International Rectifier Reports First Quarter Results

  International Rectifier Reports First Quarter Results

Business Wire

EL SEGUNDO, Calif. -- November 01, 2012

International Rectifier Corporation (NYSE:IRF) today announced financial
results for the first quarter (ended September 23, 2012) of its fiscal year
2013. Revenue was $252.5 million, a 6.4% decrease from $269.7 million in the
prior quarter and a 16.6% decrease from $302.7 million in the prior year
quarter. GAAP net loss for the first quarter was $28.8 million, or $0.42 per
fully diluted share compared with GAAP net loss of $68.2 million, or $0.99 per
fully diluted share, in the prior quarter and GAAP net income of $22.0
million, or $0.31 per fully diluted share in the prior year quarter.

“Though the quarter came in better than our guidance, industry conditions
remain challenging,” stated Oleg Khaykin, President and Chief Executive
Officer of International Rectifier. “While the high performance computing and
server end markets were strong, the increase was offset by lower demand in our
other major end markets, particularly appliances and industrial goods. During
the quarter, we managed to reduce our R&D and SG&A expenses to $80.7 million,
in- line with our projections as we took actions to reduce our cost structure.
In addition, we lowered our overall utilization level and reduced our
inventory by $11.2 million dollars.”

GAAP gross margin for the first quarter was 27.9% compared with 25.9% in the
prior quarter and 37.9% in the prior year quarter. GAAP operating loss was
$20.8 million compared with an operating loss of $87.7 million in the prior
quarter and operating income of $30.2 million in the prior year quarter.

Cash, cash equivalents and marketable investments totaled $367.2 million at
the end of the first quarter, including restricted cash of $1.6 million.

Cash provided by operating activities for the quarter was $6.5 million.

Non-GAAP Results

The non-GAAP results the Company provides exclude the effects of accelerated
depreciation, asset impairment and inventory write-offs associated with our El
Segundo fab closure, severance payments, impairment of goodwill, amortization
of intangibles, the associated net tax effects of these items, and discrete
tax provisions and benefits. The Company excludes any tax provisions
(benefits) that are not directly related to ongoing operations and which are
either isolated or cannot be expected to occur again with any regularity or
predictability.

A reconciliation of these non-GAAP measures to the Company’s reported net
income (loss), gross margin and operating income (loss) results in accordance
with U.S. GAAP are set forth in the attached schedules below and on our
web-site at www.investor.irf.com.

On this basis, non-GAAP net loss for the first quarter was $13.9 million, or
$0.20 per fully diluted share compared with non-GAAP net loss of $10.5
million, or $0.15 per fully diluted share in the prior quarter and non-GAAP
net income of $25.4 million, or $0.36 per fully diluted share in the prior
year quarter.

Non-GAAP gross margin for the first quarter was 28.3% compared with non-GAAP
gross margin of 27.5% in the prior quarter and non-GAAP gross margin of 37.9%
in the prior year quarter. Non-GAAP operating loss for the first quarter was
$9.3 million compared with non-GAAP operating loss of $10.4 million in the
prior quarter and non-GAAP operating income of $32.8 million in the prior year
quarter.

Operational Restructuring Activities

During the September quarter the Company initiated two major manufacturing
footprint restructuring measures aimed at reducing the Company’s fixed cost.

The first is the closure of the Company’s El Segundo, California fabrication
facility, which remains on schedule. The Company expects to complete the
closure of this facility by the end of March, 2013. This action is expected to
save approximately $10 million per year when completed.

The second measure is the resizing of the Company’s Newport, Wales fabrication
facility, which is expected to be implemented in two phases and save a total
of $16 million per year when completed. The first phase is expected to be
completed by the end of the June quarter in 2013 resulting in annualized
savings of approximately $5 million. The remainder of the Company’s six-inch
fabrication facility is expected to fully close by the middle of calendar year
2015, resulting in additional annualized savings of approximately $11 million.

