(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
MARVELL TECHNOLOGY, INC. | ||||||||
Date: March 7, 2024 | By: | /s/ WILLEM MEINTJES | ||||||
Willem Meintjes | ||||||||
Chief Financial Officer | ||||||||
Marvell Technology, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
February 3, 2024 | October 28, 2023 | January 28, 2023 | February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||
Net revenue | $ | 1,426.5 | $ | 1,418.6 | $ | 1,418.5 | $ | 5,507.7 | $ | 5,919.6 | ||||||||||||||||||||||
Cost of goods sold | 762.4 | 867.4 | 745.2 | 3,214.1 | 2,932.1 | |||||||||||||||||||||||||||
Gross profit | 664.1 | 551.2 | 673.3 | 2,293.6 | 2,987.5 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 459.6 | 481.1 | 443.1 | 1,896.2 | 1,784.3 | |||||||||||||||||||||||||||
Selling, general and administrative | 212.0 | 213.0 | 203.4 | 834.0 | 843.6 | |||||||||||||||||||||||||||
Legal settlement (a) | — | — | — | — | 100.0 | |||||||||||||||||||||||||||
Restructuring related charges | 25.8 | 3.4 | 3.5 | 131.1 | 21.6 | |||||||||||||||||||||||||||
Total operating expenses | 697.4 | 697.5 | 650.0 | 2,861.3 | 2,749.5 | |||||||||||||||||||||||||||
Operating income (loss) | (33.3) | (146.3) | 23.3 | (567.7) | 238.0 | |||||||||||||||||||||||||||
Interest income | 3.0 | 1.7 | 2.5 | 8.8 | 5.3 | |||||||||||||||||||||||||||
Interest expense | (52.6) | (52.6) | (49.3) | (211.7) | (170.6) | |||||||||||||||||||||||||||
Other income, net | (4.4) | 9.7 | 0.3 | 11.9 | 12.4 | |||||||||||||||||||||||||||
Interest and other loss, net | (54.0) | (41.2) | (46.5) | (191.0) | (152.9) | |||||||||||||||||||||||||||
Income (loss) before income taxes | (87.3) | (187.5) | (23.2) | (758.7) | 85.1 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | 305.4 | (23.2) | (7.8) | 174.7 | 248.6 | |||||||||||||||||||||||||||
Net loss | $ | (392.7) | $ | (164.3) | $ | (15.4) | $ | (933.4) | $ | (163.5) | ||||||||||||||||||||||
Net loss per share - basic | $ | (0.45) | $ | (0.19) | $ | (0.02) | $ | (1.08) | $ | (0.19) | ||||||||||||||||||||||
Net loss per share - diluted | $ | (0.45) | $ | (0.19) | $ | (0.02) | $ | (1.08) | $ | (0.19) | ||||||||||||||||||||||
Weighted-average shares: | ||||||||||||||||||||||||||||||||
Basic | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||||||||||||||||||||||||
Diluted | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 |
(a) | Relates to settlement of a contractual dispute. |
Marvell Technology, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||||||||
(In millions) | ||||||||||||||
February 3, 2024 | January 28, 2023 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 950.8 | $ | 911.0 | ||||||||||
Accounts receivable, net | 1,121.6 | 1,192.2 | ||||||||||||
Inventories | 864.4 | 1,068.3 | ||||||||||||
Prepaid expenses and other current assets | 125.9 | 109.6 | ||||||||||||
Total current assets | 3,062.7 | 3,281.1 | ||||||||||||
Property and equipment, net | 756.0 | 577.4 | ||||||||||||
Goodwill | 11,586.9 | 11,586.9 | ||||||||||||
Acquired intangible assets, net | 4,004.1 | 5,102.0 | ||||||||||||
Deferred tax assets | 311.9 | 465.9 | ||||||||||||
Other non-current assets | 1,506.9 | 1,508.8 | ||||||||||||
Total assets | $ | 21,228.5 | $ | 22,522.1 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 411.3 | $ | 465.8 | ||||||||||
Accrued liabilities | 1,032.9 | 1,092.0 | ||||||||||||
Accrued employee compensation | 262.7 | 244.5 | ||||||||||||
Short-term debt | 107.3 | 584.4 | ||||||||||||
Total current liabilities | 1,814.2 | 2,386.7 | ||||||||||||
Long-term debt | 4,058.6 | 3,907.7 | ||||||||||||
Other non-current liabilities | 524.3 | 590.5 | ||||||||||||
Total liabilities | 6,397.1 | 6,884.9 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 1.7 | 1.7 | ||||||||||||
