Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the
“Company”), a trusted partner and innovator in Earth Intelligence
and Space Infrastructure, today announced financial results for the
quarter ended September 30, 2020. All dollar amounts in this press
release are expressed in U.S. dollars, unless otherwise noted.
Key points from the quarter include:
- Consolidated revenues from continuing operations of $436
million
- Net income of $85 million, including an $85 million gain on
remeasurement of the previously held equity interest in Vricon
- Diluted income per share from continuing operations of
$1.32
- Adjusted EBITDA1 from continuing operations of $112 million and
Adjusted EBITDA1 margin of 25.7%
- Closed the acquisition of Vricon, Inc. to purchase the
remaining 50% ownership interest on July 1, 2020
1 This is a non-GAAP financial measure. Refer to section
“Non-GAAP Financial Measures” in this earnings release.
“We generated solid year-over-year revenue growth this quarter
as demand has remained resilient and our customers continue to rely
on us for important national security and commercial missions. We
also enjoyed significant backlog growth on a diversified set of
awards with both government and commercial customers across our
Earth Intelligence and Space Infrastructure segments,” said Dan
Jablonsky, CEO. “Our results this quarter further reflect progress
on our multi-year strategy to position Maxar for sustained revenue,
profit and cash flow growth. We are executing well against our
strategic priorities for the year while continuing to respond to
the global COVID-19 pandemic by focusing on the protection of the
health and safety of our team members, families, customers and
communities.”
“Our leverage continued to improve this quarter and we ended the
quarter with over $500 million in liquidity, which we believe
provides ample flexibility to execute on our multi-year growth
plan,” stated Biggs Porter, CFO. “Performance in the quarter was
solid, with both year-over-year revenue and profit growth on a
consolidated basis and positive free cash flow. While the existence
of the COVID pandemic remains a risk to our operations and the
operations of our customers, we have thus far been able to manage
the crisis roughly in line with expectations. Given that, we are
maintaining our outlook for 2020 consolidated revenue, Adjusted
EBITDA, and Capex, and we are tightening the range of guidance for
operating cash flow.”
On July 1, 2020, we closed the acquisition of Vricon Inc.
(“Vricon”) and purchased the remaining 50% ownership interest in
Vricon (“Vricon Acquisition”) for $142 million, or $119 million,
net of cash at closing. To fund the transaction, we issued $150
million in aggregate principal amount of new senior secured notes
due 2027.
Total revenues from continuing operations increased to $436
million from $413 million, or by $23 million, for the three months
ended September 30, 2020, compared to the same period of 2019. The
increase was primarily driven by an increase in the Space
Infrastructure segment which was partially offset by a decrease in
the Earth Intelligence segment.
For the three months ended September 30, 2020, net income from
continuing operations was $85 million compared to a net loss of $25
million in the same period of 2019. The increase was primarily
driven by an $85 million gain on remeasurement of the previously
held equity interest in Vricon and an increase in revenues.
For the third quarter of 2020, Adjusted EBITDA was $112 million
and Adjusted EBITDA as a percentage of consolidated revenues
(“Adjusted EBITDA margin percentage”) was 25.7%. This is compared
to Adjusted EBITDA of $109 million and Adjusted EBITDA margin
percentage of 26.4% for the third quarter of 2019. The increase was
driven largely by higher Adjusted EBITDA from the Space
Infrastructure segment partially offset by lower Adjusted EBITDA
from the Earth Intelligence segment.
Our results of operations for the three months ended September
30, 2020 include the current estimated impact of COVID-19. We had
COVID-19 related EAC growth of $3 million within the Space
Infrastructure segment, which negatively impacted our earnings
during the three months ended September 30, 2020. The changes in
the EACs are due to increases in estimated program costs associated
with the COVID-19 operating posture and the estimated impact of
certain items such as supplier delays and increased labor hours
along with actuals realized during the three months ended September
30, 2020.
