q1 2012 flextronics international ltd earnings conference ... · kevin kessel - flextronics...

F I N A L T R A N S C R I P T

FLEX - Q1 2012 Flextronics International Ltd Earnings Conference Call

Event Date/Time: Jul. 21. 2011 / 9:00PM GMT

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C O R P O R A T E P A R T I C I P A N T S

Kevin KesselFlextronics International Ltd - VP, Investor Relations

Paul ReadFlextronics International Ltd - CFO

Mike McNamaraFlextronics International Ltd - CEO

C O N F E R E N C E C A L L P A R T I C I P A N T S

Amitabh PassiUBS - Analyst

Shawn HarrisonLongbow Research - Analyst

Kevin LaBuzDeutsche Bank - Analyst

Amit DaryananiRBC Capital Markets - Analyst

Brian AlexanderRaymond James & Associates - Analyst

Craig HettenbachGoldman Sachs - Analyst

Jim SuvaCitigroup - Analyst

Brian WhiteTiconderoga Securities - Analyst

Lou MisciosciaCollins Stewart - Analyst

Wamsi MohanBofA Merrill Lynch - Analyst

Matt SheerinStifel Nicolaus - Analyst

Steve O'BrienJPMorgan - Analyst

P R E S E N T A T I O N

Operator

Good afternoon, and welcome to the Flextronics International First Quarter fiscal year 2012 earnings conference call. Today'scall is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers' remarksthere will be a question-and-answer session. At this time, for opening remarks and introductions, I would like to turn the callover to Mr. Kevin Kessel, Flextronics Vice President, Investor Relations. Sir, you may begin.

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Jul. 21. 2011 / 9:00PM, FLEX - Q1 2012 Flextronics International Ltd Earnings Conference Call



Kevin Kessel - Flextronics International Ltd - VP, Investor Relations

Thank you Tamara, and welcome to Flextronics' conference call to discuss the results of our fiscal 2012 first quarter end of July1, 2011. Joining me on the call today is our Chief Executive Officer Mike McNamara and our Chief Financial Officer, Paul Read.

The presentation that corresponds to our comments today is posted on the Investor section of our website under ConferenceCalls and Presentations, and can also be accessed directly from our Investor Relations home page. Our agenda for today's callwill begin with Paul Read reviewing the financial results of our first quarter of fiscal 2012, and Mike McNamara will follow upwith a discussion of our current business trends, and he'll also conclude with our guidance for the second quarter of fiscal 2012ending in September. Following that we will take your questions.

Please turn to slide 2 for a review of the risks and non-GAAP disclosures. This presentation contains statements that areforward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertaintieswhich may cause actual results to differ materially from those set forth in this presentation. Such information is subject to changeand we undertake no duty or obligation to revise, update, or inform you of any changes to forward-looking statements.

For a discussion of the risks and uncertainties, you should review our filings with the Securities and Exchange Commission,specifically our most recent annual report on form 10-K, quarterly reports on form 10-Q and current reports on form 8-K, andany amendments thereto.

This presentation references both GAAP and non-GAAP financial measures. Please refer to the schedules to our earnings pressrelease and the GAAP versus non-GAAP reconciliation in the Investor section of our website, which contain the reconciliationof the adjusted financial measures to the most directly comparable GAAP measures.

I will now turn the call over to our Chief Financial Officer, Paul Read. Paul?

Paul Read - Flextronics International Ltd - CFO

Thank you, Kevin, and welcome everyone to our call.

Please turn to slide 3. We generated $7.55 billion in revenue for our fiscal 2012 first quarter, which is at the high end of ourguidance range of $7.1 to $7.6 billion. Revenue rose $982 million, or 15% from the $6.57 billion we reported last year, and 10%sequentially.

Our first quarter adjusted operating income was $197 million, up 4% year-over-year and GAAP operating income was $184million for the first quarter, up 5% versus our prior year.

Adjusted net income for the first quarter was $157 million, up 2% from a year-ago levels. Our GAAP net income for the firstquarter was $132 million, up 12% year-over-year.

Reported adjusted earnings per diluted share for the June quarter of $0.21, which was within our EPS guidance range of $0.20to $0.23, and up 11% from the $0.19 we earned last year. Our GAAP EPS for the first quarter was $0.17, 21% above year-agoGAAP EPS of $0.14.

Our diluted weighted average shares outstanding, or WASO, for the quarter with 760 million. This was a reduction of 8%, or 64million shares in float, compared with 824 million shares reported a year ago. Reduction was driven by our share buybackprogram.

During the quarter we completed our third $200 million share buyback program, as we repurchased approximately 29 millionshares for $200 million. Overall, since our recent buybacks began in June of last year, we've repurchased $600 million worth of

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our stock, totaling 94 million shares, or 11% of our diluted weighted average outstanding shares. The average cost of our recentbuybacks to date has been at $6.36.

In today's press release, we announced that our Board of Directors have given authorization for a new 200 million sharerepurchase. In addition, tomorrow, our annual and extraordinary general meetings will take place, in which we are seekingshareholder authorization for our buyback of up to 10% of our incentive shares. For next quarter we estimate our WASO to beapproximately [740 million] (corrected by company after the call), due to the timing of when shares were repurchased duringthe last quarter.

Please turn to slide 4. June quarter revenues grew double digits, both sequentially and year-over year and marked oursecond-highest June quarter revenue on record. We expect our sequential and year-over-year revenue growth to continue togain next quarter.

Our adjusted operating income totaled $197 million, and was 4% above the $189 million we reported last quarter, and also 4%above the $190 million we achieved a year ago.

Our operating margin of 2.6% was negatively impacted by the losses equating to approximately 50 basis points in our PC ODMbusiness that we're in the process of exiting.

Operating margin of 2.6% was down from 2.8% last quarter, and 2.9% in the prior-year quarter.

Our core EMS businesses are performing well, and if we exclude the PC ODM business we are exiting, pro forma operatingmargin was 3.1%.

