PTC Announces Third Quarter Fiscal 2017 Results
(2) We have recorded a full valuation allowance against our U.S. net
deferred tax assets and a valuation allowance against net deferred tax
assets in certain foreign jurisdictions. As we are profitable on a
non-GAAP basis, the 2017 and 2016 non-GAAP tax provisions are being
calculated assuming there is no valuation allowance. Income tax
adjustments reflect the tax effects of non-GAAP adjustments which are
calculated by applying the applicable tax rate by jurisdiction to the
non-GAAP adjustments listed above. For the three and nine months ended
July 1, 2017 and July 2, 2016 our non-GAAP tax provision is based on our
annual expected non-GAAP tax rate applied to our year-to-date non-GAAP
earnings.
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PTC Inc.
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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July 1,
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September 30,
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2017
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2016
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ASSETS
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Cash and cash equivalents
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$
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260,695
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$
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277,935
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Marketable securities
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50,189
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49,616
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Accounts receivable, net
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128,561
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161,357
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Property and equipment, net
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63,443
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67,113
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Goodwill and acquired intangible assets, net
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1,445,453
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1,480,118
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Other assets
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343,420
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309,590
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Total assets
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$
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2,291,761
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$
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2,345,729
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Deferred revenue
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$
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465,316
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$
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413,657
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Debt, net of deferred issuance costs
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712,191
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751,601
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Other liabilities
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278,874
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337,805
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Stockholders' equity
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835,380
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842,666
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Total liabilities and stockholders' equity
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$
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2,291,761
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$
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2,345,729
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PTC Inc.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
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Three Months Ended
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Nine Months Ended
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July 1,
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July 2,
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July 1,
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July 2,
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2017
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2016
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2017
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2016
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Cash flows from operating activities:
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Net income (loss)
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$
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(951
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)
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$
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3,073
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$
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(11,196
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)
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$
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(25,992
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)
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Stock-based compensation
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16,574
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13,796
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56,139
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51,821
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Depreciation and amortization
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21,504
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21,817
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64,187
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64,721
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Accounts receivable
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19,540
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(5,118
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)
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34,913
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58,499
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Accounts payable and accruals
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(7,338
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)
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7,831
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(47,924
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)
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(9,861
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Deferred revenue
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18,528
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20,573
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45,985
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44,592
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Income taxes
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(3,152
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(8,644
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(17,832
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(17,470
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Excess tax benefits from stock-based awards
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(258
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)
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(38
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)
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(397
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(94
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)
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Other
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9,208
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6,167
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(21,809
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3,380
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Net cash provided by operating activities
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73,655
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59,457
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102,066
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169,596
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Capital expenditures
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(4,544
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(7,766
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(19,333
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(16,632
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Acquisitions of businesses, net of cash acquired (1)
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(4,960
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-
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(4,960
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(164,191
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Proceeds (payments) on debt, net
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-
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(60,000
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(40,000
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110,000
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Proceeds from issuance of common stock
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-
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18
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3,978
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19
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Payments of withholding taxes in connection with vesting of
stock-based awards
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(7,078
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(5,165
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(26,244
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(20,636
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Excess tax benefits from stock-based awards
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258
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38
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397
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94
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Proceeds from sales of investments
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-
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-
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15,218
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-
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Contingent consideration
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(8,343
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(9,371
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(11,054
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(10,621
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Proceeds (purchases) of marketable securities, net
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(2,013
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)
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(44,605
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(733
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)
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(44,605
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Repurchases of common stock
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(34,994
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)
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-
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(34,994
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)
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-
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Other financing & investing activities
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-
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(5,709
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)
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(184
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)
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(6,759
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Foreign exchange impact on cash
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5,398
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(727
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)
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(1,397
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)
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4,944
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Net change in cash and cash equivalents
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17,379
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(73,830
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)
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(17,240
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)
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21,209
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Cash and cash equivalents, beginning of period
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243,316
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|
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368,456
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|
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277,935
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273,417
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Cash and cash equivalents, end of period
|
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$
|
260,695
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$
|
294,626
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|
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$
|
260,695
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$
|
294,626
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