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4-Traders Homepage  >  Equities  >  Nasdaq  >  IDEXX Laboratories, Inc.    IDXX

Delayed Quote. Delayed  - 04/29 09:59:57 pm
84.35 USD   +4.41%
04/29 IDEXX LABORATOR : beats Street 1Q forecasts
04/29 IDEXX LABORATOR : Announces First Quarter Results
04/26IDEXX LABORATOR : quaterly earnings release
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IDEXX LABORATORIES : DE Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

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04/29/2016 | 08:18pm CEST
This Quarterly Report on Form 10-Q contains statements which, to the extent they
are not statements of historical fact, constitute "forward-looking statements."
Such forward-looking statements about our business and expectations within the
meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), include statements
relating to future revenue growth rates, business trends, earnings and other
measures of financial performance;  the effect of economic downturns on our
business performance; projected impact of foreign currency exchange rates;
demand for our products; realizability of assets; future cash flow and uses of
cash; future repurchases of common stock; future levels of indebtedness and
capital spending; interest expense; warranty expense; share-based compensation
expense; future commercial efforts; and competition. Forward-looking statements
can be identified by the use of words such as "expects," "may," "anticipates,"
"intends," "would," "will," "plans," "believes," "estimates," "should," and
similar words and expressions. These forward-looking statements are intended to
provide our current expectations or forecasts of future events; are based on
current estimates, projections, beliefs, and assumptions; and are not guarantees
of future performance. Actual events or results may differ materially from those
described in the forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties described in our Annual Report on
Form 10-K for the year ended December 31, 2015 (the "2015 Annual Report") and
this Quarterly Report on Form 10-Q, as well as those described from time to time
in our other periodic reports filed with the U.S. Securities and Exchange
Commission (the "SEC").



Any forward-looking statements represent our estimates only as of the day this
Quarterly Report on Form 10-Q was first filed with the SEC and should not be
relied upon as representing our estimates as of any subsequent date. From time
to time, oral or written forward-looking statements may also be included in
other materials released to the public. While we may elect to update
forward-looking statements at some point in the future, we specifically disclaim
any obligation to do so, even if our estimates or expectations change.



You should read the following discussion and analysis in conjunction with our
2015 Annual Report that includes additional information about us, our results of
operations, our financial position and our cash flows, and with our unaudited
condensed consolidated financial statements and related notes included in Part
I, Item 1 of this Quarterly Report on Form 10-Q.



 §  Business Overview




Operating Segments. We operate primarily through three business segments:
diagnostic and information technology-based products and services for the
veterinary market, which we refer to as the Companion Animal Group ("CAG"),
water quality products ("Water") and diagnostic products and services for
livestock and poultry health and to ensure the quality and safety of milk and
food, which we refer to as Livestock, Poultry and Dairy ("LPD"). Our Other
operating segment combines and presents products for the human point-of-care
medical diagnostics market ("OPTI Medical") with our pharmaceutical product line
and our out-licensing arrangements because they do not meet the quantitative or
qualitative thresholds for reportable segments.



CAG develops, designs, manufactures and distributes products and performs
services for veterinarians and the bioresearch market, primarily related to
diagnostics and information management. Water develops, designs, manufactures
and distributes a range of products used in the detection of various
microbiological parameters in water. LPD develops, designs, manufactures and
distributes diagnostic tests and related instrumentation and performs services
that are used to manage the health status of livestock and poultry, to improve
bovine reproductive efficiency, and to ensure the quality and safety of milk and
food. OPTI Medical manufactures and distributes point-of-care electrolyte and
blood gas analyzers and related consumable products for the human medical
diagnostics market.



Certain costs are not allocated to our operating segments and are instead
reported under the caption "Unallocated Amounts". These costs include costs that
do not align with one of our existing operating segments or are cost prohibitive
to allocate, which primarily consist of our R&D function, regional or country
expenses, certain foreign currency revaluation gains and losses on monetary
balances in currencies other than our subsidiaries' functional currency and
unusual items. Corporate support function costs (such as information technology,
facilities, human resources, finance and legal), health benefits and incentive
compensation are charged to our business segments at pre-determined budgeted
amounts or rates. Differences from these pre-determined budgeted amounts or
rates are captured within Unallocated Amounts.



Effective January 1, 2016, we modified our management reporting to the Chief
Operating Decision Maker ("CODM") to provide a more comprehensive view of the
performance of our operating segments by including the capitalization of
variances between standard and actual manufacturing costs, which adjusts the
timing of cost recognition from when the variance is created to the period in
which the related inventory is sold. Prior to January 1, 2016, the
capitalization and subsequent recognition of these variances were not allocated
to our operating segments and were instead reported under the caption
"Unallocated Amounts".



                                      20


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The segment gross profit and income (loss) from operations within this report
for the three months ended March 31, 2015 has been retrospectively revised to
reflect the changes to our segment performance metrics described above.



