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 SYNNEX Corporation Reports Fiscal 2015 Fourth Quarter and Full Year Results
   Thursday, January 07, 2016 4:03:00 PM ET

SYNNEX Corporation (SNX ), a leading business process services company, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2015.

                                                                        Q4 FY15 Q4 FY14 Net change
Revenue ($M)                                                            $3,550  $3,824  -7.2%
Operating income ($M)                                                   $105.0  $99.7   5.3%
Non-GAAP operating income ($M)(1)                                       $120.0  $124.9  -3.9%
Operating margin                                                        2.96%   2.61%   35 bps
Non-GAAP operating margin(1)                                            3.38%   3.27%   11 bps
Net income attributable to SYNNEX Corporation ($M)                      $62.2   $57.1   8.9%
Non-GAAP net income attributable to SYNNEX Corporation ($M)(1)          $71.6   $72.7   -1.4%
Diluted EPS                                                             $1.56   $1.44   8.3%
Non-GAAP Diluted EPS(1)                                                 $1.80   $1.83   -1.6%
(1) Non-GAAP financial measures exclude the impact of acquisition and other integration expenses and the amortization of intangible assets. A reconciliation of GAAP to Non-GAAP financial information is presented in the supplementary information section at the end of this press release.

"We delivered another solid quarter with Technology Solutions showing sequential growth in line with expectations," stated Kevin Murai, President and Chief Executive Officer. He added, "Concentrix delivered another outstanding quarter as we benefitted from a healthy pipeline and strong execution."

Fiscal 2015 Fourth Quarter Highlights:

-- Technology Solutions: Revenue was $3.2 billion, down 8.8% from the prior fiscal year quarter. Adjusting for the translation effect of foreign currencies, the Technology Solutions business decreased by 6.2% compared with last year. Technology Solutions generated operating income of $80.4 million, or 2.53% of segment revenue, compared with $94.9 million, or 2.72% of segment revenue, in the fiscal fourth quarter of 2014.

-- Concentrix: Revenue was $373.6 million, a 9.3% increase from the $342.0 million in revenue generated during the fourth quarter of last year. Adjusting for the translation effect of foreign currencies, Concentrix revenue grew 15.3% compared with last year. Operating income was $24.4 million, or 6.53% of Concentrix revenue, compared with $4.7 million in the prior fiscal year quarter. Non-GAAP operating income was $38.8 million, or 10.38% of segment revenue, for fiscal fourth quarter of 2015, compared with $29.1 million, or 8.52% of segment revenue, in the fiscal fourth quarter of 2014.

-- The trailing fiscal four quarters Return on Invested Capital ("ROIC") was 9.2% compared with 8.3% in the prior year fiscal fourth quarter. Excluding the impact of acquisition and integration expenses and amortization of intangibles, the trailing fiscal four quarters ROIC was 10.4%.

-- The debt to capitalization ratio was 28.9%, down from 37.2% in the prior fiscal year fourth quarter.

-- Depreciation and amortization were $13.4 million and $13.0 million, respectively.

-- Cash generated from operations was approximately $102 million for the quarter.

                                                                        FY15    FY14    Net change
Revenue ($M)                                                            $13,338 $13,840 -3.6%
Operating income ($M)                                                   $354.6  $308.5  14.9%
Non-GAAP operating income ($M)(1)                                       $419.4  $406.7  3.1%
Operating margin                                                        2.66%   2.23%   43 bps
Non-GAAP operating margin(1)                                            3.14%   2.94%   20 bps
Net income attributable to SYNNEX Corporation ($M)                      $208.5  $180.0  15.8%
Non-GAAP net income attributable to SYNNEX Corporation ($M)(1)          $249.9  $242.3  3.1%
Diluted EPS                                                             $5.24   $4.57   14.7%
Non-GAAP Diluted EPS(1)                                                 $6.28   $6.16   1.9%
(1) Non-GAAP financial measures exclude the impact of acquisition and other integration expenses and the amortization of intangible assets. A reconciliation of GAAP to Non-GAAP financial information is presented in the supplementary information section at the end of this press release.

Fiscal 2015 Highlights:

-- Technology Solutions: Revenue was $11.9 billion, down 6.4% from the prior fiscal year. Adjusting for the translation effect of foreign currencies, the Technology Solutions business decreased by 3.7% compared with last year. Technology Solutions operating income was $303.0 million, or 2.54% of segment revenue compared with $305.5 million, or 2.40% of segment revenue, in fiscal 2014.