We had total order backlog of $2.2 billion as of September 30,
2020 compared to $1.6 billion as of December 31, 2019. The increase
in backlog was primarily driven by a $532 million increase in the
Space Infrastructure segment due to new contracts and expansion of
existing programs with the U.S. government. There was also an
increase in the Earth Intelligence segment driven by the exercise
of the $300 million EnhancedView Contract option, partially offset
by revenue recognized during the year. Our unfunded contract
options totaled $0.9 billion and $1.4 billion as of September 30,
2020 and December 31, 2019, respectively.
Financial Highlights
In addition to results reported in accordance with U.S. GAAP, we
use certain non-GAAP financial measures as supplemental indicators
of its financial and operating performance. These non-GAAP
financial measures include EBITDA and Adjusted EBITDA. We believe
these supplementary financial measures reflect the Company’s
ongoing business in a manner that allows for meaningful
period-to-period comparisons and analysis of trends in its
business.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
($ millions, except per share amounts)
Revenues
$
436
$
413
$
1,256
$
1,256
Income (loss) from continuing
operations
84
(41
)
6
30
Income from discontinued operations, net
of tax
1
16
337
36
Net income
$
85
$
(25
)
343
66
EBITDA1
192
119
725
501
Adjusted EBITDA1
112
109
327
316
Diluted income per common share:
Income (loss) from continuing
operations
$
1.32
$
(0.69
)
$
0.10
$
0.50
Income from discontinued operations, net
of tax
0.02
0.27
5.39
0.60
Diluted income per common share
$
1.34
$
(0.42
)
$
5.49
$
1.10
Weighted average number of common shares
outstanding (millions):
Basic
61.0
59.6
60.6
59.6
Diluted
63.4
59.6
62.5
60.0
1 This is a non-GAAP financial measure. Refer to section
“Non-GAAP Financial Measures” in this earnings release.
Revenues by segment were as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenues:
Earth Intelligence
$
274
$
282
$
823
$
799
Space Infrastructure
181
162
497
553
Intersegment eliminations
(19
)
(31
)
(64
)
(96
)
Total revenues
$
436
$
413
$
1,256
$
1,256
We analyze financial performance by
segment, which combine related activities within the Company.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Adjusted EBITDA:
Earth Intelligence
$
128
$
145
$
407
$
394
Space Infrastructure
12
(3
)
(16
)
2
Intersegment eliminations
(7
)
(12
)
(21
)
(20
)
Corporate and other expenses
(21
)
(21
)
(43
)
(60
)
Adjusted EBITDA1
$
112
$
109
$
327
$
316
1 This is a non-GAAP financial measure. Refer to section
“Non-GAAP Financial Measures” in this earnings release.
Earth Intelligence
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
($ millions)
Revenues
$
274
$
282
$
823
$
799
Adjusted EBITDA
$
128
$
145
$
407
$
394
Adjusted EBITDA Margin
46.7
%
51.4
%
49.5
%
49.3
%
For the three months ended September 30, 2020, Earth
Intelligence segment revenues decreased to $274 million from $282
million, or by $8 million, compared to the same period of 2019. The
decrease was primarily driven by a $10 million decrease in the
recognition of revenue related to the EnhancedView Contract. The
amortization of the deferred revenue was complete effective August
2020 and there will be no further deferred revenue recognized on
the EnhancedView Contract. The decrease was also driven by the
recognition of $9 million of revenue from an international customer
due to a delayed contract signing for the three months ended 2019
that did not reoccur for the same period of 2020. These decreases
were partially offset by $9 million in revenue growth from new
contract awards and expansion of existing programs with the U.S.
government.
Adjusted EBITDA decreased to $128 million from $145 million, or
by $17 million, for the three months ended September 30, 2020, as
compared to the same period of 2019. The decrease was primarily
driven by a decrease in revenues as noted above and an increase in
cost of services and selling, general, and administrative
expenses.
