MISTRAS Group, Inc. (MG: NYSE), a leading "one source" global
multinational provider of integrated technology-enabled asset
protection solutions, reported financial results for its first
quarter ended March 31, 2021.
Highlights of the First Quarter 2021*
- Revenue of $153.8 million, up in Energy, Other Process
Industries and Infrastructure markets
- Gross profit margin was maintained or improved across
all three segments
- Services segment operating income of $4.5 million;
non-GAAP of $6.5 million, an increase of 55.6%.
- Operating cash flow of $3.1 million
* All comparisons are consolidated and versus the equivalent
prior year period, unless otherwise noted.
For the first quarter of 2021, consolidated revenue was $153.8
million compared to $159.5 million in the prior year period, a
decrease of 3.6%, which was consistent with the Company’s outlook.
Revenues in the Energy markets (Oil and Gas and Power Generation)
improved modestly from a year ago, despite COVID-19 related
headwinds for the entire current quarter, in contrast to only a
partial-month impact in the prior year period, as well as the
previously disclosed disruption caused by severe weather in the
Gulf. Other Process Industries and Infrastructure markets were also
all up over the prior year. This stability across a majority of
markets was offset by weakness in the commercial Aerospace market
as well as in the Industrial/Manufacturing market.
After expanding by over 100 basis points in each of the last
three years, gross profit margin expansion continued into 2021.
First quarter consolidated gross profit margin expanded 50 basis
points to 26.0%, reflecting continuing productivity and efficiency
improvements. For the first quarter of 2021, the Company reported a
net loss of $5.4 million or $0.18 per share, with adjusted EBITDA
of $7.0 million, up 30.2% from $5.4 year million in the year ago
quarter.
Chief Executive Officer Dennis Bertolotti commented, "The first
quarter of 2021 was as expected, down modestly from the prior year
in what has historically been our seasonally weakest quarter. In
Energy, we overcame a number of challenges to match last year’s
primarily pre-COVID-19 financial results. Among the challenges was
a Spring turnaround season which got off to a later than usual
start. However, based on the meaningful increase in hours billed in
the month of April, we believe turnaround activity is improving,
which should drive year-over-year growth in our Energy revenues
over the balance of 2021. Domestically, our defense and space
sectors are continuing to grow, offsetting weakness in the global
commercial aerospace market. Our Products segment also had another
strong revenue quarter, fueled primarily by an increase in
Infrastructure spending. Consolidated gross profit margin was up
over last year, despite the decline in our more profitable
Aerospace revenue and the under absorption of costs caused by
overall lower revenue. Gross profit margin expansion remains a key
priority for MISTRAS. Additionally, we remained intensely focused
on expense controls, as evidenced by our overhead costs being down
nearly 5% in the first quarter. This area will be a key focus for
senior management, as we plan to rebound back to our pre-COVID-19
revenue volume level by the end of 2021, utilizing the efficiencies
and productivity lessons learned throughout the pandemic while
working in remote/virtual mode, particularly within our support
functions.”
Mr. Bertolotti additionally commented on the Company’s progress
with its growth initiatives and provided an outlook for the
upcoming quarter, “The global pandemic has highlighted our ability
to quickly adapt to a very dynamic environment and the attractive
cash generating nature of our asset light business model. It has
accelerated our development of new data tools and a more technology
driven strategy, provided a roadmap to capitalize on the rapid
growth of the alternative energy markets and led to an expansion of
our aerospace operations into the adjacent defense and private
space flight markets. Each of these new markets represents
tremendous growth potential in which we can offer high value
services that generate attractive returns. I believe the second
quarter will reflect our progress in each of these areas, as well
as an expanding recovery in the energy market. In addition to the
restoration of top line growth, we anticipate that our ongoing
disciplined expense management will enable us to leverage this
growth into even better bottom line performance over the remainder
of 2021. Our customers in both the aerospace and energy markets are
looking for more nimble and integrated providers, who can adapt to
the new market; something MISTRAS has been focusing on for years
and is uniquely qualified to achieve. Although the COVID-19
pandemic continues to impact our domestic and international
operations, our plans for Mistras’ evolution into the future make
us very optimistic for a strong rebound throughout 2021.”