Our EBITDA was $295 million in the June quarter, up 2% from the prior-year June quarter. As a result of our strong sequentialsales increase, which was heavily driven by our loss generated in personal computing business. Our EBITDA margin suffered inthe quarter, declining 50 basis points to 3.9%, from 4.4% last quarter. Our LTM EBITDA expanded to $1.25 billion from $1.1billion a year ago.

Our adjusted EPS at $0.21 was up from $0.19 in the prior-year June quarter, and flat, with $0.21 we reported last quarter.Year-over-year PC business losses negatively impacted EPS by about $0.025.

Please turn to slide 5. In our June quarter the PC ODM business we are exiting totaled $663 million in revenue and accountedfor a $19 million operating loss. Excluding this business, our operating margin would have been 50 basis points above the levelreported at 2.6%. This business will likely peak for us in the seasonally strong September quarter, then decline in the Decemberquarter. We expect to be completely disengaged from this business by the end of December quarter, with no remaining volumesin our March quarter. We would continue to model operating losses in the September and December quarters to be roughly$20 million, in line with our June quarter losses.

Please turn to slide 6. Adjusted net interest and other expense at $22.2 million, up from $7.6 million last quarter, due to lowerFX gains and higher other non-operating expenses. August quarter was slightly above our expectation for net interest andother expense, to be in the $15 million to $20 million range. We believe this range is appropriate to model going forward.

Adjusted expense for the first quarter was $17.4 million, reflected in adjusted tax rate of 10% which is in line with our statedguidance for the quarter of 10%. For our upcoming quarter's guidance, we believe modeling at 10% to 15% tax rate range isappropriate.

Finally, turning to the reconciliation items between our GAAP and adjusted EPS, stock-based compensation was $12.3 millionin the quarter, below last quarter's $13 million, and represented a $0.015 EPS impact. In terms of our amortization, net of taxwas $12.7 million in the quarter, down from $14.1 million last quarter and represented a $0.02 EPS impact.

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Please turn to slide seven. Inventory rose 5%, or $188 million, to $3.7 billion. However, our sales growth was double our inventorygrowth, resulting in inventory turns increasing to 7.8 turns, from 7.3 last quarter. We remain confident that during fiscal 2012we will see continued improvements in our inventory performance throughout the year.

Our cash cycle declined one day to 19 days, as a result of three-day decreases in both inventory days and DSOs, offset by afive-day decrease in our DPOs. We believe we can manage our cash-conversion cycle on the mid-to-high teens range goingforward.

Now turning to net working capital chart on the top ride of this slide. Overall net working capital rose $245 millionquarter-to-quarter, and net working capital as a percentage of sales increase to 6%, from 5.7%. We believe our business isstructured to run net working capital at between 5% and 6% of sales going forward, even as we disengage from PC ODMbusiness.

At our recent May Investor and Analyst Day, we introduced a new definition and calculation for our ROIC that we feel is bothmore comparable to our industry peers, and also more transparent for investors and analysts to calculate in their own model.As a reminder, the new calculation, which is documented in the footnote below the graph, is LTM-adjusted operating income,net of tax, divided by the sum of stockholders equity plus net debt.

Our ROIC for the quarter was very healthy at 26.5%, slightly below the 27.6% last quarter, and above the 24.7% from the Junequarter a year ago.

Please turn to slide 8. Cash flow from operations is a positive $136 million during the quarter. Net capital expenditures for thequarter was $113 million, and free cash flow amounted to $24 million. We spent $200 million during the quarter buying backour own stock. Net of all these movements, cash declined $191 million sequentially.

Please turn to slide 9. We ended the quarter with $1.56 billion in cash, down $191 million versus the prior quarter, principallyreflected in the stock buyback I just mentioned, offset with free cash flow generation. Total debt remained constant at $2.2billion. Our net debt increased to $656 million from $472 million last quarter. Our debt-to-EBITDA level ended the quarter at1.8 times, stable with last quarter, and down from 2.2 times last year. The chart at the bottom of the slide shows our significantdebt maturities by calendar year when compared with our current liquidity. Our next material debt maturity is in 2012.

With that, I will turn the call over to our CEO, Mike McNamara.

Mike McNamara - Flextronics International Ltd - CEO

Thanks, Paul, and welcome to everyone on the call today.

Taking a high-level view of our recent quarter reveals that every one of our four business groups grew double digits year-over-year.In addition, three of them also grew double digits sequentially. We continue to actively market our portfolio and accelerate ourleadership in our non-high-velocity businesses, whose performance illustrates the diversification of our business model andour broad-based success across all the markets we participate in.

In terms of the overall business environment, it's stable, and we remain confident that our growth across all of the businessgroups is poised for continuing improved growth going forward. The one exception to this is our planned exit from the ODMPC business. This exit is progressing as we planned. While it will create a temporary revenue headwind for our high-velocitysolutions business group, the benefits to our profitability are significant. In addition, our business will benefit from reduced riskprofile, and the ability to redeploy these associated assets into other profitable parts of our business.

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A quarter ago, the big topic at the macro level was the crisis in Japan, and what the impact on Flextronics and the supply chainmight ultimately be. We guided to a wider range for our June quarter as a result of the uncertainties at the time. However, wewere able to mitigate any material impacts from the Japan earthquake and avoid disruptions to our customer program.

Please turn to slide 10. In our recent Investor and Analyst Day, we re-classified our five market segments into four businessgroups that better approximate the way we go to market. This slide presents our recent results in this new way, along withhistory for fiscal 2011. We have also published additional historical breakdowns for our four business groups in the appendixto this slide presentation.

Our integrated networking solutions, industrial and emerging industries, and high-reliability solutions business groups makeup the majority of our revenue base and accounted for 59% of our sales in our first fiscal quarter, led by integrated networksolutions.

Our integrated network solutions business group is comprised of our telecom infrastructure, data networking, connected homes,server, and storage business. Integrated network solutions sales rose to $2.77 billion during the quarter, up 11% year-on-yearand 10% sequentially. Recall that this business group was softer than we had expected last quarter, primarily due to programdelays and product transitions, in addition to some optical weakness.

We had guided for a rebound this quarter and that's what we saw, with a strong 10% sequential growth across a broad-basedsection of our customers. We believe the issues that negatively impacted our business during our March quarter are behind us,as evidenced by our growth this quarter.

