SiTime Reports Fourth Quarter and Fiscal Year 2024 Financial Results
SiTime (SITM) reported strong Q4 2024 financial results with net revenue of $68.1 million, up 18% quarter-over-quarter and 61% year-over-year. Full-year 2024 revenue reached $202.7 million, a 41% increase from 2023.
Q4 2024 showed mixed results with GAAP metrics reporting a loss from operations of $23.0 million and net loss of $18.8 million ($0.80 per share). However, non-GAAP figures were positive with income from operations of $7.6 million and net income of $11.8 million ($0.48 per share).
The company reported over 30% growth across all customer segments, with significant gains in Communications, Enterprise, and Datacenter business. Total cash and equivalents stood at $418.8 million as of December 31, 2024. The quarter included a $7.3 million payment related to the Aura transaction.
SiTime (SITM) ha riportato risultati finanziari solidi per il Q4 2024, con un fatturato netto di $68,1 milioni, in aumento del 18% rispetto al trimestre precedente e del 61% rispetto allo stesso trimestre dell’anno passato. Il fatturato totale per l’anno 2024 ha raggiunto $202,7 milioni, con un incremento del 41% rispetto al 2023.
Il Q4 2024 ha mostrato risultati misti con indicatori GAAP che riportano una perdita operativa di $23,0 milioni e una perdita netta di $18,8 milioni ($0,80 per azione). Tuttavia, i dati non GAAP sono stati positivi, con un reddito operativo di $7,6 milioni e un reddito netto di $11,8 milioni ($0,48 per azione).
L’azienda ha registrato una crescita superiore al 30% in tutti i segmenti di clientela, con guadagni significativi nei settori delle comunicazioni, delle imprese e dei datacenter. La liquidità totale e gli equivalenti ammontavano a $418,8 milioni al 31 dicembre 2024. Il trimestre includeva un pagamento di $7,3 milioni legato alla transazione Aura.
SiTime (SITM) reportó resultados financieros sólidos para el Q4 2024, con ingresos netos de $68,1 millones, un aumento del 18% en comparación con el trimestre anterior y del 61% en comparación con el mismo trimestre del año pasado. Los ingresos totales para el año 2024 alcanzaron $202,7 millones, lo que representa un incremento del 41% respecto a 2023.
El Q4 2024 mostró resultados mixtos, con métricas GAAP que reportan una pérdida operativa de $23,0 millones y una pérdida neta de $18,8 millones ($0,80 por acción). Sin embargo, las cifras no GAAP fueron positivas, con ingresos operativos de $7,6 millones y un ingreso neto de $11,8 millones ($0,48 por acción).
La empresa reportó un crecimiento de más del 30% en todos los segmentos de clientes, con ganancias significativas en Comunicaciones, Empresas y Datacenter. El total de efectivo y equivalentes se situó en $418,8 millones al 31 de diciembre de 2024. El trimestre incluyó un pago de $7,3 millones relacionado con la transacción Aura.
SiTime (SITM)는 2024년 4분기 재무 결과를 발표하며 순 매출이 $68.1백만에 달하여 전 분기 대비 18%, 전년 동기 대비 61% 증가했다고 보고했습니다. 2024년 전체 매출은 $202.7백만으로, 2023년에 비해 41% 증가했습니다.
2024년 4분기는 GAAP 지표에서 운영 손실이 $23.0백만, 순 손실이 $18.8백만 ($0.80 주당)으로 보고되어 혼합된 결과를 보였습니다. 그러나 비GAAP 수치에서는 운영 수익이 $7.6백만, 순 수익이 $11.8백만 ($0.48 주당)으로 긍정적이었습니다.
회사는 모든 고객 세그먼트에서 30% 이상의 성장을 보고했으며, 통신, 기업 및 데이터 센터 비즈니스에서 중요한 성과를 달성했습니다. 2024년 12월 31일 현재 총 현금 및 현금성 자산은 $418.8백만이었습니다. 이번 분기에는 Aura 거래와 관련된 $7.3백만의 지급이 포함되었습니다.
SiTime (SITM) a annoncé de solides résultats financiers pour le Q4 2024, avec un chiffre d'affaires net de $68,1 millions, en hausse de 18% par rapport au trimestre précédent et de 61% par rapport à l'année précédente. Le chiffre d'affaires total pour l'année 2024 a atteint $202,7 millions, soit une augmentation de 41% par rapport à 2023.