Additional paid-in capital | 14,845.3 | 14,512.0 | ||||||||||||
Accumulated other comprehensive income | 1.1 | — | ||||||||||||
Retained earnings (Accumulated deficit) | (16.7) | 1,123.5 | ||||||||||||
Total stockholders’ equity | 14,831.4 | 15,637.2 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 21,228.5 | $ | 22,522.1 |
Marvell Technology, Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | February 3, 2024 | January 28, 2023 | |||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||
Net loss | $ | (392.7) | $ | (15.4) | $ | (933.4) | $ | (163.5) | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 73.8 | 77.9 | 299.8 | 304.9 | ||||||||||||||||||||||
Stock-based compensation | 155.3 | 130.7 | 609.8 | 552.4 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 286.3 | 273.2 | 1,097.9 | 1,087.4 | ||||||||||||||||||||||
Amortization of inventory fair value adjustment associated with acquisitions | — | 12.7 | — | 38.7 | ||||||||||||||||||||||
Amortization of deferred debt issuance costs and debt discounts | 2.1 | 2.6 | 10.7 | 10.3 | ||||||||||||||||||||||
Restructuring related impairment charges | 0.7 | 0.7 | 32.9 | 5.6 | ||||||||||||||||||||||
Deferred income taxes | 434.5 | (3.2) | 150.8 | 50.4 | ||||||||||||||||||||||
Other expense, net | 12.9 | 6.5 | 44.2 | 52.4 | ||||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable | 93.0 | 198.8 | 70.6 | (142.7) | ||||||||||||||||||||||
Prepaid expenses and other assets | (107.5) | (98.0) | (93.1) | (480.4) | ||||||||||||||||||||||
Inventories | 78.8 | (122.5) | 201.9 | (385.9) | ||||||||||||||||||||||
Accounts payable | (61.6) | (53.9) | (149.1) | (87.8) | ||||||||||||||||||||||
Accrued employee compensation | 17.6 | (3.8) | 18.3 | 2.5 | ||||||||||||||||||||||
Accrued liabilities and other non-current liabilities | (46.6) | (54.8) | 9.2 | 444.5 | ||||||||||||||||||||||
Net cash provided by operating activities | 546.6 | 351.5 | 1,370.5 | 1,288.8 | ||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Purchases of technology licenses | (10.6) | (2.0) | (13.9) | (11.1) | ||||||||||||||||||||||
Purchases of property and equipment | (71.0) | (54.0) | (336.3) | (206.2) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (9.3) | — | (112.3) | ||||||||||||||||||||||
Other, net | (0.1) | 1.1 | (0.3) | 1.2 | ||||||||||||||||||||||
Net cash used in investing activities | (81.7) | (64.2) | (350.5) | (328.4) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Repurchases of common stock | (100.0) | — | (150.0) | (115.0) | ||||||||||||||||||||||
Proceeds from employee stock plans | 38.1 | 38.8 | 99.2 | 91.3 | ||||||||||||||||||||||
Tax withholding paid on behalf of employees for net share settlement | (55.0) | (26.4) | (223.7) | (227.6) | ||||||||||||||||||||||
Dividend payments to stockholders | (51.9) | (51.3) | (206.8) | (204.4) | ||||||||||||||||||||||
Payments on technology license obligations | (40.1) | (38.9) | (150.3) | (142.5) | ||||||||||||||||||||||
Proceeds from borrowings | — | — | 1,295.3 | 200.0 | ||||||||||||||||||||||
Principal payments of debt | (21.9) | (21.8) | (1,622.5) | (265.6) | ||||||||||||||||||||||
Other, net | (8.9) | (0.1) | (21.4) | 0.9 | ||||||||||||||||||||||
Net cash used in financing activities | (239.7) | (99.7) | (980.2) | (662.9) | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 225.2 | 187.6 | 39.8 | 297.5 | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 725.6 | 723.4 | 911.0 | 613.5 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 950.8 | $ | 911.0 | $ | 950.8 | $ | 911.0 |
Marvell Technology, Inc. | ||||||||||||||||||||||||||||||||