For next quarter, we expect to grow in the mid-single digits sequentially, driven by continued strength in telecom and growthin storage, while in fiscal 2012 we continue to believe that growth of over 10% is achievable, spurred by continued strongbookings with both existing and new customers.

Industrial and emerging industries comprised 15% of total sales, versus 14% last quarter. Sales amounted to $1.15 billion,reflecting a very strong 17% sequential growth and achieving record quarterly sales. Growth trends were broad-based duringthe quarter, and were led by clean tax and semiconductor capital equipment, in addition to new wins spread amongst severalother areas.

Business development activities remained stronger in the quarter, as we booked over $400,000 in new business wins. This isabove the $300 million booked last quarter, and on the heels of $1.3 billion booked last fiscal year. For next quarter we expectto experience some softness in capital equipment and in office equipment, which will result in a mid-single-digit sequentialdecline. Overall our industrial and emerging industries still remain on track to deliver double-digit growth for fiscal 2012.

High-reliability solutions comprised 7% of total sales, consistent with last quarter. Sales grew 11% sequentially and 35%year-over-year, and similar to our industrial and emerging industries business group, it achieved its all-time highest quarterlyrevenue. Our high-reliability solutions group is comprised of medical, automotive, aerospace and defense businesses. Nextquarter we forecast our business to grow mid-single digits sequentially. I'll provide a little more color on each to help explainhow high-reliability solutions performed overall.

Our medical business grew and saw steady growth, both sequentially and year-over-year, led by strength in medical equipmentand drug delivery. Medical booked roughly $50 million in new programs during the first quarter, and its sales pipeline expandedfurther towards $0.5 billion.

Our automotive business has been on a roll, and marked its seventh consecutive quarter of sequential growth. It achieved over10% sequential growth for its third straight quarter, and remains on track for another very, very strong growth year in fiscal2012, positioning it to reach the $1 billion sales level for the first time ever. We continue to see strong trends across the board

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in areas we engage in, such as in-care connectivity, ambient lighting, LED electronics, power electronics, and the electricalvehicle markets.

High-velocity solutions comprised 41% of total sales, or just over $3 billion in aggregate for the June quarter. This businessgroup includes our mobile, smart phone business, consumer electronics, including game consoles and printers, and ourhigh-velocity computing, including PC ODM business which we are exiting, and the enterprise PC business, which we arekeeping. This business group has had the slowest growth in the quarter but still rose 8% sequentially. Compared to a year ago,the business grew 16%. The majority of our growth sequentially and year-over-year was driven by our PC ODM business.

Our mobile and consumer business declined in a sequential and year-over-year basis, which was in line with our expectation.Softness from the largest mobile customers combined with weakness amongst our Japanese mobile customers and seasonalityin the game console market drove the majority of the decline.

In high-velocity computing, our business experienced very strong sequential and year-over-year growth, driven principally bynew product ramps in our ODM PC business, as well as in our enterprise EMS PC business. Overall next quarter, we expect ourhigh-velocity solutions business to grow mid-to-high-single digits, driven by a rebound in our mobile and consumer programs,driven by favorable season trends, in addition to the likely seasonal growth in our high-velocity computing business.

Our components businesses, which include Multek, Vista Point, and FlexPower, declined sequentially, as we expected. Thebusiness will begin to see much stronger growth beginning in our current quarter when in aggregate they are forecast to growabout 10% sequentially.

In addition, the two components businesses where we are most focused on driving growth, Multek and FlexPower, are eachanticipated to grow north of 15% in fiscal 2012. From a profitability perspective, we exited the June quarter with Multek beingprofitable; however FlexPower and Vista Point were still just below break-even. In the case of FlexPower, their losses includedthe absorption of some rationalization and transition-related costs as we accelerate the close of two factories. For Vista Point,while our operations have stabilized and our yield is at industry-leading levels, our profitability was hampered by lower seasonaldemand.

Looking at the rest of fiscal 2012, for the combined components group we see incredible improvement each quarter, and expectto realize our targeted 4% operating margin for components exiting fiscal 2012. The keys to achieving this 4% target lie inMultek's continued growth, as running more revenue across its high fixed costs will accrete nicely to operating margins.

For FlexPower, its move inland is almost complete, and the associated rationalization and transition charges are mostly behindit, positioning it well for margin improvement. And for Vista Point, bookings have been very, very strong, with its new programsutilizing existing equipment, technologies and know-how, coupled with our operational improvements, markets will improvenicely.

Our services business, which is focused on various post-manufacturing and after-market activities, such as logistics, and repairand warranty, were stable during the quarter. Operating margins continued to be amongst the highest in the Company. Inaddition, a number of new program wins will begin to ramp next quarter, leading to healthy growth for the remainder of fiscal2012.

Now turning to our guidance on slide 11, our orders and forecasts are pointing to another quarter of sequential growth. As aresult, our guidance is for the revenue range between $7.6 billion and $8 billion, which corresponds to a sequential increaseranging from 1% to 6%. We expect our adjusted earnings per share to be in the range of $0.21 to $0.23. Our EPS guidance isbased on an estimated weighted average shares outstanding of approximately $740 million.

Quarterly GAAP earnings per diluted shares are expected to be lower than the adjusted earnings per share guidance I justprovided by approximately $0.04 for intangible amortization expense on stock-based compensation expense.

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That concludes my comments. I'd now like to open the call up for -- to the operator for Q&A. Thank you.

Q U E S T I O N S A N D A N S W E R S

Operator

Our first question comes from Amitabh Passi with UBS.

Amitabh Passi - UBS - Analyst

Hi, thank you. Paul, perhaps the first one for you. I thought I heard you say there was a 50 basis point drag in the June quarter.Just wondering was all of that related to computing ODM business? It seems like some of your components business is still adrag, and I was wondering did these services business with Verizon exiting that, did that have a negative drag? So maybe justsome understanding how we think about the 50 basis point impact, broken down across computing, components and thenmaybe services, if indeed that had an impact.


