SkyWater Technology, Inc. (SKYT) Q3 2022 Earnings Call Transcript

SkyWater Technology, Inc. (NASDAQ: SKYT)

Earnings call Q3 2022

Nov. 7, 2022 at 4:30 p.m. ET

Contents:

• Comments are prepared
• question and answer
• call participants

Prepared Remarks:

operator

Ladies and gentlemen, good day. My name is Abby and I will be your conference leader today. Welcome to everyone at SkyWater Technology's third quarter 2022 financial results conference call. Today's conference call will be recorded.

[Instruction Manual] Thank you. And I'm turning the conference over to Claire McAdams, Skywater Investor Relations. Woman. McAdams, you can start a conference call.

Claire McAdams – Investor Relations

Thanks to the operator. Hello and welcome to SkyWater's third quarter fiscal 2022 conference call. Joining me on the phone today from Skywater is Thomas Sonderman, President and Chief Executive Officer; and Steve Manko, Chief Financial Officer. I would like to remind you that our call will be streamed live on SkyWater's Investor Relations website at ir.skywatertechnology.com.

The webcast will be available for viewing immediately following the end of the conference call. We also posted a slide presentation for investors with today's conference call on our IR website. Any statements made during the call regarding our future financial and business results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially.

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This article is a transcript of that conference call prepared for The Motley Fool. Although we strive to do our best, this transcription may contain errors, omissions or inaccuracies. As with all of our articles, The Motley Fool is not responsible for your use of this content, and we strongly encourage you to do your own research, including listening to the call itself and reading the company's SEC filings. See our Terms and Conditions for more information , including our mandatory Equity Disclaimer .

The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

For a discussion of these risks and uncertainties, see our filings with the Securities and Exchange Commission, including our results on Form 8 filed today and our Form 10-K for fiscal 2021 filed March 10. All forward-looking statements are made today and we assume no obligation to update such statements. During this conference call, we will discuss non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to GAAP financial measures, please see our earnings statement and third quarter earnings presentation, both of which are available on our Investor Relations website.

And with that, I'll pass the call to Tom.

Thomas Sunderman is President and Chief Executive Officer

Thank you Claire and good day to all callers. Today we are pleased to report record quarterly revenue of over $52 million, representing 10% sequential growth in the second quarter and nearly 50% growth in the third quarter of last year. Our ATS business was the primary driver of our growth, with revenue growth of 18% sequentially and 57% year-on-year, reflecting the continued momentum we are achieving with several key customers in 2022. Wafer services revenue was similar to the second quarter and increased 36% year over year.

With quarterly revenue now in excess of $50 million, our third quarter gross margin demonstrates that we are delivering significant margin and profitability improvement on top of the incremental revenue we achieved in the first quarter. As we reported throughout the year, ATS was a driver of our incremental revenue, with gross margins exceeding 50% of our revenue streams. In fact, as Steve will explain in his prepared comments, we significantly beat our gross margin guidance for the quarter. We have also reported quarterly this year that price improvements at our legacy wafer service customers have increased our quarterly revenue base and we continue to grow revenue each quarter despite the weak macro environment.

With our strong performance in the third quarter and current guidance for the fourth quarter, we expect to meet or exceed our long-term revenue growth target of 25% this year. We are very pleased with the progress we made in the third quarter with steady improvements in our revenue, improved efficiencies and production, and a significant improvement in our gross margin. The highlight of the third quarter is that not only were we able to post positive Adjusted EBITDA, but we also had very good revenue at $3.8 million at 7%. With this level of performance compared to our stated goals this year, we are fulfilling our commitment to more predictability of our results, greater visibility and more consistent execution of our stated financial and business objectives.

Since our last call, we have made several important announcements that build on our momentum into 2022, strengthen our foundation for consistent quarterly revenue above $50 million, and position Skywater as a key player in our future. Delivery of semiconductors on site. These significant announcements include progress on multiple Rad-Hard Phase 2 grants to fund the Purdue Fab and other growth projects under the CHIPS Act, a Build Back Better Regional Challenge grant to fund our Florida expansion, and several key partnerships and Google, the National Institute of Standards and Technology announced collaborations with NanoDx, Trusted Semi and others, which brings me to a discussion of our key strategic growth areas, starting with microelectronics in extreme environments. Throughout 2022 we will report on the progress and progress of our Rad-Hard program, with continued success in Phase I leading to the expected Phase 2 award. In our August results report, we indicated that an award of the Phase 2 is imminent and we look forward to this important news in September.

This award, valued at approximately $100 million, demonstrates the competitive strength of the RH90 platform and the Department of Defense's commitment to continue its significant investment in Skywater as the program progresses. This award will pay for the production and qualification phases that will last for the next two years and lead to mass production. As with the additional Phase 1 funding announced last quarter, the Phase 2 funding was funded and initiated and was a key driver of continued revenue growth in the third quarter as well as more modest revenue growth expected in the fourth quarter. Over the past quarter, I have focused on the various aspects of the RH90 platform that make our technology the most powerful option for tactical applications in extreme environments.

During the RH90 core program phase, we work with our partners to firmly establish the core components of the growing RH90 ecosystem. This included initial PDK, multi-design plate or MPW transport capability, as well as our early access partner program and working with IP vendors to develop mounts and SRAM designs for our partners and embedded IP. The FPGA was needed to make the RH90 more efficient… The next step is a major effort that includes radiation and reliability testing and the advancement of IP design libraries that will allow our development and manufacturing ecosystem partners to add processors, security mechanisms to create. ASIC interfaces for storage devices and other mission-critical strategic decisions. Last month we spoke with Congresswoman Betty McCollum and Undersecretary for Research and Technology at the US Department of Defense Ms.

Heidi Shu, at our Bloomington headquarters. This discussion focuses on our company's value proposition for DoD and commercial technology and how we leverage public-private partnerships across countries and programs. We talked about how our success with the RH90 program is a great example of our differentiated approach to strengthening the domestic semiconductor manufacturing ecosystem. We also announced last month that the Department of Defense will fund a $12 million Phase 1 grant announced last quarter to further develop the IP ecosystem, underscoring the importance of our partnership with Trusted Semiconductor Solutions and Case .

