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Intercontinental Exchange Reports Strong Second Quarter 2024

Intercontinental Exchange (NYSE: ICE):

  • Record 2Q24 net revenues of $2.3 billion, +23% y/y

 

  • 2Q24 GAAP diluted earnings per share (EPS) of $1.10, down 23% y/y

 

  • 2Q24 adj. diluted EPS of $1.52, +6% y/y

 

  • Record 2Q24 operating income of $1.1 billion, +12% y/y; record adj. operating income of $1.4 billion, +21% y/y

 

  • 2Q24 operating margin of 46%; adj. operating margin of 59%

 

 

Jeffrey C. Sprecher,

ICE Chair & Chief Executive Officer, said,

"We are pleased to report our second quarter results that extend our track record of growth. Our customers continue to access our networks to manage risk, consume our mission-critical data and drive workflow efficiencies across asset classes and through an array of macroeconomic environments. As we look to the second half of the year and beyond, we will continue to leverage our data, technology and network expertise to deliver innovative solutions for our customers and drive growth for our stockholders."

Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today reported financial results for the second quarter of 2024. For the quarter ended June 30, 2024, consolidated net income attributable to ICE was $632 million on $2.3 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted EPS were $1.10. Adjusted net income attributable to ICE was $876 million in the second quarter and adjusted diluted EPS were $1.52. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.

Warren Gardiner, ICE Chief Financial Officer, added: "Through the first half of 2024, we have generated record revenues and record operating income, while also continuing to make progress towards achieving the leverage and synergy targets related to our 2023 acquisition of Black Knight. As we turn to the second half, we expect to continue to invest in opportunities to drive future growth and to create value for our stockholders."

Second Quarter 2024 Business Highlights

Second quarter consolidated net revenues were $2.3 billion including exchange net revenues of $1.2 billion, fixed income and data services revenues of $565 million and mortgage technology revenues of $506 million. Consolidated operating expenses were $1.3 billion for the second quarter of 2024. On an adjusted basis, consolidated operating expenses were $947 million. Consolidated operating income for the second quarter was $1.1 billion, and the operating margin was 46%. On an adjusted basis, consolidated operating income for the second quarter was $1.4 billion, and the adjusted operating margin was 59%.

$ (in millions)

Net Revenues

Op Margin

Adj Op Margin

 

2Q24

Exchanges

$1,246

71%

75%

Fixed Income and Data Services

$565

37%

45%

Mortgage Technology

$506

(6)%

36%

Consolidated

$2,317

46%

59%

 

 

 

 

 

2Q24

2Q23

% Chg

Recurring Revenues

$1,206

$955

26%

Transaction Revenues, net

$1,111

$933

19%

Exchanges Segment Results

Second quarter exchange net revenues were $1.2 billion. Exchange operating expenses were $356 million and on an adjusted basis, were $311 million in the second quarter. Segment operating income for the second quarter was $890 million, and the operating margin was 71%. On an adjusted basis, operating income was $935 million, and the adjusted operating margin was 75%.

$ (in millions)

2Q24

2Q23

% Chg

Const Curr(1)

Revenues, net:

 

 

 

 

Energy

$469

$355

32%

33%

Ags and Metals

71

77

(8)%

(8)%

Financials(2)

132

104

26%

26%

Cash Equities and Equity Options, net

111

96

16%

16%

OTC and Other(3)

101

104

(3)%

(3)%

Data and Connectivity Services

240

231

4%

4%

Listings

122

126

(3)%

(3)%

Segment Revenues

$1,246

$1,093

14%

14%

 

 

 

 

 

Recurring Revenues

$362

$357

1%

1%

Transaction Revenues, net

$884

$736

20%

20%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q23, 1.2522 and 1.0893, respectively.

(2) Financials include interest rates and other financial futures and options.

(3) OTC & other includes net interest income and fees on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange member fees, and agriculture grading and certification fees.

Fixed Income and Data Services Segment Results

Second quarter fixed income and data services revenues were $565 million. Fixed income and data services operating expenses were $357 million, and adjusted operating expenses were $311 million in the second quarter. Segment operating income for the second quarter was $208 million, and the operating margin was 37%. On an adjusted basis, operating income was $254 million, and the adjusted operating margin was 45%.

