Investor Relations
Dec 22, 2024 5:13 AM EST
Company Achieves Cash Flow from Continuing Operations of Nearly
Increases Quarterly Dividend
Quarter Ended | Year Ended | |||||||||||||||||
(in millions, | October 31, | Increase | October 31, | Increase | ||||||||||||||
except per share data) | 2010 | 2009 | (Decrease) | 2010 | 2009 | (Decrease) | ||||||||||||
Revenues | $ | 901.4 | $ | 868.0 | 3.8 | % | $ | 3,495.7 | $ | 3,481.8 | 0.4 | % | ||||||
Net cash provided by continuing operating activities | $ | 67.8 | $ | 68.6 | (1.2 | )% | $ | 140.7 | $ | 121.3 | 16.1 | % | ||||||
Net Income | $ | 21.8 | $ | 15.0 | 45.2 | % | $ | 64.1 | $ | 54.3 | 18.1 | % | ||||||
Net income per diluted share | $ | 0.41 | $ | 0.29 | 41.4 | % | $ | 1.21 | $ | 1.05 | 15.2 | % | ||||||
Adjusted EBITDA | $ | 47.9 | $ | 41.3 | 16.1 | % | $ | 155.9 | $ | 145.5 | 7.2 | % | ||||||
Income from continuing operations | $ | 21.4 | $ | 15.3 | 40.2 | % | $ | 63.9 | $ | 55.5 | 15.1 | % | ||||||
Income from continuing operations per diluted share | $ | 0.41 | $ | 0.29 | 41.4 | % | $ | 1.21 | $ | 1.07 | 13.1 | % | ||||||
Adjusted income from continuing operations | $ | 22.6 | $ | 20.8 | 9.0 | % | $ | 70.5 | $ | 68.8 | 2.5 | % | ||||||
Adjusted income from continuing operations per diluted share | $ | 0.43 | $ | 0.39 | 10.3 | % | $ | 1.34 | $ | 1.33 | 0.8 | % | ||||||
(This release refers to non-GAAP financial measures described as "Adjusted EBITDA", "Adjusted Income from Continuing Operations", and "Adjusted Income from Continuing Operations per Diluted Share". Refer to the accompanying financial tables for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures.) |
"The Company's fourth quarter results delivered a strong finish to the
fiscal year," said
"As a result of our ongoing focus on controlling costs to improve
margins and sustain profitability, adjusted EBITDA increased 16%
compared to the year-ago quarter. SG&A for the quarter decreased more
than 7% year-over-year, driven primarily by lower IT costs, and we
continue to reduce these expenses as a percentage of revenues. Further,
our days sales outstanding declined to 47 days. The combination of our
aggressive focus on increased profitability, lower long-term receivables
and other assets and tax benefits from the
"All four Divisions produced year-over-year revenue increases, a positive direction in what remains a slow economy. Parking grew revenues by more than 13% in the quarter and Security revenues increased 6%. Janitorial revenues are trending better, increasing 1.3% from the year-ago quarter and 2.4% sequentially. These three Divisions generated additional sales in the quarter from key acquisitions earlier in the fiscal year. Engineering continued its upward growth with a 7.5% rise in revenues in the fourth quarter. All of our Divisions continue to do an exceptional job of mitigating the impact of the economy through rigorous cost reductions and a sharp focus on profitability. These efforts are yielding positive results as operating profit for the Divisions increased by almost 6% from the year-ago quarter."
Income from continuing operations for the fourth quarter of fiscal year
2010 was
The Company reported revenues for the fiscal year ended
On
Slipsager concluded: "The Linc acquisition is transformational. This transaction greatly expands our client base in engineering and energy services to seize upon the significant growth opportunities in these key markets. During the fourth quarter, we also expanded our national parking operations with the assets from L&R and, earlier in the fiscal year, added new clients and services through the acquisition of Diversco. Both the L&R and Diversco assets are being successfully integrated and are already contributing to additional sales and profitability. Improving revenue trends, as we saw in the fourth quarter, combined with the sales contribution of these key acquisitions, should bring a return to consistent revenue growth. Our strategic actions, operational results and strong cash flow during the fiscal year give us clear momentum and a solid foundation for growth in 2011."
