CORRECTING and REPLACING eHealth, Inc. Announces Fourth Quarter and Fiscal 2016 Results
MOUNTAIN VIEW, Calif.--Feb. 27, 2017-- eHealth, Inc. (NASDAQ: EHTH), the nation’s first and largest private health insurance exchange, is providing expected GAAP net loss per share and correcting a misstatement regarding expected non-GAAP net loss per share in its earnings press release for the quarter and year ended December 31, 2016. The earlier press release dated February 24, 2017mischaracterized information regarding the expected GAAP net loss per share as expected non-GAAP net loss per share in the guidance for the year ending December 31, 2017. The misstatement error did not impact eHealth’s GAAP financial statements or any of the other earnings release disclosures. The guidance for GAAP net loss per share for the full year ending December 31, 2017 is provided below and the non-GAAP net loss per share for the full year ending December 31, 2017 in the 2017 Guidance section of the February 24, 2017 press release is replaced in its entirety as set forth below:
- GAAP net loss per share is expected to be in the range of $(1.49) to $(1.59) per share.
- Non-GAAP net loss per share(d) is expected to be in the range of $(1.06) to $(1.17) per share.
The corrected release reads:
eHealth, Inc. Announces Fourth Quarter and Fiscal 2016 Results
Fourth Quarter 2016 Overview
- Revenue for fourth quarter of 2016 was $43.8 million, a decrease of 13% compared to $50.1 million for the fourth quarter of 2015.
- Net loss for fourth quarter of 2016 was $16.7 million compared to $12.1 million for the fourth quarter of 2015.
- Adjusted EBITDA for the fourth quarter of 2016 was $(13.9) million compared to $(9.5) million for the fourth quarter of 2015.
- Cash used in operations for the fourth quarter of 2016 was $4.7 million compared to cash provided by operations of $1.2 million for the fourth quarter of 2015.
eHealth, Inc. (NASDAQ: EHTH), the nation’s first and largest private health insurance exchange, announced today its financial results for the fourth quarter ended December 31, 2016.
Scott Flanders, chief executive officer of eHealth stated, “2016 was a dynamic year for the company. eHealth has undergone a broad change in the leadership team and an extensive strategic review of the business. The result is a newly focused strategy with a core emphasis on growth and execution, diversification of revenue streams and enhancement of member profitability.”
Continued Flanders, “2017 will be a year of transition for eHealth. Our investments are aimed at driving meaningful expansion in Medicare and Small Business membership to build a strong foundation of recurring commission revenues. We are also investing to make our sales and enrollment processes in these areas more efficient which over time should further enhance lifetime profitability of our members. We do expect to report a significant EBITDA loss this year as reflected in our 2017 guidance. However, the $62 million in cash on our balance sheet provides ability to make these investments and position the company to return to profitable growth. We currently plan to return to break-even in 2018, generate low double digit margins in 2019 and 20%+ margins in 2020 and thereafter - all on Adjusted EBITDA basis.”
Reportable Segments
During the fourth quarter of 2016, we began evaluating our business performance and managing our operations as two distinct reporting segments - Medicare and Individual, Family and Small Business.
The Medicare segment consists primarily of amounts earned from our sale of Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans, and to a lesser extent, ancillary products sold to our Medicare-eligible customers, including but not limited to, dental, vision, life, short term disability and long term disability insurance, our advertising program that allows Medicare-related carriers to purchase advertising on a separate website developed, hosted and maintained by us and our delivery and sale to third parties of Medicare-related health insurance leads generated by our ecommerce platforms and our marketing activities.
The Individual, Family and Small Business segment consists primarily of amounts earned from our sale of individual and family and small business health insurance plans and ancillary products sold to our non-Medicare-eligible customers, including but not limited to, dental, vision, life, short term disability and long term disability insurance. To a lesser extent, the Individual, Family and Small Business segment consists of amounts earned from our online sponsorship program that allows carriers to purchase advertising space in specific markets in a sponsorship area on our website, our licensing to third parties the use of our health insurance ecommerce technology and our delivery and sale to third parties of individual and family health insurance leads generated by our ecommerce platforms and our marketing activities.