$ (in millions)

2Q24

2Q23

% Chg

Const Curr(1)

Revenues:

 

 

 

 

Fixed Income Execution

$30

$28

3%

3%

CDS Clearing

78

84

(6)%

(6)%

Fixed Income Data and Analytics

293

277

6%

6%

Other Data and Network Services

164

157

5%

5%

Segment Revenues

$565

$546

4%

4%

 

 

 

 

 

Recurring Revenues

$457

$434

5%

5%

Transaction Revenues

$108

$112

(4)%

(4)%

 

(1) Net revenues in constant currency are calculated holding both the pound sterling and euro at the average exchange rate from 2Q23, 1.2522 and 1.0893, respectively.

Mortgage Technology Segment Results

Second quarter mortgage technology revenues were $506 million. Mortgage technology operating expenses were $538 million, and adjusted operating expenses were $325 million in the second quarter. Segment operating loss for the second quarter was $32 million, and the operating margin was (6)%. On an adjusted basis, operating income was $181 million, and the adjusted operating margin was 36%.

$ (in millions)

2Q24

2Q23

% Chg

Revenues:

 

 

 

Origination Technology

$180

$178

1%

Closing Solutions

52

47

9%

Servicing Software

212

n/a

Data and Analytics

62

24

165%

Segment Revenues

$506

$249

103%

 

 

 

 

Recurring Revenues

$387

$164

137%

Transaction Revenues

$119

$85

39%

Other Matters

  • Operating cash flow through the second quarter of 2024 was $2.2 billion and adjusted free cash flow was $1.8 billion.
  • Unrestricted cash was $885 million and outstanding debt was $21.8 billion as of June 30, 2024.
  • Through the second quarter of 2024, ICE paid $519 million in dividends.

Updated Financial Guidance

  • ICE's full year 2024 GAAP operating expenses are expected to be in a range of $4.90 billion to $4.93 billion. Adjusted operating expenses(1) are expected to be in a range of $3.79 billion to $3.82 billion.
  • ICE's third quarter 2024 GAAP operating expenses are expected to be in a range of $1.22 billion to $1.23 billion. Adjusted operating expenses(1) are expected to be in a range of $955 million to $965 million.
  • ICE's third quarter 2024 GAAP non-operating expense(2) is expected to be in the range of $200 million to $205 million. Adjusted non-operating expense is expected to be in the range of $190 million to $195 million.
  • ICE's diluted share count for the third quarter is expected to be in the range of 573 million to 579 million weighted average shares outstanding.

(1) Full year and 3Q 2024 non-GAAP operating expenses exclude amortization of acquisition-related intangibles, duplicate rent expenses, valid claims made following an equity trading issue at NYSE, and Black Knight integration costs.

(2) Non-operating expense includes interest income, interest expense and net other income/expense. Non-GAAP non-operating expense  excludes equity earnings/losses from unconsolidated investees.

Earnings Conference Call Information

ICE will hold a conference call today, August 1, 2024, at 8:30 a.m. ET to review its second quarter 2024 financial results. A live audio webcast of the earnings call will be available on the company's website at www.ice.com in the investor relations section. Participants may also listen via telephone by dialing 833-470-1428 from the United States or 929-526-1599 from outside of the United States. Telephone participants are required to provide the participant entry number 916348 and are recommended to call 10 minutes prior to the start of the call. The call will be archived on the company's website for replay.

The conference call for the third quarter 2024 earnings has been scheduled for October 31st, 2024 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.

Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: https://ir.theice.com/investor-resources/supplemental-information/default.aspx

Consolidated Statements of Income

(In millions, except per share amounts)

(Unaudited)

 

 

Six Months Ended

June 30,

Three Months Ended

June 30,

Revenues:

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Exchanges

$

3,560

 

$

3,214

 

$

1,826

 

$

1,541

 

Fixed income and data services

 

1,133

 

 

1,109

 

 

565

 

 

546

 

Mortgage technology

 

1,005

 

 

485

 

 

506

 

 

249

 

Total revenues

 

5,698

 

 

4,808

 

 

2,897

 

 

2,336

 

Transaction-based expenses:

 

 

 

 

Section 31 fees

 

205

 

 

175

 

 

138

 

 

56

 

Cash liquidity payments, routing and clearing

 

886

 

 

849

 

 

442

 

 

392

 

Total revenues, less transaction-based expenses

 

4,607

 

 

3,784

 

 

2,317

 

 

1,888

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Compensation and benefits

 

935

 

 

703

 

 

473

 

 

351

 

Professional services

 

74

 

 

57

 

 

38

 

 

29

 

Acquisition-related transaction and integration costs

 

51

 

 

46

 

 

15

 

 

25

 

Technology and communication

 

419

 

 

345

 

 

214

 

 

173

 

Rent and occupancy

 

59

 

 

45

 

 

30

 

 

25

 

Selling, general and administrative

 

178

 

 

137

 

 

100

 

 

63

 

Depreciation and amortization

 

762

 

 

527

 

 

381

 

 

267

 

Total operating expenses

 

2,478

 

 

1,860

 

 

1,251

 

 

933

 

Operating income

 

2,129

 

 

1,924

 

 

1,066

 

 

955

 

Other income/(expense):

 

 

 

 

Interest income

 

66

 

 

193

 

 

36

 

 

102

 

Interest expense

 

(474

)

 

(351

)

 

(233

)

 

(175

)

Other income/(expense), net

 

104

 

 

(70

)

 

(8

)

 

(35

)

Total other income/(expense), net

 

(304

)

 

(228

)

 

(205

)

 

(108

)

Income before income tax expense

 

1,825

 

 

1,696

 

 

861

 

 

847

 

Income tax expense

 

403

 

 

207

 

 

222

 

 

32

 

Net income

$

1,422

 

$

1,489

 

$

639

 

$

815

 

Net income attributable to non-controlling interest

 

(23

)

 

(35

)

 

(7

)

 

(16

)

Net income attributable to Intercontinental Exchange, Inc.

$

1,399

 

$

1,454

 

$

632

 

$

799

 

 

 

 

 

 

Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:

 

 

 

 

Basic

$

2.44

 

$

2.60

 

$

1.10

 

$

1.43

 

Diluted

$

2.43

 

$

2.59

 

$

1.10

 

$

1.42

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

573

 

 

560

 

 

573

 

 

560

 

Diluted

 

575

 

 

561

 

 

575

 

 

561

 

Consolidated Balance Sheets

(In millions)

 

 

As of

 

 

June 30, 2024

As of

 

(Unaudited)

December 31, 2023

Assets:

 

 

Current assets:

 

 

Cash and cash equivalents

$

885

 

$

899

 

Short-term restricted cash and cash equivalents

 

1,252

 

 

531

 

Short-term restricted investments

 

500

 

 

680

 

Cash and cash equivalent margin deposits and guaranty funds

 

80,129

 

 

78,980

 

Invested deposits, delivery contracts receivable and unsettled variation margin

 

2,000

 

 

1,814

 

Customer accounts receivable, net

 

1,548

 

 

1,366

 

Prepaid expenses and other current assets

 

677

 

 

703

 

Total current assets

 

86,991

 

 

84,973

 

Property and equipment, net

 

1,992

 

 

1,923

 

Other non-current assets:

 

 

Goodwill

 

30,553

 

 

30,553

 

Other intangible assets, net

 

16,805

 

 

17,317

 

Long-term restricted cash and cash equivalents

 

370

 

 

340

 

Other non-current assets

 

971

 

 

978

 

Total other non-current assets

 

48,699

 

 

49,188

 

Total assets

$

137,682

 

$

136,084

 

 

 

 

Liabilities and Equity:

 

 

Current liabilities:

 

 

Accounts payable and accrued liabilities

$

1,008

 

$

1,003

 

Section 31 fees payable

 

203

 

 

79

 

Accrued salaries and benefits

 

263

 

 

459

 

Deferred revenue

 

497

 

 

200

 

Short-term debt

 

3,234

 

 

1,954

 

