TIDMKRM
RNS Number : 3073K
KRM22 PLC
01 September 2021
RNS
01 September 2021
KRM22 plc
("KRM22", the "Group" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2021
KRM22 plc (AIM: KRM.L), the technology and software investment
company, with a particular focus on risk management in capital
markets, announces its unaudited interim results for the six months
ended 30 June 2021 ("H1 2021" or the "Period").
Highlights
Financial
-- Annualised Recurring Revenue* ("ARR") of GBP3.7m at 30 June 2020 (H1 2020: GBP4.0m)
-- Total revenue recognised of GBP2.2m (H1 2020: GBP2.3m)
-- Adjusted EBITDA loss** of GBP0.3m (H1 2020: loss of GBP0.3m)
-- Loss before tax of GBP1.7m (H1 2020: GBP1.2m)
-- Cash and cash equivalents at 30 June 2021 of GBP1.4m (FY 2020: GBP2.0m)
Operational
-- Two new Market Surveillance customers
-- An existing Pre-Trade Risk customer adding the Market
Surveillance product to their Global Risk Platform
-- A five-year renewal with a major European Bank for the Market
Surveillance product, with increased ARR on an annual basis over
the term of the contract
-- Launch of People and Culture Risk offering in February 2021
-- New partnerships signed with Waymark, to provide compliance
scanning of regulatory changes, and Lexis Nexis, to provide
Exchange Data News Service to the Global Risk Platform
-- Soc 2 accreditation approved in March 2021
Post-Period Events
-- Signed a three-year contract extension with to an existing
tier one customer, with ARR of GBP0.4m per year, an increase in
existing ARR of GBP0.15m per year
-- Growth in ARR to GBP3.9m
* Annualised Recurring Revenue (ARR) is the value of contracted
Software-as-a-Service (SaaS) revenue normalised to a one year
period and excludes one time fees
** Adjusted EBITDA is the reported profit/(loss), adjusted for
depreciation, amortisation, share-based payment charges and
unrealised foreign currency gains/losses and non-recurring
exceptional costs including impairment charges, reorganisation
costs, gain on extinguishment of debt and acquisition and funding
costs, gain/loss on disposal of property, plant and equipment
Commenting on the results, Executive Chairman and CEO of KRM22,
Keith Todd CBE, said:
"We have made good progress in the year expanding our offering
and improving the quality of our recurring revenue while
maintaining a tight handle on costs. Delays in signing some larger
orders is frustrating but larger customers will lay the bedrock for
further shareholder value creation in the future."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information please contact:
KRM22 plc
InvestorRelations@krm22.com
Keith Todd CBE, Executive Chairman and CEO
Kim Suter, CFO
finnCap Ltd (Nominated Adviser and Sole Broker) +44 (0)20 7220
0500
Carl Holmes / Kate Bannatyne / James Balicki
Alice Lane / Sunila de Silva (ECM)
About KRM22 plc
KRM22 is a closed-ended investment company which listed on AIM
on 30 April 2018. The Company has been established with the
objective of creating value for its investors through the
investment in, and subsequent growth and development of, target
companies in the technology and software sector, with a focus on
risk management in capital markets.
Through its investments and the Global Risk Platform, KRM22
helps capital market companies reduce the cost and complexity of
risk management. The Global Risk Platform provides applications to
help address firms' market, compliance, operations and technology
risk challenges and to manage their entire enterprise risk
profile.
Capital markets companies' partner with KRM22 to optimise risk
management systems and processes, improving profitability and
expanding opportunities to increase portfolio returns by leveraging
risk as alpha.
KRM22 plc is listed on AIM and the Group is headquartered in
London, with offices in several of the world's major financial
centres.
See more about KRM22 at www.krm22.com
CHAIRMAN'S REPORT
The Company has made progress in the first half of 2021, with
new Annual Recurring Revenue ("ARR") derived from new customers,
sales of new products to existing customers and existing customer
contract renewals with extended contract terms and increases in ARR
over the new contract term, all of which has further strengthened
the quality of the Company's ARR.