Marketing and Advertising, Customer Care and Enrollment, Technology and Content and General and Administrative operating expenses that are directly attributable to a segment are reported within the applicable segment. Other indirect Marketing and Advertising, Customer Care and Enrollment and Technology and Content operating expenses are allocated to each segment based on usage. Other indirect General and Administrative operating expenses are managed in a corporate shared services environment and, since they are not the responsibility of segment operating management, are not allocated to the reportable segments and instead reported within Corporate.
GAAP — Fourth Quarter 2016 Results
Revenue — Revenue for the fourth quarter of 2016 totaled $43.8 million, a 13% decrease compared to $50.1 million for the fourth quarter of 2015. Commission revenue for the fourth quarter of 2016 totaled $36.9 million, a 10% decrease compared to $41.1 million for the fourth quarter of 2015. Other revenue for the fourth quarter of 2016 was $6.9 million, a 24% decrease compared to $9.0 million for the fourth quarter of 2015.
Revenue from our Medicare segment was $19.7 million for the fourth quarter of 2016, a 6% increase compared to $18.6 million in the fourth quarter of 2015. Revenue from our Individual, Family and Small Business segment was $24.0 million for the fourth quarter of 2016, a 24% decrease compared to $31.5 million for the fourth quarter of 2015.
Loss from Operations — Loss from operations for the fourth quarter of 2016 was $16.8 million compared to $12.4 million for the fourth quarter of 2015. Operating margin was (38)% for the fourth quarter of 2016 compared to (25)% for the fourth quarter of 2015.
Pre-tax Loss — Pre-tax loss for the fourth quarter of 2016 was $16.7 million compared to $12.3 million for the fourth quarter of 2015.
Provision (Benefit) for Income Taxes — Provision for income taxes for the fourth quarter of 2016 was $18,000 compared to a benefit of $0.2 million for the fourth quarter of 2015.
Net Loss — Net loss for the fourth quarter of 2016 was $16.7 million, or $0.91 loss per share, compared to a loss of $12.1 million, or $0.67 loss per share, for the fourth quarter of 2015.
Segment Profit (Loss) — Loss from our Medicare segment was $22.0 million for the fourth quarter of 2016, a 43% increase compared to a loss of $15.4 million for the fourth quarter of 2015. Profit from our Individual, Family and Small Business segment was $14.2 million for the fourth quarter of 2016, a 17% increase compared to a profit of $12.1 million for the fourth quarter of 2015. Segment profit (loss) is calculated as revenue for the applicable segment less Marketing and Advertising, Customer Care and Enrollment, Technology and Content and General and Administrative operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, that are directly attributable to the applicable segment and other indirect Marketing and Advertising, Customer Care and Enrollment and Technology and Content operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, allocated to the applicable segment based on usage.
Non-GAAP — Fourth Quarter 2016 Results
Non-GAAP Loss from Operations & Non-GAAP Net Loss — Non-GAAP operating loss for the fourth quarter of 2016 was $14.6 million compared to $10.6 million for the fourth quarter of 2015. Non-GAAP operating margin for the fourth quarter of 2016 was (33)% compared to (21)% for the fourth quarter of 2015. Non-GAAP net loss for the fourth quarter of 2016 was $14.5 million, or $0.79 loss per share, compared to $10.2 million, or $0.56loss per share, for the fourth quarter of 2015.
Non-GAAP net loss and non-GAAP net loss per share for the fourth quarter of 2016 exclude $1.9 million of stock-based compensation expense and $0.3 million of amortization of intangible assets. Non-GAAP net loss and non-GAAP net loss per share for the fourth quarter of 2015 exclude $1.6 million of stock-based compensation expense and $0.3 million of amortization of intangible assets.