The following is a summary of restated segment gross profit and income (loss) from operations for the three months ended March 31, 2015 (in thousands):




                                                                   Net Impact of
                             For the Three                         Standard Cost        For the Three
                                                                        Variance
                              Months Ended                    Capitalization and         Months Ended       Adjusted
                                                                      Subsequent
Gross Profit                March 31, 2015    Percent of             Recognition       March 31, 2015     Percent of
                             As Previously                      to the 

Operating

(dollars in thousands)            Reported       Revenue                Segments          As Adjusted        Revenue

CAG                      $        175,845         54.2%    $              1,089    $         176,934          54.5%
Water                              15,246         70.3%                     (98)              15,148          69.8%
LPD                                19,003         60.8%                   1,005               20,008          64.0%
Other                               2,601         52.2%                    (128)               2,473          49.7%
Unallocated Amounts                 2,849            N/A                 (1,868)                 981             N/A
  Total Company          $        215,544         56.4%    $                   -   $         215,544          56.4%







                                                                    Net Impact of
                              For the Three                         Standard Cost        For the Three
                                                                         Variance
                               Months Ended                    Capitalization and         Months Ended       Adjusted
                                                                       Subsequent
Operating Profit (Loss)      March 31, 2015    Percent of             

Recognition March 31, 2015 Percent of

                              As Previously                      to the 

Operating

(dollars in thousands)             Reported       Revenue                Segments          As Adjusted        Revenue

CAG                       $         52,429         16.2%    $              1,089    $          53,518          16.5%
Water                                9,459         43.6%                     (98)               9,361          43.1%
LPD                                  5,951         19.0%                   1,005                6,956          22.2%
Other                                 (194)        (3.9%)                   (128)                (322)         (6.5%)
Unallocated Amounts                  5,158            N/A                 (1,868)               3,290             N/A
  Total Company           $         72,803         19.0%    $                   -   $          72,803          19.0%



Effects of Certain Factors and Trends on Results of Operations




Distributor Purchasing and Inventories. We employ an all-direct sales strategy
in the U.S., however we continue to sell our products through third party
distributors in certain international markets. When selling our products through
international distributors, changes in distributors' inventory levels can impact
our reported sales, and these changes may be affected by many factors, which may
not be directly related to underlying demand for our products by veterinary
practices, which are the end-users. We do not believe the impact of changes in
these distributors' inventories had or would have a material impact on our
growth rates in the relevant periods.



Currency Impact. For the three months ended March 31, 2016,  approximately 26%
of our consolidated revenue was derived from products manufactured in the U.S.
and sold internationally in local currencies, as compared to 25% for the three
months ended March 31, 2015.  Strengthening of the U.S. dollar exchange rate
relative to other currencies has a negative impact on our revenues derived in
currencies other than the U.S. dollar and on profits of products manufactured in
the U.S. and sold internationally, and a weakening of the U.S. dollar has the
opposite effect. Similarly, to the extent that the U.S. dollar is stronger in
current or future periods relative to the exchange rates in effect in the
corresponding prior periods, our growth rate will be negatively affected. The
impact of foreign currency denominated operating expenses and foreign currency
denominated supply contracts partly offsets this exposure. Additionally, our
designated hedges of intercompany inventory purchases and sales help delay the
impact of certain exchange rate fluctuations on non-U.S. denominated revenues.
See "Part II, Item 7A. Quantitative and Qualitative Disclosure About Market
Risks" included in our 2015 Annual Report for additional information regarding
currency impact. Our future income tax expense could also be affected by changes
in the mix of earnings, including as a result of changes in the rate of exchange
for the U.S. dollar relative to currencies in countries with differing statutory
tax rates.  See "Part I, Item 1A. Risk Factors." included in our 2015 Annual
Report for additional information regarding tax impacts.



                                      21


--------------------------------------------------------------------------------


Our foreign currency exchange impacts are comprised of three components: 1)
revenues and expenses denominated in a foreign currency; 2) the impact of hedge
contracts; and 3) intercompany and monetary balances for our subsidiaries that
are denominated in a currency that is different from the functional currency
used by each subsidiary. Based on projected revenues and expenses for 2016,
excluding the impact of intercompany and trade balances denominated in
currencies other than the functional subsidiary currencies, we estimate a 10%
strengthening of the U.S. dollar would reduce operating income for the remainder
of 2016 by approximately $11 million. This level is higher than in previous
years due to the addition of estimated unhedged foreign currency exposures,
including emerging market currencies that have higher relative revenue growth
and volatility. The impact of the intercompany and monetary balances referred to
in the third component above have been excluded, as they are transacted at
multiple times during the year and we are not able to reliably forecast the
impact that changes in exchange rates would have on our operating income.



The impact on revenue resulting from changes in foreign currency exchange rates
is not a measure defined by accounting principles generally accepted in the
United States of America ("U.S. GAAP"), otherwise referred to herein as a
non-GAAP financial measure. We calculate the impact on revenue resulting from
changes in foreign currency exchange rates by applying the difference between
the weighted average exchange rates during the current year period and the
comparable prior year period applied to foreign currency denominated revenues
for the prior year period. As exchange rates are an important factor in
understanding period-to-period comparisons, we believe the presentation of
results normalized for changes in currency in addition to reported results helps
improve investors' ability to understand our operating results and evaluate our
performance in comparison to prior periods.



During the three months ended March 31, 2016, as compared to the same period of
the prior year, changes in foreign currency exchange rates decreased total
company revenue by approximately $7.6 million, due primarily to the
strengthening of the U.S. dollar against the euro and British
pound. Additionally, these changes in foreign currency exchange rates reduced
total company operating profit by $6.2 million and diluted earnings per share by
$0.05 during the three months ended March 31, 2016. This unfavorable impact was
net of offsetting foreign currency hedging gains, which increased total company
operating profit by $0.8 million and diluted earnings per share by $0.01 during
the three months ended March 31, 2016.