The Company also announced that the Board of Directors has declared a
first quarter cash dividend of
Guidance
As a result of transaction and integration costs as well as other unique
items, the Company estimates that income from continuing operations per
diluted share for the full 2011 fiscal year will be in the range of
Earnings and Investor Briefing Webcasts
On
Immediately following the fourth quarter and fiscal year 2010
presentation, ABM will host an Investor Briefing for investors and
analysts to review the Company's perspective and outlook for 2011, to
discuss the recent acquisition of
In addition to Mr. Slipsager and Mr. Lusk, ABM management presenting at
the Investor Briefing will include:
Management will respond to questions from the live audience as well as to questions submitted via the webcast. Details on how to submit questions will be provided during the webcast. A supplemental presentation will accompany the webcast and will be accessible through the Investor Relations portion of ABM's website (www.abm.com) by clicking on the "Presentations" tab.
Both webcasts will be accessible at:
http://investor.abm.com/eventdetail.cfm?EventID=89590
Listeners are asked to be online at least 15 minutes prior to the webcast relating to earnings to register, as well as to download and install any complimentary audio software that might be required. Following the session, the webcasts will be available at this URL for a period of 90 days.
Telephonic replays of both events will be accessible during the period from two hours to seven days after the call by dialing 800-642-1687 and then entering ID # 29997786.
About
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that set forth
management's anticipated results based on management's current plans and
assumptions. Any number of factors could cause the Company's
actual results to differ materially from those anticipated. Factors that
could cause actual results to differ include but are not limited to
the following: (1) risks relating to our acquisition of
Use of Non-GAAP Financial Information
To supplement ABM's consolidated financial information, the Company has
presented income from continuing operations, as adjusted for items
impacting comparability, for the fourth quarter and fiscal years 2010
and 2009. The Company also presents guidance for fiscal year 2011, as
adjusted. These adjustments have been made with the intent of providing
financial measures that give management and investors a better
understanding of the underlying operational results and trends and ABM's
marketplace performance. In addition, the Company has presented earnings
before interest, taxes, depreciation and amortization and excluding
discontinued operations and items impacting comparability (adjusted
EBITDA) for the fourth quarter and fiscal years 2010 and 2009. Adjusted
EBITDA is among the indicators management uses as a basis for planning
and forecasting future periods. The presentation of these non-GAAP
financial measures is not meant to be considered in isolation or as a
substitute for financial statements prepared in accordance with
generally accepted accounting principles in
Financial Schedules | ||||||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | ||||||||||
Quarter Ended October 31, | Increase | |||||||||
(In thousands, except per share data) | 2010 | 2009 | (Decrease) | |||||||
Revenues | $ | 901,373 | $ | 868,005 | 3.8 | % | ||||
Expenses | ||||||||||
Operating | 803,719 | 778,834 | 3.2 | % | ||||||
