Bausch & Lomb Fourth-Quarter Sales Up 15 Percent, Comparable-Basis EPS Rise 38 Percent.Business Editors ROCHESTER Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. , N.Y.--(BUSINESS WIRE)--Jan. 29, 2004 Bausch & Lomb (NYSE NYSE See: New York Stock Exchange :BOL BOL Bolivia (ISO Country code) BOL Books Online BOL Bole (SIL code, Nigeria) BOL Bill Of Lading BOL Beginning Of Line BOL Best Of Luck BOL Buzz Out Loud BOL Bruin Online BOL Beginning Of Life ) -- Sales grow seven percent excluding favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency effects -- Company projects 2004 mid-single-digit constant-currency revenue growth, or approximately 10 percent at current exchange rates -- Company raises 2004 earnings estimates to $2.60 to $2.65 per share Bausch & Lomb (NYSE:BOL) today reported worldwide sales of $550.1 million in the fourth quarter ended December December: see month. 27, 2003, an increase of 15 percent (or seven percent on a constant-currency basis) over the $477.4 million reported in the prior-year period. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per share were $0.92 in 2003, compared to $0.60 in the year-ago quarter. Excluding certain non-recurring items discussed below, comparable-basis earnings per share in the 2003 fourth quarter were $0.83, a 38 percent increase over 2002. Full-year 2003 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $2.02 billion, up $202.8 million or 11 percent from 2002, and up four percent on a constant-currency basis. GAAP earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $2.36, compared to $1.34 in 2002. Comparable-basis net earnings from continuing operations were $2.27 in 2003, up 31 percent from $1.73 in 2002. Bausch & Lomb Chairman and Chief Executive Officer Ronald L. Zarrella said, "We are very satisfied with our 2003 financial results, which were in line with our expectations for mid-single-digit constant-currency revenue growth and margin expansion from our profitability improvement programs. In the end, the cost savings delivered by those programs surpassed our initial expectations and foreign currency worked to our benefit, resulting in bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. results ahead of our original thinking. We have now posted two solid years of improved financial performance, and look forward to building on that in 2004 and beyond." Reconciliation Between Reported and Comparable-Basis Earnings Certain items reflected in the Company's GAAP results impact year-to-year comparability. In 2002 these included previously disclosed restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and asset write-offs, gains on the sale of certain stock investments and a non-recurring charge to minority interest. In the 2003 fourth quarter, the Company reversed $6.3 million ($4.1 million after taxes) of previously recorded restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). reserves that were no longer needed. Additionally, research and development expense of $5.6 million ($3.7 million after taxes) was recorded upon the purchase of ISV-403, an early-stage pharmaceutical technology the Company had previously been developing with a third-party partner. In addition to these operating items, fourth-quarter GAAP results included foreign exchange income of $6.8 million before taxes ($4.5 million after taxes) realized upon the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of certain non-U.S. legal entities. The following table reconciles GAAP and "comparable-basis" net earnings and earnings per share from continuing operations for the periods in the Statements of Earnings that accompany this news release.
