2013 Q1 Form 10-Q Financial Statement

#000089110313000010 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1 2011 Q4
Revenue $742.2M $640.6M $596.9M
YoY Change 15.87% 39.2% 32.23%
Cost Of Revenue $257.5M
YoY Change
Gross Profit $484.8M
YoY Change
Gross Profit Margin 65.31%
Selling, General & Admin $338.6M $311.6M
YoY Change 8.67%
% of Gross Profit 69.85%
Research & Development $35.12M $23.48M
YoY Change 49.55%
% of Gross Profit 7.24%
Depreciation & Amortization $14.02M $12.12M
YoY Change 15.69%
% of Gross Profit 2.89%
Operating Expenses $373.8M $335.1M
YoY Change 11.53%
Operating Profit $84.55M $62.77M $55.46M
YoY Change 34.71% 68.11% -358.57%
Interest Expense $7.663M $1.347M
YoY Change 468.89%
% of Operating Profit 9.06% 2.15%
Other Income/Expense, Net $1.658M $2.756M
YoY Change -39.84%
Pretax Income $78.46M $58.27M
YoY Change 34.63%
Income Tax $25.75M $27.12M
% Of Pretax Income 32.82% 46.54%
Net Earnings $53.64M $34.84M $46.16M
YoY Change 53.97% 91.2% -44.51%
Net Earnings / Revenue 7.23% 5.44% 7.73%
Basic Earnings Per Share $0.64 $0.42 $0.58
Diluted Earnings Per Share $0.61 $0.38 $0.53
COMMON SHARES
Basic Shares Outstanding 84.22M shares 82.80M shares
Diluted Shares Outstanding 87.38M shares 91.72M shares

Balance Sheet

Concept 2013 Q1 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $674.8M $865.2M
YoY Change
Cash & Equivalents $673.8M $624.1M $704.2M
Short-Term Investments $1.021M $161.0M
Other Short-Term Assets $140.9M $112.3M
YoY Change -5.12%
Inventory
Prepaid Expenses $19.77M
Receivables $235.2M $177.0M
Other Receivables
Total Short-Term Assets $1.056B $1.159B
YoY Change -24.93%
LONG-TERM ASSETS
Property, Plant & Equipment $293.3M $259.6M
YoY Change -3.11%
Goodwill $1.674B $1.359B
YoY Change 37.29%
Intangibles $478.8M $378.1M
YoY Change 54.3%
Long-Term Investments $2.687M
YoY Change -98.19%
Other Assets $120.5M $80.76M
YoY Change -1.4%
Total Long-Term Assets $2.725B $2.251B
YoY Change 26.08%
TOTAL ASSETS
Total Short-Term Assets $1.056B $1.159B
Total Long-Term Assets $2.725B $2.251B
Total Assets $3.780B $3.410B
YoY Change 2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $591.4M $534.2M
YoY Change 49.68%
LONG-TERM LIABILITIES
Long-Term Debt $580.0M $95.84M
YoY Change 0.0%
Other Long-Term Liabilities $66.41M $16.60M
YoY Change -17.98%
Total Long-Term Liabilities $646.4M $112.4M
YoY Change -3.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $591.4M $534.2M
Total Long-Term Liabilities $646.4M $112.4M
Total Liabilities $1.238B $646.6M
YoY Change 36.72%
SHAREHOLDERS EQUITY
Retained Earnings -$264.9M -$477.8M
YoY Change -26.72%
Common Stock $11.61B $11.28B
YoY Change 2.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.661B $8.885B
YoY Change 6.24%
Treasury Stock Shares 183.5M shares 182.9M shares
Shareholders Equity $1.637B $1.905B
YoY Change
Total Liabilities & Shareholders Equity $3.780B $3.410B
YoY Change 2.43%

Cashflow Statement

Concept 2013 Q1 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income $53.64M $34.84M $46.16M
YoY Change 53.97% 91.2% -44.51%
Depreciation, Depletion And Amortization $14.02M $12.12M
YoY Change 15.69%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $33.64M $9.633M
YoY Change 249.2%
Acquisitions $29.19M $10.27M
YoY Change 184.35%
Other Investing Activities $837.0K $8.253M
YoY Change -89.86%
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $88.61M $222.9M
YoY Change -60.24%
Debt Paid & Issued, Net $15.84M
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures $33.64M $9.633M
Free Cash Flow
YoY Change

