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Restructuring charges related to the Fiscal 2025 Restructuring Plan were as follows:
Read in the filing ↗ Also in 10-Q of Feb 19, 2026, 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
Changes in restructuring reserves related to the Fiscal 2025 Restructuring Plan described above were as follows:
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Changes in restructuring reserves related to the Fiscal 2025 Restructuring Plan described above for the three months ended January 25, 2026 were as follows:
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Changes in restructuring reserves related to the Fiscal 2025 Restructuring Plan described above for the six months ended April 26, 2026 were as follows:
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Changes in restructuring reserves related to the Fiscal 2025 Restructuring Plan described above for the nine months ended July 26, 2026 were as follows:
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Restructuring Charges Reserves (In millions) Balance as of October 27, 2024 $ — Restructuring charges 167 Consumption of reserves (2) Balance as of October 26, 2025 $ 165
Read in the filing ↗ Also in 10-Q of Feb 19, 2026, 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
In the first quarter of fiscal 2026, we recognized $12 million in restructuring charges, consisting primarily of severance and other employment termination benefits incurred in connection with the approved Fiscal 2025 Restructuring Plan.
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In the first six months of fiscal 2026, we recognized $12 million in restructuring charges, consisting primarily of severance and other employment termination benefits incurred in connection with the approved Fiscal 2025 Restructuring Plan.
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In the first nine months of fiscal 2026, we recognized $12 million in restructuring charges, consisting primarily of severance and other employment termination benefits incurred in connection with the approved Fiscal 2025 Restructuring Plan.
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(*) Amount related to modification of share-based awards associated with the Fiscal 2025 Restructuring Plan.
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In the fourth quarter of fiscal 2025, we approved a workforce reduction plan (Fiscal 2025 Restructuring Plan) to position us for continued growth as a more competitive and productive organization. The majority of the charges related to the Fiscal 2025 Restructuring Plan were recognized in the fourth quarter of fiscal 2025 and consist primarily of severance and other employment termination benefits to be paid in cash, and other non-cash related charges.
Read in the filing ↗ Also in 10-Q of May 21, 2026, 10-Q of Aug 20, 2026, 10-K of Dec 12, 2025, 10-K of Dec 12, 2025
The Other category includes revenues, costs of products and operating expenses from other operating segments that do not meet the requirements for a reportable segment. We do not allocate to our reportable segments charges associated with restructuring actions, such as employee severance costs and asset impairment charges, unless the restructuring actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes.
Read in the filing ↗ Also in 10-Q of May 21, 2026, 10-Q of Aug 20, 2026, 10-Q of Feb 19, 2026, 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
2026 2025 Research, development and engineering (RD&E) $928 $859 $69 Marketing and selling $222 $206 $16 General and administrative (G&A) $189 $256 $(67) Legal settlement $253 $— $253 Restructuring charges $12 $— $12
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The Corporate and Other category includes revenues and costs of product not included in our reportable segments, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs for certain management, finance, legal, human resources, and RD&E functions performed at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments charges associated with restructuring actions, such as employee severance costs and asset impairment charges, unless the restructuring actions pertain to a specific reportable segment.
Read in the filing ↗ Also in 10-Q of Aug 21, 2025
The Corporate and Other category includes revenues, costs of products and operating expenses from other operating segments that do not meet the requirements for a reportable segment. Corporate and Other also includes certain corporate function operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. In addition, we do not allocate to our reportable segments charges associated with restructuring actions, such as employee severance costs and asset impairment charges, unless the restructuring actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes. Our CODM does not consider the unallocated costs in measuring the performance of the reportable segments.
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2025 2024 Accounts Payable and Accrued Expenses Accounts payable $ 1,978 $ 1,570 Compensation and employee benefits 1,221 1,188 Warranty 346 364 Dividends payable 365 327 Income taxes payable 380 535 Operating lease liabilities, current 91 87 Restructuring reserve 165 — Other 787 749 $ 5,333 $ 4,820
Read in the filing ↗ Also in 10-Q of Feb 19, 2026, 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
Cash from operating activities for fiscal 2025 was $8.0 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset sale, share-based compensation, deferred income taxes and restructuring charges. Cash provided by operating activities in fiscal 2025 was lower primarily due to higher payments for income taxes and inventory.
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economic trends, reduced estimates of future cash flows, declines in the market price of our common stock, changes in our strategies or product portfolio, and restructuring activities. Our valuation methodology for assessing impairment requires management to make judgments and assumptions based on historical experience and projections of future operating performance. We may be required to record future charges to earnings during the period in which an impairment of goodwill or intangible assets is determined to exist.
