- U.K. Renewable new-build projects continue to
advance
- Cost-savings actions targeting $45 million in
annual savings underway
- Evaluating strategic alternatives for MEGTEC
and Universal
Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW)
announced today third quarter 2017 revenues of $408.7 million, a
decrease of $2.3 million, or 0.5%, compared to the third quarter of
2016. GAAP earnings per share in third quarter 2017 were a loss of
$2.48 compared to earnings per share of $0.18 in third quarter
2016. Included in third quarter 2017 GAAP earnings are non-cash
goodwill impairment charges of $86.9 million, or $1.86 per share.
Adjusted earnings per share were a loss of $0.49 for the three
months ended September 30, 2017 compared to adjusted earnings
per share of $0.36 in the prior year period. A reconciliation of
non-GAAP results is provided in Exhibit 1.
“During the quarter, we made significant progress on our U.K.
Renewable new-build projects, and we continue to expect these
projects to be substantially construction complete by mid-2018,”
said E. James Ferland, Chairman and Chief Executive Officer.
“Importantly, we were able to agree to design changes with multiple
customers that enhance plant performance and largely offset the
financial impact of the boiler structural steel design issues we
identified in late-September."
"We are driving cost-savings actions within our business
segments and in overhead-related functions, with a target of
approximately $45 million in annual savings, as we work to improve
our global cost structure," continued Mr. Ferland.
"We ended third quarter in compliance with our financial
covenants and forecast that we will remain in compliance going
forward. Even with that positive outlook, it is prudent that we
maximize our financial optionality as move closer to the completion
of construction on our legacy U.K. Renewable new-build projects.
With a favorable outlook for our MEGTEC and Universal business
lines, we are evaluating strategic alternatives for these
businesses. Beginning the process now should put us in a strong
decision-making position in early 2018 to decide the best path
forward."
Results of Operations
Consolidated revenues in third quarter 2017 were $408.7 million,
a decrease of $2.3 million compared to $411.0 million in third
quarter 2016, as higher revenue in the Industrial segment was
offset by lower volumes in the Power segment and lower revenue on
new-build projects in the Renewable segment. The GAAP operating
loss in third quarter 2017 was $104.7 million compared to operating
income of $11.1 million in third quarter 2016. Included in the
third quarter 2017 GAAP operating loss are non-cash goodwill
impairment charges of $86.9 million, recorded in the Renewable
segment and SPIG business line. The adjusted operating loss in
third quarter 2017 was $9.4 million, compared to adjusted operating
income of $23.8 million in third quarter 2016, due mainly to lower
recognized profits on new-build Renewable projects, lower profit in
Industrial, and lower volumes in Power, which were partially offset
by lower SG&A expense; see Exhibit 1 for a reconciliation of
non-GAAP results.
Third quarter 2017 revenues for the Power segment
decreased 4.5% to $202.2 million compared to $211.7 million in the
prior year period. Revenues decreased as a result of lower
construction activities associated with new build utility and
environmental projects, which were mitigated by an increase in
retrofit and service and industrial steam generation sales. Gross
profit in the Power segment in third quarter 2017 was $40.6
million, compared to $48.9 million in the prior year period. Gross
profit margin was 20.1% in third quarter 2017, compared to 23.1% in
third quarter 2016. Benefits from the proactive restructuring plan
introduced in mid-2016 and ongoing cost controls partially offset
the impact of lower volumes on gross margin compared to the prior
year period.
Industrial segment revenues increased 29.3% to $99.3
million in third quarter 2017 compared to $76.8 million in third
quarter 2016, as organic growth was complemented by the addition of
Universal. Gross profit in the Industrial segment was $9.5 million
in third quarter 2017, compared to $14.6 million in the prior year
period. Gross profit margin was 9.5%, compared to 19.0% last year,
as higher volume was offset by overall business mix and lower
profitability on certain cooling systems projects.
Revenues in the Renewable segment were $108.6 million for
the third quarter of 2017, a 12.7% decrease compared to $124.3
million in third quarter 2016. Renewable segment gross profit was
$0.2 million in third quarter 2017, compared to gross profit of
$18.6 million reported in third quarter 2016.
