NETGEAR(R) Reports Fourth Quarter and Full Year 2009 Results
- Fourth quarter 2009 net revenue of $218.8 million, as compared to $161.4 million in the comparable prior year quarter, 36% year-over-year growth
- Fourth quarter 2009 non-GAAP net income of $11.8 million, as compared to net loss of $2.5 million in the comparable prior year quarter
- Fourth quarter 2009 non-GAAP diluted earnings per share of $0.34, as compared to diluted loss per share of $0.07 in the comparable prior year quarter
- 2009 net revenue was $686.6 million, as compared to $743.3 million in 2008, 8% year-over-year decline
- 2009 non-GAAP net income of $23.7 million, as compared to $33.0 million in 2008
- 2009 non-GAAP diluted earnings per share of $0.68, as compared to $0.93 in 2008
- Company expects first quarter 2010 net revenue to be in the range of $195 million to $205 million, with non-GAAP operating margin in the range of 10% to 11%
SAN JOSE, Calif., Feb. 9 /PRNewswire-FirstCall/ -- NETGEAR, Inc. (Nasdaq: NTGR), a worldwide provider of technologically innovative, branded networking products, today reported financial results for the fourth quarter and fiscal year ended December 31, 2009.
Net revenue for the fourth quarter ended December 31, 2009 was $218.8 million, as compared to $161.4 million for the fourth quarter ended December 31, 2008, and as compared to $171.1 million in the third quarter ended September 27, 2009. Net income, computed in accordance with GAAP, for the fourth quarter of 2009 was $7.9 million, or $0.22 per diluted share. This compared to GAAP net loss of $7.3 million, or $0.21 per diluted share, for the fourth quarter of 2008, and to GAAP net income of $8.5 million, or $0.24 per diluted share, in the third quarter of 2009.
Gross margin on a non-GAAP basis in the fourth quarter of 2009 was 31.1%, as compared to 31.2% in the year ago comparable quarter, and 33.5% in the third quarter of 2009. Non-GAAP operating margin was 11.2% in the fourth quarter of 2009, as compared to 5.6% in the fourth quarter of 2008, and 10.6% in the third quarter of 2009. Non-GAAP net income was $0.34 per diluted share in the fourth quarter of 2009, as compared to non-GAAP net loss of $0.07 per diluted share in the fourth quarter of 2008, and non-GAAP net income of $0.31 per diluted share in the third quarter of 2009.
The differences between GAAP and non-GAAP financial measures include adjustments, net of any tax effect, for in-process research and development and technology license arrangements, amortization of purchased intangibles, stock-based compensation, restructuring, acquisition related compensation, and litigation reserves. The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.
Net revenue for the full year 2009 was $686.6 million, an 8% decrease as compared to $743.3 million for 2008. Net income, computed in accordance with GAAP, for 2009 was $9.3 million or $0.27 per diluted share. This net income was a 49% decrease compared to net income of $18.1 million for 2008. Earnings per share, computed in accordance with GAAP, was $0.51 per diluted share for the full year 2008.
Non-GAAP net income for the full year 2009 was $23.7 million, a 28% decrease compared to non-GAAP net income of $33.0 million for 2008. Non-GAAP net income was $0.68 per diluted share for 2009, as compared to $0.93 per diluted share for 2008, a 27% decrease.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We exceeded expectations and recorded net revenue of $218.8 million in the fourth quarter 2009, a new record for net revenue during any quarter since NETGEAR's inception. Revenue upside was driven by better than planned market share gain in the U.S., European market year-over-year growth and higher than expected revenue contribution from new products. During the fourth quarter, we also were selected to fulfill a one-time $18 million order by a service provider customer. Our net revenue from service providers was approximately 28% of total net revenue in the fourth quarter 2009, as compared to 25% in the third quarter of 2009, and 18% in the fourth quarter of 2008. We are extremely pleased with our fourth quarter 2009 business performance.
"On the innovation side, we introduced 23 new products during the fourth quarter 2009. Notable new products include a set of next generation HD AV grade Powerline network adapters, the 24 TB Rackmount ReadyNAS® networked storage for growing businesses, and yet another new line of DOCSIS 3.0 cable data WiFi gateways. Additionally, we jointly introduced the NETGEAR exclusive Push2TV™ adapter with Intel®, enabling PC viewing of any Internet multimedia content onto an HDTV wirelessly. In January, at the Consumer Electronics Show in Las Vegas, NETGEAR was the recipient of two Innovation Honoree awards for our home media server, the NETGEAR Stora™, and our 3G/4G modem router."
