Universal Display
Annual Report 2011

Plain-text annual report

Corporate offiCes Princeton Crossroads Corporate Center 375 Phillips Boulevard Ewing, NJ 08618 609.671.0980 [p] 609.671.0995 [f] www.universaldisplay.com asian operations ContaCt Dr. Sui-Yuan Lynn Director of Asian Operations 886.928.108.212 Corporate Counsel Morgan, Lewis & Bockius LLP 1701 Market Street Philadelphia, PA 19103 intelleCtual property Counsel Kenyon & Kenyon LLP One Broadway New York, NY 10004 independent registered publiC aCCountant KPMG LLP 1601 Market Street Philadelphia, PA 19103 transfer agent & registrar American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 univ ersal d isplay corporat ion 2 011 a nnual report As the world leader in the development of energy-efficient OLED technologies and materials, Universal Display Corporation enjoyed significant growth and achievement. Corporate offiCes Princeton Crossroads Corporate Center 375 Phillips Boulevard Ewing, NJ 08618 609.671.0980 [p] 609.671.0995 [f] www.universaldisplay.com asian operations ContaCt Dr. Sui-Yuan Lynn Director of Asian Operations 886.928.108.212 Corporate Counsel Morgan, Lewis & Bockius LLP 1701 Market Street Philadelphia, PA 19103 intelleCtual property Counsel Kenyon & Kenyon LLP One Broadway New York, NY 10004 independent registered publiC aCCountant KPMG LLP 1601 Market Street Philadelphia, PA 19103 transfer agent & registrar American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 univ ersal d isplay corporat ion 2 011 a nnual report As the world leader in the development of energy-efficient OLED technologies and materials, Universal Display Corporation enjoyed significant growth and achievement. seleCted finanCial data to our shareholders board of directors partnerships and alliances 61.3 30.5 15.8 2009 2010 2011 revenue ($ Millions) net income (loss) ($ Millions) 2009 2010 (20.5) (19.9) 3.2 2011 346.1 Cash, Cash equivalents & short-term investments ($ Millions, at December 31) total patents issued & pending Worldwide (Owned or controlled by Universal Display Corp.) 63.9 73.2 2009 2010 2011 1,433 1,211 1,066 2009 2010 2011 2011 proved to be a major milestone year for Universal Display Corporation. After more than a decade transforming a great vision into commercial reality, AMOLED products established a true market presence. In 2011, our revenues doubled to over $61 million and we reported our first full-year profit. With net income of $3.2 million, or $0.07 per share, this was a $23 million bottom-line improvement compared to 2010. We ended the year financially strong, with cash, cash equivalents and short-term investments of $346 million and no debt. In addition to the positive cash flow from operations, the company’s liquidity benefitted from $250 million of capital raised in a secondary offering conducted by a team led by Goldman Sachs. Our strong year reflects the growing appeal of handheld electronics that feature high-performance AMOLED displays. AMOLEDs offer noticeably beautiful images with vibrant colors, outstanding color contrast, wide viewing angles, and, through the use of Universal Display’s phosphorescent technology and materials, energy efficiency. As a result, smartphones equipped with AMOLED displays, such as the Samsung Galaxy Series, gained significantly in market share through record sales in 2011. Building on an 11-year relationship, we entered into multi-year license and supplemental material purchase agreements with Samsung Mobile Display Co., Ltd. (SMD), the AMOLED industry leader, in 2011. These agreements strengthen our partnership and support SMD’s continued use of our proprietary OLED technologies and materials in its portfolio of state-of-the-art OLED products. Capitalizing on the success of handheld products using AMOLED displays, consumer electronics makers also advanced new products with larger AMOLED screens. Tablet computers with AMOLED displays entered the market late in 2011, and longstanding Universal Display partners Samsung and LG both unveiled breathtaking 55" OLED televisions at the Consumer Electronics Show in January 2012. To accommodate this growing demand for AMOLEDs, SMD, LG Display Co., Ltd. and AU Optronics Corp. each announced plans for manufacturing capacity expansion. This past year, we also extended our material supply agreement with PPG Industries, Inc. Through this longstanding partnership, Universal Display has become the recognized leader in the supply of state-of-the-art, high-quality phosphorescent OLED materials for the OLED industry. In the third quarter, we achieved another important milestone. We began shipping our green phosphorescent material system for commercial use. Developed to complement our green UniversalPHOLED® emitter materials, our new commercial host materials are a potential growth opportunity