In September 2017, the Company identified and announced the
failure of a structural steel beam at a renewable new-build project
in the U.K. Work was temporarily stopped at the project, pending
corrective actions to stabilize the structure. A similar design was
used on two other new-build projects in the U.K., and although no
structural failure occurred on these projects, work was also
stopped for a short period time, and reinforcement of the structure
is underway. Total costs associated with the structural steel
design issue at the three projects, mainly due to the resulting
schedule impact, are in line with our previously stated estimate,
and are estimated to be approximately $20 million. These costs were
largely offset in the quarter by an increase in project revenue of
approximately $15 million related to agreements with customers for
design changes to increase the power output at the three new-build
projects where the boiler structural steel design issue was
identified.
Cost Savings Targeting $45 Million in Annual Savings
The Company has identified and is implementing multiple actions
to proactively improve its global cost structure. Key actions
include:
- Cost-savings initiatives across the
Company including domestic and international workforce reductions,
SG&A cost reductions and office closures and consolidations in
non-core geographies. These actions are focused on productivity and
efficiency gains to enhance profitability and cash flow.
- Specific to B&W Vølund, the Company
is implementing a workforce reduction of approximately 30%. These
actions are expected to optimize its workforce to operate under a
new execution model for the Company’s new-build renewable business.
The new model focuses on B&W’s core boiler, grate and
environmental equipment technologies, with the balance-of-plant and
civil construction scope being executed by a partner. This model
provides the Company with a lower-risk profile and aligns with
B&W’s strategy of being an equipment technology and solutions
provider.
In total, these actions represent a workforce reduction of 9%
and are expected to deliver annual savings of approximately $45
million in 2018. Roughly $20 million of these savings are
anticipated to directly benefit profitability, with the remainder
targeted at sustaining profitability as the Renewable segment
shifts to its new execution model, and as the Company continues to
optimize its Power business primarily as the result of lower
revenue in the global new-build coal-fired power market. Total
costs associated with these actions are anticipated to be
approximately $20 million, most of which are expected to be
recognized in fourth quarter 2017.
Evaluating Strategic Alternatives
The Company initiated the process to evaluate strategic
alternatives for its MEGTEC and Universal business lines. The
Company has engaged William Blair & Company LLC as a financial
advisor in connection with this process. In addition, the Company
continues to evaluate potential options regarding non-core
assets.
Balance Sheet
The Company’s cash and cash equivalents balance, net of
restricted cash, was $48.1 million at September 30, 2017. During
the quarter, the Company entered into a second-lien term loan
agreement under which the Company borrowed $175.9 million of which,
the majority of which as used to reduce balances under revolving
credit facilities. At September 30, 2017, outstanding balances
under revolving credit facilities totaled $71.3 million.
Goodwill Impairment
The Company recorded non-cash goodwill impairment charges of
$86.9 million in third quarter 2017 primarily due to a higher
discount rate applied to projected cash flows in the Renewable
segment and both a higher discount rate and lower near-term
profitability in the SPIG business line.