Reconciliations from GAAP to Non-GAAP (Unaudited) | ||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
February 3, 2024 | October 28, 2023 | January 28, 2023 | February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||
GAAP gross profit | $ | 664.1 | $ | 551.2 | $ | 673.3 | $ | 2,293.6 | $ | 2,987.5 | ||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Stock-based compensation | 10.4 | 15.7 | 9.5 | 49.1 | 43.3 | |||||||||||||||||||||||||||
Amortization of acquired intangible assets | 194.3 | 184.3 | 185.4 | 748.1 | 725.6 | |||||||||||||||||||||||||||
Other cost of goods sold (a) | 42.3 | 108.0 | 32.4 | 280.1 | 61.0 | |||||||||||||||||||||||||||
Total special items | 247.0 | 308.0 | 227.3 | 1,077.3 | 829.9 | |||||||||||||||||||||||||||
Non-GAAP gross profit | $ | 911.1 | $ | 859.2 | $ | 900.6 | $ | 3,370.9 | $ | 3,817.4 | ||||||||||||||||||||||
GAAP gross margin | 46.6 | % | 38.9 | % | 47.5 | % | 41.6 | % | 50.5 | % | ||||||||||||||||||||||
Non-GAAP gross margin | 63.9 | % | 60.6 | % | 63.5 | % | 61.2 | % | 64.5 | % | ||||||||||||||||||||||
Total GAAP operating expenses | $ | 697.4 | $ | 697.5 | $ | 650.0 | $ | 2,861.3 | $ | 2,749.5 | ||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Stock-based compensation | (144.9) | (142.8) | (121.2) | (560.7) | (509.1) | |||||||||||||||||||||||||||
Restructuring related charges (b) | (25.8) | (3.4) | (3.5) | (131.1) | (21.6) | |||||||||||||||||||||||||||
Amortization of acquired intangible assets | (92.0) | (85.5) | (87.8) | (349.8) | (361.8) | |||||||||||||||||||||||||||
Legal settlement (c) | — | — | — | — | (100.0) | |||||||||||||||||||||||||||
Other (d) | (6.2) | (28.7) | (6.8) | (47.5) | (39.0) | |||||||||||||||||||||||||||
Total special items | (268.9) | (260.4) | (219.3) | (1,089.1) | (1,031.5) | |||||||||||||||||||||||||||
Total non-GAAP operating expenses | $ | 428.5 | $ | 437.1 | $ | 430.7 | $ | 1,772.2 | $ | 1,718.0 | ||||||||||||||||||||||
GAAP operating margin | (2.3) | % | (10.3) | % | 1.6 | % | (10.3) | % | 4.0 | % | ||||||||||||||||||||||
Other cost of goods sold (a) | 3.0 | % | 7.6 | % | 2.3 | % | 5.1 | % | 1.0 | % | ||||||||||||||||||||||
Stock-based compensation | 10.9 | % | 11.2 | % | 9.2 | % | 11.1 | % | 9.3 | % | ||||||||||||||||||||||
Restructuring related charges (b) | 1.8 | % | 0.2 | % | 0.2 | % | 2.4 | % | 0.4 | % | ||||||||||||||||||||||
Amortization of acquired intangible assets | 20.1 | % | 19.0 | % | 19.3 | % | 19.9 | % | 18.4 | % | ||||||||||||||||||||||
Legal settlement (c) | — | % | — | % | — | % | — | % | 1.7 | % | ||||||||||||||||||||||
Other (d) | 0.3 | % | 2.1 | % | 0.5 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||||
Non-GAAP operating margin | 33.8 | % | 29.8 | % | 33.1 | % | 29.0 | % | 35.5 | % | ||||||||||||||||||||||
Marvell Technology, Inc. | ||||||||||||||||||||||||||||||||
Reconciliations from GAAP to Non-GAAP (Unaudited) | ||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
February 3, 2024 | October 28, 2023 | January 28, 2023 | February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||
GAAP interest and other loss, net | $ | (54.0) | $ | (41.2) | $ | (46.5) | $ | (191.0) | $ | (152.9) | ||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Other (d) | (1.3) | (4.2) | (1.8) | (13.9) | (8.0) | |||||||||||||||||||||||||||
Total special items | (1.3) | (4.2) | (1.8) | (13.9) | (8.0) | |||||||||||||||||||||||||||
Total non-GAAP interest and other loss, net | $ | (55.3) | $ | (45.4) | $ | (48.3) | $ | (204.9) | $ | (160.9) | ||||||||||||||||||||||
GAAP net loss | $ | (392.7) | $ | (164.3) | $ | (15.4) | $ | (933.4) | $ | (163.5) | ||||||||||||||||||||||
Special items: | ||||||||||||||||||||||||||||||||
Other cost of goods sold (a) | 42.3 | 108.0 | 32.4 | 280.1 | 61.0 | |||||||||||||||||||||||||||
