31,
2021
(in thousands) 2021
2020
Long lived asset impairments $ 4,435$ 84,217 Transaction costs 2,589 - Field restructuring 234 66 Goodwill impairments - 10,565 Inventory write-downs - 4,846 $ 7,258$ 99,694 Long-lived asset impairments - In the first quarter of 2021, we incurred$4.4 million of impairments for certain real estate held for sale, which was subsequently sold inMay 2021 . InMarch 2020 , the reduction in demand for our services resulted in a long-lived asset impairment of$84.2 million related to property and equipment in our Well Servicing segment. Transaction costs - In connection with liability management, we incurred$2.6 million of legal and professional consulting costs during the first quarter of 2021. Field restructuring costs - In the first quarter of 2021, we incurred$0.2 million of costs associated with yard 17 -------------------------------------------------------------------------------- closures in connection with our field restructuring initiative. We incurred$0.1 million in the first quarter of 2020 related to yard closures.Goodwill impairments - OnMarch 31, 2020 , due to the reduction in demand for our services, we determined that the fair value of the Well Servicing reporting unit was less than its carrying value, which resulted in a goodwill impairment of$10.6 million for this reporting unit. Inventory write-downs - In connection with the downturn in our business in the first quarter of 2020, we recorded a$4.8 million write-down of certain parts inventory in our Well Servicing segment. Acquisition Related Costs Acquisition related costs in the first quarter of 2020 was$11.7 million due to legal and professional costs associated with the CJWS acquisition as well as severance costs paid to CJWS employees pursuant to the purchase agreement. (Gain) Loss on Disposal of Assets In the first quarter of 2021, we received proceeds of$5.5 million from the sale of non-strategic property and equipment used in our continuing operations and recognized a$2.0 million net gain on the sale of these assets. In the first quarter of 2020, we received proceeds of$1.3 million from the sale of non-strategic property and equipment used in our continuing operations and recognized a small net gain on the sale of these assets. Loss on Derivative OnMarch 31, 2021 , the Company negotiated a settlement of a contractual make-whole obligation to its controlling shareholder in exchange for issuing additional Senior Notes to this shareholder with an aggregate par value of$47.5 million . The Company's make-whole obligation was related to the acquisition of CJWS and was accounted for as a derivative instrument until this settlement. The Senior Notes were issued at a fair value of$9.5 million based on the market pricing of our Senior Notes onMarch 31, 2021 . The difference between the fair value of the Senior Notes and the fair value of the derivative instrument resulted in a$4.8 million loss on this derivative instrument for the first quarter of 2021. Interest Expense, net The Company's interest expense consisted of the following: Three Months Ended March 31, (in thousands) 2021 2020 Cash payments for interest $ 1,570$ 1,229 Change in accrued interest 8,096 8,220 Amortization of debt discounts and issuance costs 2,273 1,108 Interest income - (62) Other 85 62 Interest expense, net$ 12,024 $ 10,557 Consolidated net interest expense increased to$12.0 million in the first quarter of 2021 from$10.6 million in 2020. The increase in net interest expense in 2021 was primarily due to increased accretion of debt discounts and interest expense associated with debt issued during 2020. Income Tax Benefit Income tax benefit in the first quarter of 2021, was$0.3 million compared to$3.8 million in 2020. In the first quarter of 2020, the income tax benefit related to deferred tax liabilities acquired with the acquisition of CJWS which provided a source of future taxable income and allowed the Company to recognize a tax benefit on a portion of the Company's deferred tax assets. The effective tax rates for the first quarters of 2021 and 2020, were 0.9% and 2.7%, respectively. The Company provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. As ofMarch 31, 2021 , a valuation allowance continues to be recorded on the net deferred tax assets for all federal and state tax jurisdictions. Discontinued Operations In 2019, we decided to divest of substantially all of our contract drilling rigs, pressure pumping equipment and related ancillary equipment. Substantially all the assets were divested in 2020 and the Company is in the process of selling the remainder of these assets. For further discussion of financial results for discontinued operations, see 18 -------------------------------------------------------------------------------- Note 3, "Discontinued Operations" in the notes to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Supplemental Non-GAAP Financial Measures - Adjusted EBITDA Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. However, the Company believes Adjusted EBITDA is a useful supplemental financial measure used by management and directors and by external users of its financial statements, such as investors, to assess: • The financial performance of its assets without regard to financing methods, capital structure or historical cost basis; • The ability of its assets to generate cash sufficient to pay interest on its indebtedness; and • Its operating performance and return on invested capital as compared to those of other companies in the oilfield services industry. Adjusted EBITDA has limitations as an analytical tool and should not be considered an alternative to net income or loss, operating income or loss, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income or loss and operating income or loss, and these measures may vary among other companies. The following table presents a reconciliation