(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Press Release dated November 21, 2023 by Dick's Sporting Goods, Inc. furnished herewith | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
DICK'S SPORTING GOODS, INC. | ||||||||
Date: November 21, 2023 | By: | /s/ NAVDEEP GUPTA | ||||||
Name: | Navdeep Gupta | |||||||
Title: | Executive Vice President – Chief Financial Officer |
Exhibit No. | Description | |||||||
Press Release dated November 21, 2023 by Dick's Sporting Goods, Inc. furnished herewith | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit 99.1 |
"Our strong Q3 comps demonstrate the impact of our strategies and our commitment to innovation. We are confident in the future of our business and believe our results demonstrate how we are successfully differentiating ourselves in the marketplace." Ed Stack, Executive Chairman "We are pleased with our third quarter results. With our best-in-class athlete experience and differentiated assortment, we had a very strong back-to-school season and continued to gain market share as consumers prioritize DICK'S Sporting Goods to meet their needs. Our Q3 comps were driven by increases in both transactions and average ticket, and we delivered double-digit EBT margin on a non-GAAP basis. As a result of our strong Q3 performance, we are raising our full year outlook, which balances the confidence we have in our key strategies with an acknowledgment of the uncertain macroeconomic environment. We're excited for the upcoming holiday season and the product, service and experience we are providing to our athletes." Lauren Hobart, President and Chief Executive Officer | |||||
Third Quarter Operating Results (dollars in millions, except per share data) | 13 Weeks Ended | Change (1) | |||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||||||||||||||||||||
Net sales | $ | 3,042 | $ | 2,959 | $ | 84 | 2.8% | ||||||||||||||||||||||
Comparable store sales | 1.7% | 6.5% | |||||||||||||||||||||||||||
Income before income taxes (% of net sales) (2) | 8.8% | 10.3% | (145) bps | ||||||||||||||||||||||||||
Non-GAAP income before income taxes (% of net sales) (2) (3) | 10.6% | 10.3% | 28 bps | ||||||||||||||||||||||||||
Net income | $ | 201 | $ | 228 | $ | (27) | (12)% | ||||||||||||||||||||||
Non-GAAP net income (3) | $ | 240 | $ | 228 | $ | 11 | 5% | ||||||||||||||||||||||
Earnings per diluted share | $ | 2.39 | $ | 2.45 | $ | (0.06) | (2)% | ||||||||||||||||||||||
Non-GAAP earnings per diluted share (3) | $ | 2.85 | $ | 2.60 | $ | 0.25 | 10% | ||||||||||||||||||||||
Year-to-Date Operating Results (dollars in millions, except per share data) | 39 Weeks Ended | Change (1) | |||||||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||||||||||||||||||||
Net sales | $ | 9,108 | $ | 8,771 | $ | 337 | 3.8% | ||||||||||||||||||||||
Comparable store sales | 2.3% | (2.6)% | |||||||||||||||||||||||||||
Income before income taxes (% of net sales) (2) | 10.1% | 12.1% | (199) bps | ||||||||||||||||||||||||||
Non-GAAP income before income taxes (% of net sales) (2) (3) | 10.7% | 12.1% | (141) bps | ||||||||||||||||||||||||||
Net income | $ | 750 | $ | 808 | $ | (57) | (7)% | ||||||||||||||||||||||
Non-GAAP net income (3) | $ | 789 | $ | 808 | $ | (19) | (2)% | ||||||||||||||||||||||
Earnings per diluted share | $ | 8.63 | $ | 8.17 | $ | 0.46 | 6% | ||||||||||||||||||||||
Non-GAAP earnings per diluted share (3) | $ | 9.08 | $ | 9.11 | $ | (0.03) | —% | ||||||||||||||||||||||
Balance Sheet (in millions) | As of October 28, 2023 | As of October 29, 2022 | $ Change (1) | % Change (1) | ||||||||||
Cash and cash equivalents | $ | 1,406 | $ | 1,438 | $ | (32) | (2)% | |||||||
Inventories, net | $ | 3,283 | $ | 3,361 | $ | (78) | (2)% | |||||||