for Universal Display. During the year, we signed license agreements with Panasonic Idemitsu OLED Lighting Co., Ltd. and Pioneer Corporation for the commercialization of energy-efficient white OLED lighting panels. We signed an agreement for technology licensing, material supply, and technology assistance to further support Moser Baer Technologies’ efforts to design and build the world’s first white OLED lighting manufacturing facility in the United States. We demonstrated white OLED panels using our UniversalPHOLED technology and materials that met initial commercial targets and exceeded the 2011 lifetime targets set by the US Department of Energy. We also saw an increasing number of white OLED product prototypes. This includes the Innovation-of-the-Year Award-winning Acuity Brands Lighting OLED lamp using white OLED panels from LG Chem, Ltd. with our UniversalPHOLED technology and materials. This was introduced at the annual Lightfair exhibition in May. In 2011, we invested $24 million in research and development to support our technology leadership. In addition, we invested in core growth opportunities for the company. Introduced at the 2011 Society for Information Display (SID) Display Week, our novel, single-layer barrier technology offers a high-performance, cost- effective packaging solution for flexible OLED displays and lighting panels. We advanced our flexible OLED technology portfolio and delivered a wrist-mounted communication device prototype with a full-color, flexible AMOLED display, developed with L-3 Communications—Display Systems and LG Display, with support from the Flexible Display Center (FDC) at Arizona State University, to the US Army. With these promising advances in our proprietary OLED technologies and materials, our intellectual property portfolio continues to strengthen. Our patent portfolio grew to over 1,400 patents issued and pending worldwide. We believe our extensive portfolio of patents, trade secrets and know-how gives us a competitive advantage in the OLED industry. To support the growing OLED markets and better serve our customers, we also amplified our presence in Asia: We established a new subsidiary in Japan, expanded our offices in Taiwan, and opened a research facility in Hong Kong. In 2011, we were recognized with a variety of industry awards. For the fourth consecutive year, the US Department of Energy honored our white OLED achievements for solid-state lighting. Deloitte LLP recognized us as one of the fastest-growing technology, media, telecommunications, life sciences, and clean technology companies in its Technology Fast 500 in North America, and the Society for Information Display honored Dr. Julie Brown, our Chief Technology Officer, with a 2011 Fellow Award. We are very proud of our accomplishments in 2011. Looking to 2012, we anticipate another year of rapid market growth as new manufacturing capacity is installed and exciting, innovative OLED display and lighting products reach the market. For our part, we will continue to invest in our proprietary technologies and materials to offer state-of-the-art performance and innovative solutions to our customers and their products. With sustained leadership in OLED technology and materials supply, we are planning for continued growth of your company and shareholder value. Sherwin I. Seligsohn Founder & Chairman of the Board Steven V. Abramson President & Chief Executive Officer sherwin i. seligsohn steven v. abramson sidney d. rosenblatt leonard Becker elizabeth H. Gemmill, esq. c. Keith Hartley lawrence lacerte dr. Julie J. Brown dr. Michael Hack dr. stephen r. Forrest dr. Mark e. thompson Janice K. Mahon sherwin i. seligsohn Founder & Chairman of the Board steven V. abramson President & Chief Executive Officer sidney d. rosenblatt Executive Vice President & Chief Financial Officer leonard becker General Partner, Becker Associates elizabeth h. gemmill, esq. President, Warwick Foundation C. Keith hartley President, Hartley Capital Advisors lawrence lacerte Chairman of the Board & Chief Executive Officer, Exponent Technologies, Inc. scientific advisory board dr. Julie J. brown Senior Vice President & Chief Technical Officer dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President dr. stephen r. forrest William Gould Dow Collegiate Professor of Electrical Engineering & Physics Vice President for Research, University of Michigan dr. Mark e. thompson Professor of Chemistry Department of Chemistry University of Southern California executive officers steven V. abramson President & Chief Executive Officer dr. Julie J. brown Senior Vice President & Chief Technical Officer acuity Brands aixtron armstrong World industries au optronics chimei innolux dupont displays Flexible display center Flextech alliance idemitsu Kosan Konica Minolta l-3 