Garmin Ltd. (GRMN) 10-Year Financial Performance & Capital Metrics

GRMN • • Industrial / General

TechnologyTech Hardware & EquipmentElectronic Components & ConnectorsNavigation & Positioning Systems

AboutGarmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms; and Connect IQ, an application development platform. The company's Outdoor segment offers adventure watches, outdoor handhelds, golf devices and mobile apps, and dog tracking and training devices. Its Aviation segment designs, manufactures, and markets various aircraft avionics solutions comprising integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponder solutions, weather information and avoidance solutions, datalink and connectivity solutions, portable GPS navigators and wearables, and various services products. The company's Marine segment provides chartplotters and multi-function displays, cartography products, fish finders, sonar products, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing products, entertainment, digital switching products, and trolling motors. Its Auto segment offers embedded computing models and infotainment systems; personal navigation devices; and cameras. The company sells its products through independent retailers, online retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers, as well as an online webshop, garmin.com. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.Show more

Revenue $6.3B +20.4%
EBITDA $1.77B +39.7%
Net Income $1.41B +9.4%
EPS (Diluted) 7.30 +8.8%
Gross Margin 58.7% +2.1%
EBITDA Margin 28.17% +16.0%
Operating Margin 25.31% +21.2%
Net Margin 22.41% -9.1%
ROE 19% -2.7%
ROIC 21.04% +34.5%
Debt/Equity 0.02 +28.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 19.7% free cash flow margin
✓Strong 5Y sales CAGR of 10.9%
✓Good 3Y average ROE of 18.1%
✓Healthy 5Y average net margin of 22.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.17%