Segment Performance:
Services segment first quarter revenues were
$124.3 million, down 3.6% from prior year, primarily the result of
the impact of COVID-19, which disrupted the timing of certain
projects, particularly in the Aerospace and Industrials markets.
For the first quarter, gross profit margin was 25.0%, consistent
with the prior year. Services operating income was $4.5 million, or
$6.5 million on a non-GAAP basis which was up 55.6% over prior
year.
International segment first quarter revenues
were $27.6 million, down 4.9% from $29.1 million a year ago,
primarily due to organic declines in the Aerospace market,
partially offset by favorable foreign exchange. International
segment first quarter gross profit margin was 27.6%, consistent
with the prior year.
Products and Systems segment revenues were $3.0
million in the first quarter, up 6.3% from a year ago, while gross
profit was $1.3 million, or 42.9% compared to gross profit of $0.4
million or 13.1% in the year ago quarter. These strong improvements
were attributable to organic revenue gains in the Infrastructure
market and improved operational efficiency.
The Company generated $3.1 million of cash flow from operations
in the first quarter of 2021, compared with $6.1 million in the
same period last year. This decrease was attributable to adverse
changes in working capital.
The Company’s net debt (total debt less cash and cash
equivalents) was $198.1 million at March 31, 2021, compared to
$194.5 million at December 31, 2020. Total debt increased by $2.1
million during the first quarter 2021 from $220.2 million at
December 31, 2020 to $222.3 million at March 31, 2021. The current
quarter borrowing was used to fund the increase in working capital,
primarily attributable to an increase in accounts receivable.
Outlook for 2021
The Company’s business has been recovering over the past three
quarters, from the low experienced in the second quarter of 2020,
when the effect of COVID-19 was most impactful to its financial
results. Although energy prices and demand are currently stable,
the ongoing COVID-19 pandemic continues to impact the Company’s two
largest markets, Oil & Gas and Aerospace. Despite this adverse
and ongoing impact, the Company expects annual revenue for 2021 to
be higher than in 2020. In addition to the restoration of top line
growth, the Company anticipates that its ongoing disciplined
expense management will enable it to leverage this revenue growth
into significantly improved bottom line performance over the
remainder of 2021. The Company anticipates that its quarterly
revenue will reflect year-on-year improvement commencing in the
second quarter of 2021, with revenue expected to increase as much
as in the low to mid-thirty percent range, over the second quarter
of 2020. The Company also anticipates that Adjusted EBITDA will
expand at a much greater rate in the second quarter of 2021 than it
had in the first quarter of 2021, given the significantly higher
level of operating leverage that would accompany the expected
revenue growth.
Conference Call
In connection with this release, MISTRAS will hold a conference
call on May 6, 2021, at 9:00 a.m. (Eastern). The call will be
broadcast over the Web and can be accessed on MISTRAS' Website,
www.mistrasgroup.com. Individuals in the U.S. wishing to
participate in the conference call by phone may dial 1-888-771-4371
and use confirmation code 50157913 when prompted. The International
dial-in number is 1-847-585-4405. Those who wish to listen to the
call later can access an archived copy of the conference call at
the MISTRAS Website.
About MISTRAS Group, Inc. - One Source for Asset
Protection Solutions®
MISTRAS Group, Inc. (NYSE: MG) is a leading "one source"
multinational provider of integrated technology-enabled asset
protection solutions, helping to maximize the safety and
operational uptime for civilization’s most critical industrial and
civil assets.
Backed by an innovative, data-driven asset protection portfolio,
proprietary technologies, and a decades-long legacy of industry
leadership, MISTRAS leads clients in the oil and gas, aerospace and
defense, power generation, civil infrastructure, and manufacturing
industries towards achieving and maintaining operational
excellence. By supporting these organizations that help fuel our
vehicles and power our society; inspecting components that are
trusted for commercial, defense, and space craft; and building
real-time monitoring equipment to enable safe travel across
bridges, MISTRAS helps the world at large.