Stock-based compensation | 155.3 | 158.5 | 130.7 | 609.8 | 552.4 | |||||||||||||||||||||||||||
Restructuring related charges (b) | 25.8 | 3.4 | 3.5 | 131.1 | 21.6 | |||||||||||||||||||||||||||
Amortization of acquired intangible assets | 286.3 | 269.8 | 273.2 | 1,097.9 | 1,087.4 | |||||||||||||||||||||||||||
Legal settlement (c) | — | — | — | — | 100.0 | |||||||||||||||||||||||||||
Other (d) | 4.9 | 24.5 | 5.0 | 33.6 | 31.0 | |||||||||||||||||||||||||||
Pre-tax total special items | 514.6 | 564.2 | 444.8 | 2,152.5 | 1,853.4 | |||||||||||||||||||||||||||
Other income tax effects and adjustments (e) | 279.7 | (45.8) | (33.1) | 91.0 | 132.3 | |||||||||||||||||||||||||||
Non-GAAP net income | $ | 401.6 | $ | 354.1 | $ | 396.3 | $ | 1,310.1 | $ | 1,822.2 | ||||||||||||||||||||||
GAAP weighted-average shares — basic | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||||||||||||||||||||||||
GAAP weighted-average shares — diluted | 864.7 | 862.6 | 854.1 | 861.3 | 851.4 | |||||||||||||||||||||||||||
Non-GAAP weighted-average shares — diluted (f) | 873.9 | 872.2 | 859.0 | 869.3 | 859.2 | |||||||||||||||||||||||||||
GAAP diluted net loss per share | $ | (0.45) | $ | (0.19) | $ | (0.02) | $ | (1.08) | $ | (0.19) | ||||||||||||||||||||||
Non-GAAP diluted net income per share | $ | 0.46 | $ | 0.41 | $ | 0.46 | $ | 1.51 | $ | 2.12 |
(a) | Other cost of goods sold includes charges for product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, acquisition integration related inventory costs, and amortization of acquired inventory fair value adjustments. | ||||
(b) | Restructuring and other related items include employee severance costs, asset impairment charges, facilities related charges, and other. | ||||
(c) | Relates to settlement of a contractual dispute. | ||||
(d) | Other costs included in operating expenses and other income, net include charges for an intellectual property matter, net gains on investments, and acquisition related costs. | ||||
(e) | Other income tax effects and adjustments relate to the tax provision based on a non-GAAP income tax rate of 6.0%. In the three months and year ended February 3, 2024, we excluded $289 million and $158 million, respectively, of non-recurring income tax expense relating to guidance issued by the IRS on December 22, 2023 clarifying the requirement to capitalize certain U.S. R&D costs, which became effective for us retroactively to the year ended January 28, 2023. As a result of this IRS guidance, which is intended to be part of published Treasury Regulations, we have determined that such costs are currently deductible in computing our taxable income, and no longer have to be capitalized. This discrete change in treatment reduced the amount of R&D credits we utilized to offset our taxes, which reduced the deferred tax benefits that we previously recognized for utilization of such credits because they carried a full valuation allowance. As a result of this change, we have reinstated these R&D credit carryforwards with a full valuation allowance (consistent with past practice), and reduced our income taxes payable for the years ended January 28, 2023 and February 3, 2024. In the year ended January 28, 2023, $213.6 million of non-recurring income tax expense associated with the extension of a tax incentive in Singapore was excluded from our non-GAAP income tax expense. Additionally, we excluded $18.3 million of non-recurring income tax expense associated with the claw back of incentive benefits that resulted from our election to avail ourselves of a preferential temporary tax provision in Israel. | ||||
(f) | Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. |