Christine Gorjanc, Chief Financial Officer of NETGEAR, said, "We ended the fourth quarter of 2009 with $247.1 million in cash, cash equivalents and short-term investments, compared to $203.0 million at the end of the fourth quarter of 2008, and $234.5 million at the end of the third quarter of 2009. Our net inventory ended at $90.6 million, compared to $112.2 million at the end of the fourth quarter of 2008, and $73.9 million at the end of the third quarter of 2009."
Net revenue by geography comprises gross revenue less such items as marketing incentives paid to customers, sales returns and price protection. The following table shows net revenue by geography for the periods indicated:
Net revenue by geography:
Three months ended
---------------------------------------
December December September
31, 31, 27,
2009 2008 2009
-------- -------- ---------
North America $104,327 48% $68,845 43% $75,408 44%
Europe, Middle-East
and Africa $91,177 42% $76,685 47% 72,590 42%
Asia Pacific $23,328 10% $15,829 10% 23,073 14%
----------- ---------- ----------
$218,832 100% $161,359 100% $171,071 100%
Year ended
------------------------
December December
31, 31,
2009 2008
-------- --------
North America $314,392 46% $297,641 40%
Europe, Middle-East
and Africa $292,182 42% 354,058 48%
Asia Pacific $80,021 12% 91,645 12%
---------- -----------
$686,595 100% $743,344 100%
Looking forward, Mr. Lo added, "We continue to benefit from our unwavering commitment to research and development during the recession, resulting in unprecedented new product introductions in the last 2 quarters with more to come. We entered 2010 with a strong new product lineup and we remain focused on continuously driving growth through new products, leading to gains in our market share globally. In the first quarter of 2010, we intend to roll out another 18-20 new products. Specifically, for the first quarter 2010, we expect net revenue in the range of approximately $195 million to $205 million, with non-GAAP operating margin to be in the range of 10% to 11%."
Investor Conference Call / Webcast Details
NETGEAR will review the fourth quarter and full year 2009 results and discuss management's expectations for the first quarter of 2010 today, Tuesday, February 9, 2010 at 5 p.m. EST (2 p.m. PST). The dial-in number for the live audio call is (201) 689-8560. A live webcast of the conference call will be available on NETGEAR's website at www.netgear.com. A replay of the call will be available 2 hours following the call through midnight EST (9 p.m. PST) on Tuesday, February 16, 2010 by telephone at (201) 612-7415 and via the web at www.netgear.com. The account number to access the phone replay is 3055 and the conference ID number is 342694.
About NETGEAR, Inc.
NETGEAR (Nasdaq: NTGR) designs innovative, branded technology solutions that address the specific networking, storage, and security needs of small- to medium-sized businesses and home users. The company offers an end-to-end networking product portfolio to enable users to share Internet access, peripherals, files, multimedia content, and applications among multiple computers and other Internet-enabled devices. Products are built on a variety of proven technologies such as wireless, Ethernet and powerline, with a focus on reliability and ease-of-use. NETGEAR products are sold in over 28,000 retail locations around the globe, and via more than 39,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in 25 countries. NETGEAR is an ENERGY STAR® partner. More information is available by visiting www.netgear.com or calling (408) 907-8000. Follow NETGEAR at http://twitter.com/NETGEAR and http://www.facebook.com/netgear.
NETGEAR, the NETGEAR logo, ReadyNAS, NETGEAR Stora and Push2TV are trademarks or registered trademarks of NETGEAR, Inc. in the United States and/or other countries. Intel is a trademark of Intel Corporation in the United States and other countries. Wi-Fi is a trademark of the Wi-Fi Alliance. The information contained herein is subject to change without notice. NETGEAR shall not be liable for technical or editorial errors or omissions contained herein. All rights reserved.
