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Six Flags and Cedar Fair Merge


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2 minutes ago, Losantiville Mining Co. said:

Kings Dominion's closure today is another telling of the boy who cried wolf. Guests have seen the other park closures and thought negatively of them due to the perceived lack of severity. Now that there is a major reason for the park to be closed, it's just another disappointment from a great park during its 50th anniversary season. Instead of feeling like a sincere situation, it now feels like another casualty from Six Flags budget cuts.

Especially when KD closed earlier this season for a storm that never happened yet they opened for an influencer group...

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Where will this merger end up? I doubt HFE or United Parks & Resorts are looking to buy much right now. If Six Flags goes under, how crazy would it be for a completely new chain to rise out of the ashes? Would they retain any of the debt? I don't know too much about how those wings of the business world work but I think it would be really interesting if it happened. 

I really hope things improve faster than it seems they will. How can the chain improve without massive changes across the board? I don't know if that means there needs to be new management or if the company needs to split into more manageable chunks, I just don't want to read another bankruptcy headline. 

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Just now, Losantiville Mining Co. said:

Where will this merger end up? I doubt HFE or United Parks & Resorts are looking to buy much right now. If Six Flags goes under, how crazy would it be for a completely new chain to rise out of the ashes? Would they retain any of the debt? I don't know too much about how those wings of the business world work but I think it would be really interesting if it happened. 

I really hope things improve faster than it seems they will. How can the chain improve without massive changes across the board? I don't know if that means there needs to be new management or if the company needs to split into more manageable chunks, I just don't want to read another bankruptcy headline. 

I don’t think United Parks has done much with acquiring asserts since they attempted to buy CF and changing their name from Seaworld Entertainment. Maybe they’re waiting to see how desperate Six Flags becomes to unload some of their assets?

With that said, Six Flags should sell some of their parks that no longer “strategically fit” their core business.

They could use the extra money to pay down debt and help shore up the parks that are apart of their core focus with large metro populations that need the investment. 

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49 minutes ago, Losantiville Mining Co. said:

Kings Dominion's closure today is another telling of the boy who cried wolf. Guests have seen the other park closures and thought negatively of them due to the perceived lack of severity. Now that there is a major reason for the park to be closed, it's just another disappointment from a great park during its 50th anniversary season. Instead of feeling like a sincere situation, it now feels like another casualty from Six Flags budget cuts.

That was my reaction upon first impression.  I was unaware of the severity, so I thought "it's just an excuse." We've had water main breaks in and out side of KI before but it hasn't shut the entire park down. ( I think Action Zone was entirely closed because of a break in the last few years).  I've officially gotten cynical! :)

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21 minutes ago, Tr0y said:

I don’t think United Parks has done much with acquiring asserts since they attempted to buy CF and changing their name from Seaworld Entertainment. Maybe they’re waiting to see how desperate Six Flags becomes to unload some of their assets?

With that said, Six Flags should sell some of their parks that no longer “strategically fit” their core business.

They could use the extra money to pay down debt and help shore up the parks that are apart of their core focus with large metro populations that need the investment. 

Maybe they will end up with the top 15 that was briefly mentioned in the clown show investor conference. 

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I guess the new trend is to let the media announce personnel changes LOL.

In addition, Tony Clark, Cedar Point’s longtime director of communications, is now also heading up public relations for Kings Island.

https://www.cleveland.com/entertainment/2025/06/six-flags-2025-layoffs-will-cedar-points-service-standards-suffer.html?fbclid=IwY2xjawLE-7tleHRuA2FlbQIxMABicmlkETA4SlNQQU4zRlpYSjFmbzJ2AR6-bxIfMM3XbuaLSppiijlSSFaox-KzaA_OML31-buZfrvFYACgflANHSWc3Q_aem_eEwwBoIbhSA3N751b4GpUw

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The other issue with KD's surprise closure is that they have apparently stopped updating the website and app with closures, so plenty of people made the trip because they checked the website or app, which said it was open. 

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I fear that the darkest days are upon us. I'm usually an optimist but all I feel I've read lately from the chain has been about cutting this and getting rid of that. It's like a game of Fruit Ninja but with the chain as a whole. 

Mega-chains are, IMO, never a good idea. It diminishes quality and seems to hurt the parks as a whole as they lose their identity and the people behind them who make them what they are. 

This feels like they could SFWOA/GL the entire park system if they aren't careful. Might sound a bit dramatic, but I really don't have much faith in the SF model and so far they haven't exactly left a good impression thus far. I hope the growing pains aren't here to last and I hope I'm wrong. 

