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Q413 nlsn earnings webcast 02 13-14 final
 

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    Q413 nlsn earnings webcast 02 13-14 final Q413 nlsn earnings webcast 02 13-14 final Presentation Transcript

    • 4TH QUARTER AND FULL YEAR 2013 RESULTS CONFERENCE CALL & WEBCAST FEBRUARY 13, 2014 8:00AM ET NYSE: NLSN
    • Copyright ©2013 Nielsen Holdings N.V. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS The following discussion contains forward-looking statements, including those about Nielsen’s outlook and prospects, that relate to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those which are not historical facts. These and other statements that relate to future results and events are based on Nielsen’s current expectations as of February 13, 2014. Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. The risks and uncertainties that we believe are material are outlined in our disclosure filings and materials, which you can find on http://ir.nielsen.com. Please consult these documents for a more complete understanding of these risks and uncertainties. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Our outlook is provided for the purpose of providing information about current expectations for 2014. This information may not be appropriate for other purposes. NLSN 4Q and FY 2013 Results 2
    • Copyright ©2013 Nielsen Holdings N.V. AGENDA Fourth Quarter & Full Year Results Business Update Financials and Guidance Q&A Appendix and Reconciliations NLSN 4Q and FY 2013 Results 3
    • MITCH BARNS CHIEF EXECUTIVE OFFICER
    • FULL YEAR OVERVIEW • Solid full year 2013 results - Revenue grew 6.4% constant currency, 3.9% excluding Nielsen Audio (Arbitron) - Adjusted EBITDA grew 7.5%...up 8.7% constant currency - Adjusted net income per share of $2.02...up 19.5% year-over-year - Full year free cash flow of $573 million…up 34.5% from 2012 • Steady and consistent model positioned for growth • Closed Arbitron…comfortable with updated cost synergy estimate of net $45M • PE Ownership down to 33%…S&P 500 index inclusion • Focus on shareholder value through balanced approach to capital allocation - Initiated and increased dividend in 2013 - Announced and implemented share buyback program Copyright ©2013 Nielsen Holdings N.V. • Reiterating 2014 core guidance - In-line with long-term framework Well positioned to continue delivering steady and consistent growth in 2014 and beyond NLSN 4Q and FY 2013 Results 5
    • WELL-POSITIONED FOR GROWTH 2013 ACCOMPLISHMENTS OPPORTUNITY Measure high growth, global middle class consumers Expanded online ratings – Campaign & Program Continue to enhance product and increase penetration with clients and publishers Extended video capability to mobile (tablet/smartphone) Innovating to meet clients’ needs in the ever-changing landscape Launched Nielsen Twitter TV Ratings Created Social TV ratings…paid + earned media Accelerated growth of Ad Solutions Unique advertising effectiveness solutions across more verticals Completed acquisition of Arbitron New areas for growth: retail data linkage, streaming, global Extended long-term client relationships Copyright ©2013 Nielsen Holdings N.V. Expanded coverage in Africa, India, China, Mexico and now into Myanmar Enable client value through performance management Creating value to help clients with performance management NLSN 4Q and FY 2013 Results 6
    • BRIAN WEST CHIEF FINANCIAL OFFICER
    • TOTAL NIELSEN RESULTS – FY 2013 ($ in millions except per share amounts) • Steady revenue growth; +3.9% excluding Audio FULL YEAR 2013 RESULTS V% (a) 2013 Guidance Total Revenue $5,703 6.4% ~6% Adjusted EBITDA $1,617 8.7% Adjusted EBITDA margin % 28.4% 61 bps 60 to 70 bps Adjusted Net Income (ANI) $770 23.4% ~22% Diluted ANI per share (b) $2.02 21.7% ~$2.00 Free Cash Flow Copyright ©2013 Nielsen Holdings N.V. 2013 $573 34.5% $530 - $580 3.5x (0.4) ~0.3x Proforma Net Debt Ratio (c) (a) (b) (c) • Developed markets steady; developing markets +7.2% • Margin expansion from cost leadership and volume while reinvesting for growth • Strong earnings growth…delevering, refinancing • Accelerating free