Contact:
Joseph Villalta |
|
The Ruth Group |
|
(646) 536-7003 |
|
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc.:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate", "expect", "believe", "will", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent NETGEAR, Inc.'s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements, among others, regarding NETGEAR's expected revenue, earnings, gross and operating margin and operating income on both a GAAP and non-GAAP basis, our ability and intent to launch new product offerings and continue product development efforts, current and future demand for the Company's existing and anticipated new products, and our ability to increase market share for the Company's products globally. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company's products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; the Company may fail to successfully continue to effect operating expense savings; channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR's customers; changes in the level of NETGEAR's cash resources and the Company's planned usage of such resources; changes in the Company's stock price and developments in the business that could increase the Company's cash needs, fluctuations in foreign exchange rates, and the actions and financial health of the Company's customers. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect NETGEAR and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Part II - Item 1A. Risk Factors," pages 36 through 50, in the Company's Quarterly Report on Form 10-Q for the quarter ended September 27, 2009, filed with the Securities and Exchange Commission on November 6, 2009. NETGEAR undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Information:
To supplement our consolidated financial statements presented on a GAAP basis, NETGEAR uses non-GAAP financial measures, which are adjusted to exclude certain expenses and tax benefits, where applicable. We believe non-GAAP financial measures are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NETGEAR's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial measures prepared in accordance with generally accepted accounting principles in the United States.
NETGEAR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $172,202 $192,839
Short-term investments 74,898 10,170
Accounts receivable, net 162,853 138,275
Inventories 90,590 112,240
Deferred income taxes 13,347 13,129
Prepaid expenses and other current assets 20,835 22,695
------ ------
Total current assets 534,725 489,348
Property and equipment, net 16,891 20,292
Intangibles, net 8,298 13,311
Goodwill 64,908 61,400
Other non-current assets 8,299 1,858
----- -----
Total assets $633,121 $586,209
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $69,081 $60,073
Accrued employee compensation 11,040 7,177
Other accrued liabilities 87,894 87,747
Deferred revenue 22,106 21,508
Income taxes payable 5,488 -
----- -
Total current liabilities 195,609 176,505
Non-current income taxes payable 17,479 12,357
Other non-current liabilities 5,880 6,389
----- -----
Total liabilities 218,968 195,251
Stockholders' equity:
Common stock 35 34
Additional paid-in capital 280,256 266,070
Cumulative other comprehensive income 24 67
Retained earnings 133,838 124,787
------- -------
Total stockholders' equity 414,153 390,958
------- -------
Total liabilities and
stockholders' equity $633,121 $586,209
======== ========
NETGEAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended Year ended
----------------------------- -------------------
December September December December December
31, 27, 31, 31, 31,
2009 2009 2008 2009 2008
-------- --------- -------- -------- --------
Net revenue $218,832 $171,071 $161,359 $686,595 $743,344
Cost of revenue 152,368 115,326 112,900 480,195 502,320
------- ------- ------- ------- -------
Gross profit 66,464 55,745 48,459 206,400 241,024
------ ------ ------ ------- -------
Operating expenses:
Research and
development 7,854 7,353 8,184 30,056 33,773
Sales and
marketing 30,086 25,710 27,247 106,162 121,687
General and
administrative 8,133 8,502 8,495 32,727 31,733
Restructuring 11 104 965 809 1,929
In-process
research and
development and
technology
license
arrangements 2,500 - 1,800 2,500 1,800
Litigation
reserves, net 20 (480) 575 2,080 711
------ ------ ------ ------- -------
Total
operating
expenses 48,604 41,189 47,266 174,334 191,633
------ ------ ------ ------- -------
Income from
operations 17,860 14,556 1,193 32,066 49,391
Interest income 81 66 808 629 4,336
Other expense, net (466) (266) (6,560) (128) (8,384)
---- ---- ------ ---- ------
Income (loss)
before income
taxes 17,475 14,356 (4,559) 32,567 45,343
Provision for
income taxes 9,622 5,826 2,784 23,234 27,293
----- ----- ----- ------ ------
Net income (loss) $7,853 $8,530 $(7,343) $9,333 $18,050
====== ====== ======= ====== =======
Net income (loss)
per share:
Basic $0.23 $0.25 $(0.21) $0.27 $0.51
===== ===== ====== ===== =====
Diluted $0.22 $0.24 $(0.21) $0.27 $0.51
===== ===== ====== ===== =====
Weighted average
shares outstanding
used to compute
net income (loss)
per share:
Basic 34,657 34,523 34,780 34,485 35,212
====== ====== ====== ====== ======
Diluted 35,271 34,948 34,780 34,848 35,619
====== ====== ====== ====== ======
Stock-based
compensation
expense was
allocated as
follows:
Cost of revenue $240 $239 $207 $959 $864
Research and
development 468 473 719 $1,973 3,218
Sales and
marketing 1,050 1,015 842 $4,147 3,406
General and
administrative 973 954 885 $3,945 3,835
NETGEAR, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding in-process research and development and technology license
arrangements, amortization of purchased intangibles, impairment of
long-lived assets, stock-based compensation, restructuring, acquisition
related compensation, and litigation reserves, net of tax.