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On 6/23/2025 at 8:55 AM, DJSkyFoxx said:

I fear that the darkest days are upon us. I'm usually an optimist but all I feel I've read lately from the chain has been about cutting this and getting rid of that. It's like a game of Fruit Ninja but with the chain as a whole. 

I fear darker days are to come. They will probably not reach the margins that they promised to investors, so they may try to cut more. You think there isn't that much left to cut, but they can cut a whole lot more if they tried. I would not be surprised if they tried to remove another layer of management from the park.

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On 6/24/2025 at 6:08 PM, SmartCat7162 said:

I fear darker days are to come. They will probably not reach the margins that they promised to investors, so they may try to cut more.

When will investors demand that they stop making cuts? It seemed they were not happy at the last investor meeting. A new strategy needs to be made to save the the chain. 

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20 minutes ago, IndyGuy4KI said:

When will investors demand that they stop making cuts? It seemed they were not happy at the last investor meeting. A new strategy needs to be made to save the the chain. 

 

If we don't hear it on the Q2 call, I think we would certainly hear them loud and clear if Six Flags doesn't follow thru on the planned $1B in capital improvements that was previously announced.

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On 6/21/2025 at 7:19 PM, Captain Nemo said:

The majority of the “park updates” had to do with weather conditions. I began seeing these posts in my feed about 3-4 years ago. At the time it felt like an actual update trending with national weather services; however, as a few years passed I noticed a trend and so did the comment section. This started to feel like too common an occurrence.

As a I recall, weather conditions were given as a benefit to the companies merging. Because the new company covers more regions in the Unites States. Here's to hoping those Texas parks save the company. Seems there's a lot riding on that Giga Dive.

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I have a feeling we may see something to the effect of

While guest attendance was down for our California and Texas parks due to extreme heat, we remain committed to our goal of improving guest satisfaction and fulfilling our role as the largest operator of regional amusement parks in North America. 

Unless they are prepared to tell the truth and face the wrath of shareholders, the excuses will continue to sugarcoat everything. If sugarcoating doesn't go far enough I could see a world where they host another call where questions are not allowed. Guests are seeing some big hits to operations. Let's hope the $1B in investments come without any trickery like if a promised new attraction is actually just a 20y/o ride relocation from Six Flags America. 

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I almost wish they would go through the portfolio and identify 4-6 “flagship parks” that are NOT called 6 flags, but their regional name (Kings Island, great America, or make up new names for the existing ones that are “six flags” that qualify for flagship status due to attraction inventory, market potential, proximity to population epicenters etc. then rebrand the others “SixFlags” wherever it is. Market them separately, price them differently, and provide a premium product there. Price, staff and build out the others accordingly. This would only work if they hadn’t renamed the entire company SixFlags (big mistake imo) 

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Peoples main focus needs to be the fact that the quarterly INTEREST on their debt is over $250M….yes MILLION… dollars per quarter.  The “B” word of the reorg variety will be spoken in 2026 if not before, along with more cuts, ride closures, and shopping smaller parks like WoF and MA.  Just my take

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I'm still seeing a lot of people talking about Cedar Point's next coaster and how some props/decorations were set up around Snake River Falls. I don't know about anyone else, but I don't think we'll be seeing any major additions there (or anywhere) if the "B" word happens. Even with reorganization, I can't imagine anyone coming out of this doing well enough to add a major coaster. 

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4 hours ago, Losantiville Mining Co. said:

I'm still seeing a lot of people talking about Cedar Point's next coaster and how some props/decorations were set up around Snake River Falls. I don't know about anyone else, but I don't think we'll be seeing any major additions there (or anywhere) if the "B" word happens. Even with reorganization, I can't imagine anyone coming out of this doing well enough to add a major coaster. 

Heading up there tomorrow for the weekend....but from what I've seen, there is work happening. I don't 100% believe it's a coaster..but who knows.

 

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$58.70--July 8, 2024.

$32.15- July 3, 2025.

If I were an institutional investor right now, I would not be at all pleased with the direction of this company.  And it looks like attendance will not be the best for Q2.  Q3 has waning of daily operations and the closure of a park. Busiest days of the year with Halloween events.  At least one WinterFest has bit the dust. 

One of the new board members has quite a bit of experience with Disney, so maybe he can provide perspective. But Disney sounds like they have their own problems with customer experience. 

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57 minutes ago, BeeastFarmer said:

$58.70--July 8, 2024.

$32.15- July 3, 2025.

If I were an institutional investor right now, I would not be at all pleased with the direction of this company.  And it looks like attendance will not be the best for Q2.  Q3 has waning of daily operations and the closure of a park. Busiest days of the year with Halloween events.  At least one WinterFest has bit the dust. 