Selling, general and administrative | 58,783 | 63,245 | (7.1 | )% | ||||||
Amortization of intangible assets | 3,113 | 2,929 | 6.3 | % | ||||||
Total expenses | 865,615 | 845,008 | 2.4 | % | ||||||
Operating profit | 35,758 | 22,997 | 55.5 | % | ||||||
Interest expense | 1,098 | 1,428 | (23.1 | )% | ||||||
Income from continuing operations before income taxes |
34,660 | 21,569 | 60.7 | % | ||||||
Provision for income taxes | 13,222 | 6,283 | 110.4 | % | ||||||
Income from continuing operations | 21,438 | 15,286 | 40.2 | % | ||||||
Income (Loss) from discontinued operations, net of taxes | 368 | (263 | ) | NM* | ||||||
Net Income | $ | 21,806 | $ | 15,023 | 45.2 | % | ||||
Net Income Per Common Share - Basic | ||||||||||
Income from continuing operations | $ | 0.42 | $ | 0.30 | 40.0 | % | ||||
Loss from discontinued operations | - | (0.01 | ) | NM* | ||||||
Net Income | $ | 0.42 | $ | 0.29 | 44.8 | % | ||||
Net Income Per Common Share - Diluted | ||||||||||
Income from continuing operations | $ | 0.41 | $ | 0.29 | 41.4 | % | ||||
Loss from discontinued operations | - | - | NM* | |||||||
Net Income | $ | 0.41 | $ | 0.29 | 41.4 | % | ||||
* Not Meaningful | ||||||||||
Average Common And Common Equivalent Shares | ||||||||||
Basic | 52,490 | 51,609 | ||||||||
Diluted | 53,369 | 52,419 | ||||||||
Dividends Declared Per Common Share | $ | 0.135 | $ | 0.130 | ||||||
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED) | ||||||||||
Year Ended October 31, | Increase | |||||||||
(In thousands, except per share data) | 2010 | 2009 | (Decrease) | |||||||
Revenues | $ | 3,495,747 | $ | 3,481,823 | 0.4 | % | ||||
Expenses | ||||||||||
Operating | 3,134,018 | 3,114,699 | 0.6 | % | ||||||
Selling, general and administrative | 241,526 | 263,633 | (8.4 | )% | ||||||
Amortization of intangible assets | 11,364 | 11,384 | (0.2 | )% | ||||||
Total expenses | 3,386,908 | 3,389,716 | (0.1 | )% | ||||||
Operating profit | 108,839 | 92,107 | 18.2 | % | ||||||
Credit losses on auction rate security: | ||||||||||
Gross other-than-temporary impairment losses ("OTTI") | - | 3,695 | NM* | |||||||
OTTI recognized in earnings (other comprehensive income) | 127 | (2,129 | ) | NM* | ||||||
Interest expense | 4,639 | 5,881 | (21.1 | )% | ||||||
Income from continuing operations before income taxes |
104,073 | 84,660 | 22.9 | % | ||||||
Provision for income taxes | 40,203 | 29,170 | 37.8 | % | ||||||
Income from continuing operations | 63,870 | 55,490 | 15.1 | % | ||||||
Income (Loss) from discontinued operations, net of taxes | 251 | (1,197 | ) | NM* | ||||||
Net Income | $ | 64,121 | $ | 54,293 | 18.1 | % | ||||
Net Income Per Common Share - Basic | ||||||||||
Income from continuing operations | $ | 1.23 | $ | 1.08 | 13.9 | % | ||||
Loss from discontinued operations | - | (0.02 | ) | NM* | ||||||
Net Income | $ | 1.23 | $ | 1.06 | 16.0 | % | ||||
Net Income Per Common Share - Diluted | ||||||||||
Income from continuing operations | $ | 1.21 | $ | 1.07 | 13.1 | % | ||||
Loss from discontinued operations | - | (0.02 | ) | NM* | ||||||
Net Income | $ | 1.21 | $ | 1.05 | 15.2 | % | ||||
* Not Meaningful | ||||||||||
Average Common And Common Equivalent Shares | ||||||||||
Basic | 52,117 | 51,373 | ||||||||
Diluted | 52,908 | 51,845 | ||||||||
Dividends Declared Per Common Share | $ | 0.54 | $ | 0.52 |
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||||
SELECTED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED) | ||||||||
Quarter Ended October 31, | ||||||||
(In thousands) | 2010 | 2009 | ||||||