communications lG chem lG display lumiotec Moser Baer technologies Motorola national taiwan university nec lighting new Jersey technology council nGlia nippon steel chemical novaled oled association panasonic panasonic idemitsu oled lighting pioneer & tohoku pioneer ppG industries princeton university samsung sMd seiko epson sFc showa denko sony toshiba dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President toyota industries university of Michigan Janice K. Mahon Vice President of Technology Commercialization & General Manager, PHOLED Material Sales Business sidney d. rosenblatt Executive Vice President & Chief Financial Officer sherwin i. seligsohn Founder & Chairman of the Board university of southern california us air Force research laboratory us army cerdec us army research laboratory us department of energy seleCted finanCial data to our shareholders board of directors partnerships and alliances 61.3 30.5 15.8 2009 2010 2011 revenue ($ Millions) net income (loss) ($ Millions) 2009 2010 (20.5) (19.9) 3.2 2011 346.1 Cash, Cash equivalents & short-term investments ($ Millions, at December 31) total patents issued & pending Worldwide (Owned or controlled by Universal Display Corp.) 63.9 73.2 2009 2010 2011 1,433 1,211 1,066 2009 2010 2011 2011 proved to be a major milestone year for Universal Display Corporation. After more than a decade transforming a great vision into commercial reality, AMOLED products established a true market presence. In 2011, our revenues doubled to over $61 million and we reported our first full-year profit. With net income of $3.2 million, or $0.07 per share, this was a $23 million bottom-line improvement compared to 2010. We ended the year financially strong, with cash, cash equivalents and short-term investments of $346 million and no debt. In addition to the positive cash flow from operations, the company’s liquidity benefitted from $250 million of capital raised in a secondary offering conducted by a team led by Goldman Sachs. Our strong year reflects the growing appeal of handheld electronics that feature high-performance AMOLED displays. AMOLEDs offer noticeably beautiful images with vibrant colors, outstanding color contrast, wide viewing angles, and, through the use of Universal Display’s phosphorescent technology and materials, energy efficiency. As a result, smartphones equipped with AMOLED displays, such as the Samsung Galaxy Series, gained significantly in market share through record sales in 2011. Building on an 11-year relationship, we entered into multi-year license and supplemental material purchase agreements with Samsung Mobile Display Co., Ltd. (SMD), the AMOLED industry leader, in 2011. These agreements strengthen our partnership and support SMD’s continued use of our proprietary OLED technologies and materials in its portfolio of state-of-the-art OLED products. Capitalizing on the success of handheld products using AMOLED displays, consumer electronics makers also advanced new products with larger AMOLED screens. Tablet computers with AMOLED displays entered the market late in 2011, and longstanding Universal Display partners Samsung and LG both unveiled breathtaking 55" OLED televisions at the Consumer Electronics Show in January 2012. To accommodate this growing demand for AMOLEDs, SMD, LG Display Co., Ltd. and AU Optronics Corp. each announced plans for manufacturing capacity expansion. This past year, we also extended our material supply agreement with PPG Industries, Inc. Through this longstanding partnership, Universal Display has become the recognized leader in the supply of state-of-the-art, high-quality phosphorescent OLED materials for the OLED industry. In the third quarter, we achieved another important milestone. We began shipping our green phosphorescent material system for commercial use. Developed to complement our green UniversalPHOLED® emitter materials, our new commercial host materials are a potential growth opportunity for Universal Display. During the year, we signed license agreements with Panasonic Idemitsu OLED Lighting Co., Ltd. and Pioneer Corporation for the commercialization of energy-efficient white OLED lighting panels. We signed an agreement for technology licensing, material supply, and technology assistance to further support Moser Baer Technologies’ efforts to design and build the world’s first white OLED lighting manufacturing facility in the United States. We demonstrated white OLED panels using our UniversalPHOLED technology and materials that met initial commercial targets and exceeded the 2011 lifetime targets set by the US Department of Energy. We also saw an increasing number of white OLED product prototypes. This includes the Innovation-of-the-Year Award-winning Acuity Brands Lighting OLED lamp using white OLED panels from LG Chem, Ltd. with