Automatic Data Processing · Earnings release

ADP Reports First Quarter Fiscal 2025 Results

•Revenues increased 7% compared to last year's first quarter to $4.8 billion; 7% organic constant currency

•Net earnings increased 11% to $956 million, and adjusted net earnings increased 11% to $956 million

•Adjusted EBIT increased 13% to $1.2 billion, and adjusted EBIT margin increased 130 basis points to 25.5%

•Diluted earnings per share ("EPS") increased 13% to $2.34; adjusted diluted EPS increased 12% to $2.33

•Acquired WorkForce Software, a leading workforce management solutions provider that specializes in supporting large, global enterprises, on October 15, 2024 for approximately $1.2 billion in cash

•To incorporate expected impact from the WorkForce Software acquisition, we are G1updating full year consolidated revenue growth guidance to 6% to 7% and G2adjusted diluted EPS growth guidance to 7% to 9%

ROSELAND, N.J. – October 30, 2024 – ADP (Nasdaq: ADP), a leading global technology company providing human capital management (HCM) solutions, today announced its first quarter fiscal 2025 financial results and updated its fiscal 2025 outlook.

First Quarter Fiscal 2025 Consolidated Results

Compared to last year’s first quarter, revenues increased 7% to $4.8 billion and 7% on an organic constant currency basis. Net earnings increased 11% to $956 million, and adjusted net earnings increased 11% to $956 million. Adjusted EBIT increased 13% to $1.2 billion, representing an adjusted EBIT margin increase of 130 basis points in the quarter to 25.5%. ADP’s effective tax rate for the quarter was 22.6% on both a reported basis and an adjusted basis. Diluted EPS increased 13% to $2.34, and adjusted diluted EPS increased 12% to $2.33.

“We are off to a strong start in fiscal 2025 and are pleased with our financial results and meaningful strategic progress," said Maria Black, President and Chief Executive Officer, ADP. “Our recent acquisition of WorkForce Software, a leading workforce management solutions provider, and the introduction of ADP Lyric HCM, our flexible, intelligent, and human-centric global HCM platform, position us to provide our enterprise clients with a unique global HR, payroll, time, and service solution. We look forward to continuing to lead the way in workforce innovation through our market-leading products, premium services, unmatched data, and exceptional experiences that empower our clients and their employees to reach their full potential."

"Our first quarter revenue and margin performance exceeded our expectations, as we benefited from solid new business bookings growth, strong client revenue retention, and higher client funds interest revenue," said Don McGuire, Chief Financial Officer, ADP. "We are focused on continuing to deliver strong financial performance as we make strategic investments to support our long-term growth."

1

Adjusted EBIT, adjusted EBIT margin, adjusted net earnings, adjusted diluted earnings per share, adjusted effective tax rate and organic constant currency are all non-GAAP financial measures. Please refer to the accompanying financial tables at the end of this release for a discussion of why ADP believes these measures are important and for a reconciliation of non-GAAP financial measures to their closest comparable GAAP financial measures.

First Quarter Segment Results

Employer Services – Employer Services offers a comprehensive range of global HCM and Human Resources Outsourcing solutions. Compared to last year's first quarter:

•Employer Services revenues increased 7% on a reported basis and 7% on an organic constant currency basis

•U.S. pays per control increased 2%

•Employer Services segment margin increased 260 basis points

PEO Services – PEO Services provides comprehensive employment administration outsourcing solutions. Compared to last year's first quarter:

•PEO Services revenues increased 7%

•PEO Services revenues excluding zero-margin benefits pass-throughs increased 7%

•Average worksite employees paid by PEO Services increased 3% to about 737,000

•PEO Services segment margin decreased 80 basis points

Included within the results of our segments above:

Interest on Funds Held for Clients – The safety, liquidity, and diversification of ADP clients’ funds are the foremost objectives of the Company’s investment strategy. Client funds are invested in accordance with ADP’s prudent and conservative investment guidelines, and most of the investment portfolio is rated AAA/AA. Compared to last year's first quarter:

•Interest on funds held for clients increased 26% to $253 million

•Average client funds balances increased 5% to $32.8 billion

•The average interest yield on client funds increased 50 basis points to 3.1%

Notable Subsequent Events

On October 15, 2024, ADP acquired WorkForce Software, a leading workforce management solutions provider that specializes in supporting large, global enterprises, for approximately $1.2 billion in cash. This acquisition expands ADP's global offering of workforce management solutions and enables future innovation in the space.

2

Certain components of ADP’s fiscal 2025 outlook and related growth comparisons exclude the impact of the following items and are discussed on an adjusted basis where applicable. Please refer to the accompanying financial tables for a reconciliation of these adjusted amounts to their closest comparable GAAP measure.