At our current currency exchange rate assumptions as compared to actual 2015
exchange rates, we anticipate that the strengthening of the U.S. dollar relative
to major foreign currencies in which we transact will decrease total company
revenue by approximately $13.4 million in the year ending December 31, 2016.
Additionally, these changes in foreign currency exchange rates are expected to
reduce total company operating profit by $24.5 million and diluted earnings per
share by $0.21. This unfavorable impact is net of offsetting foreign currency
hedging gains, which are expected to increase total company operating profit by
$2.4 million and diluted earnings per share by $0.02 in the year ending December
31, 2016. The above estimate incorporates actual exchange rates for the three
months ended March 31, 2016 and assumes that the value of the U.S. dollar
relative to other currencies will reflect the euro at $1.12, the British pound
at $1.40, the Canadian dollar at $0.75, the Australian dollar at $0.75 and the
Japanese yen at ¥113 to the U.S. dollar for the remainder of 2016.



Effects of Economic Conditions.  Demand for our products and services is
vulnerable to changes in the economic environment, including slow economic
growth, high unemployment and credit availability. Negative or cautious consumer
sentiment can lead to reduced or delayed consumer spending, resulting in a
decreased number of patient visits to veterinary clinics. Unfavorable economic
conditions can impact sales of instruments and diagnostic imaging systems, which
are larger capital purchases for veterinarians. Additionally, economic turmoil
can cause our customers to remain sensitive to the pricing of our products and
services. In the U.S., we monitor patient visits and clinic revenue data
provided by a subset of our CAG customers. Although this data is a limited
sample and susceptible to short-term impacts such as weather, which may affect
the number of patient visits in a given period, we believe that this data
provides a fair and meaningful long-term representation of the trend in patient
visit activity in the U.S., providing us insight regarding demand for our
products and services.



Economic conditions can also affect the purchasing decisions of our Water and
LPD business customers. Water testing volumes may be susceptible to declines in
discretionary testing for existing home and commercial sales and in mandated
testing as a result of decreases in home and commercial construction. Testing
volumes may also be impacted by severe weather conditions such as drought. In
addition, fiscal difficulties can also reduce government funding for water and
livestock testing programs.


We believe that the diversity of our products and services and the geographic diversity of our markets partially mitigate the potential effects of the economic environment and negative consumer sentiment on our revenue growth rates.



                                      22


--------------------------------------------------------------------------------


Effects of Patent Expiration. Although the Company has several patents and
licenses of patents and technologies from third parties that expired during 2015
and are expected to expire during 2016 and 2017, the expiration of these patents
or licenses, individually or in the aggregate, is not expected to have a
material effect on the Company's financial position or future operations due to
a range of factors including our brand strength and reputation in the
marketplace; the breadth, quality and integration of our product offerings; our
existing customer relationships and our customer support; our sales force; the
applicable regulatory approval status for certain products; our continued
investments in innovative product improvements that often result in new
technologies and/or additional patents; and our significant know-how, scale and
investments related to manufacturing processes of associated product offerings.
See "Part I. Item 1. Business -  Patents and Licenses" of our 2015 Annual Report
for more information.


§ Critical Accounting Policies and Estimates





The discussion and analysis of our financial condition and results of operations
is based upon our condensed consolidated financial statements, which have been
prepared in accordance with U.S. GAAP. The preparation of these financial
statements requires us to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses, and related disclosure of
contingent assets and liabilities. We evaluate our estimates on an ongoing
basis. We base our estimates on historical experience and on various assumptions
that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates. The critical accounting policies and the
significant judgments and estimates used in the preparation of our condensed
consolidated financial statements for the three months ended March 31, 2016 are
consistent with those discussed in our 2015 Annual Report in the section under
the heading "Part II, Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations-Critical Accounting Policies and Estimates."




 §  Results of Operations




The following revenue analysis and discussion focuses on organic revenue growth,
and references in this analysis and discussion to "revenue," "revenues" or
"revenue growth" are references to "organic revenue growth." Organic revenue
growth is a non-GAAP financial measure and represents the percentage change in
revenue during the three months ended March 31, 2016, as compared to the same
period for the prior year, net of the effect of changes in foreign currency
exchange rates, acquisitions and divestitures. Organic revenue growth should be
considered in addition to, and not as a replacement for or as a superior measure
to, revenues reported in accordance with U.S. GAAP, and may not be comparable to
similarly titled measures reported by other companies. Management believes that
reporting organic revenue growth provides useful information to investors by
facilitating easier comparisons of our revenue performance with prior and future
periods and to the performance of our peers. We exclude the effect of changes in
foreign currency exchange rates because changes in foreign currency exchange
rates are not under management's control, are subject to volatility and can
obscure underlying business trends. We exclude the effect of acquisitions and
divestitures because the nature, size and number of these transactions can vary
dramatically from period to period, require or generate cash as an inherent
consequence of the transaction, and therefore can also obscure underlying
business and operating trends.



Organic revenue growth and the percentage changes in revenue from foreign
currency exchange rates and acquisitions are non-GAAP financial measures. See
the subsection above titled "Effects of Certain Factors on Results of Operations
- Currency Impact" for a description of the calculation of the percentage change
in revenue resulting from changes in foreign currency exchange rates. The
percentage change in revenue resulting from acquisitions represents incremental
revenues attributable to acquisitions that have occurred since the beginning of
the prior year period.


Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015




Revenue



Total Company. The following table presents revenue by operating segment:




                    For the Three     For the Three                                 Percentage       Percentage        Organic
Net Revenue          Months Ended      Months Ended      Dollar     Percentage     Change from      Change from        Revenue
(dollars in
thousands)         March 31, 2016    March 31, 2015      Change         Change        Currency     Acquisitions         Growth

CAG               $      357,639    $      324,531    $ 33,108          10.2%           (1.5%)            0.5%          11.2%
Water                     23,552            21,698       1,854           8.5%           (2.7%)         -                11.2%
LPD                       30,856            31,270        (414)         (1.3%)          (4.8%)         -                 3.5%
Other                      5,503             4,978         525          10.5%           (0.3%)         -                10.8%
  Total           $      417,550    $      382,477    $ 35,073           9.2%           (1.9%)            0.5%          10.6%




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U.S. and International Revenue. The following table provides further analysis of total company revenue by domestic and international markets:




                    For the Three     For the Three                                  Percentage       Percentage        Organic
Net Revenue          Months Ended      Months Ended       Dollar     Percentage     Change from      Change from        Revenue
(dollars in
thousands)         March 31, 2016    March 31, 2015       Change         Change        Currency     Acquisitions         Growth

United States     $      258,939    $      235,408    $  23,531          10.0%          -                  0.3%           9.7%
International            158,611           147,069       11,542           7.8%           (5.0%)            0.7%          12.1%
  Total           $      417,550    $      382,477    $  35,073           9.2%           (1.9%)            0.5%          10.6%




The increase in both U.S. and international organic revenues was driven by CAG
Diagnostics recurring revenue primarily resulting from higher sales volumes. The
increase in organic international revenues was driven primarily by growth in
Europe and the Asia-Pacific markets and, to a lesser extent, Canada and Latin
America.


Companion Animal Group. The following table presents revenue by product and service category for CAG:



                    For the Three     For the Three                                 Percentage      Percentage        Organic
Net Revenue          Months Ended      Months Ended      Dollar     Percentage     Change from     Change from        Revenue
(dollars in
thousands)         March 31, 2016    March 31, 2015      Change         Change        Currency    Acquisitions         Growth

CAG Diagnostics
recurring
revenue:          $      305,510    $      278,766    $ 26,744           9.6%           (1.6%)         0.6%            10.6%
IDEXX VetLab
consumables              107,959            98,392       9,567           9.7%           (1.8%)             -           11.5%
IDEXX VetLab
service and
accessories               13,757            13,530         227           1.7%           (1.2%)             -            2.9%
Rapid assay
products                  43,086            43,637        (551)         (1.3%)          (0.6%)             -           (0.7%)
Reference
laboratory
diagnostic and
consulting
services                 140,708           123,207      17,501          14.2%           (1.8%)         1.3%            14.7%
CAG Diagnostics
capital -
instruments               22,974            20,113       2,861          14.2%           (1.8%)             -           16.0%
Customer
information
management and
diagnostic
imaging systems           29,155            25,652       3,503          13.7%           (0.7%)             -           14.4%
  Net CAG
revenue           $      357,639    $      324,531    $ 33,108          10.2%           (1.5%)           0.5%          11.2%




The increase in CAG Diagnostics recurring revenue was due primarily to higher
sales from our reference laboratory diagnostic services and of our IDEXX
VetLab ® consumables resulting from increased volumes and, to a lesser extent,
higher realized prices.



IDEXX VetLab ® consumables revenue growth was due primarily to higher sales
volumes in the U.S., Europe and the Asia-Pacific region for our Catalyst
consumables and, to a lesser extent, ProCyte Dx ® consumables, resulting from
growth in testing by existing customers, an expanded menu of available tests and
the net acquisition of new customers. These favorable impacts were partly offset
by lower consumables volumes from our VetTest ® chemistry instrument due to
customer upgrades from our previous generation VetTest to our Catalyst
analyzers. IDEXX VetLab consumables revenue also benefited from higher average
unit sales prices.


IDEXX VetLab service and accessories revenues for the three months ended March 31, 2016 were generally consistent with the same period of the prior year.




Rapid assay revenue was generally consistent with the same period of the prior
year as the unfavorable impact of lower average unit sales prices in the U.S.
for certain earlier generation rapid assay products was offset by higher sales
volumes of canine and feline specialty single analyte SNAP® products.



The increase in reference laboratory diagnostic and consulting services revenue
was due primarily to the impact of higher testing volumes throughout our
worldwide network of laboratories, most prominently in the U.S., resulting from
increased testing from existing customers and the net acquisition of new
customers. Additionally, the increase in revenue was the result of higher
average unit sales prices due to price increases. Testing volumes benefitted
slightly from favorable weather trends as compared to the same period of the
prior year and an extra business day in the first quarter of 2016 due to a leap
year.



                                      24


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CAG Diagnostic capital instrument placements drive highly profitable recurring diagnostics revenue. The launch of Catalyst One ® analyzer internationally continues to drive strong worldwide chemistry placements. Our hematology placements continue to be driven by Procyte Dx in the U.S. and Europe. The increase in CAG Diagnostics capital instruments revenue was driven by an increase in ProCyte Dx revenues and to a lesser extent, Catalyst One revenues.




The increase in customer information management and diagnostic imaging systems
revenue was due primarily to an increase in diagnostic imaging system
placements, higher service revenue resulting from an increase in our active
installed base of diagnostic imaging and practice management systems, increased
revenues from other customer information management services and higher revenues
from an increasing IDEXX Pet Health Network® Pro subscriber base. These
favorable factors were partly offset by the impact of fewer licensed-based
Cornerstone placements as we evolve to a  subscription-based model for new
practice management customer acquisitions.