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(In millions, except Three Months January 25, January 26, percentages) Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Non-GAAP Gross Profit GAAP reported $ 3,435 $ 3,496 gross profit Certain items associated 7 7 with acquisitio… Non-GAAP gross $ 3,442 $ 3,503 profit Non-GAAP gross 49.1 % 48.9 % margin Non-GAAP Operating Income GAAP reported $ 1,831 $ 2,175 operating income Certain items associated 11 12 with acquisitio… Acquisition integration — 3 and deal costs Legal 253 — settlement2 Restructur… 12 — charges3 Non-GAAP operating $ 2,107 $ 2,190 income Non-GAAP operating 30.0 % 30.6 % margin Non-GAAP Net Income GAAP reported $ 2,026 $ 1,185 net income Certain items associated 11 12 with acquisitio… Acquisition integration — 3 and deal costs Legal 253 — settlement2 Restructur… 12 — charges3 Realized loss (gain), dividends and 14 -9 impairments on strategic investment… net Unrealized loss (gain) on -484 106 strategic investment… net Income tax effect of -21 -10 share-based compensati… Income tax effects related to intra-enti… 31 674 intangible asset transfers5 Resolution of prior years’ income tax 40 -16 filings and other tax items Income tax effect of 17 1 non-GAAP adjustment… Non-GAAP $ 1,899 $ 1,946 net income
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These conditions make it more difficult to accurately forecast operating and financial results and make business and investment decisions. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely impact our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers. The consequences of these conditions could have an adverse effect on our business, financial condition and results of operations.
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Cash from operating activities for the six months ended April 26, 2026 was $2.5 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset sale, share-based compensation, deferred income taxes and restructuring charges. Cash provided by operating activities remained relatively flat in the first six months of fiscal 2026 compared to the same period in the prior fiscal year primarily due to lower payments for income taxes offset by higher vendor payments.
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Cash from operating activities for the three months ended January 25, 2026 was $1.7 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset sale, share-based compensation, deferred income taxes, legal settlement and restructuring charges. Cash provided by operating activities increased in the first three months of fiscal 2026 compared to the same period in the prior year primarily due to higher collections of customer receivable balances, partially offset by higher payments for income taxes and higher vendor payments.
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Cash from operating activities for the nine months ended July 26, 2026 was $5.6 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset sales, share-based compensation, deferred income taxes and restructuring charges. Cash provided by operating activities increased in the first nine months of fiscal 2026 compared to the same period in the prior fiscal year primarily due to higher net income and lower payments for income taxes, partially offset by a higher accounts receivable balance and higher vendor payments.
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Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.
Read in the filing ↗ Also in 8-K of Aug 15, 2024, 8-K of Nov 14, 2024, 8-K of Feb 13, 2025, 8-K of May 15, 2025, 8-K of Aug 14, 2025, 8-K of Nov 13, 2025, 8-K of Feb 12, 2026, 8-K of May 14, 2026, 8-K of Aug 13, 2026
Applied provides investors with certain non-GAAP adjusted financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.
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Uncertain economic and industry conditions and supply chain challenges make it more difficult to accurately forecast operating and financial results and make business and investment decisions. If we do not appropriately manage our business operations it could have a material and adverse impact on our business performance and financial condition. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely impact our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers, which can have a negative impact on our operating results.
Read in the filing ↗ Also in 10-K of Dec 13, 2024
2026 2025 (Unaudited) Revenue $ 7,012 $ 7,166 Cost of products sold 3,577 3,670 Gross profit 3,435 3,496 Operating expenses: Research, development and engineering 928 859 Marketing and selling 222 206 General and administrative 189 256 Legal settlement 253 — Restructuring charges 12 — Total operating expenses 1,604 1,321 Income from operations 1,831 2,175 Interest expense 69 64 Interest and other income (expense), net 566 8 Income before income taxes 2,328 2,119 Provision for income taxes 302 934 Net income $ 2,026 $ 1,185 Earnings per share: Basic $ 2.55 $ 1.46 Diluted $ 2.54 $ 1.45 Weighted average number of shares: Basic 793 814 Diluted 799 819
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The Corporate and Other category includes revenues and costs of products from other products, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs related to certain management, finance, legal, human resources, and research, development and engineering functions provided at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments severance, asset impairment and any associated charges related to restructuring actions, unless these actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes. Management does not consider the unallocated costs in measuring the performance of the reportable segments.