-- Concentrix: Revenue was $1.4 billion, a 29.2% increase from the $1.1 billion in revenue generated during last year. Adjusting for the IBM CRM acquisition and translation effect of foreign currencies, Concentrix revenue grew 12.2% compared with last year. Operating income was $51.1 million, or 3.61% of Concentrix revenue, compared with $2.5 million in the prior fiscal year. Non-GAAP operating income was $113.4 million, or 8.00% of segment revenue, for fiscal 2015, compared with $97.1 million, or 8.86% of segment revenue, in fiscal 2014.

-- Depreciation and amortization were $48.8 million and $54.8 million, respectively.

-- Cash generated from operations was approximately $659 million for the year.

Fiscal 2016 First Quarter Outlook:

The following statements are based on SYNNEX’s current expectations for the fiscal 2016 first quarter. Non-GAAP financial measures exclude acquisition and other integration expenses and amortization of intangibles. These statements are forward-looking and actual results may differ materially.

-- Revenue is expected to be in the range of $3.23 billion to $3.33 billion.

-- Non-GAAP net income is expected to be in the range of $53.6 million to $55.6 million.

-- Non-GAAP diluted earnings per share is expected to be in the range of $1.34 to $1.39.

-- After-tax amortization of intangibles is expected to be $7.7 million, or $0.19 per share.

-- We anticipate a negative currency impact on revenue of approximately $55 million.

Dividend Announcement

SYNNEX announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per common share. The dividend will be payable on January 29, 2016 to stockholders of record as of the close of business on January 15, 2016.

Conference Call and Webcast

SYNNEX will be discussing its financial results and outlook on a conference call today at 2:00 p.m. (PT). A webcast of the call will be available at http://ir.synnex.com . The conference call will also be available via telephone by dialing (888) 469-3219 in North America or (630) 395-0205 outside North America. The passcode code for the call is "SNX." A replay of the webcast will be available at http://ir.synnex.com approximately two hours after the conference call has concluded where it will be archived for one year.

About SYNNEX Corporation

SYNNEX Corporation (SNX ), a Fortune 500 corporation, is a leading business process services company, optimizing supply chains and providing outsourced services focused on customer relationship management. SYNNEX distributes a broad range of information technology systems and products, and also provides systems design and integration solutions. Concentrix, a wholly-owned subsidiary of SYNNEX Corporation, offers a portfolio of strategic solutions and end-to-end business services around customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation to clients in ten identified industry verticals. Founded in 1980, SYNNEX Corporation operates in 26 countries around the world. Additional information about SYNNEX may be found online at www.synnex.com.

Use of Non-GAAP Financial Information

To supplement the financial results presented in accordance with GAAP, SYNNEX uses non-GAAP operating income, non-GAAP operating margin, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), non-GAAP net income attributable to SYNNEX Corporation and non-GAAP diluted earnings per share, which are non-GAAP financial measures that exclude the amortization of intangible assets and acquisition and integration expenses related to the IBM CRM acquisition and the related tax effects thereon. These non-GAAP measures provide investors with an additional tool to evaluate operating results. Because these non-GAAP measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.

SYNNEX refers to growth rates at constant currency or adjusting for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of the Company’s business performance. Financial results adjusted for currency are calculated by translating current period activity in local currency using the comparable prior year periods’ currency conversion rate. This approach is used for countries where the functional currency is the local currency. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates.

Trailing fiscal four quarters ROIC is defined as the last four quarters’ tax effected operating income divided by the average of the last five quarterly balances of debt and equity, net of cash and cash equivalents in the United States. ROIC excluding the impact of IBM CRM acquisition and integration expenses and amortization of intangibles is calculated by excluding the tax effected impact of these items from operating income and equity.

SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business. SYNNEX management believes it is useful for the company and investors to review, as applicable, both GAAP information and non-GAAP financial measures in order to assess the performance of SYNNEX’ continuing businesses and for planning and forecasting in future periods. These non-GAAP measures are intended to provide investors with an understanding of SYNNEX’ operational results and trends that more readily enable investors to analyze SYNNEX’ base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends. The management of SYNNEX believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A reconciliation of SYNNEX’ non-GAAP financial information to GAAP is set forth in the supplemental information table at the end of this press release.