Adjusted EBITDA — Adjusted EBITDA for the fourth quarter of 2016 was $(13.9) million compared to $(9.5) million for the fourth quarter of 2015. Adjusted EBITDA is calculated by adding stock-based compensation, depreciation and amortization expense, amortization of intangible assets, restructuring charge (benefit), other income (expense) and provision (benefit) for income taxes to GAAP net income (loss).
Membership & Submitted Applications
Membership — Total estimated membership as of December 31, 2016 was 1,015,200 members, an 11% decrease compared to 1,144,500 we reported as of December 31, 2015. Estimated Medicare membership as of December 31, 2016 was 304,900, a 33% increase compared to 228,900 we reported as of December 31, 2015. Estimated individual and family plan membership as of December 31, 2016 was 360,600 members, a 28% decrease compared to 503,300 we reported as of December 31, 2015.
Submitted Applications — Submitted applications for Medicare Advantage products increased 6% in the fourth quarter of 2016 to 56,000 applications compared to 52,600 applications in the fourth quarter of 2015. Submitted applications for all Medicare products, which includes Medicare Advantage, Medicare Supplement and Prescription Drug Plans, increased 15% in the fourth quarter of 2016 to 85,300 applications compared to 74,300 applications in the fourth quarter of 2015. Submitted applications for individual and family plan products decreased 61% in the fourth quarter of 2016 to 45,100 applications covering 66,900 individuals compared to 114,600 applications covering 164,600 individuals in the fourth quarter of 2015.
Cash — Fourth Quarter 2016
Cash Flows — Net cash used in operating activities was $4.7 million for the fourth quarter of 2016 compared to net cash provided by operating activities of $1.2 million for the fourth quarter of 2015.
GAAP — Full Year Results
Revenue — Revenue for the year ended December 31, 2016 totaled $187.0 million, a 1% decrease compared to $189.5 million for the year ended December 31, 2015. Commission revenue for the year ended December 31, 2016 totaled $170.9 million, relatively flat compared to $171.3 million for the year ended December 31, 2015. Other revenue for the year ended December 31, 2016 was $16.1 million, a 12% decrease compared to $18.3 million for the year ended December 31, 2015.
Revenue from our Medicare segment was $80.3 million for the year ended December 31, 2016, a 27% increase compared to $63.2 million for the year ended December 31, 2015. Revenue from our Individual, Family and Small Business segment was $106.7 million for the year ended December 31, 2016, a 16% decrease compared to $126.4 million for the year ended December 31, 2015.
Loss from Operations — Loss from operations for the year ended December 31, 2016 was $5.9 million compared to $5.7 million for the year ended December 31, 2015. Operating margin was (3)% for the years ended December 31, 2016 and 2015.
Pre-tax Loss — Pre-tax loss for the year ended December 31, 2016 was $5.8 million compared to $5.6 millionfor the year ended December 31, 2015.
Benefit for Income Taxes — Benefit for income taxes was $0.9 million and $0.8 million for the years ended December 31, 2016 and 2015, respectively. The benefit for income taxes for the years ended December 31, 2015 and 2016 was a result of the partial release of unrecognized tax benefits, partially offset by a provision for income taxes related to alternative minimum tax and a foreign tax rate differential.
Net Loss — Net loss for the year ended December 31, 2016 was $4.9 million, or $0.27 per share, compared to net loss of $4.8 million, or $0.26 per share, for the year ended December 31, 2015.
Segment Profit (Loss) — Loss from our Medicare segment was $33.1 million for the year ended December 31, 2016, a 42% increase compared to a loss of $23.3 million for the year ended December 31, 2015. Profit from our Individual, Family and Small Business segment was $67.9 million for the year ended December 31, 2016, a 14% increase compared to profit of $59.5 million from the Individual, Family and Small Business for the year ended December 31, 2015. Segment profit (loss) is calculated as revenue for the applicable segment less Marketing and Advertising, Customer Care and Enrollment, Technology and Content and General and Administrative operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, that are directly attributable to the applicable segment and other indirect Marketing and Advertising, Customer Care and Enrollment and Technology and Content operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, allocated to the applicable segment based on usage.