Facts In Submission

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CY2013Q1 us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CONTINGENCIES</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See Note&#160;2 for additional information related to income tax contingencies.</font></div></div>
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CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q1 us-gaap Nonoperating Income Expense
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CY2012Q1 us-gaap Nonoperating Income Expense
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CY2013Q1 us-gaap Number Of Countries In Which Entity Operates
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CY2013Q1 us-gaap Operating Income Loss
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CY2013Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2012Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2012Q4 us-gaap Other Liabilities Noncurrent
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CY2013Q1 us-gaap Other Liabilities Noncurrent
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CY2013Q1 us-gaap Other Noncash Income Expense
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CY2012Q1 us-gaap Other Nonoperating Income Expense
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CY2013Q1 us-gaap Other Nonoperating Income Expense
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CY2012Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2013Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2013Q1 us-gaap Payments Of Dividends Common Stock
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CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2012Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2012Q1 us-gaap Payments To Acquire Longterm Investments
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CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2012Q1 us-gaap Profit Loss
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CY2013Q1 us-gaap Profit Loss
ProfitLoss
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CY2013Q1 us-gaap Property Plant And Equipment Gross
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CY2013Q1 us-gaap Property Plant And Equipment Net
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CY2012Q4 us-gaap Property Plant And Equipment Net
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CY2013Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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58126000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
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CY2012Q1 us-gaap Research And Development Expense
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CY2013Q1 us-gaap Revenues
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Revenues
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CY2013Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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132800000 USD
CY2013Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Stockholders Equity Other
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TreasuryStockShares
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CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2013Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
5000000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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117500000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
120900000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1000000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Estimates</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in accordance with U.S.&#160;GAAP requires management to make certain estimates, judgments and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recovery of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts and revenue reserves; the fair value of acquisition-related contingent consideration; the reserves for income tax contingencies; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3162000 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8917000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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87380000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82801000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84218000 shares
CY2013Q1 iaci Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
343791000 USD
CY2012Q4 iaci Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
355232000 USD
CY2013Q1 iaci Available For Sale Securities Debt Maturities Year Two Through Three Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesYearTwoThroughThreeAmortizedCost
1007000 USD
CY2013Q1 iaci Cost Of Services And Goods Sold Excluding Depreciation Depletion And Amortization
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255082000 USD
CY2012Q1 iaci Cost Of Services And Goods Sold Excluding Depreciation Depletion And Amortization
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223571000 USD
CY2012Q1 iaci Issuance Of Common Stock Net Of Withholding Taxes
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99212000 USD
CY2013Q1 iaci Issuance Of Common Stock Net Of Withholding Taxes
IssuanceOfCommonStockNetOfWithholdingTaxes
552000 USD
CY2013Q1 iaci Loss Contingency Minimum Number Of Lawsuits That Could Have Material Impact
LossContingencyMinimumNumberOfLawsuitsThatCouldHaveMaterialImpact
1 lawsuit
CY2013Q1 iaci Noncontrolling Interest Transfer To Redeemable Noncontrolling Interest
NoncontrollingInterestTransferToRedeemableNoncontrollingInterest
-304000 USD
CY2013Q1 iaci Number Of Brands And Products
NumberOfBrandsAndProducts
150 brand
CY2013Q1 iaci Number Of Monthly Visits To Company Website
NumberOfMonthlyVisitsToCompanyWebsite
1000000000 visit
CY2013Q1 iaci Operating Income Loss Before Amortization
OperatingIncomeLossBeforeAmortization
112750000 USD
CY2012Q1 iaci Operating Income Loss Before Amortization
OperatingIncomeLossBeforeAmortization
91272000 USD
CY2013Q1 iaci Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-11926000 USD
CY2013Q1 iaci Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Excluding Redeemable Non Controlling Interest
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-12815000 USD
CY2013Q1 iaci Profit Loss Excluding Redeemable Non Controlling Interest
ProfitLossExcludingRedeemableNonControllingInterest
53050000 USD
CY2013Q1 iaci Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1000 USD
CY2013Q1 iaci Significant Change In Income Tax Provision Is Reasonably Possible Amount Of Unrecorded Benefit
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14400000 USD
CY2013Q1 iaci Unrecognized Tax Benefit Related To Tax Positions For Which Deductibility Is Highly Certain But Timing Is Uncertain
UnrecognizedTaxBenefitRelatedToTaxPositionsForWhichDeductibilityIsHighlyCertainButTimingIsUncertain
73600000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Included In Accrued Expenses And Other Current Liabilities
UnrecognizedTaxBenefitsIncludedInAccruedExpensesAndOtherCurrentLiabilities
13000000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Included In Noncurrent Income Tax Payable
UnrecognizedTaxBenefitsIncludedInNoncurrentIncomeTaxPayable
469800000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Included In Other Noncurrent Assets
UnrecognizedTaxBenefitsIncludedInOtherNoncurrentAssets
15000000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Including Tax Interest Accrued
UnrecognizedTaxBenefitsIncludingTaxInterestAccrued
497800000 USD
CY2012Q4 iaci Unrecognized Tax Benefits Including Tax Interest Accrued
UnrecognizedTaxBenefitsIncludingTaxInterestAccrued
496800000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Interest On Income Taxes Expense From Continuing Operations
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpenseFromContinuingOperations
1300000 USD
CY2013Q1 iaci Unrecognized Tax Benefits Interest On Income Taxes Expense From Discontinued Operations
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpenseFromDiscontinuedOperations
-1000000 USD
CY2013Q1 iaci Unrecognized Tax Benefits That Would Impact Income Tax Expense Continuing Operations
UnrecognizedTaxBenefitsThatWouldImpactIncomeTaxExpenseContinuingOperations
110500000 USD
CY2013Q1 iaci Unrecognized Tax Benefits That Would Impact Income Tax Expense Discontinued Operations
UnrecognizedTaxBenefitsThatWouldImpactIncomeTaxExpenseDiscontinuedOperations
223300000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000891103
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
IAC/INTERACTIVECORP

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