Revising 2017 Outlook
The Company is providing revenue and gross margin guidance by
segment as follows:
- Power: full year 2017 revenue at the
low end of the previously guided range of $825 million to $875
million, with gross margin in the low 20% range
- Renewable: full year 2017 revenue of
approximately $350 million with positive gross margins in second
half 2017
- Industrial: full year 2017 revenue at
the low end of the previously guided range of $400 million to $450
million, with gross margin in the mid-teens
Conference Call to Discuss Third Quarter 2017 Results
Date: Wednesday, November 8, 2017, at 5:00 p.m. EST
Live Webcast: Investor Relations section of website at
www.babcock.com
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
our strategic objectives; our business execution model;
management’s expectations regarding the industries in which we
operate; our guidance and forecasts; our projected operating margin
improvements, savings and restructuring costs; covenant compliance;
and project execution. These forward-looking statements are based
on management’s current expectations and involve a number of risks
and uncertainties, including, among other things, our ability to
maintain sufficient sources of liquidity to fund our operations,
including sufficient bonding and surety capacity to meet customer
requirements; our ability to realize anticipated savings and
operational benefits from our restructuring plans, and other
cost-savings initiatives; our ability to successfully capitalize on
the strategic alternative evaluation of our MEGTEC and Universal
business lines; our ability to successfully integrate and realize
the expected synergies from acquisitions; our ability to realize
the benefits of expected cross-selling opportunities from
acquisitions; our ability to successfully address productivity and
schedule issues in our Renewable segment, including our efforts to
enhance its resources and infrastructure; timely completion of
engineering work; productivity of subcontractors; our ability to
successfully refine our the execution model of our Renewable
segment; our ability to meet performance guarantees; our ability to
successfully partner with third parties to win and execute
renewable projects; changes in the jurisdictional mix of our income
and losses; disruptions experienced with customers and suppliers;
claims by third parties; the inability to retain key personnel;
adverse changes in the industries in which we operate; and delays,
changes or termination of contracts in backlog. If one or more of
these risks or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of
these and other risk factors, see B&W’s filings with the
Securities and Exchange Commission, including our most recent
annual report on Form 10-K and subsequent quarterly reports on Form
10-Q. B&W cautions not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release, and undertakes no obligation to update or revise any
forward-looking statement, except to the extent required by
applicable law.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a
global leader in energy and environmental technologies and services
for the power and industrial markets. Follow us on Twitter
@BabcockWilcox and learn more at www.babcock.com.
Exhibit 1Babcock & Wilcox Enterprises,
Inc.Reconciliation of Non-GAAP Operating Income and Earnings
Per Share(1)(2)(In millions, except per share
amounts)
Three Months Ended September 30, 2017 GAAP
Restructuringand
spin-offtransactioncosts
Acquisition andintegration costs
Financialadvisoryservices
Goodwillimpairment
Non-GAAP
Intangibleamortization
Non-GAAPexcludingintangibleamortization
Operating income (loss) $(104.7) $3.8 $0.3
$0.4 $86.9 $(13.4) $4.0 $(9.4) Other
expense (15.0) — — — — (15.0) — (15.0) Income tax expense (benefit)
(5.6) 0.9 0.1 0.1 1.1 (3.4)
1.3 (2.1) Net income (loss) $(114.1) $2.9 $0.2 $0.2
$85.8 $(25.0) $2.7 $(22.3) Net loss attributable to non-controlling
interest (0.2) — — — — (0.2)
— (0.2) Net income (loss) attributable to
shareholders $(114.3) $2.9 $0.2 $0.2
$85.8 $(25.2) $2.7 $(22.5) Diluted EPS
- continuing operations $(2.48) $0.06 $— $— $1.86 $(0.55) $0.06
$(0.49) Income tax rate 4.7% 12.0% 8.8%
Three Months Ended September 30, 2016 GAAP
Restructuring costsand spin-offtransaction
costs
Acquisition andintegration costs
Pension & OPEBMTM (gain) / loss
Non-GAAP
Intangibleamortization
