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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RR Media Ltd. - Ordinary Shares | NASDAQ:RRM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.05 | 9.38 | 16.83 | 0 | 01:00:00 |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_
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RR Media LTD.
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Exhibit Index
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·
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Closed a significant delivery contract with the Ethiopian Broadcast Corporation for the next 3 years. RR Media will facilitate and provide direct access to one of the most reliable satellites on its smart global network covering the African continent
|
|
·
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Renewed and upgraded the contract with Fashion One Television for content delivery to North America, South America, Europe, Middle East and Asia-Pacific of multiple channels. Services were upgraded to include linear streaming which gets delivered to major online video platforms such as Daily Motion and YouTube
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·
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Renewed NFL worldwide delivery contract of preseason, season, playoffs an the Superbowl for three more years
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·
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Showcased solaRR, RR Media’s new open media service platform, at IBC2015
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·
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Expanded RR Media’s VOD platform population services adding seven new multi-country & multi-regional VOD platform delivery options to the over 100 platforms currently served. These include: Google Play, BT Vision, Talk Talk’s Blink Box TV, Amazon Prime Video, British Airways’ on demand entertainment system and others
|
|
·
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Secured a major new contract with a global shipping company for deployment and provision of Inmarsat’s high-throughput connectivity services
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|
o
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Contract to generate approximately $25 million in revenue over the next 5 years
|
|
·
|
Record revenues of $37.7 million, a 13.9% increase year-over-year
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·
|
Gross margin of 22%, in line with Q3 2014
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·
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Gross margin of Content Management & Distribution reached 22.9%
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o
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Satlink and ESS expected to be accretive to margins in 2016, following completion of integration plans
|
|
·
|
GAAP net income of $0.18 and $0.17 per basic and diluted share respectively
|
|
·
|
Non-GAAP net income of $0.11 per basic and diluted share
|
|
·
|
Strong positive cash flows from operations of $5.0 million
|
|
·
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Total cash and cash equivalents of $14.3 million as of September 30, 2015
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|
·
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Board declared a cash dividend of $0.07 per share, an aggregate amount of approximately $1.2 million, representing an annual dividend yield of 4.0%.
|
(In Thousands)