Net cash provided by continuing operating activities | 67,787 | 68,619 | ||||||
Net cash provided by (used in) discontinued operating activities | 1,787 | (4,213 | ) | |||||
Net cash provided by operating activities | $ | 69,574 | $ | 64,406 | ||||
Net cash used in investing activities | $ | (39,928 | ) | $ | (5,174 | ) | ||
Proceeds from exercises of stock options (including income tax benefit) |
5,210 | 3,125 | ||||||
Dividends paid | (7,101 | ) | (6,720 | ) | ||||
Borrowings from line of credit | 149,500 | 113,000 | ||||||
Repayment of borrowings from line of credit | (159,000 | ) | (136,500 | ) | ||||
Changes in book cash overdrafts | (11,711 | ) | (21,557 | ) | ||||
Net cash used in financing activities | $ | (23,102 | ) | $ | (48,652 | ) | ||
Year Ended October 31, | ||||||||
(In thousands) | 2010 | 2009 | ||||||
Net cash provided by continuing operating activities | 140,746 | 121,255 | ||||||
Net cash provided by discontinued operating activities | 9,118 | 19,616 | ||||||
Net cash provided by operating activities | $ | 149,864 | $ | 140,871 | ||||
Net cash used in investing activities | $ | (87,860 | ) | $ | (37,467 | ) | ||
Proceeds from exercises of stock options (including income tax benefit) |
11,376 | 6,331 | ||||||
Dividends paid | (28,152 | ) | (26,727 | ) | ||||
Borrowings from line of credit | 448,000 | 638,000 | ||||||
Repayment of borrowings from line of credit | (480,000 | ) | (695,500 | ) | ||||
Changes in book cash overdrafts | (7,935 | ) | (18,096 | ) | ||||
Net cash used in financing activities | $ | (56,711 | ) | $ | (95,992 | ) |
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED) | ||||||
October 31, | October 31, | |||||
(In thousands) | 2010 | 2009 | ||||
Assets | ||||||
Cash and cash equivalents | $ | 39,446 | $ | 34,153 | ||
Trade accounts receivable, net | 450,513 | 445,241 | ||||
Prepaid income taxes | 1,498 | 13,473 | ||||
Current assets of discontinued operations | 4,260 | 10,787 | ||||
Prepaid expenses | 41,306 | 38,781 | ||||
Notes receivable and other | 20,402 | 21,374 | ||||
Deferred income taxes, net | 46,193 | 52,171 | ||||
Insurance recoverables | 5,138 | 5,017 | ||||
Total current assets | 608,756 | 620,997 | ||||
Non-current assets of discontinued operations | 1,392 | 4,567 | ||||
Insurance deposits | 36,164 | 42,500 | ||||
Other investments and long-term receivables | 4,445 | 6,240 | ||||
Deferred income taxes, net | 51,068 | 63,444 | ||||
Insurance recoverables | 70,960 | 67,100 | ||||
Other assets | 37,869 | 32,446 | ||||
Investments in auction rate securities | 20,171 | 19,531 | ||||
Property, plant and equipment, net | 58,088 | 56,892 | ||||
Other intangible assets, net | 65,774 | 60,199 | ||||
Goodwill | 593,983 | 547,237 | ||||
Total assets | $ | 1,548,670 | $ | 1,521,153 | ||
Liabilities | ||||||
Trade accounts payable | $ | 78,928 | $ | 84,701 | ||
Accrued liabilities | ||||||
Compensation | 89,063 | 93,095 | ||||
Taxes - other than income | 17,663 | 17,539 | ||||
Insurance claims | 77,101 | 78,144 | ||||
Other | 70,048 | 66,279 | ||||
Income taxes payable | 977 | 1,871 | ||||
Current liabilities of discontinued operations | 71 | 1,065 | ||||
Total current liabilities | 333,851 | 342,694 | ||||
Income taxes payable | 29,455 | 17,763 | ||||
Line of credit | 140,500 | 172,500 | ||||
Retirement plans and other | 34,626 | 32,963 | ||||
Insurance claims | 271,213 | 268,183 | ||||
Total liabilities | 809,645 | 834,103 | ||||
Stockholders' Equity | 739,025 | 687,050 | ||||
