- EPS of $1.01; adjusted EPS of $1.60, up 30% from a year
ago
- Full-year adjusted EPS of $5.59, up from $4.45 in 2022
- Full-year share repurchases $1.168 billion
- Aviation backlog of $7.2 billion at year-end 2023, up $782
million from year-end 2022
- 2024 full-year EPS outlook of $5.62 to $5.82, full year
adjusted EPS outlook of $6.20 to $6.40
Textron Inc. (NYSE: TXT) today reported fourth quarter 2023
income from continuing operations of $1.01 per share, as compared
to $1.07 per share in the fourth quarter of 2022. Adjusted income
from continuing operations, a non-GAAP measure that is defined and
reconciled to GAAP in an attachment to this release, was $1.60 per
share for the fourth quarter of 2023, compared to $1.23 per share
in the fourth quarter of 2022.
Full year 2023 income from continuing operations was $4.57 per
share, up from $4.01 in 2022. Full year 2023 adjusted income from
continuing operations was $5.59, as compared to $4.45 in 2022.
“2023 was a strong year at Textron with solid revenue and profit
growth along with segment profit margin expansion,” said Textron
Chairman and CEO Scott C. Donnelly. "At Aviation, we saw continued
backlog growth and, at Bell, the team began executing on our
transformational FLRAA program."
Cash Flow
Net cash provided by operating activities of the manufacturing
group for the full year was $1.3 billion. Manufacturing cash flow
before pension contributions, a non-GAAP measure that is defined
and reconciled to GAAP in an attachment to this release, totaled
$931 million for the full year, down from $1.178 billion in
2022.
In the quarter, Textron returned $283 million to shareholders
through share repurchases. Full year 2023 share repurchases totaled
$1.168 billion.
Outlook
Textron is forecasting 2024 revenues of approximately $14.6
billion, up from $13.7 billion in 2023. Textron expects full-year
2024 GAAP earnings per share from continuing operations will be in
the range of $5.62 to $5.82 or $6.20 to $6.40 on an adjusted basis,
which is reconciled to GAAP in an attachment to this release.
The company is estimating net cash provided by operating
activities of the manufacturing group will be between $1.3 billion
and $1.4 billion and manufacturing cash flow before pension
contributions, a non-GAAP measure, will be between $900 million and
$1.0 billion, with planned pension contributions of about $50
million.
"The 2024 outlook reflects higher revenues, increasing segment
profit and operating margin expansion with a continuation of our
growth strategy of ongoing investments in new products and programs
to drive increases in long-term shareholder value," Donnelly
concluded.
Fourth Quarter Segment Results
Textron Aviation
Revenues at Textron Aviation of $1.5 billion were down $58
million from the fourth quarter of 2022, reflecting lower volume
and mix of $158 million, partially offset by higher pricing of $100
million.
Textron Aviation delivered 50 jets in the quarter, down from 52
last year, and 44 commercial turboprops, down from 47 last
year.
Segment profit was $193 million in the fourth quarter, up $23
million from a year ago, reflecting a favorable impact from
pricing, net of inflation, of $51 million, partially offset by
lower volume and mix of $22 million.
Textron Aviation backlog at the end of the fourth quarter was
$7.2 billion.
Bell
Bell revenues were $1.1 billion, up $255 million from last
year's fourth quarter, reflecting higher commercial revenues of
$171 million largely driven by increased deliveries and higher
military revenues of $84 million related to the FLRAA program.
Bell delivered 91 commercial helicopters in the quarter, up from
71 last year.
Segment profit of $118 million was up $55 million from a year
ago, primarily driven by higher volume and mix of $39 million.
Bell backlog at the end of the fourth quarter was $4.8
billion.
Textron Systems
Revenues at Textron Systems were $314 million, flat with last
year's fourth quarter.
Segment profit of $35 million was equal to last year's fourth
quarter.
Textron Systems’ backlog at the end of the fourth quarter was
$2.0 billion.
Industrial
Industrial revenues were $961 million, up $54 million from last
year's fourth quarter, largely reflecting higher volume and mix at
Kautex and a favorable impact from pricing at Textron Specialized
Vehicles.