Annual recurring revenue
As of the date of this report, the Company has total ARR of
GBP3.9m. In addition to the new ARR signed in the year to date of
GBP0.4m, the pipeline of sales opportunities remains strong with
GBP0.5m of ARR with agreed contracts awaiting signature plus a
further GBP0.2m in final discussion ahead of contract negotiation.
We are also seeing strong engagement with new high-quality
prospects. The delay in signing these contracts is frustrating but
unfortunately not uncommon when dealing with global banks.
As previously announced in the update on 22 July 2021, the
Company did see two customer losses worth an aggregate of GBP0.5m
ARR, one as it transitioned legacy business to its current business
model of delivering Software as a Service and a second due to the
impact of a customer non-payment of invoices and therefore
non-renewal.
Our new business since the start of the year includes two new
Market Surveillance customers, an existing Pre-Trade Risk customer
adding the Market Surveillance product to their Global Risk
Platform, a five-year renewal with a major European Bank for the
Market Surveillance product with increased ARR on an annual basis
over the contract term and a three-year contract extension with a
tier one customer for use of the Enterprise Risk Cockpit,
increasing ARR by GBP0.1m to GBP0.4m per year, with the contract
including an option to increase ARR further by up to GBP0.2m from
March 2022.
Since KRM22 was set up in 2018, new business wins have increased
from GBP0.2m in FY 2018, GBP0.7m in FY 2019, GBP0.8m in FY 2020 and
GBP0.4m in the year to date in 2021. The Company also has further
opportunities across its product suite and is anticipating
increased ARR contract signings in the second half of the year.
We are working on several initiatives to reduce the time to
convert opportunities to contracts including:
-- Transition of our historic ARR contracts to a Master Services
Agreement ("MSA") under longer-term contracts which reduces
significantly the time to contact for additional sales. These,
together with new business wins that are also contracted under an
MSA, now represent 58% of total ARR;
-- Achieving SOC2 Type 1 accreditation in March 2021 and working
towards SOC2 Type 2 accreditation. This globally recognised
security certification should speed up the Tier one Bank internal
sign off process related to cyber security as the accreditation
provides customers with confidence that their information is
protected and secure; and
-- Looking to expand our distribution partnerships in particular
working with top tier capital markets technology suppliers to add
our product offering to their own offering. These firms are already
approved suppliers to tier one banks and therefore it should reduce
the on boarding time to close new deals.
Our Market
The market we serve is adapting to the new norm and we
anticipate an increase in new projects and opportunities
particularly as we enter our customers and prospects new budgets
for 2022. Most of the European and North American markets are
replacements opportunities that play well with our proposition to
reduce the cost and complexity of risk systems. The cryptocurrency
market is an exception where there is increasing focus on
professionalising the marketplace as it moves more mainstream and
is seeing larger financial institutions investigating it. The Asia
market still has new opportunities in addition to cryptocurrency as
Chinese capital markets firms expand outside of mainland China.
Products
We have continued to invest in our products with over thirty
functional and operational enhancements delivered in the year to
date. This includes functionality for the first customer deployment
of our new Pre Trade product that provides risk limit management
integrated into the firm's electronic execution platforms though
predefined authorisation workflow with full audit trail and will go
live in the third quarter. We also announced partnerships with
Waymark, to provide compliance horizon scanning of key regulatory
changes from more than 2,500 global data sources, Kintail
Consulting, to develop a People and Culture Risk Cockpit, and Lexis
Nexis, to add an Exchange Data News Service to the Global Risk
Platform.
Additional product features and launches for the remainder of
2021 include the release of the enhanced Risk Cockpit which will
provide enriched functionality and the ability for a customer to
'self-set-up' thus allowing for "Low Touch" sales of the product.
We are working with a partner company to deliver AI as a service
across our suite of products, initially focusing on Market
Surveillance and Operational Risk, and we will shortly be
announcing our first technology and cyber risk offering delivered
through the Risk Cockpit.
Selling
We have expanded the number of active prospects so that we can
increase the ability to convert the sales pipeline. Actions include
expanding our opportunities through distributor networks and
launching new sales campaigns that leverage our Global Risk
Platform capability such as the redefining of Compliance Risk with
a Holistic Surveillance offering that includes four of our existing
product offerings integrated into one package. In September, and in
conjunction with our partner, Acuiti, the first report on the KRM22
risk sentiment will be released which will provide an initial view
of the critical risk factors as seen by the community we
address.