Non-GAAP — Full Year
Non-GAAP Income from Operations & Non-GAAP Net Income — Non-GAAP operating income for the year ended December 31, 2016 was $2.2 million compared to $6.9 million for the year ended December 31, 2015. Non-GAAP operating margin for the year ended December 31, 2016 was 1% compared to 4% for the year ended December 31, 2015. Non-GAAP net income for the year ended December 31, 2016 was $3.1 million, or $0.17 per diluted share, compared to $7.8 million, or $0.43 per diluted share, for the year ended December 31, 2015.
Non-GAAP net income and non-GAAP net income per diluted share in the year ended December 31, 2016 exclude $7.3 million of stock-based compensation expense and $1.0 million of amortization of intangible assets and includes a restructuring benefit of $0.3 million. Non-GAAP net income and non-GAAP net income per diluted share in the year ended December 31, 2015 exclude $6.9 million of stock-based compensation expense, $4.5 million of restructuring charges and $1.2 million of amortization of intangible assets.
Adjusted EBITDA — Adjusted EBITDA for the year ended December 31, 2016 was $5.7 million compared to $11.1 million for the year ended December 31, 2015. Adjusted EBITDA is calculated by adding stock-based compensation, depreciation and amortization expense, amortization of intangible assets, restructuring charge (benefit), other (income) expense, net, and provision (benefit) for income taxes to GAAP net income (loss).
Cash — Full Year
Cash Flows — Net cash provided by operating activities was $4.1 million for the year ended December 31, 2016 compared to $13.7 million for the year ended December 31, 2015.
Cash Balance — Cash and cash equivalents as of December 31, 2016 totaled $61.8 million compared to $62.7 million as of December 31, 2015. The decrease in cash and cash equivalents reflects $4.1 millionprovided by operating activities, $3.7 million used to purchase property and equipment and other assets, and $1.3 million used to net-share settle equity awards.
2017 Guidance
eHealth’s guidance for the full year ending December 31, 2017 is based on information available as of February 24, 2017. These expectations are forward-looking statements and eHealth assumes no obligation to update these statements. Results may be materially different and are affected by the risk factors and uncertainties identified in this release and in eHealth’s annual and quarterly filings with the Securities and Exchange Commission.
- Total revenue is expected to be in the range of $165 million to $175 million. Revenue from the Medicare segment is expected to be in the range of $91.5 million to $96.5 million. Revenue from the Individual, Family and Small Business segment is expected to be in the range of $73.5 million to $78.5 million.
- Adjusted EBITDA(a) is expected to be in the range of $(14.1) million to $(16.1) million.
- Medicare segment loss(b) is expected to be in the range of $(16.9) million to $(17.9) million. Individual, Family and Small Business segment profit(c) is expected to be in the range of $29.0 million to $30.0 million. Corporate(d)shared service expenses, excluding stock-based compensation and depreciation and amortization expense, is expected to be approximately $27.2 million.
- GAAP net loss per share is expected to be in the range of $(1.49) to $(1.59) per share.
- Non-GAAP net loss per share(d) is expected to be in the range of $(1.06) to $(1.17) per share.
(a) Adjusted EBITDA is calculated by adding stock-based compensation, depreciation and amortization expense, amortization of intangible assets, restructuring charge (benefit), other income (expense) and provision (benefit) for income taxes to GAAP net income (loss).
