Analog Devices Announces Results for Second Quarter of Fiscal Year 2006.NORWOOD Norwood. 1 Town (1990 pop. 28,700), Norfolk co., E Mass.; settled 1678, set off from Dedham and Walpole and inc. 1872. Chiefly residential, its industries include printing and publishing and the manufacture of plastics, apparel, computer software, and , Mass. -- Analog Devices Analog Devices (NYSE: ADI) is an American multinational producer of semiconductor devices. Analog specializes in ADC, DAC, MEMS, and DSP chips for consumer and industrial goods. Analog is presently designing circuits in the 65 nanometer to 3 µm process feature sizes range. , Inc. (NYSE NYSE See: New York Stock Exchange : ADI) --Board of Directors increases quarterly dividend to $0.16 from $0.12 per share; --Financial results for the second quarter and guidance for the third quarter of fiscal 2006 will be discussed via conference call today at 4:30 pm. Analog Devices, Inc. (NYSE: ADI), a global leader in high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" semiconductors for signal processing See DSP. applications, today announced revenue of $643.9 million for the second quarter of fiscal 2006, an increase of 7% compared to the same period one year ago and an increase of 4% compared to the immediately prior quarter. Net income under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) was $145.8 million for the second quarter. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) was $0.39 for the second quarter. The GAAP results for the second quarter of fiscal 2006 include the following items: a gain of $13 million related to the previously-announced sale of the digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). (DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive )-based digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary ) application-specific integrated circuit (hardware) Application-Specific Integrated Circuit - (ASIC) An integrated circuit designed to perform a particular function by defining the interconnection of a set of basic circuit building blocks drawn from a library provided by the circuit manufacturer. (ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. ) and network processor product line; expenses of $6 million included in cost of sales and related to previously-announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions; and $17 million of non-cash stock option expense. These items reduced diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS by $0.02 in the second quarter. The cash dividend was increased to $0.16 per outstanding share of common stock. The dividend will be paid on June June: see month. 14, 2006 to all shareholders of record at the close of business on May 26, 2006. This is an increase from the $0.12 dividend paid in March of 2006. "The second quarter was a good quarter for ADI, led by strong growth in sales to our industrial instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , consumer electronics, and wireless infrastructure customers," said Jerald G. Fishman Jerald G. Fishman has served as Chief Executive Officer and President of Analog Devices since November 1996. He is a 35 year veteran of Analog Devices and also serves on the Board of Directors of Cognex Corporation and Xilinx Inc. , ADI's president and chief executive officer. "Data converter Noun 1. data converter - converter for changing information from one code to another computer, computing device, computing machine, data processor, electronic computer, information processing system - a machine for performing calculations automatically , amplifier, and general-purpose DSP products were the fastest-growing product categories compared to the immediately prior quarter." Profit Margins Gross margin for the second quarter of fiscal 2006 was $380.7 million, or 59.1% of sales. In the second quarter of fiscal 2006, gross margin was reduced by $6.9 million, or 1.1% of sales, as a result of stock option expense and previously announced manufacturing restructuring-related expense. Operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the second quarter of fiscal 2006 totaled $151.4 million, or approximately 23.5% of sales. In the second quarter of fiscal 2006, operating profits were reduced by $22.8 million, as a result of stock option expense and previously announced restructuring-related expense. Cash Flow and Balance Sheet Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses totaled $205.1 million, or approximately 32% of sales, for the second quarter. Capital expenditures totaled $28.8 million. The company repurchased approximately 6.2 million shares of ADI common stock for $237.7 million and paid $44.2 million in cash dividends. Cash and short term investments totaled approximately $2.7 billion at the end of the second quarter. In the second quarter, inventory increased by approximately $21.6 million compared to the immediately prior quarter. Days cost of sales in inventory was 125 days at the end of the second quarter of fiscal 2006, compared to 124 days one year ago and 118 days at the end of the immediately prior quarter. The company increased inventory in preparation for the planned to shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of its California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. facility and to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. planned sales growth for the third quarter. Days sales in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying were 51 days at the end of the second quarter, compared to 49 days one year ago and 47 days at the end of the immediately prior quarter. The increase was primarily due to a disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por amount of shipments in the last month of the quarter as
supply issues earlier in the quarter were resolved.