Le Q4 2024 a montré des résultats mitigés, les indicateurs GAAP affichant une perte opérationnelle de 23,0 millions de dollars et une perte nette de 18,8 millions de dollars (0,80 $ par action). Cependant, les chiffres non GAAP étaient positifs, avec un revenu opérationnel de 7,6 millions de dollars et un revenu net de 11,8 millions de dollars (0,48 $ par action).
L'entreprise a signalé une croissance de plus de 30% dans tous les segments de clientèle, avec des gains significatifs dans les domaines des communications, des entreprises et des centres de données. La trésorerie totale et les équivalents s'élevaient à $418,8 millions au 31 décembre 2024. Le trimestre comprenait un paiement de 7,3 millions de dollars lié à la transaction Aura.
SiTime (SITM) meldete starke Finanzzahlen für das Q4 2024 mit einem Nettoumsatz von $68,1 Millionen, was einem Anstieg von 18% im Quartalsvergleich und 61% im Jahresvergleich entspricht. Der Gesamtumsatz für das Jahr 2024 betrug $202,7 Millionen, was einem Anstieg von 41% im Vergleich zu 2023 entspricht.
Das Q4 2024 zeigte gemischte Ergebnisse: Die GAAP-Kennzahlen berichteten von einem Betriebsverlust von $23,0 Millionen und einem Nettoverlust von $18,8 Millionen ($0,80 je Aktie). Die Non-GAAP-Zahlen waren jedoch positiv, mit einem Betriebsgewinn von $7,6 Millionen und einem Nettoertrag von $11,8 Millionen ($0,48 je Aktie).
Das Unternehmen berichtete von einem Wachstum von über 30% in allen Kundensegmenten, insbesondere in den Bereichen Kommunikation, Unternehmen und Datacenter. Der Gesamtbetrag an Bargeld und Zahlungsmitteln belief sich zum 31. Dezember 2024 auf $418,8 Millionen. Das Quartal beinhaltete eine Zahlung von $7,3 Millionen im Zusammenhang mit der Aura-Transaktion.
- Revenue grew 61% YoY in Q4 2024 to $68.1 million
- Full-year revenue increased 41% to $202.7 million
- Over 30% growth across all customer segments
- Strong cash position of $418.8 million
- Non-GAAP Q4 net income of $11.8 million
- GAAP Q4 net loss of $18.8 million
- GAAP operating loss of $23.0 million in Q4
- Full-year GAAP net loss of $93.6 million
Insights
SiTime's Q4 2024 results demonstrate remarkable momentum in the precision timing market, with revenue significantly exceeding expectations at
The financial metrics reveal a nuanced picture. While GAAP results show operating losses, the substantial difference between GAAP and non-GAAP figures (
The company's healthy balance sheet, with
Most notably, SiTime's growing penetration in AI infrastructure positions it advantageously in a high-growth market. The precision timing solutions are becoming increasingly critical for AI workloads, where precise synchronization is essential for optimal performance. This strategic alignment with AI trends, combined with diversified revenue streams and strong gross margins, suggests a sustainable growth trajectory despite the current GAAP losses.
SANTA CLARA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the fourth quarter and financial year ended December 31, 2024.
Net revenue in the fourth quarter of 2024 was
Net revenue for fiscal year 2024 was
“In Q4, we surpassed revenue expectations highlighting our market diversification, and entered 2025 with strong momentum,” said Rajesh Vashist, CEO and chairman of SiTime. “We reported over
In the fourth quarter of 2024, GAAP gross profit was
In the fourth quarter of 2024, non-GAAP gross profit was
For the twelve months ended December 31, 2024, GAAP gross profit was
For the twelve months ended December 31, 2024, non-GAAP gross profit was
Total cash, cash equivalents and short-term investments were
Use of Non-GAAP Financial Information
This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
SiTime believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime’s financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTime’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate SiTime’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses which include transaction and certain other cash costs associated with business acquisition as well as changes in the estimated fair value of earn out liabilities and accretion of acquisition consideration payable. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.
Inducement Plan Grants
SiTime granted restricted stock unit awards (“RSUs”) on February 3, 2025 that were approved by the Compensation and Talent Committee of its Board of Directors under SiTime’s Amended and Restated 2022 Inducement Award Plan, as a material inducement to employment of 17 newly hired non-executive individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 16,940 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee’s continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Amended and Restated Inducement Award Plan.