Total liabilities and stockholders' equity | $ | 1,548,670 | $ | 1,521,153 |
ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES | |||||||||||
REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED) | |||||||||||
Quarter Ended October 31, | Increase | ||||||||||
(In thousands) | 2010 | 2009 | (Decrease) | ||||||||
Revenues | |||||||||||
Janitorial | $ | 596,800 | $ | 589,146 | 1.3 | % | |||||
Parking | 128,585 | 113,740 | 13.1 | % | |||||||
Security | 87,040 | 82,123 | 6.0 | % | |||||||
Engineering | 88,674 | 82,502 | 7.5 | % | |||||||
Corporate | 274 | 494 | (44.5 | )% | |||||||
$ | 901,373 | $ | 868,005 | 3.8 | % | ||||||
Operating Profit | |||||||||||
Janitorial | $ | 39,259 | $ | 37,610 | 4.4 | % | |||||
Parking | 6,705 | 6,316 | 6.2 | % | |||||||
Security | 3,174 | 2,279 | 39.3 | % | |||||||
Engineering | 6,224 | 6,097 | 2.1 | % | |||||||
Corporate | (19,604 | ) | (29,305 | ) | 33.1 | % | |||||
Operating profit | 35,758 | 22,997 | 55.5 | % | |||||||
Interest expense | 1,098 | 1,428 | (23.1 | )% | |||||||
Income from continuing operations before income taxes |
$ | 34,660 | $ | 21,569 | 60.7 | % | |||||
Year Ended October 31, | Increase | ||||||||||
(In thousands) | 2010 | 2009 | (Decrease) | ||||||||
Revenues | |||||||||||
Janitorial | $ | 2,337,940 | $ | 2,382,025 | (1.9 | )% | |||||
Parking | 469,398 | 457,477 | 2.6 | % | |||||||
Security | 336,249 | 334,610 | 0.5 | % | |||||||
Engineering | 350,787 | 305,694 | 14.8 | % | |||||||
Corporate | 1,373 | 2,017 | (31.9 | )% | |||||||
$ | 3,495,747 | $ | 3,481,823 | 0.4 | % | ||||||
Operating Profit | |||||||||||
Janitorial | $ | 140,983 | $ | 139,858 | 0.8 | % | |||||
Parking | 22,738 | 20,285 | 12.1 | % | |||||||
Security | 7,487 | 8,221 | (8.9 | )% | |||||||
Engineering | 21,955 | 19,658 | 11.7 | % | |||||||
Corporate | (84,324 | ) | (95,915 | ) | 12.1 | % | |||||
Operating profit | 108,839 | 92,107 | 18.2 | % | |||||||
Credit losses on auction rate security: | |||||||||||
Gross other-than-temporary impairment losses ("OTTI") | - | 3,695 | NM* | ||||||||
OTTI recognized in earnings (other comprehensive income) | 127 | (2,129 | ) | NM* | |||||||
Interest expense | 4,639 | 5,881 | (21.1 | )% | |||||||
Income from continuing operations before income taxes |
$ | 104,073 | $ | 84,660 | 22.9 | % |
ABM Industries Incorporated and Subsidiaries | ||||||||||||||||
Reconciliations of Non-GAAP Financial Measures | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Quarter Ended October 31, | Year Ended October 31, | |||||||||||||||
|
2010 | 2009 | 2010 | 2009 | ||||||||||||
Reconciliation of Adjusted Income from Continuing | ||||||||||||||||
Operations to Net Income | ||||||||||||||||
Adjusted Income from Continuing Operations | $ | 22,624 | $ | 20,759 | $ | 70,541 | $ | 68,818 | ||||||||
Items Impacting Comparability, net of taxes | (1,186 | ) | (5,473 | ) | (6,671 | ) | (13,328 | ) | ||||||||
Income from Continuing Operations | 21,438 | 15,286 | 63,870 | 55,490 | ||||||||||||
Income (Loss) from Discontinued Operations | 368 | (263 | ) | 251 | (1,197 | ) | ||||||||||
Net Income | $ | 21,806 | $ | 15,023 | $ | 64,121 | $ | 54,293 | ||||||||
Reconciliation of Adjusted Income from Continuing | ||||||||||||||||
Operations to Income from Continuing Operations | ||||||||||||||||
Adjusted Income from Continuing Operations | $ | 22,624 | $ | 20,759 | $ | 70,541 | $ | 68,818 | ||||||||
Items Impacting Comparability: | ||||||||||||||||
Corporate Initiatives (a) | - | (3,371 | ) | (1,869 | ) | (20,666 | ) | |||||||||
Acquisition Costs (b) |