5Y10.88%

3Y8.11%

TTM16.56%

Profit (Net Income) CAGR

10Y14.51%

5Y8.18%

3Y9.26%

TTM3.5%

EPS CAGR

10Y14.53%

5Y7.91%

3Y9.17%

TTM3.05%

ROCE

10Y Avg17.8%

5Y Avg18.29%

3Y Avg17.47%

Latest20.68%

Peer Comparison

Navigation & Positioning Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GRMNGarmin Ltd.	41.14B	213.91	29.30	20.44%	22.63%	18.53%	3.01%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.82B	3.02B	3.09B	3.35B	3.76B	4.19B	4.98B	4.86B	5.23B	6.3B
Revenue Growth %	-0.02%	0.07%	0.02%	0.08%	0.12%	0.11%	0.19%	-0.02%	0.08%	0.2%
Cost of Goods Sold+	1.28B	1.34B	1.3B	1.37B	1.52B	1.71B	2.09B	2.05B	2.22B	2.6B
COGS % of Revenue	0.45%	0.44%	0.42%	0.41%	0.41%	0.41%	0.42%	0.42%	0.43%	0.41%
Gross Profit+	1.54B	1.68B	1.78B	1.98B	2.23B	2.48B	2.89B	2.81B	3B	3.7B
Gross Margin %	0.55%	0.56%	0.58%	0.59%	0.59%	0.59%	0.58%	0.58%	0.57%	0.59%
Gross Profit Growth %	-0.04%	0.09%	0.06%	0.11%	0.13%	0.11%	0.16%	-0.03%	0.07%	0.23%
Operating Expenses+	989.12M	1.06B	1.11B	1.2B	1.29B	1.43B	1.67B	1.78B	1.91B	2.1B
OpEx % of Revenue	0.35%	0.35%	0.36%	0.36%	0.34%	0.34%	0.34%	0.37%	0.37%	0.33%
Selling, General & Admin	562.08M	587.7M	602.67M	633.57M	683.02M	721.41M	831.82M	944M	1.01B	1.11B
SG&A % of Revenue	0.2%	0.19%	0.2%	0.19%	0.18%	0.17%	0.17%	0.19%	0.19%	0.18%
Research & Development	427.04M	467.96M	511.63M	567.8M	605.37M	705.68M	840.02M	834.93M	904.7M	993.6M
R&D % of Revenue	0.15%	0.16%	0.17%	0.17%	0.16%	0.17%	0.17%	0.17%	0.17%	0.16%
Other Operating Expenses	0	4.01M	-912K	5.37M	5.62M	0	4.87M	7.58M	0	0
Operating Income+	549.58M	623.91M	668.86M	778.34M	945.59M	1.05B	1.22B	1.03B	1.09B	1.59B
Operating Margin %	0.19%	0.21%	0.22%	0.23%	0.25%	0.25%	0.24%	0.21%	0.21%	0.25%
Operating Income Growth %	-0.2%	0.14%	0.07%	0.16%	0.21%	0.11%	0.16%	-0.16%	0.06%	0.46%
EBITDA+	627.94M	710.25M	755.11M	874.54M	1.05B	1.18B	1.37B	1.19B	1.27B	1.77B
EBITDA Margin %	0.22%	0.24%	0.24%	0.26%	0.28%	0.28%	0.28%	0.25%	0.24%	0.28%
EBITDA Growth %	-0.18%	0.13%	0.06%	0.16%	0.2%	0.12%	0.16%	-0.13%	0.07%	0.4%
D&A (Non-Cash Add-back)	78.36M	86.34M	86.25M	96.19M	106.17M	126.72M	154.82M	163.85M	177.57M	179.74M
EBIT	549.58M	632.86M	683.64M	778.34M	945.59M	1.05B	1.22B	1.03B	1.09B	1.59B
Net Interest Income+	29.65M	33.41M	36.92M	47.15M	52.82M	37M	28.57M	40.83M	77.3M	113.52M
Interest Income	29.65M	33.41M	36.92M	47.15M	52.82M	37M	28.57M	40.83M	77.3M	113.52M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	17.61M	5.76M	13.43M	44.9M	41.64M	49.17M	-11.82M	37.13M	108.2M	101.41M
Pretax Income+	567.19M	629.67M	682.29M	823.25M	987.22M	1.1B	1.21B	1.06B	1.2B	1.7B
Pretax Margin %	0.2%	0.21%	0.22%	0.25%	0.26%	0.26%	0.24%	0.22%	0.23%	0.27%
Income Tax+	110.96M	118.86M	-12.66M	129.17M	34.74M	111.09M	124.6M	91.39M	-89.28M	283.96M
Effective Tax Rate %	0.8%	0.81%	1.02%	0.84%	0.96%	0.9%	0.9%	0.91%	1.07%	0.83%
Net Income+	456.23M	510.81M	694.96M	694.08M	952.49M	992.32M	1.08B	973.59M	1.29B	1.41B
Net Margin %	0.16%	0.17%	0.23%	0.21%	0.25%	0.24%	0.22%	0.2%	0.25%	0.22%
Net Income Growth %	0.25%	0.12%	0.36%	-0%	0.37%	0.04%	0.09%	-0.1%	0.32%	0.09%
Net Income (Continuing)	456.23M	517.72M	709.01M	694.08M	952.49M	992.32M	1.08B	973.59M	1.29B	1.41B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.39	2.70	3.68	3.66	4.99	5.17	5.61	5.04	6.71	7.30
EPS Growth %	0.27%	0.13%	0.36%	-0.01%	0.36%	0.04%	0.09%	-0.1%	0.33%	0.09%
EPS (Basic)	2.39	2.71	3.70	3.68	5.01	5.19	5.63	5.06	6.74	7.35
Diluted Shares Outstanding	191.11M	189.34M	188.73M	189.73M	190.9M	191.9M	193.04M	193.04M	192.06M	193.47M
Basic Shares Outstanding	190.63M	188.82M	187.83M	188.63M	189.93M	191.09M	192.18M	192.54M	191.4M	192.14M