Margin deposits and guaranty funds

 

80,129

 

 

78,980

 

Invested deposits, delivery contracts payable and unsettled variation margin

 

2,000

 

 

1,814

 

Other current liabilities

 

130

 

 

137

 

Total current liabilities

 

87,464

 

 

84,626

 

Non-current liabilities:

 

 

Non-current deferred tax liability, net

 

3,950

 

 

4,080

 

Long-term debt

 

18,573

 

 

20,659

 

Accrued employee benefits

 

179

 

 

193

 

Non-current operating lease liability

 

323

 

 

299

 

Other non-current liabilities

 

449

 

 

441

 

Total non-current liabilities

 

23,474

 

 

25,672

 

Total liabilities

 

110,938

 

 

110,298

 

 

 

 

Equity:

 

 

Intercontinental Exchange, Inc. stockholders’ equity:

 

 

Common stock

 

7

 

 

6

 

Treasury stock, at cost

 

(6,377

)

 

(6,304

)

Additional paid-in capital

 

16,130

 

 

15,953

 

Retained earnings

 

17,236

 

 

16,356

 

Accumulated other comprehensive loss

 

(309

)

 

(294

)

Total Intercontinental Exchange, Inc. stockholders’ equity

 

26,687

 

 

25,717

 

Non-controlling interest in consolidated subsidiaries

 

57

 

 

69

 

Total equity

 

26,744

 

 

25,786

 

Total liabilities and equity

$

137,682

 

$

136,084

 

Non-GAAP Financial Measures and Reconciliation

We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.

Adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income attributable to ICE common stockholders, adjusted diluted earnings per share and adjusted free cash flow for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

 

Exchanges Segment

 

Fixed Income and Data Services Segment

 

Mortgage Technology Segment

 

Consolidated

 

Six Months

Ended June 30,

 

Six Months

Ended June 30,

 

Six Months

Ended June 30,

 

Six Months

Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

Total revenues, less transaction-based expenses

$2,469

 

$2,190

 

$1,133

 

$1,109

 

$1,005

 

$485

 

$4,607

 

$3,784

Operating expenses

682

 

631

 

711

 

699

 

1,085

 

530

 

2,478

 

1,860

Less: Amortization of acquisition-related intangibles

34

 

33

 

77

 

85

 

395

 

183

 

506

 

301

Less: Transaction and integration costs

 

 

 

 

51

 

46

 

51

 

46

Less: Regulatory matter

 

11

 

 

 

 

 

 

11

Less: Other

30

 

6

 

14

 

 

 

 

44

 

6

Adjusted operating expenses

$618

 

$581

 

$620

 

$614

 

$639

 

$301

 

$1,877

 

$1,496

Operating income/(loss)

$1,787

 

$1,559

 

$422

 

$410

 

$(80)

 

$(45)

 

$2,129

 

$1,924

Adjusted operating income

$1,851

 

$1,609

 

$513

 

$495

 

$366

 

$184

 

$2,730

 

$2,288

Operating margin

72%

 

71%

 

37%

 

37%

 

(8)%

 

(9)%

 

46%

 

51%

Adjusted operating margin

75%

 

73%

 

45%

 

45%

 

36%

 

38%

 

59%

 

60%

Adjusted Operating Income, Operating Margin and Operating Expense Reconciliation

(In millions)

(Unaudited)

 

 

Exchanges Segment

 

Fixed Income and Data Services Segment

 

Mortgage Technology Segment

 

Consolidated

 

Three Months

Ended June 30,

 

Three Months

Ended June 30,

 

Three Months

Ended June 30,

 

Three Months

Ended June 30,

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

Total revenues, less transaction-based expenses

$1,246

 

$1,093

 

$565

 

$546

 

$506

 

$249

 

$2,317

 

$1,888

Operating expenses

356

 

311

 

357

 

356

 

538

 

266

 

1,251

 

933

Less: Amortization of acquisition-related intangibles

15

 

17

 

39

 

43

 

198

 

91

 

252

 

151

Less: Transaction and integration costs

 

 

 

 

15

 

25

 

15

 

25

Less: Regulatory matter

 