Total debt (4) | $ | 1,483 | $ | 1,634 | $ | (151) | (9)% | |||||||
Capital Allocation (in millions) | 39 Weeks Ended | $ Change (1) | % Change (1) | ||||||||||||||||||||
October 28, 2023 | October 29, 2022 | ||||||||||||||||||||||
Share repurchases (5) | $ | 649 | $ | 361 | $ | 288 | 80% | ||||||||||||||||
Dividends paid (6) | $ | 271 | $ | 124 | $ | 147 | 119% | ||||||||||||||||
Gross capital expenditures | $ | 410 | $ | 274 | $ | 135 | 49% | ||||||||||||||||
Net capital expenditures (3) | $ | 369 | $ | 238 | $ | 131 | 55% | ||||||||||||||||
Principal paid in connection with exchange of Convertible Senior Notes (7) | $ | — | $ | 421 | $ | (421) | |||||||||||||||||
Metric | 2023 Outlook | ||||
Earnings per diluted share | ●$11.45 to 12.05 ○Includes approximately $0.20 per diluted share for the 53rd week ○Based on approximately 86 million diluted shares outstanding ○Based on an effective tax rate of approximately 21% ●$12.00 to 12.60 on a non-GAAP basis, which excludes approximately $62.5 million of business optimization charges | ||||
Comparable store sales | ●Positive 0.5% to positive 2.0% on a 52-week basis | ||||
Capital expenditures | ●$670 to 720 million on a gross basis ●$550 to 600 million on a net basis | ||||
39 Weeks Ended October 28, 2023 | 39 Weeks Ended October 29, 2022 | |||||||||||||||||||
DICK'S Sporting Goods | Specialty Concept Stores (1) | Total (2) | DICK'S Sporting Goods | Specialty Concept Stores (1) | Total (2) | |||||||||||||||
Beginning stores | 728 | 125 | 853 | 730 | 131 | 861 | ||||||||||||||
Q1 New stores | — | — | — | — | 1 | 1 | ||||||||||||||
Q2 New stores | — | 1 | 1 | 1 | 1 | 2 | ||||||||||||||
Q3 New stores | 1 | 9 | 10 | 3 | 6 | 9 | ||||||||||||||
Stores acquired (3) | — | 12 | 12 | — | — | — | ||||||||||||||
Closed stores | 4 | 3 | 7 | 2 | 3 | 5 | ||||||||||||||
Ending stores | 725 (4) | 144 | 869 | 732 | 136 | 868 | ||||||||||||||
Relocated stores | 16 | 2 | 18 | 3 | 1 | 4 | ||||||||||||||
Square Footage: (in millions) | DICK'S Sporting Goods (1) | Specialty Concept Stores (2) | Total (3) (6) | ||||||||
Q1 2022 | 38.7 | 3.6 | 42.3 | ||||||||
Q2 2022 | 38.8 | 3.6 | 42.4 | ||||||||
Q3 2022 | 38.8 | 3.9 | 42.7 | ||||||||
Q4 2022 | 39.2 | 3.4 | 42.6 | ||||||||
Q1 2023 (5) | 39.2 | 3.4 | 42.6 | ||||||||
Q2 2023 | 39.0 | 3.4 | 42.4 | ||||||||
Q3 2023 | 39.2 | 3.6 | 42.7 | ||||||||
13 Weeks Ended | ||||||||||||||||||||||||||
October 28, 2023 | % of Sales | October 29, 2022 | % of Sales (1) | |||||||||||||||||||||||
Net sales | $ | 3,042,405 | 100.00 | % | $ | 2,958,861 | 100.00 | % | ||||||||||||||||||
Cost of goods sold, including occupancy and distribution costs | 1,980,942 | 65.11 | 1,946,438 | 65.78 | ||||||||||||||||||||||
GROSS PROFIT | 1,061,463 | 34.89 | 1,012,423 | 34.22 | ||||||||||||||||||||||
Selling, general and administrative expenses | 776,037 | 25.51 | 679,747 | 22.97 | ||||||||||||||||||||||
Pre-opening expenses | 12,482 | 0.41 | 7,212 | 0.24 | ||||||||||||||||||||||
INCOME FROM OPERATIONS | 272,944 | 8.97 | 325,464 | 11.00 | ||||||||||||||||||||||
Interest expense | 14,382 | 0.47 | 26,131 | 0.88 | ||||||||||||||||||||||
Other income | (10,084) | (0.33) | (4,826) | (0.16) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 268,646 | 8.83 | 304,159 | 10.28 | ||||||||||||||||||||||
Provision for income taxes | 67,540 | 2.22 | 75,703 | 2.56 | ||||||||||||||||||||||
NET INCOME | $ | 201,106 | 6.61 | % | $ | 228,456 | 7.72 | % | ||||||||||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||||||||||||
Basic | $ | 2.46 | $ | 2.94 | ||||||||||||||||||||||
Diluted | $ | 2.39 | $ | 2.45 | ||||||||||||||||||||||
NUMERATOR USED TO COMPUTE EARNINGS PER COMMON SHARE: | ||||||||||||||||||||||||||
Basic | $ | 201,106 | $ | 228,456 | ||||||||||||||||||||||