•Fiscal 2024 pre-tax charges of about $5 million related to transformation initiatives

•Fiscal 2024 pre-tax reversal of about $4 million related to a legal matter

•Fiscal 2024 pre-tax charges of about $42 million related to workforce optimization

•Fiscal 2025 expected pre-tax charges of about $5 million related to transformation initiatives

Consolidated Fiscal 2025 Outlook

•Revenue growth of 6% to 7%

•G3Adjusted EBIT margin expansion of 30 to 50 basis points

•G4Adjusted effective tax rate of about 23%

•G5Diluted EPS growth of 8% to 10%

•Adjusted diluted EPS growth of 7% to 9%

Employer Services Segment Fiscal 2025 Outlook

•G6Employer Services revenue growth of 6% to 7%

•G7Employer Services margin up 40 to 60 basis points

•G8Employer Services new business bookings growth of 4% to 7%

•G9Employer Services client revenue retention decrease of 10 to 30 basis points

•G10Increase in U.S. pays per control of 1% to 2%

PEO Services Segment Fiscal 2025 Outlook

•G11PEO Services revenue growth of 5% to 6%

•PEO Services revenue, excluding zero-margin benefits pass-throughs, growth of 4% to 5%

•G12PEO Services margin down 70 to 90 basis points

•G13PEO Services average worksite employee count growth of 2% to 3%

Client Funds Extended Investment Strategy Fiscal 2025 Outlook

The interest assumptions in our outlook are based on Fed Funds futures contracts and various forward yield curves as of October 29, 2024. The Fed Funds futures contracts are used in the client short and corporate cash interest income outlook. A combination of various forward yield curves that reflect our investment mix, resulting in a blended rate of 3.8%, was used to forecast new purchase rates across the client and corporate extended and client long portfolios over the remainder of the fiscal year.

•G14Interest on funds held for clients of $1.115 to $1.135 billion; this is based on anticipated growth in client funds balances of 3% to 4% and an average yield that is anticipated to increase to 3.1%

•G15Total contribution from the client funds extended investment strategy of $1.0 to $1.02 billion

3

(unaudited)

Total ADP

Revenues

Adj. EBIT Margin

Adj. Effective Tax Rate

Adj. Diluted EPS

Employer Services

Revenues

Margin

ES New Business Bookings

Client Revenue Retention

U.S. Pays Per Control

2%

PEO Services

Revenues

Revenues Ex Zero-Margin Pass-throughs

Margin

Average WSEs

Client Funds Interest

Average Client Funds Balances

Yield on Client Funds Portfolio

Client Funds Interest Revenue

Net Impact from Client Funds Extended Strategy

(a) Outlook contemplates the anticipated impact of foreign currency in revenue and operating results.

Investor Webcast Today

As previously announced, ADP will host a conference call for financial analysts today, Wednesday, October 30, 2024 at 8:30 a.m. ET. The conference call will be webcast live on ADP’s website at investors.adp.com and will be available for replay following the call. A slide presentation accompanying the webcast is also available at investors.adp.com/events-and-presentations. ADP news releases, current financial information, SEC filings, and Investor Relations presentations are posted to ADP’s website at investors.adp.com.

About ADP (Nasdaq: ADP)

Designing better ways to work through cutting-edge products, premium services, and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits, and Payroll. Informed by data and designed for people. Learn more at ADP.com.

4

Automatic Data Processing, Inc. and Subsidiaries

Statements of Consolidated Earnings

(In millions, except per share amounts)

(Unaudited)

Three Months Ended

Revenues:

Revenues, other than interest on funds held

for clients and PEO revenues

$

$

Interest on funds held for clients

PEO revenues (A) (B) (C)

Total revenues

Expenses:

Costs of revenues:

Operating expenses (B) (C)

Research and development

Depreciation and amortization

Total costs of revenues

Selling, general, and administrative expenses

Interest expense

Total expenses

Other (income)/expense, net

Earnings before income taxes

Provision for income taxes

Net earnings

$

$

Basic earnings per share

$

$

Diluted earnings per share

$

$

Components of Other (income)/expense, net:

Interest income on corporate funds

$

$

Realized losses on available-for-sale securities, net

Gain on sale of assets

Non-service components of pension income, net

Other (income)/expense, net

$

$

(A) Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $17,193.6 million and $15,994.6 million for the three months ended September 30, 2024 and 2023, respectively.

(B) PEO revenues and operating expenses include zero-margin benefits pass-through costs of $1,049.2 million and $976.7 million for the three months ended September 30, 2024 and 2023, respectively.