Marvell Technology, Inc. | |||||
Outlook for the First Quarter of Fiscal Year 2025 | |||||
Reconciliations from GAAP to Non-GAAP (Unaudited) | |||||
(In millions, except per share amounts) | |||||
Outlook for Three Months Ended May 4, 2024 | |||||
GAAP net revenue | $1,150 +/- 5% | ||||
Special items: | — | ||||
Non-GAAP net revenue | $1,150 +/- 5% | ||||
GAAP gross margin | 44.5% - 47.2% | ||||
Special items: | |||||
Stock-based compensation | 0.8% | ||||
Amortization of acquired intangible assets | 15.8% | ||||
Non-GAAP gross margin | 62.0% - 63.0% | ||||
Total GAAP operating expenses | ~ $676 | ||||
Special items: | |||||
Stock-based compensation | 135 | ||||
Amortization of acquired intangible assets | 84 | ||||
Restructuring related charges | 2 | ||||
Total non-GAAP operating expenses | ~ $455 | ||||
GAAP diluted net loss per share | $(0.23) +/- $0.05 | ||||
Special items: | |||||
Stock-based compensation | 0.17 | ||||
Amortization of acquired intangible assets | 0.31 | ||||
Other income tax effects and adjustments | (0.02) | ||||
Non-GAAP diluted net income per share | $0.23 +/- $0.05 |
End market | Customer products and applications | ||||
Data center | •Cloud and on-premise Artificial intelligence (AI) systems •Cloud and on-premise ethernet switching •Cloud and on-premise network-attached storage (NAS) •Cloud and on-premise AI servers •Cloud and on-premise general-purpose servers •Cloud and on-premise storage area networks •Cloud and on-premise storage systems •Data center interconnect (DCI) | ||||
Enterprise networking | •Campus and small medium enterprise routers •Campus and small medium enterprise ethernet switches •Campus and small medium enterprise wireless access points (WAPs) •Network appliances (firewalls, and load balancers) •Workstations | ||||
Carrier infrastructure | •Broadband access systems •Ethernet switches •Optical transport systems •Routers •Wireless radio access network (RAN) systems | ||||
Consumer | •Broadband gateways and routers •Gaming consoles •Home data storage •Home wireless access points (WAPs) •Personal Computers (PCs) •Printers •Set-top boxes | ||||
Automotive/industrial | •Advanced driver-assistance systems (ADAS) •Autonomous vehicles (AV) •In-vehicle networking •Industrial ethernet switches •United States military and government solutions •Video surveillance |
Three Months Ended | % Change | ||||||||||||||||||||||||||||
Revenue by End Market (In millions) | February 3, 2024 | October 28, 2023 | January 28, 2023 | YoY | QoQ | ||||||||||||||||||||||||
Data center | $ | 765.3 | $ | 555.8 | $ | 497.6 | 54 | % | 38 | % | |||||||||||||||||||
Enterprise networking | 265.0 | 271.1 | 366.3 | (28) | % | (2) | % | ||||||||||||||||||||||
Carrier infrastructure | 170.0 | 316.5 | 275.4 | (38) | % | (46) | % | ||||||||||||||||||||||
Consumer | 143.9 | 168.7 | 179.8 | (20) | % | (15) | % | ||||||||||||||||||||||
Automotive/industrial | 82.3 | 106.5 | 99.4 | (17) | % | (23) | % | ||||||||||||||||||||||
Total Net Revenue | $ | 1,426.5 | $ | 1,418.6 | $ | 1,418.5 | 1 | % | 1 | % |
Three Months Ended | |||||||||||||||||||||||||||||
Revenue by End Market % of Total | February 3, 2024 | October 28, 2023 | January 28, 2023 | ||||||||||||||||||||||||||
Data center | 54 | % | 39 | % | 35 | % | |||||||||||||||||||||||
Enterprise networking | 19 | % | 19 | % | 26 | % | |||||||||||||||||||||||
Carrier infrastructure | 12 | % | 22 | % | 19 | % | |||||||||||||||||||||||
Consumer | 10 | % | 12 | % | 13 | % | |||||||||||||||||||||||
Automotive/industrial | 5 | % | 8 | % | 7 | % | |||||||||||||||||||||||
Total Net Revenue | 100 | % | 100 | % | 100 | % |
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