Conference Call
SiTime will broadcast the financial results for its fourth quarter of 2024 via conference call today, February 5, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To join the conference call via phone, participants are required to complete the following registration form to receive a dial-in number and dedicated PIN for accessing the conference call. The conference call will also be available via a live audio webcast on the investor relations section of the SiTime website at investor.sitime.com. Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the website.
About SiTime
SiTime Corporation is the Precision Timing company. Our semiconductor MEMS programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With more than 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to differ materially from those anticipated in such forward-looking statements. The risks, uncertainties, assumptions, and other factors include, but not limited to the impact of acquisitions. More information about these and other risks, uncertainties, and other factors that may cause actual outcomes and results to differ materially from those included in the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our most recent Form 10-Q filed with the Securities and Exchange Commission and other filings SiTime makes with the Securities and Exchange Commission from time to time, including the Form 10-K to be filed for the year ended December 31, 2024. The financial information set forth in this release reflects estimates based on information available at this time. While SiTime believes these estimates to be reasonable, these amounts could differ materially from reported amounts in SiTime’s Annual Report on Form 10-K for the year ended December 31, 2024 and SiTime’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made and are based on information available to SiTime at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, SiTime undertakes no obligation, and does not intend, to update these forward-looking statements.
SiTime Corporation Unaudited GAAP Condensed Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||
(in thousands, except per share data) | |||||||||||
Revenue | $ | 68,111 | $ | 57,698 | $ | 42,403 | |||||
Cost of revenue | 32,267 | 28,231 | 18,710 | ||||||||
Gross profit | 35,844 | 29,467 | 23,693 | ||||||||
Operating expenses: | |||||||||||
Research and development | 29,333 | 26,489 | 22,919 | ||||||||
Selling, general and administrative | 27,695 | 25,359 | 20,514 | ||||||||
Acquisition related costs | 1,835 | 2,482 | 7,728 | ||||||||
Total operating expenses | 58,863 | 54,330 | 51,161 | ||||||||
Loss from operations | (23,019 | ) | (24,863 | ) | (27,468 | ) | |||||
Interest income | 5,088 | 5,499 | 7,329 | ||||||||
Other income (expense), net | (510 | ) | 168 | 152 | |||||||
Loss before income taxes | (18,441 | ) | (19,196 | ) | (19,987 | ) | |||||
Income tax expense | (372 | ) | (119 | ) | (10 | ) | |||||
Net loss | $ | (18,813 | ) | $ | (19,315 | ) | $ | (19,997 | ) | ||
Net loss attributable to common stockholders and comprehensive loss | $ | (18,813 | ) | $ | (19,315 | ) | $ | (19,997 | ) | ||
Net loss per share attributable to common stockholders, basic | $ | (0.80 | ) | $ | (0.83 | ) | $ | (0.89 | ) | ||
Net loss per share attributable to common stockholders, diluted | $ | (0.80 | ) | $ | (0.83 | ) | $ | (0.89 | ) | ||
Weighted-average shares used to compute basic net loss per share | 23,467 | 23,237 | 22,553 | ||||||||
Weighted-average shares used to compute diluted net loss per share | 23,467 | 23,237 | 22,553 | ||||||||
SiTime Corporation Unaudited GAAP Condensed Consolidated Statements of Operations | |||||||
Year Ended | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(in thousands, except per share data) | |||||||
Revenue | $ | 202,697 | $ | 143,993 | |||
Cost of revenue | 98,203 | 61,905 | |||||
Gross profit | 104,494 | 82,088 | |||||
Operating expenses: | |||||||
Research and development | 106,855 | 97,589 | |||||
Selling, general and administrative | 102,157 | 83,971 | |||||