MISTRAS enhances value for its clients by integrating asset
protection throughout supply chains and centralizing integrity data
through a suite of Industrial IoT-connected digital software and
monitoring solutions. The company’s core capabilities also include
non-destructive testing (“NDT”) field inspections enhanced by
advanced robotics, laboratory quality control and assurance
testing, sensing technologies and NDT equipment, asset and
mechanical integrity engineering services, and light mechanical
maintenance and access services.
For more information about how MISTRAS helps protect
civilization’s critical infrastructure,
visit https://www.mistrasgroup.com/ or contact Nestor S.
Makarigakis, Group Vice President of Marketing at
marcom@mistrasgroup.com.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements" about MISTRAS' financial results and
estimates, products and services, business model, strategy, growth
opportunities, profitability and competitive position, and other
matters. These forward-looking statements generally use words such
as "future," "possible," "potential," "targeted," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "predict,"
"project," "will," "may," "should," "could," "would" and other
similar words and phrases. Such statements are not guarantees of
future performance or results, and will not necessarily be accurate
indications of the times at, or by which, such performance or
results will be achieved, if at all. These statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. A list, description and discussion of these and other
risks and uncertainties can be found in the "Risk Factors" section
of the Company's 2020 Annual Report on Form 10-K dated March 16,
2021, as updated by our reports on Form 10-Q and Form 8-K. The
forward-looking statements are made as of the date hereof, and
MISTRAS undertakes no obligation to update such statements as a
result of new information, future events or otherwise.
Use of Non-GAAP Measures
In addition to financial information prepared in accordance with
generally accepted accounting principles in the U.S. (GAAP), this
press release also contains financial measures not determined in
accordance with GAAP, that we believe provide investors and
management with supplemental information relating to operating
performance and trends that facilitate comparisons between periods
and with respect to projected information. The term "Adjusted
EBITDA" used in this release is a financial measurement not
calculated in accordance with GAAP and is defined as net income
attributable to MISTRAS Group, Inc. plus: interest expense,
provision for income taxes, depreciation and amortization,
share-based compensation expense, certain acquisition related costs
(including transaction due diligence costs and adjustments to the
fair value of contingent consideration), foreign exchange (gain)
loss, non-cash impairment charges and, if applicable, certain
additional special items which are noted. A reconciliation of
Adjusted EBITDA to a financial measurement under GAAP is set forth
in a table attached to this press release. In the press release,
the Company also uses the term "non-GAAP Operating Income", which
is GAAP Operating Income adjusted for certain items management
believes are unusual and non-recurring. There is a table
reconciling (GAAP) Operating Income to (non-GAAP) Operating Income
before special items. The Company uses the term “free cash flow”, a
non-GAAP measurement the Company defines as cash provided by
operating activities less capital expenditures (which is classified
as an investing activity). The Company also uses the term “net
debt”, a non-GAAP measurement defined as the sum of the current and
long-term portions of long-term debt, less cash and cash
equivalent. In the tables attached is a table reconciling "Net
Income (Loss) (GAAP)" to "Net Income Excluding Special Items
(non-GAAP), which reconciles the non-GAAP amount to a GAAP
measurement. In addition, the Company has also included in the
attached tables non-GAAP measurement” “Segment and Total Company
Income (Loss) Before Special Items”, reconciling these measurements
to financial measurements under GAAP.