One of the new board members has quite a bit of experience with Disney, so maybe he can provide perspective. But Disney sounds like they have their own problems with customer experience. 

Walt Disney Company:

$98.61 -July 3, 2024.

$124.00 -July 3, 2025.

I don't think Mickey Mouse is in a world of hurt.

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^ I didn't mean to conflate Disney 's share price with their customer experience.  I work with a few people who are there a few times yearly and they bemoan that the experience is lacking. Plus reading in forums/ social media, the accounts don't sound overly positive. However, I take my coworker's words better, even though it's a smaller sample size. 

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1 hour ago, BeeastFarmer said:

^ I didn't mean to conflate Disney 's share price with their customer experience.  I work with a few people who are there a few times yearly and they bemoan that the experience is lacking. Plus reading in forums/ social media, the accounts don't sound overly positive. However, I take my coworker's words better, even though it's a smaller sample size. 

Honestly, these day I don't trust what people on the internet say about Disney parks.  Many people don't seem to get that the experience will never be as magical as when they were kids and that going every year is just going to make it less and less interesting. Plus many people will convince themselves that everything is worse for other cultural reasons. That's not to say Disney doesn't have reasons to be concerned, but I have too many reasons to ignore what people say on forums and the like, especially Disney forums. A park's biggest critics are its longtime fans. This very site is evidence of that.

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15 minutes ago, DoomPlague said:

Honestly, these day I don't trust what people on the internet say about Disney parks.  Many people don't seem to get that the experience will never be as magical as when they were kids 

Thats because as a child, you didn’t see the bill after your visit with the Mouse. :P

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I asked Google Gemini to assimilate information about executive compensation at Six Flags pre and post merger. This is public information. I thought it was interesting....but it is AI and they are not paid with 100% cash money, they get stock options.:

"You're looking for a detailed comparison of executive compensation for the legacy Six Flags and legacy Cedar Fair in 2022 and 2023, and then how that compares to the new Six Flags post-merger (July 1, 2024). This requires carefully reviewing their respective DEF 14A proxy statements.
It's important to note that "total compensation" as reported in the Summary Compensation Table (SCT) can include various components like base salary, bonus, stock awards, option awards, non-equity incentive plan compensation, and "all other compensation." The values for stock and option awards are typically based on accounting fair value at the grant date and may not reflect the ultimate value realized by the executive.
Let's break down the data from the available DEF 14A filings.
Key Executives and Their Compensation (Prior to Merger)
I. Legacy Six Flags Entertainment Corporation (Pre-Merger)
We'll look at the CEO and other highly compensated executives from Six Flags' 2022 and 2023 DEF 14A filings.
1. Six Flags - 2023 DEF 14A (for Fiscal Year 2022 Compensation)
 * Selim A. Bassoul (President and Chief Executive Officer)
   * 2022 Total Compensation: $14,942,674
     * Salary: $1,442,308
     * Stock Awards: $9,999,985
     * Option Awards: $2,499,998
     * Non-Equity Incentive Plan Compensation: $980,185
     * All Other Compensation: $20,200
 * Gary L. Mick (Senior Vice President, Finance and Chief Financial Officer)
   * 2022 Total Compensation: $3,588,007
     * Salary: $545,000
     * Stock Awards: $2,250,000
     * Option Awards: $562,499
     * Non-Equity Incentive Plan Compensation: $228,883
     * All Other Compensation: $1,625
 * Bonnie K. Walker (Senior Vice President, General Counsel and Secretary)
   * 2022 Total Compensation: $2,836,750
     * Salary: $425,000
     * Stock Awards: $1,850,000
     * Option Awards: $462,499
     * Non-Equity Incentive Plan Compensation: $98,125
     * All Other Compensation: $1,126
2. Six Flags - 2022 DEF 14A (for Fiscal Year 2021 Compensation)
 * Selim A. Bassoul (Executive Chairman)
   * 2021 Total Compensation: $21,114,846
     * Salary: $1,475,000
     * Bonus: $1,500,000 (signing bonus upon appointment as Executive Chairman)
     * Stock Awards: $15,700,000
     * Non-Equity Incentive Plan Compensation: $2,437,500
     * All Other Compensation: $2,346
 * Sandor G. Rice (Chief Financial Officer) - Note: Different CFO than 2022
   * 2021 Total Compensation: $2,416,564
     * Salary: $475,000
     * Stock Awards: $1,600,000
     * Non-Equity Incentive Plan Compensation: $338,818
     * All Other Compensation: $2,746
II. Legacy Cedar Fair, L.P. (Pre-Merger)
We'll look at the CEO and other highly compensated executives from Cedar Fair's 2023 and 2024 DEF 14A filings (reporting 2022 and 2023 compensation, respectively).
1. Cedar Fair - 2024 DEF 14A (for Fiscal Year 2023 Compensation)
 * Richard A. Zimmerman (President and Chief Executive Officer)
   * 2023 Total Compensation: $6,238,015
     * Salary: $979,167
     * Bonus: $0
     * Stock Awards: $3,212,498
     * Option Awards: $1,281,996
     * Non-Equity Incentive Plan Compensation: $760,945
     * All Other Compensation: $3,409
 * Brian Witherow (Executive Vice President and Chief Financial Officer)
   * 2023 Total Compensation: $2,999,350
     * Salary: $638,333
     * Bonus: $0
     * Stock Awards: $1,557,750
     * Option Awards: $621,496
     * Non-Equity Incentive Plan Compensation: $181,770
     * All Other Compensation: $0
 * Timothy T. Fisher (Chief Operating Officer)
   * 2023 Total Compensation: $2,580,211
     * Salary: $620,000
     * Bonus: $0
     * Stock Awards: $1,215,746
     * Option Awards: $485,357
     * Non-Equity Incentive Plan Compensation: $259,108
     * All Other Compensation: $0
2. Cedar Fair - 2023 DEF 14A (for Fiscal Year 2022 Compensation)
 * Richard A. Zimmerman (President and Chief Executive Officer)
   * 2022 Total Compensation: $7,112,654
     * Salary: $979,167
     * Bonus: $0
     * Stock Awards: $3,500,000
     * Option Awards: $1,400,000
     * Non-Equity Incentive Plan Compensation: $1,228,078
     * All Other Compensation: $5,409
 * Brian Witherow (Executive Vice President and Chief Financial Officer)
   * 2022 Total Compensation: $2,729,884
     * Salary: $625,000
     * Bonus: $0
     * Stock Awards: $1,400,000
     * Option Awards: $560,000
     * Non-Equity Incentive Plan Compensation: $143,622
     * All Other Compensation: $1,262
 * Timothy T. Fisher (Chief Operating Officer)
   * 2022 Total Compensation: $3,005,659
     * Salary: $620,000
     * Bonus: $0
     * Stock Awards: $1,550,000
     * Option Awards: $620,000
     * Non-Equity Incentive Plan Compensation: $214,359
     * All Other Compensation: $1,300
Comparison to "New" Six Flags Entertainment Corporation (Post-Merger)
The "new" Six Flags Entertainment Corporation was formed on July 1, 2024. The most recent compensation details for the "new" Six Flags executives reflect forward-looking annual compensation arrangements and were reported in a Form 8-K filing around October 2024, not a full DEF 14A Summary Compensation Table for a completed fiscal year.
Here's the summary of the new compensation arrangements for the key executives in the combined company, as reported in late 2024 (reflecting their roles after the July 1, 2024 merger):
 * Richard Zimmerman (President and CEO, New Six Flags):
   * Base Salary: $1.1 million
   * Annual Equity Grants (Target Value): $8.5 million
   * Target Annual Bonus: 150% of base salary ($1.65 million)
   * Estimated Total Annual Target Compensation: $1.1M (salary) + $1.65M (bonus) + $8.5M (equity) = $11.25 million
 * Brian Witherow (CFO, New Six Flags):
   * Base Salary: $670,000
   * Annual Equity Grants (Target Value): $2.75 million
   * Target Annual Bonus: 100% of base salary ($670,000)
   * Estimated Total Annual Target Compensation: $0.67M (salary) + $0.67M (bonus) + $2.75M (equity) = $4.09 million
 * Timothy Fisher (COO, New Six Flags):
   * Base Salary: $750,000
   * Annual Equity Grants (Target Value): $3.4 million
   * Target Annual Bonus: 125% of base salary ($937,500)
   * Estimated Total Annual Target Compensation: $0.75M (salary) + $0.9375M (bonus) + $3.4M (equity) = $5.0875 million
 * Selim Bassoul (Executive Chairman, New Six Flags):
   * His compensation arrangements are complex due to his prior role as CEO of legacy Six Flags and the merger. His role changed to Executive Chairman. As noted previously, he had an estimated total compensation of ~$20.36 million in 2024, which is likely heavily influenced by merger-related payments. His ongoing compensation as Executive Chairman (beyond any one-time merger payments) is not as clearly delineated for a direct apples-to-apples comparison to his prior CEO role.
Percentage Increase/Decrease (Legacy vs. New Entity)
This comparison focuses on the executives who transitioned into leadership roles in the "new" Six Flags. We'll use their 2023 Total Compensation from their respective legacy companies as the baseline for comparison with their Estimated Total Annual Target Compensation at the "new" Six Flags.
1. Richard Zimmerman (CEO: Legacy Cedar Fair to New Six Flags)
 * Legacy Cedar Fair (2023 Total Comp): $6,238,015
 * New Six Flags (Estimated Annual Target Comp): $11,250,000
 * Dollar Increase: $11,250,000 - $6,238,015 = $5,011,985
 * Percentage Increase: (\$5,011,985 / \$6,238,015) \times 100\% = \mathbf{80.35\%} increase
2. Brian Witherow (CFO: Legacy Cedar Fair to New Six Flags)
 * Legacy Cedar Fair (2023 Total Comp): $2,999,350
 * New Six Flags (Estimated Annual Target Comp): $4,090,000
 * Dollar Increase: $4,090,000 - $2,999,350 = $1,090,650
 * Percentage Increase: (\$1,090,650 / \$2,999,350) \times 100\% = \mathbf{36.36\%} increase
3. Timothy Fisher (COO: Legacy Cedar Fair to New Six Flags)
 * Legacy Cedar Fair (2023 Total Comp): $2,580,211
 * New Six Flags (Estimated Annual Target Comp): $5,087,500
 * Dollar Increase: $5,087,500 - $2,580,211 = $2,507,289
 * Percentage Increase: (\$2,507,289 / \$2,580,211) \times 100\% = \mathbf{97.17\%} increase
Summary of Increases for Key Transferred Executives (from Legacy Cedar Fair):
 * Richard Zimmerman (CEO): ~80.35% increase
 * Brian Witherow (CFO): ~36.36% increase
 * Timothy Fisher (COO): ~97.17% increase
Consideration for Legacy Six Flags Executives:
For executives from the legacy Six Flags, the situation is different as their roles or tenure changed significantly with the merger. Selim Bassoul moved from CEO to Executive Chairman. Other legacy Six Flags executives may have left the company or taken different roles. A direct "percentage increase" is not easily calculable for them without knowing their specific new roles and compensation arrangements post-merger, or if they remained with the company. The reported 2024 figure for Selim Bassoul ($20.36M) likely represents his total compensation for the year including any merger-related payments, and thus isn't a clean "annual run rate" for his new role as Executive Chairman for comparison.
Key Takeaways:
 * Significant Increases for Cedar Fair Leadership: The executives transitioning from Cedar Fair to lead the "new" Six Flags have seen substantial increases in their target annual compensation. This reflects the larger scale and increased responsibilities of running the combined enterprise, which is now the largest regional theme park operator in North America.
 * Merger Impact: The merger created an opportunity to reset compensation packages, aligning them with the larger strategic vision and operational demands of the combined company.
 * Focus on Performance and Equity: The "new" Six Flags compensation structure continues to heavily emphasize performance-based incentives and equity awards, consistent with modern executive compensation practices aimed at aligning management interests with shareholder returns."
 