Segment profit of $57 million was up $14 million from the fourth
quarter of 2022, primarily due to higher pricing, net of inflation,
of $18 million.
Textron eAviation
Textron eAviation segment revenues were $10 million and segment
loss was $23 million in the fourth quarter of 2023, which reflected
the operating results of Pipistrel along with research and
development costs for initiatives related to the development of
sustainable aviation solutions.
Finance
Finance segment revenues were $12 million, and profit was $4
million in the fourth quarter of 2023.
Restructuring
In November, we announced a restructuring plan that resulted in
pre-tax special charges of $126 million in the fourth quarter. We
anticipate the restructuring plan will be substantially completed
in the first half of 2024, resulting in annualized cost savings of
approximately $75 million.
Conference Call Information
Textron will host its conference call today, January 24, 2024 at
8:00 a.m. (Eastern) to discuss its results and outlook. The call
will be available via webcast at www.textron.com or by direct dial
at (844) 867-6169 in the U.S. or (409) 207-6975 outside of the
U.S.; Access Code: 2046023.
In addition, the call will be recorded and available for
playback beginning at 11:00 a.m. (Eastern) on Wednesday, January
24, 2024 by dialing (402) 970-0847; Access Code: 4065507.
A package containing key data that will be covered on today’s
call can be found in the Investor Relations section of the
company’s website at www.textron.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its
global network of aircraft, defense, industrial and finance
businesses to provide customers with innovative solutions and
services. Textron is known around the world for its powerful brands
such as Bell, Cessna, Beechcraft, Hawker, Pipistrel, Jacobsen,
Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more
information visit: www.textron.com.
Forward-looking Information
Certain statements in this release and other oral and written
statements made by us from time to time are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which may
describe strategies, goals, outlook or other non-historical
matters, or project revenues, income, returns or other financial
measures, often include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,”
“target,” “potential,” “will,” “should,” “could,” “likely” or “may”
and similar expressions intended to identify forward-looking
statements. These statements are only predictions and involve known
and unknown risks, uncertainties, and other factors that may cause
our actual results to differ materially from those expressed or
implied by such forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Forward-looking statements speak only
as of the date on which they are made, and we undertake no
obligation to update or revise any forward-looking statements. In
addition to those factors described in our Annual Report on Form
10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”,
among the factors that could cause actual results to differ
materially from past and projected future results are the
following: Interruptions in the U.S. Government’s ability to fund
its activities and/or pay its obligations; changing priorities or
reductions in the U.S. Government defense budget, including those
related to military operations in foreign countries; our ability to
perform as anticipated and to control costs under contracts with
the U.S. Government; the U.S. Government’s ability to unilaterally
modify or terminate its contracts with us for the U.S. Government’s
convenience or for our failure to perform, to change applicable
procurement and accounting policies, or, under certain
circumstances, to withhold payment or suspend or debar us as a
contractor eligible to receive future contract awards; changes in
foreign military funding priorities or budget constraints and
determinations, or changes in government regulations or policies on
the export and import of military and commercial products;
volatility in the global economy or changes in worldwide political
conditions that adversely impact demand for our products;
volatility in interest rates or foreign exchange rates and
inflationary pressures; risks related to our international
business, including establishing and maintaining facilities in
locations around the world and relying on joint venture partners,
subcontractors, suppliers, representatives, consultants and other
business partners in connection with international business,
including in emerging market countries; our Finance segment’s
ability to maintain portfolio credit quality or to realize full
value of receivables; performance issues with key suppliers or
subcontractors; legislative or regulatory actions, both domestic
and foreign, impacting our operations or demand for our products;
our ability to control costs and successfully implement various
cost-reduction activities; the efficacy of research and development
investments to develop new products or unanticipated expenses in
connection with the launching of significant new products or
programs; the timing of our new product launches or certifications
of our new aircraft products; our ability to keep pace with our
competitors in the introduction of new products and upgrades with
features and technologies desired by our customers; pension plan
assumptions and future contributions; demand softness or volatility
in the markets in which we do business; cybersecurity threats,
including the potential misappropriation of assets or sensitive
information, corruption of data or, operational disruption;
difficulty or unanticipated expenses in connection with integrating
acquired businesses; the risk that acquisitions do not perform as
planned, including, for example, the risk that acquired businesses
will not achieve revenue and profit projections; the impact of
changes in tax legislation; the risk of disruptions to our business
and the business of our suppliers, customers and other business
partners due to unexpected events, such as pandemics, natural
disasters, acts of war, strikes, terrorism, social unrest or other
societal or political conditions; and the ability of our businesses
to hire and retain the highly skilled personnel necessary for our
businesses to succeed.