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(In millions, except per share Three Months January 25, January 26, amounts) Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Revenue $ 7,012 $ 7,166 Cost of 3,577 3,670 products sold Gross profit 3,435 3,496 Operating expenses: Research, development 928 859 and engineering Marketing and 222 206 selling General and 189 256 administrati… Legal 253 — settlement Restructuring 12 — charges Total operating 1,604 1,321 expenses Income from 1,831 2,175 operations Interest 69 64 expense Interest and other income 566 8 (expense), net Income before 2,328 2,119 income taxes Provision for 302 934 income taxes Net income $ 2,026 $ 1,185 Earnings per share: Basic $ 2.55 $ 1.46 Diluted $ 2.54 $ 1.45 Weighted average number of shares: Basic 793 814 Diluted 799 819
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The Corporate and Other category includes revenues and costs of product sold from other products, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs for certain management, finance, legal, human resource, and RD&E functions performed at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments severance, asset impairment and any associated charges related to restructuring actions, unless these actions pertain to a specific reportable segment. Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation.
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The Corporate and Other category includes revenues and costs of products not included in our reportable segments, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs related to certain management, finance, legal, human resources, and research, development and engineering functions provided at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments severance, asset impairment and any associated charges related to restructuring actions, unless these actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes. Management does not consider the unallocated costs in measuring the performance of the reportable segments.
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(In millions, except per share Three Months January 25, January 26, amounts) Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Non-GAAP Earnings Per Diluted Share GAAP reported earnings per $ 2.54 $ 1.45 diluted share Certain items associated 0.01 0.01 with acquisitions Legal 0.32 — settlement Restructuring 0.02 — charges Realized loss (gain), dividends and impairments 0.01 -0.01 on strategic investments, net Unrealized loss (gain) on strategic -0.58 0.13 investments, net Income tax effect of -0.03 -0.01 share-based compensation Income tax effects related to intra-entity 0.04 0.83 intangible asset transfers1 Resolution of prior years’ income tax 0.05 -0.02 filings and other tax items Non-GAAP earnings per $ 2.38 $ 2.38 diluted share Weighted average number of 799 819 diluted shares
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Three Months Ended (In millions, except percentages) January 25, 2026 ───────────────────────────────────────────────────────────────────────── GAAP provision for income taxes(a) $ 302 Income tax effect of share-based 21 compensation Income tax effects related to -31 intra-entity intangible asset transfers Resolutions of prior years’ income tax -40 filings and other tax items Income tax effect of non-GAAP -17 adjustments Non-GAAP provision for income taxes(b) $ 235 GAAP income before income taxes(c) $ 2,328 Certain items associated with 11 acquisitions Legal settlement 253 Restructuring charges 12 Realized loss (gain), dividends and impairments on strategic investments, 14 net Unrealized loss (gain) on strategic -484 investments, net Non-GAAP income before income taxes(d) $ 2,134 GAAP effective income tax rate(a/c) 13.0 % Non-GAAP effective income tax rate(b/d) 11.0 %
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Three Months Ended (In millions, except percentages) October 26, 2025 ───────────────────────────────────────────────────────────────────────── GAAP provision for income taxes(a) $ 370 Income tax effect of share-based 1 compensation Income tax effects related to -39 intra-entity intangible asset transfers Resolutions of prior years’ income tax 7 filings and other tax items Income tax effect of non-GAAP -91 adjustments Non-GAAP provision for income taxes(b) $ 248 GAAP income before income taxes(c) $ 2,267 Certain items associated with 11 acquisitions Acquisition integration and deal costs 2 Restructuring charges 181 Impairment of goodwill and other 41 long-lived assets Realized loss (gain), dividends and impairments on strategic investments, -55 net Unrealized loss (gain) on strategic -467 investments, net Non-GAAP income before income taxes(d) $ 1,980 GAAP effective income tax rate(a/c) 16.3 % Non-GAAP effective income tax rate(b/d) 12.5 %
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These items are incremental charges attributable to completed 1 acquisitions, consisting of amortization of purchased intangible assets. Charge of $253 million related to agreed settlement with the U.S. 2 Commerce Department Bureau of Industry and Security to resolve a previously disclosed export controls compliance matter. 3 The restructuring charges related to a workforce reduction plan announced in the fourth quarter of fiscal 2025. 4 GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis. Amount for the three months ended January 26, 2025, included changes to the income tax provision of $30 million from amortization of 5 intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025. 6 Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
Read in the filing ↗ Also in 8-K of May 14, 2026, 8-K of Nov 13, 2025, 8-K of Aug 13, 2026
When reviewing goodwill for impairment, we first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In performing a qualitative assessment, we consider business conditions and other factors including, but not limited to (i) adverse industry or economic trends, (ii) restructuring actions and lower projections that may impact future operating results, (iii) sustained decline in share price, and (iv) overall financial performance and other events affecting the reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative impairment test is performed by estimating the fair value of the reporting unit and comparing it to its carrying value. If the carrying value of a reporting unit exceeds its fair value, we would record an impairment charge equal to the excess of the carrying value of the reporting unit over its fair value.