Space Infrastructure
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
($ millions)
Revenues
$
181
$
162
$
497
$
553
Adjusted EBITDA
$
12
$
(3
)
$
(16
)
$
2
Adjusted EBITDA Margin
6.6
%
(1.9
)
%
(3.2
)
%
0.4
%
Changes in revenues from year to year are influenced by the
size, timing and number of satellite contracts awarded in the
current and preceding years and the length of the construction
period for satellite contracts awarded. Revenues on satellite
contracts are recognized using the cost-to-cost method of
accounting to determine the percentage of completion over the
construction period, which typically ranges between 20 to 36 months
and up to 48 months in certain situations. Adjusted EBITDA margins
can vary from quarter to quarter due to the mix of our revenues and
changes in our estimated costs to complete as our risks are retired
and as our estimated costs to complete are increased or decreased
based on contract performance.
Revenues from the Space Infrastructure segment increased to $181
million from $162 million, or by $19 million, for the three months
ended September 30, 2020, compared to the same period of 2019.
Revenues increased primarily as a result of the impact of an
increase in volume related to U.S. government contracts of $27
million during the three months ended September 30, 2020, compared
to the same period in 2019. The increase was partially offset by
reduced volumes on commercial programs of $6 million and COVID-19
EAC growth of $3 million which negatively impacted revenue for the
three months ended September 30, 2020. The increases in the EACs
are due to increases in estimated program costs associated with the
COVID-19 operating posture and the estimated impact of certain
items such as supplier delays and increased labor hours.
Adjusted EBITDA increased to $12 million of income from a loss
of $3 million, or by $15 million, for the three months ended
September 30, 2020, compared to the same period of 2019. The
increase was primarily driven by a decrease in significant losses
of $16 million on a commercial satellite program which includes
significant development efforts in 2020 as compared to the same
period in 2019. The increase was also impacted by increased margins
on certain programs partially offset by a $3 million negative
impact related to our COVID-19 operating posture and higher
selling, general and administrative expenses.
Corporate and other expenses
Corporate and other expenses include items such as corporate
office costs, regulatory costs, executive and director
compensation, foreign exchange gains and losses, retention costs,
and fees for legal and consulting services.
Corporate and other expenses for the three months ended
September 30, 2020 and September 30, 2019 were $21 million. There
was a $12 million increase in selling, general and administrative
expenses for the three months ended September 30, 2020, compared to
the same period in 2019 driven by an increase in employee
compensation and stock-based compensation expense. The increase was
partially offset by an $11 million decrease in retention costs
related to a 2019 program within the Space Infrastructure
segment.
Intersegment eliminations
Intersegment eliminations are related to projects between our
segments, including WorldView Legion. Intersegment eliminations
have decreased to $7 million from $12 million, or by $5 million,
for the three months ended September 30, 2020 compared to the same
period in 2019, primarily related to a decrease in intersegment
satellite construction activity.
MAXAR TECHNOLOGIES
INC.
Unaudited Condensed Consolidated
Statements of Operations
(In millions, except per share
amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Revenues:
Product
$
161
$
129
$
425
$
439
Service
275
284
831
817
Total revenues
436
413
1,256
1,256
Costs and expenses:
Product costs, excluding depreciation and
amortization
145
140
434
452
Service costs, excluding depreciation and
amortization
95
89
275
284
Selling, general and administrative
90
81
237
232
Depreciation and amortization
95
93
274
284
Impairment loss
—
—
14
—
Satellite insurance recovery
—
—
—
(183
)
Reduction of gain on sale leaseback
4
—
4
—
Operating income
7
10
18
187
Interest expense, net
36
50
133
148
Other (income) expense, net
(91
)
(1
)
(98
)
2
Income (loss) before taxes
62
(39
)
(17
)
37
Income tax (benefit) expense
(22
)
1
(22
)
3
Equity in loss (income) from joint
ventures, net of tax
—
1
(1
)
4
Income (loss) from continuing
operations
84
(41
)
6
30
Discontinued operations:
Income from operations of discontinued
operations, net of tax
—
16
32
36
Gain on disposal of discontinued
operations, net of tax
1
—
305
—
Income from discontinued operations, net
of tax
1
16
337
36
Net income (loss)
$
85
$
(25
)
$
343
$
66
Basic net income (loss) per common
share:
Income (loss) from continuing
operations
$
1.38
$
(0.69
)
$
0.10
$
0.50
Income from discontinued operations, net
of tax
0.02
0.27
5.56
0.60
Basic net income (loss) per common
share
$
1.40
$
(0.42
)
$
5.66
$
1.10
Diluted net income (loss) per common
share:
Income (loss) from continuing
operations
$
1.32
$
(0.69
)
$
0.10
$
0.50
Income from discontinued operations, net
of tax
0.02
0.27
5.39
0.60
Diluted net income (loss) per common
share
$
1.34
$
(0.42
)
$
5.49
$
1.10
MAXAR TECHNOLOGIES
INC.
