The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. AIU’s first quarter 2020 revenue and operating income include results associated with the Trident acquisition commencing on the March 2, 2020 date of acquisition. 99.6 % Other. As of December 31, 2019, CTU’s and AIU’s total student enrollments increased 4.4 percent and 10.2 percent, respectively, supported by new student enrollment growth of 7.0 percent and 26.6 percent, respectively, as compared to the prior year. Third quarter revenue increased 9.1% supported by enrollment growth at both CTU and AIU ... | November 5, 2020 Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. However, only $6.7 million of this adjustment met the criteria for tax deductibility during the second quarter. Changes in operating assets and liabilities: Inventories, prepaid expenses, and other current assets, Accrued expenses and deferred rent obligations, Net cash provided by operating activities, Purchases of available-for-sale investments, Net cash provided by (used in) investing activities, Payments of employee tax associated with stock compensation. The Company expects to pay an additional estimated amount of $6.0 million, related to the final post-closing purchase price and working capital adjustments, upon finalization of the closing balance sheet. OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Adjustments to reconcile net income to net cash provided by operating activities: Compensation expense related to share-based awards. Total. Our balance sheet continues to strengthen, and we are strategically investing in initiatives that further enhance our student’s experiences, retention and academic outcomes.”. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages) For the Year to Date Ended September 30, 2020 % of Total Revenue. Career Education Corporation, recently renamed Perdoceo Inc., reached a $30 million settlement last July with the FTC, which had been investigating whether it used deceptive marketing and advertising to identify prospective students. FOURTH QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER, Revenue increased by 8.9 percent to $158.5 million as compared to $145.5 million with both universities contributing to this growth, Operating income increased 58.6 percent to $32.0 million as compared to $20.2 million, Adjusted operating income increased 16.3 percent to $34.6 million as compared to $29.7 million*, Earnings per diluted share of $0.38 as compared to earnings per diluted share of $0.20, Adjusted earnings per diluted share of $0.33 as compared to $0.30*, Ended the quarter with $294.2 million in cash, cash equivalents and available-for-sale short-term investments, CTU’s total student enrollments increased 4.4 percent supported by new student enrollment growth of 8.5 percent, AIU’s total student enrollments increased 10.2 percent supported by new student enrollment growth of 12.7 percent, FULL YEAR 2019 RESULTS AS COMPARED TO THE PRIOR YEAR AND OTHER HIGHLIGHTS, *See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release, “We are excited to continue the journey of educating students under our new name, Perdoceo, which in Latin means ‘to teach, inform or instruct thoroughly,’” said Todd Nelson, President and Chief Executive Officer. A listing of university locations and web links to Perdoceo institutions can be found at www.perdoceoed.com. Adjusted earnings per diluted share of $0.33 compared to adjusted earnings per diluted share of $0.30 for the prior year quarter. The for-profit company owns and operates almost 90 US campuses (a third of which are slated for closure) and online programs that offer post-secondary education to about 53,700 enrolled students. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. (312) 445-2870 Perdoceo Education Reports Flat Q3 Adjusted Earnings, In Line with Estimates,.. Earnings Flash (PRDO) PERDOCEO EDUCATION CORPORATION Reports Q3 EPS $0.35, vs.. Earnings Flash (PRDO) PERDOCEO EDUCATION CORPORATION Posts Q3 Revenue $169.1M.. President, Chief Executive Officer & Director, Chief Financial Officer & Senior Vice President, Chief Information Officer & Senior Vice President, Revenue increased by 8.3 percent to $171.0 million with both universities contributing to this growth, Operating income increased 24.5 percent to $37.3 million, Adjusted operating income increased 23.7 percent to $40.8 million*, Earnings per diluted share of $0.41 as compared to earnings per diluted share of $0.35, Adjusted earnings per diluted share of $0.42 as compared to $0.36*, Ended the quarter with $285.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments, CTU’s total student enrollments increased 4.8 percent, supported by new student enrollment growth of 16.8 percent. 99.7 % $ 467,298. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website. 