TEXTRON INC.
Revenues by Segment and
Reconciliation of Segment Profit to Net Income
(Dollars in millions, except per
share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
REVENUES
MANUFACTURING:
Textron Aviation
$
1,524
$
1,582
$
5,373
$
5,073
Bell
1,071
816
3,147
3,091
Textron Systems
314
314
1,235
1,172
Industrial
961
907
3,841
3,465
Textron eAviation
10
6
32
16
3,880
3,625
13,628
12,817
FINANCE
12
11
55
52
Total revenues
$
3,892
$
3,636
$
13,683
$
12,869
SEGMENT
PROFIT
MANUFACTURING:
Textron Aviation
$
193
$
170
$
649
$
560
Bell
118
63
320
282
Textron Systems
35
35
147
132
Industrial
57
43
228
155
Textron eAviation
(23
)
(10
)
(63
)
(24
)
380
301
1,281
1,105
FINANCE
4
5
46
31
Segment profit (a)
384
306
1,327
1,136
Corporate expenses and other, net
(45
)
(50
)
(143
)
(143
)
Interest expense, net for Manufacturing
group
(13
)
(17
)
(62
)
(94
)
Special charges (b)
(126
)
—
(126
)
—
LIFO inventory provision
(21
)
(29
)
(107
)
(71
)
Intangible asset amortization
(9
)
(13
)
(39
)
(52
)
Non-service components of pension and
postretirement income, net
60
60
237
240
Income from continuing operations before
income taxes
230
257
1,087
1,016
Income tax expense
(31
)
(31
)
(165
)
(154
)
Income from continuing
operations
$
199
$
226
$
922
$
862
Discontinued operations, net of income
taxes
(1
)
—
(1
)
(1
)
Net income
$
198
$
226
$
921
$
861
Earnings Per Share from continuing
operations
$
1.01
$
1.07
$
4.57
$
4.01
Diluted average shares outstanding
197,584,000
210,488,000
201,774,000
214,973,000
Income from continuing operations and
Diluted earnings per share (EPS) GAAP to Non-GAAP
Reconciliation:
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Income from continuing operations -
GAAP
$
199
$
226
$
922
$
862
Add: Special charges, net of tax (b)
94
—
94
—
LIFO inventory provision, net of tax
16
22
81
54
Intangible asset amortization, net of
tax
7
10
30
40
Adjusted income from continuing
operations - Non-GAAP (a)
$
316
$
258
$
1,127
$
956
Earnings Per Share:
Income from continuing operations -
GAAP
$
1.01
$
1.07
$
4.57
$
4.01
Add: Special charges, net of tax (b)
0.47
—
0.47
—
LIFO inventory provision, net of tax
0.08
0.11
0.40
0.25
Intangible asset amortization, net of
tax
0.04
0.05
0.15
0.19
Adjusted income from continuing
operations - Non-GAAP (a)
$
1.60
$
1.23
$
5.59
$
4.45
(a)
Segment profit, adjusted income from
continuing operations and adjusted diluted earnings per share are
non-GAAP financial measures as defined in "Non-GAAP Financial
Measures and Outlook" attached to this release.