cash flow growth Year-over-year growth in constant currency except for Free Cash Flow and Proforma Net Debt Ratio that are presented at reported rates Calculated using weighted average shares outstanding of 381.8 million for 2013 and 376.7 million for 2012. See Appendix for detail Reflects net debt (gross debt minus cash), divided by Adjusted EBITDA calculated on last twelve months basis. Excludes $288M of mandatory convertible subordinated debt. Proforma net debt leverage ratio for 2013 includes Arbitron (Audio) Adjusted EBITDA of $117 million for the nine months ended September 30, 2013. The 2012 comparable ratio of 3.9x has been adjusted to include Audio and exclude Expositions EBITDA and net debt. As reported, 2012 Net Debt Ratio was 3.75x. NLSN 4Q and FY 2013 Results 8
    • TOTAL NIELSEN RESULTS – 4Q 2013 ($ in millions except per share amounts) 4TH QUARTER RESULTS 2013 2012 V% (a) $1,611 $1,441 13.1% $508 $453 14.2% Adjusted EBITDA margin % 31.5% 31.4% 28 bps Adjusted Net Income (ANI) $274 $236 19.7% Revenue Adjusted EBITDA Diluted ANI per share (b) $0.71 $0.63 16.4% Free Cash Flow Copyright ©2013 Nielsen Holdings N.V. • Core revenue growth of 3.7%, excluding Audio, driven by strength in audience measurement, developing markets and Ad Solutions $234 $207 • Continued margin expansion while reinvesting for long term growth • Strong growth in earnings and free cash flow 13.0% (a) (b) Year-over-year growth in constant currency, excluding Free Cash Flow Calculated using weighted average shares outstanding of 384.2 million for 4Q 2013 and 377.4 million for 4Q 2012. See Appendix for detail NLSN 4Q and FY 2013 Results 9
    • SEGMENT REVENUE ($ in millions) 4TH QUARTER RESULTS 2013 2012 • Information steady… W. Europe pressure V% (a) • Broad based Insights growth Information $684 $686 1.0% $209 7.4% $903 $895 2.5% Watch $708 $546 30.4% Total (a) $219 Total Buy Copyright ©2013 Nielsen Holdings N.V. Insights $1,611 $1,441 13.1% • Developing markets +9.2% constant currency; double digit growth in many markets • Strong Watch growth +5.7% excluding Audio; driven by audience measurement and Ad Solutions Year-over-year growth in constant currency NLSN 4Q and FY 2013 Results 10
    • SEGMENT PROFITABILITY — ADJUSTED EBITDA ($ in millions) 4TH QUARTER RESULTS 2013 2012 V% (a) Buy $201 $217 (4.7)% Watch $313 $238 32.6% $(6) $(2) NM $508 $453 14.2% Corporate Total Copyright ©2013 Nielsen Holdings N.V. (a) • Buy: accelerated investments in developing markets; Insights growth • Watch: business model and successful initial integration of Audio • Delivering on cost management and productivity efforts Year-over-year growth in constant currency NLSN 4Q and FY 2013 Results 11
    • SELECTED FINANCIAL METRICS & BALANCE SHEET ITEMS ($ in millions) CAPITAL TABLE FINANCIAL METRICS 4Q 13 FY 2013 Free Cash Flow $234 $573 Capital Expenditures $119 $374 D&A $146 510 Net Book Interest 80 307 Cash Taxes $46 Cash Restructuring Wtd. avg. diluted shares 12/31/13 12/31/12 Change $4,016 $4,090 $(74) -- 209 (209) 7.75% Sr. Notes 1,083 1,084 (1) $147 4.50% Sr. Notes 800 800 -- $21 $80 5.50% Sr. Notes 625 -- 625 384.2 381.8 Capital lease/misc. debt 116 113 3 $6,640 $6,296 344 Less Cash 564 288 276 Net Debt $6,076 $6,008 68 3.5x 3.9x (0.4) 4.28% 4.86% (58)bps BALANCE SHEET – 12/31/13 Gross Debt (a) $6,640 Copyright ©2013 Nielsen Holdings N.V. Cash $564 Net Debt (a) $6,076 PF Net Debt Ratio (b) (a) (b) 3.5x Loan Debt (secured) 11.625% Sr. Notes Total Debt (a) Proforma Net Debt Ratio (b) Weighted avg. interest rate (a) Does not include $288 million of mandatory convertible subordinated bonds; weighted avg. interest rate calculated based on amount outstanding at end of quarter Reflects net debt (gross debt minus cash), divided by Adjusted EBITDA calculated on last twelve months basis. Excludes $288M of mandatory convertible subordinated debt. Proforma net debt leverage ratio for 2013 includes Arbitron (Audio) Adjusted EBITDA of $117 million for the nine months ended September 30, 2013. The 2012 comparable ratio of 3.9x has been adjusted to include Audio and exclude Expositions EBITDA and net debt. As reported, 2012 Net Debt Ratio was 3.75x. NLSN 4Q and FY 2013 Results 12