Both make important contributions to the further development of the RH90 platform and bring their expertise in DoD semi-trusted and Linked-IP libraries and document systems to the development of the PDK. We expect production of both will accelerate for the RH90 platform. to ensure it meets the rigorous demands of extreme mission-critical environments. As I highlighted last quarter, we also have several programs that complement the RH90 and allow us to offer solutions for less stringent defense and commercial applications. These include the growing ROIC pipeline, our infrared imaging readout ICs and our planned expansion into low-earth satellite solutions. All of these announcements and developments demonstrate the importance of public-private partnerships to advance our unique semiconductor manufacturing model in the marketplace and for the United States.

Government for updating me on our strategies related to the CHIPS Act, including our partnership with Purdue University and the State of Indiana. I'll start with the recent appointment of Brian Lenihan as Vice President, Government Relations. Brian, who lives in Washington, DC, has extensive public policy experience in a variety of positions in the public and private sectors.

Brian is tasked with deepening Sky Skywater's relationships at all levels of government. Last quarter, we reported on our historic partnership with Purdue and Indiana State to build a new 300mm semiconductor fab on the Purdue campus. In September, I attended Purdue's annual Career Day with several federal and state government officials to discuss the role of universities like Purdue in building the workforce of the future, a critical component of CHIPS funding. My visit included a live and virtual presentation to over 600 engineering students to discuss Skywater's unique position in the semiconductor industry and our plans for the future in West Lafayette.

Last month, we returned to Purdue for an Executive Roundtable with customers and suppliers to discuss how we plan to leverage our unique Technology-as-a-Service business model to build long-term strategic partnerships in Indiana that are innovative, synergistic, and… enable fast, safe production. , strengthening domestic supply chains and increasing national security. With Purdue Fab as the cornerstone of our national strategy to revitalize US semiconductor manufacturing, we believe we are uniquely positioned to leverage the four main pillars of CHIPS funding to gain momentum beyond Indiana. But also in Minnesota and Florida. In August, Senator Amy Klobuchar held a press conference at our headquarters in Bloomington, Minnesota to highlight the importance of technology leaders. Senator Klobuchar has long led efforts to make America's economy more competitive and self-sufficient, and our visit to Bloomington is further evidence that we are well-positioned to be a key player and beneficiary of our nation's semiconductor renaissance. The key to future CHIPS funding is action.

This brings me to our continued growth strategy and the exciting developments heralded by our diverse integration activities in Florida and our recent earnings report. First, in August we hosted Senator Marco Rubio at our Skywater facility in Florida to discuss the importance of IP protection and secure semiconductor manufacturing in the United States. Then, in September, we announced a $36 million grant from the Department of Commerce to expand our Kissimmee diversity inclusion facility in partnership with Osceola County and BRIDG. This was a major accomplishment for our team and partners in Florida and secured the significant amount of funding needed to expand capacity and capabilities at our Florida facility.

As the only semiconductor company to receive EDA's Build Back Better regional competition, this award is another example of our unique ability to leverage public-private partnerships to expand domestic semiconductor manufacturing. While not directly involved in the Chip Act, we are the only semiconductor participant in the Build Back Better Challenge, which is another example where we can receive an additional reward from the government. Based on our proven success and building a visible profile between Senator Klobuchar's visit to Bloomington, Purdue Mobility Advancement, Senator Rubio's visit to Kissimmee, and our strong relationship with the Departments of Commerce and Defense, we believe we are well positioned to to become mandatory. In our country, a player in the regeneration of the semiconductor industry. We remind you that we are working on three elements of our technology map with Florida, IBAS, Deca and Adeia.

For IBAS, we have completed the first phase of a government-funded interposer technology development program, creating a proven capability to support the development of BRIDG interposers to strengthen national security with critical new technologies. This program is currently in the development phases of platforms 2 and 3 and will be completed in early 2023. We continue to prepare to deliver Decker M-Series fan wafer packaging technology by working with third party equipment and service providers. அம் குர்ப்பு வேக்குக்கு஍யுக்கியுக்கியுக்கியி We have completed the installation process of our adaptive key from Deca

As part of our Build Back Better Award, we expect to place orders for our first major gear to support the M-Series capabilities in Florida in the coming months. We are working to transfer our technology with Adeia's hybrid wafer bonding technology for ZiBond and DBI. In addition, we are working with an alpha client on our first interaction with ETS hybrid connectivity. Demand for internal hybrid technology solutions to create more compact and robust heterogeneous embedded microsystems remains extremely strong and we expect additional customer engagement in the fourth quarter and beyond.

I will now turn to our strategic initiatives in the areas of Biohealth and High Performance Growth and Connectivity. In August, we and our partner NanoDx announced the first commercially available protein feedback nanobiosensor. This is an important step towards the commercialization of a revolutionary new product for diagnosing the site of traumatic brain injury. In addition, we have several other biohealth customers, all of whom continue to receive development funding and strong customer interest.

We believe the biohealth market remains an important growth area for Skywater and we look forward to discussing it in more detail on future conference calls. The introduction of innovative technologies gradually expands the capacity of the platform instead of introducing new products and connectivity. We are working with Google to open source a derivative 90nm FD-SOI technology that is expected to spark a new wave of design activity similar to our existing open source Initiative SKY130. Новая прапанова будзе забяспечваць вырабленую на заказ высокапрадукцыйную 200-міліметровую платформу, якая, як мы чакаем, выкліча значную камерцыйную цікавасць для маламагутных убудаваных і аўтаномных прамысловых прыкладанняў.

Акрамя таго, мы лічым, што нядаўняе паведамленне яшчэ больш паскорыць прыняцце гэтых платформаў, падкрэсліваючы супрацоўніцтва NIS Google з адкрытым зыходным кодам для даследчыкаў, арыентаваных на гэтыя тыпы рашэнняў. Нарэшце, я рады аб'явіць аб нядаўняй вехе для аднаго з нашых рашэнняў памяці ў распрацоўцы. Тэставыя чыпы ReRAM and Weebit цалкам інтеграваныя з платформай S130 and SkyWater і зараз уступаюць у фазу кваліфікацыы. Гэта важны крок на шляху ўстанаўлення дыферэнцыраванай прадукцыйнасці тэхналогій памяці наступнага пакалення ў афшоры для шырокага спектру IoT, кіравання энергіяй і перадавых вылічальных архітэктур.