Diluted | $ | 201,106 | $ | 236,928 | ||||||||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
Basic | 81,772 | 77,789 | ||||||||||||||||||||||||
Diluted | 84,291 | 96,681 | ||||||||||||||||||||||||
(1) Column does not recalculate due to rounding | ||||||||||||||||||||||||||
39 Weeks Ended | ||||||||||||||||||||||||||
October 28, 2023 | % of Sales (1) | October 29, 2022 | % of Sales (1) | |||||||||||||||||||||||
Net sales | $ | 9,108,228 | 100.00 | % | $ | 8,771,485 | 100.00 | % | ||||||||||||||||||
Cost of goods sold, including occupancy and distribution costs | 5,908,672 | 64.87 | 5,652,966 | 64.45 | ||||||||||||||||||||||
GROSS PROFIT | 3,199,556 | 35.13 | 3,118,519 | 35.55 | ||||||||||||||||||||||
Selling, general and administrative expenses | 2,245,530 | 24.65 | 1,952,408 | 22.26 | ||||||||||||||||||||||
Pre-opening expenses | 43,698 | 0.48 | 13,948 | 0.16 | ||||||||||||||||||||||
INCOME FROM OPERATIONS | 910,328 | 9.99 | 1,152,163 | 13.14 | ||||||||||||||||||||||
Interest expense | 43,809 | 0.48 | 77,267 | 0.88 | ||||||||||||||||||||||
Other (income) expense | (56,288) | (0.62) | 11,559 | 0.13 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 922,807 | 10.13 | 1,063,337 | 12.12 | ||||||||||||||||||||||
Provision for income taxes | 172,721 | 1.90 | 255,820 | 2.92 | ||||||||||||||||||||||
NET INCOME | $ | 750,086 | 8.24 | % | $ | 807,517 | 9.21 | % | ||||||||||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||||||||||||
Basic | $ | 9.04 | $ | 10.55 | ||||||||||||||||||||||
Diluted | $ | 8.63 | $ | 8.17 | ||||||||||||||||||||||
NUMERATOR USED TO COMPUTE EARNINGS PER COMMON SHARE: | ||||||||||||||||||||||||||
Basic | $ | 750,086 | $ | 807,517 | ||||||||||||||||||||||
Diluted | $ | 750,423 | $ | 832,190 | ||||||||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
Basic | 82,995 | 76,527 | ||||||||||||||||||||||||
Diluted | 86,913 | 101,900 | ||||||||||||||||||||||||
(1) Column does not recalculate due to rounding |
October 28, 2023 | October 29, 2022 | January 28, 2023 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,406,214 | $ | 1,437,997 | $ | 1,924,386 | ||||||||||||||
Accounts receivable, net | 140,791 | 87,191 | 71,286 | |||||||||||||||||
Income taxes receivable | 9,118 | 4,082 | 8,187 | |||||||||||||||||
Inventories, net | 3,282,911 | 3,361,057 | 2,830,917 | |||||||||||||||||
Prepaid expenses and other current assets | 104,963 | 96,135 | 128,410 | |||||||||||||||||
Total current assets | 4,943,997 | 4,986,462 | 4,963,186 | |||||||||||||||||
Property and equipment, net | 1,569,703 | 1,342,786 | 1,312,988 | |||||||||||||||||
Operating lease assets | 2,243,025 | 2,025,149 | 2,138,366 | |||||||||||||||||
Intangible assets, net | 56,754 | 84,946 | 60,364 | |||||||||||||||||
Goodwill | 245,857 | 245,857 | 245,857 | |||||||||||||||||
Deferred income taxes | 30,817 | 58,945 | 41,189 | |||||||||||||||||
Other assets | 192,173 | 212,455 | 230,246 | |||||||||||||||||
TOTAL ASSETS | $ | 9,282,326 | $ | 8,956,600 | $ | 8,992,196 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable | $ | 1,630,402 | $ | 1,473,424 | $ | 1,206,066 | ||||||||||||||
Accrued expenses | 550,006 | 500,246 | 508,573 | |||||||||||||||||
Operating lease liabilities | 485,033 | 487,119 | 546,755 | |||||||||||||||||
Income taxes payable | 42,010 | 32,664 | 29,624 | |||||||||||||||||
Deferred revenue and other liabilities | 281,943 | 268,677 | 350,428 | |||||||||||||||||
Total current liabilities | 2,989,394 | 2,762,130 | 2,641,446 | |||||||||||||||||
LONG-TERM LIABILITIES: | ||||||||||||||||||||
Revolving credit borrowings | — | — | — | |||||||||||||||||
Senior Notes | 1,483,026 | 1,482,110 | 1,482,336 | |||||||||||||||||
Convertible Senior Notes | — | 152,006 | 58,271 | |||||||||||||||||
