2016 Q1 Form 10-Q Financial Statement

#000007014516000126 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2014 Q4
Revenue $449.1M $596.1M $523.9M
YoY Change -24.66% -21.17% -4.76%
Cost Of Revenue $81.60M $190.6M $127.1M
YoY Change -57.19% -40.95% -24.16%
Gross Profit $367.5M $405.5M $396.8M
YoY Change -9.37% -6.44% 3.74%
Gross Profit Margin 81.83% 68.03% 75.74%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.95M $82.69M $102.7M
YoY Change -22.66% -8.1% 10.35%
% of Gross Profit 17.4% 20.39% 25.89%
Operating Expenses $686.1M $551.8M $363.3M
YoY Change 24.35% -4.23% -6.71%
Operating Profit -$237.0M $44.33M $160.6M
YoY Change -634.61% -75.38% -0.01%
Interest Expense -$30.00M -$23.90M -$21.80M
YoY Change 25.52% 0.0% -5.63%
% of Operating Profit -53.91% -13.58%
Other Income/Expense, Net $3.200M $1.400M $1.200M
YoY Change 128.57% -72.55% 500.0%
Pretax Income -$263.7M $21.81M $139.9M
YoY Change -1309.43% -86.48% 1.61%
Income Tax -$116.0M $5.136M $55.16M
% Of Pretax Income 23.55% 39.43%
Net Earnings -$147.7M $16.67M $84.74M
YoY Change -986.0% -82.49% 3.03%
Net Earnings / Revenue -32.89% 2.8% 16.18%
Basic Earnings Per Share -$1.74 $0.20 $1.01
Diluted Earnings Per Share -$1.74 $0.20 $1.00
COMMON SHARES
Basic Shares Outstanding 84.81M shares 84.32M shares 84.21M shares
Diluted Shares Outstanding 84.81M shares 85.13M shares 85.12M shares

Balance Sheet

Concept 2016 Q1 2015 Q1 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.70M $69.40M $43.90M
YoY Change 35.01% -54.01% 83.68%
Cash & Equivalents $93.70M $69.44M $43.92M
Short-Term Investments
Other Short-Term Assets $56.71M $59.59M $68.05M
YoY Change -4.83% 8.54% -56.98%
Inventory $42.00M $39.00M $54.00M
Prepaid Expenses
Receivables $137.7M $207.7M $166.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $376.5M $486.9M $452.2M
YoY Change -22.67% -22.33% 10.42%
LONG-TERM ASSETS
Property, Plant & Equipment $4.572B $5.897B $5.854B
YoY Change -22.46% 9.93% 12.02%
Goodwill $5.476M $5.476M $5.476M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $104.3M $88.20M $87.50M
YoY Change 18.25% 2.8% -11.97%
Other Assets $157.0K $178.0K $184.0K
YoY Change -11.8% -75.88% -99.96%
Total Long-Term Assets $852.3M $844.6M $839.2M
YoY Change 0.92% 46.51% -85.67%
TOTAL ASSETS
Total Short-Term Assets $376.5M $486.9M $452.2M
Total Long-Term Assets $852.3M $844.6M $839.2M
Total Assets $5.801B $7.228B $7.145B
YoY Change -19.74% 10.06% 14.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.1M $168.3M $125.8M
YoY Change -34.01% 9.89% 3.47%
Accrued Expenses $24.05M $29.23M $31.31M
YoY Change -17.72% 15.81% -74.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $157.5M $172.9M
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $352.6M $644.2M $570.5M
YoY Change -45.26% 25.55% 75.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.085B $1.649B $1.649B
YoY Change 26.45% 0.0% 0.0%
Other Long-Term Liabilities $895.9M $772.2M $741.8M
YoY Change 16.02% 2.56% 2.7%
Total Long-Term Liabilities $1.741B $2.336B $2.322B
YoY Change -25.46% 10.92% -2.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $352.6M $644.2M $570.5M
Total Long-Term Liabilities $1.741B $2.336B $2.322B
Total Liabilities $2.093B $2.980B $2.893B
YoY Change -29.74% 13.79% -27.93%
SHAREHOLDERS EQUITY
Retained Earnings $699.4M $1.651B $1.667B
YoY Change -57.63% 6.01% 11.6%
Common Stock $84.89M $84.39M $84.26M
YoY Change 0.6% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.623B $2.599B $2.603B
YoY Change
Total Liabilities & Shareholders Equity $5.801B $7.228B $7.145B
YoY Change -19.74% 10.06% 14.05%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2014 Q4
OPERATING ACTIVITIES
Net Income -$147.7M $16.67M $84.74M
YoY Change -986.0% -82.49% 3.03%
Depreciation, Depletion And Amortization $63.95M $82.69M $102.7M
YoY Change -22.66% -8.1% 10.35%
Cash From Operating Activities $198.7M $318.4M $189.1M
YoY Change -37.59% -2.48% 7.02%
INVESTING ACTIVITIES
Capital Expenditures -$172.6M -$248.4M $244.9M
YoY Change -30.52% 44.0% 25.66%
Acquisitions
YoY Change
Other Investing Activities $91.90M -$100.0K $1.229M
YoY Change -92000.0% -107.69% -134.0%
Cash From Investing Activities -$80.70M -$248.4M -$246.2M
YoY Change -67.51% 45.09% 28.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.70M -44.40M 64.10M
YoY Change 36.71% 56.34% -342.8%
NET CHANGE
Cash From Operating Activities 198.7M 318.4M 189.1M
Cash From Investing Activities -80.70M -248.4M -246.2M
Cash From Financing Activities -60.70M -44.40M 64.10M
Net Change In Cash 57.30M 25.60M 7.000M
YoY Change 123.83% -79.83% -117.07%
FREE CASH FLOW
Cash From Operating Activities $198.7M $318.4M $189.1M
Capital Expenditures -$172.6M -$248.4M $244.9M
Free Cash Flow $371.3M $566.8M -$55.83M
YoY Change -34.49% 13.59% 206.41%

