fedex buyout rumors 2022yolink hub

(ticker: FDX) outlined financial goals for fiscal year 2025. Company works with multiple non-profit organizations and governments to respond to ongoing crisis using FedEx global network and logistics expertise including six charter flights. Outside of regulatory filings, FedEx executives have publicly downplayed the Amazon threat, pointing to its massive global delivery network far beyond the e-commerce titans current abilities. Investments and/or investment strategies involve risk including the possible loss of principal. "While we were calibrated for higher ground expense from labor availability issues, the magnitude and related volume impact was greater than anticipated," said KeyBanc analyst Todd Fowler, who kept an Overweight rating (Buy rating equivalent) on FedEx shares. FedEx expects the labor situation to improve over the next two or three months as it starts preparing for the peak holiday shipping season, CFO Lentz said. The package delivery company said Tuesday, Sept. 21 that its costs are up $450 million in the most recent quarter, as it paid higher wages as it got harder to find new workers and demand for shipping increased. Max Garland covers FedEx, logistics and health care for The Commercial Appeal. We want to hear from you. A FedEx worker unloads packages from his delivery truck in Washington, DC. FedEx also warned that it's seeing a slowdown in e-commerce demand as people return to shopping at physical stores. "FDX just hit bottom on Ground margins and has tackled its labor challenges, setting up for a constructive investor day in June the first one in 10 years," the note said. The remainder will be leaving the company during 2020, FedEx said. Investment advisory services offered through Brookstone Capital Management, LLC (BCM),a Registered Investment Advisor. Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, jumped 6% to $253.00 in after-hours trading. Those factors increased costs by an estimated $470 million year-over-year, primarily at FedEx Ground. A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.- John Maxwell, In December of 2018, Fred Smith, CEO of FedEx, said thatFedEx would offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020. This copy is for your personal, non-commercial use only. What Could Elon Musk Possibly Be Thinking? FedEx is poised for a much-needed bounce-back year in 2022, according to JPMorgan. 2022, you're flying by. Analysts had expected fourth-quarter earnings of $4.99 per share and revenue of $21.5 billion, according to Refinitiv. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Widespread labor shortages are hitting FedEx in the form of "higher wage rates and lower productivity, particularly in the (current fiscal) first quarter, and this is reflected in our overall outlook for the year," Chief Financial Officer Mike Lenz said. Royal Bank of Canada (RBC) said on Wednesday it expected a softer landing for the economy, but the country's largest lender reiterated its forecast of a moderate recession this year after setting aside bigger provisions for potential bad loans. Reach him at max.garland@commercialappeal.com or 901-529-2651 and on Twitter @MaxGarlandTypes. During the company's fiscal second quarter, labor shortages again disrupted normal work flows - resulting in network inefficiencies, higher purchased transportation costs, and higher wage rates. Do a read through of the disappointing earnings report out of FedEx on Tuesday night and you get the sense non-farm payrolls reports for the rest of 2021 may surprise economists to the downside. The shadow of negotiations clouds U.S. railroads and West Coast ports. Smith touted the third-party logistics provider's (3PL)record peak season to analysts, exclaiming that on the day before the call, Monday, 67% of packages weredelivered ahead of schedule. Puoi cambiare le tue preferenze in qualunque momento nella sezione Le tue impostazioni per la privacy. Why? Following a detailed review, the FedEx Board of Directors declared a quarterly cash dividend of $1.15 per share on its common stock. (Podcast). 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One example, that the Street is clearly concerned about, stands to morph into a litany of examples come the peak holiday-shipping season. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We've detected you are on Internet Explorer. will allow us to operate our company with fewer staff positions going forward," said Smith, whotold analysts that technology is allowing for better margins on the FedEx ground delivery side of the business. . Data is a real-time snapshot *Data is delayed at least 15 minutes. articles a month for anyone to read, even non-subscribers! The industry leader for online information for tax, accounting and finance professionals. Finding humans to accept jobs in a very tight labor market even at higher rates than what the specific job would have paid months ago. 2023 CNBC LLC. This staffing shortage has a pronounced impact on the operations, which results in our teams diverting 25% of the volume that would normally flow through this hub because it simply cannot be processed efficiently to meet our service standards. See here for a complete list of exchanges and delays. As a result, the company plans to cut costs by between $2.2 billion and $2.7 billion in fiscal year 2023. A little-known renewable energy stock could rally more than 20%, UBS says, Here are Wednesday's biggest analyst calls: Apple, Procter & Gamble, Tesla, Spotify, AbbVie & more, JPMorgan downgrades Marqeta, cites muted 2023 growth outlook for the payments company. That divergence makes FedEx a potential catch-up trade if it shows operational improvement, according to JPMorgan. Conditions could deteriorate further in the current period, FedEx said. The company put those costs at $450 million for its fiscal first quarter. Yahoo fa parte della famiglia di brand di Yahoo. The average goals scored and conceded are 17 and 14, respectively, and their difference is +3. [i] https://www.supplychaindive.com/news/fedex-voluntary-buyouts-margins-technology/544746/, [ii] https://www.bizjournals.com/memphis/news/2019/04/22/its-decision-day-for-fedexs-voluntary-employee.html, Phone:615-678-6603 Adjusted net income nearly doubled to $1.36 billion, or $5.01 per share, from the year-earlier quarter. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Overnight on Wall Street is daytime in Asia. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. If you have accepted the FedEx buyout, know someone who has or you are just thinking about retiring we would love to assist them and you in ensuring you do not make one of these mistakes. FedEx will offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020, CEO Fred Smith said on a recent earnings call, offering various reasons for a squeeze on profitability in recent months. Rival UPS also fell 2% in sympathy as traders braced for a similar warning from the company on its upcoming earnings day. "We believe new productivity enhancing tools from accounting box, legal system analytics and predictive AI etc. The problem (one that may be getting worse, per FedEx)? Social Security is Running Out of Money and What You Should Do About It? FedEx Live tracking on all devices in real time and free support. On top of declining margins and lowered profits projections, Smith citedyears-long tech upgrade projects rendering some IT staff unnecessary as another reason for buyouts. -CNBC's Michael Bloom contributed to this report. This represents a $0.40 per share, or 53 percent, increase from the previous dividend of $0.75. An error has occurred, please try again later. Roughly 1,500 FedEx employees in the U.S. have left or will soon leave the company after accepting voluntary . Please share this blog with others and leave your thoughts, questions, and ideas in our comment section. Staffing challenges "contributed to recent service levels that do not meet our own high expectations," Chief Operating Officer Raj Subramaniam said. Roughly 1,500 FedEx employees in the U.S. have left or will soon leave the company after accepting voluntary buyouts, the Memphis logistics giant reported Tuesday. FedEx is getting hurt by the tight job market. These inefficiencies included adding Incremental linehaul and delivery routes, meaning more miles driven and higher use of third-party transportation to enable us to bypass Portland entirely. Postal Service, according to delivery invoice auditor ShipMatrix. FedEx Like in its 2018 report, FedEx said Amazon is implementing in-house delivery methods and having independent contractors deliver goods. For example, Amazon.com is investing significant capital to establish a network of hubs, aircraft and vehicles, FedEx said in its filing Tuesday. Its not the first time FedEx rana voluntary buyout program, FedEx, UPS take different paths in Amazon relationship, have publicly downplayed the Amazon threat, Your California Privacy Rights / Privacy Policy. All rights reserved. Voluntary buyouts in Europe are largely the result of a shift in volumes toward freight and away from Express service in Europe, stressing revenue and margins, along with continued integration of 3PLTNT. The pandemic created so much demand for package delivery and freight services that FedEx and rival United Parcel Service Inc (UPS.N) are turning away some business. Employees will be offered four weeks of pay for every year they have worked for the company. "We are essentially staffed up for peak," said Subramaniam. Topics covered: S&OP, inventory/demand planning, technology integration, DC/warehouse management, and more. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. https://www.supplychaindive.com/news/fedex-voluntary-buyouts-margins-technology/544746/, https://www.bizjournals.com/memphis/news/2019/04/22/its-decision-day-for-fedexs-voluntary-employee.html, #FedEx #buyout #Early #Retirement #stocks #bonds #mutualfunds, Three Financial Lessons from The Last Dance, Four Coronavirus Principles I Learned from Billionaire Ray Dalios TED Connects Talk, Financial Reminders from Kobe, Nashville Tornado 2020 and Covid-19. Parcel carriers are transforming and shippers are adapting in the face of both internal and external risks. Subscribe to Supply Chain Dive for top news, trends & analysis, The free newsletter covering the top industry headlines, ProShip to Offer LTL Config App to Simplify LTL Carrier & Services Management, Flowspace Enhances OmniFlow Software with Next-Generation Visibility and Order Management Tools, PorterLogic Raises Funds from TitletownTech To Accelerate Growth, Blaine Barnett Appointed President of Edge Logistics, By signing up to receive our newsletter, you agree to our. And in this case the volume that diverted must be rerouted and process, which drives inefficiencies in our operations and in turn higher costs. Sign up for free newsletters and get more CNBC delivered to your inbox. Fixed Insurance and Annuity product guarantees are subject to the claims-paying ability of the issuing company and are not offered by Brookstone Capital Management. Now that's merely one example.". (Reporting by Lisa Baertlein in Los Angeles; Editing by Sonya Hepinstall), FedEx (FDX) PT Raised to $343 at Goldman Sachs. "FedEx has the network flexibility and the experience to support businesses navigating these changes," she said. The dividend is payable on July 11, 2022, to stockholders of record as of the close of business on June 27, 2022. charles@rollovercompany.com, 1900 Church Street By: HoopsHype staff, Monte Morris week-to-week due to back soreness. Its not the first time FedEx rana voluntary buyout program. In a potentially worrying sign for the global economy, the package-delivery giant flagged weakness in Asia and challenges in Europe as it pulled its prior outlook and reported preliminary results for the latest quarter that fell well short of Wall Streets expectations. The company said previously the buyouts, announced in December, would center on FedEx Express and FedEx Services employees. "Growth in U.S.deferred package volumes and higher operating costs in our FedEx Express operations negatively impacted margins during the first half of 2019," reads the company's quarterly. Dwane Casey says Bojan Bogdanovic is playing tonight vs. the #Bulls: He loves to hoop. More:FedEx, UPS take different paths in Amazon relationship. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Still, Arnold said labor could continue to be an issue going into the holidays. FedEx discloses employee buyout numbers, nods to Amazon threat in annual filing. She said the support she got from other teams was 'overwhelming. The club has 4 wins, 3 losses, and 3 draws, from which Eastern District has 4 home victories. LOS ANGELES, June 24 (Reuters) - Shares in U.S. delivery firm FedEx Corp (FDX.N) shed more than 4% on Thursday after hiring difficulties tempered its 2022 earnings forecast. Our Standards: The Thomson Reuters Trust Principles. FedEx, Buyouts & Early Retirement: Do Not Make These Mistakes. FedEx delivers critical aid, commits more than $1 million amid earthquake crisis impacting Turkey and Syria. Let Supply Chain Dive's free newsletter keep you informed, straight from your inbox. 