Yes, thanks Ana. The 50 basis points I referred to was purely for ODM PC business exiting. So in that slide that you see in thedeck, when you take out the revenue, $663 million, you strip out the losses, the $19 million, you get a 50 basis point swing upto 3.1%. That's in line with what we were saying at the Analyst Day, there was a 50-basis-point swing there as well, so nothing'schanged there.

Components, we said that, we have some improvement there for the back end of the year, 4% improvement. Components inthe quarter -- not Multek, Multek was profitable -- but camera modules and power, power in particular, because we were doingsome restructuring there at a couple of facilities to accelerate the improvement performance, which we'll see now in the backend of the year -- but components lost about a $0.01 a share for us this quarter.

So if you take the swing from a $0.01 a share to making 4% profit, which in the back end of the year here on about roughly aquarterly revenue of about $600 million, you'll get about another 40-basis-point swing in margin there as well. You put thosetwo together and we're at the 3.5 % profit level. So it's as simple as that and that's our plan, and that's what we've targeted.


Great. Then just a follow-up for Mike. Mike, any comments on just sort of the big macro sort of demand environment? One ofyour smaller competitors reported this morning, and it sounded like just a lot of order volatility, economic malaise, a lot of justdown-beaten comments. Yet your guidance seemed relatively robust. Maybe if you can comment by end-market what you'reseeing, maybe what the sentiment and the psychologies out there, with respect to your customer base?


Yes, I think the macro environment is a little soft. We find it a little challenging from that standpoint, so we are seeing somereductions in some of our orders. The benefit we have is, we just have a really, really strong book of business once you getoutside of the ODM PC business, and get away from the high-velocity -- or the mobile com, the big mobile com customers thatwe have.

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Once you get outside of that, we have a very, very strong book of business, a lot of it which was booked last year. A lot of whatwe're seeing is, we're seeing an offset of that softness with additional bookings that we've been able to bring on over the lastcouple quarters.

I would agree there's a little bit of softness in the marketplace. I think we're going to see that for the next couple of quarters,but fortunately we have quite a bit of top-side adjustment as a result of new bookings.


Okay., thanks. I'll jump back in queue.

Operator

Next question comes from Shawn Harrison with Longbow Research.

Shawn Harrison - Longbow Research - Analyst

Hi, good evening. I just wanted to look to that book of business, maybe outside of high-reliability and industrial and emerging.Are you still seeing kind of a good traction in the integrated network in the high velocity that, similar to last year, or is kind ofthat booking slowed down too?


One, I think integrated networking solution, you saw that we grew 10% this year sequentially. Granted, March was a little bitlight for us. But overall for the year, we expect it to be in the double digits. So no, we are not seeing a slowdown there. We'reactually pretty positive. We've been able to book programs in virtually every one of the major networking companies, whetherthey're US, European or Chinese. So we've been very, very fortunate from that standpoint.

The high-reliability -- or the high-velocity solution I think was your other question. That's going to be dominated by some ofthe big mobile customers, as you know. So we're not anticipating much growth in that segment over the course of this year,and not just because of that, but because of the PC ODM we'll get -- we'll decrease as well out into the final quarters of the year.

We're going to expect that whole group to be relatively flat, maybe even a little bit down on an entire-year basis, but like I saidin the script, all the other three groups, where the profitability is a little bit higher or a lot higher, I should say, all those threegroups are -- we do expect to grow double digits this year.


Okay. And then as a brief follow-up. Paul, just the SG&A was maybe a little higher than probably the street was modeling forthis quarter. I guess expectations going forward?


Yes. I think that we've had some growth in SG&A and I think we are just resizing for some of the growth ahead of us, but on ago-forward basis, we're at about that $210 million, $215 million range -- pretty stable at that level.

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Okay. Thank you very much.

Operator

Next question comes from Sherri Scribner with Deutsche Bank. Your line is open.

Kevin LaBuz - Deutsche Bank - Analyst

This is Kevin Labuz on behalf of Sherri Scribner. One of the things we've heard in the -- sorry, let me collect myself. Just lookingat commodity costs and labor prices, is that something that's pressuring your margins, especially on the component side of thebusiness, and especially with the Chinese labor cost?


Well, much of the labor costs we've kind of baked in. We went through probably a 20% average increase this year, which kickedin in April, so without doubt, that's a headwind. Additionally, commodity costs have continued to be quite strong. So both thosethings are headwinds, but not unanticipated, and but certainly if they were going down, we'd be making more money. There'sno question about that.

But I think it's just the environment that we need to operate in. We need to go deal with it, and we have to have enoughproductivity to offset those kind of changes, or be able to pass some of those costs back into the customers, and both of whichwe work on pretty actively. For sure they're headwinds because they keep going up, but in the meantime it's just part of ourbusiness and we need to go deal with that.


Excellent, thank you. One last question. You had mentioned a few new deal wins that would be ramping in the next quarter inthe services segment, which is higher margin. Did you know -- or would you be able to -- well, the size of those ramps? Do youthink those will move the needle at all on operating margin?


So your question, I'm sorry, your question was?


It was the size of the deal wins that are ramping in the services.


Yes, so the services business, we'll ramp a couple hundred million dollars probably of additional business in that business overthe course of the year, and it'll come with substantially higher than EMS margins, so you factor in EMS margins are say twiceEMS margins for just using nice round numbers, and factoring in a couple hundred million dollars. So you can see it -- I mean,I wouldn't call it moving the needle, but every bit helps, right?

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Excellent. Thank you.

Operator

Next question comes from Amit Daryanani from RBC Capital Markets

Amit Daryanani - RBC Capital Markets - Analyst

Good afternoon, guys. I had a question looking at the operating margins. When I look at what you guys give the analysts, themid-point was $6.7 billion revenues, 3.3% off margins, ex the PC business. So we came in at $6.9 billion revenues but up marginwith 3.1%. Could you explain why the degradation in operating margins versus the mid-point of your guidance, excluding thePC business?


I think it's quite simple Amit. I think what we said back in Analyst Day was a 3.2% kind of number, and we've lost about 10 basispoints on that, and that was entirely a component issue. We thought we would be at break-even this quarter, and we lost about$0.01 a share, which is worth about 10 basis points. That was really the only surprise that came at us.