Facts In Submission

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54130000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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1469000 USD
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2929000 USD
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31000 USD
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168000 USD
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252100000 USD
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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226000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2015Q3 us-gaap Goodwill
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21805000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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3136000 USD
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5725000 USD
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56524000 USD
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation State And Local Income Taxes
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6700000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
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us-gaap Increase Decrease In Accounts Payable Trade
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62832000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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53491000 USD
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22420000 USD
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2702000 USD
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0 USD
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1245000 USD
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12992000 USD
us-gaap Increase Decrease In Margin Deposits Outstanding
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Operating Assets
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43186000 USD
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us-gaap Increase Decrease In Receivables
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28211000 USD
us-gaap Increase Decrease In Regulatory Clause Revenue
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11051000 USD
us-gaap Increase Decrease In Regulatory Clause Revenue
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278000 USD
us-gaap Interest Income Domestic Deposits
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2077000 USD
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33430000 USD
us-gaap Investment Tax Credit
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us-gaap Investment Tax Credit
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446140000 USD
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2009350000 USD
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0 USD
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4700000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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388000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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163000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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163000 USD
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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25600000 USD
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265000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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99000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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OtherNonoperatingIncome
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OtherNonoperatingIncome
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0 USD
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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104938000 USD
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31213000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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35860000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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75024000 USD
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CY2016Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
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RegulatoryAssetsNoncurrent
270941000 USD
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108617000 USD
CY2016Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
101104000 USD
us-gaap Remaining Recovery Period Of Regulatory Assets For Which No Return On Investment During Recovery Period Is Provided1
RemainingRecoveryPeriodOfRegulatoryAssetsForWhichNoReturnOnInvestmentDuringRecoveryPeriodIsProvided1
P12Y
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1614361000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1666659000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1650840000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1103200000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
880619000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
699399000 USD
CY2015Q1 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
596127000 USD
us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
1120036000 USD
CY2016Q1 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
449132000 USD
us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
824327000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5985000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2518000 USD
CY2015Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
72358 shares
us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
65046 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
138060 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
46788 shares
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2025440000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1622479000 USD
CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
24916000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
45845000 USD
CY2016Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
21305000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
41662000 USD
us-gaap Unrealized Gain Loss On Price Risk Cash Flow Derivatives Before Tax
UnrealizedGainLossOnPriceRiskCashFlowDerivativesBeforeTax
252900000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2600000 USD
CY2015Q3 us-gaap Unrecovered Costs For Purchased Gas Amount
UnrecoveredCostsForPurchasedGasAmount
0 USD
CY2016Q1 us-gaap Unrecovered Costs For Purchased Gas Amount
UnrecoveredCostsForPurchasedGasAmount
1245000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85133142 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85175961 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84806982 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84728680 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84317508 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84262471 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84806982 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84728680 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification.</font><font style="font-family:inherit;font-size:10pt;"> Due to the adoption of the authoritative guidance regarding the presentation of deferred income taxes, certain prior year amounts have been reclassified to conform with current year presentation. The Company reclassified Deferred Income Taxes of </font><font style="font-family:inherit;font-size:10pt;">$137.2 million</font><font style="font-family:inherit;font-size:10pt;"> previously shown as Current Assets in the Company's 2015 Form 10-K to Deferred Income Taxes shown as Deferred Credits on the Consolidated Balance Sheet at September 30, 2015.</font></div></div>

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