Le Lézard
Classified in: Business
Subjects: EARNINGS, Dividend, Conference Call, Webcast

Tiptree Reports Second Quarter 2022 Results


Tiptree Inc. (NASDAQ:TIPT) ("Tiptree" or the "Company"), today announced its financial results for the three and six months ended June 30, 2022.

Second Quarter 2022 Summary

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in thousands, except per share information)

2022

 

2021

 

2022

 

2021

 

Total revenues

$

339,843

 

 

$

299,687

 

 

$

664,746

 

 

$

594,375

 

 

Net income (loss) attributable to common stockholders

$

(22,408

)

 

$

7,969

 

 

$

(23,368

)

 

$

36,550

 

 

Diluted earnings per share

$

(0.64

)

 

$

0.22

 

 

$

(0.67

)

 

$

1.05

 

 

Cash dividends paid per common share

$

0.04

 

 

$

0.04

 

 

$

0.08

 

 

$

0.08

 

 

Return on average equity

 

(19.2

) %

 

 

9.0

%

 

 

(9.8

) %

 

 

20.4

%

 

 

 

 

 

 

 

 

 

 

Non-GAAP: (1)

 

 

 

 

 

 

 

 

Adjusted net income

$

13,986

 

 

$

13,125

 

 

$

29,438

 

 

$

26,280

 

 

Adjusted return on average equity

 

12.3

%

 

 

13.1

%

 

 

12.7

%

 

 

13.5

%

 

Book value per share

$

10.75

 

 

$

11.59

 

 

$

10.75

 

 

$

11.59

 

 

(1)

See "?Non-GAAP Reconciliations" for a discussion of non-GAAP financial measures.

Year-to-date 2022 Summary

Segment Financial Highlights - Second Quarter 2022

Insurance (The Fortegra Group):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in thousands)

2022

 

2021

 

2022

 

2021

 

Gross written premiums and premium equivalents

$

594,696

 

 

$

552,780

 

 

$

1,195,551

 

 

$

1,030,013

 

 

Revenues

$

293,831

 

 

$

252,255

 

 

$

576,360

 

 

$

474,818

 

 

Income before taxes

$

9,071

 

 

$

14,704

 

 

$

23,753

 

 

$

36,232

 

 

Return on average equity

 

7.0

%

 

 

16.2

%

 

 

10.4

%

 

 

19.4

%

 

Combined ratio

 

90.9

%

 

 

92.1

%

 

 

90.7

%

 

 

91.8

%

 

 

 

 

 

 

 

 

 

 

Non-GAAP: (1)

 

 

 

 

 

 

 

 

Adjusted net income

$

18,938

 

 

$

14,091

 

 

$

40,062

 

 

$

26,867

 

 

Adjusted return on average equity

 

24.5

%

 

 

20.1

%

 

 

25.5

%

 

 

18.3

%

 

(1)

See "?Non-GAAP Reconciliations" for a discussion of non-GAAP financial measures.

Tiptree Capital:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in thousands)

2022

 

2021

 

2022

 

2021

 

Revenues

$

46,012

 

 

$

47,432

 

 

$

88,386

 

 

$

119,557

 

 

Income before taxes

$

9,065

 

 

$

8,395

 

 

$

5,680

 

 

$

36,466

 

 

Return on average equity

 

18.8

%

 

 

15.5

%

 

 

6.1

%

 

 

32.2

%

 

 

 

 

 

 

 

 

 

 

Non-GAAP: (1)

 

 

 

 

 

 

 

 

Adjusted net income

$

3,904

 

 

$

6,123

 

 

$

4,877

 

 

$

14,155

 

 

Adjusted return on average equity

 

9.4

%

 

 

13.6

%

 

 

5.7

%

 

 

15.7

%

 

(1)

See "?Non-GAAP Reconciliations" for a discussion of non-GAAP financial measures.

Corporate:

Corporate includes expenses of the holding company for interest expense, employee compensation and benefits, and public company and other expenses. For the quarter, corporate expenses were $13.3 million compared to $11.6 million in Q2'21 and for the year were $25.6 million compared to $21.8 million. The increase in both periods was primarily the result of increased stock-based compensation expense.