Dollars in Millions, Except Per Fourth-Quarter Fourth-Quarter
Share Data 2003 2002
---------------------------------------------------- ----------------
Per Per
$ Share $ Share
-----------------------------------
Reported net earnings $ 49.4 $ 0.92 $ 32.4 $ 0.60
Reversal of restructuring reserves (4.1) (0.08) - -
R&D expense associated with
purchase of ISV-403 3.7 0.07 - -
Foreign exchange income from
liquidation of subsidiaries (4.5) (0.08) - -
----------------- ----------------
Comparable-basis earnings from
continuing operations $ 44.5 $ 0.83 $ 32.4 $ 0.60
----------------- ----------------
Full-Year Full-Year
2003 2002
---------------------------------------------------- ----------------
Per Per
$ Share $ Share
-----------------------------------
Reported net earnings $ 125.5 $ 2.34 $ 72.5 $ 1.34
Change in accounting principle, net
of taxes 0.9 0.02 - -
----------------- ----------------
Reported earnings from continuing
operations $ 126.4 $ 2.36 $ 72.5 $ 1.34
Restructuring (reversals) charges
and asset write-offs (4.1) (0.08) 32.1 0.59
R&D charge associated with purchase
of ISV-403 3.7 0.07 - -
Foreign exchange income from
liquidation of subsidiaries (4.5) (0.08) - -
Gain on sale of stock investment - - (18.1) (0.33)
Minority interest charge - - 7.0 0.13
----------------- ----------------
Comparable-basis earnings from
continuing operations $ 121.5 $ 2.27 $ 93.5 $ 1.73
----------------- ----------------
Revenues by Geography Fourth-quarter U.S. revenues of $211.8 million represented 39 percent of consolidated sales, and increased 10 percent compared to the prior year. Revenues in markets outside the U.S. increased 19 percent over the same period in 2002 and were up five percent on a constant-currency basis. Revenue increases for the Company's geographic operating segments were as follows:
Constant
Actual Currency
----------------------------------------------------------------------
Americas + 12% + 11%
Europe, Middle East and Africa + 20% + 4%
Asia + 14% + 5%
These operating segment revenue trends were largely the result of the factors discussed below which influence the Company's product categories. Revenues by Product Category Revenue comparisons to the fourth quarter of 2002 for Bausch & Lomb's product categories were as follows:
Constant
Actual Currency
----------------------------------------------------------------------
Contact Lenses + 15% + 6%
Lens Care + 12% + 6%
Pharmaceuticals + 19% + 10%
Cataract and Vitreoretinal + 10% + 2%
Refractive + 26% + 19%
Contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. sales growth was noted in each of the Company's geographic segments. Higher sales of planned replacement, disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. and rigid gas permeable gas permeable gas adj (lenses) → luftdurchlässig lenses more than offset declines in traditional lens modalities Modalities The factors and circumstances that cause a patient's symptoms to improve or worsen, including weather, time of day, effects of food, and similar factors. . In the lens care category, constant-currency sales gains in the Americas and Asia offset modest declines in Europe, with overall growth resulting from gains for the ReNu(R) brand of chemical disinfectants. Pharmaceuticals constant-currency revenues grew in each geographic segment, reflecting continued success of the Company's lines of ocular ocular /oc·u·lar/ (ok´u-lar) 1. of, pertaining to, or affecting the eye. 2. eyepiece. oc·u·lar adj. 1. Of or relating to the eye or the sense of sight. vitamins. Revenues in the Americas region also benefited from higher sales of over-the-counter products due to a more severe allergy allergy, hypersensitive reaction of the body tissues of certain individuals to certain substances that, in similar amounts and circumstances, are innocuous to other persons. Allergens, or allergy-causing substances, can be airborne substances (e.g. season, and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. revenues benefited from higher sales of prescription pharmaceuticals, including a long-lasting version of carteolol carteolol /car·te·o·lol/ (kahr´te-ah-lol) a beta-adrenergic blocking agent used as the hydrochloride salt in the treatment of hypertension and of glaucoma and ocular hypertension. introduced earlier in the year. Revenue gains in the cataract cataract, in medicine, opacity of the lens of the eye, which impairs vision. In the young, cataracts are generally congenital or hereditary; later they are usually the result of degenerative changes brought on by aging or systemic disease (diabetes). and vitreoretinal vitreoretinal /vit·reo·ret·i·nal/ (vit?re-o-ret´i-n'l) of or pertaining to the vitreous and retina. vit·re·o·ret·i·nal adj. surgery category reflected higher revenues from disposables and foldable intraocular lenses Intraocular lens Lens made of silicone or plastic placed within the eye; can be corrective. Mentioned in: Cataract Surgery . Constant-currency sales increases in the Americas and Europe offset declines in Asia. Double-digit increases in constant-currency refractive surgery Refractive surgery A surgical procedure that corrects visual defects. Mentioned in: Photorefractive Keratectomy and Laser-Assisted In-Situ Keratomileusis refractive surgery revenues in both the Americas and Asia offset moderate declines in Europe. Higher sales of laser equipment and per-procedure cards primarily reflected the fourth-quarter U.S. Food and Drug Administration approval of the Company's Zyoptix(TM) system for customized LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. surgery. Liquidity Highlights and Trends Cash and investments at the end of December totaled $562.6 million, representing a cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. of $97.5 million in 2003. The Company generated free cash flow (defined as cash generated before the payment of dividends, the borrowing or repayment of debt, stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. , the acquisition of businesses and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , and divestitures) of $183.5 million in 2003, compared to $191.2 million in 2002, and higher than the Company's previously communicated guidance. The better-than-expected performance as compared to guidance reflected higher earnings and collections on accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , continued inventory management efforts as well as the timing of foreign tax payments. A reconciliation between GAAP cash flow and free cash flow follows:
Year-to- Year-to-
Date Date
2003 2002
----------------------------------------------------------------------
Net change in cash and cash equivalents $97.5 $(69.3)
Net cash used in financing activities 79.6 230.4
Sales price adjustment related to disposal of
discontinued operations - 23.0
Net cash paid for acquisitions of businesses and
other intangible assets 6.4 7.1
--------------------
Free Cash Flow $183.5 $191.2
--------------------
Commenting on liquidity and balance sheet trends, Bausch & Lomb Senior Vice President and Chief Financial Officer Stephen C. McCluski said, "We are pleased with the progress we made toward our asset management goals in 2003, exiting the year with 81 days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). and 4.3 inventory months-on-hand. These represent improvements of four days and 0.7 months, respectively, as compared to a year ago, and we expect to make continued improvement on both metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. in 2004." McCluski also indicated that the Company's board of directors has approved a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program for up to two million shares of Bausch & Lomb stock. "The recent appreciation in our stock price has resulted in a higher number of stock option exercises," he said. "Repurchasing stock will provide us shares to issue when an exercise occurs, as well as partially offset the otherwise dilutive impact of increased exercise activity." Company Expectations for 2004 Bausch & Lomb indicated that 2004 constant-currency revenues are projected to increase in the mid-single digits. Should foreign exchange rates remain at their current levels, this would result in reported revenue gains of approximately 10 percent over 2003. The Company raised its 2004 earnings per share projections to the range of $2.60 to $2.65, and expects year-on-year growth of approximately 15 percent in each quarter over 2003 comparable-basis amounts. Gross margins for the full-year are expected to improve as a percent of sales, reflecting continued benefits from ongoing cost savings initiatives and revenue mix shifts. Selling, general and administrative expenses are expected to decline slightly as a percent of sales. Research and development spending is expected to increase approximately 20 percent over 2003 amounts, and equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to approximately eight percent of sales, which is a somewhat lower proportion than the Company's previous expectations. This reflects both the impact of currency on total revenues, as well as a slight short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. reduction in spending due to the Company's decision to focus further development of its current-generation Retisert(TM) implant implant /im·plant/ (im-plant´) to insert or to graft (tissue, or inert or radioactive material) into intact tissues or a body cavity. on a single indication, posterior posterior /pos·ter·i·or/ (pos-ter´e-er) directed toward or situated at the back; opposite of anterior. pos·te·ri·or adj. 1. Located behind a part or toward the rear of a structure. uveitis uveitis Inflammation of the uvea, the middle coat of the eyeball. Anterior uveitis, involving the iris or ciliary body (containing the muscle that adjusts the lens) or both, can lead to glaucoma and blindness. . The Company will not expend ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. additional resources on developing this fluocinolone acetonide fluocinolone acetonide a corticosteroid anti-inflammatory used topically in the treatment of skin diseases and inflammation of anal sacs. Called also Synalar. implant for diabetic diabetic /di·a·bet·ic/ (-bet´ik) 1. pertaining to or affected with diabetes. 2. a person with diabetes. di·a·bet·ic adj. 1. macular edema macular edema Ophthalmology Waxing and waning retinal thickening due to the accumulation of fluid, seen in Pts with diabetic retinopathy, seen with a binocular slit lamp or stereoscopic fundus photography; while ME has no visual consequences, it is often or age-related macular degeneration Age-related macular degeneration (ARMD) Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. , but has reaffirmed its commitment to pursue other treatments for these and other diseases of the back-of-the eye, with next-generation implant technologies and/or different drug compounds. Bausch & Lomb's intention to increase research and development spending to approximately 10 percent of sales remains firm. Net financing expense is projected to total approximately $45 million in 2004, reflecting the favorable impact of the Company's recent debt refinancings. The effective tax rate is expected to be 33.5% for the year. Bausch & Lomb expects to generate free cash flow of approximately $110 million in 2004. Increased cash flows from higher projected earnings and continued asset management efforts will be more than offset by higher cash outflows related to the timing of tax payments, as well as by anticipated pension plan funding. Capital expenditures are projected to be approximately $90 million, essentially flat with 2003. Note: All per share amounts in this release are calculated on the diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, as defined by Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 128.