Revenue Analysis By Product During the second quarter of fiscal year 2006, analog products totaled 84% of sales and DSP products totaled 16% of sales. Revenue from analog products grew 11% compared to the same period one year ago and 5% compared to the immediately prior quarter. Data converter product sales grew 8%, amplifier sales grew 9%, and other analog product sales declined 3% compared to the immediately prior quarter. Revenue from each of these analog product categories increased on a year-over-year basis. Revenue from DSP products declined 10% compared to the same period one year ago and 4% compared to the immediately prior quarter due primarily to the previously announced sale of the DSP-based DSL ASIC and network processor product line. General-purpose DSP product sales grew 6% compared to the immediately prior quarter. Revenue Analysis By End Market Revenue from both the industrial and consumer end markets grew sequentially and year-over-year. Revenue from the industrial end market, which includes factory automation, scientific and medical instrumentation, semiconductor automatic test equipment (ATE), defense electronics, and automotive applications, totaled approximately 42% of sales in the second quarter. Revenue from the consumer end market totaled approximately 17% of sales in the second quarter. Within the communications end market, revenue from wireless infrastructure customers grew significantly compared to the immediately prior quarter. Revenue from wireless handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. customers also grew while revenue from networking customers declined, as expected, due to the previously announced sale of the DSP-based DSL ASIC and network processor product line. Overall, revenue from the communications end markets totaled approximately 29% of sales in the second quarter of fiscal year 2006. In line with the broader computer industry trends, revenue from customers in the computer end market declined during the quarter and was approximately 12% of sales. Outlook for the Third Quarter of Fiscal 2006 Regarding the near term outlook, Mr. Fishman said, "Orders and backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased significantly during the second quarter. Our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers and our distributors are signaling significant increases in demand for our analog and DSP products. In aggregate, we are planning for revenue in the range of $675 million to $685 million." ADI is planning for gross margin in the third quarter to be approximately the same as the second quarter of fiscal 2006. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. are planned to increase a few percent compared to the second quarter, primarily due to increased profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of and commissions as sales and operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: expand. Diluted EPS is planned to be in the range of $0.38 to $0.39 for the third quarter of fiscal 2006, which includes approximately $0.06 for stock option expenses, previously-announced restructuring expenses, and expenses associated with a previously-announced acquisition. The plan for third quarter is for days sales in accounts receivable to decline to approximately 48 days. Days cost of sales in inventory is planned to decline in the third quarter compared to the second quarter. Supplemental Information In order to help investors compare current results to ADI's history and thereby better understand the underlying trends in the company's business, ADI has provided a table of supplemental information with this release, and on its website, which includes estimates of the impact of stock option expense, the impact of previously announced restructuring-related expenses, the impact of the gain from the sale of the DSP-based DSL ASIC and network processor product line, and the impact of expenses associated with a previously announced acquisition on the company's 2006 quarterly financial statements. Conference Call Scheduled for 4:30 Mr. Fishman will discuss the second quarter's results and the near-term outlook via webcast, accessible from www.analog.com, today beginning at 4:30 pm EST EST electroshock therapy. EST abbr. electroshock therapy . Investors who prefer to join by telephone may call 706-634-7193 ten minutes before the call begins and provide the password "ADI." A replay will be available almost immediately after the call. The replay may be accessed for up to one week by dialing 800-642-1687 (replay only) and providing the conference ID: 8553665 or by visiting the Investor Relations Investor relations The process by which the corporation communicates with its investors. page on ADI's web site. About Analog Devices Innovation, performance, and excellence are the cultural pillars on which Analog Devices has built one of the longest standing, highest growth companies within the technology sector. Acknowledged industry-wide as the world leader in data conversion and signal conditioning Imagine feeding the output of a temperature sensor, which is in millivolts, to an Analog-to-digital converter to be processed. Is it possible for the Analog-to-Digital converter to process such a minute voltage amplitude? The answer is probably no. technology, Analog Devices serves over 60,000 customers, representing virtually all types of electronic equipment. Celebrating 40 years as a leading global manufacturer of high-performance integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. used in analog and digital signal processing applications, Analog Devices is headquartered in Norwood, Massachusetts Norwood is a town and census-designated place in Norfolk County, Massachusetts, USA. As of the 2000 census, the population was 28,587. The community was named after Norwood, England. , with design and manufacturing facilities throughout the world. Analog Devices' common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. "ADI" and is included in the S&P 500 Index. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including our statements regarding expected sales growth, revenue, earnings, operating margins, and other financial results, expected increases in customer demand for our products, and expected cash dividends, that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about the industry and markets in which Analog Devices operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, and involve certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices' expectations or beliefs as of any date subsequent to the date of this press release. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include the effects of adverse changes in overall economic conditions, currency exchange rate fluctuations, the timing and duration of market upturns and downturns, the growth or contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction of the markets we serve, demand for semiconductors generally and for our products in particular, the risk that our backlog could decline significantly, adverse results in various litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters, our ability to hire engineers, salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. and other qualified employees needed to meet the expected demands of our customers, reversals or slowdowns in the markets or customers served by our products, the adverse effects of building inventories to meet planned growth that fails to materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , the occurrence and frequency of inventory and lead-time reduction cycles, raw material availability, availability of both internal and external manufacturing capacity, technological and product development risks, competitors' actions and technological innovations, and other risk factors described in our most recent Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended January 28, 2006, as filed with the Securities and Exchange Commission.