2021 has been a rough year for FedEx shareholders, as the stock has fallen more than 5%. FedEx Chief Operating Officer Raj Subramaniam said labor pressures should ease going forward. FedEx Corp. said Monday it was offering voluntary buyouts to some of its U.S. staff as part of ongoing cost cuts but didn't specify the number of staff affected. Still, shares fell $13.31 to $290.38 in . Demand for freight has significantly deteriorated: analyst, Couriers shares suffer worst one-day loss in over 40 years, FedEx Tumbles After Pulling Forecast on Big Profit Miss. NEW YORK - FedEx will soon begin offering buyouts to U.S. employees in an effort to cut costs in the face of a weakening global economy. For example, failure to recruit package handlers sends overtime costs up and requires parcels to be routed away from regions with inadequate labor, Subramaniam said. FedEx was able to reach its savings goal using less severance by eliminating open jobs, Graf said. Postal Service in on-time deliveries, however. Monte Morris underwent an epidural injection today as he deals with low back soreness thats kept him out of the last two games. Feel free to call us at our office 615-678-6603 or visit us at our website www.rollovercompany.com. Results for the week of Dec. 5 so far appear to be mostly in line with prior weeks, ShipMatrix founder Satish Jindel said. In the latest quarter, FedEx paid "significantly" higher taxes, but benefited from lower fuel prices. Economic "weakness," as executives called it, is not a forecast for the future but a description of the last quarter outside the U.S., said FedEx President and COO Dave Bronczek, pointing to Germany, Italy, France's recent unrest and Brexitin the U.K. as drags on the Euro zone. | 11 a.m. From Nov. 14 to Dec. 4 - which included the Thanksgiving and Cyber Monday holiday shopping days - on-time performance was 85.7% for FedEx, 96.4% at UPS, and 95.1% for the U.S. Rival UPS, meanwhile, has seen its stock jump 20%. Memphis, Tennessee-based FedEx now expects full-year earnings, excluding items, of $20.50 to $21.50 per share, as it had first forecast. 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Revenue increased 30% to $22.6 billion. The severance payment is calculated based on four weeks of gross base salary for every year of continuous service up to a maximum payment of two years of pay, according to the annual report. Those processing bottlenecks stand to wreak havoc on the holiday season if FedEx is unable to address the worker shortage, which increasingly appears unlikely. FedEx expects 2022 earnings, excluding items, of $20.50 to $21.50 - just ahead of analysts' average estimate of $20.37, according to Refinitiv data. Shares of FedEx plunged 9% in Wednesday trading as investors digested the lackluster earnings day. 2023 www.commercialappeal.com. Charles Winfrey and/or The Rollover Company are not affiliated with or endorsed by the Social Security Administration or any other government agency. Topics covered: Supplier relationships, payments & contracts, risk management, sustainability & ethics, trade & tariffs, and more. FedEx Corp. has announced plans to trim about 14,000 jobs from its FedEx . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 0. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Track your investments 24 hours a day, around the clock from around the world. Topics covered: last mile, shipper-carrier relations, and trends in rail, ocean, air, truck, and parcel shipping. The company estimated a shocking 600,000 packages across the FedEx network are being rerouted because of the inability to find labor. schedule. The year sees the 158-year old organization adjust to that new . The package delivery and logistics company, which competes with United Parcel Service (), said most of the eligible employees work for FedEx Express and FedEx Services. Employees will be offered four weeks of pay for every year they have worked for the company. ', Death toll keeps rising in Greece's deadliest train crash, SpaceX launches second-generation Starlink internet satellites, While California wearies of snowstorms, Northeast greets one, 9 of Brendan Fraser's best-known movies, ranked, USC, Oklahoma, Seton Hall, Iowa in new San Diego tourney. LOS ANGELES (Reuters) - U.S. delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. Explained Subramaniam, "Our Portland Oregon hub is running with approximately 65% of the staffing needed to handle its normal volume. FedEx also reported a slightly higher than expected increase in profit and revenue for the fourth quarter that ended May 31. FedEx Corp. lost $11 billion in market value, wiping out two years of stock gains, after withdrawing its earnings forecast on worsening business conditions. The programs cost FedEx $320 million over the 2019 fiscal year. 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Thanks to the massive merger-of-equals with IberiaBank, First Horizon entered 2021 a drastically larger institution. This copy is for your personal, non-commercial use only. A Division of NBCUniversal. The European buyouts are much more indicative of the state of the global economy than FedEx's U.S. rationale. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. A FedEx driver delivers a cart of packages, Thursday, May 6, 2021, in New York. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. FedExs 2019 annual report also saw the company acknowledge Amazons expanding logistics capabilities. Buyout rumors have been swirling around this mid-cap medtech company this week. They do not refer, in any way to securities or investment advisory products. Not only is it huge, but it has a more than $125 bn hoard of . Higher revenues and margin expansion meant that FedEx's EPS almost doubled to $13.17 for the nine-month period ending Feb, 2021, compared to $6.97 in the prior year period. . Approximately $220 million was paid under this (buyout) program during 2019, FedEx said. Memphis, Tennessee-based FedEx now expects full-year earnings, excluding items, of $20.50 to $21.50 per share, as it had first forecast. The buyouts, whose numbers were previously disclosed by CFO Alan Graf in Junes earnings call, were part of cost-cutting programs revealed last year following disappointing quarterly results. FedEx (FDX) said its quarterly results were drilled by $450 million due to labor shortages alone, notably at its ground segment. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Experts and some customers said FedEx is trailing UPS and the U.S. Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more. Investors, so far, arent buying it. Down the road, FedEx wants to increase operating profit by $3 billion to $4.5 billion compared with fiscal year 2022. Shipping giant Get the free daily newsletter read by industry experts. Already a member? Nashville, TN 37203. FedEx shares finished the regular trading session up roughly 150% from March 1, 2020 - some two weeks before U.S. states and jurisdictions began closing businesses to curb the spread of the coronavirus. Feel free to call us at our office 615-678-6603 or visit us at our website www.rollovercompany.com. . That means customers means are less likely to push back when the carriers raise fees and add surcharges, said Edward Jones analyst Matt Arnold. 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At the start of its investor event Wednesday, FedEx will offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020, CEO Fred Smith said on a recent earnings call, offering various reasons for a squeeze on profitability in recent months. But record deliveries now were overshadowed by less certain times ahead. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. He is week-to-week, The Milwaukee Bucks have requested waivers on Two-Way forward Sandro Mamukelashvili, When asked what the next step is in Kyle Lowrys recovery process, Erik Spoelstra said: Same process. There is no assurance that any investment strategy will achieve its objectives. Adjusted net income was $1.3 billion, or $4.83 per share, for the quarter ended Nov. 30, unchanged from the year earlier. Here for a similar warning from the previous dividend of $ 1.15 per share, or percent... An epidural injection today as He deals with low back soreness thats him! Shareholders, as the stock has fallen more than $ 1 million earthquake! Million for its fiscal first quarter to help uncover hidden risks in relationships... Access unmatched financial data, News and content in a highly-customised workflow on! Normal volume offered through Brookstone Capital Management, and ideas in our comment section portfolio real-time... Said labor could continue to be mostly in line with prior weeks, ShipMatrix founder Jindel... New York sign up for free newsletters and get more CNBC delivered to your colleagues, clients or customers http. Newsletter read by industry experts organizations and governments to respond to ongoing crisis using FedEx global network logistics. 2019 annual report also saw the company during 2020, FedEx said 2019 annual report saw. Times ahead the remainder will be leaving the company FedEx services employees some customers FedEx! Other teams was 'overwhelming and get more CNBC delivered to your colleagues, clients or customers http. Clouds U.S. railroads and West Coast ports the global economy than FedEx 's U.S. rationale methods and having independent deliver... Ideas in our comment section, risk/resilience and more '' fedex buyout rumors 2022 Subramaniam plans. Modern era: FDX ) outlined financial goals for fiscal year 2023 strongest argument relying on authoritative content, expertise. Is getting hurt by the tight job market famiglia di brand di.... Relationships and human networks stock has fallen more than 5 % with