|
Q3 2015 | Q3 2014 | ||||||||||||||||||||||
Content Mgmt. & Distribution Services
|
MSS
|
Total
|
Content Mgmt. & Distribution Services
|
MSS
|
Total
|
|||||||||||||||||||
Revenues
|
$ | 34,435 | $ | 3,244 | $ | 37,679 | $ | 30,193 | $ | 2,877 | $ | 33,070 | ||||||||||||
Gross profit
|
$ | 7,874 | $ | 418 | $ | 8,292 | $ | 6,845 | $ | 412 | $ | 7,257 | ||||||||||||
Gross margin
|
22.9 | % | 12.9 | % | 22.0 | % | 22.7 | % | 14.3 | % | 21.9 | % |
2015 Previous Guidance
(in millions)
|
2015 Updated Guidance
(in millions)
|
2016 (in millions)
|
||||||||||
Total Revenues
|
$140 - $148 | $140 - $143 | $161 - $171 | |||||||||
Adjusted EBITDA
|
$17.6 - $20.4 | $17.6 - $20.4 |
$25-30% Growth
|
|
·
|
Dial-in number from within the United States: 1-888-510-1786
|
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·
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Dial-in number from Israel: 1 80 924 5906
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·
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Dial-in number from the UK: 0 800 404 7655
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·
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Dial-in number (other international): 1-719-325-2308
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|
·
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Conference ID: 678864
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Three months ended
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Nine months ended
|
|||||||||||||||
September 30
|
September 30
|
September 30
|
September 30
|
|||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Revenues
|
||||||||||||||||
Content Mgmt. & distribution services
|
34,435 | 30,193 | 92,103 | 89,837 | ||||||||||||
Mobile satellite services
|
3,244 | 2,877 | 9,213 | 8,587 | ||||||||||||
Total revenues
|
$ | 37,679 | $ | 33,070 | $ | 101,316 | $ | 98,424 | ||||||||
Cost of revenues
|
||||||||||||||||
Content Mgmt. & distribution services
|
26,561 | 23,348 | 70,566 | 68,800 | ||||||||||||
Mobile satellite services
|
2,826 | 2,465 | 8,081 | 7,437 | ||||||||||||
Total cost of revenues
|
$ | 29,387 | $ | 25,813 | $ | 78,647 | $ | 76,237 | ||||||||
Gross profit
|
$ | 8,292 | $ | 7,257 | $ | 22,669 | $ | 22,187 | ||||||||
Operating expenses
|
||||||||||||||||
Sales and marketing
|
3,875 | 3,384 | 11,269 | 9,658 | ||||||||||||
General and administrative
|
2,445 | 2,325 | 7,064 | 7,462 | ||||||||||||
Other expenses (income)
|
(2,050 | ) | - | (1,150 | ) | - | ||||||||||
Total operating expenses
|
$ | 4,270 | $ | 5,709 | $ | 17,183 | $ | 17,120 | ||||||||
Operating income
|
$ | 4,022 | $ | 1,548 | $ | 5,486 | $ | 5,067 | ||||||||
Financial income
|
||||||||||||||||
(expenses), net
|
(641 | ) | 9 | (673 | ) | (361 | ) | |||||||||
Income before taxes on
|
||||||||||||||||
Income
|
$ | 3,381 | $ | 1,557 | $ | 4,813 | $ | 4,706 | ||||||||
Income taxes
|
355 | 413 | 654 | 1,208 | ||||||||||||
Net income
|
$ | 3,026 | $ | 1,144 | $ | 4,159 | $ | 3,498 | ||||||||
Net loss attributable to non- controlling interest
|
(20 | ) | (24 | ) | (38 | ) | (141 | ) | ||||||||
Net income attributable to shareholders
|
$ | 3,046 | $ | 1,168 | $ | 4,197 | $ | 3,639 | ||||||||
Earnings per ordinary share attributable to shareholders |
Basic earnings per share
|
$ | 0.18 | $ | 0.07 | $ | 0.24 | $ | 0.21 | ||||||||
Diluted earnings per share
|
$ | 0.17 | $ | 0.07 | $ | 0.24 | $ | 0.21 | ||||||||
Weighted average number of shares used to compute
|
||||||||||||||||
|
||||||||||||||||
Basic earnings per share