Safe Harbor Statement

Statements in this news release regarding SYNNEX Corporation, which are not historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These statements, including statements regarding SYNNEX’ expectations and outlook for the fiscal 2016 first quarter as to revenue, non-GAAP net income, non-GAAP diluted earnings per share, after-tax amortization of intangibles, currency impact, investments, the frequency and occurrence of dividend declarations, and the anticipated benefits of the non-GAAP financial measures, are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to successfully integrate our recent acquisitions; diversion of management as a result of our recent and pending acquisitions; loss of vendors and suppliers as a result of our recent acquisitions; general economic conditions and any weakness in information technology and consumer electronics spending; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; changes in foreign currency exchange rates; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our floor plan financing arrangements; credit exposure to our reseller customers and negative trends in their businesses; any future incidents of theft; risks associated with our anti-dilution share repurchase program; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2014 and subsequent SEC filings. Statements included in this press release are based upon information known to SYNNEX Corporation as of the date of this release, and SYNNEX Corporation assumes no obligation to update information contained in this press release.

Copyright 2016 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo, and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.

SNX-F

SYNNEX Corporation
Consolidated Balance Sheets
(currency in thousands)
(unaudited)
                                              November 30,     November 30,
                                              2015             2014
ASSETS
Current assets:
Cash and cash equivalents                     $    336,072     $    180,143
Restricted cash                               88,558           34,269
Short-term investments                        5,546            7,128
Accounts receivable, net                      1,759,491        2,091,511
Receivable from related parties               114              332
Inventories                                   1,328,967        1,398,463
Current deferred tax assets                   40,510           34,310
Other current assets                          90,523           153,833
Total current assets                          3,649,781        3,899,989
Property and equipment, net                   248,627          200,803
Goodwill                                      298,785          314,213
Intangible assets, net                        166,567          229,684
Deferred tax assets                           19,849           10,790
Other assets                                  60,538           57,563
Total assets                                  $    4,444,147   $    4,713,042
LIABILITIES AND EQUITY
Current liabilities:
Borrowings, current                           $    92,093      $    716,257
Accounts payable                              1,445,194        1,585,606
Payable to related parties                    7,661            5,129
Accrued compensation and benefits             135,453          125,733
Other accrued liabilities                     218,687          265,875
Income taxes payable                          19,069           23,129
Total current liabilities                     1,918,157        2,721,729
Long-term borrowings                          638,798          264,246
Other long-term liabilities                   76,582           60,215
Deferred tax liabilities                      10,713           12,867
Total liabilities                             2,644,250        3,059,057
SYNNEX Corporation stockholders’ equity:
Preferred stock                               --               --
Common stock                                  40               40
Additional paid-in capital                    411,687          384,625
Treasury stock                                (51,287)         (32,723)
Accumulated other comprehensive income (loss) (55,237)         (6,628)
Retained earnings                             1,494,178        1,308,244
Total SYNNEX Corporation stockholders’ equity 1,799,381        1,653,558
Noncontrolling interest                       516              427
Total equity                                  1,799,897        1,653,985
Total liabilities and equity                  $    4,444,147   $    4,713,042
SYNNEX Corporation
Consolidated Statements of Operations
(currency and share amounts in thousands, except for per share amounts)
(unaudited)
                                                       Three Months Ended                  Fiscal Year Ended
                                                       November 30,      November 30,      November 30,        November 30,
                                                       2015              2014              2015                2014
Revenue:
Products                                               $     3,179,751   $     3,485,032   $      11,936,282   $      12,755,264
Services                                               369,866           338,837           1,402,115           1,084,326
Total revenue                                          3,549,617         3,823,869         13,338,397          13,839,590
Cost of revenue:
Products                                               (3,012,292)       (3,295,645)       (11,276,819)        (12,075,828)
Services                                               (224,589)         (214,602)         (869,787)           (664,758)
Gross profit                                           312,736           313,622           1,191,791           1,099,004
Selling, general and administrative expenses           (207,771)         (213,950)         (837,239)           (790,497)
Operating income                                       104,965           99,672            354,552             308,507
Interest expense and finance charges, net              (7,246)           (6,927)           (26,296)            (25,187)
Other income (expense), net                            606               (1,261)           (1,061)             962
Income before income taxes                             98,325            91,484            327,195             284,282
Provision for income taxes                             (36,101)          (34,376)          (118,588)           (104,132)
Net income                                             62,224            57,108            208,607             180,150
Net income attributable to noncontrolling interest     (67)              (28)              (82)                (116)
Net income attributable to SYNNEX Corporation          $     62,157      $     57,080      $      208,525      $      180,034
Earnings per share attributable to SYNNEX Corporation:
Basic                                                  $     1.57        $     1.45        $      5.28         $      4.61
Diluted                                                $     1.56        $     1.44        $      5.24         $      4.57
Weighted-average common shares outstanding:
Basic                                                  39,134            38,874            39,061              38,490
Diluted                                                39,431            39,223            39,352              38,845
Cash dividends declared per share                      $     0.20        $     0.13        $      0.58         $      0.13
SYNNEX Corporation
Segment Information
(currency in thousands)
(unaudited)
                          Three Months Ended                Fiscal Year Ended
                          November 30,     November 30,     November 30,      November 30,
                          2015             2014             2015              2014