Acquisition related costs | 10,722 | 7,728 | |||||
Total operating expenses | 219,734 | 189,288 | |||||
Loss from operations | (115,240 | ) | (107,200 | ) | |||
Interest income | 22,883 | 26,958 | |||||
Other expense, net | (758 | ) | (141 | ) | |||
Loss before income taxes | (93,115 | ) | (80,383 | ) | |||
Income tax expense | (486 | ) | (152 | ) | |||
Net loss | $ | (93,601 | ) | $ | (80,535 | ) | |
Net loss attributable to common stockholders and comprehensive loss | $ | (93,601 | ) | $ | (80,535 | ) | |
Net loss per share attributable to common stockholders, basic | $ | (4.05 | ) | $ | (3.63 | ) | |
Net loss per share attributable to common stockholders, diluted | $ | (4.05 | ) | $ | (3.63 | ) | |
Weighted-average shares used to compute basic net loss per share | 23,118 | 22,188 | |||||
Weighted-average shares used to compute diluted net loss per share | 23,118 | 22,188 | |||||
SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments | |||||||||||
Three months ended | |||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||
(in thousands, except per share data) | |||||||||||
Reconciliation of GAAP gross profit and margin to non-GAAP | |||||||||||
Revenue | $ | 68,111 | $ | 57,698 | $ | 42,403 | |||||
GAAP gross profit | 35,844 | 29,467 | 23,693 | ||||||||
GAAP gross margin | 52.6 | % | 51.1 | % | 55.9 | % | |||||
Amortization of acquired intangibles | 3,573 | 3,573 | 280 | ||||||||
Stock-based compensation | 652 | 495 | 740 | ||||||||
Non-GAAP gross profit | $ | 40,069 | $ | 33,535 | $ | 24,713 | |||||
Non-GAAP gross margin | 58.8 | % | 58.1 | % | 58.3 | % | |||||
Reconciliation of GAAP operating expenses to non-GAAP | |||||||||||
GAAP research and development expenses | $ | 29,333 | $ | 26,489 | $ | 22,919 | |||||
Stock-based compensation | (9,965 | ) | (9,392 | ) | (7,039 | ) | |||||
Non-GAAP research and development expenses | $ | 19,368 | $ | 17,097 | $ | 15,880 | |||||
GAAP sales, general and administrative expenses | $ | 27,695 | $ | 25,359 | $ | 20,514 | |||||
Stock-based compensation | (14,586 | ) | (12,925 | ) | (9,750 | ) | |||||
Non-GAAP sales, general and administrative expenses | $ | 13,109 | $ | 12,434 | $ | 10,764 | |||||
GAAP acquisition related costs | $ | 1,835 | $ | 2,482 | $ | 7,728 | |||||
Acquisition related costs | (1,835 | ) | (2,482 | ) | (7,728 | ) | |||||
Non-GAAP acquisition related costs | $ | — | $ | — | $ | — | |||||
Total Non-GAAP operating expenses | $ | 32,477 | $ | 29,531 | $ | 26,644 | |||||
Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations | |||||||||||
GAAP loss from operations | $ | (23,019 | ) | $ | (24,863 | ) | $ | (27,468 | ) | ||
Acquisition related costs | 1,835 | 2,482 | 7,728 | ||||||||
Amortization of acquired intangibles | 3,573 | 3,573 | 280 | ||||||||
Stock-based compensation | 25,203 | 22,812 | 17,529 | ||||||||
Non-GAAP income (loss) from operations | $ | 7,592 | $ | 4,004 | $ | (1,931 | ) | ||||
Non-GAAP income (loss) from operations as a percentage of revenue | 11.1 | % | 6.9 | % | (4.6 | %) | |||||
Reconciliation of GAAP net loss to non-GAAP net income | |||||||||||
GAAP net loss | $ | (18,813 | ) | $ | (19,315 | ) | $ | (19,997 | ) | ||
Acquisition related costs | 1,835 | 2,482 | 7,728 | ||||||||
Amortization of acquired intangibles | 3,573 | 3,573 | 280 | ||||||||
Stock-based compensation | 25,203 | 22,812 | 17,529 | ||||||||
Non-GAAP net income | $ | 11,798 | $ | 9,552 | $ | 5,540 | |||||
Weighted-average shares used to compute diluted net income per share(1) | 24,452 | 24,059 | 23,080 | ||||||||
GAAP net loss per share diluted | $ | (0.80 | ) | $ | (0.83 | ) | $ | (0.89 | ) | ||
Non-GAAP adjustments detailed above | 1.28 | 1.23 | 1.13 | ||||||||
Non-GAAP net income per share diluted | $ | 0.48 | $ | 0.40 | $ | 0.24 | |||||
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported. | |||||||||||
SiTime Corporation Unaudited Reconciliation of Non-GAAP Adjustments | |||||||
Year Ended | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(in thousands, except per share data) | |||||||
Reconciliation of GAAP gross profit and margin to non-GAAP | |||||||