(b) Segment profit (loss) is calculated as revenue for the applicable segment less Marketing and Advertising, Customer Care and Enrollment, Technology and Content and General and Administrative operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, that are directly attributable to the applicable segment and other indirect Marketing and Advertising, Customer Care and Enrollment and Technology and Content operating expenses, excluding stock-based compensation, depreciation and amortization expense and amortization of intangible assets, allocated to the applicable segment based on usage.
(c) Corporate consists of other indirect General and Administrative operating expenses, excluding stock-based compensation and depreciation and amortization expense, which are managed in a corporate shared services environment and, since they are not the responsibility of segment operating management, are not allocated to the reportable segments.
(d) Non-GAAP net loss per share is calculated by excluding stock-based compensation expense, intangible asset amortization expense, restructuring (charge) benefit and the estimated tax benefit relating to these expenses to GAAP net income (loss).
Webcast and Conference Call Information
A Webcast and conference call will be held today, Friday, February 24, 2017 at 8:00 a.m. Eastern / 5:00 a.m. Pacific Time. The Webcast will be available live on the Investor Relations section on eHealth’s website at http://ir.ehealthinsurance.com. Individuals interested in listening to the conference call may do so by dialing 877 930.8066 for domestic callers and 253 336.8042 for international callers. The participant passcode is 66659054. A telephone replay will be available two hours following the conclusion of the call for a period of seven days and can be accessed by dialing 855 859.2056 for domestic callers and 404 537.3406 for international callers. The call ID for the replay is 66659054. The live and archived webcast of the call will also be available on eHealth's website at http://www.ehealthinsurance.com under the Investor Relations section.
About eHealth, Inc.
eHealth, Inc. (NASDAQ: EHTH) operates eHealth.com, the nation’s first and largest private health insurance exchange where individuals, families and small businesses can compare health insurance products from leading insurers side by side and purchase and enroll in coverage online. eHealth offers thousands of individual, family and small business health plans underwritten by many of the nation’s leading health insurance companies. eHealth (through its subsidiaries) is licensed to sell health insurance in all 50 states and the District of Columbia. eHealth also offers educational resources and powerful online and pharmacy-based tools to help Medicare beneficiaries navigate Medicare health insurance options, choose the right plan and enroll in select plans online through PlanPrescriber.com (www.PlanPrescriber.com), eHealthMedicare.com (www.eHealthMedicare.com) and Medicare.com (www.Medicare.com).
Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statement regarding our strategy and core emphasis, meaningful expansion in Medicare and Small Business membership, investments in sales and enrollment processes, lifetime profitability of our members, margins on an adjusted EBITDA basis in 2018, 2019, 2020 and thereafter, future events and our guidance for the full year ending December 31, 2017, including our guidance for total revenue, revenue from the Medicare segment, revenue from the Individual, Family and Small Business segment, Adjusted EBITDA, profit (loss) from the Medicare segment, profit (loss) from the Individual, Family and Small Business segment, Corporate shared service expense and Non-GAAP net loss per share. These forward-looking statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the impact of healthcare reform; our ability to retain existing members and enroll a large number of new members during the annual healthcare reform open enrollment period and Medicare annual enrollment period; the impact of annual enrollment period for the purchase of individual and family health insurance and its timing on our recognition of revenue; our ability to sell qualified health insurance plans to subsidy-eligible individuals and to enroll subsidy eligible individuals through government-run health insurance exchanges; decreased conversion rates for health insurance exchange enrollments as a result of the federal exchange changes to enrollment; competition, including competition from government-run health insurance exchanges; seasonality of our business and the fluctuation of our operating results; our ability to retain existing members and limit member turnover; changes in consumer behaviors and their selection of individual and family health insurance products, including the selection of products for which we receive lower commissions; a reduction of product offerings among carriers and the resulting impact on our commission revenue; carriers exiting the market of selling individual and family health insurance and the resulting impact on our supply and commission revenue; our ability to execute on our growth strategy in the Medicare and small business health insurance markets; the impact of increased health insurance costs on demand; our ability to timely receive and accurately predict the amount of commission payments from health insurance carriers; timing of commission payments from health insurance carriers; medical