Unaudited Condensed Consolidated
Balance Sheets
(In millions, except per share
amounts)
September 30,
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
60
$
59
Trade and other receivables, net
361
357
Inventory
27
20
Advances to suppliers
49
42
Prepaid and other current assets
46
32
Current assets held for sale
—
751
Total current assets
543
1,261
Non-current assets:
Orbital receivables, net
358
382
Property, plant and equipment, net
844
758
Intangible assets, net
926
991
Non-current operating lease assets
170
176
Goodwill
1,632
1,455
Other non-current assets
92
134
Total assets
$
4,565
$
5,157
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
124
$
153
Accrued liabilities
78
130
Accrued compensation and benefits
87
93
Contract liabilities
275
271
Current portion of long-term debt
9
30
Current operating lease liabilities
41
40
Other current liabilities
59
49
Current liabilities held for sale
—
230
Total current liabilities
673
996
Non-current liabilities:
Pension and other postretirement
benefits
191
197
Contract liabilities
2
4
Operating lease liabilities
166
173
Long-term debt
2,413
2,915
Other non-current liabilities
122
110
Total liabilities
3,567
4,395
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.0001 par value, 240
million common shares authorized; 61.0 million and 59.9 million
outstanding at September 30, 2020 and December 31, 2019,
respectively)
—
—
Additional paid-in capital
1,800
1,784
Accumulated deficit
(741
)
(1,082
)
Accumulated other comprehensive (loss)
income
(61
)
59
Total Maxar stockholders' equity
998
761
Noncontrolling interest
—
1
Total stockholders' equity
998
762
Total liabilities and stockholders'
equity
$
4,565
$
5,157
MAXAR TECHNOLOGIES
INC.
Unaudited Condensed Consolidated
Statements of Cash Flows
(In millions)
Nine Months Ended
September 30,
2020
2019
Cash flows (used in) provided by:
Operating activities:
Net income
$
343
$
66
Income from operations of discontinued
operations, net of tax
(32
)
(36
)
Gain on disposal of discontinued
operations, net of tax
(305
)
—
Income from continuing operations
6
30
Adjustments to reconcile net (loss) income
to net cash (used in) provided by operating activities:
Impairment losses including inventory
14
3
Depreciation and amortization
274
284
Loss from extinguishment of debt
7
—
Gain from remeasurement of equity interest
in acquiree
(85
)
—
Amortization of debt issuance costs and
other non-cash interest expense
12
6
Deferred income tax benefit
(17
)
—
Stock-based compensation expense
24
9
Other
3
11
Changes in operating assets and
liabilities:
Trade and other receivables
(3
)
(26
)
Advances to suppliers
(7
)
35
Accounts payables and accrued
liabilities
(41
)
(80
)
Contract liabilities
1
(141
)
Other
(7
)
3
Cash provided by operating activities -
continuing operations
181
134
Cash (used in) provided by operating
activities - discontinued operations
(49
)
12
Cash provided by operating activities
132
146
Investing activities:
Purchase of property, plant and equipment
and development or purchase of software
(224
)
(203
)
Acquisition, net of cash acquired
(118
)
—
Return of capital from discontinued
operations
20
—
Cash used in investing activities -
continuing operations
(322
)
(203
)
Cash provided by (used in) investing
activities - discontinued operations
723
(4
)
Cash provided by (used in) investing
activities
401
(207
)
Financing activities:
Net proceeds of revolving credit
facility
—
107
Net proceeds from issuance of 2027
Notes
147
—