(716 | ) | - | (2,374 | ) | - | ||||||||||
Third-Party Administrator Legal Settlement | - | - | - | 9,601 | ||||||||||||
Litigation Contingency | - | - | (5,406 | ) | - | |||||||||||
Insurance Adjustments | (1,216 | ) | (5,900 | ) | (1,216 | ) | (9,435 | ) | ||||||||
Credit Loss on Auction Rate Security | - | - | - | (1,566 | ) | |||||||||||
Total Items Impacting Comparability | (1,932 | ) | (9,271 | ) | (10,865 | ) | (22,066 | ) | ||||||||
Income Taxes Benefit | 746 | 3,798 | 4,194 | 8,738 | ||||||||||||
Items Impacting Comparability, net of taxes | (1,186 | ) | (5,473 | ) | (6,671 | ) | (13,328 | ) | ||||||||
Income from Continuing Operations | $ | 21,438 | $ | 15,286 | $ | 63,870 | $ | 55,490 | ||||||||
Reconciliation of Adjusted EBITDA to Net Income | ||||||||||||||||
Adjusted EBITDA | $ | 47,933 | $ | 41,272 | $ | 155,892 | $ | 145,482 | ||||||||
Items Impacting Comparability | (1,932 | ) | (9,271 | ) | (10,865 | ) | (22,066 | ) | ||||||||
Discontinued Operations | 368 | (263 | ) | 251 | (1,197 | ) | ||||||||||
Income Tax | (13,222 | ) | (6,283 | ) | (40,203 | ) | (29,170 | ) | ||||||||
Interest Expense | (1,098 | ) | (1,428 | ) | (4,639 | ) | (5,881 | ) | ||||||||
Depreciation and Amortization | (10,243 | ) | (9,004 | ) | (36,315 | ) | (32,875 | ) | ||||||||
Net Income | $ | 21,806 | $ | 15,023 | $ | 64,121 | $ | 54,293 | ||||||||
(Continued) |
||||||||||||||||
Reconciliation of Adjusted Income from Continuing Operations per Diluted | ||||||||||||||||
Share to Income from Continuing Operations per Diluted Share | ||||||||||||||||
Quarter Ended October 31, | Year Ended October 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Adjusted Income from Continuing Operations per Diluted Share |
$ | 0.43 | $ | 0.39 | $ | 1.34 | $ | 1.33 | ||||||||
Items Impacting Comparability, net of taxes | (0.02 | ) | (0.10 | ) | (0.13 | ) | (0.26 | ) | ||||||||
Income from Continuing Operations per Diluted Share |
$ | 0.41 | $ | 0.29 | $ | 1.21 | $ | 1.07 | ||||||||
Diluted Shares | 53,369 | 52,419 | 52,908 | 51,845 | ||||||||||||
(a) Corporate initiatives and other include: (i) costs associated with the implementation of a new payroll and human resources information system, (ii) the upgrade of the Company's accounting system, (iii) the completion of the corporate move from San Francisco, and (iv) the integration costs associated with OneSource. | ||||||||||||||||
(b) Includes the write-off of deferred acquisition costs and the expensing of costs incurred related to potential acquisitions due to the adoption of an accounting principle. |
ABM Industries Incorporated and Subsidiaries | ||||||||
Reconciliation of Estimated Adjusted Income from Continuing Operations per Diluted Share to Income from Continuing Operations per Diluted Share for the Year Ending October 31, 2011 |
||||||||
Year Ending October 31, 2011 | ||||||||
Low Estimate | High Estimate | |||||||
(per diluted share) | ||||||||
Adjusted Income from Continuing Operations per Diluted Share | $ | 1.43 | $ | 1.53 | ||||
Adjustments to Income from Continuing Operations (a) | (0.20 | ) | (0.20 | ) | ||||
Income from Continuing Operations per Diluted Share | $ | 1.23 | $ | 1.33 | ||||
(a) Adjustments to income from continuing operations are expected to include transaction and integration costs associated with the acquisition of The Linc Group (TLG) and other unique items impacting comparability. |
Investors & Analysts:
dfarwell@abm.com
or
Media:
tony.mitchell@abm.com
Source:
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