“Given the continued weak demand in our end markets and macroeconomic
uncertainty, we have initiated additional measures to reduce our SG&A and R&D
expenses,” said Mr. Khaykin. “We expect these actions will further reduce our
quarterly SG&A and R&D expenses to $75 million by the June quarter of 2013.
When compared to the run rate exiting our 2012 fiscal year, we now expect to
save approximately $40 million in SG&A and R&D expenses on an annualized basis
when our actions are completed.”

December Quarter Outlook

Mr. Khaykin noted: “Though customer inventory levels appear to be at
relatively reasonable levels, demand continues to remain weak and orders have
not shown signs of improvement through the first part of the quarter. As such,
we currently expect December quarter revenue to range between $215 million and
$230 million. Gross margin is expected to be between 22% and 23% as a result
of low factory utilization and revenue mix.

“We remain optimistic about our medium-term growth prospects and expect that
our operational restructuring activities will help IR’s return to
profitability and increase future operating leverage,” concluded Mr. Khaykin.

The following table outlines International Rectifier’s current forward looking
December quarter outlook (on a GAAP basis unless otherwise indicated):

                                                     
Revenue                                                   $215 to $230 million
Gross margin                                              22% to 23%
Research and development expense                          $32 to $33 million
Sales, general and administrative expense                 $46 million
Asset impairment, restructuring and other charges         $2 to $3 million
Amortization of acquisition related intangibles           $1.7 million
Other expense, net                                        $1.5 million

GAAP tax $2 to $3 million benefit / Non-GAAP tax about $2 million expense*
*Non GAAP Tax excludes an estimated $4-$5 million one-time release of tax
reserves

Segment Table Information/Customer Segments

The business segment tables included with this release for the Company’s
fiscal quarters ended September 23, 2012, June 24, 2012 and September 25,
2011, respectively, reconcile revenue and gross margin for the Company’s
segments to the consolidated total amounts of such measures for the Company.

Annual Report on Form 10-Q

The Company expects to file its Annual Report on Form 10-Q for the first
quarter of the 2013 fiscal year with the Securities and Exchange Commission on
Friday, November 2, 2012. This financial report will be available for viewing
and download at http://investor.irf.com.

NOTE: A conference call will begin today at 2:00 p.m. Pacific time. CEO Oleg
Khaykin and CFO Ilan Daskal will discuss the Company’s September quarter
results and December quarter outlook. All participants, both in the U.S. and
international, may join the call by dialing 706-679-3195 by 1:55 p.m. Pacific
time. In order to join this conference call, participants will be required to
provide the Conference Passcode: “International Rectifier”. Participants may
also listen over the Internet at http://investor.irf.com. To listen to the
live call, please go to the web site at least 15 minutes early to register,
download, and install any necessary audio software.

A taped replay of this call will be available from approximately 6:00 p.m.
Pacific time on Thursday, November 1 through Thursday, November 8, 2012. To
listen to the replay by phone, call 855-859-2056 or 404-537-3406 for
international callers and enter reservation number 40276966. To listen to the
replay over the Internet, please go to http://investor.irf.com. The live call
and replay will also be available on www.streetevents.com.

About International Rectifier

International Rectifier Corporation (NYSE:IRF) is a world leader in power
management technology. IR’s analog, digital, and mixed signal ICs, and other
advanced power management products, enable high performance computing and save
energy in a wide variety of business and consumer applications. Leading
manufacturers of computers, energy efficient appliances, lighting,
automobiles, satellites, aircraft, and defense systems rely on IR’s power
management solutions to power their next generation products. For more
information, go to www.irf.com.

Forward-Looking Statements:

This document contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements relate to
expectations concerning matters that (a) are not historical facts, (b) predict
or forecast future events or results, or (c) embody assumptions that may prove
to have been inaccurate. These forward-looking statements involve risks,
uncertainties and assumptions. When we use words such as “believe,” “expect,”
“anticipate,” “will”, “outlook” or similar expressions, we are making
forward-looking statements. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we cannot give
readers any assurance that such expectations will prove correct. The actual
results may differ materially from those anticipated in the forward-looking
statements as a result of numerous factors, many of which are beyond our
control. Important factors that could cause actual results to differ
materially from our expectations include, but are not limited to, further
reduced demand or order cancellations arising from a decline or volatility in
general market and economic conditions; reduced margins from lower than
expected factory utilization, higher than expected costs and customer shifts
to lower margin products; changes in the timing or amount of costs associated
with, or disruptions caused by, our restructuring initiatives; our ability to
implement our restructuring initiatives as planned and achieve the anticipated
benefits, which may be affected by, among other things: customer requirements,
changes in business conditions and/or operational needs, retention of key
employees, governmental regulations, delays and increased costs; unexpected
costs or delays in implementing our plans to secure and qualify external
manufacturing capacity for our products, including the purchase and
installation of additional manufacturing equipment; the effects of longer lead
times for certain products on meeting demand and any inability by us to
satisfy or to timely satisfy customer demand; volatility or deterioration of
capital markets; the adverse impact of regulatory, investigative and legal
actions; increased competition in the highly competitive semiconductor
business that could adversely affect the prices of our products or our ability
to secure additional business; the effects of manufacturing, operational and
vendor disruptions; unexpected delays and disruptions in our supply,
manufacturing and delivery efforts due to, among other things, supply
constraints, equipment malfunction or natural disasters; delays in launching
new technology products; our ability to maintain current intellectual property
licenses and obtain new intellectual property licenses; costs arising from
pending and threatened litigation or claims; the effects of natural disasters;
and other uncertainties disclosed in the Company’s reports filed from time to
time with the Securities and Exchange Commission, including its most recent
reports on Forms 10-K and 10-Q, as filed from time to time.


INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)
                               
                                 Three Months Ended
                                 September 23,    June 24,      September 25,
                                 2012                         2011
                                                  2012
Revenues                         $  252,492       $ 269,675     $  302,741
Cost of sales                      181,951       199,871      187,903  
Gross profit                        70,541          69,804         114,838
                                                                
Selling, general and                47,295          51,284         48,991
administrative expense
Research and development            33,449          35,052         33,028
expense
Impairment of goodwill              —               69,421         —
Amortization of
acquisition-related intangible      1,680           1,718          2,615
assets
Asset impairment,
restructuring and other            8,966         —            —        
charges
Operating income (loss)             (20,849  )      (87,671 )      30,204
Other expense, net                  1,008           154            2,203
Interest income, net               (32      )     (46     )     (209     )
Income (loss) before income         (21,825  )      (87,779 )      28,210
taxes
Provision for (benefit from)       6,950         (19,593 )     6,247    
income taxes
Net income (loss)                $  (28,775  )    $ (68,186 )   $  21,963   
                                 
Net income (loss) per common     $  (0.42    )    $ (0.99   )   $  0.31     
share—basic (1)
Net income (loss) per common     $  (0.42    )    $ (0.99   )   $  0.31     
share—diluted (1)
                                                                
Average common shares              69,283        69,157       69,768   
outstanding—basic
Average common shares and
potentially dilutive               69,283        69,157       70,285   
securities outstanding—diluted

              Net income (loss) per common share is computed using the
              two-class method as required by accounting rules. We do not pay
              dividends; however, net income must be allocated to unvested
              restricted stock units (“RSUs”) on which we could pay dividend
              equivalents. The amount of net income allocated to these RSUs is
    (1)  excluded from income available to common shareholders in the
              calculation of earnings per share. This amount was $267 thousand
              for the three months ended September 25, 2011. As we were in a
              net loss for the three months ended September 23, 2012 and June
              24, 2012, we did not have any income to allocate to unvested
              RSUs on which we could pay dividend equivalents.


INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)
                                                          
