2023 Q4 Form 10-Q Financial Statement

#000117867023000023 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $439.7M $750.5M
YoY Change 31.25% 183.96%
Cost Of Revenue $85.86M $79.47M
YoY Change 67.48% 117.69%
Gross Profit $353.9M $671.1M
YoY Change 24.7% 194.58%
Gross Profit Margin 80.47% 89.41%
Selling, General & Admin $198.1M $199.2M
YoY Change -5.81% -15.55%
% of Gross Profit 55.99% 29.68%
Research & Development $272.1M $253.2M
YoY Change 3.86% 3.18%
% of Gross Profit 76.91% 37.73%
Depreciation & Amortization $13.45M $13.40M
YoY Change -5.99% 26.42%
% of Gross Profit 3.8% 2.0%
Operating Expenses $470.3M $452.4M
YoY Change -0.45% -6.0%
Operating Profit -$116.4M $213.9M
YoY Change -38.28% -182.88%
Interest Expense -$23.27M $30.89M
YoY Change -29.33% -24.81%
% of Operating Profit 14.44%
Other Income/Expense, Net $1.984M -$63.13M
YoY Change -86.33% -57.32%
Pretax Income -$137.7M $150.7M
YoY Change -33.49% -137.13%
Income Tax $183.0K $2.988M
% Of Pretax Income 1.98%
Net Earnings -$137.9M $147.8M
YoY Change -33.55% -136.4%
Net Earnings / Revenue -31.35% 19.69%
Basic Earnings Per Share $1.18
Diluted Earnings Per Share -$1.10 $1.15
COMMON SHARES
Basic Shares Outstanding 125.5M shares 125.0M shares
Diluted Shares Outstanding 131.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.428B $2.396B
YoY Change 12.19% 6.85%
Cash & Equivalents $812.7M $1.033B
Short-Term Investments $1.616B $1.363B
Other Short-Term Assets $126.4M $158.0M
YoY Change -4.92% 25.88%
Inventory $89.15M $95.77M
Prepaid Expenses
Receivables $327.8M $325.4M
Other Receivables $99.58M $116.4M
Total Short-Term Assets $2.983B $2.985B
YoY Change 10.79% 10.95%
LONG-TERM ASSETS
Property, Plant & Equipment $526.1M $525.6M
YoY Change 0.49% 2.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.00M $75.16M
YoY Change 8.94% 22.41%
Total Long-Term Assets $847.2M $853.6M
YoY Change -0.81% 1.09%
TOTAL ASSETS
Total Short-Term Assets $2.983B $2.985B
Total Long-Term Assets $847.2M $853.6M
Total Assets $3.830B $3.839B
YoY Change 7.99% 8.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.52M $73.84M
YoY Change -43.4% 82.0%
Accrued Expenses $713.0M $713.1M
YoY Change 30.72% 39.66%
Deferred Revenue $102.8M $77.14M
YoY Change 144.04% -46.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $967.8M $949.8M
YoY Change 26.03% 22.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.021B $1.020B
YoY Change 0.38% 0.38%
Other Long-Term Liabilities $308.4M $280.7M
YoY Change 45.09% 53.41%
Total Long-Term Liabilities $308.4M $280.7M
YoY Change 45.09% 53.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $967.8M $949.8M
Total Long-Term Liabilities $308.4M $280.7M
Total Liabilities $4.051B $4.005B
YoY Change 9.34% 11.16%
SHAREHOLDERS EQUITY
Retained Earnings -$7.010B -$6.872B
YoY Change 6.7% 8.01%
Common Stock $6.811B $6.738B
YoY Change 5.5% 6.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$220.6M -$165.9M
YoY Change
Total Liabilities & Shareholders Equity $3.830B $3.839B
YoY Change 7.99% 8.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$137.9M $147.8M
YoY Change -33.55% -136.4%
Depreciation, Depletion And Amortization $13.45M $13.40M
YoY Change -5.99% 26.42%
Cash From Operating Activities -$29.84M $359.5M
YoY Change -77.39% -411.84%
INVESTING ACTIVITIES
Capital Expenditures $15.31M $17.10M
YoY Change -29.23% -203.57%
Acquisitions
YoY Change
Other Investing Activities -$225.3M $6.300M
YoY Change 90.52% -98.09%
Cash From Investing Activities -$240.7M -$10.80M
YoY Change 72.0% -103.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.23M 33.10M
YoY Change -38.16% -88.86%
NET CHANGE
Cash From Operating Activities -29.84M 359.5M
Cash From Investing Activities -240.7M -10.80M
Cash From Financing Activities 39.23M 33.10M
Net Change In Cash -231.3M 381.8M
YoY Change 10.94% -22.97%
FREE CASH FLOW
Cash From Operating Activities -$29.84M $359.5M
Capital Expenditures $15.31M $17.10M
Free Cash Flow -$45.15M $342.4M
YoY Change -70.6% -446.65%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
868556000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
822153000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1035210000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1075389000 usd
us-gaap Interest Paid Net
InterestPaidNet
26675000 usd
us-gaap Interest Paid Net
InterestPaidNet
43932000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5154000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6156000 usd
us-gaap Nature Of Operations
NatureOfOperations
NATURE OF BUSINESS<div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Alnylam Pharmaceuticals, Inc. (also referred to as Alnylam, we, our or us) commenced operations on June 14, 2002 as a biopharmaceutical company seeking to develop and commercialize novel therapeutics based on ribonucleic acid interference, or RNAi. We are committed to the advancement of our company strategy of building a multi-product, global, commercial biopharmaceutical company with a deep and sustainable clinical pipeline of RNAi therapeutics for future growth and a robust, organic research engine for sustainable innovation and great potential for patient impact. Since inception, we have focused on discovering, developing and commercializing RNAi therapeutics by establishing and maintaining a strong intellectual property position in the RNAi field, establishing strategic alliances with leading pharmaceutical and life sciences companies, generating revenues through licensing agreements, and ultimately developing and commercializing RNAi therapeutics globally, either independently or with our strategic partners. We have devoted substantially all of our efforts to business planning, research, development, manufacturing and commercial efforts, acquiring, filing and expanding intellectual property rights, recruiting management and technical staff, and raising capital. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In early 2021, we launched our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Alnylam P</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">x25 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">strategy, which focuses on our planned transition to a top-tier biotech company by the end of 2025. With </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Alnylam P</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">x25</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">, we aim to deliver transformative rare and prevalent disease medicines for patients around the world through sustainable innovation, while delivering exceptional financial performance. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of September 30, 2023, we have five marketed products, including one partnered product, and multiple late-stage investigational programs advancing towards potential commercialization. We currently generate worldwide product revenues from four commercialized products, ONPATTRO, AMVUTTRA, GIVLAARI and OXLUMO, primarily in the United States, or U.S., Europe and Japan.</span></div>