Mistras Group, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(in thousands, except share and per share data)
|
|
March 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
(unaudited) |
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
24,177 |
|
|
$ |
25,760 |
|
Accounts receivable, net |
|
111,960 |
|
|
107,628 |
|
Inventories |
|
13,148 |
|
|
13,134 |
|
Prepaid expenses and other current assets |
|
20,684 |
|
|
16,066 |
|
Total current assets |
|
169,969 |
|
|
162,588 |
|
Property, plant and equipment,
net |
|
90,238 |
|
|
92,681 |
|
Intangible assets, net |
|
66,222 |
|
|
68,642 |
|
Goodwill |
|
206,660 |
|
|
206,008 |
|
Deferred income taxes |
|
2,064 |
|
|
2,069 |
|
Other assets |
|
49,248 |
|
|
51,325 |
|
Total assets |
|
$ |
584,401 |
|
|
$ |
583,313 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable |
|
$ |
15,052 |
|
|
$ |
14,240 |
|
Accrued expenses and other current liabilities |
|
83,629 |
|
|
78,500 |
|
Current portion of long-term debt |
|
11,145 |
|
|
10,678 |
|
Current portion of finance lease obligations |
|
3,729 |
|
|
3,765 |
|
Income taxes payable |
|
2,457 |
|
|
2,664 |
|
Total current liabilities |
|
116,012 |
|
|
109,847 |
|
Long-term debt, net of current
portion |
|
211,161 |
|
|
209,538 |
|
Obligations under finance
leases, net of current portion |
|
10,635 |
|
|
11,115 |
|
Deferred income taxes |
|
9,092 |
|
|
8,236 |
|
Other long-term
liabilities |
|
45,457 |
|
|
47,358 |
|
Total liabilities |
|
392,357 |
|
|
386,094 |
|
Commitments and
contingencies |
|
|
|
|
Equity |
|
|
|
|
Preferred stock, 10,000,000 shares authorized |
|
— |
|
|
— |
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
29,346,562 and 29,234,143 shares issued and outstanding |
|
293 |
|
|
292 |
|
Additional paid-in capital |
|
235,413 |
|
|
234,638 |
|
Retained earnings (deficit) |
|
(27,210 |
) |
|
(21,848 |
) |
Accumulated other comprehensive loss |
|
(16,653 |
) |
|
(16,061 |
) |
Total Mistras Group, Inc. stockholders’ equity |
|
191,843 |
|
|
197,021 |
|
Noncontrolling interests |
|
201 |
|
|
198 |
|
Total equity |
|
192,044 |
|
|
197,219 |
|
Total liabilities and equity |
|
$ |
584,401 |
|
|
$ |
583,313 |
|
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Statements of Income (Loss)(in thousands, except per share
data)
|
Three months ended March 31, |
|
2021 |
|
2020 |
|
|
|
|
Revenue |
$ |
153,735 |
|
|
$ |
159,465 |
|
Cost of revenue |
108,243 |
|
|
113,324 |
|
Depreciation |
5,491 |
|
|
5,497 |
|
Gross
profit |
40,001 |
|
|
40,644 |
|
Selling, general and administrative expenses |
39,639 |
|
|
41,558 |
|
Impairment charges |
— |
|
|
106,062 |
|
Legal settlement and litigation charges, net |
1,030 |
|
|
— |
|
Research and engineering |
727 |
|
|
824 |
|
Depreciation and amortization |
3,074 |
|
|
3,970 |
|
Acquisition-related expense
(benefit), net |
277 |
|
|
(542 |
) |
Loss from
operations |
(4,746 |
) |
|
(111,228 |
) |
Interest expense |
3,213 |
|
|
2,789 |
|
Loss before benefit
for income taxes |
(7,959 |
) |
|
(114,017 |
) |
Benefit for income taxes |
(2,600 |
) |
|
(15,495 |
) |
Net Loss |
(5,359 |
) |
|
(98,522 |
) |
Less: net income (loss) attributable to noncontrolling interests,
net of taxes |
3 |
