GlobeNewswire

Zoom Video Communications Reports Financial Results for the Third Quarter of Fiscal Year 2024

  • Third quarter total revenue of $1,136.7 million, up 3.2% year over year as reported and 3.5% in constant currency
  • Third quarter Enterprise revenue of $660.6 million, up 7.5% year over year
  • Third quarter GAAP operating margin of 14.9% and non-GAAP operating margin of 39.3%
  • Third quarter operating cash flow of $493.2 million, up 67.0% year over year
  • Number of customers contributing more than $100,000 in trailing 12 months revenue up 13.5% year over year

SAN JOSE, Calif., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Zoom Video Communications, Inc. (NASDAQ: ZM), today announced financial results for the third fiscal quarter ended October 31, 2023.

“In Q3, revenue came in ahead of guidance as we bolstered Zoom’s all-in-one intelligent collaboration platform with advanced new capabilities like Zoom AI Companion and continued to evolve our customer and employee engagement solutions. We are also pleased with our Online business where we drove higher retention and saw usage of our new AI capabilities, enhancing the value of our platform,” said Eric S. Yuan, Zoom founder, and CEO. “Our strong performance across a number of metrics has enabled us to increase our full year outlook for revenue and non-GAAP profitability, as well as for free cash flow, which we now expect to be in the range of $1.34 billion to $1.35 billion, up approximately 13% year over year.”

Third Quarter Fiscal Year 2024 Financial Highlights:

  • Revenue: Total revenue for the third quarter was $1,136.7 million, up 3.2% year over year. Adjusting for foreign currency impact, revenue in constant currency was $1,140.7 million, up 3.5% year over year. Enterprise revenue was $660.6 million, up 7.5% year over year, and Online revenue was $476.1 million, down 2.4% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the third quarter was $169.4 million, compared to GAAP income from operations of $66.5 million in the third quarter of fiscal year 2023. After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net, non-GAAP income from operations for the third quarter was $447.1 million, compared to non-GAAP income from operations of $380.9 million in the third quarter of fiscal year 2023. For the third quarter, GAAP operating margin was 14.9% and non-GAAP operating margin was 39.3%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the third quarter was $141.2 million, or $0.45 per share, compared to GAAP net income attributable to common stockholders of $48.4 million, or $0.16 per share in the third quarter of fiscal year 2023.

    Non-GAAP net income for the third quarter was $401.2 million, after adjusting for stock-based compensation expense and related payroll taxes, losses (gains) on strategic investments, net, acquisition-related expenses, restructuring expenses, litigation settlements, net, undistributed earnings attributable to participating securities, and the tax effects on non-GAAP adjustments. Non-GAAP net income per share was $1.29. In the third quarter of fiscal year 2023, non-GAAP net income was $323.2 million, or $1.07 per share.
  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of October 31, 2023 was $6.5 billion.
  • Cash Flow: Net cash provided by operating activities was $493.2 million for the third quarter, compared to $295.3 million in the third quarter of fiscal year 2023, up 67.0% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $453.2 million, compared to $272.6 million in the third quarter of fiscal year 2023, up 66.2% year over year.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the third quarter of fiscal year 2024, Zoom had:

  • Approximately 219,700 Enterprise customers, up 5.0% from the same quarter last fiscal year.
  • A trailing 12-month net dollar expansion rate for Enterprise customers of 105%.
  • 3,731 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 13.5% from the same quarter last fiscal year.
  • Online average monthly churn of 3.0% for the third quarter, down 10 bps from the same quarter last fiscal year.
  • The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 73.2%, up 250 bps year over year.

Financial Outlook: Zoom is providing the following guidance for its fourth quarter of fiscal year 2024 and its full fiscal year 2024.