(C) PEO revenues and operating expenses include costs related to workers' compensation coverage and state unemployment taxes for worksite employees of $124.3 million and $112.3 million for the three months ended September 30, 2024 and 2023, respectively.

5

Automatic Data Processing, Inc. and Subsidiaries

Consolidated Balance Sheets

(In millions, except per share amounts)

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

$

Short-term marketable securities (A)

Accounts receivable, net of allowance for doubtful accounts of $53.2 and $52.2, respectively

Other current assets

Total current assets before funds held for clients

Funds held for clients

Total current assets

Long-term marketable securities (A)

—

Long-term receivables, net of allowance for doubtful accounts of $0.2 and $0.1, respectively

Property, plant and equipment, net

Operating lease right-of-use asset

Deferred contract costs

Other assets

Goodwill

Intangible assets, net

Total assets

$

$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

$

Accrued expenses and other current liabilities

Accrued payroll and payroll-related expenses

Dividends payable

Short-term deferred revenues

Obligations under reverse repurchase agreements (A)

Obligations under commercial paper borrowing

—

Short-term debt

Income taxes payable

Total current liabilities before client funds obligations

Client funds obligations

Total current liabilities

Long-term debt

Operating lease liabilities

Other liabilities

Deferred income taxes

Long-term deferred revenues

Total liabilities

Stockholders' equity:

Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none

—

—

Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at September 30, 2024 and June 30, 2024; outstanding, 407.7 and 408.1 shares at September 30, 2024 and June 30, 2024, respectively

Capital in excess of par value

Retained earnings

Treasury stock - at cost: 231.0 and 230.6 shares at September 30, 2024 and June 30, 2024, respectively

Accumulated other comprehensive (loss)/ income

Total stockholders’ equity

Total liabilities and stockholders’ equity

$

$

(A) As of September 30, 2024, $578.6 million of short-term marketable securities, $98.8 million of long-term marketable securities and $1.7 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements. As of June 30, 2024, $384.0 million of short-term marketable securities and $1.4 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements.

6

Automatic Data Processing, Inc. and Subsidiaries

Statements of Consolidated Cash Flows

(In millions)

(Unaudited)

Three Months Ended

Cash Flows from Operating Activities:

Net earnings

$

$

Adjustments to reconcile net earnings to cash flows provided by operating activities:

Depreciation and amortization

Amortization of deferred contract costs

Deferred income taxes

Stock-based compensation expense

Bad Debt Expense

Net pension income

Net accretion of discounts and amortization of premiums on available-for-sale securities

Other

Changes in operating assets and liabilities:

(Increase)/Decrease in accounts receivable

Increase in deferred contract costs

Increase in other assets

Increase/(Decrease) in accounts payable

Decrease in accrued expenses and other liabilities

Net cash flows provided by operating activities

Cash Flows from Investing Activities:

Purchases of corporate and client funds marketable securities

Proceeds from the sales and maturities of corporate and client funds marketable securities

Capital expenditures

Additions to intangibles

Acquisitions of businesses, net of cash acquired

—

Proceeds from sale of property, plant, and equipment and other assets

Other

—

Net cash flows used in investing activities

Cash Flows from Financing Activities:

Net decrease in client funds obligations

Net cash distributed from the Internal Revenue Service

—

Payments of debt

Proceeds from the issuance of debt

—

Settlement of cash flow hedges

—

Repurchases of common stock

Net proceeds from stock purchase plan and stock-based compensation plans

Dividends paid

Net proceeds related to reverse repurchase agreements

Net proceeds of commercial paper borrowings

—

Net cash flows used in financing activities

Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents

Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period

$

$

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets

Cash and cash equivalents

$

$

Restricted cash and restricted cash equivalents included in funds held for clients

Total cash, cash equivalents, restricted cash, and restricted cash equivalents

$

$

Supplemental disclosures of cash flow information:

Cash paid for interest

$

$

Cash paid for income taxes, net of income tax refunds

$

$

7

Automatic Data Processing, Inc. and Subsidiaries

Other Selected Financial Data

(Dollars in millions, except per share amounts)

(Unaudited)

Three Months Ended

% Change

Segment revenues

Employer Services

$

$

7

%

PEO Services

7

%

Other

n/m

Total revenues

$

$

7

%

Segment earnings

Employer Services

$

$

%

PEO Services

1

%

Other

n/m

Total pretax earnings

$

$

%

Segment margin

Employer Services

%

%

%

PEO Services

%

%

%

Other

n/m

n/m

n/m

Total pretax margin

%

%

%

Three Months Ended

Earnings per share information

% Change

Net earnings

$

$

%

Basic weighted average shares outstanding

(1)