|
|
(13 |
) |
Net loss attributable
to Mistras Group, Inc. |
$ |
(5,362 |
) |
|
$ |
(98,509 |
) |
|
|
|
|
Earnings (loss) per common
share: |
|
|
|
Basic |
$ |
(0.18 |
) |
|
$ |
(3.40 |
) |
Diluted |
$ |
(0.18 |
) |
|
$ |
(3.40 |
) |
Weighted-average common shares
outstanding: |
|
|
|
Basic |
29,425 |
|
|
28,963 |
|
Diluted |
29,425 |
|
|
28,963 |
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands)
|
Three months ended March 31, |
|
2021 |
|
2020 |
Revenues |
|
|
|
Services |
$ |
124,298 |
|
|
$ |
128,873 |
|
International |
27,648 |
|
|
29,067 |
|
Products and Systems |
2,988 |
|
|
2,812 |
|
Corporate and eliminations |
(1,199 |
) |
|
(1,287 |
) |
|
$ |
153,735 |
|
|
$ |
159,465 |
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
2021 |
|
2020 |
Gross
profit |
|
|
|
Services |
$ |
31,076 |
|
|
$ |
32,237 |
|
International |
7,625 |
|
|
8,023 |
|
Products and Systems |
1,281 |
|
|
368 |
|
Corporate and eliminations |
19 |
|
|
16 |
|
|
$ |
40,001 |
|
|
$ |
40,644 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofSegment and Total Company Income from Operations
(GAAP) to Income before Special Items (non-GAAP)(in
thousands)
|
Three months ended March 31, |
|
2021 |
|
2020 |
Services: |
|
|
|
Income (loss) from operations (GAAP) |
$ |
4,548 |
|
|
$ |
(81,494 |
) |
Impairment charges |
— |
|
|
86,200 |
|
Reorganization and other costs |
71 |
|
|
22 |
|
Legal settlement and litigation charges, net |
1,650 |
|
|
— |
|
Acquisition-related expense (benefit), net |
243 |
|
|
(542 |
) |
Income before special items (non-GAAP) |
$ |
6,512 |
|
|
$ |
4,186 |
|
International: |
|
|
|
Loss from operations (GAAP) |
$ |
(820 |
) |
|
$ |
(20,419 |
) |
Impairment charges |
— |
|
|
19,862 |
|
Reorganization and other costs |
96 |
|
|
(75 |
) |
Loss before special items (non-GAAP) |
$ |
(724 |
) |
|
$ |
(632 |
) |
Products and
Systems: |
|
|
|
Loss from operations (GAAP) |
$ |
(581 |
) |
|
$ |
(1,680 |
) |
Reorganization and other costs |
27 |
|
|
— |
|
Loss before special items (non-GAAP) |
$ |
(554 |
) |
|
$ |
(1,680 |
) |
Corporate and
Eliminations: |
|
|
|
Loss from operations (GAAP) |
$ |
(7,893 |
) |
|
$ |
(7,635 |
) |
Legal settlement and litigation charges, net |
(620 |
) |
|
— |
|
Reorganization and other costs |
— |
|
|
38 |
|
Acquisition-related expense, net |
34 |
|
|
— |
|
Loss before special items (non-GAAP) |
$ |
(8,479 |
) |
|
$ |
(7,597 |
) |
Total
Company: |
|
|
|
Loss from operations (GAAP) |
$ |
(4,746 |
) |
|
$ |
(111,228 |
) |
Impairment charges |
— |
|
|
106,062 |
|
Reorganization and other costs (benefit) |
194 |
|
|
(15 |
) |
Legal settlement and litigation charges, net |
1,030 |
|
|
— |
|
Acquisition-related expense (benefit), net |
277 |
|
|
(542 |
) |
Loss before special items (non-GAAP) |
$ |
(3,245 |
) |
|
$ |
(5,723 |
) |
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands)
|
Three months ended March 31, |
|
2021 |
|
2020 |
Net cash provided by (used
in): |
|
|
|
Operating activities |
$ |
3,148 |
|
|
$ |
6,107 |
|
Investing activities |
(4,176 |
) |
|
(4,204 |
) |
Financing activities |
435 |
|
|
492 |
|
Effect of exchange rate changes on cash |
(990 |
) |
|
(384 |
) |
Net change in cash and cash