Got it. And then, maybe if I just go and look at the high-velocity business. One of your big handset customers there has theirown set of challenges, and I'm curious what do you guys see? I guess the concern is they may miss a product refresh cycle andunits could be down dramatically again. Are you guys worried about that, and how do you plan to work around that to mitigateany further impact to your P&L?


Obviously, we work with the customers pretty closely. A lot of that capacity that we have is -- it's certainly movable, so they'rein existing factories and they use capacities that are very similar to any other products. We just move those around as the casemay be.

There's quite a big ramp that's anticipated over the course of the next couple of months, and so we're pretty muchall-hands-on-deck to make sure that ramp happens. There is a pretty strong refresh coming on and a lot of new products, sowe're going to be optimistic about how those work out. However, if the demand goes down, then we will expect to move ourequipment around and just use it that way.

One of the benefits is -- of growing every year -- and we kind of mentioned all these other different segments growing doubledigits over the course of fiscal year 2012 and all those other segments are going to need capacity, and we'll just re-deploycapacity if we need to. But right now we're optimistic that we'll see quite a bit of upside with the mobile customers to, as theproducts come out and hopefully they're successful. But if they're not, we'll just move the capacity around and we'll go dealwith it.

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Of course it will be a slight headwind on our earnings. But the numbers that we provide you kind of anticipate that there'schallenges in the marketplace. So we've already baked that into our go-forward forecast and we will do the best we can to gomitigate it should there be a problem.


Mike, just to clarify, it seems like so the capacity's fairly moveable and assembly lines can just be deployed to run some otherproduct fairly quickly, right, in case demand doesn't show up?


Exactly. We still spend about $400 million to $450 million a year on CapEx, and to the extent that any particular customer hasexcess equipment we will just redeploy it. It's one of the benefits, like I said, of having a pretty strong growth in a lot of the othersegments. It's all using a lot of the same capacity.


Thanks a lot.

Operator

Next question comes from Brian Alexander with Raymond James.

Brian Alexander - Raymond James & Associates - Analyst

Yes, just maybe following up on the margin question. Could you just walk through the sequential gross margin decline you sawof about 30 basis points? Obviously, revenue was up nicely in the quarter, yet if I look at the incremental gross margin sequentially,it was only about 2.5%, so what specifically drove the weakness in gross margin sequentially? It doesn't sound like you hadincremental losses in PCs or components, so I'm just struggling to understand why such a big down-tick in gross margin.


Yes, Brian. What we had was PC ODM, the volumes did ramp, so there were some additional losses there, that affects us, ofcourse. We also had some increase in SG&A, that I talked to a little bit earlier on, about $10 million increase there. That hurt themargin a little bit on a sequential basis. The mix, as we grow and the seasonal quarters come ahead of us, and you get a littlebit of a margin mix issue. But all that together, for us it was roughly about a 20 basis points off of our March quarter, so that'skind of how we explain that.


I'll also add too, Brian, that as these mobile phones, some of these mobile phone programs have delayed. You can't immediatelyre-deploy capacity, and not only that, in some cases you have to leave the capacity in place because the ramp just moves aquarter, it doesn't go away necessarily. So we had a pretty significant change from Q1 to Q2 which resulted in some challengeson the OP line, just as a result of some of those mobile phone push-outs.

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And just a follow-up on the revenue guidance of 3% sequentially at the mid-point. Seems to be below seasonal, and I think ona year-over-year basis it'll be up about 5%. A quarter ago, I think you thought you would grow double-digits in each segment,Mike. So what changed from last quarter to this quarter, particularly in the industrial, in the integrated segments?

I think if I look at your September guidance by segment, both of those are expected to grow below 10% year-over-year? Butyou seem very confident that for the year they should both grow double digits. I guess, what changed in those two segments?Then going forward, what has to happen for you to grow double-digits in those segments? Is it macro driven, or do you havea lot of visibility because of the program wins?


Yes, sometimes the quarterly results aren't really reflecting the yearly average. Sometimes there's certain adjustments. A goodexample I can use is, last year we grew integrated networking services by 10%, yet Q4 was off substantially. Everybody gotnervous about it, optical was a little bit down, et cetera. We said don't worry about it, it's just some program delays and such.But we grew for the whole year last year, integrated network services, like 10%.

This go-forward year, in fiscal year 2012 relative fiscal year 2011, we also expected to grow over 10% still, even with some ofthe comments I made on the softer economy. And that's largely driven on the strength of many new program wins. A lot of theprograms that we are in are kind of the newer programs that have the most traction -- or the most future traction potential inthe marketplace. So sometimes these quarterly changes don't -- you can't read too much into them.

You mentioned industrial. Industrial is up 17% sequentially this quarter relative to the March quarter. This next quarter it's downlike single digits. But you take an average of the two, and it's growing, say it's going to be 5%, you take 17% and 5% and all ofa sudden you've got very, very strong average sequential growth.

Again, we see the programs that we've booked, that we layer on, on top of the existing customer forecast. Once again, we thinkwe're nicely in the range to achieve double-digit growth. So I think sometimes, the quarterly kind of -- and by the way, theindustrial thing. A lot of what that's driven around, as I mentioned, was things like capital equipment, which was actually quitestrong last time, and it tends to run in pretty -- tends to run in little cycles, little mini-cycles. It tends to burst and then it tendsto back off quite a bit. So we're just in the back-off cycle right now. Usually it takes a quarter or two that it does that, and thenit goes back up and goes into a burst.

I think when we look at the whole picture and we look across the quarterly disruptions, I think it ends up being a pretty solidgrowth picture for us. We'll continue to be quite bullish about how all those groups are going to operate.


If I could just make a follow-up -- or last question, quick one for Paul. The share count -- I think you said 750. I wanted to clarifythat for September, because that would not seem to factor in any potential buy-backs in the September quarter. I just want toclarify?


No. I said 740.

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Oh, sorry.


Which doesn't contemplate any additional buy-backs over and above what we have done and completed in the June quarter.


Okay. Great, thanks.

Operator

Next question comes from Craig Hettenbach with Goldman Sachs.