Non-GAAP

Management uses Adjusted net income and Adjusted return on average equity as measurements of operating performance. Management believes these measures provide supplemental information useful to investors as they are frequently used by the financial community to analyze financial performance and comparison among companies. Management uses Adjusted net income and adjusted return on average equity as part of its capital allocation process and to assess comparative returns on invested capital. Adjusted net income represents income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, stock-based compensation, net realized and unrealized gains (losses), and intangibles amortization associated with purchase accounting. Adjusted net income and Adjusted return on average equity are not measurements of financial performance or liquidity under GAAP and should not be considered as an alternative or substitute for GAAP net income. See "Non-GAAP Reconciliations" for a reconciliation of these measures to their GAAP equivalents.

Earnings Conference Call

Tiptree will host a conference call on Tuesday, August 9, 2022 at 9:00 a.m. Eastern Time to discuss its Q2 2022 financial results. A copy of our investor presentation, to be used during the conference call, as well as this press release, will be available in the Investor Relations section of the Company's website, located at www.tiptreeinc.com.

The conference call will be available via live or archived webcast at http://www.investors.tiptreeinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the telephone conference call, please dial 1-866-652-5200 (domestic) or 1-412-317-6060 (international). Please dial in at least five minutes prior to the start time.

A replay of the call will be available from Tuesday, August 9, 2022 at 12:00 p.m. Eastern Time, until midnight Eastern on Tuesday, August 16, 2022. To listen to the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international), Passcode: 10168261.

About Tiptree

Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small and middle market companies with the mission of building long-term value. Established in 2007, we have a significant track record investing in the insurance sector and across a variety of other industries, including mortgage origination, specialty finance and shipping. With proprietary access and a flexible capital base, we seek to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. For more information, please visit tiptreeinc.com and follow us on LinkedIn.

Forward-Looking Statements

This release contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond the Company's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "should," "target," "will," or similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the Company's plans, objectives, expectations for our businesses and intentions. The forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecast in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to those described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K, and as described in the Company's other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. The factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could affect our forward-looking statements. Consequently, our actual performance could be materially different from the results described or anticipated by our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statements.

Tiptree Inc.

Condensed Consolidated Balance Sheets

($ in thousands, except share data)

 

As of

 

June 30,
2022

 

December 31,
2021

Assets:

 

 

 

Investments:

 

 

 

Available for sale securities, at fair value, net of allowance for credit losses

$

606,462

 

 

$

577,448

 

Loans, at fair value

 

91,387

 

 

 

105,583

 

Equity securities

 

96,876

 

 

 

138,483

 

Other investments

 

81,690

 

 

 

168,656

 

Total investments

 

876,415

 

 

 

990,170

 

Cash and cash equivalents

 

337,916

 

 

 

175,718

 

Restricted cash

 

13,397

 

 

 

19,368

 

Notes and accounts receivable, net

 

471,462

 

 

 

454,369

 

Reinsurance receivables

 

1,029,924

 

 

 

880,836

 

Deferred acquisition costs

 

433,614

 

 

 

379,373

 

Goodwill

 

186,567

 

 

 

179,103

 

Intangible assets, net

 

125,265

 

 

 

122,758

 

Other assets

 

151,867

 

 

 

146,844

 

Assets held for sale

 

106,282

 

 

 

250,608

 

Total assets

$

3,732,709

 

 

$

3,599,147

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Liabilities:

 

 

 

Debt, net

$

261,781

 

 

$

393,349

 

Unearned premiums

 

1,219,115

 

 

 

1,123,952

 

Policy liabilities and unpaid claims

 

441,078

 

 

 

331,703

 

Deferred revenue

 

593,235

 

 

 

534,863

 

Reinsurance payable

 

292,355

 

 

 

265,569

 

Other liabilities and accrued expenses

 

330,659

 

 

 

306,536

 

Liabilities held for sale

 

69,146

 

 

 

242,994

 

Total liabilities

$

3,207,369

 

 

$

3,198,966

 

 

 

 

 

Stockholders' Equity:

 

 

 

Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding

$

?

 

 

$

?

 

Common stock: $0.001 par value, 200,000,000 shares authorized, 36,305,016 and 34,124,153 shares issued and outstanding, respectively

 

36

 

 

 

34

 

Additional paid-in capital

 

379,371

 

 

 

317,459

 

Accumulated other comprehensive income (loss), net of tax

 

(30,966

)

 

 

(2,685

)

Retained earnings

 

41,964

 

 

 

68,146

 

Total Tiptree Inc. stockholders' equity

 

390,405

 

 

 

382,954

 

Non-controlling interests:

 

 

 

Fortegra preferred interests

 

77,679

 

 

 

?