1

 

 

 

 

 

 

1

Less: Other

30

 

 

7

 

 

 

 

37

 

Adjusted operating expenses

$311

 

$293

 

$311

 

$313

 

$325

 

$150

 

$947

 

$756

Operating income/(loss)

$890

 

$782

 

$208

 

$190

 

$(32)

 

$(17)

 

$1,066

 

$955

Adjusted operating income

$935

 

$800

 

$254

 

$233

 

$181

 

$99

 

$1,370

 

$1,132

Operating margin

71%

 

72%

 

37%

 

35%

 

(6)%

 

(7)%

 

46%

 

51%

Adjusted operating margin

75%

 

73%

 

45%

 

43%

 

36%

 

40%

 

59%

 

60%

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

 

 

Six Months

Ended June 30,

2024

 

Six Months

Ended June 30,

2023

Net income attributable to ICE

$

1,399

 

 

$

1,454

 

Add: Amortization of acquisition-related intangibles

 

506

 

 

 

301

 

Add: Transaction and integration costs

 

51

 

 

 

46

 

(Less)/Add: Litigation and regulatory matters

 

(160

)

 

 

11

 

Add: Net losses from unconsolidated investees

 

45

 

 

 

65

 

Add: Fair value adjustment of equity investments

 

3

 

 

 

 

Less: Net interest income on pre-acquisition-related debt

 

 

 

 

(12

)

Add: Other

 

44

 

 

 

6

 

Less: Income tax effect for the above items

 

(125

)

 

 

(112

)

Less: Deferred tax adjustments on acquisition-related intangibles

 

(35

)

 

 

(85

)

Less: Other tax adjustments

 

 

 

 

(81

)

Adjusted net income attributable to ICE common stockholders

$

1,728

 

 

$

1,593

 

 

 

 

 

Diluted earnings per share attributable to ICE common stockholders

$

2.43

 

 

$

2.59

 

 

 

 

 

Adjusted diluted earnings per share attributable to ICE common stockholders

$

3.00

 

 

$

2.84

 

 

 

 

 

Diluted weighted average common shares outstanding

 

575

 

 

 

561

 

Adjusted Net Income Attributable to ICE and Diluted EPS

(In millions)

(Unaudited)

 

 

Three Months

Ended June 30,

2024

 

Three Months

Ended June 30,

2023

Net income attributable to ICE

$

632

 

 

$

799

 

Add: Amortization of acquisition-related intangibles

 

252

 

 

 

151

 

Add: Transaction and integration costs

 

15

 

 

 

25

 

Add: Regulatory matter

 

 

 

 

1

 

Add: Net losses from unconsolidated investees

 

3

 

 

 

30

 

Less: Net interest income on pre-acquisition-related debt

 

 

 

 

(6

)

Add: Other

 

37

 

 

 

 

Less: Income tax effect for the above items

 

(79

)

 

 

(55

)

Add/(Less): Deferred tax adjustments on acquisition-related intangibles

 

16

 

 

 

(86

)

Less: Other tax adjustments

 

 

 

 

(57

)

Adjusted net income attributable to ICE common stockholders

$

876

 

 

$

802

 

 

 

 

 

Diluted earnings per share attributable to ICE common stockholders

$

1.10

 

 

$

1.42

 

 

 

 

 

Adjusted diluted earnings per share attributable to ICE common stockholders

$

1.52

 

 

$

1.43

 

 

 

 

 

Diluted weighted average common shares outstanding

 

575

 

 

 

561

 

Adjusted Free Cash Flow Calculation

(In millions)

(Unaudited)

 

 

Six Months Ended

June 30, 2024

Six Months Ended

June 30, 2023

Net cash provided by operating activities

$

2,205

 

$

1,805

 

Less: Capital expenditures

 

(133

)

 

(61

)

Less: Capitalized software development costs

 

(177

)

 

(142

)

Free cash flow

 

1,895

 

 

1,602

 

(Less)/Add: Section 31 fees, net

 

(124

)

 

50

 

Adjusted free cash flow

$

1,771

 

$

1,652

 

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

SOURCE: Intercontinental Exchange

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