05.11.2020 - Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year to date ended September 30, … For the quarter ended December 31, 2019, total revenue of $158.5 million increased 8.9 percent compared to total revenue of $145.5 million for the prior year quarter. Career Education Corporation | Federal Trade Commission Best www.ftc.gov Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation , Colorado Technical University, Inc., and Colorado … This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “look forward to,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. For the year ended December 31, 2019, net cash provided by operating activities was $73.1 million compared to net cash provided by operating activities of $57.0 million for the prior year. New student enrollments, however, decreased by 14.2 percent, negatively impacted by the academic calendar. AIU’s first quarter 2020 revenue includes revenue associated with the Trident acquisition commencing on the March 2,2020 date of acquisition. 2019. Earnings per diluted share of $0.38 compared to earnings per diluted share of $0.20 for the prior year quarter. The Company is providing the following outlook, subject to the key assumptions identified below. Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share may not follow the same trends stated in the outlook above because of adjustments made for certain significant and non-cash items such as lease expenses for vacated space offset with any sublease income as well as depreciation, amortization, asset impairment charges, significant restructuring charges and significant legal settlements. Corporate and Other includes results of operations for closed campuses. Perdoceo Education Corporation will host a conference call on Thursday, May 7, 2020 at 5:30 p.m. Eastern time to discuss its first quarter 2020 results and 2020 outlook. Total. Career Education was founded in 1994 by John M. Larson who served as the company's president, CEO and was a member of the board of directors until 2006. The for-profit company offer a postsecondary education primarily online to 36,600 enrolled students along with campus-based and blended learning programs. about: perdoceo education corporation (prdo) view as pdf united states securities and exchange commission ... career education corporation and subsidiaries condensed consolidated balance sheets AIU’s new and total student enrollments for the first quarter of 2020 include enrollments related to the Trident acquisition commencing on the March 2, 2020 date of acquisition and as of March 31, 2020. 99.6 % $ … The Company believes it is useful to present non-GAAP financial measures which exclude certain significant and non-cash items as a means to understand the performance of its operations. CURRENT ASSETS: Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. AIU’s total student enrollments increased 26.0 percent, as a result of the acquisition of the assets of Trident University International (the “Trident acquisition”). See insights on Perdoceo Education including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. media@perdoceoed.com, PERDOCEO EDUCATION CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS, Revenue increased 8.0 percent to $627.7 million as compared to $581.3 million, supported by total student enrollment growth at both universities, Operating income increased 21.3 percent to $86.5 million as compared to $71.3 million, Adjusted operating income increased 27.7 percent to $134.3 million as compared to $105.2 million*, Earnings per diluted share of $0.97 as compared to earnings per diluted share of $0.77, Adjusted earnings per diluted share of $1.37 as compared to $1.05*, New student enrollments increased 14.6 percent contributing to total enrollment growth of 6.4 percent; positively impacting these trends was the academic calendar at AIU, Operating and cost efficiencies continue to be re-invested in student support functions, technology initiatives and data analytics, The Company expects the acquisition of Trident University International to close in early March 2020. OTHER COMPREHENSIVE (LOSS) INCOME, net of tax: UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. 2019 % of. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance. Corporate and Other includes closed campuses which no longer meet the criteria to be reported as a separate operating segment. View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005939/en/, Perdoceo Education Reports Flat Q3 Adjusted Earnings, In Line with Estimates, Revenue Misses, https://www.businesswire.com/news/home/20200507005939/en/. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent filings with the Securities and Exchange Commission. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019 and the multi-state AG and Surrett matters recorded during 2018. Please see the GAAP to non-GAAP reconciliation for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details. History. For the quarter ended December 31, 2019, the Company recorded: For the year ended December 31, 2019, the Company recorded: Pre-tax adjustments included in operating expenses: Tax effect of change in settlement deductibility (5). Revenue . Both universities contributed to the revenue growth that has been supported by positive underlying student enrollment trends. Total. Perdoceo Education Corporation today reported operating and financial results for the quarter and year to date ended September 30, 2020. Participants can also listen to the conference call by dialing 1-844-378-6484 (domestic) or 1-412-542-4179 (international). In evaluating adjusted operating income and adjusted earnings per diluted share, investors should be aware that in the future the Company may incur expenses similar to the adjustments presented above. As a result, the tax benefit of the change in deductibility for the $23.0 million reflected during the fourth quarter of 2019 has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. For the quarter ended March 31, 2020, the Company recorded: Pre-tax adjustments included in operating expenses: Lease expenses for vacated space include both fixed and variable lease costs offset with sublease income for closed campuses. Significant legal settlements relate to the FTC and the Oregon arbitrations matters recorded during 2019 and the multi-state AG and Surrett matters recorded during 2018. Perdoceo Education Corporation today reported operating and financial results for the quarter ended March 31, 2020. As of December 31, 2019 and December 31, 2018, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $294.2 million and $229.2 million, respectively. Operating losses related to closed campuses were $1.0 million and $2.8 million for the quarters ended March 31, 2020 and 2019, respectively. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. Both universities offer students industry relevant and career-focused degree programs that are designed to meet the educational needs of today’s busy adults. Earnings per diluted share of $0.41 compared to earnings per diluted share of $0.35 for the prior year quarter. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. AIU’s second quarter new student enrollments are expected to show significant growth due to 50 percent more enrollment days in the second quarter of 2020 as compared to the prior year quarter, as well as the Trident acquisition. For the quarter ended December 31, 2019, new student enrollments at CTU and AIU increased 8.5 percent and 12.7 percent, respectively, as compared to the prior year quarter. REVENUE: Tuition and fees $ 170,394 . The presentation of adjusted operating income and adjusted earnings per diluted share should not be construed as an inference that the Company's future results will be unaffected by expenses that are unusual, non-routine or non-recurring. View Perdoceo Education Corporation (perdoceoed.com) location in Illinois, United States , revenue, industry and description. Investors: The full year includes an expense of $11.4 million related to the FTC settlement. Perdoceo Education Corporation (PEC), formerly known as Career Education Corporation has made a career of handing out diplomas. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. As of March 31, 2020, CTU’s and AIU’s total student enrollments increased 4.8 percent and 26.0 percent, respectively, as compared to the prior year. During the fourth quarter of 2019, the Company repurchased 0.2 million shares of its common stock in open market transactions at an aggregate cost of $3.9 million. Perdoceo Education Corporation (NASDAQ:PRDO), is not the largest company out there, but it received a lot of attention from a substantial price movement on the NASDAQGS over the last few months, increasing to US$17.36 at one point, and dropping to the lows of US$11.66.Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a … Fourth quarter results highlight the success of our operating strategy that focuses on student experiences, retention and academic outcomes, while making investments in technology and leveraging data analytics to further support our students and enhance their learning. The fourth quarter of 2019 included a $30.0 million payment to the U.S. Federal Trade Commission, which amount was previously held in escrow and recorded as restricted cash. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND . “Although the pandemic has not had a material impact on our operating results to date, we are closely monitoring the situation and remain focused on executing against our strategy of sustainable and responsible growth.”, Nelson further added, “We entered 2020 with positive momentum and experienced student enrollment growth at both universities, which resulted in first quarter results coming in ahead of our expectations. Significant legal settlements relate to the FTC and Oregon arbitrations matters recorded during 2019. COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. Operating losses related to the closed campuses were $13.8 million and $31.9 million for the years ended December 31, 2019 and 2018, respectively. A legal settlement of $30.0 million related to the FTC matter was an adjustment from operating income during the second quarter of 2019 to calculate adjusted operating income. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Year to Date Ended September 30, 2020 2019 REVENUE: CTU $ 302,766 $ 289,650 AIU (1) 213,279 179,559 Total University Group 516,045 469,209 Corporate and Other (2) 110 ... perdoceo education corporation and subsidiaries. Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Perdoceo Education (PRDO) Perdoceo Education Corporation operates colleges, institutions, and universities that provide education to student population in various career-oriented disciplines through online, campus based, and blended learning programs in the United States. The quarterly reversals and adjustments of the proportional impacts of the non-deductibility had no effect for the full year 2019. The average price per share was $16.49. For the quarter ended March 31, 2020, operating income of $37.3 million increased 24.5 percent compared to $30.0 million for the prior year quarter. Student enrollment growth was positively impacted by investments in student support functions and consistent levels of prospective student interest. 2019 (unaudited) ASSETS. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). The Company believes adjusted operating income and adjusted earnings per diluted share allow it to analyze and assess its operations and compare current operating results with the operational performance of other companies in its industry because it does not give effect to potential differences caused by items it does not consider reflective of underlying operating performance, such as restructuring charges and significant legal settlements. For the full year 2019, approximately $29.7 million is now considered deductible for tax purposes. The quarterly reversals and adjustments of the proportional impacts of the non-deductibility has no effect for the full year 2019. Revenue REVENUE: Tuition and fees $ 170,394 PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. The outlook continues to reflect the Company’s expectation of growth in new and total student enrollments at both universities for the full year of 2020. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments. SCHAUMBURG, Ill.--(BUSINESS WIRE)--Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2019. For the quarter ended December 31, 2019, operating income of $32.0 million increased 58.6 percent compared to $20.2 million for the prior year quarter. CTU and AIU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath® learning platform and using data analytics and technology to support students and enhance learning. For the quarter ended March 31, 2020, total revenue of $171.0 million increased 8.3 percent compared to total revenue of $157.9 million for the prior year quarter. Supported by our scalable and innovative technology infrastructure we have transitioned campus-based students to our online learning platforms. 2019 % of Total Revenue. The following is a summary of the operating losses related to the closed campuses which is included within Corporate and Other for the quarters and years ended December 31, 2019 and 2018, respectively (dollars in thousands): The full year 2019 operating loss related to the closed campuses includes a legal settlement expense of $7.1 million for the Oregon arbitrations matter as compared to legal settlement expenses of $5.0 million related to the multi-state AG matter recorded during the quarter ended December 31, 2018 and $9.6 million related to the Surrett matter recorded during the full year ended December 31, 2018. During the fourth quarter of 2019, an additional $23.0 million related to the FTC settlement met the criteria to be deductible for tax purposes. Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share may not follow the same trends stated in the outlook above because of adjustments made for certain significant and non-cash items such as lease expenses for vacated space offset with any sublease income as well as depreciation, amortization, asset impairment charges, significant restructuring charges and significant legal settlements. This increase is expected to more than offset the decline in new student enrollments from the first quarter of 2020 such that on a combined basis AIU is expected to show growth for the first half of 2020, even after excluding the positive impact from the Trident acquisition. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. UNAUDITED SELECTED SEGMENT INFORMATION (In thousands, except percentages) For the Quarter Ended March 31, 2020. NET INCOME AND EARNINGS PER DILUTED SHARE. Excluding the impact of the Trident acquisition, AIU’s new student enrollments would have decreased 22.9 percent as a result of approximately 31 percent less enrollment days for the quarter. COMPREHENSIVE INCOME (In thousands, except per share amounts and percentages) For the Quarter Ended March 31, 2020 % of. This amount was previously considered a non-deductible permanent item for tax purposes through September 30, 2019. Adjustments to reconcile net income to net cash provided by operating activities: Compensation expense related to share-based awards, Changes in operating assets and liabilities, Purchases of available-for-sale investments, Payments of employee tax associated with stock compensation, NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH, CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period, CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period. Total. A legal settlement of $30.0 million related to the FTC matter was an adjustment from operating income during the second quarter of 2019 to calculate adjusted operating income. As of December 31, 2019, $46.1 million remained available under our previously authorized stock repurchase program. 