our UniversalPHOLED technology and materials. This was introduced at the annual Lightfair exhibition in May. In 2011, we invested $24 million in research and development to support our technology leadership. In addition, we invested in core growth opportunities for the company. Introduced at the 2011 Society for Information Display (SID) Display Week, our novel, single-layer barrier technology offers a high-performance, cost- effective packaging solution for flexible OLED displays and lighting panels. We advanced our flexible OLED technology portfolio and delivered a wrist-mounted communication device prototype with a full-color, flexible AMOLED display, developed with L-3 Communications—Display Systems and LG Display, with support from the Flexible Display Center (FDC) at Arizona State University, to the US Army. With these promising advances in our proprietary OLED technologies and materials, our intellectual property portfolio continues to strengthen. Our patent portfolio grew to over 1,400 patents issued and pending worldwide. We believe our extensive portfolio of patents, trade secrets and know-how gives us a competitive advantage in the OLED industry. To support the growing OLED markets and better serve our customers, we also amplified our presence in Asia: We established a new subsidiary in Japan, expanded our offices in Taiwan, and opened a research facility in Hong Kong. In 2011, we were recognized with a variety of industry awards. For the fourth consecutive year, the US Department of Energy honored our white OLED achievements for solid-state lighting. Deloitte LLP recognized us as one of the fastest-growing technology, media, telecommunications, life sciences, and clean technology companies in its Technology Fast 500 in North America, and the Society for Information Display honored Dr. Julie Brown, our Chief Technology Officer, with a 2011 Fellow Award. We are very proud of our accomplishments in 2011. Looking to 2012, we anticipate another year of rapid market growth as new manufacturing capacity is installed and exciting, innovative OLED display and lighting products reach the market. For our part, we will continue to invest in our proprietary technologies and materials to offer state-of-the-art performance and innovative solutions to our customers and their products. With sustained leadership in OLED technology and materials supply, we are planning for continued growth of your company and shareholder value. Sherwin I. Seligsohn Founder & Chairman of the Board Steven V. Abramson President & Chief Executive Officer sherwin i. seligsohn steven v. abramson sidney d. rosenblatt leonard Becker elizabeth H. Gemmill, esq. c. Keith Hartley lawrence lacerte dr. Julie J. Brown dr. Michael Hack dr. stephen r. Forrest dr. Mark e. thompson Janice K. Mahon sherwin i. seligsohn Founder & Chairman of the Board steven V. abramson President & Chief Executive Officer sidney d. rosenblatt Executive Vice President & Chief Financial Officer leonard becker General Partner, Becker Associates elizabeth h. gemmill, esq. President, Warwick Foundation C. Keith hartley President, Hartley Capital Advisors lawrence lacerte Chairman of the Board & Chief Executive Officer, Exponent Technologies, Inc. scientific advisory board dr. Julie J. brown Senior Vice President & Chief Technical Officer dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President dr. stephen r. forrest William Gould Dow Collegiate Professor of Electrical Engineering & Physics Vice President for Research, University of Michigan dr. Mark e. thompson Professor of Chemistry Department of Chemistry University of Southern California executive officers steven V. abramson President & Chief Executive Officer dr. Julie J. brown Senior Vice President & Chief Technical Officer acuity Brands aixtron armstrong World industries au optronics chimei innolux dupont displays Flexible display center Flextech alliance idemitsu Kosan Konica Minolta l-3 communications lG chem lG display lumiotec Moser Baer technologies Motorola national taiwan university nec lighting new Jersey technology council nGlia nippon steel chemical novaled oled association panasonic panasonic idemitsu oled lighting pioneer & tohoku pioneer ppG industries princeton university samsung sMd seiko epson sFc showa denko sony toshiba dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President toyota industries university of Michigan Janice K. Mahon Vice President of Technology Commercialization & General Manager, PHOLED Material Sales Business sidney d. rosenblatt Executive Vice President & Chief Financial Officer sherwin i. seligsohn Founder & Chairman of the Board university of southern california us air Force research laboratory us army cerdec us army research laboratory us department of energy seleCted finanCial data to