Revenue:
Technology Solutions      $    3,179,819   $    3,485,075   $    11,936,660   $    12,755,514
Concentrix                373,639          341,971          1,416,670         1,096,214
Inter-segment elimination (3,841)          (3,177)          (14,933)          (12,138)
Consolidated              $    3,549,617   $    3,823,869   $    13,338,397   $    13,839,590
Operating income:
Technology Solutions      $    80,438      $    94,897      $    302,950      $    305,499
Concentrix                24,408           4,657            51,127            2,455
Inter-segment elimination 119              118              475               553
Consolidated              $    104,965     $    99,672      $    354,552      $    308,507
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
                                                   Three Months Ended                    Fiscal Year Ended
                                                   November 30, 2015  November 30, 2014  November 30,          November 30,
                                                                                         2015                  2014
Operating income and Operating margin
Consolidated
Revenue                                            $     3,549,617    $     3,823,869    $    13,338,397       $    13,839,590
GAAP operating income                              $     104,965      $     99,672       $    354,552          $    308,507
IBM CRM acquisition and other integration expenses 2,038              8,455              10,109                43,036
Amortization of intangibles                        12,985             16,734             54,756                55,161
Non-GAAP operating income                          $     119,988      $     124,861      $    419,417          $    406,704
Depreciation                                       13,449             11,368             48,754                36,538
Adjusted EBITDA                                    $     133,437      $     136,229      $    468,171          $    443,242
GAAP operating margin                              2.96            %  2.61            %  2.66            %     2.23            %
Non-GAAP operating margin                          3.38            %  3.27            %  3.14            %     2.94            %
Technology Solutions
Revenue                                            $     3,179,819    $     3,485,075    $    11,936,660       $    12,755,514
GAAP operating income                              $     80,438       $     94,897       $    302,950          $    305,499
Amortization of intangibles                        652                727                2,630                 3,538
Non-GAAP operating income                          $     81,090       $     95,624       $    305,580          $    309,037
Depreciation                                       3,307              2,810              12,475                10,817
Adjusted EBITDA                                    $     84,397       $     98,434       $    318,055          $    319,854
GAAP operating margin                              2.53            %  2.72            %  2.54            %     2.40            %
Non-GAAP operating margin                          2.55            %  2.74            %  2.56            %     2.42            %
Concentrix
Revenue                                            $     373,639      $     341,971      $    1,416,670        $    1,096,214
GAAP operating income                              $     24,408       $     4,657        $    51,127           $    2,455
IBM CRM acquisition and other integration expenses 2,038              8,455              10,109                43,036
Amortization of intangibles                        12,333             16,007             52,126                51,623
Non-GAAP operating income                          $     38,779       $     29,119       $    113,362          $    97,114
Depreciation                                       10,261             8,790              36,755                25,953
Adjusted EBITDA                                    $     49,040       $     37,909       $    150,117          $    123,067
GAAP operating margin                              6.53            %  1.36            %  3.61            %     0.22            %
Non-GAAP operating margin                          10.38           %  8.52            %  8.00            %     8.86            %
SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(currency and share amounts in thousands, except for per share amounts)
                                                                                                                           Three Months Ended                                                                    Fiscal Year Ended
                                                                                                                           November 30, 2015                          November 30, 2014                          November 30, 2015                                                     November 30, 2014
Net income
Net income attributable to SYNNEX Corporation                                                                              $                                 62,157   $                                 57,080   $                                 208,525                             $                                 180,034
IBM CRM acquisition and other integration expenses, net of taxes(1)                                                        1,283                                      5,181                                      6,445                                                                 27,357
Amortization of intangibles, net of taxes(1)                                                                               8,194                                      10,416                                     34,910                                                                34,956
Non-GAAP net income attributable to SYNNEX Corporation                                                                     $                                 71,634   $                                 72,677   $                                 249,880                             $                                 242,347
Diluted earnings per common share ("EPS")(2)
Net income attributable to SYNNEX Corporation                                                                              $                                 62,157   $                                 57,080   $                                 208,525                             $                                 180,034
Less: net income allocated to participating securities                                                                     (673)                                      (715)                                      (2,413)                                                               (2,386)
Net income attributable to SYNNEX Corporation common stockholders                                                          61,484                                     56,365                                     206,112                                                               177,648
IBM CRM acquisition and other integration expenses attributable to SYNNEX Corporation common stockholders, net of taxes(1) 1,270                                      5,118                                      6,380                                                                 27,001
Amortization of intangibles attributable to SYNNEX Corporation common stockholders, net of taxes(1)                        8,103                                      10,288                                     34,494                                                                34,501