Long-term operating lease liabilities | 2,264,941 | 2,026,774 | 2,117,773 | |||||||||||||||||
Other long-term liabilities | 160,261 | 156,408 | 167,747 | |||||||||||||||||
Total long-term liabilities | 3,908,228 | 3,817,298 | 3,826,127 | |||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||||||||
Common stock | 568 | 570 | 585 | |||||||||||||||||
Class B common stock | 236 | 236 | 236 | |||||||||||||||||
Additional paid-in capital | 1,430,802 | 1,399,694 | 1,416,847 | |||||||||||||||||
Retained earnings | 5,374,573 | 4,682,663 | 4,878,404 | |||||||||||||||||
Accumulated other comprehensive loss | (462) | (362) | (252) | |||||||||||||||||
Treasury stock, at cost | (4,421,013) | (3,705,629) | (3,771,197) | |||||||||||||||||
Total stockholders' equity | 2,384,704 | 2,377,172 | 2,524,623 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 9,282,326 | $ | 8,956,600 | $ | 8,992,196 | ||||||||||||||
39 Weeks Ended | ||||||||||||||
October 28, 2023 | October 29, 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | 750,086 | $ | 807,517 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 271,368 | 250,522 | ||||||||||||
Amortization of deferred financing fees and debt discount | 1,786 | 3,558 | ||||||||||||
Deferred income taxes | 10,372 | 5,344 | ||||||||||||
Stock-based compensation | 39,552 | 37,579 | ||||||||||||
Other, net | 9,182 | 15,879 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | (25,831) | (36,699) | ||||||||||||
Inventories | (415,291) | (1,063,448) | ||||||||||||
Prepaid expenses and other assets | (2,253) | (936) | ||||||||||||
Accounts payable | 256,141 | 178,633 | ||||||||||||
Accrued expenses | (21,473) | (94,177) | ||||||||||||
Income taxes payable / receivable | 11,659 | 19,023 | ||||||||||||
Construction allowances provided by landlords | 40,624 | 36,100 | ||||||||||||
Deferred revenue and other liabilities | (56,835) | (58,613) | ||||||||||||
Operating lease assets and liabilities | (104,373) | (64,663) | ||||||||||||
Net cash provided by operating activities | 764,714 | 35,619 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Capital expenditures | (409,527) | (274,307) | ||||||||||||
Proceeds from sale of other assets | 27,500 | 14,261 | ||||||||||||
Other investing activities | (51,298) | (32,885) | ||||||||||||
Net cash used in investing activities | (433,325) | (292,931) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Principal paid in connection with exchange of Convertible Senior Notes | (137) | (420,558) | ||||||||||||
Payments on finance lease obligations | (609) | (548) | ||||||||||||
Proceeds from exercise of stock options | 13,924 | 19,953 | ||||||||||||
Minimum tax withholding requirements | (97,956) | (43,227) | ||||||||||||
Cash paid for treasury stock | (648,554) | (392,882) | ||||||||||||
Cash dividends paid to stockholders | (270,596) | (123,823) | ||||||||||||
Increase in bank overdraft | 154,577 | 13,469 | ||||||||||||
Net cash used in financing activities | (849,351) | (947,616) | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (210) | (280) | ||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (518,172) | (1,205,208) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,924,386 | 2,643,205 | ||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,406,214 | $ | 1,437,997 | ||||||||||
13 Weeks Ended October 28, 2023 | |||||||||||||||||
Gross profit | Selling, general and administrative expenses | Income before income taxes | Net income (2) | Earnings per diluted share | |||||||||||||
GAAP Basis | $ | 1,061,463 | $ | 776,037 | $ | 268,646 | $ | 201,106 | $ | 2.39 | |||||||
% of Net Sales | 34.89 | % | 25.51 | % | 8.83 | % | 6.61 | % | |||||||||