|
17,395,670 | 17,381,517 | 17,393,134 | 17,358,213 | ||||||||||||
|
||||||||||||||||
Diluted earnings per share
|
17,697,688 | 17,603,603 | 17,675,932 | 17,627,655 |
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Reconciliation of GAAP Net Income to Non-GAAP Net Income:
|
||||||||||||||||
GAAP Net income attributable to shareholders
|
$ | 3,046 | $ | 1,168 | $ | 4,197 | $ | 3,639 | ||||||||
Adjustments to reconcile GAAP net income
|
||||||||||||||||
to non-GAAP net income:
|
||||||||||||||||
Non-cash equity-based compensation charge
|
181 | 178 | 538 | 521 | ||||||||||||
Amortization of acquired intangible assets
|
334 | 152 | 684 | 516 | ||||||||||||
Changes in fair value of currency conversion derivatives
|
- | (265 | ) | - | (215 | ) | ||||||||||
Acquisition related expenses
|
- | - | 900 | - | ||||||||||||
Amortization of acquisition related prepaid
|
||||||||||||||||
compensation expenses
|
42 | 42 | 126 | 126 | ||||||||||||
Contingent consideration in respect of acquisition
|
(2,050 | ) | - | (2,050 | ) | - | ||||||||||
Income tax effect of non-GAAP adjustments
|
438 | 13 | 68 | (135 | ) | |||||||||||
Non-GAAP net income attributable to shareholders
|
$ | 1,991 | $ | 1,288 | $ | 4,463 | $ | 4,452 |
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Reconciliation of GAAP Operating Income
|
||||||||||||||||
to Non-GAAP operating income:
|
||||||||||||||||
Operating income
|
$ | 4,022 | $ | 1,548 | $ | 5,486 | $ | 5,067 | ||||||||
Adjustments to reconcile GAAP operating
|
||||||||||||||||
income to Non-GAAP operating income:
|
||||||||||||||||
Non-cash equity-based compensation charge
|
181 | 178 | 538 | 521 | ||||||||||||
Amortization of acquired intangible assets
|
334 | 152 | 684 | 516 | ||||||||||||
Cost of sales related changes in fair value of
|
||||||||||||||||
currency conversion derivatives
|
- | (35 | ) | - | (234 | ) | ||||||||||
Acquisition related expenses
|
- | - | 900 | - | ||||||||||||
Contingent consideration in respect of acquisition
|
(2,050 | ) | - | (2,050 | ) | |||||||||||
Amortization of acquisition related prepaid
|
||||||||||||||||
compensation expenses
|
42 | 42 | 126 | 126 | ||||||||||||
Non-GAAP Operating income
|
$ | 2,529 | $ | 1,885 | $ | 5,684 | $ | 5,996 |
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Reconciliation of GAAP Operating Income to EBITDA:
|
||||||||||||||||
Operating income
|
$ | 4,022 | $ | 1,548 | $ | 5,486 | $ | 5,067 | ||||||||
Adjustments to reconcile GAAP Operating
|
||||||||||||||||
Income to EBITDA:
|
||||||||||||||||
Non-cash equity-based compensation charge
|
181 | 178 | 538 | 521 | ||||||||||||
Depreciation and amortization
|
2,869 | 2,492 | 7,408 | 7,381 | ||||||||||||
Cost of sales related changes in fair value of
|
||||||||||||||||
currency conversion derivatives
|
- | (35 | ) | - | (234 | ) | ||||||||||
Acquisition related expenses
|
- | - | 900 | - | ||||||||||||
Amortization of acquisition related prepaid compensation expenses
|
42 | 42 | 126 | 126 | ||||||||||||
EBITDA
|
$ | 7,114 | $ | 4,225 | $ | 14,458 | $ | 12,861 |
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Reconciliation of Non-GAAP Operating Income to adjusted EBITDA:
|
||||||||||||||||
Non-GAAP Operating income
|
$ | 2,529 | $ | 1,885 | $ | 5,684 | $ | 5,996 | ||||||||
Adjustments to reconcile Non-GAAP operating
|
||||||||||||||||
income to Adjusted EBITDA:
|
||||||||||||||||
Depreciation and amortization
|
2,535 | 2,340 | 6,724 | 6,865 | ||||||||||||
Adjusted EBITDA
|
$ | 5,064 | $ | 4,225 | $ | 12,408 | $ | 12,861 |