У 2022 годзе наш значны прагрэс у росце даходаў за першыя дзевяць месяцаў істотна зніжае нашу мэту росту 25% і. Гэта пацвярджаецца значнымі перамогамі ў распрацоўцы праграм і ўзнагародамі, у тым ліку нядаўняй узнагародай RH90 за фазу 2 і дадатковай узнагародай за фазу 1, якая спрыяе значнай частцы нашага росту ў другой палове гэтага года. Такім чынам, мы чакаем, што зможам дасягнуць або перавысіць нашу доўгатэрміновую мэту па росце даходаў на 25% у 2022 годзе, калі мы пабудуем трывалы канвеер для працяглага моцнага росту ў 2023 годзе і далей. Акрамя таго, цяпер, калі мы прадэманстравалі значнае паляпшэнне валавой рэнтабельнасці ў 2022 годзе і перайшлі на станоўчую EBITDA, мы чакаем, што зможам працягнуць паляпшэнне, неабходнае для ўстойлівай прыбытковасці, адначасова дасягнуўшы ў бягучым квартале росту выручкі вышэй за квартал у трэцім квартале. .

Нягледзячы на ​​​​​​тое, што асцярогі з нагоды агульнай слабасці макра і некаторых карэкцый у бок зніжэння і прагнозаў попыту паўправадніковай прамысловасці відавочныя, Skywater застаецца адносна ізаляваным ад гэтых тэндэнцый. У мінулым квартале я падрабязна апісаў, як мы лічым, што наш бізнес унікальна абаронены ад спадаў у галіны і што дзве траціны нашага даходу паступае з нашага бюджэту на даследаванні і распрацоўкі. Падчас сённяшняй размовы я падзяліўся некалькімі прыкладамі, каб прадэманстраваць лідэрства SkyWater у будучыні паўправадніковай экасістэмы нашай краіны, якая, як мы спадзяемся, стане асновай для росту прамысловасці ў бліжэйшыя гады. Цяпер я я зерадам званок стыву, каб дадатковую і ф фοнансавых і аеерацых паках у кі картартартарicles.

Стыў?

Стыў Манко – фінансавы дырэктар

дзякуй Том Агульны даход за трэці квартал 2022 года склаў 52,3 мільёна долараў, павялічыўшыся на 10% у параўнанні з трэцім кварталам мінулага года і на 49% у параўнанні з 2 кварталам. Advanced Technology Services, або ATS, прывялі да росту ільвінай долі даходаў да 35,2 мільёна долараў, павялічыўшыся на 18% і 57% у параўнанні з другім кварталам мінулага года. Прыбытак Wafer Services склаў 17,2 мільёна долараў, што крыху менш, чым у другім квартале мінулага года, і на 36% больш, чым у трэцім квартале мінулага года.

Павелічэнне ўзроўню даходаў як у сэрвісах ATS, так і ў Wafer працягвае падтрымліваць нашы мэты росту даходаў наод20.2 наод20.2 Устарэлы бізнес высокага класа па абслугоўванні пласцін забяспечвае выдатную аснову для росту, і мы выпусцілі некалькі новых прадуктаў і дызайнаў з нашымі сямю пласцінамі. Спажывецкая служба. Мы працягваем пашыраць існуючыя праграмы ATS, што прывяло да росту даходаў ATS у квартале. Ваtaine ан гт гт і і пол ы прытковыhood клicles праграмы пводзяц ° з палы в р р р р р р р рр exactly.

Валавы прыбытак паводле GAAP значна павялічыўся ў 3 квартале да 8.3 мільёна долараў або 15.8% выручкі. Гэта адлюстроўвае агульны кошт скарачэння даходаў на 44 мільёны долараў у трэцім квартале, які атрымаў выгаду ад аднаразовай платы ў памеры 800 000 долараў. Гэта змяненне датычылася ацэначных выдаткаў, якія мы зафіксавалі да 2022 года і звязаных са страхаваннем нашай праграмы выплат супрацоўнікам, якія былі адменены ў трэцім квартале і што станоўча паўплывала на валавы прыбытак на 140 базісных пунктаў. На аснове не-GAAP, якая карэктуе ўплыў эпізадычных продажаў інструментаў, кампенсацыі на аснове ўласнага капіталу і стартавых выдаткаў, валавая рэнтабельнасць палепшылася да 16,8%, значна вышэй нашых чаканняў, нават пасля выліку аднаразовай зваротнай выгады ў памеры 140 . базавая кропка

На пастаяннай аснове вы павінны бачыць, што наша валавая рэнтабельнасць за 3 квартал без GAAP вырасце на 15.4%. У мінулым квартале мы паказалі, што наша валавая рэнтабельнасць, верагодна, будзе абмежаваная прыкладна да 10% у другой палове гэтага года з-за інфляцыйных сустрэчных выдаткаў, нашага позняга найму для дасягнення поўнай колькасці аператараў на нашай фабрыцы ў Мінесоце і чаканай маржы. Профіль папярэдняга этапу нядаўняй прэміі Rad-Hard. У трэцім квартале мы перавысілі наш прагноз па валавой рэнтабельнасці ў першую чаргу дзякуючы пастаяннаму павышэнню эфектыўнасці фабрыкі, пачатку другой фазы радыяцыйнай праграмы, якая пачалася раней, чым чакалася, і рэалізацыі нашага плана па скарачэнні выдаткаў. Як і ў другім квартале, у квартале мы дасягнулі больш высокага ўзроўню агульных вафельных дыскаў ATS, што дазволіла нам дасягнуць лепшага выкарыстання фаб і маржынальнасці.