                           September 23,      June 24,        September 25,
                           2012                               2011
                                              2012 (1)
ASSETS
Current assets:
Cash and cash              $  279,815         $ 305,423       $  264,539
equivalents
Restricted cash               616               595              445
Short-term investments        75,777            63,872           172,248
Trade accounts
receivable, net of            151,556           168,499          183,408
allowances
Inventories                   283,516           294,702          282,927
Current deferred tax          5,251             5,110            1,988
assets
Prepaid expenses and         34,347          29,845         34,918     
other receivables
Total current assets          830,878           868,046          940,473
Restricted cash               940               940              1,632
Long-term investments         10,048            15,054           4,815
Property, plant and           465,501           461,115          459,061
equipment, net
Goodwill                      52,149            52,149           121,570
Acquisition-related           26,896            28,576           34,330
intangible assets, net
Long-term deferred tax        38,118            40,850           25,118
assets
Other assets                 62,393          65,093         55,519     
Total assets               $  1,486,923      $ 1,531,823    $  1,642,518  
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable           $  66,342          $ 88,726        $  102,509
Accrued income taxes          —                 750              11,714
Accrued salaries, wages       44,008            40,403           40,558
and commissions
Current deferred tax          —                 —                2
liabilities
Other accrued expenses       75,745          83,164         100,774    
Total current                 186,095           213,043          255,557
liabilities
Long-term deferred tax        7,692             6,653            3,845
liabilities
Other long-term              37,343          35,800         35,662     
liabilities
Total liabilities            231,130         255,496        295,064    
Commitments and
contingencies
Stockholders’ equity:
Common shares                 75,322            75,125           74,708
Capital contributed in        1,042,962         1,037,736        1,023,632
excess of par value
Treasury stock, at cost       (113,175   )      (107,965  )      (104,821   )
Retained earnings             261,910           290,685          367,698
Accumulated other            (11,226    )     (19,254   )     (13,763    )
comprehensive loss
Total stockholders’          1,255,793       1,276,327      1,347,454  
equity
Total liabilities and      $  1,486,923      $ 1,531,823    $  1,642,518  
stockholders’ equity

(1) Amounts derived from the audited financial statements at June 24, 2012.

                         
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
                           
                           Three Months Ended
                           September 23,       June 24, 2012    September 25,
                           2012 (Unaudited)   (Unaudited)     2011
                                                                (Unaudited)
Cash flows from
operating activities:
Net income (loss)          $   (28,775   )     $  (68,186  )    $  21,963
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and               22,687             22,865           19,523
amortization
Amortization of
acquisition-related            1,680              1,718            2,615
intangible assets
Loss (gain) on disposal        (84       )        22               692
of fixed assets
Stock compensation             5,739              4,032            3,707
expense
Impairment of goodwill         —                  69,421           —
Gain on sale of                —                  (11      )       (54      )
investments
Other-than-temporary
impairment of                  —                  482              535
investments
Provision for bad debts        2                  58               1,232
Provision for inventory        5,335              7,200            4,211
write-downs
Impairment of long-lived       —                  2,530            —
assets
(Gain) loss on                 2,210              (1,050   )       (1,409   )
derivatives
Deferred income taxes          5,357              (16,346  )       1,424
Excess tax benefit from        (1        )        (34      )       (623     )
stock-based awards
Changes in operating
assets and liabilities,        (5,119    )        35,860           (39,237  )
net
Other                         (2,492    )       (245     )      2,021    
Net cash provided by          6,539            58,316         16,600   
operating activities
Cash flows from
investing activities:
Additions to property,         (21,986   )        (31,560  )       (45,245  )
plant and equipment
Proceeds from sale of
property, plant and            118                —                —
equipment
Sale of investments            —                  48,682           5,342
Maturities of                  3,000              32,684           52,025
investments
Purchase of investments        (9,979    )        (13,124  )       (36,096  )
Additions to restricted       (4        )       (165     )      (21      )
cash
Net cash used in
(provided by) investing       (28,851   )       36,517         (23,995  )
activities
Cash flows from
financing activities:
Proceeds from exercise         663                918              399
of stock options
Excess tax benefit from        1                  34               623
stock-based awards
Purchase of treasury           (5,210    )        (3,145   )       (23,576  )
stock
Net settlement of
restricted stock units        (980      )       (1,750   )      (1,802   )
for tax withholdings
Net cash used in               (5,526    )        (3,943   )       (24,356  )
financing activities
Effect of exchange rate
changes on cash and cash      2,230            (2,967   )      (2,441   )
equivalents
Net increase (decrease)
in cash and cash               (25,608   )        87,923           (34,192  )
equivalents
Cash and cash
equivalents, beginning        305,423          217,500        298,731  
of year
Cash and cash              $   279,815        $  305,423      $  264,539  
equivalents, end of year