Craig Hettenbach - Goldman Sachs - Analyst

Yes, thank you. You commented that Japan wasn't as bad as you expected. Can you talk about how you see things today,whether it's inventory or demand trends in relation to Japan?


I think the response to the Japan earthquake by the entire supply base was very strong. I think it was very aggressive. I think itwas extremely well-executed, and that doesn't just mean other suppliers bringing on additional capacity to make up for theJapan disruptions. But also with the OEMs that when they didn't have suppliers qualified that they rapidly moved to re-qualifynew sources.

I think -- I mean, that's just what I observed. I mean, everybody thought it was going to be a big problem, and a lot of the problemthat people anticipated was some of the uncertainty. Not just in the core component base but maybe even in the subcomponents,and how those might ripple through the industry. It was difficult to see at the time.

But the response was quick. I think the industry moved very, very rapidly. It kind of created a pretty minimal impact on most ofthe electronics base of business around the world. The only -- the major exception to that is the automotive in Japan, as youprobably know. But everything else actually reacted quickly. Again, it created some headwinds in terms of needing to expediteparts that we had to maybe buy -- pay extra for some parts. We had to bring out some additional inventory when we wereworried about it. There was certainly headwinds associated with it. But all-in-all, I think the response was very, very positive bythe industry.


Okay. Then if I can follow up, as you exit the PC ODM business, can you talk about the new business segment categories -- whereyou expect to focus most in terms of driving growth, on a go-forward basis longer term?

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Yes, well we'd like to run at a pretty balanced portfolio. We have tended to downplay a little bit of the low-margin businesses.PC ODM is a real good example that was actually beyond being a low margin, because it was a negative-margin business. Butwe have always tried to build a very balanced portfolio across all the different product categories. We have always tried to drivea double-digit growth rate in each one of those different product categories. We don't see any reason to change that objective.

As we take out the PC ODM, and as we fix components, which we gain increase in confidence on all the time, we end up witha very nice margin profile. If we can keep a very balanced growth at double digits across the whole segment, each of thesegments, then I think it ends up being a very, very strong business.


Okay. Thank you.

Operator

Next question comes from Jim Suva from Citigroup, your line is open.

Jim Suva - Citigroup - Analyst

Thanks guys for taking the call. A quick question on the components. The commentary about it appears that they're actuallygetting worse. Can you help us understand why components are getting worse? As I would assume your Management is allover this issue, as it's been a perplexing cold for the Company for a little bit of time. Then maybe more importantly lookingforward, rather than back, with many of your customers ramping pretty healthily here in the back half of the year, any thoughtsaround -- are you changing the way you're pricing things or the way you're yielding or rolling out processes to make sure thatthe components don't have a bit of a hiccup here with your strong ramps? Thanks.


Yes, so Jim, you have to maybe look at it from where we look at it. First of all. Multek continues to make improvements. Its madeimprovements probably every quarter for like about six different -- six quarters in the past. It's just moved through a seasonallylower March/June kind of period, and then it hits a ramp-up September/December. Being profitable in the March/December-- or the March/June timeframe, and going in with a pretty strong book of business, which is what we do have, it leverages thatfixed asset base very effectively.

We actually think that one's on track. We're not too worried about it. It continues to make progress every quarter. We have alot of know-how in the business and it's very predictable. We know the customers in it, and we are quite comfortable with thatone.

On the camera module business it's a little bit -- the challenges that we had last year were built around being able to achieveyields. We implemented a very new process. It was a state-of-the-art process, almost -- when we launched that process no oneelse in the world had it. That's why we ended up booking all the business. It underachieved in terms of -- well, it didn'tunderachieve, it just didn't hit our yield targets for about six months. We would have liked to have seen it hit our yield targetsin two months. But it was -- some significant unpredictability and it was simultaneously hit with massive volume increases ona continuous basis. We never had time to go fix these things and we kept chasing volume for the customer.

So what's happened is, that business is now stabilized. In fact, the last four to six months, the yields we've been able to achievein that business are absolutely best in class of anyone in the industry. What we've done is we've taken a new technology, we've

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matured it, we understand how it works, we've actually had some additional launches on it that went extremely well, and we'revery confident that we have solved the execution problems, the operational problems and, the capacity's in place, and that sortof thing.

What's happened now is the volume's down a little bit. Once again, we're coming off a March/June kind of a little bit of a seasonalslowdown, like it always is in components. We'll head into higher ramping periods coming into the next couple quarters, butwhat makes us most comfortable is we've booked a substantial amount of new business.

It could be scary like it was last year, in terms of too much new business actually hurt us. But this year, all of the business thatwe booked in camera modules is on the existing technologies. We actually know this business, we actually know this technology.We've actually ramped this technology, we've proven it. What that does is give us a lot of comfort that as some additionalrevenue comes in -- and most of the equipment is already in place, so that ramp doesn't need to happen -- that we can executeit very well.

The last one's power, and power is actually -- the underlying business of power is actually coming along nicely. That businessis going to grow 25%. The underlying operating profit is actually not so bad. We just decided to more aggressively consolidatea couple of factories. A lot of the costs that we actually hit, Paul mentioned it's more than a penny a share in losses in components.A lot of those losses that we have are really one-time charges associated with finalizing the consolidation of the factories.

Between consolidating factories, having a few factories much more stabilized operations, having a good book of business, verystrong customer base, all running across fewer factories where our ability to execute is higher, it gives us a lot of comfort. Sowhat we see in that is you see a lot of the costs, what we see is a lot of one-time charges in that business that actually we expectto go away this quarter.

So each one has a different answer. But the variability in terms of the turnaround is starting to come out of the system. So I'vecalled a -- we still need to do a turnaround because we are losing money, but we de-risk these things very substantially. So itgives us comfort to see these hopefully turn the 4% margin by the end of the year, like Paul talked about.


Great, and maybe a quick follow-up for Paul. Paul, can you -- a little housekeeping thing. Can you let us know on the amortizationand the stock comps, they both came down lower. Is the stock comp due to the share price, or have you guys kind of changedyour compensation more towards cash? And the amortization, is that something where just some things in the past, customerlists, or what have you are rolling off, and just you expect that to continue to trend a little bit lower, or how should we thinkabout those two items?