equivalents |
$ |
(1,583 |
) |
|
$ |
2,011 |
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of
Net Cash Provided by Operating Activities (GAAP) to Free
Cash Flow (non-GAAP)(in thousands)
|
Three months ended March 31, |
|
2021 |
|
2020 |
|
|
|
|
Net cash provided by operating activities
(GAAP) |
$ |
3,148 |
|
|
$ |
6,107 |
|
Less: |
|
|
|
Purchases of property, plant and equipment |
(4,003 |
) |
|
(4,301 |
) |
Purchases of intangible assets |
(350 |
) |
|
(87 |
) |
Free cash flow
(non-GAAP) |
$ |
(1,205 |
) |
|
$ |
1,719 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of
Gross Debt (GAAP) to Net Debt (non-GAAP)(in
thousands)
|
March 31, 2021 |
|
December 31, 2020 |
|
|
|
|
Current portion of long-term debt |
$ |
11,145 |
|
|
$ |
10,678 |
|
Long-term debt, net of current
portion |
211,161 |
|
|
209,538 |
|
Total Debt (Gross) |
222,306 |
|
|
220,216 |
|
Less: Cash and cash
equivalents |
(24,177 |
) |
|
(25,760 |
) |
Total Debt (Net) |
$ |
198,129 |
|
|
$ |
194,456 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of
Net Income (Loss) (GAAP) to Adjusted EBITDA
(non-GAAP)(in thousands)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
|
|
Net Loss (GAAP) |
$ |
(5,359 |
) |
|
$ |
(98,522 |
) |
Less: Net income (loss) attributable to non-controlling interests,
net of taxes |
3 |
|
|
(13 |
) |
Net Loss attributable
to Mistras Group, Inc. |
$ |
(5,362 |
) |
|
$ |
(98,509 |
) |
Interest expense |
3,213 |
|
|
2,789 |
|
Provision (benefit) for income taxes |
(2,600 |
) |
|
(15,495 |
) |
Depreciation and amortization |
8,565 |
|
|
9,467 |
|
Share-based compensation expense |
1,262 |
|
|
1,345 |
|
Impairment charges |
— |
|
|
106,062 |
|
Acquisition-related expense (benefit), net |
277 |
|
|
(542 |
) |
Reorganization and other related costs (benefit) |
194 |
|
|
(15 |
) |
Legal settlement and litigation charges, net |
1,030 |
|
|
— |
|
Foreign exchange (gain) loss |
457 |
|
|
303 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
7,036 |
|
|
$ |
5,405 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofNet Income (Loss) (GAAP) and Diluted EPS (GAAP)
to Net Income (Loss) Excluding Special Items (non-GAAP)
and Diluted EPS Excluding Special Items
(non-GAAP)(tabular dollars in thousands, except per share
data)
|
Three months ended March 31, |
|
2021 |
|
2020 |
Net income (loss) attributable to Mistras Group, Inc.
(GAAP) |
$ |
(5,362 |
) |
|
$ |
(98,509 |
) |
Special items |
1,501 |
|
|
105,505 |
|
Tax impact on special items |
(367 |
) |
|
(13,842 |
) |
Special items, net of tax |
$ |
1,134 |
|
|
$ |
91,663 |
|
Net income (loss)
attributable to Mistras Group, Inc. Excluding Special Items
(non-GAAP) |
$ |
(4,228 |
) |
|
$ |
(6,846 |
) |
|
|
|
|
Diluted EPS
(GAAP)(1) |
$ |
(0.18 |
) |
|
$ |
(3.40 |
) |
Special items, net of tax |
0.04 |
|
|
3.16 |
|
Diluted EPS Excluding
Special Items (non-GAAP) |
$ |
(0.14 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
_______________(1) For the three months ended March 31, 2021 and
2020, 509,000 and 99,000 shares, respectively, related to
restricted stock were excluded from the calculation of diluted EPS
due to the net loss for the period.
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