 

Common interests

 

57,256

 

 

 

17,227

 

Total non-controlling interests

 

134,935

 

 

 

17,227

 

Total stockholders' equity

 

525,340

 

 

 

400,181

 

Total liabilities and stockholders' equity

$

3,732,709

 

 

$

3,599,147

 

Tiptree Inc.

Condensed Consolidated Statements of Operations

($ in thousands, except share data)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2022

 

2021

 

2022

 

2021

Revenues:

 

 

 

 

 

 

 

Earned premiums, net

$

215,941

 

 

$

176,958

 

$

424,357

 

 

$

323,877

Service and administrative fees

 

77,625

 

 

 

63,700

 

 

149,460

 

 

 

121,750

Ceding commissions

 

3,326

 

 

 

3,080

 

 

5,863

 

 

 

6,105

Net investment income

 

3,365

 

 

 

3,234

 

 

6,532

 

 

 

6,001

Net realized and unrealized gains (losses)

 

15,687

 

 

 

36,092

 

 

32,891

 

 

 

105,463

Other revenue

 

23,899

 

 

 

16,623

 

 

45,643

 

 

 

31,179

Total revenues

 

339,843

 

 

 

299,687

 

 

664,746

 

 

 

594,375

Expenses:

 

 

 

 

 

 

 

Policy and contract benefits

 

104,665

 

 

 

89,193

 

 

209,111

 

 

 

156,367

Commission expense

 

127,453

 

 

 

99,543

 

 

244,876

 

 

 

188,188

Employee compensation and benefits

 

48,262

 

 

 

45,693

 

 

104,717

 

 

 

98,617

Interest expense

 

9,135

 

 

 

8,981

 

 

19,334

 

 

 

18,233

Depreciation and amortization

 

6,009

 

 

 

6,208

 

 

12,165

 

 

 

12,142

Other expenses

 

39,512

 

 

 

38,594

 

 

70,688

 

 

 

69,961

Total expenses

 

335,036

 

 

 

288,212

 

 

660,891

 

 

 

543,508

Income (loss) before taxes

 

4,807

 

 

 

11,475

 

 

3,855

 

 

 

50,867

Less: provision (benefit) for income taxes

 

26,555

 

 

 

2,427

 

 

26,469

 

 

 

11,179

Net income (loss)

 

(21,748

)

 

 

9,048

 

 

(22,614

)

 

 

39,688

Less: net income (loss) attributable to non-controlling interests

 

660

 

 

 

1,079

 

 

754

 

 

 

3,138

Net income (loss) attributable to common stockholders

$

(22,408

)

 

$

7,969

 

$

(23,368

)

 

$

36,550

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

Basic earnings per share

$

(0.64

)

 

$

0.24

 

$

(0.67

)

 

$

1.10

Diluted earnings per share

$

(0.64

)

 

$

0.22

 

$

(0.67

)

 

$

1.05

 

 

 

 

 

 

 

 

Weighted average number of common shares:

 

 

 

 

 

 

 

Basic

 

35,228,775

 

 

 

32,898,769

 

 

34,731,655

 

 

 

32,661,195

Diluted

 

35,228,775

 

 

 

33,567,897

 

 

34,731,655

 

 

 

34,842,812

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.04

 

 

$

0.04

 

$

0.08

 

 

$

0.08

Tiptree Inc.
Non-GAAP Reconciliations (Unaudited)

Non-GAAP Financial Measures ? Adjusted net income and Adjusted return on average equity

The Company defines Adjusted net income as income before taxes, less provision (benefit) for income taxes, and excluding the after-tax impact of various expenses that we consider to be unique and non-recurring in nature, including merger and acquisition related expenses, stock-based compensation, net realized and unrealized gains (losses) and intangibles amortization associated with purchase accounting. We use adjusted net income as an internal operating performance measure in the management of business as part of our capital allocation process. We believe adjusted net income provides useful supplemental information to investors as it is frequently used by the financial community to analyze financial performance between periods and for comparison among companies. Adjusted net income should not be viewed as a substitute for income before taxes calculated in accordance with GAAP, and other companies may define adjusted net income differently.

We define Adjusted return on average equity as Adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholder's equity during the period. We use Adjusted return on average equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on average equity should not be viewed as a substitute for return on average equity calculated in accordance with GAAP, and other companies may define adjusted return on average equity differently.