  • Fourth Quarter Fiscal Year 2024: Total revenue is expected to be between $1.125 billion and $1.130 billion and revenue in constant currency is expected to be between $1.129 billion and $1.134 billion. Non-GAAP income from operations is expected to be between $409.0 million and $414.0 million. Non-GAAP diluted EPS is expected to be between $1.13 and $1.15 with approximately 312 million weighted average shares outstanding.
  • Full Fiscal Year 2024: Total revenue is expected to be between $4.506 billion and $4.511 billion and revenue in constant currency is expected to be between $4.542 billion and $4.547 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.740 billion and $1.745 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $4.93 and $4.95 with approximately 308 million weighted average shares outstanding.

Additional information on Zoom's reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom's results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

Zoom Video Earnings Call

Zoom will host a Zoom Video Webinar for investors on November 20, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom

Zoom is an all-in-one intelligent collaboration platform that makes connecting easier, more immersive, and more dynamic for businesses and individuals. Zoom technology puts people at the center, enabling meaningful connections, facilitating modern collaboration, and driving human innovation through solutions like team chat, phone, meetings, omnichannel cloud contact center, smart recordings, whiteboard, and more, in one offering. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more info at zoom.com.

Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom's financial outlook for the fourth quarter of fiscal year 2024 and full fiscal year 2024, Zoom’s market position, opportunities, and growth strategy, product initiatives, including Zoom AI Companion, and go-to-market motions and the expected benefits resulting from the same, and market trends. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, other macroeconomic conditions, including inflation and at the current scale of our business, on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face-to-face interactions and collaboration using Zoom, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable, market volatility, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2023. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom's operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs and severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains/losses on strategic investments, net, litigation settlements, net, undistributed earnings attributable to participating securities, and the tax effects of all non-GAAP adjustments. Zoom excludes gains/loses on strategic investments, net because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments. Zoom believes that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom’s core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom's underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

Customer Metrics

Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts. Zoom defines Enterprise customers as distinct business units who have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers' earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

Public Relations

Colleen Rodriguez
Head of Global Public Relations
press@zoom.us

Investor Relations

Tom McCallum
Head of Investor Relations
investors@zoom.us

Zoom Video Communications, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
 
  As of
 
  October 31,
2023
 January 31,
2023
 
Assets (unaudited)     
Current assets:         
Cash and cash equivalents $1,492,910  $1,086,830  
Marketable securities  5,001,507   4,325,836  
Accounts receivable, net  514,045   557,404  
Deferred contract acquisition costs, current  205,169   223,250  
Prepaid expenses and other current assets  271,128   163,092  
     Total current assets  7,484,759   6,356,412  
Deferred contract acquisition costs, noncurrent  140,518   179,991  
Property and equipment, net  291,844   252,821  
Operating lease right-of-use assets  65,065   80,906  
Strategic investments  353,022   398,992  
Goodwill  307,295   122,641  
Deferred tax assets  531,677   558,428  
Other assets, noncurrent  143,292   177,874  
Total assets $9,317,472  $8,128,065  
Liabilities and stockholders’ equity         
Current liabilities:         
Accounts payable $14,431  $14,414  
Accrued expenses and other current liabilities  441,472   457,716  
Deferred revenue, current  1,297,102   1,266,514  
      Total current liabilities  1,753,005   1,738,644  
Deferred revenue, noncurrent  18,796   41,932  
Operating lease liabilities, noncurrent  55,409   73,687  
Other liabilities, noncurrent  76,861   67,195  
Total liabilities  1,904,071   1,921,458  
          
Stockholders’ equity:         
Preferred stock       
Common stock  305   294  
Additional paid-in capital  4,949,757   4,104,880  
Accumulated other comprehensive loss  (27,109)  (50,385) 
Retained earnings  2,490,448   2,151,818  
Total stockholders’ equity  7,413,401   6,206,607  
Total liabilities and stockholders’ equity $9,317,472  $8,128,065  
 

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $132.3 million and $91.6 million as of October 31, 2023 and January 31, 2023, respectively.

Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)
 
 Three Months Ended October 31, Nine Months Ended October 31,
 
 2023 2022 2023 2022 
Revenue$1,136,727  $1,101,899  $3,380,767  $3,275,157  
Cost of revenue 270,988   270,665   801,494   806,097  
Gross profit 865,739   831,234   2,579,273   2,469,060  
Operating expenses:                
Research and development 196,832   195,946   597,905   512,801  
Sales and marketing 374,378   427,747   1,170,255   1,191,004  
General and administrative 125,140   141,033   454,364   389,939  
     Total operating expenses 696,350   764,726   2,222,524   2,093,744  
Income from operations 169,389   66,508   356,749   375,316  
(Losses) gains on strategic investments, net (25,471)  (6,898)  8,474   (78,014) 
Other income (expense), net 41,908   (4,861)  114,206   (8,482) 
Income before provision for income taxes 185,826   54,749   479,429   288,820  
Provision for income taxes 44,614   6,396   140,799   81,059  
Net income 141,212   48,353   338,630   207,761  
Undistributed earnings attributable to participating
securities
          (17) 
Net income attributable to common stockholders$141,212  $48,353  $338,630  $207,744  
                 
Net income per share attributable to common
stockholders:
                
Basic$0.47  $0.16  $1.13  $0.70  
Diluted$0.45  $0.16  $1.10  $0.68  
Weighted-average shares used in computing net income
per share attributable to common stockholders:
                
Basic 302,493,182   295,537,026   299,037,999   297,765,848  
Diluted 310,389,905   301,986,341   306,852,190   305,273,812  
 


Zoom Video Communications, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
 
 Three Months Ended October 31, Nine Months Ended October 31,
 
 2023 2022 2023 2022 
Cash flows from operating activities:                
Net income$141,212  $48,353  $338,630  $207,761  
Adjustments to reconcile net income to net cash provided by
operating activities:
                
Stock-based compensation expense 258,934   302,815   802,788   767,693  
Amortization of deferred contract acquisition costs 65,164   67,124   203,908   186,626  
Depreciation and amortization 26,977   21,766   77,179   57,921  
Deferred income taxes 6,081      20,056     
Losses (gains) on strategic investments, net 25,471   6,898   (8,474)  78,014  
Provision for accounts receivable allowances 6,858   12,853   29,062   39,580  
Unrealized foreign exchange losses 18,598   21,412   23,281   40,884  
Non-cash operating lease cost 5,184   5,882   15,841   16,949  
Amortization of discount/premium on marketable
securities
 (15,293)  (665)  (33,307)  4,156  
Other (1,836)  1,211   (5,251)  1,044  
Changes in operating assets and liabilities:                
     Accounts receivable 58,362   (112,122)  71,993   (238,020) 
     Prepaid expenses and other assets (40,567)  (27,102)  (124,455)  (163,721) 
     Deferred contract acquisition costs (53,427)  (60,817)  (146,354)  (217,822) 
     Accounts payable (7,257)  8,120   (2,258)  24,561  
     Accrued expenses and other liabilities 58,936   52,129   (15)  116,391  
     Deferred revenue (54,414)  (46,225)  1,918   174,325  
     Operating lease liabilities, net (5,830)  (6,318)  (16,931)  (17,668) 
             Net cash provided by operating activities 493,153   295,314   1,247,611   1,078,674  
Cash flows from investing activities:                
Purchases of marketable securities (1,137,431)  (350,196)  (2,963,597)  (1,927,049) 
Maturities of marketable securities 814,958   831,199   2,358,078   2,137,875  
Purchases of property and equipment (39,987)  (22,698)  (108,413)  (75,568) 
Purchases of strategic investments (1,800)  (3,500)  (52,800)  (65,050) 
Proceeds from strategic investments    300   107,244   300  
Cash paid for acquisition, net of cash acquired       (204,918)  (120,553) 
Purchases of intangible assets    (7,357)     (10,568) 
             Net cash (used in) provided by investing activities (364,260)  447,748   (864,406)  (60,613) 
Cash flows from financing activities:                
Proceeds from exercise of stock options 650   1,750   8,336   6,815  
Proceeds from issuance of common stock for employee
stock purchase plan
       32,513   34,605  
Proceeds from employee equity transactions (remitted)
to be remitted to employees and tax authorities, net
 (6,156)  3,216   (4,897)  671  
Cash paid for repurchases of common stock    (564,832)     (990,778) 
             Net cash (used in) provided by financing activities (5,506)  (559,866)  35,952   (948,687) 
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
 (17,492)  (20,528)  (21,273)  (36,639) 
Net increase in cash, cash equivalents, and restricted cash 105,895   162,668   397,884   32,735  
Cash, cash equivalents, and restricted cash – beginning of
period
 1,392,232   943,420   1,100,243   1,073,353  
Cash, cash equivalents, and restricted cash – end of period$1,498,127  $1,106,088  $1,498,127  $1,106,088  
 