For the three months ended September 23, 2012, June 24, 2012, and September
25, 2011, revenue and gross margin by reportable segments were as follows (in
thousands, except percentages):

              Three Months Ended
               September 23, 2012               June 24, 2012                     September 25, 2011
Business       Revenues   Percentage  Gross    Revenues   Percentage  Gross     Revenues   Percentage  Gross
Segment                    of Total     Margin               of Total     Margin                of Total     Margin
Power
management     $ 90,826    36.0    %    20.4 %   $ 103,564   38.4    %    14.0  %   $ 111,207   36.7    %    29.4  %
devices
Energy
saving           44,455    17.6         14.1       50,983    18.9         29.1        76,058    25.1         41.4
products
Automotive       28,838    11.4         10.4       31,007    11.5         21.3        28,900    9.6          31.5
products
Enterprise       37,809    15.0         38.0       33,474    12.4         31.1        35,966    11.9         40.3
power
HiRel           48,416    19.2        55.5     50,324    18.7        46.0      48,842    16.1        51.8  
Customer
segments         250,344   99.1         27.6       269,352   99.9         25.8        300,973   99.4         37.6
total
Intellectual    2,148     0.9         69.3     323       0.1         100.0     1,768     0.6         100.0 
property
Consolidated   $ 252,492   100.0   %    27.9 %   $ 269,675   100.0   %    25.9  %   $ 302,741   100.0   %    37.9  %
total
                                                                                                                   

For the three months ended September 23, 2012, June 24, 2012, and September
25, 2011, stock-based compensation were as follows (in thousands):

                                Three Months Ended
                                 September 23,                   September 25,
                                                June 24, 2012  2011
                                 2012
Selling, general and             $    3,160      $    2,109      $    2,655
administrative expense
Research and development              1,420           1,122           727
expense
Cost of sales                        1,159          801            325
Total stock-based compensation   $    5,739      $    4,032      $    3,707
expense


INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

NON-GAAP RESULTS

(In thousands, except per share and gross profit-percentage data)

Reconciliation of GAAP to Non-GAAP Gross Profit:
                              
                                Three Months Ended
                                September 23,                   September 25,
                                               June 24, 2012  2011
                                2012
GAAP Gross profit               $  70,541       $  69,804       $  114,838
                                                                
Adjustments to reconcile GAAP
to Non-GAAP gross profit:
Impairment of long-lived           —               2,530           —
assets
Accelerated depreciation           491             —               —
Inventory write-downs related     398           1,867         —        
to fab closure
Non-GAAP gross profit           $  71,430      $  74,201      $  114,838  
Non-GAAP gross                    28.3    %      27.5    %      37.9     %
profit-percentage
                                                                            

Reconciliation of GAAP to Non-GAAP Operating Income (Loss):

                             Three Months Ended
                                                   June 24,      September 25,
                              September 23, 2012               2011
                                                   2012
GAAP Operating income         $    (20,849   )     $ (87,671 )   $    30,204
(loss)
                                                                 
Adjustments to reconcile
GAAP to Non-GAAP operating
income (loss):
Impairment of long-lived           —                 2,530            —
assets
Accelerated depreciation           491               —                —
Inventory write-downs              398               1,867            —
related to fab closure
Impairment of goodwill             —                 69,421           —
Severance                          —                 1,692            —
Amortization of
acquisition-related                1,680             1,718            2,615
intangible assets
Asset impairment,
restructuring and other           8,966           —              —
charges
Non-GAAP operating income     $    (9,314    )     $ (10,443 )   $    32,819
(loss)


INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

NON-GAAP RESULTS

(In thousands, except per share and gross profit-percentage data)

Reconciliation of GAAP to Non-GAAP Net Income (Loss):
                            
                              Three Months Ended
                                                   June 24,      September 25,
                              September 23, 2012               2011
                                                   2012
GAAP Net income (loss)        $    (28,775   )     $ (68,186 )   $    21,963
                                                                 