 

Three Months Ended June 30, 2022

 

 

 

Tiptree Capital

 

 

 

 

($ in thousands)

Insurance

 

Mortgage

 

Other

 

Corporate

 

Total

Income (loss) before taxes

$

9,071

 

 

$

24

 

 

$

9,042

 

 

$

(13,330

)

 

$

4,807

 

Less: Income tax (benefit) expense

 

(3,670

)

 

 

12

 

 

 

(1,300

)

 

 

(21,597

)

 

 

(26,555

)

Less: Net realized and unrealized gains (losses)

 

10,126

 

 

 

(1,580

)

 

 

(4,450

)

 

 

?

 

 

 

4,096

 

Plus: Intangibles amortization (1)

 

4,085

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

4,085

 

Plus: Stock-based compensation expense

 

24

 

 

 

?

 

 

 

23

 

 

 

10

 

 

 

57

 

Plus: Non-recurring expenses

 

1,449

 

 

 

?

 

 

 

(1,055

)

 

 

2,108

 

 

 

2,502

 

Plus: Non-cash fair value adjustments

 

?

 

 

 

?

 

 

 

2,170

 

 

 

?

 

 

 

2,170

 

Less: Tax on adjustments (2)

 

(2,147

)

 

 

361

 

 

 

658

 

 

 

23,952

 

 

 

22,824

 

Adjusted net income

$

18,938

 

 

$

(1,183

)

 

$

5,088

 

 

$

(8,857

)

 

$

13,986

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$

18,938

 

 

$

(1,183

)

 

$

5,088

 

 

$

(8,857

)

 

$

13,986

 

Average stockholders' equity

$

309,774

 

 

$

57,537

 

 

$

108,019

 

 

$

(21,082

)

 

$

454,248

 

Adjusted return on average equity

 

24.5

%

 

 

(8.2

) %

 

 

18.8

%

 

NM%

 

 

12.3

%

 

Three Months Ended June 30, 2021

 

 

 

Tiptree Capital

 

 

 

 

($ in thousands)

Insurance

 

Mortgage

 

Other

 

Corporate

 

Total

Income (loss) before taxes

$

14,704

 

 

$

5,775

 

 

$

2,620

 

 

$

(11,624

)

 

$

11,475

 

Less: Income tax (benefit) expense

 

(3,334

)

 

 

(1,366

)

 

 

(34

)

 

 

2,307

 

 

 

(2,427

)

Less: Net realized and unrealized gains (losses)

 

(2,808

)

 

 

(600

)

 

 

(142

)

 

 

?

 

 

 

(3,550

)

Plus: Intangibles amortization (1)

 

3,835

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

3,835

 

Plus: Stock-based compensation expense

 

500

 

 

 

166

 

 

 

4

 

 

 

479

 

 

 

1,149

 

Plus: Non-recurring expenses

 

1,834

 

 

 

?

 

 

 

281

 

 

 

2,171

 

 

 

4,286

 

Plus: Non-cash fair value adjustments

 

?

 

 

 

?

 

 

 

(695

)

 

 

?

 

 

 

(695

)

Less: Tax on adjustments (2)

 

(640

)

 

 

84

 

 

 

30

 

 

 

(422

)

 

 

(948

)

Adjusted net income

$

14,091

 

 

$

4,059

 

 

$

2,064

 

 

$

(7,089

)

 

$

13,125

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$

14,091

 

 

$

4,059

 

 

$

2,064

 

 

$

(7,089

)

 

$

13,125

 

Average stockholders' equity

$

281,041

 

 

$

72,364

 

 

$

121,129

 

 

$

(73,310

)

 

$

401,224

 

Adjusted return on average equity

 

20.1

%

 

 

22.4

%

 

 

6.8

%

 

NM%

 

 

13.1

%

Notes

(1)

Specifically associated with acquisition purchase accounting. See Note (9) Goodwill and Intangible Assets, net, of the Company's Form 10-Q for the period ended June 30, 2022.

(2)

Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts. For the three and six months ended June 30, 2022, included in the adjustment is an add-back of $25.5 million related to deferred tax expense from the WP Transaction.

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

Tiptree Capital

 

 

 

 

($ in thousands)

Insurance

 

Mortgage

 

Other

 

Corporate

 

Total

Income (loss) before taxes

$

23,753

 

 

$

4,290

 

 

$

1,391

 

 

$

(25,579

)

 

$

3,855

 

Less: Income tax (benefit) expense

 

(7,334

)

 

 

(966

)

 

 

494

 

 

 

(18,663

)

 

 

(26,469

)

Less: Net realized and unrealized gains (losses)

 

16,769

 

 

 

(7,894

)

 

 

4,401

 

 

 

?