our shareholders board of directors partnerships and alliances 61.3 30.5 15.8 2009 2010 2011 revenue ($ Millions) net income (loss) ($ Millions) 2009 2010 (20.5) (19.9) 3.2 2011 346.1 Cash, Cash equivalents & short-term investments ($ Millions, at December 31) total patents issued & pending Worldwide (Owned or controlled by Universal Display Corp.) 63.9 73.2 2009 2010 2011 1,433 1,211 1,066 2009 2010 2011 2011 proved to be a major milestone year for Universal Display Corporation. After more than a decade transforming a great vision into commercial reality, AMOLED products established a true market presence. In 2011, our revenues doubled to over $61 million and we reported our first full-year profit. With net income of $3.2 million, or $0.07 per share, this was a $23 million bottom-line improvement compared to 2010. We ended the year financially strong, with cash, cash equivalents and short-term investments of $346 million and no debt. In addition to the positive cash flow from operations, the company’s liquidity benefitted from $250 million of capital raised in a secondary offering conducted by a team led by Goldman Sachs. Our strong year reflects the growing appeal of handheld electronics that feature high-performance AMOLED displays. AMOLEDs offer noticeably beautiful images with vibrant colors, outstanding color contrast, wide viewing angles, and, through the use of Universal Display’s phosphorescent technology and materials, energy efficiency. As a result, smartphones equipped with AMOLED displays, such as the Samsung Galaxy Series, gained significantly in market share through record sales in 2011. Building on an 11-year relationship, we entered into multi-year license and supplemental material purchase agreements with Samsung Mobile Display Co., Ltd. (SMD), the AMOLED industry leader, in 2011. These agreements strengthen our partnership and support SMD’s continued use of our proprietary OLED technologies and materials in its portfolio of state-of-the-art OLED products. Capitalizing on the success of handheld products using AMOLED displays, consumer electronics makers also advanced new products with larger AMOLED screens. Tablet computers with AMOLED displays entered the market late in 2011, and longstanding Universal Display partners Samsung and LG both unveiled breathtaking 55" OLED televisions at the Consumer Electronics Show in January 2012. To accommodate this growing demand for AMOLEDs, SMD, LG Display Co., Ltd. and AU Optronics Corp. each announced plans for manufacturing capacity expansion. This past year, we also extended our material supply agreement with PPG Industries, Inc. Through this longstanding partnership, Universal Display has become the recognized leader in the supply of state-of-the-art, high-quality phosphorescent OLED materials for the OLED industry. In the third quarter, we achieved another important milestone. We began shipping our green phosphorescent material system for commercial use. Developed to complement our green UniversalPHOLED® emitter materials, our new commercial host materials are a potential growth opportunity for Universal Display. During the year, we signed license agreements with Panasonic Idemitsu OLED Lighting Co., Ltd. and Pioneer Corporation for the commercialization of energy-efficient white OLED lighting panels. We signed an agreement for technology licensing, material supply, and technology assistance to further support Moser Baer Technologies’ efforts to design and build the world’s first white OLED lighting manufacturing facility in the United States. We demonstrated white OLED panels using our UniversalPHOLED technology and materials that met initial commercial targets and exceeded the 2011 lifetime targets set by the US Department of Energy. We also saw an increasing number of white OLED product prototypes. This includes the Innovation-of-the-Year Award-winning Acuity Brands Lighting OLED lamp using white OLED panels from LG Chem, Ltd. with our UniversalPHOLED technology and materials. This was introduced at the annual Lightfair exhibition in May. In 2011, we invested $24 million in research and development to support our technology leadership. In addition, we invested in core growth opportunities for the company. Introduced at the 2011 Society for Information Display (SID) Display Week, our novel, single-layer barrier technology offers a high-performance, cost- effective packaging solution for flexible OLED displays and lighting panels. We advanced our flexible OLED technology portfolio and delivered a wrist-mounted communication device prototype with a full-color, flexible AMOLED display, developed with L-3 Communications—Display Systems and LG Display, with support from the Flexible Display Center (FDC) at Arizona State University, to the US Army. With these promising advances