Vision and mission
Our vision 'A world in which organisations operate at their
optimal threshold of risk to drive increased returns' and mission
'To bring increased visibility and lower cost risk management to
capital market organisations' has not changed since our
inception.
Our ability to offer integrated functionality as a technology
service significantly reduces the cost and complexity of managing
risk for our customers. We are already seeing existing customers
adding new KRM22 products to their existing suite of risk products
and new customers buying a suite of KRM22 risk products through the
Global Risk Platform, thus eliminating the requirement for multiple
distinct applications that demand separate infrastructure and data
sources
Strategy
Our strategy has not changed. The core of which is to drive
organic growth from our suite of products and our partners products
delivered through the Global Risk Platform. We will also be looking
again at acquisitions and investments to further drive our growth
and scale. Our business is built on a highly scalable
administrative and operational platform which will ensure that our
growth delivers high margins.
Outlook
We have a compelling set of product offerings and broad base of
prospects within our 2021 and 2022 sales pipeline which underpins
our confidence in delivering the market expectations.
Keith Todd CBE
Executive Chairman and CEO
31 August 2021
FINANCIAL REVIEW
Income statement
Total revenue
Total revenue reported in the period was GBP2.2m (H1 2020:
GBP2.3m) and 94% (H1 2020: 94%) was generated from recurring
customer contracts.
Recurring revenue
Recurring revenue recognised for the period was GBP2.0m (H1
2020: GBP2.2m). As at 30 June 2021, the Group had contracted ARR of
GBP3.7m and as at the date of this report, contracted ARR had
increased to GBP3.9m.
Gross profit
Gross profit for the period was GBP1.8m (H1 2020: GBP2.1m) and
the reduction in gross profit margin to 84% (H1 2020: 91%) was due
to an increase in recurring revenue related to partner products and
services.
Loss for the period
The operating loss for the period was GBP1.6m (H1 2020: loss of
GBP1.0m).
Adjusted EBITDA
Adjusted EBITDA is a key metric to consider in order to
understand the cash-profitability of the business due in particular
to the non-cash items that impact the Income Statement under IFRS
accounting, such as non-cash share-based costs.
Adjusted EBITDA for the period was a loss of GBP0.3m (H1 2020:
loss of GBP0.3m) and a reconciliation of adjusted EBITDA loss to
operating loss is provided as follows:
H1 2021 H1 2020
GBP'm GBP'm
Adjusted EBITDA loss (0.3) (0.3)
Depreciation and amortisation (0.8) (0.9)
Impairment of intangible assets - (0.1)
Acquisition and debt expenses - (0.1)
Unrealised foreign exchange (loss)/gain (0.2) 0.4
Gain on extinguishment of debt - 0.8
Group restructuring costs - (0.4)
Share-based payment expense (0.3) (0.4)
Operating loss (1.6) (1.0)
-------- --------
Total comprehensive loss
KRM22 reported a total comprehensive loss for the period of
GBP1.7m (H1 2020: loss of GBP1.2m).
Financial position
Cash
As of 30 June 2021, KRM22 held GBP1.4m in cash (31 December
2020: GBP2.0m).
Liabilities
As at 30 June 2021, our principal liabilities were:
-- GBP3.0m Convertible Loan owed to Kestrel Partners LLP. The
interest rate payable on the loan is 9.5% payable in cash quarterly
in arears. The loan can be converted into new Ordinary Shares in
the Company at any time at a conversion price of 38p and the
conversion can be requested by Kestrel Partners at any time. The
Company has the right to request conversion eighteen months
following the date of the agreement, 15 September 2020, subject to
certain conditions regarding the Company's share price at that
time.
-- GBP0.2m (US$0.3m) Payback Protection Program ("PPP") loan, a
US government backed loan, owed to the Group's US banker, Silicon
Valley Bank ("SVB"). The proceeds of the PPP loan are to be used to
cover specific US based payroll costs under the rules of the
scheme. The PPP forgivable loan is deemed to be an income-related
government grant, as the Company is reasonably assured that it will
comply with the loan forgiveness conditions associated with the PPP
loan. The PPP loan was initially recognised as a deferred income
liability on the statement of financial position and will remain as
such until the loan is forgiven by the Small Business
Administration in the United States. Grant income related to the
payroll costs is being recognised as other income of GBP0.1m.