Water. The increase in Water revenue was attributable to all regions in which we
operate, most notably from strong performance in North America. Higher revenues
resulted primarily from higher sales volumes of our Colilert test products and
related accessories used in coliform and E. coli testing, placements of our
Quanti-Tray Sealer PLUS instrument, which we launched in June 2015, and higher
sales volumes of our products designed to detect cryptosporidium. Testing
volumes benefitted slightly from favorable weather trends as compared to the
same period of the prior year and an extra business day in the first quarter of
2016 due to a leap year. Additionally, we also benefitted from price increases
enacted in 2016.


Livestock, Poultry and Dairy. The increase in LPD organic revenue resulted from strong performance in emerging markets, most notably resulting from higher sales volumes of swine testing products and new products including bovine pregnancy tests in China and higher dairy volumes in Latin America, and increased livestock testing services in the Asia-Pacific region. These favorable factors were partly offset by decreased sales volumes of bovine testing products within Western Europe in large part due to the success of certain disease eradication programs.




Other. The increase in Other revenue was due primarily to higher sales of our
OPTI Medical blood gas analyzers and related consumables in the Asia-Pacific
region.



Gross Profit


Total Company. The following table presents gross profit (loss) and gross profit percentages by operating segment:



                           For the Three                   For the Three

Gross Profit (Loss) Months Ended Percent of Months Ended Percent of Dollar Percentage (dollars in thousands) March 31, 2016 Revenue March 31, 2015

   Revenue         Change         Change

CAG                      $      190,792         53.3%    $      176,934         54.5%    $    13,858           7.8%
Water                            16,106         68.4%            15,148         69.8%            958           6.3%
LPD                              17,977         58.3%            20,008         64.0%         (2,031)        (10.2%)
Other                             2,923         53.1%             2,473         49.7%            450          18.2%
Unallocated amounts                (261)           N/A              981            N/A        (1,242)       (126.6%)
  Total Company          $      227,537         54.5%    $      215,544         56.4%    $    11,993           5.6%




Gross profit increased due to higher sales, partly offset by approximately a 1%
decrease in the gross profit percentage. The decrease in gross profit percentage
was due primarily to the unfavorable impact of currency, an increase in IDEXX
VetLab and LPD products costs, and unfavorable CAG product mix, resulting from
higher relative instrument revenue and lower relative revenue from our rapid
assay test kits. The negative effect of currency resulted from lower relative
hedging gains during the three months ended March 31, 2016, as compared to the
same period of the prior year, and the unfavorable impact from changes in
foreign currency exchange rates. These unfavorable factors were partly offset by
higher average unit sales prices for our reference laboratory diagnostic
services and IDEXX VetLab consumables.



Companion Animal Group. Gross profit for CAG increased due to higher sales,
partly offset by a decrease in the gross profit percentage from 55% to 53%. The
decrease in the gross profit percentage was due to the unfavorable impact of
currency, an unfavorable product mix resulting primarily from higher relative
instrument revenue and lower relative revenue from our rapid assay test kits and
an increase in IDEXX VetLab product costs.  The unfavorable impact of currency
during the three months ended March 31, 2016, as compared to the same period of
the prior year, resulted from lower relative hedging gains and changes in
foreign currency exchange rates. These unfavorable factors were partly offset by
higher average unit sales prices for our reference laboratory diagnostic
services and IDEXX VetLab consumables and profitability improvements in our
information management business supported by expanded service offerings.



                                      25


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Water. Gross profit for Water increased due to higher sales, partly offset by a
decrease in the gross profit percentage from 70% to 68%. The decrease in the
gross profit percentage resulted from the unfavorable impact of currency during
the three months ended March 31, 2016, as compared to the same period of the
prior year, due to lower relative hedging gains and changes in foreign currency
exchange rates. This unfavorable factor was partly offset by the impact of
higher average unit sales prices on our Colilert testing products and related
accessories.



Livestock, Poultry and Dairy. Gross profit for LPD decreased due a decrease in
the gross profit percentage from 64% to 58% and lower sales. The decrease in the
gross profit percentage resulted primarily from the unfavorable impact from
changes in foreign currency exchange rates, higher overall product costs due to
the recognition during the prior year period of previously capitalized favorable
manufacturing variances, and lower average unit sales prices on our dairy
products. The negative effect of currency resulted from hedging losses realized
during the period ending March 31, 2016, as compared to hedging gains during the
same period of the prior year and the impact from changes in foreign currency
exchange rates. These unfavorable factors were partly offset by the expiration
of royalties on certain of our swine testing products.



Other. Gross profit for Other increased due to higher sales and an increase in
the gross profit percentage from 50% to 53%. The increase in the gross profit
percentage was due primarily to lower overall OPTI Medical product costs, partly
offset by lower average unit sales prices on OPTI Medical instruments and
related consumables.



Unallocated Amounts. Gross profit for Unallocated Amounts decreased due primarily to higher personnel-related costs.




We estimate certain personnel-related costs and allocate the budgeted expenses
to the operating segments. This allocation differs from the actual expense and
consequently yields a difference that is reported under the caption "Unallocated
Amounts." The increase in personnel-related costs was due primarily to higher
self-insured healthcare costs and higher than budgeted employee incentives
reported within Unallocated Amounts during the three months ended March 31, 2016
as compared to the same period of the prior year.