Repurchase of 2023 Notes, including
premium
(169
)
—
Repayments of long-term debt
(523
)
(21
)
Settlement of securitization liability
(7
)
(7
)
Payment of dividends
(2
)
(2
)
Other
4
—
Cash (used in) provided by financing
activities - continuing operations
(550
)
77
Cash used in financing activities -
discontinued operations
(24
)
(2
)
Cash (used in) provided by financing
activities
(574
)
75
(Decrease) increase in cash, cash
equivalents, and restricted cash
(41
)
14
Effect of foreign exchange on cash, cash
equivalents, and restricted cash
(5
)
—
Cash, cash equivalents, and restricted
cash, beginning of year
110
43
Cash, cash equivalents, and restricted
cash, end of period
$
64
$
57
Reconciliation of cash flow
information:
Cash and cash equivalents
$
60
$
52
Restricted cash included in prepaid and
other current assets
4
1
Restricted cash included in other
non-current assets
—
4
Total cash, cash equivalents, and
restricted cash
$
64
$
57
NON-GAAP FINANCIAL MEASURES
In addition to results reported in accordance with U.S. GAAP, we
use certain non-GAAP financial measures as supplemental indicators
of our financial and operating performance. These non-GAAP
financial measures include EBITDA and Adjusted EBITDA.
We define EBITDA as earnings before interest, taxes,
depreciation and amortization, and Adjusted EBITDA as EBITDA
adjusted for certain items affecting comparability as specified in
the calculation. Certain items affecting comparability include
restructuring, impairments, satellite insurance recovery, CEO
severance and transaction and integration related expense.
Transaction and integration related expense includes costs
associated with de-leveraging activities, acquisitions and
dispositions and the integration of acquisitions. Management
believes that exclusion of these items assists in providing a more
complete understanding of our underlying results and trends, and
management uses these measures along with the corresponding U.S.
GAAP financial measures to manage our business, evaluate our
performance compared to prior periods and the marketplace, and to
establish operational goals. Adjusted EBITDA is a measure being
used as a key element of our incentive compensation plan. The
Syndicated Credit Facility also uses Adjusted EBITDA in the
determination of our debt leverage covenant ratio. The definition
of Adjusted EBITDA in the Syndicated Credit Facility includes a
more comprehensive set of adjustments.
We believe that these non-GAAP measures, when read in
conjunction with our U.S. GAAP results, provide useful information
to investors by facilitating the comparability of our ongoing
operating results over the periods presented, the ability to
identify trends in our underlying business, and the comparison of
our operating results against analyst financial models and
operating results of other public companies.
EBITDA and Adjusted EBITDA are not recognized terms under U.S.
GAAP and may not be defined similarly by other companies. EBITDA
and Adjusted EBITDA should not be considered alternatives to net
(loss) income as indications of financial performance or as
alternate to cash flows from operations as measures of liquidity.
EBITDA and Adjusted EBITDA have limitations as an analytical tool
and should not be considered in isolation or as a substitute for
our results reported under U.S. GAAP. The table below reconciles
our net (loss) income to EBITDA and Adjusted EBITDA for the three
and nine months ended September 30, 2020 and 2019.