Analog Devices, Second Quarter, Fiscal 2006
Sales/Earnings Summary (GAAP)
(In thousands, except per-share amounts)
2Q 06 1Q 06 2Q 05
------------------------------------------------ --------- ---------
Three Months Ended April 29, January April 30,
2006 28, 2006 2005
------------------------------------------------ --------- ---------
Net Sales $643,872 $621,302 $603,726
Y/Y Growth 7% 7% -11%
Q/Q Growth 4% 0% 4%
Cost of Sales 263,201 260,515 257,327
Gross Margin 380,671 360,787 346,399
Percent of Sales 59.1% 58.1% 57.4%
------------------------------------------------ --------- ---------
Operating Expenses:
R&D 131,848 131,288 126,642
Selling, Marketing and G&A 97,432 96,281 85,813
Special Charges - 1,013 -
------------------------------------------------ --------- ---------
Operating Income 151,391 132,205 133,944
Percent of Sales 23.5% 21.3% 22.2%
------------------------------------------------ --------- ---------
Other Income (39,225) (20,592) (16,768)
------------------------------------------------ --------- ---------
Income Before Tax 190,616 152,797 150,712
Provision for Taxes 44,795 32,240 33,113
Tax Rate 23.5% 21.1% 22%
------------------------------------------------ --------- ---------
Net Income $145,821 $120,557 $117,599
Percent of Sales 22.6% 19.4% 19.5%
------------------------------------------------ --------- ---------
Shares used for EPS - Basic 364,225 366,135 370,674
Shares used for EPS - Diluted 376,811 380,337 382,337
Earnings per Share - Basic $0.40 $0.33 $0.32
Earnings per Share - Diluted $0.39 $0.32 $0.31
Dividends paid per share $0.12 $0.12 $0.06
------------------------------------------------ --------- ---------
Supplemental Information
Our GAAP Financial Statements Include the Following Amounts of
Stock-based Compensation Expense Related to the Adoption of
FAS123R, Restructuring Related Expense, Tax Expense Associated
with the Repatriation of Foreign Earnings, Gain on Sale of a
Product Line and Acquisition Related Costs
(in thousands, except per-share amounts)
4Q 05 1Q 06 2Q 06 3Q 06 4Q 06
Actual Actual Actual Estimate Estimate
COST OF SALES
Stock-based
compensation
expense $- $954 $990 $2,848 $2,944
Restructuring
related expenses - 5,903 5,877 5,877 5,877
------------------------------ --------- -------- --------- ---------
GROSS MARGIN - (6,857) (6,867) (8,725) (8,821)
% Sales 0.0% -1.1% -1.1%
------------------------------ --------- -------- --------- ---------
OPERATING EXPENSE
Engineering -
stock-based
compensation
expense - 9,562 8,282 7,409 6,778
Selling, Marketing,
G&A - stock-based
compensation
expense - 10,090 7,684 7,258 6,730
Acquisition related
costs - - - 5,000 -
Special charges 31,480 1,013 - - 7,407
------------------------------ --------- -------- --------- ---------
TOTAL OPERATING
EXPENSE 31,480 20,665 15,966 19,667 20,915
% Sales 5.1% 3.3% 2.5%
------------------------------ --------- -------- --------- ---------
OPERATING PROFIT
(LOSS) BEFORE TAX (31,480) (27,522) (22,833) (28,392) (29,736)
% Sales -5.1% -4.4% -3.5%
------------------------------ --------- -------- --------- ---------
Non-operating expense
(income) - - (13,027) - -
% Sales 0.0% 0.0% -2.0%
------------------------------ --------- -------- --------- ---------
Tax benefit of above
items (10,118) (8,344) (2,279) (7,761) (9,486)
Tax expense
associated with the
repatriation of
foreign earnings 48,768 - - - -
------------------------------ --------- -------- --------- ---------
NET INCOME (LOSS) $(70,130) $(19,178) $(7,527) $(20,631) $(20,250)
% Sales -11.3% -3.1% -1.2%
------------------------------ --------- -------- --------- ---------
EARNINGS (LOSS) PER
SHARE
Repatriation of
foreign earnings $(0.128) $- $- $- $-
Gain on sale of a
product line - - 0.022 - -
Stock-based
compensation - (0.039) (0.032) (0.033) (0.031)
Restructuring related
expenses (0.054) (0.012) (0.010) (0.010) (0.023)
Acquisition related
costs - - - (0.012) -
------------------------------ --------- -------- --------- ---------
EARNINGS (LOSS) PER
SHARE $(0.182) $(0.051) $(0.020) $(0.055) $(0.054)
------------------------------ --------- -------- --------- ---------
Analog Devices, Second Quarter, Fiscal 2006
Selected Balance Sheet Information (GAAP)