Yes, the amortization for sure is winding down. It's a lot of Selectron kind of integration, amortization issues. So you shouldexpect a decline of them over time. It's on that track. Stock-based compensation, I wouldn't say we've changed anything, Jim.It is largely dependent on the stock price and the grants, et cetera. You should assume that's fairly flat in that range. But whatwe're looking forward to is this adjusted to GAAP EPS, which is roughly $0.04, probably trend down towards more like $0.03next year, and the closer it gets, the better we feel about that.


That's great. Thank you very much for your time, gentlemen.

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Thank you, Jim.

Operator

Next question comes from Brian White from Ticonderoga.

Brian White - Ticonderoga Securities - Analyst

Yes, Paul on the sales guidance for September quarter, I think someone pointed out it's below average. I calculated typicallyyou see about a 10% uptick. You're guiding to a 3% uptick. I'm wondering what piece of that is related to just a slower macroenvironment, and what piece is related to exiting the PC business, specifically on the September quarter?


Well, I think you have to first acknowledge that June was strong for us by a couple hundred million dollars. Some of that is alittle bit of a pull-in perhaps. Mike talked about for the year, we're still anticipating these pretty strong numbers for these businessgroups. ODM PC is significant, certainly a big contributor of March to June, and should be in that range for theSeptember/December period.

I think that we continue to be cautious about our guidance range on the revenue side. Back in the March quarter, if you remember,we kind of missed it. It's a seasonal period, with consumer products and in the mobile area there's obviously some concern andwe've got to be cautious about that. ODM PC are big numbers, but they could be off plus or minus $100 million, pretty easily.I think that's how we framed, anyway, our guidance level for September.


But Paul, should we assume some exit of the PC business in the September quarter versus the June quarter, or no?


No. I think it kind of peaks in the September quarter and then you'll see an exit more in the December quarter.


Okay. On inventory dollars, will they decline sequentially in the September quarter?


I don't think so. No, because you're building for a December quarter, which is typically a high quarter. I think you'll probablysee the same level, maybe up a little, at the end of the quarter there.


Okay. Thank you.

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Operator

Next question comes from Lou Miscioscia from Colin Stewart.

Lou Miscioscia - Collins Stewart - Analyst

Okay, great, thank you. Maybe if you could go into the PC business in a little bit more detail, in the sense you obviously gavethe comment that it's going to peak in September and then start to fall off in December. How fast should we expect it to fall offin calendar 2012? Along with that, you also gave 3.5% operating margin guidance. If it's not falling off that fast, does that changeor does that fall off very quickly in March or something?


Yes, I think that with any product like this, Lou, we are anticipating volumes through the majority of the December quarter, notentirely, because the month of December is usually pretty slow from a manufacturing and shipping perspective. It's usually onthe shelves by then.

We will see a lower revenue number in December versus September. Again, these are all forecast numbers, and it's a consumerproduct that you just got to know how it sells. It went very strong here in June, and we anticipate it peaking a little bit inSeptember and then declining in December is kind of how to look at it.


What I can say is when we did the Analyst Day, we kind of had some uncertainty as to when the programs would roll off, and Iwould say at this point we have well over a 90% certainty that it ends in the Q3 period. Then you will get a pretty significantkick in operating profit, almost immediately.


Okay. So most of it ends in December. So that 3.5% operating margin guidance was not calendar year-end being December, itwas more fiscal year-end March.


Yes, that's correct. I think you have to assume that we're going to pop that 3.5%. Like Paul said, we've got two things going on.We've got the components, which we continue to get more and more comfortable with as we talked about. The second popthat we get is when ODM just rolls off. That's what I'm saying, 90% chance it rolls off in December. I mean I'd say 100%, butthere's never any sure thing here. But we have quite a bit of good visibility from our customer on when they would like thatprogram to end. So I think it's reasonably de-risked. I think it will be out December quarter. But it's not until it's out will we seethe operating product will kick. We're going to see it kick a little bit because you'll see components coming up, but you'll getboth benefits in the March quarter.


Okay. And then just a clarification if you could add, in the component area, obviously you've got power cameras, Multek, andthen you've always had plastics and metal bending. Could you give us any breakdown as to which one is the majority, or anyone 50% and maybe the breakup of the rest.

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Yes, the breakup of the rest we kind of run alongside of our core business. We don't separate it out. We look at a lot of it, sowhen we talk about the components profitability, we're only talking about power and cameras and Multek. We actually run theother businesses right embedded in the standard EMS businesses.


Okay. Then maybe the percent of Multek, what -- at least 50% or over 50% of all that?


No. I think Multek's around 35%. Then camera modules is the smallest, probably about 25%. Then you've got the balance withpower, so it's probably 40% for Multek.


Okay. Thanks, guys.

Operator

Next question comes from Wamsi Mohan from Bank of America.

Wamsi Mohan - BofA Merrill Lynch - Analyst

Yes, thank you. Mike, thanks for all the color on components. So from your commentary, sounds Multek's already doing well,camera modules the yields are getting better, and the wins are based on existing technology, so there's sort of a de-riskingfactor over there. Sequentially it sounds like we should be expecting an improvement as we go through the course of the year,and obviously you're indicating you can get to 3.5% by the end of the fiscal year.

When you look at your guidance -- your mid-point or you pick maybe wherever in the range -- you're still at operating marginof 2.6%, including the PC ODM business. If the impact of the exit of that is similar in magnitude, so 50 basis points as it was thisquarter, then your operating margins are still at 3.1%, which is still flat quarter-on-quarter. I guess I'm trying to reconcile, is thatguidance basically assuming no improvement in components for next quarter? And why not, because it sounds like the revenueswill be higher for components for next quarter, or is there some other offset that (inaudible).


Yes, I think there's a little bit of offset in some of the other -- anyways, what we assume in there is we do assume and increase,an improvement in components. We definitely think components will run over break-even in Q2, in the September quarter. Wedo have some headwinds, and I would say some profit challenges as a result of some of the big mobile customers. So now ifyou -- we already talked about that being a problem for this quarter, this last quarter and this coming quarter, where we're notgetting the utilization because of some delayed product ramps. That actually is a little bit of an additional headwind, but itprobably goes away pretty quickly.