Dividend Payout Ratio	0.83%	0.94%	0.55%	0.43%	0.44%	0.45%	0.45%	0.7%	0.43%	0.41%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.21B	2.26B	2.36B	2.67B	3.06B	3.67B	4.26B	3.96B	4.46B	5.34B
Cash & Short-Term Investments	1.05B	1.11B	1.05B	1.38B	1.4B	1.85B	1.85B	1.45B	1.97B	2.5B
Cash Only	833.07M	846.88M	891.49M	1.2B	1.03B	1.46B	1.5B	1.28B	1.69B	2.08B
Short-Term Investments	215.16M	266.95M	161.69M	182.99M	376.46M	387.64M	347.98M	173.29M	274.62M	421.27M
Accounts Receivable	531.48M	527.06M	590.88M	569.83M	706.76M	849.47M	843.45M	656.85M	815.24M	983.4M
Days Sales Outstanding	68.78	63.73	69.86	62.13	68.65	74.06	61.78	49.33	56.91	57
Inventory	500.55M	484.82M	517.64M	561.84M	752.91M	762.08M	1.23B	1.52B	1.35B	1.47B
Days Inventory Outstanding	142.56	132.15	144.91	149.94	180.38	163.12	214.15	269.29	220.97	206.9
Other Current Assets	49.18M	47.4M	30.52M	28.46M	25.11M	20.14M	15.96M	14.86M	334.87M	378.03M
Total Non-Current Assets+	2.29B	2.26B	2.65B	2.72B	3.11B	3.36B	3.59B	3.78B	4.14B	4.29B
Property, Plant & Equipment	446.09M	482.88M	595.68M	663.53M	792.51M	950.16M	1.16B	1.29B	1.37B	1.4B
Fixed Asset Turnover	6.32x	6.25x	5.18x	5.04x	4.74x	4.41x	4.31x	3.78x	3.82x	4.49x
Goodwill	187.79M	224.55M	286.98M	301.02M	467.11M	584.21M	575.08M	567.99M	608.47M	603.95M
Intangible Assets	57.76M	80.45M	122.82M	116.06M	192.52M	244.36M	215.99M	178.46M	186.6M	154.16M
Long-Term Investments	1.34B	1.21B	1.26B	1.33B	1.21B	1.13B	1.27B	1.21B	1.13B	1.2B
Other Non-Current Assets	136.76M	150.66M	181.47M	129.8M	182.82M	206.66M	115.74M	95.09M	96.71M	113.87M
Total Assets+	4.5B	4.53B	5.01B	5.38B	6.17B	7.03B	7.85B	7.73B	8.6B	9.63B
Asset Turnover	0.63x	0.67x	0.62x	0.62x	0.61x	0.60x	0.63x	0.63x	0.61x	0.65x
Asset Growth %	-0.04%	0.01%	0.11%	0.07%	0.15%	0.14%	0.12%	-0.02%	0.11%	0.12%
Total Current Liabilities+	866M	782.74M	828.66M	921.31M	1.04B	1.16B	1.45B	1.21B	1.31B	1.51B
Accounts Payable	178.91M	172.4M	169.64M	204.99M	240.83M	258.88M	370.05M	212.42M	253.79M	359.37M
Days Payables Outstanding	50.95	46.99	47.49	54.7	57.7	55.41	64.55	37.76	41.66	50.44
Short-Term Debt	0	0	0	0	0	0	0	0	0	27.9M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	429.84M	358.79M	416.53M	506.87M	572.11M	636.53M	779.08M	732.01M	330.01M	504.13M
Current Ratio	2.55x	2.89x	2.85x	2.89x	2.95x	3.15x	2.94x	3.26x	3.41x	3.54x
Quick Ratio	1.98x	2.27x	2.23x	2.28x	2.22x	2.50x	2.10x	2.01x	2.38x	2.56x
Cash Conversion Cycle	160.39	148.89	167.29	157.37	191.34	181.77	211.38	280.86	236.22	213.46
Total Non-Current Liabilities+	288.27M	324.39M	379.14M	298.57M	337.37M	351.04M	292.12M	315.19M	280.82M	274.27M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	49.24M	75.96M	70.04M	114.54M	113.03M	134.89M
Deferred Tax Liabilities	56.21M	61.22M	75.22M	92.94M	114.75M	116.84M	117.59M	129.97M	114.68M	103.27M
Other Non-Current Liabilities	103.33M	122.77M	379.14M	129.06M	106.05M	108.3M	62.86M	34.99M	16.96M	7.79M
Total Liabilities	1.15B	1.11B	1.21B	1.22B	1.37B	1.52B	1.74B	1.53B	1.59B	1.78B
Total Debt+	0	0	0	0	49.24M	75.96M	70.04M	114.54M	113.03M	162.79M
Net Debt	-833.07M	-846.88M	-891.49M	-1.2B	-978.33M	-1.38B	-1.43B	-1.16B	-1.58B	-1.92B
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.02x	0.02x	0.02x
Debt / EBITDA	-	-	-	-	0.05x	0.06x	0.05x	0.10x	0.09x	0.09x
Net Debt / EBITDA	-1.33x	-1.19x	-1.18x	-1.37x	-0.93x	-1.17x	-1.04x	-0.98x	-1.24x	-1.08x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	3.35B	3.42B	3.8B	4.16B	4.79B	5.52B	6.11B	6.2B	7.01B	7.85B
Equity Growth %	-0.02%	0.02%	0.11%	0.09%	0.15%	0.15%	0.11%	0.01%	0.13%	0.12%