(b)
In the fourth quarter of 2023, we
initiated a restructuring plan to reduce operating expenses through
headcount reductions at the Industrial, Bell and Textron Systems
segments. In connection with this plan, we recorded special charges
of $126 million ($94 million, net of tax) for the three and twelve
months ended December 30, 2023. These charges included $39 million
of severance and related costs and $87 million in asset impairment
charges related to both fixed and intangible assets within the
powersports product line at Textron Specialized Vehicles and fixed
assets at Kautex.
Textron Inc.
Condensed Consolidated Balance
Sheets
(In millions)
(Unaudited)
December 30,
2023
December 31,
2022
Assets
Cash and equivalents
$
2,121
$
1,963
Accounts receivable, net
868
855
Inventories
3,914
3,550
Other current assets
857
1,033
Net property, plant and equipment
2,477
2,523
Goodwill
2,295
2,283
Other assets
3,663
3,422
Finance group assets
661
664
Total Assets
$
16,856
$
16,293
Liabilities and Shareholders'
Equity
Current portion of long-term debt
$
357
$
7
Accounts payable
1,023
1,018
Other current liabilities
2,998
2,645
Other liabilities
1,904
1,879
Long-term debt
3,169
3,175
Finance group liabilities
418
456
Total Liabilities
9,869
9,180
Total Shareholders' Equity
6,987
7,113
Total Liabilities and Shareholders'
Equity
$
16,856
$
16,293
TEXTRON INC.
MANUFACTURING GROUP
Condensed Schedule of Cash
Flows
(In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Cash Flows from Operating
Activities:
Income from continuing operations
$
194
$
220
$
884
$
835
Depreciation and amortization
103
109
395
396
Deferred income taxes and income taxes
receivable/payable
(106
)
(56
)
(183
)
(182
)
Pension, net
(50
)
(42
)
(202
)
(165
)
Asset impairments
87
2
88
2
Changes in assets and liabilities:
Accounts receivable, net
36
(3
)
(9
)
(26
)
Inventories
300
298
(359
)
(55
)
Accounts payable
(200
)
119
2
235
Other, net
169
(131
)
654
421
Net cash from operating
activities
533
516
1,270
1,461
Cash Flows from Investing
Activities:
Capital expenditures
(178
)
(162
)
(402
)
(354
)
Net cash used in business acquisitions
—
(1
)
(1
)
(202
)
Net proceeds from corporate-owned life
insurance policies
1
—
40
23
Proceeds from sale of property, plant and
equipment
14
1
18
22
Net cash from investing
activities
(163
)
(162
)
(345
)
(511
)
Cash Flows from Financing
Activities:
Increase/(decrease) in short-term debt
—
1
—
(14
)
Net proceeds from long-term debt
347
—
348
—
Principal payments on long-term debt and
nonrecourse debt
(2
)
(2
)
(7
)
(18
)
Purchases of Textron common stock
(283
)
(228
)
(1,168
)
(867
)
Dividends paid
(4
)
(4
)
(16
)
(17
)
Other financing activities, net
7
8
67
41
Net cash from financing
activities
65
(225
)
(776
)
(875
)
Total cash flows from continuing
operations
435
129
149
75
Total cash flows from discontinued
operations
—
—
(1
)
(2
)
Effect of exchange rate changes on cash
and equivalents
15
17
10
(32
)
Net change in cash and
equivalents
450
146
158
41
Cash and equivalents at beginning of
period
1,671
1,817
1,963
1,922
Cash and equivalents at end of
period
$
2,121
$
1,963
$
2,121
$
1,963
Manufacturing Cash Flow GAAP to
Non-GAAP Reconciliation:
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Net cash from operating activities -
GAAP
$
533
$
516
$
1,270
$
1,461
Less: Capital expenditures
(178
)
(162
)
(402
)
(354
)
Plus: Total pension contribution
11
13
45
49
Proceeds from sale of property, plant and
equipment
14
1
18
22
Manufacturing cash flow before pension
contributions - Non-GAAP (a)
$
380
$
368
$
931
$
1,178
(a)
Manufacturing cash flow before pension
contributions is a non-GAAP financial measure as defined in
"Non-GAAP Financial Measures and Outlook" attached to this
release.
TEXTRON INC.