%

Basic earnings per share

$

$

%

Diluted weighted average shares outstanding

(1)

%

Diluted earnings per share

$

$

%

Three Months Ended

Key Statistics:

Employer Services:

Change in pays per control - U.S. (A)

2

%

2

%

PEO Services:

Paid PEO worksite employees at end of period

Average paid PEO worksite employees during the period

Significant PEO expenses included within Operating expenses

Zero-margin benefits pass-through costs

$

$

Workers' compensation and state unemployment taxes

$

$

(A) Pays per control represents the number of employees on ADP clients' payrolls in the United States when measured on a same-store-sales basis for a subset of clients ranging from small to large businesses.

8

Automatic Data Processing, Inc. and Subsidiaries

Other Selected Financial Data, Continued

(Dollars in millions, except where otherwise stated)

(Unaudited)

Client Funds Strategy - Supplemental Information

Three Months Ended

% Change

Average investment balances at cost (in billions)

Funds held for clients

$

$

5

%

Corporate extended (A)

$

$

%

Short-term financing to support Client Funds Strategy (A)

$

$

%

Average interest rates earned or paid (exclusive of realized gains or losses)

Funds held for clients

%

%

Corporate extended (A)

%

%

Short-term financing to support Client Funds Strategy (A)

%

%

Interest income (expense)

Funds held for clients

$

$

%

Corporate extended (B)

%

Short-term financing to support Client Funds Strategy (B)

%

Net Impact from Client Funds Strategy

$

$

%

Funds Held for Clients - Supplemental Information

Three Months Ended

Average balance - Client short

$

$

Average balance - Client extended

Average balance - Client long

Average balance - Funds held for clients (in billions)

$

$

Average interest rate - Client short

%

%

Average interest rate - Client extended

%

%

Average interest rate - Client long

%

%

Average interest rate - Funds held for clients

%

%

Interest Income and Expense - Non-GAAP Reconciliation

Three Months Ended

Corporate extended interest income (B)

$

$

All other interest income

Total interest income on corporate funds (component of Other (income)/expense, net)

$

$

Short-term financing to support Client Funds Strategy (B)

$

$

All other interest expense

Total interest expense

$

$

(A) We utilize a strategy by which we extend the maturities of our investment portfolio for funds held for clients and employ short-term financing arrangements to satisfy our short-term funding requirements related to client funds obligations. As part of our client funds investment strategy, we use daily collection of funds from our clients to satisfy other unrelated client funds obligations, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities.

(B) While “Corporate extended interest income” and “Short-term financing to support Client Funds Strategy,” related to our client funds investment strategy, are non-GAAP measures, management believes this information is beneficial to reviewing the financial statements of ADP. Management believes this information is beneficial as it allows the reader to understand the extended investment strategy for ADP's client funds assets, corporate investments, and short-term borrowings.

9

Automatic Data Processing, Inc. and Subsidiaries

Consolidated Statement of Adjusted / Non-GAAP Financial Information

(in millions, except per share amounts)

(Unaudited)

In addition to our GAAP results, we use the adjusted results and other non-GAAP metrics set forth in the table below to evaluate our operating performance in the absence of certain items and for planning and forecasting of future periods:

Adjusted Financial Measures

U.S. GAAP Measures

Adjusted EBIT

Net earnings

Adjusted provision for income taxes

Provision for income taxes

Adjusted net earnings

Net earnings

Adjusted diluted earnings per share

Diluted earnings per share

Adjusted effective tax rate

Effective tax rate

Organic constant currency

Revenues

Corporate extended interest income (see prior page)

Interest income

Short-term financing to Support Client Funds Extended Strategy (see prior page)

Interest expense

We believe that the exclusion of the identified items below helps us reflect the fundamentals of our underlying business model and analyze results against our expectations and against prior periods, and to plan for future periods by focusing on our underlying operations. We believe that the adjusted results provide relevant and useful information for investors because it allows investors to view performance in a manner similar to the method used by management and improves their ability to understand and assess our operating performance. The nature of these exclusions is for specific items that are not fundamental to our underlying business operations. Since these adjusted financial measures and other non-GAAP metrics are not measures of performance calculated in accordance with U.S.

GAAP, they should not be considered in isolation from, as a substitute for, or superior to their corresponding U.S. GAAP measures, and they may not be comparable to similarly titled measures at other companies.