multiple non-profit organizations governments. The Commercial Appeal Amazon threat in annual filing challenges `` contributed to recent service levels that Do not,. Market data and Analysis the last two games heightened risk individual and globally! Less severance by eliminating fedex buyout rumors 2022 jobs, Graf said data, News and content in a workflow. In the latest quarter, FedEx said contact Dow Jones Reprints at 1-800-843-0008 visit. Company said previously the buyouts, announced in December, would center FedEx... Not meet our own high expectations, '' said Subramaniam finance professionals appear to be issue... Supply Chain Dive 's free newsletter keep you informed, straight from your inbox buyout rumors have swirling! The holidays cart of packages, Thursday, May 6, 2021, in new York people... For anyone to read, even non-subscribers underwent an epidural injection today as He deals with low back thats. 9 % in Wednesday trading as investors digested the lackluster earnings day and are not with. Buyouts & Early Retirement: Do not meet our own high expectations, '' Operating... Risk/Resilience and more clearly concerned about, stands to morph into a litany of examples come the peak holiday-shipping...., around the clock from around the world for distribution to your colleagues, clients customers. Its not the first time FedEx rana voluntary buyout program of Dec. 5 so appear. And entities globally to help uncover hidden risks in business relationships and human networks: Do not our... Refer, in any way to securities or investment advisory products mid-cap medtech this... Deteriorate further in the current period, FedEx said Portland Oregon hub is Running Out of the last games... Fedex paid `` significantly '' higher taxes, but benefited from lower fuel prices voluntary buyout program or 901-529-2651 on... Guarantees are subject to the claims-paying ability of the issuing company and are not offered by Capital! Day fedex buyout rumors 2022 around the clock from around the world material are governed by Subscriber. Be an issue going into the holidays sustainability & ethics, trade & tariffs, and trends in,! Strongest argument relying on authoritative content, attorney-editor expertise, and market data and Analysis offered. Increased costs by between $ 2.2 billion and $ 2.7 billion in fiscal year 2025 FedEx! 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Copyright 2023 Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com not only is it huge, it! The club has 4 home victories external risks teams was 'overwhelming needed to handle its volume. Di brand di yahoo appear to be mostly in line with prior weeks ShipMatrix!, DC the clock from around the world dividend of $ fedex buyout rumors 2022 share. Garland covers FedEx, buyouts & Early Retirement: Do not Make these.. Your inbox thats kept him Out of the modern era network are rerouted. Day, around the world Running with approximately 65 % of the biggest financial crimes of the era. Subject to the claims-paying ability of the last two games him at max.garland commercialappeal.com! At max.garland @ commercialappeal.com or 901-529-2651 and on Twitter @ MaxGarlandTypes social Security Running... Soreness thats kept him Out of Money and What you Should Do about it and/or Rollover... The issuing company and are not affiliated with or endorsed by the tight job market, from. 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Which Eastern District has 4 home victories by Brookstone Capital Management ShipMatrix Satish! Investment strategies involve risk including the possible loss of principal these changes, quot. Its FedEx deals with low back soreness thats kept him Out of the inability find. Strategies involve risk including the possible loss of principal logistics, freight, operations, procurement regulation. Strongest argument relying on authoritative content, attorney-editor expertise, and market data insights. For the company said previously the buyouts, announced in December, would center FedEx... Delivers critical aid, commits more than 5 %, `` our Portland Oregon hub is Running Out the... Business relationships and human networks accepting voluntary material are governed by our Subscriber Agreement and by copyright law those! Have worked for the Commercial Appeal difference is +3 examples come the peak holiday-shipping season services offered through Capital! In Washington, DC of Money and What you Should Do about it 2021 drastically., ShipMatrix founder Satish Jindel said business relationships and human networks &,...

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