Book Value per Share	17.50	18.05	20.15	21.94	25.11	28.75	31.67	32.14	36.51	40.57
Total Shareholders' Equity	3.35B	3.42B	3.8B	4.16B	4.79B	5.52B	6.11B	6.2B	7.01B	7.85B
Common Stock	1.8B	17.98M	17.98M	17.98M	17.98M	17.98M	17.98M	17.98M	19.59M	19.49M
Retained Earnings	1.93B	2.06B	2.37B	2.71B	3.23B	3.75B	4.32B	4.73B	5.26B	6B
Treasury Stock	-414.64M	-455.96M	-468.82M	-397.69M	-345.04M	-320.02M	-303.11M	-475.1M	-330.91M	-270.52M
Accumulated OCI	-30.43M	-36.76M	56.05M	8.43M	55.87M	183.43M	117.83M	-114.53M	-65.61M	-147.24M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	280.47M	705.68M	660.84M	919.52M	698.55M	1.14B	1.01B	788.26M	1.38B	1.43B
Operating CF Margin %	0.1%	0.23%	0.21%	0.27%	0.19%	0.27%	0.2%	0.16%	0.26%	0.23%
Operating CF Growth %	-0.46%	1.52%	-0.06%	0.39%	-0.24%	0.63%	-0.11%	-0.22%	0.75%	0.04%
Net Income	456.23M	510.81M	694.96M	694.08M	952.49M	992.32M	1.08B	973.59M	1.29B	1.41B
Depreciation & Amortization	78.36M	86.34M	86.25M	96.19M	106.17M	126.72M	154.82M	163.85M	177.57M	179.74M
Stock-Based Compensation	26.29M	41.25M	44.73M	56.39M	63.4M	80.89M	92.52M	76.8M	101.42M	137.16M
Deferred Taxes	5.9M	1.7M	-90.72M	38.98M	-88.36M	6.93M	-5.37M	-143.29M	-340.77M	-88.14M
Other Non-Cash Items	58.41M	42.66M	53.89M	40.84M	17.63M	-13.06M	36.06M	-6.96M	-25.26M	21.99M
Working Capital Changes	-344.72M	22.92M	-128.26M	-6.96M	-352.79M	-58.52M	-347.81M	-275.73M	173.67M	-229.72M
Change in Receivables	22.47M	9M	-40.09M	5.17M	-123.4M	-108.86M	-19.11M	167.34M	-129.12M	-196.26M
Change in Inventory	-121.72M	-2.46M	-38.58M	-82.32M	-170.17M	28.73M	-476.45M	-363.33M	244.51M	-178.81M
Change in Payables	36.08M	-11.5M	-17.24M	40.63M	26.19M	1.45M	108.95M	-131.27M	28.5M	120.64M
Cash from Investing+	-111.98M	-121.54M	-194.54M	-307.5M	-450.75M	-260.52M	-475.37M	-145.12M	-332.97M	-393.33M
Capital Expenditures	-84.48M	-96.67M	-151.93M	-160.35M	-120.41M	-187.47M	-309.59M	-246.19M	-193.52M	-193.57M
CapEx % of Revenue	0.03%	0.03%	0.05%	0.05%	0.03%	0.04%	0.06%	0.05%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.97M	822K	208K	1.6M	529K	1.98M	35K	2.4M	-1.29M	324.2M
Cash from Financing+	-500.09M	-561.68M	-448.41M	-286.16M	-416.03M	-461.76M	-486.71M	-840.62M	-636.51M	-626.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-378.12M	-481.45M	-382.98M	-296.15M	-417.26M	-450.63M	-491.46M	-679.1M	-558.77M	-572.36M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.05M	1.69M	9.09M	0	27.12M	15.2M	0	0	21.25M	7.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	195.99M	609.01M	508.91M	759.16M	578.14M	947.8M	702.84M	542.07M	1.18B	1.24B
FCF Margin %	0.07%	0.2%	0.16%	0.23%	0.15%	0.23%	0.14%	0.11%	0.23%	0.2%
FCF Growth %	-0.56%	2.11%	-0.16%	0.49%	-0.24%	0.64%	-0.26%	-0.23%	1.18%	0.05%
FCF per Share	1.03	3.22	2.70	4.00	3.03	4.94	3.64	2.81	6.15	6.40
FCF Conversion (FCF/Net Income)	0.61x	1.38x	0.95x	1.32x	0.73x	1.14x	0.94x	0.81x	1.07x	1.01x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	252.88M	115.55M	106.15M	67.59M	160.29M	133.06M	131.04M	184.81M	302.15M	333.8M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.52%	15.11%	19.25%	17.43%	21.27%	19.25%	18.61%	15.81%	19.52%	19%
Return on Invested Capital (ROIC)	17.47%	18.41%	18.3%	19.88%	20.93%	19.89%	20.73%	15.85%	15.65%	21.04%
Gross Margin	54.56%	55.64%	57.76%	59.14%	59.45%	59.27%	58.01%	57.75%	57.48%	58.7%
Net Margin	16.18%	16.92%	22.51%	20.73%	25.35%	23.7%	21.72%	20.03%	24.67%	22.41%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.02x	0.02x	0.02x
FCF Conversion	0.61x	1.38x	0.95x	1.32x	0.73x	1.14x	0.94x	0.81x	1.07x	1.01x
Revenue Growth	-1.76%	7.03%	2.26%	8.44%	12.25%	11.42%	19.02%	-2.46%	7.57%	20.44%