Мы таксама дамагаліся прагрэсу ў нашых намаганнях па стабілізацыі працы фабрыкі, у тым ліку завяршылі павелічэнне колькасці персаналу нашай вытворчасці ў трэцім квартале, дадаўшы больш аўтаматызацыі і павялічыўшы даступнасць абсталявання, усё гэта прывяло да павышэння прадукцыйнасці фабрыкі і стабілізацыі пласцін, якія рухаюцца па фабрыцы. больш прадказальны. Мы таксама пачалі бачыць выгаду ад нашага плана скарачэння выдаткаў у квартале, паколькі мы змаглі скараціць нашы выдаткі на знешнія паслугі ў некаторых галінах кампаніі, калі мы дасягнулі нашых мэтаў, а таксама скарацілі выдаткі на азот. Мадэрнаbly завод быў цалкам з д д д кварталbt প্রত্যাশিত হিসাবে, গ্রস অনুকূল রাজস্ব রাজস্ব মিশ্রণ থেকে হয়েছে, এই যে যে ats রাজস্ব 67% বৃদ্ধি। মধ্য- $ 40 মিলিয়ন উপরে রাজস্বের রাজস্বের ফলে ফলে স্থূল প্রবাহটি 50% এর উপরে ছিল ছিল

আমাদের কীভাবে অপারেটিং লিভারেজের স্তরের প্রতিফলন করে করে ত্রৈমাসিকে প্রবাহিত প্রবাহিত তা ব্যাখ্যা জন্য জন্য, আমি আমাদের কাঠামোকে উপাদানে উপাদানে উপাদানে বিভক্ত বিভক্ত প্রথমত, আমাদের একটি লিগ্যাসি ওয়েফার পরিষেবা ব্যবসা রয়েছে, যা আমাদের বেশিরভাগ ফ্যাব ব্যবহারের প্রতিনিধিত্ব করে, আমাদের নির্দিষ্ট খরচের বেশিরভাগ শোষণ করে, কিন্তু সামান্য মার্জিন তৈরি করে। অন্যদিকে, আমাদের ATS প্রোগ্রামগুলি বেশ লাভজনক কারণ আমরা ফ্যাবের মাধ্যমে আরও বেশি ATS ওয়েফার সরাতে থাকি, সেই ব্যবসাটি ক্রমবর্ধমান পরিমাণে মোট লাভ ডলারে অবদান রাখে। যদিও ATS R&D ওয়েফার ভলিউম সামগ্রিক ফ্যাব আউটপুটের তুলনায় তুলনামূলকভাবে কম, তারা প্রতি ওয়েফারে অনেক বেশি রাজস্ব তৈরি করে, যার ফলে আমরা ATS প্রোগ্রামগুলির আমাদের ক্রমবর্ধমান পাইপলাইনকে র‌্যাম্প করার সাথে সাথে উল্লেখযোগ্য গ্রস মার্জিন বৃদ্ধি করে।

আমাদের খরচ কাঠামোর তৃতীয় উপাদানটি অশোষিত নির্দিষ্ট খরচের উল্লেখযোগ্য পরিমাণের সাথে সম্পর্কিত যা কোম্পানির দীর্ঘমেয়াদী বৃদ্ধির জন্য আমরা যে বিনিয়োগ করছি তা প্রতিফলিত করে। যেহেতু আমরা মিনেসোটাতে আমাদের র‌্যাড-হার্ড ক্ষমতা এবং ফ্লোরিডায় ভিন্নধর্মী একীকরণ ক্ষমতা তৈরি করি, উভয়ই ভবিষ্যতে উল্লেখযোগ্য রাজস্ব বৃদ্ধির জন্য প্রত্যাশিত। 3 ত্রৈমাসিকে আমাদের মোট রাজস্ব খরচের মধ্যে প্রায় $4.6 মিলিয়ন অশোষিত খরচ অন্তর্ভুক্ত। র‌্যাড-হার্ড প্রোগ্রামের সাথে সম্পর্কিত অবচয় ছিল $1.4 মিলিয়ন এবং স্কাইওয়াটার ফ্লোরিডা 3.2 মিলিয়ন ডলার রাজস্ব ব্যয় করেছে।

উপরন্তু, একটি অনুস্মারক হিসাবে, আমাদের অধিগ্রহণ অ্যাকাউন্টিং সম্পর্কিত অবচয় প্রতি ত্রৈমাসিক $4 মিলিয়নের শুরুতে 2024 সালের প্রথম দিকে শেষ হবে। সুতরাং আপনি আমাদের ব্যয় কাঠামোর এই তিনটি উপাদান বিবেচনা করার সাথে সাথে, ওয়েফার সার্ভিস ফ্যাব পূর্ণ রাখছে, ATS উল্লেখযোগ্য বৃদ্ধি যোগ করছে মার্জিন যেহেতু আমরা ফ্যাবের মাধ্যমে চলমান R&D ওয়েফারের ভলিউম বাড়াই এবং প্রতি ত্রৈমাসিকে $8 মিলিয়ন থেকে $9 মিলিয়ন খরচ যা পরবর্তী কয়েক বছরে এই প্রোগ্রামগুলি বৃদ্ধি করার সাথে সাথে শেষ হয়ে যাবে বা শোষিত হয়ে যাবে, আপনি দেখতে পাচ্ছেন কিভাবে আমরা দ্রুত গ্রোস বাড়াব আমাদের দীর্ঘমেয়াদী লক্ষ্যগুলির দিকে মার্জিন, এবং আমরা আশা করি Q4 গ্রস মার্জিন কর্মক্ষমতা Q3 এর মতো একইভাবে শক্তিশালী স্তরে থাকবে। এখন চলমান অপারেটিং খরচ. একটি GAAP ভিত্তিতে, $13.4 মিলিয়ন অপারেটিং খরচ Q2 থেকে তুলনামূলকভাবে সামঞ্জস্যপূর্ণ ছিল।

একটি নন-GAAP ভিত্তিতে, যা ইক্যুইটি-ভিত্তিক ক্ষতিপূরণ এবং ফ্লোরিডা স্টার্ট-আপ খরচ বাদ দেয়, অপারেটিং খরচ ছিল $12.1 মিলিয়ন ডলারের তুলনায় Q2 তে $11.5 মিলিয়ন। Q2 এর বৃদ্ধি R&D এবং SG&A-এর মধ্যে মোটামুটি সমানভাবে বিভক্ত ছিল। গ্রস মার্জিনে উল্লেখযোগ্য উন্নতি এবং তুলনামূলকভাবে সামঞ্জস্যপূর্ণ অপারেটিং খরচের পরিপ্রেক্ষিতে, সামঞ্জস্য করা EBITDA Q3 তে ইতিবাচক পরিণত হয়েছে, যেমন আমরা গত ত্রৈমাসিকে ইঙ্গিত দিয়েছিলাম এবং $3.8 মিলিয়ন পূর্বাভাস দেওয়ার অনুকূল ছিল৷ আমরা Q4 এর জন্য এগিয়ে অব্যাহত শক্তিশালী EBITDA আশা করি।