-- GBP0.8m (US$1.1m) discounted (GBP1.1m (US$1.6m) undiscounted)
contingent consideration for earn out payments for the acquisition
of Object+. The contingent consideration can be satisfied in either
cash or Company ordinary shares at the Company's discretion.
-- GBP0.9m for the right of use assets relating to all future
payments of leased-office rentals under IFRS16 'Leases', of which
GBP0.4m will be paid within twelve months with the balance for
periods greater than one year.
-- GBP1.3m of deferred revenue; contracted and paid services
that will be released within one year.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group remain
broadly consistent with the Principal Risks and Uncertainties
reported in the Group's 31 December 2020 Annual Report. Since the
2020 Annual Report, the impact of the COVID-19 pandemic on the
business continues to be monitored by the Board.
Kim Suter
CFO
31 August 2021
Interim consolidated statement of comprehensive loss
for the six months ended 30 June 2021
Note 6 months 6 months
to to
30 June 30 June
2021 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Revenue 4 2,153 2,324
Cost of sales (334) (211)
Gross profit 1,819 2,113
Other income 112 -
Administrative expenses (3,488) (3,155)
------------- -------------
Operating loss before interest, taxation,
depreciation, amortisation, share based
payment and exceptional items ("Adjusted
EBITDA") (325) (319)
Depreciation and amortisation (823) (896)
Impairment of intangible assets - (74)
Profit on disposal of tangible assets 8 -
Acquisition and debt expenses - (115)
Unrealised foreign exchange (loss)/gain (147) 413
Gain on extinguishment of debt - 745
Group restructuring costs (2) (422)
Share-based payment expense (268) (374)
------------- -------------
Operating loss (1,557) (1,042)
------------------------------------------------- ----- --- ------------- --- -------------
Net finance charge (171) (152)
Loss before taxation (1,728) (1,194)
Taxation credit/(charge) 47 (31)
Loss for the period (1,681) (1,225)
Other comprehensive income
Exchange (loss)/gain on translating
foreign operations (40) 54
------------- -------------
Total comprehensive loss for the period (1,721) (1,171)
============= =============
Loss for the period attributable to:
Owners of the parent (1,681) (1,311)
Non-controlling interest - 86
------------- -------------
(1,681) (1,225)
============= =============
Total comprehensive loss for the period
attributable to:
Owners of the parent (1,721) (1,257)
Non-controlling interest - 86
------------- -------------
(1,721) (1,171)
============= =============
Earnings per share for loss for the
period attributable to the owners of
the parent during the period
Basic and diluted earnings per share
(pence) 5 (0.06) (0.06)
All amounts relate to continuing activities.
Interim consolidated statement of financial position
at 30 June 2021
30 June 31 December
2021 2020
(unaudited) (audited)
GBP'000 GBP'000
Assets
Non-current assets
Goodwill 4,821 4,937
Other intangible assets 2,851 3,065
Property, plant and equipment 93 136
Right of use assets 829 1,041
------------- ------------
8,594 9,179
Current assets
Trade and other receivables 717 1,434
Cash and cash equivalents 1,376 1,974
------------- ------------
2,093 3.408
Total assets 10,687 12,587
Current liabilities
Trade and other payables 2,260 2,539
Lease liabilities 396 456
Loans and borrowings 97 97
Derivative financial liability 45 45
------------- ------------
2,798 3,137
------------- ------------
Net current (liabilities)/assets (705) 271
Non-current liabilities
Trade and other payables 837 882
Lease liabilities 454 549
Loans and borrowings 2,664 2,664
Deferred tax liability 348 405
------------- ------------
4,303 4,500
Total liabilities 7,101 7,637
Net Assets 3,586 4,950
============= ============
Equity
Share capital 2,675 2,672
Share premium reserve 16,682 16,676
Merger reserve (190) (190)
Convertible debt reserve 224 224
Foreign exchange reserve 148 108
Share-based payment reserve 2,831 2,563
Retained losses (18,784) (17,103)
--------- ---------
Total equity 3,586 4,950
========= =========
Interim consolidated statement of cash flows
for the six months ended 30 June 2021
6 months 6 months
to to
30 June 2021 30 June 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Cash flows from operating activities
Loss for the period (1,681) (1,225)
Adjustments for:
Deferred tax charge/(credit) (47) 31
Net finance charge 171 152