in our proprietary OLED technologies and materials, our intellectual property portfolio continues to strengthen. Our patent portfolio grew to over 1,400 patents issued and pending worldwide. We believe our extensive portfolio of patents, trade secrets and know-how gives us a competitive advantage in the OLED industry. To support the growing OLED markets and better serve our customers, we also amplified our presence in Asia: We established a new subsidiary in Japan, expanded our offices in Taiwan, and opened a research facility in Hong Kong. In 2011, we were recognized with a variety of industry awards. For the fourth consecutive year, the US Department of Energy honored our white OLED achievements for solid-state lighting. Deloitte LLP recognized us as one of the fastest-growing technology, media, telecommunications, life sciences, and clean technology companies in its Technology Fast 500 in North America, and the Society for Information Display honored Dr. Julie Brown, our Chief Technology Officer, with a 2011 Fellow Award. We are very proud of our accomplishments in 2011. Looking to 2012, we anticipate another year of rapid market growth as new manufacturing capacity is installed and exciting, innovative OLED display and lighting products reach the market. For our part, we will continue to invest in our proprietary technologies and materials to offer state-of-the-art performance and innovative solutions to our customers and their products. With sustained leadership in OLED technology and materials supply, we are planning for continued growth of your company and shareholder value. Sherwin I. Seligsohn Founder & Chairman of the Board Steven V. Abramson President & Chief Executive Officer sherwin i. seligsohn steven v. abramson sidney d. rosenblatt leonard Becker elizabeth H. Gemmill, esq. c. Keith Hartley lawrence lacerte dr. Julie J. Brown dr. Michael Hack dr. stephen r. Forrest dr. Mark e. thompson Janice K. Mahon sherwin i. seligsohn Founder & Chairman of the Board steven V. abramson President & Chief Executive Officer sidney d. rosenblatt Executive Vice President & Chief Financial Officer leonard becker General Partner, Becker Associates elizabeth h. gemmill, esq. President, Warwick Foundation C. Keith hartley President, Hartley Capital Advisors lawrence lacerte Chairman of the Board & Chief Executive Officer, Exponent Technologies, Inc. scientific advisory board dr. Julie J. brown Senior Vice President & Chief Technical Officer dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President dr. stephen r. forrest William Gould Dow Collegiate Professor of Electrical Engineering & Physics Vice President for Research, University of Michigan dr. Mark e. thompson Professor of Chemistry Department of Chemistry University of Southern California executive officers steven V. abramson President & Chief Executive Officer dr. Julie J. brown Senior Vice President & Chief Technical Officer acuity Brands aixtron armstrong World industries au optronics chimei innolux dupont displays Flexible display center Flextech alliance idemitsu Kosan Konica Minolta l-3 communications lG chem lG display lumiotec Moser Baer technologies Motorola national taiwan university nec lighting new Jersey technology council nGlia nippon steel chemical novaled oled association panasonic panasonic idemitsu oled lighting pioneer & tohoku pioneer ppG industries princeton university samsung sMd seiko epson sFc showa denko sony toshiba dr. Michael hack General Manager, OLED Lighting & Custom Displays, Vice President toyota industries university of Michigan Janice K. Mahon Vice President of Technology Commercialization & General Manager, PHOLED Material Sales Business sidney d. rosenblatt Executive Vice President & Chief Financial Officer sherwin i. seligsohn Founder & Chairman of the Board university of southern california us air Force research laboratory us army cerdec us army research laboratory us department of energy Corporate offiCes Princeton Crossroads Corporate Center 375 Phillips Boulevard Ewing, NJ 08618 609.671.0980 [p] 609.671.0995 [f] www.universaldisplay.com asian operations ContaCt Dr. Sui-Yuan Lynn Director of Asian Operations 886.928.108.212 Corporate Counsel Morgan, Lewis & Bockius LLP 1701 Market Street Philadelphia, PA 19103 intelleCtual property Counsel Kenyon & Kenyon LLP One Broadway New York, NY 10004 independent registered publiC aCCountant KPMG LLP 1601 Market Street Philadelphia, PA 19103 transfer agent & registrar American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 univ ersal d isplay corporat ion 2 011 a nnual report As the world leader in the development of energy-efficient OLED technologies and materials, Universal Display Corporation enjoyed significant growth and achievement. 

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