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Do you know if these (presumably somewhat correct) numbers are including or excluding the stock options? I'm not going to try to understand what goes into the top-level executive salary decisions, but $5 million per year off the top of three of those executives could help pay for a lot. That would be $20.43 million ($11.25m + $4.09m + $5.09m) down to $15.43 million ($8.25m + $3.09m + $4.09m). Whether that cash went into more staffing in the parks, small upgrades/installations to each park, or one new toy for Cedar Point (jk), it could probably do some good.

 

I did this math without thinking everything through, so please consider it as a thought experiment and not business advice. Read it at your own risk! 

For context and some simple (too simple) math: a $13/hour paycheck, 40 hour workweek for 4 months will cost Six Flags $9880.00 in wages per Food & Beverage associate. That $5 million could pay the wages for about 506 new full-time (40hr/week) or 1,012 part-time (20hr/week) seasonal associates from May-August. Spread across 27 amusement parks that number comes down to about 18/36 associates per park, which isn't a lot, but could mean a little more consistent F&B operations if done right. I'd think it should only take 4-6 associates per park running around to deliver ice and syrup cartridges to every drink stand. 

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I know the stock options are part of the total compensation package. However, the amount of calculated compensation would probably change day to day with the stock price, while the base salary is constant.

Stocks are a long game, so you have to look at the average over time. But if I was CEO and  owned x amount of shares at $50 on January 1 and then on December 31st, it was worth $30 and I was forced out, I've just lost 40% of what I had twelve months ago.

Saleem seems to have it made. The only news that I have heard from him since the closing of the merger is that he secured the contract for SFEC to run quidiya. I'm sure he is doing some sort of work for his 20 million annual compensation. 

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