Revenue by Segment

	2011	2012	2013	2014	2019	2020	2021	2022	2023	2024
Outdoor	363.22M	401.75M	410.99M	427.56M	917.57M	1.13B	1.28B	1.5B	1.7B	1.96B
Outdoor Growth	-	10.61%	2.30%	4.03%	114.61%	22.94%	13.64%	16.63%	13.51%	15.60%
Fitness	298.16M	321.79M	356.28M	568.44M	1.05B	1.32B	1.53B	1.11B	1.34B	1.77B
Fitness Growth	-	7.92%	10.72%	59.55%	84.28%	25.77%	16.42%	-27.67%	21.20%	31.97%
Marine	221.73M	208.14M	222.93M	248.37M	508.85M	657.85M	875.15M	903.98M	916.91M	1.07B
Marine Growth	-	-6.13%	7.11%	11.41%	104.87%	29.28%	33.03%	3.29%	1.43%	17.04%
Aviation	284.86M	291.56M	339.34M	385.92M	735.46M	622.82M	712.47M	792.8M	846.33M	876.61M
Aviation Growth	-	2.36%	16.39%	13.73%	90.58%	-15.32%	14.39%	11.28%	6.75%	3.58%
Automotive Mobile	1.59B	1.49B	1.3B	1.24B	548.1M	460.33M	579.46M	558.92M	423.22M	610.62M
Automotive Mobile Growth	-	-6.17%	-12.74%	-4.76%	-55.81%	-16.01%	25.88%	-3.54%	-24.28%	44.28%

Revenue by Geography

	2011	2012	2013	2014	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	1.82B	1.97B	2.35B	2.43B	2.61B	3.04B
Americas Growth	-	-	-	-	-	8.27%	19.38%	3.38%	7.63%	16.13%
EMEA	-	-	-	-	1.35B	1.58B	1.86B	1.63B	1.78B	2.32B
EMEA Growth	-	-	-	-	-	16.97%	17.67%	-12.12%	8.71%	30.59%
Asia Pacific	-	-	-	-	589.2M	638.74M	774.37M	797.62M	837.93M	941.51M
Asia Pacific Growth	-	-	-	-	-	8.41%	21.23%	3.00%	5.05%	12.36%

Frequently Asked Questions

Valuation & Price

Garmin Ltd. (GRMN) has a price-to-earnings (P/E) ratio of 29.3x. This suggests investors expect higher future growth.

Growth & Financials

Garmin Ltd. (GRMN) reported $6.94B in revenue for fiscal year 2024. This represents a 152% increase from $2.76B in 2011.

Garmin Ltd. (GRMN) grew revenue by 20.4% over the past year. This is strong growth.

Yes, Garmin Ltd. (GRMN) is profitable, generating $1.57B in net income for fiscal year 2024 (22.4% net margin).

Dividend & Returns

Yes, Garmin Ltd. (GRMN) pays a dividend with a yield of 1.38%. This makes it attractive for income-focused investors.

Garmin Ltd. (GRMN) has a return on equity (ROE) of 19.0%. This is reasonable for most industries.

Garmin Ltd. (GRMN) generated $1.33B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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