Zoom Video Communications, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited, in thousands, except share and per share amounts)
 
 Three Months Ended October 31, Nine Months Ended October 31,
 
 2023 2022 2023 2022 
GAAP income from operations$169,389  $66,508  $356,749  $375,316  
Add:                
Stock-based compensation expense and related payroll
taxes
 266,090   305,258   813,458   780,712  
Litigation settlements, net       52,500   (4,226) 
Acquisition-related expenses 11,660   9,119   35,439   22,450  
Restructuring expenses       72,993     
Non-GAAP income from operations$447,139  $380,885  $1,331,139  $1,174,252  
GAAP operating margin 14.9%  6.0%  10.6%  11.5% 
Non-GAAP operating margin 39.3%  34.6%  39.4%  35.9% 
                 
GAAP net income attributable to common stockholders$141,212  $48,353  $338,630  $207,744  
Add:                
Stock-based compensation expense and related payroll
taxes
 266,090   305,258   813,458   780,712  
Litigation settlements, net       52,500   (4,226) 
Losses (gains) on strategic investments, net 25,471   6,898   (8,474)  78,014  
Acquisition-related expenses 11,660   9,119   35,439   22,450  
Restructuring expenses       72,993     
Undistributed earnings attributable to participating
securities
          17  
Tax effects on non-GAAP adjustments (43,197)  (46,442)  (140,494)  (122,254) 
Non-GAAP net income$401,236  $323,186  $1,164,052  $962,457  
                 
Net income per share - basic and diluted:                
GAAP net income per share - basic$0.47  $0.16  $1.13  $0.70  
Non-GAAP net income per share - basic$1.33  $1.09  $3.89  $3.23  
GAAP net income per share - diluted$0.45  $0.16  $1.10  $0.68  
Non-GAAP net income per share - diluted$1.29  $1.07  $3.79  $3.15  
                 
GAAP and non-GAAP weighted-average shares used to
compute net income per share - basic
 302,493,182   295,537,026   299,037,999   297,765,848  
GAAP and non-GAAP weighted-average shares used to
compute net income per share - diluted
 310,389,905   301,986,341   306,852,190   305,273,812  
                 
Net cash provided by operating activities$493,153  $295,314  $1,247,611  $1,078,674  
Less: Purchases of property and equipment (39,987)  (22,698)  (108,413)  (75,568) 
Free cash flow (non-GAAP)$453,166  $272,616  $1,139,198  $1,003,106  
Net cash (used in) provided by investing activities$(364,260) $447,748  $(864,406) $(60,613) 
Net cash (used in) provided by financing activities$(5,506) $(559,866) $35,952  $(948,687) 
Operating cash flow margin (GAAP) 43.4%  26.8%  36.9%  32.9% 
Free cash flow margin (non-GAAP) 39.9%  24.7%  33.7%  30.6% 
                 
 Three Months Ended October 31, Nine Months Ended October 31,
 
 2023 2023 
 Revenue YoY Revenue
Growth (%)
 Revenue YoY Revenue
Growth (%)

 
GAAP revenue$1,136,727   3.2% $3,380,767   3.2% 
Add: Constant currency impact 3,935   0.3%  32,591   1.0% 
Revenue in constant currency (non-GAAP) 1,140,662   3.5%  3,413,358   4.2% 
 

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