Operating Expenses and Operating Income

Total Company. The following tables present operating expenses and operating income by operating segment:




                           For the Three                   For the Three

Operating Expenses Months Ended Percent of Months Ended Percent of Dollar Percentage (dollars in thousands) March 31, 2016 Revenue March 31, 2015

   Revenue         Change         Change

CAG                      $      129,414         36.2%    $      123,416         38.0%    $     5,998           4.9%
Water                             6,427         27.3%             5,787         26.7%            640          11.1%
LPD                              13,407         43.5%            13,052         41.7%            355           2.7%
Other                             3,760         68.3%             2,795         56.1%            965          34.5%
Unallocated amounts                 736            N/A           (2,309)           N/A         3,045         131.9%
  Total Company          $      153,744         36.8%    $      142,741         37.3%    $    11,003           7.7%





                           For the Three                   For the Three
Operating Income            Months Ended    Percent of      Months Ended    Percent of         Dollar     Percentage
(dollars in thousands)    March 31, 2016       Revenue    March 31, 2015       Revenue         Change         Change

CAG                      $       61,378         17.2%    $       53,518         16.5%    $     7,860          14.7%
Water                             9,679         41.1%             9,361         43.1%            318           3.4%
LPD                               4,570         14.8%             6,956         22.2%         (2,386)        (34.3%)
Other                              (837)       (15.2%)             (322)        (6.5%)          (515)       (159.9%)
Unallocated amounts                (997)           N/A            3,290            N/A        (4,287)       (130.3%)
  Total Company          $       73,793         17.7%    $       72,803         19.0%    $       990           1.4%




Companion Animal Group. The following table presents CAG operating expenses by
functional area:




                         For the Three                   For the Three
Operating Expenses        Months Ended    Percent of      Months Ended    Percent of         Dollar     Percentage
(dollars in
thousands)              March 31, 2016       Revenue    March 31, 2015       Revenue         Change         Change

Sales and marketing    $       70,566         19.7%    $       66,387         20.5%    $     4,179           6.3%
General and
administrative                 41,097         11.5%            38,934         12.0%          2,163           5.6%
Research and
development                    17,751          5.0%            18,095          5.6%           (344)         (1.9%)
  Total operating
expenses               $      129,414         36.2%    $      123,416         38.0%    $     5,998           4.9%




                                      26


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The increase in sales and marketing expense was due primarily to increased
personnel-related costs as we continue to build our global sales infrastructure,
partly offset by the favorable impact from changes in foreign currency exchange
rates. The increase in general and administrative expense resulted primarily
from higher personnel-related costs and, to a lesser extent, incremental
information technology investments. These unfavorable factors were partly offset
by the favorable impact from changes in foreign currency exchange rates.
Research and development expense for the three months ended March 31, 2016 was
generally consistent with the same period of the prior year.



 Water. The following table presents Water operating expenses by functional
area:




                         For the Three                   For the Three
Operating Expenses        Months Ended    Percent of      Months Ended    Percent of         Dollar     Percentage
(dollars in
thousands)              March 31, 2016       Revenue    March 31, 2015       Revenue         Change         Change

Sales and marketing    $        3,222         13.7%    $        2,910         13.4%    $       312          10.7%
General and
administrative                  2,498         10.6%             2,171         10.0%            327          15.1%
Research and
development                       707          3.0%               706          3.3%              1           0.1%
  Total operating
expenses               $        6,427         27.3%    $        5,787         26.7%    $       640          11.1%




The increase in sales and marketing expense and general administrative expenses
were due primarily to higher personnel related costs. Research and development
expense for the three months ended March 31, 2016 was generally consistent with
the same period of the prior year.



Livestock, Poultry and Dairy. The following table presents LPD operating expenses by functional area:




                         For the Three                   For the Three
Operating Expenses        Months Ended    Percent of      Months Ended    Percent of         Dollar     Percentage
(dollars in
thousands)              March 31, 2016       Revenue    March 31, 2015       Revenue         Change         Change

Sales and marketing    $        5,579         18.1%    $        5,435         17.4%    $       144           2.6%
General and
administrative                  4,836         15.7%             4,671         14.9%            165           3.5%
Research and
development                     2,992          9.7%             2,946          9.4%             46           1.6%
  Total operating
expenses               $       13,407         43.5%    $       13,052         41.7%    $       355           2.7%




The increase in sales and marketing expense was due primarily to commercial
infrastructure investments within emerging markets, partly offset by the
favorable impact of changes in foreign currency exchange rates. The increase in
general and administrative expense resulted from higher personnel related costs,
partly offset by the favorable impact from changes in foreign currency exchange
rates. Research and development expense for the three months ended March 31,
2016 was generally consistent with the same period of the prior year.



Other. Operating expenses for Other, which totaled $3.8 million for the three
months ended March 31, 2016, increased $1.0 million as compared to the same
period of the prior year due primarily to an intangible impairment within our
OPTI Medical business.



During the first quarter of 2016, management reviewed our OPTI Medical product
offerings. As  a result of this review, we discontinued our product development
activities in the human point-of-care medical diagnostics market during March
2016 and instead will focus our commercial efforts in this market on supporting
our latest generation OPTI CCA-TS2 Blood Gas and Electrolyte Analyzer.



We assessed the realizability of the related tangible and intangible assets as

 a  result of the aforementioned change in strategy and determined the expected
future cash flows were less than the carrying value of the asset group. As a
result, we recorded a non-cash intangible asset impairment of $1.1 million
within our condensed consolidated statement of operations for the three months
ended March 31, 2016.



Unallocated Amounts. Operating expenses that are not allocated to our operating
segments increased $3.0 million to $0.7 million for the three months ended March
31, 2016, due primarily to higher personnel-related costs.