Business optimization charges (1) | 6,323 | (46,174) | 52,497 | 38,848 | |||||||||||||
Non-GAAP Basis | $ | 1,067,786 | $ | 729,863 | $ | 321,143 | $ | 239,954 | $ | 2.85 | |||||||
% of Net Sales | 35.10 | % | 23.99 | % | 10.56 | % | 7.89 | % |
39 Weeks Ended October 28, 2023 | |||||||||||||||||
Gross profit | Selling, general and administrative expenses | Income before income taxes | Net income (2) | Earnings per diluted share | |||||||||||||
GAAP Basis | $ | 3,199,556 | $ | 2,245,530 | $ | 922,807 | $ | 750,086 | $ | 8.63 | |||||||
% of Net Sales | 35.13 | % | 24.65 | % | 10.13 | % | 8.24 | % | |||||||||
Business optimization charges (1) | 6,323 | (46,174) | 52,497 | 38,848 | |||||||||||||
Non-GAAP Basis | $ | 3,205,879 | $ | 2,199,356 | $ | 975,304 | $ | 788,934 | $ | 9.08 | |||||||
% of Net Sales | 35.20 | % | 24.15 | % | 10.71 | % | 8.66 | % | |||||||||
13 Weeks Ended October 29, 2022 | |||||||||||||||||
Net income | After tax interest from Convertible Senior Notes (2) | Numerator used to compute earnings per diluted share | Weighted average diluted shares | Earnings per diluted share | |||||||||||||
GAAP Basis | $ | 228,456 | $ | 8,472 | $ | 236,928 | 96,681 | $ | 2.45 | ||||||||
% of Net Sales | 7.72 | % | 0.29 | % | 8.01 | % | |||||||||||
Convertible Senior Notes (1) | — | (8,472) | (8,472) | (8,825) | |||||||||||||
Non-GAAP Basis | $ | 228,456 | $ | — | $ | 228,456 | 87,856 | $ | 2.60 | ||||||||
% of Net Sales | 7.72 | % | — | % | 7.72 | % |
39 Weeks Ended October 29, 2022 | |||||||||||||||||
Net income | After tax interest from Convertible Senior Notes (2) | Numerator used to compute earnings per diluted share | Weighted average diluted shares | Earnings per diluted share | |||||||||||||
GAAP Basis | $ | 807,517 | $ | 24,673 | $ | 832,190 | 101,900 | $ | 8.17 | ||||||||
% of Net Sales | 9.21 | % | 0.28 | % | 9.49 | % | |||||||||||
Convertible Senior Notes (1) | — | (24,673) | (24,673) | (13,262) | |||||||||||||
Non-GAAP Basis | $ | 807,517 | $ | — | $ | 807,517 | 88,638 | $ | 9.11 | ||||||||
% of Net Sales | 9.21 | % | — | % | 9.21 | % |
39 Weeks Ended | ||||||||||||||
October 28, 2023 | October 29, 2022 | |||||||||||||
Gross capital expenditures | $ | (409,527) | $ | (274,307) | ||||||||||
Construction allowances provided by landlords | 40,624 | 36,100 | ||||||||||||
Net capital expenditures | $ | (368,903) | $ | (238,207) |
53 Weeks Ended February 3, 2024 | |||||||||||||||||||||||
Low End | High End | ||||||||||||||||||||||
Income before income taxes | Net income (2) | Earnings per diluted share | Income before income taxes | Net income (2) | Earnings per diluted share | ||||||||||||||||||
GAAP Basis | $ | 1,232 | $ | 980 | $ | 11.45 | $ | 1,297 | $ | 1,032 | $ | 12.05 | |||||||||||
% of Net Sales | 9.7 | % | 10.0 | % | |||||||||||||||||||
Business optimization (1) | 63 | 46 | 63 | 46 | |||||||||||||||||||
Non-GAAP Basis | $ | 1,295 | $ | 1,026 | $ | 12.00 | $ | 1,360 | $ | 1,078 | $ | 12.60 | |||||||||||
% of Net Sales | 10.2 | % | 10.6 | % | |||||||||||||||||||
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Cover [Abstract]
Document Type
8-K
Document Period End Date
Nov. 20, 2023
Entity Registrant Name
DICK'S SPORTING GOODS, INC.
Entity Incorporation, State
DE
Entity File Number
001-31463
Entity Tax Identification Number
16-1241537
Entity Address Line One
345 Court Street
Entity Address, City
Coraopolis
Entity Address, State
PA
Entity Address, Postal Zip Code
15108
City Area Code
724
Local Phone Number
273-3400
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common Stock, $0.01 par value
Trading Symbol
DKS
Security Exchange Name
NYSE
Entity Emerging Growth Company
false
Entity Central Index Key
0001089063
Amendment Flag
false
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