ত্রৈমাসিকে সুদের ব্যয় ছিল $1.3 মিলিয়ন, এবং কোনো কর সুবিধা ছাড়াই, GAAP নেট ক্ষতি ছিল $0.17 শেয়ার প্রতি এবং নন-GAAP নেট ক্ষতি ছিল $0.13 শেয়ার প্রতি৷ এখন, আমি ব্যালেন্স শীট চালু করব. আমরা নগদ এবং নগদ সমতুল্য $9.3 মিলিয়ন দিয়ে ত্রৈমাসিক শেষ করেছি। মোট ঋণ বকেয়া ছিল $77.8 মিলিয়ন, আমাদের রিভলভারে $40.7 মিলিয়ন এবং আমাদের পরিবর্তনশীল সুদের সত্তার জন্য $37.1 মিলিয়ন, অপরিবর্তিত ঋণ ইস্যু করার খরচ বাদ দিয়ে।

আমাদের শেষ কল থেকে, আমরা বৃদ্ধির জন্য আমাদের পরিকল্পনা চালিয়ে যাওয়ার জন্য আমাদের নিষ্পত্তিতে অতিরিক্ত অর্থায়নের বিকল্প রেখেছি। আগস্ট মাসে, আমরা $250 মিলিয়ন পর্যন্ত একটি সর্বজনীন শেলফ নিবন্ধন বিবৃতি দাখিল করেছি। এখন, যেহেতু আমরা আইপিও-এর এক বছরেরও বেশি সময় পার করেছি, আমরা এই ফাইলিংটিকে পুঁজি পরিকল্পনার আমাদের সামগ্রিক পদ্ধতির অংশ হিসাবে দেখি এবং কৌশলগত বৃদ্ধির উদ্যোগের জন্য অর্থায়নের বিভিন্ন বিকল্পের একটি উপাদান। আমরা এই শেল্ফটিকে আমাদের বর্তমান ক্যাপিটালাইজেশন কাঠামোর সাথে আমাদের কাছে উপলব্ধ তহবিল নমনীয়তা বৃদ্ধি হিসাবে দেখি এবং কৌশলগত সুযোগ তৈরি হলে দ্রুত কাজ করতে আমাদের সক্ষম করে।

সেপ্টেম্বরে, আমরা শেল্ফের অধীনে $100 মিলিয়ন পর্যন্ত একটি অ্যাট-দ্য-মার্কেট প্রোগ্রাম শুরু করেছি, এবং আমরা সেই প্রোগ্রামের মাধ্যমে $2.7 মিলিয়ন ইক্যুইটি বিক্রি করেছি যার মূল্য 3-এ শেয়ার প্রতি $9.92 গড়ে। ঋণের দিক থেকে, আমাদের পরিবর্তনশীল সুদের সত্তার জন্য $37.1 মিলিয়ন ঋণ ছাড়াও, আমাদের প্রাথমিক সুবিধা হল একটি রিভলভার যা প্রায় দুই বছর আগে ডিসেম্বর 2020 এ রাখা হয়েছিল যখন আমরা একটি প্রাইভেট কোম্পানি ছিলাম। এখন, আমরা পুঁজিবাজারে অ্যাক্সেস সহ একটি পাবলিক কোম্পানি, অতিরিক্ত সরঞ্জাম এবং সরঞ্জাম অধিগ্রহণের মাধ্যমে আমাদের ব্যালেন্স শীটে সম্পদ বৃদ্ধি করেছি এবং আমাদের বর্ধিত রাজস্বের ফলস্বরূপ আমাদের প্রাপ্য অ্যাকাউন্টগুলি বাড়িয়েছি এবং ইতিবাচক সামঞ্জস্যপূর্ণ EBITDA-তে ফিরে এসেছি। আমাদের বৃহত্তর ঋণের ভিত্তির প্রেক্ষিতে আমাদের ঋণ সুবিধাগুলি পুনঃঅর্থায়ন এবং প্রসারিত করার প্রচেষ্টায় বেশ কয়েকটি ঋণদানকারী প্রতিষ্ঠানের সাথে সক্রিয়ভাবে জড়িত। আপনি আপনার SkyWater মডেলগুলি আপডেট করার সাথে সাথে, 2022 সালের বাকি অর্থবছর এবং 2023 সালের শুরুর দিকে আমাদের P&L-এর বিভিন্ন উপাদানগুলির জন্য নিম্নলিখিত কিছু অতিরিক্ত রঙ রয়েছে৷

আমরা আশা করি যে Q4 তে ক্রমাগত ক্রমবর্ধমান রাজস্ব বৃদ্ধি প্রাথমিকভাবে Rad-Hard প্রোগ্রাম দ্বারা চালিত হবে, সেইসাথে অন্যান্য ATS প্রোগ্রামগুলি আমাদের রাজস্ব গতিতে অবদান রাখবে, যদিও বাড়তি বৃদ্ধি আমরা Q3-এ যা রিপোর্ট করেছি তার চেয়ে বেশি পরিমিত হবে বলে আশা করছি। এটি সরকারের অর্থবছরের শেষে সুইপ ফান্ডিং এর প্রভাবকে প্রতিফলিত করে যার ফলে Q3 তে শক্তিশালী অনুক্রমিক বৃদ্ধি হয়েছিল। আপনি 2023 এর দিকে তাকান, আপনার একই রকম মৌসুমী প্রোফাইল মডেল করা উচিত। আমাদের বর্তমান দৃশ্যমানতার সাথে, আমরা আশা করি 2023-এর প্রথম ত্রৈমাসিক বছরে শক্তিশালী বৃদ্ধি দেখাবে।

যাইহোক, একটি অনুক্রমিক ভিত্তিতে, আমরা বর্তমানে আশা করছি Q1 2023 Q4 2022-এর মতো হবে। স্টক-ভিত্তিক ক্ষতিপূরণ বাদ দিয়ে ত্রৈমাসিক গবেষণা ও উন্নয়ন ব্যয় $2.3 মিলিয়ন থেকে $2.5 মিলিয়নের মধ্যে প্রত্যাশিত। স্টক-ভিত্তিক ক্ষতিপূরণ ব্যতীত ত্রৈমাসিক SG&A খরচগুলি প্রায় $10 মিলিয়ন থেকে $10.4 মিলিয়ন হতে পারে বলে আশা করা হচ্ছে। আমরা আশা করি যে বার্ষিক স্টক-ভিত্তিক ক্ষতিপূরণ 2022 সালের জন্য আনুমানিক $9 মিলিয়ন হবে এবং 2023 পর্যন্ত সেই রান রেট অব্যাহত থাকবে।