loss ratio requirements; delays in our receipt of items required to recognize Medicare revenue; changes in member conversion rates; our ability to accurately estimate membership; our relationships with health insurance carriers; customer concentration and consolidation of the health insurance industry; our success in marketing and selling health insurance plans and our unit cost of acquisition; our ability to hire, train and retain licensed health insurance agents and other employees; the need for health insurance carrier and regulatory approvals in connection with the marketing of Medicare-related insurance products; costs of acquiring new members; scalability of the Medicare business; lack of membership growth and retention rates; consumers satisfaction of our service; changes in competitive landscape; our ability to attract and to convert online visitors into paying members; changes in products offered on our ecommerce platform; changes and reductions in commission rates; maintaining and enhancing our brand identity; our ability to derive desired benefits from investments in our business, including membership growth initiatives; dependence on acceptance of the Internet as a marketplace for the purchase and sale of health insurance; reliance on marketing partners; timing of receipt and accuracy of commission reports; payment practices of health insurance carriers; dependence on our operations in China; changes in laws and regulations, including in connection with healthcare reform and/or with respect to the marketing and sale of Medicare plans; compliance with insurance and other laws and regulations; exposure to security risks; and the performance, reliability and availability of our ecommerce platform and underlying network infrastructure. Other factors that could cause operating, financial and other results to differ are described in eHealth’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission and available on the investor relations page of eHealth’s website at http://www.ehealthinsurance.com and on the Securities and Exchange Commission’s website at www.sec.gov. eHealth does not undertake any obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.
Non-GAAP Financial Information
This press release includes financial measures that are not in accordance with generally accepted accounting principles in the United States (GAAP). To supplement eHealth’s condensed consolidated financial statements presented in accordance with GAAP, eHealth presents investors with certain non-GAAP financial measures, including non-GAAP operating income (loss); non-GAAP operating margins; adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA); non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share.
- Non-GAAP operating income (loss) consists of GAAP operating income (loss) excluding the following items:
- the effects of expensing stock-based compensation related to stock options and restricted stock units in accordance with FASB ASC Topic 718,
- amortization of intangible assets, and
- restructuring charge (benefit).
- Non-GAAP operating margins are calculated by dividing non-GAAP operating income (loss) by GAAP total revenue.
- Adjusted EBITDA is calculated by adding stock-based compensation, depreciation and amortization expense, amortization of intangible assets, restructuring charge (benefit), other income (expense) and provision (benefit) for income taxes to GAAP net income (loss).
eHealth believes that the presentation of these non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to eHealth’s financial condition and results of operations. Management believes that the use of these non-GAAP financial measures provides consistency and comparability with eHealth’s past financial reports. Management also believes that the items described above provides an additional measure of eHealth’s operating results and facilitates comparisons of eHealth’s core operating performance against prior periods and business model objectives. This information is provided to investors in order to facilitate additional analyses of past, present and future operating performance and as a supplemental means to evaluate eHealth’s ongoing operations. eHealth believes that these non-GAAP financial measures are useful to investors in their assessment of eHealth’s operating performance.
Non-GAAP operating income (loss), non-GAAP operating margins, Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures used in this press release have limitations in that they do not reflect all of the revenue and costs associated with the operations of eHealth’s business and do not reflect income tax as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of eHealth’s results as reported under GAAP. eHealth expects to continue to incur the stock-based compensation costs and purchased intangible asset amortization costs described above, and exclusion of these costs, and their related income tax benefits, from non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. eHealth compensates for these limitations by prominently disclosing GAAP operating income (loss), GAAP operating margins, GAAP net income (loss) and GAAP net income (loss) per diluted share and providing investors with reconciliations from eHealth’s GAAP operating results to the non-GAAP financial measures for the relevant periods.
The accompanying tables provide more details on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
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