CY2023Q3 alny Number Of Marketed Products
NumberOfMarketedProducts
5 product
CY2023Q3 alny Number Of Partnered Products
NumberOfPartneredProducts
1 product
CY2023Q3 alny Number Of Commercialized Products
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us-gaap Use Of Estimates
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In our condensed consolidated financial statements, we use estimates and assumptions related to our inventory valuation and related reserves, liability related to the sale of future royalties, development derivative liability, income taxes, revenue recognition, research and development expenses, and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.</span></div>
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.32
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
50500000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
42000000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
11700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
17000000 usd
CY2023Q3 alny Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
-4500000 usd
alny Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
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CY2022Q3 alny Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
-2300000 usd
alny Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
-9700000 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.43
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1386443000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
16000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5508000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1420603000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
119000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9589000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1411133000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
1362843000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
1297890000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
18108000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
113243000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1380951000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1411133000 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
20121000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
22315000 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
88691000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
113783000 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
27658000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
25606000 usd
CY2023Q3 alny Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
136470000 usd
CY2022Q4 alny Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
161704000 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-7.62
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1033024000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1073228000 usd
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
2186000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
2161000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1035210000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1075389000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
8346000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-3969000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12315000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
383000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
10907000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-10524000 usd
CY2023Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.12
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
63937000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
128118000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
179686000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
187882000 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1305000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15974000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13328000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15974000 shares
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
147753000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-405920000 usd
us-gaap Net Income Loss
NetIncomeLoss
-302372000 usd
us-gaap Net Income Loss
NetIncomeLoss
-923663000 usd
CY2023Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
3525000 usd
CY2022Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 usd
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
151278000 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-405920000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-302372000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-923663000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125220000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122166000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124667000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121158000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3616000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131337000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122166000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124667000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121158000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.18
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.62

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