Non-GAAPexcludingintangibleamortization
Operating income (loss) $11.1 $2.4 $0.8 $0.6
$15.0 $8.8 $23.8 Other expense (0.5) — — —
(0.5) — (0.5) Income tax expense (benefit) 1.6 0.7
(0.2) 0.2 2.4 2.8 5.2 Net income (loss)
$9.0 $1.7 $1.0 $0.5 $12.1 $6.0 $18.1 Net loss attributable to
non-controlling interest (0.1) — — —
(0.1) — (0.1) Net income (loss) attributable to
shareholders $8.9 $1.7 $1.0 $0.5 $12.0
$6.0 $18.0 Diluted EPS - continuing operations
$0.18 $0.04 $0.02 $0.01 $0.24 $0.12 $0.36 Income tax rate
15.2% 16.3% 22.3%
Nine Months Ended September 30,
2017 GAAP
Impairmentof equitymethodinvestment
Restructuringand
spin-offtransactioncosts
Acquisitionandintegrationcosts
Pension &OPEBMTM (gain)/ loss
Litigation
Financialadvisoryservices
Goodwillimpairment
Non-GAAP
Intangibleamortization
Non-GAAPexcludingintangibleamortization
Operating income (loss) $(258.2) $18.2 $8.9
$3.1 $1.1 $— $0.4 $86.9 $(139.6)
$14.5 $(125.2) Other income (expense) (21.2) — — — —
3.7 — — (17.5) — (17.5) Income tax expense (benefit) (7.6) —
2.2 0.7 0.3 1.4 0.1 1.1
(1.8) 4.6 2.7 Net income (loss) $(271.8) $18.2
$6.8 $2.4 $0.8 $2.3 $0.2 $85.8 $(155.3) $9.9 $(145.4) Net loss
attributable to non-controlling interest (0.6) — —
— — — — — (0.6) —
(0.6) Net income (loss) attributable to shareholders
$(272.3) $18.2 $6.8 $2.4 $0.8
$2.3 $0.2 $85.8 $(155.9) $9.9
$(146.0) Diluted EPS - continuing operations $(5.69) $0.38
$0.14 $0.05 $0.02 $0.05 $— $1.79 $(3.25) $0.21 $(3.05)
Income tax rate 2.7% 1.2% (1.9)%
Nine Months Ended
September 30, 2016 GAAP
Restructuring costsand spin-offtransaction
costs
Pension & OPEBMTM (gain) / loss
Acquisition andintegration costs
Non-GAAP
Intangibleamortization
Non-GAAPexcludingintangibleamortization
Operating income (loss) $(44.2) $38.0 $30.5
$2.8 $27.1 $11.9 $39.0 Other income (expense)
(0.4) — — — (0.4) — (0.4) Income tax expense (benefit) (0.8)
(0.7) 11.1 0.6 10.3 3.9 14.2 Net
income (loss) $(43.8) $38.7 $19.4 $2.2 $16.5 $8.0 $24.4 Net loss
attributable to non-controlling interest (0.3) — —
— (0.3) — (0.3) Net income (loss)
attributable to shareholders $(44.1) $38.7 $19.4
$2.2 $16.2 $8.0 $24.1 Diluted
EPS - continuing operations $(0.87) $0.76 $0.38 $0.04 $0.32 $0.16
$0.48 Income tax rate 1.8% 38.4% 36.8%
(1) Figures may not be clerically accurate due to rounding.
(2) B&W is providing non-GAAP information regarding certain
of its historical results to supplement the results provided in
accordance with GAAP, and it should not be considered superior to,
or as a substitute for, the comparable GAAP measures. B&W
believes the non-GAAP measures provide meaningful insight into the
Company’s operational performance and provides these measures to
investors to help facilitate comparisons of operating results with
prior periods and to assist them in understanding B&W’s ongoing
operations.
Exhibit 2Babcock & Wilcox Enterprises,
Inc.Condensed Consolidated Statements of
Operations(1)(In millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30, 2017 2016
2017 2016 Revenues $ 408.7
$ 411.0 $ 1,149.6 $
1,198.3 Costs and expenses: Cost of operations 361.4 337.2
1,095.3 1,018.3 Selling, general and administrative expenses 60.2
60.7 195.8 182.8 Goodwill impairment charges 86.9 0.0 86.9 0.0
Restructuring activities and spin-off transaction costs 3.8 2.4 8.9
38.0 Research and development costs 2.3 2.4 7.5 8.3 Losses (gains)
on asset disposals, net 0.1 0.0 0.1 0.0
Total costs and expenses 514.7 402.6 1,394.4 1,247.4 Equity in
income (loss) and impairment of investees 1.2 2.8
(13.4 ) 4.9
Operating income (loss) (104.7
) 11.1 (258.2 ) (44.2 )
Other income (expense): Interest income 0.1 0.1 0.4 0.7 Interest
expense (7.5 ) (0.4 ) (15.6 ) (1.2 ) Other – net (7.6 ) (0.2 ) (6.0
) 0.1 Total other income (expense) (15.0 ) (0.5 ) (21.2 )
(0.4 ) Income (loss) before income tax expense (119.7 ) 10.6 (279.4
) (44.6 ) Income tax expense (benefit) (5.6 ) 1.6 (7.6 )
(0.8 ) Net income (loss) (114.1 ) 9.0 (271.8 ) (43.8 ) Net income
attributable to noncontrolling interest (0.2 ) (0.1 ) (0.6 ) (0.3 )
Net income (loss) attributable to shareholders $
(114.3 ) $ 8.9 $
(272.3 ) $ (44.1 ) Basic
earnings (loss) per share $ (2.48 ) $ 0.18 $ (5.69 ) $ (0.87 )
Diluted earnings (loss) per share $ (2.48 ) $ 0.18 $ (5.69 )
$ (0.87 ) Shares used in the computation of earnings per
share: Basic 46.1 49.6 47.9 50.6 Diluted 46.1 49.9 47.9 50.6
(1) Figures may not be clerically accurate due to rounding.