    • 2014 REVENUE RANGE Percentages reflected as constant currency 2014E RANGE 2013 LOW HIGH 5.0-5.5% 10-15% (2%) 5.5-6.0% ~20% 0-2% 5.0 – 5.5% 6.0 – 6.5% Western Europe Insights Developing (1%) 4-6% 7-8% 1% ~10% ~10% Developed Info (ex- W. Europe) BUY 3% 4% 3.0 – 3.5% 5.0 – 5.5% $5.6B Watch (ex Audio) Copyright ©2013 Nielsen Holdings N.V. Buy $2.2B +5.2% Audience Measurement Ad Solutions Other WATCH $3.4B +3.1% Core Nielsen 4.0% RANGE DRIVERS • Tablets, Smartphones, Social, OCR • New verticals, new products • Non-core legacy product performance • • • • Macro economic tailwind Improved discretionary environment Local client expansion Steady progress with global and local clients 6.0% Total Nielsen, including Audio and Harris, growing 11.5% - 13.5% NLSN 4Q and FY 2013 Results 13
    • FOREIGN CURRENCY IMPACT 2013PF REVENUE DISTRIBUTION FX IMPACT: REPORTED VS. CONSTANT CURRENCY U.S. & Canada 56% Western Europe Projected Impact (a) 17% Asia (50) <15% (130) (110) (90) (90) (120) (180) (150) (240) LatAm, Africa, <15% Rev (380) EBITDA Middle East, Eastern Europe Copyright ©2013 Nielsen Holdings N.V. No single currency is >3%, excluding USD, CAD, EUR & GBP 1Q14E (a) 2Q14E 3Q14E 4Q14E FY14E Projected impact assumes rates in effect at 2/12/14 remain in effect for the balance of 2014. Also based on company estimates for future quarters on distribution of revenue by currency. We report on a constant currency basis to reflect operating performance NLSN 4Q and FY 2013 Results 14
    • 2014 GUIDANCE – FEBRUARY 13, 2014 (Amounts in constant currency except adjusted net income per share) Total Revenue 11.5% - 13.5% Adj. EBITDA margin rate 29.0% - 30.0% Adj. Net Income 22.0% - 27.0% OTHER FINANCIAL METRICS Deleveraging Copyright ©2013 Nielsen Holdings N.V. Free Cash Flow $2.45 - $2.55 ~0.3x ~$700M $400M - $410M Depreciation & Amortization $575M - $600M Net book interest Adj. Net Income Per Share Capital Expenditures $300M - $310M Cash taxes $170M - $180M Cash restructuring $110M - $130M Est. wtd. avg. diluted shares outstanding for FY 2014 386M Total revenue growth increased for Harris Interactive; accretion to ANI/share offset by potential currency impact NLSN 4Q and FY 2013 Results 15
    • &
    • APPENDIX
    • CERTAIN NON-GAAP MEASURES Overview of Non-GAAP Presentations We consistently use the below non-GAAP financial measures to evaluate the results of our operations. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations, cash flows and indebtedness and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income or loss, cash flows from operating activities or any other performance measures of operating performance or liquidity derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Copyright ©2013 Nielsen Holdings N.V. Constant Currency Presentation We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. Net Debt and Net Debt Leverage Ratio The net debt leverage ratio is defined as net debt as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Net debt and the net debt leverage ratio are not presentations made in accordance with GAAP, and our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. NLSN 4Q and FY 2013 Results 18
    • CERTAIN NON-GAAP MEASURES (continued) Adjusted EBITDA We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, goodwill and intangible asset impairment charges, stock-based compensation expense and other non-operating items from our consolidated statements of operations as well as certain other items considered unusual or non-recurring in nature. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. We use Adjusted EBITDA to consistently measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. Copyright ©2013 Nielsen Holdings N.V. Adjusted Net Income We define Adjusted Net Income as net income or loss from our consolidated statements of operations before income taxes, depreciation and amortization associated with acquired tangible and intangible assets, restructuring charges, goodwill and intangible asset impairment charges, other non-operating items from our consolidated statements of operations and certain other items considered unusual or non-recurring in nature, reduced by cash paid for income taxes. Also excluded from Adjusted Net Income is interest expense attributable to the mandatory convertible subordinated bonds converted on February 1, 2013. Free Cash Flow We define free cash flow as net cash provided by operating activities, normalized for non-recurring Arbitron transaction costs, less capital expenditures. We believe providing free cash flow information provides valuable supplemental information regarding the cash flow that may be available for discretionary use by us. Free cash flow is not a presentation made in accordance with GAAP. NLSN 4Q and FY 2013 Results 19
    • Copyright ©2013 Nielsen Holdings N.V. AD SOLUTIONS REORGANIZATION: IMPACT ON REVENUE ($ in millions) 2013 2012 Prior Segments 1Q 2Q 3Q 4Q FY 1Q Buy $825 $867 $871 $927 $3,490 $799 849 852 Info 648 652 664 684 2,648 612 639 Insights 177 215 207 243 842 187 494 519 516 684 2,213 474 $1,319 $1,386 $1,387 $1,611 $5,703 1Q 2Q 3Q 4Q FY Watch Total Revised Segments Buy 2Q 3Q 2011 4Q FY 1Q 2Q 3Q 4Q FY 920 3,420 $778 $871 $864 $896 $3,409 658 686 2,595 600 652 641 641 2,534 210 194 234 825 178 219 223 255 875 493 499 521 1,987 462 481 479 497 1,919 $1,273 $1,342 $1,351 $1,441 $5,407 $1,240 $1,352 $1,343 $1,393 $5,328 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 811 844 848 903 3,406 789 826 831 895 3,341 772 860 846 861 3,339 Info 648 652 664 684 2,648 612 639 658 686 2,595 600 652 641 641 2,534 Insights 163 192 184 219 758 177 187 173 209 746 172 208 205 220 805 508 542 539 708 2,297 484 516 520 546 2,066 468 492 497 532 1,989 $1,319 $1,386 $1,387 $1,611 $5,703 $1,273 $1,342 $1,351 $1,441 $5,407 $1,240 $1,352 $1,343 $1,393 $5,328 Revised Y/Y Growth (a) 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Buy 4.1% 2.7% 3.0% 2.5% 3.1% 4.1% 2.0% 3.7% 4.7% 3.6% 7.5% 6.8% 5.6% 3.5% 5.8% Info 7.1% 2.5% 1.8% 1.0% 3.0% 3.9% 4.6% 8.8% 7.7% 6.3% 9.7% 8.5% 7.7% 6.0% 7.9% Insights -6.3% 3.2% 7.6% 7.4% 3.1% 4.7% -6.0% -11.7% -4.1% -4.6% 0.6% 2.0% -0.5% -3.1% -0.4% Watch 5.2% 5.2% 4.7% 30.4% 11.7% 3.9% 6.6% 6.1% 2.8% 4.8% 5.9% 2.1% 6.9% 6.2% 5.2% Total 4.5% 3.7% 3.7% 13.1% 6.4% 4.0% 3.7% 4.6% 4.0% 4.1% 6.9% 5.1% 6.1% 4.5% 5.6% Watch Total (a) Year-over-year growth in constant currency NLSN 4Q and FY 2013 Results 20
    • Copyright ©2013 Nielsen Holdings N.V. AD SOLUTIONS REORGANIZATION: IMPACT ON ADJ. EBITDA ($ in millions) 2013 Prior Segments 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY $171 174 205 $674 $121 $169 $175 $221 $686 $120 $180 $177 $222 $699 199 233 234 309 975 186 213 213 234 846 176 199 195 208 778 (8) (8) (10) (6) (32) (12) (8) (6) (2) (28) (12) (7) (3) (5) (27) $315 $396 $398 $508 $1,617 $295 $374 $382 $453 $1,504 $284 $372 $369 $425 $1,450 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY $123 $167 169 201 $660 122 165 172 217 676 118 178 175 214 685 200 237 239 313 989 185 217 216 238 856 178 201 197 216 792 (8) (8) (10) (6) (32) (12) (8) (6) (2) (28) (12) (7) (3) (5) (27) $315 $396 $398 $508 $1,617 $295 $374 $382 $453 $1,504 $284 $372 $369 $425 $1,450 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Buy 3.4% 1.8% 0.0% -4.7% -0.5% 6.1% 0.0% 3.6% 2.8% 2.9% 0.0% 2.9% 7.4% 0.5% 2.7% Watch 8.1% 9.2% 12.2% 32.6% 16.2% 4.5% 9.0% 10.2% 9.7% 8.5% 14.1% 11.0% 10.1% 10.2% 11.2% Total 7.9% 6.2% 5.6% 14.2% 8.7% 5.4% 4.8% 6.4% 7.1% 6.0% 6.4% 7.8% 7.9% 8.1% 7.6% Watch Corporate Total Revised Segments Buy Watch Corporate Total Revised Y/Y Growth (a) 2Q $124 2011 3Q Buy 1Q 2012 (a) Year over year growth in constant currency NLSN 4Q and FY 2013 Results 21
    • ADJUSTED NET INCOME RECONCILIATION: Q4 ($ in millions except per share amounts) Quarter ended December 31, (Unaudited) Copyright ©2013 Nielsen Holdings N.V. 2013 Net income Loss from discontinued operations, net of tax Interest expense, net (Benefit)/Provision for income taxes Depreciation and amortization EBITDA Equity in net (income)/loss of affiliates Other non-operating expense, net Restructuring charges Stock-based compensation expense Other items (a) Adjusted EBITDA Interest expense, net Depreciation and amortization Depreciation and amortization of acquisition-related tangible and intangible assets Cash paid for income taxes Stock-based compensation expense Interest expense attributable to mandatory convertible bonds Adjusted net income Adjusted net income per share of common stock, diluted (b) (a), (b) $ 145 14 80 (13) 146 372 1 11 56 15 53 508 (80) (146) 53 (46) (15) -274 $0.71 2012 $ $ 36 7 88 29 126 286 (4) 126 28 10 7 453 (88) (126) 38 (36) (10) 5 236 $0.63 See footnotes on next page NLSN 4Q and FY 2013 Results 22