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30
|
September 30
|
September 30
|
September 30
|
|||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Revenues
|
||||||||||||||||
Content Mgmt. & distribution services
|
34,435 | 30,193 | 92,103 | 89,837 | ||||||||||||
Mobile satellite services
|
3,244 | 2,877 | 9,213 | 8,587 | ||||||||||||
Total revenues
|
$ | 37,679 | $ | 33,070 | $ | 101,316 | $ | 98,424 | ||||||||
Cost of revenues
|
||||||||||||||||
Content Mgmt. & distribution services
|
26,543 | 23,365 | 70,517 | 68,991 | ||||||||||||
Mobile satellite services
|
2,826 | 2,466 | 8,081 | 7,437 | ||||||||||||
Cost of revenues
|
$ | 29,369 | $ | 25,831 | $ | 78,598 | $ | 76,428 | ||||||||
Gross profit
|
$ | 8,310 | $ | 7,239 | $ | 22,718 | $ | 21,996 | ||||||||
Operating expenses
|
||||||||||||||||
Sales and marketing
|
3,473 | 3,177 | 10,368 | 8,962 | ||||||||||||
General and administrative
|
2,308 | 2,177 | 6,666 | 7,038 | ||||||||||||
Total operating expenses
|
$ | 5,781 | $ | 5,354 | $ | 17,034 | $ | 16,000 | ||||||||
Operating income
|
$ | 2,529 | $ | 1,885 | $ | 5,684 | $ | 5,996 | ||||||||
Financial income
|
||||||||||||||||
(expenses), net
|
(641 | ) | (219 | ) | (673 | ) | (342 | ) | ||||||||
Income before taxes on
|
||||||||||||||||
income
|
$ | 1,888 | $ | 1,666 | $ | 5,011 | $ | 5,654 | ||||||||
Income taxes
|
(83 | ) | 402 | 586 | 1,343 | |||||||||||
Net income
|
$ | 1,971 | $ | 1,264 | $ | 4,425 | $ | 4,311 | ||||||||
Net loss attributable to non- controlling interest
|
(20 | ) | (24 | ) | (38 | ) | (141 | ) | ||||||||
Net income attributable to shareholders
|
$ | 1,991 | $ | 1,288 | $ | 4,463 | $ | 4,452 | ||||||||
Earnings per ordinary share attributable to shareholders |
Basic earnings per share
|
$ | 0.11 | $ | 0.07 | $ | 0.26 | $ | 0.26 | ||||||||
Diluted earnings per share
|
$ | 0.11 | $ | 0.07 | $ | 0.25 | $ | 0.25 | ||||||||
Weighted average number of shares used to compute
|
||||||||||||||||
Basic earnings per share
|
17,395,670 | 17,381,517 | 17,393,134 | 17,358,213 | ||||||||||||
Diluted earnings per share
|
17,697,688 | 17,603,603 | 17,675,932 | 17,627,655 |
September 30
|
September 30
|
December 31
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
$ | 14,272 | $ | 14,333 | $ | 13,001 | ||||||
Marketable securities and short term investments
|
- | 9,190 | 8,970 | |||||||||
Accounts receivable (net of provision for doubtful accounts of $3,794, $6,938 and $5,323 as of
September 30, 2015, 2014 and December 31, 2014, respectively)
|
33,429 | 23,611 | 23,457 | |||||||||
Other receivable
|
3,533 | 1,624 | 2,343 | |||||||||
Deferred taxes
|
2,335 | 2,580 | 2,038 | |||||||||
Prepaid expenses
|
3,558 | 2,913 | 2,839 | |||||||||
Total current assets
|
57,127 | 54,251 | 52,648 | |||||||||
Long-term prepaid expenses
|
2,506 | 2,938 | 3,156 | |||||||||
Long-term land lease prepaid expenses
|
7,323 | 7,416 | 7,380 | |||||||||
Assets held for employee severance payments
|
1,967 | 2,070 | 1,892 | |||||||||
Fixed assets, net
|
55,118 | 45,531 | 45,669 | |||||||||
Goodwill
|
30,772 | 11,526 | 11,286 | |||||||||
Intangible assets, net
|
8,963 | 5,891 | 5,528 | |||||||||
Total long term assets
|
106,649 | 75,327 | 74,911 | |||||||||
Total assets
|
$ | 163,776 | $ | 129,623 | $ | 127,559 |
September 30
|
September 30
|
December 31
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||
Liabilities and shareholders’ equity
|
||||||||||||
Current liabilities
|
||||||||||||
Account payable:
|
||||||||||||
Trade
|
$ | 31,472 | $ | 18,371 | $ | 18,414 | ||||||
Other
|
7,964 | 5,209 | 5,482 | |||||||||