Exhibit 3Babcock & Wilcox Enterprises,
Inc.Condensed Consolidated Balance Sheets(1)(In
millions, except per share amount)
September 30, 2017 December 31, 2016
Cash and cash equivalents $ 48.1 $ 95.9 Restricted cash and cash
equivalents 26.6 27.8 Accounts receivable – trade, net 320.2 282.3
Accounts receivable – other 67.4 73.8 Contracts in progress 169.2
166.0 Inventories 91.1 85.8 Other current assets 37.3 46.0
Total current assets 760.0 777.5 Net property, plant and
equipment 143.1 133.6 Goodwill 204.1 267.4 Deferred income taxes
163.0 163.4 Investments in unconsolidated affiliates 87.4 98.7
Intangible assets 80.0 71.0 Other assets 22.2 17.5
Total assets $ 1,459.9 $
1,529.1 Foreign revolving credit facilities $
12.4 $ 14.2 Accounts payable 243.6 220.7 Accrued employee benefits
38.0 35.5 Advance billings on contracts 219.8 210.6 Accrued
warranty expense 41.2 40.5 Other accrued liabilities 92.5
96.0 Total current liabilities 647.5 617.5 United States
revolving credit facility 58.9 9.8 Second lien term loan facility
138.4 — Pension and other accumulated postretirement benefit
liabilities 275.3 301.3 Other noncurrent liabilities 45.0
39.6
Total liabilities 1,165.1 968.2
Commitments and contingencies Stockholders' equity:
Common stock, par value $0.01 per share,
authorized 200.0 shares; issued 44.0 and 48.7 shares at September
30, 2017 and December 31, 2016, respectively
0.5 0.5 Capital in excess of par value 800.2 806.6
Treasury stock at cost, 5.7 and 5.6 shares
at September 30, 2017 and December 31, 2016, respectively
(104.7 ) (103.8 ) Retained deficit (387.0 ) (114.7 ) Accumulated
other comprehensive loss (22.4 ) (36.5 ) Stockholders' equity
attributable to shareholders 286.5 552.1 Noncontrolling interest
8.3 8.8
Total stockholders' equity
294.8 561.0 Total liabilities and
stockholders' equity $ 1,459.9 $
1,529.1
(1) Figures may not be clerically accurate due to rounding.
Exhibit 4Babcock & Wilcox Enterprises,
Inc.Condensed Consolidated Statements of Cash
Flows(1)(In millions)
Nine Months Ended September 30, 2017
2016 Cash flows from operating activities: Net income
(loss) $ (271.8 ) $ (43.8 ) Non-cash items included in net income
(loss): Depreciation and amortization of long-lived assets 31.0
27.4 Amortization of debt issuance cost and debt discount 3.2 —
Income of equity method investees (4.8 ) (4.9 ) Goodwill impairment
charges 86.9 — Other than temporary impairment of investment in
TBWES 18.2 — Losses on asset disposals and impairments 0.5 14.9
Provision for (benefit from) deferred taxes (2.1 ) (7.6 )
Recognition of losses (gains) for pension and postretirement plans
(1.2 ) 30.6 Stock-based compensation, net of associated income
taxes 8.5 13.9 Changes in assets and liabilities: Accounts
receivable 1.4 49.1 Accrued insurance receivable — (15.0 )
Contracts in progress and advance billings on contracts 6.7 (54.0 )
Inventories 2.7 (8.0 ) Income taxes 9.2 6.3 Accounts payable 5.5
(32.4 ) Accrued and other current liabilities (16.0 ) (3.7 )
Pension liabilities, accrued postretirement and employee benefits
(28.0 ) (21.2 ) Other, net (0.8 ) 8.6
Net cash from