So there are other pieces of the business that are slightly affected, most notably the mobile com business -- that actually kicksin Q2. Then, just so you know, we expect in Q3 and Q4 is, we expect the mobile com business to turn around very rapidly, and

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in fact have it be reasonably strong in Q3 and Q4. That's even taking some significant de-rates off of the customer forecast. Soeven with very significant de-rates off the current forecast, we expect Q3 and Q4 to come back pretty aggressively.

So I'd say what you have to know is, you've got this other part of the business, which is the high-velocity mobile phones in Q1and Q2 are really weak. That's the headwind force in these two quarters.


Could you maybe quantify the magnitude of that headwind?


Well, I expect -- I don't know the number exactly -- but you'll see like a significant change in -- for the profitability of mobile comprobably goes up $0.02 or $0.03 from Q2 to Q3. It's significant.


Okay. Thank you.

Operator

Next question comes from Matt Sheerin with Stifel, Nicolaus.

Matt Sheerin - Stifel Nicolaus - Analyst

Thanks. I want to go back to the ODM business which you're phasing out. As you wind that down, will there be any near-termfinancial implications, whether it be restructuring charges, any other headwinds in terms of another headwind to profitability?And looking at that capacity, you talked about back-filling some capacity, some other areas. But are you confident that you canfill that capacity, or will you really have to actually shut down plants and lay off workers, et cetera?


With losing $20 million a quarter, just having a few million dollars of charges is kind of in the noise. If we do have to lay offworkers, it will probably be pretty minimal relative to the current losses that we are undergoing, so the return on that investmentis probably going to be like a month, if not faster.

There may be some residual headwinds in terms of some excess inventory, that sort of thing. We run that business at about 35inventory turns, so it runs real fast. It takes a lot of the risk out of having any sort of residual problems. There may be some toolsand such, and some cleanup items. There will be some cleanup items associated with it, but with a $20 million burn per quarter,boy, you can pay for it pretty quickly. So I think you will see some of that. I think if we just think about the business losing $20million or $25 million through the December quarter, then I think that ends up covering anything that we could be thinking of.


Okay. And back to the mobility business, just clarifying. Sounds like you said it was weak and down significantly quarter-on-quarter,year-on-year. Sounds like it's going to be weak next quarter, but still up sequentially? Is that correct, but in magnitude stillrelatively weak?

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Yes, so this September quarter will be weak.


But will it be up sequentially or not?


I think it's relatively flat.


Flat.


It will be flat to this quarter. And this quarter is a big headwind for us. September quarter will be relatively flat. Now, the forecastI'm giving you on that, being flat, is significantly less than maybe customers' expectations. So if it comes through and there'smore there, then we'll build more. But we're assuming for our financial forecast that it's kind of a flat to June quarter. Then we'dexpect the next two quarters to be pretty heavy. So even if the customer is even mildly successful, there would be a significantincrease in revenue and OP contribution.


Last quick question. Could you tell us what percentage of revenue came from your top 10 customers, and whether you had any10% customers.


Yes, we have one 10% customer which is HP, and the total for the top 10 is 55%.


Okay. Thanks a lot.

Operator

Next question comes from Steve O'Brien from JPMorgan.

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Steve O'Brien - JPMorgan - Analyst

Hi, thanks for taking my question. Mike, you talked about de-rating your customer forecast in the mobile area, but is there anyprogress in terms of diversification in your customer base that can provide you with a level of confidence going into the seasonalbuild period for mobile devices that's more than just sort of discounting your major customers forecast?


Yes. One of the things that we're trying to do by just having a high-velocity segment is, we're trying to create in this -- whichends up being really a consumer division, we're trying to create a bundle of products to create the diversification. So we're nolonger focused at just running a mobile com business. We're focused on creating a diversified consumer business. That's kindof how we think about it from now on.

We will probably spend less time talking about mobile com as we transition into just talking about high velocity. But the waywe think about it is, we have to have a broadly diversified consumer business. Today those are things like, as you know we'redoing Xboxes and gaming products, we do printers, we do the phones. We'll continue doing some EMS kind of computing kindof businesses.

So there's still going to be -- what we're going to think about is, how do we diversify that set of consumer products, becausewe just don't have a lot of very specific investments towards any one of those individual products. They tend to be -- tend touse a little bit -- a lot of the same equipment. So we think about that.

That being said, we also this last quarter, we booked some business with GTE to do their phones. We already have a verysubstantial business doing phones with [Waway] that's growing pretty rapidly. We have a number of the other Japanesecustomers still that you've heard in the past. Quite frankly, we're very actively working on trying to penetrate some of the tierones that are coming up very actively. So the answer is, we're going to try to run high-velocity as it itself diversified, so we don'thave exposure to any one particular product category within consumer. As we look to do that, we are very rapidly trying todiversify our mobile business as well.


Great. And if I could follow up. Sounds like there were some restructuring costs, specifically in the power supply business thatyou didn't call out. Were there any other areas where you did some reallocating of resources, you had some costs that maybewould be above the norm, but not something you called out this quarter?


No. I think the power supply was where we had restructured a couple of the facilities, but outside of that it's noise level. There'salways things we do which we don't call out, but what sticks out is probably more the restructuring on power.


Great, thanks.


Operator we are a little over time but we can take one more.

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Operator

Okay. The last question comes from Shawn Hammond from the Hammond Company. Your line is open. Shawn, your line isopen. Do you want to check your mute button?


Maybe Shawn's gone. Okay. So if Shawn is not there, let's just wrap it up. I think Kevin has a closing comment.

Kevin Kessel - Flextronics International Ltd - VP, Investor Relations

Yes, thanks everybody for joining us. You can access a replay of the call and obtain a transcript on our website, it should beposted by tomorrow. This concludes the call. Bye.


Thank you, everybody. Bye-bye.

Operator

That concludes today's call. Thank you for participating. You may disconnect at this time.

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