    • Copyright ©2013 Nielsen Holdings N.V. ADJUSTED NET INCOME RECONCILIATION: Q4 (continued) (a) For the three months ended December 31, 2013 and 2012, other items primarily consist of one-time items associated with the acquisition of Arbitron, including non-cash purchase accounting adjustments and transaction related costs. (b) Adjusted Net Income per share of common stock presented on a diluted basis includes potential common shares associated with stock-based compensation plans that may have been considered antidilutive in accordance with GAAP. The amount also includes the weighted-average amount of shares of common stock convertible associated with the mandatory convertible bonds based upon the average price of our common stock during the period. Weighted-average shares of common stock outstanding as of quarter ended December 31, 2013, basic Dilutive shares of common stock from stock compensation plans Shares of common stock convertible associated with the mandatory convertible bonds Weighted-average shares of common stock outstanding, diluted 378,331,799 5,894,707 -384,226,506 NLSN 4Q and FY 2013 Results 23
    • ADJUSTED NET INCOME RECONCILIATION: 2013 ($ in millions except per share amounts) Twelve months ended December 31 (Unaudited) Copyright ©2013 Nielsen Holdings N.V. 2013 Net income Income from discontinued operations, net Interest expense, net Provision for income taxes Depreciation and amortization EBITDA Equity in net income of affiliates Other non-operating expense, net Restructuring charges Stock-based compensation expense Other items (a) Adjusted EBITDA Interest expense, net Depreciation and amortization Depreciation and amortization of acquisition-related tangible and intangible assets Cash paid for income taxes Stock-based compensation expense Interest expense attributable to mandatory convertible bonds Adjusted net income Adjusted net income per share of common stock, diluted (b) (a), (b) $ $ 736 (305) 307 91 510 1,339 (2) 34 119 47 80 1,617 (307) (510) 162 (147) (47) 2 770 $2.02 2012 $ $ 272 (30) 386 122 493 1,243 (5) 135 85 34 12 1,504 (386) (493) 145 (124) (34) 23 635 $1.69 See footnotes on next page NLSN 4Q and FY 2013 Results 24
    • Copyright ©2013 Nielsen Holdings N.V. ADJUSTED NET INCOME RECONCILIATION: 2013 (continued) (a) For the twelve months ended December 31, 2013 and 2012, other items primarily consist of one-time items associated with the acquisition of Arbitron, including non-cash purchase accounting adjustments and transaction related costs. (b) Adjusted Net Income per share of common stock presented on a diluted basis includes potential common shares associated with stock-based compensation plans that may have been considered anti-dilutive in accordance with GAAP. The amount also includes the weighted-average amount of shares of common stock convertible associated with the mandatory convertible bonds based upon the average price of our common stock during the period. Weighted-average shares of common stock outstanding as of year ended December 31, 2013, basic Dilutive shares of common stock from stock compensation plans Shares of common stock convertible associated with the mandatory convertible bonds Weighted-average shares of common stock outstanding, diluted 375,797,629 5,130,337 896,994 381,824,960 NLSN 4Q and FY 2013 Results 25
    • FREE CASH FLOW RECONCILIATION ($ in millions) QUARTER ENDED DECEMBER 31 TWELVE MONTHS ENDED DECEMBER 31 2013 2012 2013 2012 Net cash provided by operating activities $320 $340 $901 $784 Capital expenditures (119) (133) (374) (358) $33 -- $46 -- $234 $207 $573 $426 One-time Arbitron costs Copyright ©2013 Nielsen Holdings N.V. Free Cash Flow NLSN 4Q and FY 2013 Results 26
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