Read in the filing ↗ Also in 10-K of Dec 12, 2025
We have a significant amount of goodwill and other acquired intangible assets related to acquisitions. Goodwill and purchased intangible assets with indefinite useful lives are not amortized but are reviewed for impairment annually during the fourth quarter of each fiscal year, and more frequently when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The review compares the fair value for each of our reporting units to its associated carrying value, including goodwill. Factors that could lead to impairment of goodwill and intangible assets include adverse industry or economic trends, reduced estimates of future cash flows, declines in the market price of our common stock, changes in our strategies or product portfolio, and restructuring activities. Our valuation methodology for assessing impairment requires management to make judgments and assumptions based on historical experience and projections of future operating performance. We may be required to record future charges to earnings during the period in which an impairment of goodwill or intangible assets is determined to exist.
Read in the filing ↗ Also in 10-Q of Aug 20, 2026, 10-K of Dec 12, 2025, 10-Q of Feb 19, 2026, 10-Q of May 21, 2026
Our business and the industries we serve are subject to uncertain and adverse economic and business conditions, including volatility in financial markets, national debt, fiscal or monetary concerns, inflation, changes in interest rates, bank failures, tariffs and trade policies, and economic recession. These conditions have caused, and may in the future cause, our customers to delay, cancel or reduce purchases of our equipment or services. Customers may also scale back operations, exit businesses, consolidate, or file for bankruptcy. Consolidation or strategic alliances among other equipment manufacturers could also intensify competition and adversely affect our market position. These conditions make it more difficult to forecast operating and financial results and make business and investment decisions. We may be required to implement additional cost reduction efforts, including restructuring activities, which could impair our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers. The consequences of these conditions could have an adverse effect on our business, financial condition and results of operations.
Read in the filing ↗ Also in 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
… repurchases, business strategies and priorities, costs and cost controls, products, competitive positions, management’s plans and objectives for future operations, research and development, acquisitions, investments and divestitures, growth opportunities, restructuring and severance activities, backlog, working capital, liquidity, investment portfolio and policies, taxes, supply chain, manufacturing, properties, legal matters, claims and proceedings, and other statements that are not historical facts, as …
Read in the filing ↗ Also in 10-Q of Feb 19, 2026, 10-Q of May 21, 2026, 10-Q of Aug 20, 2026
… repurchases, business strategies and priorities, costs and cost controls, products, competitive positions, management’s plans and objectives for future operations, research and development, acquisitions, investments and divestitures, growth opportunities, restructuring and severance activities, backlog, working capital, liquidity, investment portfolio and policies, taxes, supply chain, manufacturing, properties, legal matters, claims and proceedings, and other statements that are not historical facts, as …
Read in the filing ↗ Also in 10-K of Dec 12, 2025
… Depreciation and 127 105 amortization Restructuring 12 — charges Legal settlement 253 — (Gain) / loss and impairment on -466 100 investments Share-based 207 195 compensation Deferred income -78 668 taxes Other -1 -5 Net change in operating assets -394 -1,323 and liabilities Cash provided by operating 1,686 925 activities Cash flows from investing activities: Capital -646 -381 expenditures Cash …
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… Depreciation and amortization 127 105 Restructuring charges 12 — Legal settlement 253 — (Gain) / loss and impairment on investments (466) 100 Share-based compensation 207 195 Deferred income taxes (78) 668 Other (1) (5) Changes in operating assets and liabilities: Accounts receivable 208 (764) Inventories (82) (80) Other current and non-current assets (154) 115 Accounts payable and accrued expenses (760) (429 …
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… Depreciation and amortization 435 392 515 Restructuring charges 179 — — Deferred income taxes 639 (633) 24 (Gain) loss and impairments on investments, net (792) (15) (16) Share-based compensation 668 577 490 Other 31 62 56 Changes in operating assets and liabilities, net of amounts acquired: Accounts receivable 49 (69) 903 Inventories (494) 304 207 Other current and non-current assets …
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