Depreciation and amortisation 823 896
Impairment - 74
Profit on disposal of tangible assets (8) -
Gain on extinguishment of debt - (745)
Unrealised foreign exchange loss 147 -
Share-based payment expense 268 374
Bad debt provision 146 -
Grant income related to COVID-19* (76) -
-------------- --------------
(257) (443)
Decrease/(increase) in trade and
other receivables 717 (215)
(Decrease)/increase in trade and
other payables (569) 59
-------------- --------------
148 (156)
Net cash outflows from operating
activities (109) (599)
============== ==============
Cash flows from investing activities
Purchases of intangible assets (402) (511)
Purchases of property, plant and (6) -
equipment
-------------- --------------
Net cash used in investing activities (408) (511)
============== ==============
Financing activities
Proceeds from issue of shares (net) 9 1,280
Lease payments principal (109) (264)
Lease payments interest (25) (47)
Loans and borrowings receipts* 186 -
Loans and borrowings repayments (142) (153)
-------------- --------------
Net cash (used in)/from financing
activities (81) 816
============== ==============
Net cash decrease in cash and cash
equivalents (598) (294)
Cash and cash equivalent at beginning
of the period 1,974 1,076
Cash and cash equivalent at end of
the period 1,376 782
============== ==============
* PPP US funding
Notes to the interim financial information
1. General information
KRM22 Plc (the "Company") is a public limited company
incorporated in England and Wales on 2 March 2018 under
registration number 11231735. The address of its registered office
is 5 Ireland Yard, London, EC4V 5EH. The Company listed on the
London Stock Exchange on 30 April 2018.
The principal activity the Company and together with its
subsidiaries (the "Group") is to develop and invest in leading risk
tools to support regulatory, market, technology and operational
risks.
The Board of Directors approved this interim report on 31 August
2021.
2. Basis of preparation and consolidation
These interim consolidated financial statements have been
prepared using accounting policies based on International Financial
Reporting Standards (IFRS and IFRIC Interpretations) issued by the
International Accounting Standards Board ("IASB") in conformity
with the requirements of the Companies Act 2006. They do not
include all disclosures that would otherwise be required in a
complete set of financial statements and should be read in
conjunction with the 31 December 2020 Annual Report. The financial
information for the half years ended 30 June 2021 and 30 June 2020
does not constitute statutory accounts within the meaning of
Section 434 (3) of the Companies Act 2006 and both periods are
unaudited.
The annual financial statements of KRM 22 Plc (the "Group") are
prepared in accordance with IFRS. The statutory Annual Report and
Financial Statements for 2020 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report
and Financial Statements for the year ended 31 December 2020 was
unqualified, did draw attention to a matter by way of emphasis,
being going concern and did not contain a statement under 498(2) or
498(3) of the Companies Act 2006.
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 31 December 2020 annual financial statements, except for
those that relate to new standards and interpretations effective
for the first time for periods beginning on (or after) 1 January
2021 and will be adopted in the 2021 financial statements. There
are deemed to be no new and amended standards and/or
interpretations that will apply for the first time in the next
annual financial statements that are expected to have a material
impact on the Group.
3. Going concern
In carrying out the going concern assessment, the Directors have
considered a range of scenarios in relation to revenue and cash
forecasts for the next twelve months including, but not limited to,
existing customer churn at different churn rates, no new contracted
sales revenue, delayed sales, cost reductions and a combination of
these different scenarios.
Having assessed the sensitivity analysis on cashflows, the key
risks to KRM22 remaining a going concern without implementing
extensive cost reduction measures is, existing customers paying on
payment terms and within 45 days of invoice, customer churn of up
to 10%, conversion of some of the sales opportunities that are
currently at contract negotiation stage and maintaining control of
the cost base.