Investor Conference Call Information
10:00 a.m. (ET)
The News Media is invited to listen only on this call.
Call-in Number: 913.981.5507
Rebroadcast Number: 719.457.0820
Confirmation #273600
The rebroadcast of the conference call will be available from
1:30 p.m. ET on January 29, 2004 through midnight on
February 2, 2004.
Additionally, the investor call will be broadcast live over the
Internet. It can be accessed from the Investor Relations page of the
Company's Web site, www.bausch.com, or at www.vcall.com
This news release contains, among other things, certain statements of a forward-looking nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events or the future business performance of Bausch & Lomb. Such statements involve a number of risks and uncertainties including, without limitation, those concerning global and local economic, political and sociological conditions, currency exchange rates, government pricing changes and initiatives with respect to healthcare products, changes in laws and regulations relating to the company's products and the import and export of such products, product development and rationalization rationalization, in psychology: see defense mechanism. , enrollment and completion of clinical trials, the ability of the company to obtain regulatory approvals, the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , the success of product introductions, the financial well-being of key customers, development partners and suppliers, the successful execution of marketing strategies, the continued successful implementation of its efforts in managing and reducing costs and expenses, continued positive relations with third party financing sources, as well as the risk factors listed from time to time in the Company's SEC filings, including but not limited to the current report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , dated June 14, 2002 and the Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 27, 2003. Bausch & Lomb is the eye health company, dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl and lens care products, and ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Celebrating its 150th anniversary, the Company is headquartered in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or . Bausch & Lomb's 2003 revenues were $2.0 billion; it employs approximately 11,500 people worldwide and its products are available in more than 100 countries. More information about the Company can be found on the Bausch & Lomb Web site at www.bausch.com. Copyright Bausch & Lomb. Trademarks of Bausch & Lomb Incorporated and its affiliates are italicized.
Bausch & Lomb
STATEMENT OF EARNINGS
Quarter Ended Twelve Months Ended
------------------- -------------------
Dollar Amounts in Millions- December December December December
27, 28, 27, 28,
Except Per Share Data 2003 2002 2003 2002
--------------------------- --------- --------- --------- ---------
Net Sales
Americas $ 239.7 $ 214.0 $ 901.3 $ 844.1
Europe 196.3 163.3 723.2 613.1
Asia-Pacific 114.1 100.1 395.0 359.5
--------- --------- --------- ---------
550.1 477.4 2,019.5 1,816.7
Costs and Expenses
Cost of products sold 236.5 213.1 858.0 797.1
Selling, administrative and
general 198.0 165.3 782.3 692.5
Research and development (1) 43.6 35.2 149.9 128.4
Restructuring charges (2)(3) (6.3) - (6.3) 49.0
--------- --------- --------- ---------
471.8 413.6 1,783.9 1,667.0
--------- --------- --------- ---------
Operating Earnings 78.3 63.8 235.6 149.7
Other (Income) Expense
Interest and investment