Condensed Consolidated
Schedule of Cash Flows
(In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Cash Flows from Operating
Activities:
Income from continuing operations
$
199
$
226
$
922
$
862
Depreciation and amortization
103
109
395
397
Deferred income taxes and income taxes
receivable/payable
(112
)
(63
)
(188
)
(202
)
Pension, net
(50
)
(42
)
(202
)
(165
)
Asset impairments
87
2
88
2
Changes in assets and liabilities:
Accounts receivable, net
36
(3
)
(9
)
(26
)
Inventories
300
298
(359
)
(55
)
Accounts payable
(200
)
119
2
235
Captive finance receivables, net
15
6
(17
)
35
Other, net
171
(125
)
635
407
Net cash from operating
activities
549
527
1,267
1,490
Cash Flows from Investing
Activities:
Capital expenditures
(178
)
(162
)
(402
)
(354
)
Net cash used in business acquisitions
—
(1
)
(1
)
(202
)
Net proceeds from corporate-owned life
insurance policies
1
—
40
23
Proceeds from sale of property, plant and
equipment
14
1
18
22
Finance receivables repaid
—
(1
)
26
20
Other investing activities, net
—
—
2
44
Net cash from investing
activities
(163
)
(163
)
(317
)
(447
)
Cash Flows from Financing
Activities:
Increase/(decrease) in short-term debt
—
1
—
(14
)
Net proceeds from long-term debt
347
—
348
—
Principal payments on long-term debt and
nonrecourse debt
(3
)
(7
)
(44
)
(234
)
Purchases of Textron common stock
(283
)
(228
)
(1,168
)
(867
)
Dividends paid
(4
)
(4
)
(16
)
(17
)
Other financing activities, net
7
8
67
41
Net cash from financing
activities
64
(230
)
(813
)
(1,091
)
Total cash flows from continuing
operations
450
134
137
(48
)
Total cash flows from discontinued
operations
—
—
(1
)
(2
)
Effect of exchange rate changes on cash
and equivalents
15
17
10
(32
)
Net change in cash and
equivalents
465
151
146
(82
)
Cash and equivalents at beginning of
period
1,716
1,884
2,035
2,117
Cash and equivalents at end of
period
$
2,181
$
2,035
$
2,181
$
2,035
TEXTRON INC. Non-GAAP Financial
Measures and Outlook (Dollars in millions, except per share
amounts)
We supplement the reporting of our financial information
determined under U.S. generally accepted accounting principles
(GAAP) with certain non-GAAP financial measures. These non-GAAP
financial measures exclude certain significant items that may not
be indicative of, or are unrelated to, results from our ongoing
business operations. We believe that these non-GAAP measures may be
useful for period-over-period comparisons of underlying business
trends and our ongoing business performance, however, they should
be used in conjunction with GAAP measures. Our non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define similarly
named measures differently. We encourage investors to review our
financial statements and publicly filed reports in their entirety
and not to rely on any single financial measure. We utilize the
following definitions for the non-GAAP financial measures included
in this release and have provided a reconciliation of the GAAP to
non-GAAP amounts for each measure:
Segment Profit Segment
profit is an important measure used by our chief operating decision
maker for evaluating performance and for decision-making purposes.
Beginning in 2023, we changed how we measure our manufacturing
segment operating results to exclude the non-service components of
pension and postretirement income, net; LIFO inventory provision;
and intangible asset amortization. This measure also continues to
exclude interest expense, net for Manufacturing group; certain
corporate expenses; gains/losses on major business dispositions;
and special charges. The prior period has been recast to conform to
this presentation. The measurement for the Finance segment includes
interest income and expense along with intercompany interest income
and expense.
Adjusted Income from Continuing
Operations, Adjusted Diluted Earnings Per Share and
Outlook Adjusted income from continuing operations and
adjusted diluted earnings per share exclude special charges, net of
tax and gains/losses on major business dispositions, net of tax. We
consider items recorded in special charges, such as enterprise-wide
restructuring, certain asset impairment charges, and
acquisition-related restructuring, integration and transaction
costs, to be of a non-recurring nature that is not indicative of
ongoing operations.