Adjustments to reconcile
GAAP to Non-GAAP net income
(loss):
Impairment of long-lived           —                 2,530            —
assets
Accelerated depreciation           491               —                —
Inventory write-downs              398               1,867            —
related to fab closure
Impairment of goodwill             —                 69,421           —
Severance                          —                 1,692            —
Amortization of
acquisition-related                1,680             1,718            2,615
intangible assets
Asset impairment,
restructuring and other            8,966             —                —
charges
Tax (benefit) expense of
discrete items and other          3,300           (19,591 )       824
tax adjustments
Non-GAAP net income (loss)    $    (13,940   )     $ (10,549 )   $    25,402
                                                                 
GAAP net income (loss) per    $    (0.42     )     $ (0.99   )   $    0.31
common share—basic (1)
Non-GAAP adjustments per          0.22            0.84           0.05
above
Non-GAAP net income (loss)    $    (0.20     )     $ (0.15   )   $    0.36
per common share—basic (1)
                                                                 
GAAP net income (loss) per    $    (0.42     )     $ (0.99   )   $    0.31
common share—diluted (1)
Non-GAAP adjustments per          0.22            0.84           0.05
above
Non-GAAP net income (loss)
per common share—diluted      $    (0.20     )     $ (0.15   )   $    0.36
(1)
                                                                 
Average common shares             69,283          69,157         69,768
outstanding—basic
Average common shares and
potentially dilutive              69,283          69,157         70,285
securities
outstanding—diluted
                                                                      

              GAAP net income (loss) per common share is computed using the
              two-class method as required by accounting rules. We do not pay
              dividends; however, to properly calculate non-GAAP net income
              (loss) per common share, non-GAAP net income must be allocated
              to unvested restricted stock units (“RSUs”) on which we could
              pay dividend equivalents. The amount of non-GAAP net income
    (1)  allocated to these RSUs is excluded from income available to
              common shareholders in the calculation of earnings per share.
              This non-GAAP amount was $309 thousand for the three months
              ended September 25, 2011. As we were in a net loss for the three
              months ended September 23, 2012 and June 24, 2012, we did not
              have any non-GAAP income to allocate to unvested RSUs on which
              we could pay dividend equivalents.

We provide non-GAAP net income and non-GAAP net income per share amounts in
order to provide meaningful supplemental information regarding our operational
performance. These supplemental measures exclude, among other things,
accelerated depreciation, inventory write-offs related to fab closures,
severance, impairment of goodwill, charges related to the amortization of
acquisition-related intangible assets, the impact of asset impairment,
restructuring and other charges. We also exclude tax provisions (benefits)
that are not directly related to ongoing operations and which are either
isolated or cannot be expected to occur again with any regularity or
predictability in addition to tax adjustments related to non-GAAP operating
income (loss) adjustments.

We use non-GAAP measures to evaluate the performance of our core businesses
and to estimate future core performance. Since we find these measures to be
useful, we believe that investors will benefit from seeing non-GAAP measures
in addition to seeing our GAAP results. This information facilitates our
internal comparisons to our historical operating results as well as to the
operating results of our competitors.

Our management recognizes that items such as amortization of intangibles and
asset impairment, restructuring and other charges can have a material impact
on our cash flows and/or our net income. Our GAAP financial statements
including our statement of cash flows portray those effects. Although we
believe it is useful for investors to see core performance free of non-GAAP
adjustments, investors should understand that the excluded items can be
expenses and charges that impact the Company’s total cash balance. To gain a
complete picture of all effects on the Company’s profit and loss from any and
all events, management does (and investors should) consider only the GAAP
income statement and the other financial measures. The non-GAAP numbers focus
instead upon the core business of the Company, which is only a subset, albeit
an important one, of the Company’s performance, and should not be relied upon
by investors.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not
a replacement for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that our non-GAAP
information may be different (and contain different inclusions and exclusions
as compared to GAAP information) from the non-GAAP information provided by
other companies and therefore are not being provided for the purpose of
comparisons with other companies.

Contact:

International Rectifier Corporation
Investors
Chris Toth, 310-252-7731
Media
Sian Cummins, 310-252-7148
 
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