income (4) (5.1) (4.5) (15.7) (44.9)
Interest expense 12.3 15.9 54.2 53.9
(Gain) / Loss from foreign
currency (5) (5.0) 1.1 0.1 3.7
--------- --------- --------- ---------
2.2 12.5 38.6 12.7
--------- --------- --------- ---------
Earnings Before Income Taxes
and Minority Interest 76.1 51.3 197.0 137.0
Provision for income taxes 25.9 17.7 67.0 47.2
--------- --------- --------- ---------
Earnings Before Minority
Interest 50.2 33.6 130.0 89.8
Minority interest in
subsidiaries (6) 0.8 1.2 3.6 17.3
--------- --------- --------- ---------
Earnings from Continuing
Operations 49.4 32.4 126.4 72.5
Cumulative Effect of Change in
Accounting Principle, net of
taxes (7) - - (0.9) -
--------- --------- --------- ---------
Net Earnings $ 49.4 $ 32.4 $ 125.5 $ 72.5
========= ========= ========= =========
Per Share:
Earnings from Continuing
Operations $ 0.92 $ 0.60 $ 2.36 $ 1.34
Cumulative Effect of Change in
Accounting Principle, net of
taxes - - (0.02) -
--------- --------- --------- ---------
Net Earnings $ 0.92 $ 0.60 $ 2.34 $ 1.34
========= ========= ========= =========
Average Shares Outstanding -
(000s) 53,764 54,056 53,491 53,997
========= ========= ========= =========
(1) R&D expense associated with the purchase of early-stage
pharmaceutical technology reduced fourth-quarter and full-year
2003 net earnings by $3.7 or $0.07 per diluted share.
(2) Restructuring charges reduced full-year 2002 net earnings by $32.1
or $0.59 per diluted share.
(3) Reversal of restructuring charges increased fourth- quarter and
full-year 2003 net earnings by $4.1 or $0.08 per diluted share.
(4) Includes $27.6 income for the full year 2002 ($18.1 after taxes or
$0.33 per diluted share) related to the sale of Charles River
stock.
(5) Net foreign currency income realized upon liquidation of certain
non-US subsidiaries increased fourth-quarter and full-year 2004
net earnings by $4.5 or $0.08 per diluted share.
(6) Full-year 2002 amount reflects a one-time minority interest
payment reducing net earnings by $7.0 or $0.13 per diluted share.
(7) Income taxes related to the adoption of SFAS No. 143 in Q1 2003
were $0.5.
SUPPLEMENTAL REVENUE INFORMATION
Dollar Amounts in Millions
Net Sales
Contact Lens $ 154.9 $ 134.1 $ 591.8 $ 523.9
Lens Care 135.4 121.0 498.9 465.5
Pharmaceuticals 126.8 106.2 467.9 396.1
Cataract and Vitreoretinal 89.1 81.2 327.9 301.8
Refractive 43.9 34.9 133.0 129.4
--------- --------- --------- ---------
$ 550.1 $ 477.4 $2,019.5 $1,816.7
========= ========= ========= =========
BALANCE SHEET
December December
27, 28,
Dollar Amounts in Millions 2003 2002
-------------------------- ---------- ----------
Assets
Cash and Short-term Investments $ 562.6 $ 465.1
Trade Receivables, Net 476.3 425.0
Inventories, Net 207.3 208.5
Other Current Assets 175.2 186.1
---------- ----------
Current Assets 1,421.4 1,284.7
Properties, Net 548.1 537.5
Goodwill and Intangible Assets 929.6 862.8
Other Assets 107.3 88.4
---------- ----------
Total Assets $ 3,006.4 $ 2,773.4
========== ==========
Liabilities and Shareholders' Equity
Short-Term Debt $ 195.0 $ 187.9
Other Current Liabilities 681.4 641.1
---------- ----------
Current Liabilities 876.4 829.0
Long-Term Debt 652.0 656.2
Other Long-Term Liabilities 259.1 251.3
Minority Interest 15.5 19.1
---------- ----------
Total Liabilities 1,803.0 1,755.6
Shareholders' Equity 1,203.4 1,017.8
---------- ----------
Total Liabilities and Shareholders' Equity $ 3,006.4 $ 2,773.4
========== ==========
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