বছরের জন্য মোট অবচয় আনুমানিক $26 মিলিয়ন থেকে $28 মিলিয়ন হবে বলে আশা করা হচ্ছে, যার মধ্যে $6 মিলিয়ন থেকে $7 মিলিয়ন রাড-হার্ড প্রোগ্রামের সাথে সম্পর্কিত এবং প্রায় $15 মিলিয়ন অধিগ্রহণ ক্রয় অ্যাকাউন্টিংয়ের সাথে সম্পর্কিত। আমাদের ফ্লোরিডা ক্রিয়াকলাপগুলির সাথে যুক্ত রাজস্বের খরচে, আমরা প্রতি বছর রেকর্ড করা $700,000 এর পরে Q4 স্টার্ট-আপ খরচে আনুমানিক $100,000 আশা করি। আমরা আশা করি ফ্লোরিডায় মোট বিনিয়োগ রাজস্ব ব্যয় প্রতি ত্রৈমাসিকে গড়ে প্রায় $2.5 মিলিয়ন অব্যাহত থাকবে। আমরা আশা করি যে 2022 বা 2023 সালে আমাদের ট্যাক্স সম্পদ থেকে নিরপেক্ষ কোনো লাভ হবে না।

এর সাথে, আমি ক্লেয়ারের কাছে কলটি ফিরিয়ে দেব এবং স্কাইওয়াটারে আপনার প্রশ্নগুলিকে স্বাগত জানাব।

ক্লেয়ার ম্যাকঅ্যাডামস – বিনিয়োগকারী সম্পর্ক

ধন্যবাদ, স্টিভ. আমাদের আসন্ন বিনিয়োগকারীদের কার্যক্রমের মধ্যে রয়েছে আগামী সপ্তাহে ক্রেগ-হ্যালুম আলফা নির্বাচন সম্মেলন, 13 ডিসেম্বর নিউ ইয়র্ক সিটি সামিট এবং জানুয়ারিতে নিডহাম গ্রোথ কনফারেন্স৷ অন্যান্য আসন্ন উপস্থাপনাগুলির জন্য অনুগ্রহ করে আমাদের ওয়েবসাইটের বিনিয়োগকারী সম্পর্ক বিভাগে যান৷ অপারেটর, প্রশ্নের জন্য লাইন খুলুন.

প্রশ্ন এবং উত্তর:

অপারেটর

[অপারেটরের নির্দেশাবলী] এবং আমরা নিডহাম অ্যান্ড কোম্পানির সাথে রাজি গিল থেকে আমাদের প্রথম প্রশ্ন নেব। আপনার লাইন খোলা আছে.

রাজি গিল — নিডহাম অ্যান্ড কোম্পানি — বিশ্লেষক

হ্যাঁ. সমস্ত মেট্রিক্স জুড়ে দুর্দান্ত ফলাফল এবং ইতিবাচক গতির জন্য আপনাকে ধন্যবাদ এবং অভিনন্দন। যে দেখতে মহান. তাই স্টিভ, খরচ কাঠামো ব্রেকআউটের উপর শুধু একটি প্রশ্ন এবং এটি বুঝতে সত্যিই সহায়ক।

তাই আমার প্রথম প্রশ্নটি আপনার উল্লেখ করা কিছু দীর্ঘমেয়াদী বিনিয়োগের জন্য অশোষিত স্থির খরচ সম্পর্কে, তা মিনেসোটার জন্য হোক বা ফ্লোরিডা এবং র‌্যাড-হার্ড সুবিধার জন্য। কোন সময়সীমার মধ্যে আপনি মনে করেন যে এই নির্দিষ্ট খরচগুলি হয় বর্তমান আয়ের পরিমাণের দ্বারা অফসেট করা হবে যা আপনি এখন দেখছেন এবং তারপরে আপনি ফ্লোরিডা সুবিধাগুলি থেকে যে ধরনের নতুন আয়ের প্রত্যাশা করছেন তা মূলত কোন এক সময়ে শোষিত হবে 2023 এর প্রথমার্ধ? আমি শুধু কৌতূহলী আছি কিভাবে সেই নির্দিষ্ট খরচগুলি শেষ পর্যন্ত শোষিত হবে এবং আপনি সত্যিই গ্রস মার্জিন মডেলে আরও বেশি লিভারেজ দেখতে পাবেন?

স্টিভ মানকো – প্রধান আর্থিক কর্মকর্তা

হ্যাঁ. ভালো লাগছে। এবং প্রশ্নের জন্য ধন্যবাদ. আমি এটি দুটি উপায়ে সামঞ্জস্য করব।

আমি RH90 প্রোগ্রামের সাথে সম্পর্কিত পরিমাণ সম্পর্কে কথা বলব, এবং স্কাইওয়াটার ফ্লোরিডা অপারেশন এবং ভিন্নধর্মী একীকরণের সাথে সাথে কীভাবে এটি শোষিত হবে সে সম্পর্কে আমি টমকে আরও একটু কথা বলতে চাই। সুতরাং যেভাবে আমরা এটির দিকে তাকাই, আমরা RH90 প্রোগ্রামের সাথে সম্পর্কিত এই মুহূর্তে যে অবমূল্যায়ন করছি, আমরা এটিকে এখনই শোষিত হচ্ছে না বলে দেখি। যদিও বর্তমানে কিছু উন্নয়ন কাজ চলছে, আমরা যখন অবচয়কে উৎপাদন খরচ হিসেবে রাখি তখন আমরা সেটিকে উৎপাদন খরচ থেকে আলাদা করি। আমরা দেখতে পাচ্ছি যে 2025 থেকে শুরু হয়ে শোষিত হচ্ছে যখন আমরা সেই সময়ে RH90 প্রোগ্রামগুলিকে উৎপাদনে নিয়ে যাওয়ার কথা বলি।

তখনই আপনি দেখার আশা করতে পারেন — এবং আমরা বিশ্বাস করি যে সেই খরচগুলি শোষিত হতে শুরু করবে৷ যখন এটি RH90 এ 2025 সালে উৎপাদন ও উৎপাদনে যায়। I'll let Tom talk about SkyWater Florida and heterogeneous integration.