We estimate certain personnel-related costs and allocate these budgeted expenses
to the operating segments. This allocation differs from actual expense and
consequently yields a difference that is reported under the caption "Unallocated
Amounts." Higher personnel related costs during the three months ended March 31,
2016 were the result of increased employee incentives and higher self-insured
healthcare costs. Additionally, during the three months ended March 31, 2015,
operating expenses reported in Unallocated Amounts benefitted from favorability
due to cost control initiatives enacted subsequent to the development of our
2015 budget.

                                      27


--------------------------------------------------------------------------------

Interest Income and Interest Expense




Interest income was $0.8 million and $0.4 million for the three months ended
March 31, 2016 and 2015, respectively. The increase in interest income was due
primarily to a larger relative portfolio of marketable securities during the
three months ended March 31, 2016 as compared to the same period of the prior
year.



Interest expense was $8.3 million for the three months ended March 31, 2016 as
compared to $6.3 million for the same period of the prior year. The increase in
interest expense was due primarily to approximately $250 million in senior notes
that we issued and sold through private placements during 2015, for which fixed
interest rates range from 1.785% to 3.72% and higher relative interest rates on
our unsecured revolving credit facility ("Credit Facility") during the three
months ended March 31, 2016 as compared to the same period of the prior year.
See Note 11 to the consolidated financial statements in our 2015 Annual Report
for additional information regarding our senior notes and Credit Facility.



Provision for Income Taxes



Our effective income tax rate was 30.6% and 30.4% for the three months ended
March 31, 2016 and 2015, respectively. The increase in our effective rate for
the three months ended March 31, 2016 as compared to the same period of the
prior year was related to lower relative earnings subject to international tax
rates that are lower than domestic tax rates, including the impact of foreign
currency exchange rates, partly offset by the benefit of the U.S. research and
development ("R&D") tax credit. There was no available U.S. R&D tax credit
during the period ending March 31, 2015 because the credit had not yet been
extended. In December 2015, the U.S. R&D tax credit was permanently extended
with retroactive application to January 1, 2015.



§ Recent Accounting Pronouncements





We are evaluating the impact that several recent accounting amendments related
to share-based payment transactions, leases, and revenue recognition will have
on our consolidated financial statements. Other recently issued accounting
pronouncements did not have and are not expected to have a significant effect on
our financial condition and results of operations.



Liquidity and Capital Resources



Liquidity



We fund the capital needs of our business through cash on hand, funds generated
from operations, proceeds from long-term senior note financings and amounts
available under our $850 million Credit Facility. At March 31, 2016 and December
31, 2015, we had $350.6 million and $342.6 million, respectively, of cash, cash
equivalents and marketable securities. Working capital, including our Credit
Facility, totaled negative $69.7 million and negative $35.1 million,
respectively, at March 31, 2016 and December 31, 2015. Additionally, at March
31, 2016, we had remaining borrowing availability of $227 million under our $850
million Credit Facility. We believe that, if necessary, we could obtain
additional borrowings at similar rates to our existing borrowings to fund our
growth objectives. We further believe that current cash and cash equivalents,
our portfolio of short-duration marketable securities, funds generated from
operations and committed borrowing availability will be sufficient to fund our
operations, capital purchase requirements, and anticipated growth needs for the
next twelve months. We believe that these resources, coupled with our ability,
as needed, to obtain additional financing on favorable terms will also be
sufficient for the foreseeable future to fund our business as currently
conducted.



We consider the majority of the operating earnings of certain of our non-U.S.
subsidiaries to be indefinitely invested outside the U.S. No provision has been
made for the payment of U.S. federal and state or international taxes that may
result from future remittances of these undistributed earnings of our non-U.S.
subsidiaries. Changes to this position could have adverse tax consequences. A
determination of the related tax liability that would be paid on these
undistributed earnings if repatriated is not practicable for several reasons,
including the complexity of laws and regulations in the various jurisdictions
where we operate, the varying tax treatment of potential repatriation scenarios
and the timing of any future repatriation. We manage our worldwide cash
requirements considering available funds among all of our subsidiaries. Our
foreign cash and marketable securities are generally available without
restrictions to fund ordinary business operations outside the U.S.



                                      28


--------------------------------------------------------------------------------


Of our total cash, cash equivalents and marketable securities at March 31, 2016,
approximately $348.4 million was held by our foreign subsidiaries and was
subject to material repatriation tax effects. We held marketable securities with
original maturities of three years or less that had an average AA- credit rating
as of March 31, 2016. Of the $217.6 million in marketable securities held as of
March 31, 2016 approximately 70% of the fair value of our marketable securities
consisted of corporate bonds, 11% consisted of asset backed securities, with the
remainder consisting of agency bonds, U.S. and Canadian government bonds,
municipal bonds, commercial paper and certificates of deposit. Of the $133.0
million of cash and cash equivalents held as of March 31, 2016, 91% was held as
bank deposits, 6% was invested in money market funds invested in highly liquid
investment-grade fixed-income securities and the remainder was invested
in commercial paper and agency bonds with original maturities of less than
ninety days and money market funds restricted to U.S. government and agency
securities. As of March 31, 2016, approximately 68% of the cash, cash
equivalents and marketable securities held by our foreign subsidiaries was held
in U.S. dollars.