(In thousands, except per share data)
(Unaudited)
Three months ended Year ended
------------------------------- -------------------
December September December December December
31, 27, 31, 31, 31,
2009 2009 2008 2009 2008
-------- --------- -------- -------- --------
Net revenue $218,832 $171,071 $161,359 $686,595 $743,344
Cost of revenue 150,875 113,834 110,978 474,223 496,199
------- ------- ------- ------- -------
Gross profit 67,957 57,237 50,381 212,372 247,145
------ ------ ------ ------- -------
Operating
expenses:
Research and
development 7,273 6,880 7,365 27,970 29,768
Sales and
marketing 29,036 24,695 26,405 102,015 118,281
General and
administrative 7,160 7,548 7,610 28,782 27,898
------ ------ ------ ------- -------
Total
operating
expenses 43,469 39,123 41,380 158,767 175,947
------ ------ ------ ------- -------
Income from
operations 24,488 18,114 9,001 53,605 71,198
Interest income 81 66 808 629 4,336
Other expense, net (466) (266) (6,560) (128) (8,384)
---- ---- ------ ---- ------
Income before
income taxes 24,103 17,914 3,249 54,106 67,150
Provision for
income taxes 12,281 6,946 5,756 30,423 34,138
------ ----- ----- ------ ------
Net income (loss) $11,822 $10,968 $(2,507) $23,683 $33,012
======= ======= ======= ======= =======
Net income (loss)
per share:
Basic $0.34 $0.32 $(0.07) $0.69 $0.94
===== ===== ====== ===== =====
Diluted $0.34 $0.31 $(0.07) $0.68 $0.93
===== ===== ====== ===== =====
Weighted
average shares
outstanding
used to compute
net income
(loss) per share:
Basic 34,657 34,523 34,780 34,485 35,212
====== ====== ====== ====== ======
Diluted 35,271 34,948 34,780 34,848 35,619
====== ====== ====== ====== ======
NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
STATEMENT OF OPERATIONS DATA:
Three months ended Year ended
------------------------------- -------------------
December September December December December
31, 27, 31, 31, 31,
2009 2009 2008 2009 2008
-------- --------- -------- -------- --------
GAAP gross profit $66,464 $55,745 $48,459 $206,400 $241,024
Amortization
of intangible
assets 1,253 1,253 1,108 5,013 4,650
Stock-based
compensation
expense 240 239 207 959 864
Impairment
of long-lived
assets - - 607 - 607
--- --- --- --- ---
Non-GAAP
gross profit $67,957 $57,237 $50,381 $212,372 $247,145
======= ======= ======= ======== ========
Non-GAAP
gross margin 31.1% 33.5% 31.2% 30.9% 33.2%
GAAP research
and development $7,854 $7,353 $8,184 $30,056 $33,773
Stock-based
compensation
expense (468) (473) (719) (1,973) (3,218)
Acquisition
related
compensation (113) - (100) (113) (787)
---- --- ---- ---- ----
Non-GAAP
research
and development $7,273 $6,880 $7,365 $27,970 $29,768
====== ====== ====== ======= =======
GAAP sales
and marketing $30,086 $25,710 $27,247 $106,162 $121,687
Stock-based
compensation
expense (1,050) (1,015) (842) (4,147) (3,406)
------ ------ ---- ------ ------
Non-GAAP sales
and marketing $29,036 $24,695 $26,405 $102,015 $118,281
======= ======= ======= ======== ========
GAAP general and
administrative $8,133 $8,502 $8,495 $32,727 $31,733
Stock-based
compensation
expense (973) (954) (885) (3,945) (3,835)
---- ---- ---- ------ ------
Non-GAAP general
And administrative $7,160 $7,548 $7,610 $28,782 $27,898
====== ====== ====== ======= =======
GAAP total
operating
expenses $48,604 $41,189 $47,266 $174,334 $191,633
Stock-based
compensation
expense (2,491) (2,442) (2,446) (10,065) (10,459)
Restructuring (11) (104) (965) (809) (1,929)
In-process
research and
development
and technology
license
arrangements (2,500) - (1,800) (2,500) (1,800)
Acquisition
related
compensation (113) - (100) (113) (787)
Litigation
reserves (20) 480 (575) (2,080) (711)
--- --- ---- ------ ----
Non-GAAP total
operating