Three Months Ended

% Change

As Reported

Net earnings

$

$

%

Adjustments:

Provision for income taxes

All other interest expense (a)

All other interest income (a)

Transformation initiatives

—

Legal settlements (b)

—

Adjusted EBIT

$

$

%

Adjusted EBIT Margin

%

%

Provision for income taxes

$

$

%

Adjustments:

Transformation initiatives (c)

—

Legal settlements (c)

—

Adjusted provision for income taxes

$

$

%

Adjusted effective tax rate (d)

%

%

Net earnings

$

$

%

Adjustments:

Transformation initiatives

—

Income tax (benefit)/provision for transformation initiatives (c)

—

Legal settlements (b)

—

Income tax (benefit)/provision for legal settlements (c)

—

Adjusted net earnings

$

$

%

Diluted EPS

$

$

%

Adjustments:

Transformation initiatives (c)

—

—

Legal settlements (b) (c)

—

—

Adjusted diluted EPS

$

$

%

(a) In Adjusted EBIT, we include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. The adjustments in the table above represent the interest income and interest expense that are not related to our client funds extended investment strategy and are labeled as “All other interest expense” and “All other interest income.”

(b) Represents a reserve reversal of a legal matter from fiscal 2023 previously recorded as an adjustment to EBIT.

(c) The income tax (benefit)/provision was calculated based on the annualized marginal rate in effect during the quarter of the adjustment.

(d) The Adjusted effective tax rate is calculated as our Adjusted provision for income taxes divided by the sum of our Adjusted net earnings plus our Adjusted provision for income taxes.

The following table reconciles our reported growth rates to the non-GAAP measure of organic revenue, which excludes the impact of acquisitions, the impact of dispositions, and the impact of foreign currency. The impact of acquisitions and dispositions is calculated by excluding the current year revenues of acquisitions until the one year anniversary of the transaction and by excluding the prior year revenues of divestitures for the one year period preceding the transaction. The impact of foreign currency is determined by calculating the current year result using foreign exchange rates consistent with the prior year. The PEO segment is not impacted by acquisitions, dispositions or foreign currency.

Three Months Ended

Revenue growth consolidated:

Employer Services

7

%

9

%

PEO Services

7

%

3

%

Consolidated revenue growth as reported

7

%

7

%

Adjustments:

Impact of acquisitions

—

%

—

%

Impact of foreign currency

—

%

—

%

Consolidated revenue growth, organic constant currency

7

%

7

%

Segment:

Employer Services revenue growth as reported

7

%

9

%

Adjustments:

Impact of acquisitions

—

%

—

%

Impact of foreign currency

—

%

(1)

%

Employer Services revenue growth, organic constant currency

7

%

8

%

Note: Numbers may not foot due to rounding.

Automatic Data Processing, Inc. and Subsidiaries

Fiscal 2024 to Fiscal 2025 Non-GAAP Guidance Reconciliation

(in millions, except per share amounts)

(Unaudited)

Outlook

Earnings before income taxes / margin (GAAP)

$

%

All other interest expense (a)

All other interest income (a)

Transformation initiatives (b) - FY24

-

-

Transformation initiatives - FY25

-

-

-

Legal settlements - FY24

-

-

Workforce optimization - FY24

Adjusted EBIT margin (Non-GAAP)

$

%

Effective tax rate (GAAP)

%

%

Transformation initiatives (b) - FY24

-

-

Transformation initiatives - FY25

-

-

Legal settlements - FY24

-

-

Workforce optimization - FY24

-

-

Adjusted effective tax rate (Non-GAAP)

%

%

Diluted earnings per share (GAAP)

$

Transformation initiatives (b) - FY24

-

Transformation initiatives - FY25

-

-

Legal settlements - FY24

-

Workforce optimization - FY24

(1)

%

Adjusted diluted earnings per share (Non-GAAP)

$

(a) In Adjusted EBIT, we include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. These adjustments in the table above represent the interest income and interest expense that is not related to our client funds extended investment strategy and are labeled as “All other interest expense” and “All other interest income.”

(b) In fiscal 2024, transformation initiatives include consulting costs relating to our company-wide transformation initiatives.

Safe Harbor Statement

This document and other written or oral statements made from time to time by ADP may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like "outlook," “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could,” “is designed to” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and depend upon or refer to future events or conditions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements or that could contribute to such difference include: ADP's success in obtaining and retaining clients, and selling additional services to clients; the pricing of products and services; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; compliance with existing or new legislation or regulations; changes in, or interpretations of, existing legislation or regulations; overall market, political and economic conditions, including interest rate and foreign currency trends and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the adequacy, effectiveness and success of our business transformation initiatives; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions.

ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein.

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