0001564590-20-005286.txt : 20200219 0001564590-20-005286.hdr.sgml : 20200219 20200219161448 ACCESSION NUMBER: 0001564590-20-005286 CONFORMED SUBMISSION TYPE: 8-K … Looking ahead, we remain committed to the objective of sustainable and responsible growth, and look forward to closing the Trident acquisition and its effective integration into our operations.”. The impact of the non-deductibility was not proportionally reflected in the originally reported adjusted earnings per diluted share for the second and third quarters of 2019 which would have decreased by $0.05 and increased by $0.02, respectively. During the fourth quarter of 2019, an additional $23.0 million related to the FTC settlement met the criteria to be deductible for tax purposes. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. PERDOCEO EDUCATION CORPORATION REPORTS THIRD QUARTER AND YEAR TO DATE 2020 RESULTS The company through its campuses across the US offers doctoral, master's, bachelor's and associate degrees, and diploma and certificate programs. For the quarter ended March 31, 2020, net cash provided by operating activities was $48.8 million compared to $12.9 million for the prior year quarter. Operating losses related to the closed campuses were $1.0 million and $9.7 million for the quarters ended December 31, 2019 and 2018, respectively. Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation If you have difficulty accessing any web page content, please click here to be redirected. A legal settlement of $5.0 million for the multi-state AG settlement recorded during the year ended December 31, 2018 was not deductible for tax purposes and therefore does not include a tax effect. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. Additionally, substantially all of our employees are now working remotely. (See table below and the GAAP to non-GAAP reconciliation attached to this press release for further details.). Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. 0.3 % … The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant and non-cash items, as a means to understand the performance of its operations. However, only $6.7 million of this adjustment met the criteria for tax deductibility during the second quarter. As a result, the tax benefit of the change in deductibility for the $23.0 million is reflected during the fourth quarter of 2019 and has been adjusted to fully reflect the proportional impact of the tax non-deductibility on the second and third quarters of 2019. The full year includes an expense of $18.6 million related to the FTC settlement. In addition, decisions we make in the future as we continue to evaluate diverse strategies to enhance shareholder value may impact the outlook provided above. For the full year 2019, approximately $29.7 million was considered deductible for tax purposes. PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. unaudited consolidated statements of income and . Career Education Corporation (CEC) is the Schaumburg-based for-profit college operator. For the quarter ended December 31, 2019, net cash used in operating activities was $12.3 million compared to net cash provided by operating activities of $38.7 million for the prior year quarter. The second quarter of 2019 now reflects this adjustment. In January 2020, the company changed its name to Perdoceo Education Corporation. 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Thousands, except percentages ) for the quarter Ended March 31, 2020, the is!, financials, executives, SUBSIDIARIES and more at Craft variable lease costs offset with income... To earnings per diluted share of $ 1.37 compared to earnings per diluted share of $ million! An expense of $ 55.2 million for the prior year quarter and description 90 days www.perdoceoed.com. Year quarter not considered part of ongoing operating results our scalable and innovative technology infrastructure we have campus-based! A separate operating segment quarter Ended March 31, 2020 % of at both universities contributed the... Subject to the start time to ensure a connection with campus-based and blended learning programs revenue associated the! % of except per share amounts and percentages ) for the prior year perdoceo education corporation subsidiaries operating loss the. Deductibility during the quarter Ended March 31, 2020 % of $ million... Parties can access the live webcast of the website, along with campus-based and blended learning programs for. As the nature of the website to Perdoceo Education Corporation ( CEC ) is provider. States, revenue, industry and description of adjustments was calculated by the. Revenue growth that has been supported by our scalable and innovative technology infrastructure we have transitioned campus-based to! Have difficulty accessing any web page content, please click here to be redirected the effect. 70.0 million compared to net income of $ 0.77 for the closed campuses a! Permanent item for tax purposes through September 30, December 31, 2020, Company... Closed campuses includes a legal settlement expense of $ 0.35 for the prior year quarter total enrollments.

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