Thomas Sonderman — President and Chief Executive Officer

Yes Raj, the Florida team continues to execute well on multiple fronts, three of them really creating enabling technology around interposers, fan-out and hybrid bonding. All those are still very much in an ATS mode. The team is also preparing to go into production. As we talked one of our biohealth customers continues to move toward their production ramp, which we believe will happen sometime over the next 12 to 18 months.

That, of course, will be a driver of some of that absorption. The other is as the fab begins to exercise more of the ATS engine, you'll see some of that cost be absorbed just because there'll be more activity going on, which, of course, generates more revenue. As we always talk, we use the currency of activities to define how our business is running, and we're continuing to see increased activities in the Florida operation, which, again, will help us absorb some of the fixed costs as we prepare to go into more volume production, primarily in the 2024 time frame.

Raji Gill — Needham and Company — Analyst

I appreciate that. And for my follow-up. Thanks for the details on the CHIPS Act. Wondering how we should think about capex in relationship to the CHIPS Act? You're getting grants to expand the Florida facility.

I think you mentioned the $36 million grant. You're getting funding, I believe, from the Minnesota fab to help expand there. And then, obviously, you have a longer-term build-out with Indiana. So you have funding coming from the government to help expand these facilities, which ultimately are going to generate volume and revenue for you at which the capex is being helped by the US

government. So just curious, how should we think about the CHIPS Act relative to kind of your internal kind of capex projects?

Thomas Sonderman — President and Chief Executive Officer

হ্যাঁ. So first on the Florida Build Back Better Regional Challenge, that is not at all tied to the CHIPS Act. So that has been awarded. That is in flight.

That's $36 million of government investment. We also complement that with $9 million of our own investment. So that's a cost share model. We expect that to materialize over the next 24 to 30 months depending upon, again, when tools arrive, when projects get initiated.

As far as the Minnesota facility, that would be the one that would go after initial CHIPS funding the most aggressively because it is an existing facility, we would look at adding capacity. But all that has to be defined and has to be awarded. We don't expect any of the awards to start until sometime mid next year. The Department of Commerce is saying February is when some metals will be due.

So you can look at Florida, taking immediate advantage of the Build Back Better grant, but that's independent of CHIPS. And then, Minnesota and then even further out with Purdue is all going to be gated on when the CHIPS proposals are being submitted, being approved and begin to move into execution. As I've also said, there's four elements to CHIPS. There's the building of fabs, which is $39 billion.

There's $2 billion tied to Commons. The Commons program has been launched by the Department of Defense. We are actively involved with that. This is to create innovation centers around the fab — lab to fab concept.

And then, there's $11 billion for R&D and innovation. This is the National Semiconductor Technology center concept, which $5 billion is tied to advanced packaging and heterogeneous integration. So I believe we're well positioned for both of those. And then, the last is the investment tax credit, which is 25% for all equipment procured starting in the next fiscal year, which began in October, so that could be an immediate benefit for SkyWater as well.

Raji Gill — Needham and Company — Analyst

ধন্যবাদ.

অপারেটর

And we will take our next question from Krish Sankar with Cowen. Your line is open.

Steven Chin — Cowen and Company — Analyst

ওহে. Thanks for taking my question. This is Steven calling on behalf of Krish. First off, congratulations on the strong results and also the strong execution in the quarter.

The first question I wanted to ask about either Tom or Steve is related to the RH90 program. So again, I understand that you guys are embarking on this Phase 2 $100 million program with the DoD now which trouble getting a few details here. First just going back to the Phase 1 portion, has the funding for that for Phase 1 have been completed now? Or is there still another quarter or two of funding from that desk still making its way through the P&L? And also related to Phase 2, as it progresses over the next two years, I think you mentioned until production revenues, should we think about that $100 million for Phase 2 being spread decently over the next eight quarters? Or is there a certain ramp profile to that spending?

Thomas Sonderman — President and Chief Executive Officer

হ্যাঁ. So I'll start, and Steve can add additional color. Yes, the original program was $170 million total award for the development phase. All of that has been consumed except for around $33 million.

We announced a $27 million option, what we call the option grant for that first award. This is tied to two programs we've announced. One is Google for $15 million. That's the open source initiative and then another $12 million for IP development.

This is with our partners. So Google is one partner, Trusted Semi Solutions and Case are the other partners. And this is all around creating the design ecosystem for the RH90 platform. In the case of Google, it's a derivative of that Rad-Hard platform.

And then, as far as the $99 million, this was for the second phase. So first phase was development. Second phase is productization and qualification. There's a base program amount and then there's a series of options, again, much like the first award, the way to model that, I'll let Steve provide more detail, but I wouldn't say it would be something you just linearize over the next two years.

It's going to have ebbs and flows. We were able to execute it very quickly once the award was received because a lot of that work was already in progress because we've been doing the development for multiple years now. So the movement into productization is really about getting to a frozen process of which then you go through extensive qualification and continued work toward yield entitlements so that when we begin to exit '24 and going to '25, we can begin to actually start producing product on this platform. And that would be going away from ATS derived dollars to Wafer Services dollars.

Steve, anything to add on the lumpiness in terms of the RH90 funding?

Steve Manko — Chief Financial Officer

হ্যাঁ. Just the real world doesn't work that easy. We can just think I didn't evenly divide it over the next eight quarters. There's going to be a component of tool purchases that come through, and some of that $99 million will go to tool purchases.

We'll also be using some subcontractors just like we did in Phase 1 of the program. So at certain times and quarters where we're getting two different phases, there could be other parties that are engaged in moving faster, which could increase our revenue and cost for that quarter. But it is going to be over the course of the next, what we'll call, two years in a quarter, all the way up into production in 2025. And a portion of that, like I mentioned, we'll be using subcontractors and tool vendors with that $99 million of funding as well.

Steven Chin — Cowen and Company — Analyst

দারুণ। Thank you so much for that color. My second question is related to opex. So Steve, I think so much for the guidance for the current quarter.

Just kind of wondering, in terms of your current staffing levels, would you say that you're currently, I guess, appropriately sized, given all of the revenue opportunities that you have for ATS and Wafer Services? Or is more head count would be needed given the current growth outlook going into next year?

Steve Manko — Chief Financial Officer

হ্যাঁ. We still believe that there is opportunity for significant growth going forward in 2023. We've talked about some of the challenges that we've had, but also the positive results in overcoming those challenges. Like we mentioned, from an operator standpoint in our manufacturing facility, last quarter, we were able to achieve close to our targeted headcount for those operators.