of net income or loss from continuing operations to Adjusted EBITDA: Quarter ended March 31, (in thousands) 2021 2020 Net loss from continuing operations$ (33,475) $ (136,429) Income tax benefit (287) (3,790) Interest expense, net 12,024 10,557 Depreciation and amortization 10,797 14,765 Gain on disposal of assets (1,993) (37) Loss on derivative 4,798 3,552 Long lived asset impairments 4,435 84,217 Acquisition related costs - 11,684 Transaction costs 2,589 - Significant insurance claim 1,380 - Field restructuring 234 66 Goodwill impairments - 10,565 Stock-based compensation 52 1,336 Inventory write-downs - 4,846 Adjusted EBITDA$ 554 $ 1,332 Liquidity and Capital Resources Historically, our primary capital resources have been our cash and cash equivalents, cash flows from our operations, availability under our ABL Credit Facility, additional secured indebtedness, proceeds from the sale of non-strategic assets, and the ability to enter into finance leases. AtMarch 31, 2021 , our sources of liquidity included our cash and cash equivalents of$4.9 million , the potential sale of additional non-strategic assets, and potential additional secured indebtedness. As ofMarch 31, 2021 , the Company had no borrowings and$35.6 million of letters of credit outstanding under the ABL Credit Facility. As ofMarch 31, 2021 , we had$11.2 million of availability under the ABL Credit Facility, but we are subject to borrowing restrictions. For further discussion of our ABL Credit Facility, see Note 4, "Indebtedness and Borrowing Facility" in the notes to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. InApril 2021 , we entered into a purchase and sale agreement for the sale of certain non-core assets for a purchase price of$6.6 million , not including the assumption of certain capital leases and an earn-out payment of up to$1.0 million payable one year after closing. The closing date is expected to occur during the second quarter of 2021. InMay 2021 , we completed a sale-leaseback transaction related to certain real property inCalifornia . The 19
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purchase price for the property consisted of$10.5 million , subject to a holdback of approximately$2.6 million for certain improvements to be constructed at the property. We entered into a simultaneous lease of the property for an initial term of three years. See Note 1. "Basis of Presentation and Current Environment" to the condensed consolidated financial statements included in this quarterly report for further discussion of the Company's efforts to improve its liquidity and long-term capital structure. Cash Flow Summary The Statement of Cash Flows for the periods presented includes cash flows from continuing and discontinued operations. Cash Flows from Operating Activities Net cash provided by operating activities was$7.7 million in the first quarter of 2021, compared to net cash used in operating activities of$2.7 million in 2020. The$10.4 million increase was primarily due to improved working capital management in 2021 and transaction costs incurred during 2020 associated with our acquisition of CJWS. Cash Flows from Investing Activities Net cash provided by investing activities in the first quarter of 2021 was$5.1 million compared to net cash used in investing activities of$24.7 million in 2020. This change was partially due to a$5.3 million decrease in capital expenditures in 2021. Our cash provided by investing activities in 2021 was due to proceeds from the sale of non-strategic assets. Our cash used in investing activities in 2020 was due to cash paid to purchase CJWS, which was partially offset by proceeds from the sale of assets related to our discontinued operations. Cash Flows from Financing Activities Net cash used in financing activities was$2.4 million during the first quarter of 2021, compared to net cash provided by financing activities of$12.2 million in 2020. This change was partially due to a$6.6 million decrease in payments on our finance leases in 2021. Our cash provided by financing activities in 2020 was primarily due to net proceeds of$22.8 million received from the issuance of the Senior Secured Promissory Note and borrowings from the ABL Credit Facility. Cash Requirements Contractual Commitments and Obligations: OnMarch 31, 2021 , the Company negotiated a settlement of a contractual make-whole obligation to its controlling shareholder in exchange for issuing additional Senior Notes to this shareholder with an aggregate par value of$47.5 million . As ofMarch 31, 2021 , there were no other significant changes to our contractual obligations outside the ordinary course of business sinceDecember 31, 2020 . Please refer to our annual report on Form 10-K for the year endedDecember 31, 2020 , for additional information regarding our contractual obligations. See Note 1. "Basis of Presentation and Current Environment" to the condensed consolidated financial statements included in this quarterly report for a discussion of the Company's efforts subsequent toMarch 31, 2021 , to improve its liquidity and long-term capital structure, which have included additional contractual obligations. Capital Expenditures: The nature of our capital expenditures consists of a base level of investment required to support our current operations and amounts related to growth and company initiatives. Our capital expenditures for 2021 represented the amount necessary to support our current operations. We estimate capital expenditures in 2021 will range from$10 million to$20 million , which will be used to support our operations. Other Matters Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Recent Accounting Pronouncements See Note 1. "Basis of Presentation and Current Environment" to the condensed consolidated financial statements included in this quarterly report.
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