If the forecasts are achieved, KRM22 will be able to operate
within its existing facilities. However, the time to close new
customers and the value of each customer, which are deemed
individually as high value and low volume, is key. As such, there
is a risk that Group's working capital may prove insufficient to
cover both operating activities and the repayment of its debt
facility. In such circumstances, KRM22 would be obliged to seek
additional funding, through a placement of shares or other source
of funding. There is no certainty that such funds could be raised.
In addition, delayed sales and/or increased existing customer churn
could result in the Company failing to comply with financial
covenants associated with the Convertible Loan and in this
circumstance KRM22 would be obliged to seek resolution with Kestrel
Partners on these financial covenants.
The Directors have concluded that the circumstances set forth
above represent a material uncertainty, which may cast significant
doubt about the Group's ability to continue as a going concern.
However the Directors expect to be able to raise funds through a
placement of shares or other source of funding and believe that
taken as a whole, the factors described above enable the Group to
continue as a going concern for the foreseeable future. The interim
financial statements do not include the adjustments that would be
required if the Group were unable to continue as a going
concern.
4. Revenue (and segmental reporting)
The Board of Directors, as the chief operating decision maker in
accordance with IFRS 8 Operating Segments, has determined that
KRM22 has identified five risk domains as operating segments,
however for reporting purposes into a single global business
segment, as the nature of services delivered are common.
The Directors consider that the business has five risk domains:
Enterprise, Compliance, Market, Operations and Technology. Within
these five risk domains, there are three revenue streams with
different characteristics, which are generated from the same assets
and cost base.
6 months 6 months
to to
30 June 2021 30 June
2020
(unaudited) (unaudited)
GBP'000 GBP'000
Recurring 2,029 2,186
Non-recurring revenue 124 113
Other revenue - 25
-------------- --------------
Total 2,153 2,324
============== ==============
KRM22's revenue from external customers by geography and risk
domain is detailed below:
6 months 6 months
to to
30 June 2021 30 June
2020
(unaudited) (unaudited)
GBP'000 GBP'000
UK 583 246
Europe 445 404
USA 937 1,383
Rest of world 188 291
-------------- --------------
Total 2,153 2,324
============== ==============
6 months 6 months
to to
30 June 2021 30 June
2020
(unaudited) (unaudited)
GBP'000 GBP'000
Enterprise 190 201
Compliance 1,023 850
Market 940 1,220
Other - 53
-------------- --------------
Total 2,153 2,324
============== ==============
5. Loss per share
Basic earnings per share is calculated by dividing the loss
attributable to the equity holders of KRM22 by the weighted average
number of shares in issue during the period.
KRM22 has dilutive ordinary shares, this being warrants and
options granted to employees. As KRM22 has incurred a loss in both
periods, the diluted loss per share is the same as the basic
earnings per share as the loss has an anti-dilutive effect.
6 months 6 months
to to
30 June 2021 30 June
2020
(unaudited) (unaudited)
GBP'000 GBP'000
Loss for the period attributable to equity
shareholders of the parent (1,681) (1,311)
Basic weighted average number of shares in
issue 26,731,309 22,083,693
Diluted weighted average number of shares
in issue 37,313,776 30,237,213
Basic and diluted loss per share (pence) (0.06) (0.06)
6. Intangibles
The Group capitalised GBP0.4m of costs (H1 2020: GBP0.5m, FY
2020: GBP1.0m) representing the development of KRM22's products
during the period, resulting in a net book value of GBP1.3m (H1
2020: GBP1.1m, FY 2020: GBP1.3m) after an amortisation and
impairment charge of GBP0.3m (H1 2020: GBP0.2m, FY 2020:
GBP0.5m).
7. Cautionary statement
This document contains certain forward-looking statements
relating to KRM22 plc (the "Group"). The Group considers any
statements that are not historical facts as "forward-looking
statements". They relate to events and trends that are subject to
risk and uncertainty that may cause actual results and the
financial performance of the Group to differ materially from those
contained in any forward-looking statement. These statements are
made by the Directors in good faith based on information available
to them and such statements should be treated with caution due to
the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
Copies of this report and all other announcements made by KRM22
plc are available on the Company's website at
https://www.krm22.com/investor-relations/home
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