operating activities (150.8 ) (39.8 ) Cash flows from investing
activities: Decrease in restricted cash and cash equivalents (2.9 )
8.3 Investment in equity method investees — (26.2 ) Purchase of
property plant and equipment (10.7 ) (20.4 ) Acquisition of
businesses, net of cash acquired (52.5 ) (143.0 ) Purchases of
available-for-sale securities (22.9 ) (30.7 ) Sales and maturities
of available-for-sale securities 31.1 21.0 Other 0.1 (0.6 )
Net cash from investing activities (57.9 ) (191.6 ) Cash
flows from financing activities: Borrowings under our United States
revolving credit facility 511.4 75.5 Repayments of our United
States revolving credit facility (462.3 ) (42.2 ) Proceeds from our
second lien term loan facility, net of $34.2 million discount 141.7
— Repayments of our foreign revolving credit facilities (3.3 )
(18.3 ) Common stock repurchase from related party (16.7 ) — Shares
of our common stock returned to treasury stock (0.9 ) (78.4 ) Debt
issuance costs (14.0 ) — Other (0.3 ) (1.2 )
Net cash from
financing activities 155.5 (64.6 ) Effects of exchange
rate changes on cash 5.4 (4.1 )
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS (47.8 ) (300.1 ) CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD 95.9 365.2
CASH
AND CASH EQUIVALENTS AT END OF PERIOD $ 48.1 $ 65.1
(1) Figures may not be clerically accurate due to rounding.
Exhibit 5Babcock & Wilcox Enterprises,
Inc.Segment Information(1)(In millions)
Three Months Ended Nine Months Ended
SEGMENT RESULTS: September 30, September 30,
2017 2016 2017 2016 REVENUES:
Power $ 202.2 $ 211.7 $ 612.3 $ 762.3 Renewable 108.6 124.3 262.2
293.6 Industrial 99.3 76.8 281.7 147.3 Eliminations (1.4 ) (1.9 )
(6.5 ) (4.9 ) $ 408.7 $ 411.0 $ 1,149.6 $
1,198.3 GROSS PROFIT: Power $ 40.6 $ 48.9 $ 132.7 $
170.9 Renewable 0.2 18.6 (100.1 ) 14.5 Industrial 9.5 14.6 34.2
33.5 Intangible asset amortization included in cost of operations
(3.0 ) (7.8 ) (11.5 ) (8.8 ) Mark to market adjustment included in
cost of operations 0.0 (0.6 ) (1.0 ) (30.1 )
Three Months
Ended Nine Months Ended September 30,
September 30, 2017 2016 2017
2016 AMORTIZATION EXPENSE Power $ 0.3 $ 0.3 $ 0.9 $ 0.8
Renewable 0.2 0.4 0.6 0.9 Industrial 3.5 8.1 13.0
10.2 $ 4.0 $ 8.8 $ 14.5 $ 11.9
DEPRECIATION EXPENSE Power $ 2.3 $ 2.4 $ 7.0 $ 7.6 Renewable
0.6 0.3 1.8 1.0 Industrial 0.9 0.8 2.4 1.1 Corporate 1.8 2.7
5.4 5.8 $ 5.6 $ 6.2 $ 16.6
$ 15.5
Three Months Ended Nine
Months Ended BOOKINGS: September 30, September
30, 2017 2016 2017 2016
Power $ 122 $ 198 $ 476 $ 623 Renewable 35 (2 ) 86 124 Industrial
100 70 360 133 Other/Eliminations (2 ) — (40 ) — $
255 $ 266 $ 881 $ 880
BACKLOG: As of September 30, 2017 2016
Power $ 482 $ 668 Renewable 1,064 1,289 Industrial 317 233
Other/Eliminations (37 ) — $ 1,826 $ 2,190
(1) Figures may not be clerically accurate due to rounding.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171108006453/en/
Investor Contact:Babcock & WilcoxChase Jacobson,
704-625-4944Vice President, Investor
Relationsinvestors@babcock.comorMedia Contact:Babcock &
WilcoxRyan Cornell, 330-860-1345Public
Relationsrscornell@babcock.com
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