Beginning in 2023, these measures also exclude LIFO inventory
provision, net of tax and Intangible asset amortization, net of
tax. LIFO inventory provision is excluded to improve comparability
with other companies in our industry who have not elected to use
the LIFO inventory costing method. Intangible asset amortization is
excluded to improve comparability as the impact of such
amortization can vary substantially from company to company
depending upon the nature and extent of acquisitions and exclusion
of this expense is consistent with the presentation of non-GAAP
measures provided by other companies within our industry.
Management believes that it is important for investors to
understand that these intangible assets were recorded as part of
purchase accounting and contribute to revenue generation. The prior
period has been recast to conform to this presentation.
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Income from continuing operations -
GAAP
$
199
$
226
$
922
$
862
Add: Special charges, net of tax
94
—
94
—
LIFO inventory provision, net of tax
16
22
81
54
Intangible asset amortization, net of
tax
7
10
30
40
Adjusted income from continuing
operations - Non-GAAP
$
316
$
258
$
1,127
$
956
Income from continuing operations -
GAAP
$
1.01
$
1.07
$
4.57
$
4.01
Add: Special charges, net of tax
$
0.47
$
—
$
0.47
$
—
LIFO inventory provision, net of tax
0.08
0.11
0.40
0.25
Intangible asset amortization, net of
tax
0.04
0.05
0.15
0.19
Adjusted income from continuing
operations - Non-GAAP
$
1.60
$
1.23
$
5.59
$
4.45
2024 Outlook
Diluted EPS
Income from continuing operations -
GAAP
$
1,073
$
1,108
$
5.62
$
5.82
Add: LIFO inventory provision, net of
tax
85
0.44
Intangible asset amortization, net of
tax
27
0.14
Adjusted income from continuing
operations - Non-GAAP
$
1,185
—
$
1,220
$
6.20
—
$
6.40
TEXTRON INC. Non-GAAP Financial
Measures and Outlook (Continued) (Dollars in millions, except
per share amounts)
Manufacturing Cash Flow Before Pension
Contributions and Outlook Manufacturing cash flow before
pension contributions adjusts net cash from operating activities
(GAAP) for the following:
- Deducts capital expenditures and includes proceeds from
insurance recoveries and the sale of property, plant and equipment
to arrive at the net capital investment required to support ongoing
manufacturing operations;
- Excludes dividends received from Textron Financial Corporation
(TFC) and capital contributions to TFC provided under the Support
Agreement and debt agreements as these cash flows are not
representative of manufacturing operations;
- Adds back pension contributions as we consider our pension
obligations to be debt-like liabilities. Additionally, these
contributions can fluctuate significantly from period to period and
we believe that they are not representative of cash used by our
manufacturing operations during the period.
While we believe this measure provides a focus on cash generated
from manufacturing operations, before pension contributions, and
may be used as an additional relevant measure of liquidity, it does
not necessarily provide the amount available for discretionary
expenditures since we have certain non-discretionary obligations
that are not deducted from the measure.
Three Months Ended
Twelve Months Ended
December 30,
2023
December 31,
2022
December 30,
2023
December 31,
2022
Net cash from operating activities -
GAAP
$
533
$
516
$
1,270
$
1,461
Less: Capital expenditures
(178
)
(162
)
(402
)
(354
)
Plus: Total pension contribution
11
13
45
49
Proceeds from sale of property, plant and
equipment
14
1
18
22
Manufacturing cash flow before pension
contributions - Non-GAAP
$
380
$
368
$
931
$
1,178
2024 Outlook
Net cash from operating activities -
GAAP
$
1,275
—
$
1,375
Less: Capital expenditures
(425)
Plus: Total pension contribution
50
Manufacturing cash flow before pension
contributions - Non-GAAP
$
900
—
$
1,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240124324224/en/
Investor Contacts: David Rosenberg – 401-457-2288 Cameron
Vollmuth – 401-457-2288
Media Contact: Mike Maynard – 401-457-2288
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