expenses $43,469 $39,123 $41,380 $158,767 $175,947
======= ======= ======= ======== ========
NETGEAR, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except per share data)
(Unaudited)
STATEMENT OF OPERATIONS DATA (CONTINUED):
Three months ended Year ended
------------------------------- -------------------
December September December December December
31, 27, 31, 31, 31,
2009 2009 2008 2009 2008
------- --------- -------- -------- --------
GAAP operating
income $17,860 $14,556 $1,193 $32,066 $49,391
Amortization
of intangible
assets 1,253 1,253 1,108 5,013 4,650
Stock-based
compensation
expense 2,731 2,681 2,653 11,024 11,323
Impairment
of long-lived
assets - - 607 - 607
Restructuring 11 104 965 809 1,929
In-process
research and
development
and technology
license
arrangements 2,500 - 1,800 2,500 1,800
Acquisition
related
compensation 113 - 100 113 787
Litigation
reserves 20 (480) 575 2,080 711
-- ---- --- ----- ---
Non-GAAP
operating income $24,488 $18,114 $9,001 $53,605 $71,198
======= ======= ====== ======= =======
Non-GAAP
operating margin 11.2% 10.6% 5.6% 7.8% 9.6%
GAAP net income
(loss) $7,853 $8,530 $(7,343) $9,333 $18,050
Amortization
of intangible
assets 1,253 1,253 1,108 5,013 4,650
Stock-based
compensation
expense 2,731 2,681 2,653 11,024 11,323
Impairment
of long-lived
assets - - 607 - 607
Restructuring 11 104 965 809 1,929
In-process
research
and development
and technology
license
arrangements 2,500 - 1,800 2,500 1,800
Acquisition
related
compensation 113 - 100 113 787
Litigation
reserves 20 (480) 575 2,080 711
Tax effect (2,659) (1,120) (2,972) (7,189) (6,845)
------ ------ ------ ------ ------
Non-GAAP net
income (loss) $11,822 $10,968 $(2,507) $23,683 $33,012
======= ======= ======= ======= =======
NET INCOME (LOSS) PER DILUTED SHARE:
Three months ended Year ended
------------------------------- -------------------
December September December December December
31, 27, 31, 31, 31,
2009 2009 2008 2009 2008
-------- --------- -------- -------- --------
GAAP net income
(loss) per
diluted share $0.22 $0.24 $(0.21) $0.27 $0.51
Amortization
of intangible
assets 0.04 0.04 0.03 0.14 0.13
Stock-based
compensation
expense 0.08 0.08 0.08 0.32 0.32
Impairment
of long-lived
assets - - 0.02 - 0.02
Restructuring 0.00 0.00 0.03 0.02 0.05
In-process
research and
development
and technology
license
arrangements 0.07 - 0.05 0.07 0.05
Acquisition
related
compensation 0.00 - 0.00 0.00 0.02
Litigation
reserves 0.00 (0.01) 0.02 0.06 0.02
Tax effect (0.07) (0.04) (0.09) (0.20) (0.19)
----- ----- ----- ----- -----
Non-GAAP
net income (loss)
per diluted
share $0.34 $0.31 $(0.07) $0.68 $0.93
===== ===== ====== ===== =====
NETGEAR, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)
Three months ended
-----------------------------------------------
December September June March December
31, 27, 28, 29, 31,
2009 2009 2009 2009 2008
-------- --------- ---- ----- --------
Cash, cash equivalents
and short-term
investments $247,100 $234,540 $224,496 $200,298 $203,009
Cash, cash equivalents
and short-term
investments
per diluted share $7.01 $6.71 $6.53 $5.79 $5.84
Accounts receivable,
net $162,853 $123,529 $110,231 $127,984 $138,275
Days sales outstanding
(DSO) 71 66 69 74 81
Inventories $90,590 $73,858 $75,039 $92,023 $112,240
Ending inventory turns 6.7 6.2 5.5 4.7 4.0
Weeks of channel
inventory:
U.S. retail channel 6.9 10.0 12.6 10.0 9.6
U.S. distribution
channel 4.4 5.2 3.8 5.4 5.2
EMEA distribution
channel 3.4 4.3 5.0 5.6 5.7
APAC distribution
channel 3.8 5.0 4.8 5.7 6.7
Deferred revenue $22,106 $11,355 $15,267 $19,375 $21,508
Headcount 586 574 567 568 579
Non-GAAP Diluted shares 35,271 34,948 34,399 34,602 34,780
SOURCE NETGEAR, Inc.
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