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
($ millions)
Net income (loss)
$
85
$
(25
)
$
343
$
66
Income tax (benefit) expense
(22
)
1
(22
)
3
Interest expense, net
36
50
133
148
Interest income
(2
)
—
(3
)
—
Depreciation and amortization
95
93
274
284
EBITDA
$
192
$
119
$
725
$
501
Income from discontinued operations, net
of tax
(1
)
(16
)
(337
)
(36
)
Restructuring
—
(1
)
—
14
Transaction and integration related
expense
2
7
6
14
Impairment loss, including inventory
—
—
14
3
Satellite insurance recovery
—
—
—
(183
)
Reduction of gain on sale leaseback
4
—
4
—
CEO severance
—
—
—
3
Gain on remeasurement of Vricon equity
interest
(85
)
—
(85
)
—
Adjusted EBITDA
$
112
$
109
$
327
$
316
Adjusted EBITDA:
Earth Intelligence
128
145
407
394
Space Infrastructure
12
(3
)
(16
)
2
Intersegment eliminations
(7
)
(12
)
(21
)
(20
)
Corporate and other expenses
(21
)
(21
)
(43
)
(60
)
Adjusted EBITDA
$
112
$
109
$
327
$
316
Cautionary Note Regarding Forward-Looking Statements
Certain statements and other information included in this
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws. Statements including
words such as "may", "will", "could", "should", "would", "plan",
"potential", "intend", "anticipate", "believe", "estimate" or
"expect" and other words, terms and phrases of similar meaning are
often intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements involve estimates, expectations,
projections, goals, forecasts, assumptions, risks and
uncertainties, as well as other statements referring to or
including forward-looking information included in this
presentation.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results to differ materially
from the anticipated results or expectations expressed in this
presentation. As a result, although management of the Company
believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
The risks that could cause actual results to differ materially from
current expectations include, but are not limited to, the risk
factors and other disclosures about the Company and its business
included in the Company's continuous disclosure materials filed
from time to time with U.S. securities and Canadian regulatory
authorities, which are available online under the Company's EDGAR
profile at www.sec.gov, under the Company's SEDAR profile at
www.sedar.com or on the Company's website at www.maxar.com.
The forward-looking statements contained in this release are
expressly qualified in their entirety by the foregoing cautionary
statements. All such forward-looking statements are based upon data
available as of the date of this presentation or other specified
date and speak only as of such date. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements in this presentation as a result of new information or
future events, except as may be required under applicable
securities legislation.
Unless stated otherwise or the context otherwise requires,
references to the terms “Company,” “Maxar,” “we,” “us,” and “our”
to refer collectively to Maxar Technologies Inc. and its
consolidated subsidiaries.
Investor/Analyst Conference Call
Maxar President and Chief Executive Officer, Dan Jablonsky, and
Executive Vice President and Chief Financial Officer, Biggs Porter,
will host an earnings conference call Thursday, November 5, 2020,
reviewing the third quarter results, followed by a question and
answer session. The call is scheduled to begin promptly at 3:00
p.m. MT (5:00 p.m. ET).
Investors and participants must register for the call in advance
by visiting:
http://www.directeventreg.com/registration/event/9078306.
After registering, participants will receive dial-in
information, a passcode, and registrant ID. At the time of the
call, participants must dial in using the numbers in the
confirmation email and enter their passcode and ID.
The Conference Call will be Webcast live and then archived at:
http://investor.maxar.com/events-and-presentations/default.aspx
Telephone replay of the conference call will also be available
from Thursday, November 5, 2020 at 6:00 p.m. MT (8:00 p.m. ET) to
Thursday, November 19, 2020 at 9:59 p.m. MT (11:59 p.m. ET) at the
following numbers:
Toll free North America: 1-800-585-8367 International Dial-In:
1-416-621-4642 Passcode: 9078306#
About Maxar
Maxar is a trusted partner and innovator in Earth Intelligence
and Space Infrastructure. We deliver disruptive value to government
and commercial customers to help them monitor, understand and
navigate our changing planet; deliver global broadband
communications; and explore and advance the use of space. Our
unique approach combines decades of deep mission understanding and
a proven commercial and defense foundation to deploy solutions and
deliver insights with speed, scale, and cost effectiveness. Maxar’s
4,000 team members in more than 20 global locations are inspired to
harness the potential of space to help our customers create a
better world. Maxar’s stock trades on the New York Stock Exchange
and Toronto Stock Exchange under the symbol “MAXR”. For more
information, visit www.maxar.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006125/en/
Jason Gursky | VP Investor Relations | 1-303-684-2207 |
jason.gursky@maxar.com
Turner Brinton | Media Relations | 1-303-684-4545 |
turner.brinton@maxar.com
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