(In thousands)
2Q 06 1Q 06 2Q 05
----------------------------- ----------- ----------- -----------
April 29, January 28, April 30,
2006 2006 2005
----------------------------- ----------- ----------- -----------
Cash & Short-term Investments $2,692,796 $2,735,114 $2,617,259
Accounts Receivable, Net 357,880 317,730 320,972
Inventories (1) 359,420 337,835 350,896
Other Current Assets 147,380 151,302 126,865
----------------------------- ----------- ----------- -----------
Total Current Assets 3,557,476 3,541,981 3,415,992
PP&E, Net 561,538 576,798 636,249
Investments 30,532 29,249 300,303
Intangible Assets 166,795 167,186 168,063
Other 87,006 58,964 67,719
----------------------------- ----------- ----------- -----------
Total Assets $4,403,347 $4,374,178 $4,588,326
----------------------------- ----------- ----------- -----------
Deferred Income-Shipments to
Distributors $152,864 $132,332 $128,957
Other Current Liabilities 542,820 471,851 413,969
Non-Current Liabilities 64,732 60,366 329,532
Stockholders' Equity 3,642,931 3,709,629 3,715,868
----------------------------- ----------- ----------- -----------
Total Liabilities & Equity $4,403,347 $4,374,178 $4,588,326
----------------------------- ----------- ----------- -----------
Days Sales Outstanding 51 47 49
Days Cost of Sales in
Inventory 125 118 124
(1) includes $3,947 and $1,937 related to stock-based compensation
expense in 2Q06 and 1Q06, respectively.
Cash Flow Statement (GAAP)
(In thousands)
2Q 06 1Q 06 2Q 05
----------------------------------- --------- --------- ---------
Three Months Ended April 29, January April 30,
2006 28, 2006 2005
----------------------------------- --------- --------- ---------
Cash flows from operating
activities:
Net Income $145,821 $120,557 $117,599
Adjustments to reconcile net
income to net cash provided by
operations:
Depreciation 42,687 43,079 39,013
Amortization of intangibles 404 404 685
Stock-based compensation 17,217 21,307 786
Gain on sale of a product
line (13,027) - -
Non-cash portion of special
charge - 459 -
Other non-cash expense 23 557 33
Tax benefit - stock option
exercises (14,736) - -
Deferred income taxes (4,776) (15,625) 6,423
Changes in operating assets
and liabilities 31,526 4,517 10,662
----------------------------------- --------- --------- ---------
Total adjustments 59,318 54,698 57,602
----------------------------------- --------- --------- ---------
Net cash provided by operating
activities 205,139 175,255 175,201
----------------------------------- --------- --------- ---------
Percent of Sales 31.9% 28.2% 29.0%
----------------------------------- --------- --------- ---------
Cash flows from investing
activities:
Additions to property, plant and
equipment, net (28,822) (20,360) (21,632)
Purchases of short-term
available-for-sale investments (421,103) (954,871) (942,687)
Maturities of short-term
available-for-sale investments 441,630 726,807 824,864
Proceeds from sale of a product
line 23,070 - -
Decrease (increase) in other
assets 330 3,526 (96)
----------------------------------- --------- --------- ---------
Net cash provided (used) by
investing activities 15,105 (244,898) (139,551)
----------------------------------- --------- --------- ---------
Cash flows from financing
activities:
Dividend payments to shareholders (44,191) (44,094) (22,257)
Repurchase of common stock (237,709) (125,098) (123,493)
Net proceeds from employee stock
plans 20,994 38,685 14,818
Tax benefit - stock option
exercises 14,736 - -
----------------------------------- --------- --------- ---------
Net cash used for financing
activities (246,170) (130,507) (130,932)
----------------------------------- --------- --------- ---------
Effect of exchange rate changes on
cash 562 414 314
----------------------------------- --------- --------- ---------
Net decrease in cash and cash
equivalents (25,364) (199,736) (94,968)
Cash and cash equivalents at
beginning of period 427,855 627,591 409,336
----------------------------------- --------- --------- ---------
Cash and cash equivalents at end of
period $402,491 $427,855 $314,368
----------------------------------- --------- --------- ---------
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