But we also talked about some of the challenges with ongoing maintenance technicians in our facility. So we still do have open requisitions for maintenance techs within organization, and I expect that to continue over the course of 2023. Given our strong ATS pipeline, we will be recruiting and looking to hire additional engineers into our organization. Again, those are typically revenue-generating engineers.

So they typically have a really nice return on investment. It will just be more so be a competition for talent and how quickly we can hire those engineers over the course of 2023 and to keep growing our business and not only growing our business but to move faster with our current programs that we have.

Thomas Sonderman — President and Chief Executive Officer

হ্যাঁ. And I would just say that the attrition has stabilized, we're below our levels pre-IPO. And that's really important because now as we hire people, we're getting them trained, they're wanting to stay at SkyWater and our ability to get to what we call employee effectiveness is the cycle time is getting much shorter because we've also been investing in how we do training, making more effective and allowing people to move through that process at a faster pace than previously. So overall, we're feeling really good about where we're at with the headcount situation.

Steven Chin — Cowen and Company — Analyst

দারুণ। Thanks, Tom. Thanks, Steve. Congrats again.

Thomas Sonderman — President and Chief Executive Officer

ধন্যবাদ

অপারেটর

We will take our next question from Harsh Kumar with Piper Sandler. Your line is open.

Harsh Kumar — Piper Sandler — Analyst

হ্যাঁ। Hey, guys. Let me add my congratulations as a lot of this increased momentum here recently. Guys, I had a quick question.

You guys talked about increased momentum with customers. We're seeing some of that in the numbers. Could you talk about nongovernment activity here? How your sort of commercial customers are responding to what's going on at the fab? And are they also increasing the activity along with the government? And then, I had a follow-up.

Thomas Sonderman — President and Chief Executive Officer

Yes, great question and good to hear your voice, Harsh. The way I would put it is the government is just APs. We have multiple development programs. Again, we've talked about over 50 active ATS engagements.

And a large percentage of them actually are nongovernment. We have the biohealth space we've talked about, the connectivity space, also the high-performance computing space. There's a lot of energy around and having been in the industry as long as I have, you see these ups and downs. And one of the things that always happens is when you go into these contractions, companies that want to get new products to market hit the accelerator.

And that way, they're positioned for the next upswing. And that's exactly what we're seeing. The other is — and Steve has talked about this before, is each of these ATS programs tend to start out at a relatively small spend rate and then they ramp as you get into the kind of two years and beyond time frame. And that's exactly what we're seeing is multiple programs ramping in parallel.

That's why we continue to hire more engineers that allows us to accelerate those programs. And then, as I've also talked about, we've I've been working very hard as a company to integrate our ATS and wafer services business so that they run seamlessly inside the fab. And the level of activities that we can generate for ATS doesn't really affect our overall wafer output, but it significantly drives our revenue and profitability. And that's really what we've been focused on is making those programs move faster.

Harsh Kumar — Piper Sandler — Analyst

That was a great update. As a follow-up, the world is changing. There's CHIPS Act money coming, this increased geopolitical tension as a result. I guess, foundries in the US

are seeing a lot of attention and affection from the government. So this, along with what's going on in the commercial activity, if I was to just ask you how comfortable are you with the 25% growth for 2023 as well? Do you feel that with all that's going on, you're in a relatively stable position from here on as you kind of sound like you're kind of footing here?

Thomas Sonderman — President and Chief Executive Officer

হ্যাঁ. So we're cautiously optimistic with the business as we're running right now, but we're also cognizant of the fact that we're in an inflationary environment. There's a lot of unpredictability. You just outlined geopolitically with the economy.

And so, we're going to continue to execute the business at the pace we've been executing. We believe we have a lot of committed customers that want to continue to grow with us. That's both our historical customer Infineon and some of our new volume customers, as well as all of our ATS partners. And obviously, we're not going to provide specific targets at this point, but I will say that we're optimistic about where we sit as a company and most importantly, our ability to really fine-tune this model that we're creating with this blended R&D, volume manufacturing capability.

And I think it's going to put us in a very nice position as the decade unfolds and a lot of the chips dollars begin to become realized. But it's important to note that for the next couple of years, we aren't expecting any chips dollars. Our plan of attack is to execute the business we have. But I think when you look at CHIPS that just derisk the long term because there is a commitment within our country now to do more.

And I think our model is uniquely positioned to take advantage of that.

Harsh Kumar — Piper Sandler — Analyst

Very nice guys. Thank you and congratulations again.

অপারেটর

And we will take our next question from Mark Lipacis with Jefferies. Your line is open.

Mark Lipacis — Jefferies — Analyst

ওহে. দারুণ। Thanks for taking my question. Steve, maybe for you.

Could you describe the accounting treatment that you would anticipate applying for — in the event that you receive grants or funding or investment tax credits? Does this all go against capex and then you have assets put on your balance sheet at a lower level and your depreciation is lower. Is that the right way to think about it? Or is there different treatments for different relief that you get to the CHIPS Act?

Steve Manko — Chief Financial Officer

Mark, good question. I would say it's pretty open-ended right now. Really the only clarity that we would have would be anything that we would do, what I'll call, somewhat separate from ships on the 25% tax credit. That one is a little bit more tangible on how that goes.

From there, though, it depends on how the monies flow and what other partnerships we have on really financing whatever growth would come through CHIPS, whether we're talking about doing something to our current location in Minnesota or Florida or something different with a larger scale like we have planned for Indiana. So I would say, at this point in time, it's really hard to say specifically how that accounting would flow and the timing of when that would occur, given that we're still trying to understand how the money flows, what partners we would use and what the construct of those contracts would truly look like at this point.

Mark Lipacis — Jefferies — Analyst

যথেষ্ট ন্যায্য. ঠিক আছে. ধন্যবাদ. That's all I have.

Steve Manko — Chief Financial Officer

Thanks, Mark.

অপারেটর

[Operator signoff]

Duration: 0 minutes

Call participants:

Claire McAdams — Investor Relations

Thomas Sonderman — President and Chief Executive Officer

Steve Manko — Chief Financial Officer

Raji Gill — Needham and Company — Analyst

Steven Chin — Cowen and Company — Analyst

Harsh Kumar — Piper Sandler — Analyst

Mark Lipacis — Jefferies — Analyst

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