Revenue | $ | 202,697 | $ | 143,993 | |||
GAAP gross profit | 104,494 | 82,088 | |||||
GAAP gross margin | 51.6 | % | 57.0 | % | |||
Amortization of acquired intangibles | 11,892 | 280 | |||||
Stock-based compensation | 1,654 | 2,840 | |||||
Non-GAAP gross profit | $ | 118,040 | $ | 85,208 | |||
Non-GAAP gross margin | 58.2 | % | 59.2 | % | |||
Reconciliation of GAAP operating expenses to non-GAAP | |||||||
GAAP research and development expenses | $ | 106,855 | $ | 97,589 | |||
Stock-based compensation | (37,947 | ) | (32,909 | ) | |||
Non-GAAP research and development expenses | $ | 68,908 | $ | 64,680 | |||
GAAP sales, general and administrative expenses | $ | 102,157 | $ | 83,971 | |||
Stock-based compensation | (53,034 | ) | (41,005 | ) | |||
Acquisition related integration costs | (550 | ) | — | ||||
Non-GAAP sales, general and administrative expenses | $ | 48,573 | $ | 42,966 | |||
GAAP acquisition related costs | $ | 10,722 | $ | 7,728 | |||
Acquisition related costs | (10,722 | ) | (7,728 | ) | |||
Non-GAAP acquisition related costs | $ | — | $ | — | |||
Total Non-GAAP operating expenses | $ | 117,481 | $ | 107,646 | |||
Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations | |||||||
GAAP loss from operations | $ | (115,240 | ) | $ | (107,200 | ) | |
Amortization of acquired intangibles | 11,892 | 280 | |||||
Acquisition related costs | 10,722 | 7,728 | |||||
Acquisition related integration costs | 550 | — | |||||
Stock-based compensation | 92,635 | 76,754 | |||||
Non-GAAP income (loss) from operations | $ | 559 | $ | (22,438 | ) | ||
Non-GAAP income (loss) from operations as a percentage of revenue | 0.3 | % | (15.6 | %) | |||
Reconciliation of GAAP net loss to non-GAAP net income | |||||||
GAAP net loss | $ | (93,601 | ) | $ | (80,535 | ) | |
Amortization of acquired intangibles | 11,892 | 280 | |||||
Acquisition related costs | 10,722 | 7,728 | |||||
Acquisition related integration costs | 550 | — | |||||
Stock-based compensation | 92,635 | 76,754 | |||||
Non-GAAP net income | $ | 22,198 | $ | 4,227 | |||
Weighted-average shares used to compute diluted net income per share(1) | 23,876 | 22,967 | |||||
GAAP net loss per share diluted | $ | (4.05 | ) | $ | (3.63 | ) | |
Non-GAAP adjustments detailed above | 4.98 | 3.81 | |||||
Non-GAAP net income per share diluted | $ | 0.93 | $ | 0.18 | |||
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported. | |||||||
SiTime Corporation Unaudited GAAP Condensed Consolidated Balance Sheets | |||||||
As of | |||||||
December 31, 2024 | December 31, 2023 | ||||||
(in thousands) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 6,106 | $ | 9,468 | |||
Short-term investments in held-to-maturity securities | 412,728 | 518,733 | |||||
Accounts receivable, net | 38,209 | 21,861 | |||||
Inventories | 76,741 | 65,539 | |||||
Prepaid expenses and other current assets | 10,276 | 7,641 | |||||
Total current assets | 544,060 | 623,242 | |||||
Property and equipment, net | 82,475 | 54,685 | |||||
Intangible assets, net | 163,558 | 177,079 | |||||
Right-of-use assets, net | 6,569 | 8,262 | |||||
Goodwill | 87,098 | 87,098 | |||||
Other assets | 1,199 | 1,317 | |||||
Total assets | $ | 884,959 | $ | 951,683 | |||
Liabilities and Stockholders' Equity: | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 22,894 | $ | 8,690 | |||
Accrued expenses and other current liabilities | 85,555 | 112,704 | |||||
Total current liabilities | 108,449 | 121,394 | |||||
Other non-current liabilities | 76,791 | 122,237 | |||||
Total liabilities | 185,240 | 243,631 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock | 2 | 2 | |||||
Additional paid-in capital | 881,718 | 796,450 | |||||
Accumulated deficit | (182,001 | ) | (88,400 | ) | |||
Total stockholders’ equity | 699,719 | 708,052 | |||||
Total liabilities and stockholders’ equity | $ | 884,959 | $ | 951,683 | |||
Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
sitm-ir@sheltongroup.com
SiTime Corporation
Beth Howe
Chief Financial Officer
investor.relations@sitime.com
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