 

 

 

13,276

 

Plus: Intangibles amortization (1)

 

8,031

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

8,031

 

Plus: Stock-based compensation expense

 

2,343

 

 

 

?

 

 

 

23

 

 

 

3,849

 

 

 

6,215

 

Plus: Non-recurring expenses

 

1,472

 

 

 

?

 

 

 

(922

)

 

 

2,108

 

 

 

2,658

 

Plus: Non-cash fair value adjustments

 

?

 

 

 

?

 

 

 

3,684

 

 

 

?

 

 

 

3,684

 

Less: Tax on adjustments (2)

 

(4,972

)

 

 

1,831

 

 

 

(1,455

)

 

 

22,784

 

 

 

18,188

 

Adjusted net income

$

40,062

 

 

$

(2,739

)

 

$

7,616

 

 

$

(15,501

)

 

$

29,438

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$

40,062

 

 

$

(2,739

)

 

$

7,616

 

 

$

(15,501

)

 

$

29,438

 

Average stockholders' equity

$

314,592

 

 

$

58,981

 

 

$

112,190

 

 

$

(23,001

)

 

$

462,762

 

Adjusted return on average equity

 

25.5

%

 

 

(9.3

) %

 

 

13.6

%

 

NM%

 

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

Tiptree Capital

 

 

 

 

($ in thousands)

Insurance

 

Mortgage

 

Other

 

Corporate

 

Total

Income (loss) before taxes

$

36,232

 

 

$

18,852

 

 

$

17,614

 

 

$

(21,831

)

 

$

50,867

 

Less: Income tax (benefit) expense

 

(7,763

)

 

 

(4,462

)

 

 

(2,941

)

 

 

3,987

 

 

 

(11,179

)

Less: Net realized and unrealized gains (losses)

 

(12,432

)

 

 

(4,020

)

 

 

(13,908

)

 

 

?

 

 

 

(30,360

)

Plus: Intangibles amortization (1)

 

7,669

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

7,669

 

Plus: Stock-based compensation expense

 

872

 

 

 

331

 

 

 

12

 

 

 

999

 

 

 

2,214

 

Plus: Non-recurring expenses

 

2,104

 

 

 

?

 

 

 

281

 

 

 

2,171

 

 

 

4,556

 

Plus: Non-cash fair value adjustments

 

?

 

 

 

?

 

 

 

(1,352

)

 

 

?

 

 

 

(1,352

)

Less: Tax on adjustments (2)

 

185

 

 

 

823

 

 

 

2,925

 

 

 

(68

)

 

 

3,865

 

Adjusted net income

$

26,867

 

 

$

11,524

 

 

$

2,631

 

 

$

(14,742

)

 

$

26,280

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$

26,867

 

 

$

11,524

 

 

$

2,631

 

 

$

(14,742

)

 

$

26,280

 

Average stockholders' equity

$

292,865

 

 

$

67,292

 

 

$

113,430

 

 

$

(84,295

)

 

$

389,292

 

Adjusted return on average equity

 

18.3

%

 

 

34.3

%

 

 

4.6

%

 

NM%

 

 

13.5

%

Notes

(1)

Specifically associated with acquisition purchase accounting. See Note (9) Goodwill and Intangible Assets, net, of the Company's Form 10-Q for the period ended June 30, 2022.

(2)

Tax on adjustments represents the tax applied to the total non-GAAP adjustments and includes adjustments for non-recurring or discrete tax impacts. For the three and six months ended June 30, 2022, included in the adjustment is an add-back of $25.5 million related to deferred tax expense from the tax deconsolidation of Fortegra.

Non-GAAP Financial Measures ? Book value per share

Management believes the use of this financial measure provides supplemental information useful to investors as book value is frequently used by the financial community to analyze company growth on a relative per share basis. The following table provides a reconciliation between total stockholders' equity and total shares outstanding, net of treasury shares.

($ in thousands, except per share information)

As of June 30,

 

2022

 

2021

Total stockholders' equity

$

525,340

 

$

405,049

Less: Non-controlling interests

 

134,935

 

 

18,031

Total stockholders' equity, net of non-controlling interests

$

390,405

 

$

387,018

 

 

 

 

Total common shares outstanding

 

36,305

 

 

33,395

 

 

 

 

Book value per share

$

10.75

 

$

11.59

 


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