Non-GAAP net income attributable to SYNNEX Corporation common stockholders                                                 $                                 70,857   $                                 71,771   $                                 246,986                             $                                 239,150
Weighted-average number of common shares - diluted:                                                                        39,431                                     39,223                                     39,352                                                                38,845
Diluted EPS(2)                                                                                                             $                                 1.56     $                                 1.44     $                                 5.24                                $                                 4.57
IBM CRM acquisition and other integration expenses                                                                         0.03                                       0.13                                       0.16                                                                  0.70
Amortization of intangibles                                                                                                0.21                                       0.26                                       0.88                                                                  0.89
Non-GAAP Diluted EPS                                                                                                       $                                 1.80     $                                 1.83     $                                 6.28                                $                                 6.16
(1) The tax effect of the non-GAAP adjustments was calculated using the applicable effective tax rate during the periods.
(2) Diluted EPS for all periods presented is calculated using the two-class method. Unvested restricted stock awards granted to employees and non-employee directors are considered participating securities.  For purposes of calculating Diluted EPS, Net income allocated to participating securities was approximately 1.1% and 1.2% of the Net income attributable to SYNNEX Corporation for the three months and year ended November 30, 2015, respectively, and approximately 1.3% for both the three months and year ended November 30, 2014.
SYNNEX Corporation
Calculation of Financial Metrics
(currency in thousands)
Return on Invested Capital
                                                                                                                                  Trailing Fiscal Four Quarters Ended
                                                                                                                                  November 30, 2015                  November 30, 2014
ROIC
Operating income                                                                                                                  $               354,552            $               308,507
Income taxes on operating income(1)                                                                                               128,503                            113,005
Operating income after taxes                                                                                                      226,049                            195,502
Total borrowings (five quarters average)                                                                                          $               804,906            $               807,658
Total equity (five quarters average)                                                                                              1,723,374                          1,559,621
Less: U.S. cash and cash equivalents (five quarters average)                                                                      (80,476)                           (11,954)
Total invested capital                                                                                                            2,447,804                          2,355,325
ROIC                                                                                                                              9.2                             %  8.3                             %
Adjusted ROIC
Non-GAAP operating income                                                                                                         $               419,417            $               406,704
Income taxes on Non-GAAP operating income(1)                                                                                      152,013                            148,975
Non-GAAP operating income after taxes                                                                                             267,404                            257,729
Total invested capital                                                                                                            $               2,447,804          $               2,355,325
Tax effected impact of IBM CRM acquisition and other integration expenses and amortization of intangibles (five quarters average) 118,241                            64,083
Total Non-GAAP invested capital                                                                                                   2,566,045                          2,419,408
Adjusted ROIC                                                                                                                     10.4                            %  10.7                            %
(1) Income taxes on operating income was calculated using the applicable effective tax rates during the periods presented.
Debt to Capitalization
                                     November 30,       November 30,
                                     2015               2014
Total borrowings       (a)           $    730,891       $    980,503
Total equity           (b)           1,799,897          1,653,985
Debt to capitalization (a)/((a)+(b)) 28.9         %     37.2         %
SYNNEX Corporation
Cash Conversion Cycle
(currency in thousands)
                                                                                                              Three Months Ended
                                                                                                              November 30, 2015 November 30, 2014
Days sales outstanding
Revenue (products and services)                                (a)                                            $     3,549,617   $     3,823,869
Accounts receivable, including receivable from related parties (b)                                            1,759,605         2,091,843
Days sales outstanding                                         (b)/((a)/the number of days during the period) 45                50
Days inventory outstanding
Cost of revenue (products and services)                        (c)                                            3,236,881         3,510,247
Inventories                                                    (d)                                            1,328,967         1,398,463
Days inventory outstanding                                     (d)/((c)/the number of days during the period) 37                36
Days payable outstanding
Cost of revenue (products and services)                        (e)                                            $     3,236,881   $     3,510,247
Accounts payable, including payable to related parties         (f)                                            1,452,855         1,590,735
Days payable outstanding                                       (f)/((e)/the number of days during the period) 41                41
Cash conversion cycle                                                                                         41                45

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SOURCE SYNNEX CORP

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