Current maturities of long term loan and short term credit
|
3,480 | - | - | |||||||||
Deferred income
|
8,228 | 4,848 | 4,867 | |||||||||
Total current liabilities
|
51,144 | 28,428 | 28,763 | |||||||||
Long-term liabilities
|
||||||||||||
Deferred income
|
7,813 | 9,075 | 7,714 | |||||||||
Long term loans
|
11,250 | - | - | |||||||||
Liabilities in respect of employee severance payments and others
|
3,445 | 2,807 | 2,993 | |||||||||
Contingent consideration in respect of acquisition
|
1,959 | 4,030 | 3,550 | |||||||||
Deferred taxes
|
4,884 | 4,288 | 3,702 | |||||||||
Total long-term liabilities
|
29,351 | 20,200 | 17,959 | |||||||||
Total liabilities
|
80,495 | 48,628 | 46,722 | |||||||||
Shareholders’ equity
|
||||||||||||
Share capital
|
||||||||||||
Ordinary share NIS 0.01 par value each (27,000,000 authorized as of September 30, 2015, 2014 and December
31, 2014. 17,399,939 shares issued and fully paid as of September 30, 2015, 17,396,735 shares issued and
fully paid as of September 30, 2014, 17,392,072 shares issued and fully paid as of December 31, 2014)
|
41 | 41 | 40 | |||||||||
Additional paid in capital
|
55,880 | 54,399 | 54,572 | |||||||||
Retained earnings
|
27,945 | 27,107 | 27,400 | |||||||||
Treasury stock
|
(146 | ) | - | (146 | ) | |||||||
Accumulated other comprehensive income (loss)
|
(306 | ) | (411 | ) | (934 | ) | ||||||
Total shareholders’ equity
|
83,414 | 81,136 | 80,932 | |||||||||
Non – controlling interest
|
(133 | ) | (141 | ) | (95 | ) | ||||||
Total equity
|
83,281 | 80,995 | 80,837 | |||||||||
Total liabilities and equity
|
$ | 163,776 | $ | 129,623 | $ | 127,559 |
Three months ended September 30
|
Nine months ended September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net income
|
$ | 3,026 | $ | 1,144 | $ | 4,159 | $ | 3,498 | ||||||||
Adjustments required to reconcile net income to net cash provided by operating activities
|
1,424 | 3,550 | 7,564 | 8,922 | ||||||||||||
Changes in assets and liabilities
|
593 | (1,136 | ) | (1,380 | ) | (4,635 | ) | |||||||||
Net cash provided by operating activities
|
5,043 | 3,558 | 10,343 | 7,785 | ||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Purchase of fixed assets and intangible assets
|
(1,809 | ) | (1,969 | ) | (7,607 | ) | (6,206 | ) | ||||||||
Acquisitions of subsidiaries, net of cash acquired
|
- | - | (20,726 | ) | - | |||||||||||
Other investing activities
|
- | 548 | 9,100 | 972 | ||||||||||||
Net cash used in investing activities
|
(1,809 | ) | (1,421 | ) | (19,233 | ) | (5,234 | ) | ||||||||
Cash flows from financing activities
|
||||||||||||||||
Dividend paid
|
(1,217 | ) | (347 | ) | (3,652 | ) | (2,255 | ) | ||||||||
Proceeds for long term loan
|
- | - | 15,000 | - | ||||||||||||
Loan payment
|
(750 | ) | - | (750 | ) | - | ||||||||||
Bank net credit
|
(124 | ) | - | (124 | ) | - | ||||||||||
Net cash used in financing activities
|
(2,091 | ) | (347 | ) | 10,474 | (2,255 | ) | |||||||||
Translation adjustment on cash and cash equivalents
|
(95 | ) | (155 | ) | (313 | ) | (128 | ) | ||||||||
Increase (decrease) in cash and cash
|
||||||||||||||||
Equivalents
|
1,048 | 1,635 | 1,271 | 168 | ||||||||||||
Balance of cash and cash equivalents at beginning of period
|
13,224 | 12,698 | 13,001 | 14,165 | ||||||||||||
Balance of cash and cash equivalents at end of period
|
$ | 14,272 | $ | 14,333 | $ | 14,272 | $ | 14,333 |
1 Year RR Media Ltd. - Ordinary Shares Chart |
1 Month RR Media Ltd. - Ordinary Shares Chart |
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