Should we require more capital in the U.S. than is generated by our operations
domestically, for example to fund significant discretionary activities, we could
elect to repatriate future earnings from foreign jurisdictions or raise capital
in the U.S. through debt or equity issuances. These alternatives could result in
higher effective tax rates or increased interest expense and other dilution of
our earnings. We have borrowed funds domestically and believe we will continue
to have the ability to borrow funds domestically at reasonable interest rates.



The following table presents additional key information concerning working
capital:




                                                      For the Three Months Ended
                                 March 31,    December 31,     September 30,     June 30,     March 31,
                                     2016            2015              2015         2015          2015

Days sales outstanding (1)           43.7            43.3              43.8         43.7          41.6
Inventory turns (2)                   1.6             1.5               1.5          1.5           1.6


(1) Days sales outstanding represents the average of the accounts receivable
balances at the beginning and end of each quarter divided by revenue for that
quarter, the result of which is then multiplied by 91.25 days.

(2) Inventory turns represent inventory-related cost of product revenue for the
12 months preceding each quarter-end divided by the inventory balance at the end
of the quarter.



Sources and Uses of Cash


The following table presents cash provided (used):




                                                  For the Three Months Ended March 31,
(dollars in thousands)                              2016            2015      Dollar Change

Net cash provided (used) by operating
activities                                  $     23,226     $   (14,644)   $       37,870
Net cash used by investing activities            (23,799)       (160,620)   

136,821

Net cash provided by financing activities 1,202 36,801

(35,599)

Net effect of changes in exchange rates
on cash                                            3,330          (1,913)   

5,243

Net increase (decrease) in cash and cash
equivalents                                 $      3,959     $  (140,376)   $      144,335




Operating Activities. Cash provided by operating activities was $23.2 million
for the three months ended March 31, 2016, as compared to cash used of $14.6
million for the same period of the prior year. The total of net income and net
non-cash charges, excluding the impact of reclassifying the tax benefit from
share-based compensation arrangements to a financing activity, was $73.7 million
for the three months ended March 31, 2016, as compared to $68.6 million for the
same period in 2015, resulting in incremental operating cash flows of $5.1
million driven primarily by the impact of higher depreciation and amortization
expense and higher deferred income tax benefits during the three months ended
March 31, 2016. The total of changes in operating assets and liabilities and the
tax benefit from share-based compensation arrangements decreased cash by $50.5
million and $83.2 million for the three months ended March 31, 2016 and 2015,
respectively, resulting in an incremental increase in cash of $32.7 million.



                                      29


--------------------------------------------------------------------------------

The following table presents cash flows from changes in operating assets and liabilities and the tax benefit from share-based compensation arrangements:




                                                   For the Three Months Ended March 31,
(dollars in thousands)                              2016             2015      Dollar Change

Accounts receivable                         $    (21,504)    $    (51,438)   $       29,934
Inventories                                        1,764          (10,142)           11,906
Accounts payable                                  (1,801)          (4,332)            2,531
Deferred revenue                                     637            1,153              (516)
Other assets and liabilities                     (27,516)         (10,746)          (16,770)
Tax benefit from share-based compensation
arrangements                                      (2,063)          (7,713)  

5,650

Total change in cash due to changes in
operating assets and liabilities and the
tax benefit from share-based compensation
arrangements                                $    (50,483)    $    (83,218)   $       32,735




The decrease in cash used by accounts receivable during the three months ended
March 31, 2016 resulted from the absence of one-time impacts related to our
change in U.S. commercial strategy beginning in the fourth quarter of 2014. Our
transition to an all-direct strategy in the U.S., including the establishment of
accounts receivable directly with our U.S. end-users that previously purchased
from our U.S. distribution partners, resulted in a significant use of cash
during the first quarter of 2015.  Cash provided by inventory during the three
months ended March 31, 2016, as compared to cash used during the same period in
the prior year, was the result of operational initiatives to optimize inventory
levels. Higher incremental cash used by other assets and liabilities during the
three months ended March 31, 2016 as compared to the same period of the prior
year was due primarily to higher relative cash paid for payroll as a result of
the timing of quarter end relative to payment dates, as well as due to the
timing of other prepaid and accrued expenses.



We have historically experienced proportionally lower net cash flows from
operating activities during the first quarter and proportionally higher cash
flows from operating activities for the remainder of the year and for the annual
period driven primarily by payments related to annual employee incentive
programs in the first quarter following the year for which the bonuses were
earned and the seasonality of vector-borne disease testing, which has
historically resulted in significant increases in accounts receivable balances
during the first quarter of the year.



Investing Activities. Cash used by investing activities was $23.8 million for
the three months ended March 31, 2016 as compared to $160.6 million for the same
period of the prior year. The decrease in cash used by investing activities was
due primarily to lower relative net purchases of marketable securities during
the three months ended March 31, 2016 as compared to the same period of the
prior year.



Our total capital expenditure plan for 2016 is estimated to be approximately $90
million, which includes capital investments in manufacturing and reference
laboratory equipment, investments in internal use software and information
technology infrastructure and the renovation and expansion of our facilities and
reference laboratories.



Financing Activities. Cash provided by financing activities was $1.2 million for
the three months ended March 31, 2016 as compared to cash provided of $36.8
million for the same period in 2015. The decrease in cash provided by financing
activities was due to the absence of a long-term debt issuance in the first
quarter of 2016, as compared to the aggregate issuance of approximately $150
million of senior notes during the same period of the prior year, partly offset
by a decrease in cash used to repurchase our common stock and higher relative
net borrowings under the Credit Facility during the three months ended March 31,
2016, as compared to the same period of the prior year.



Cash used to repurchase shares of our common stock decreased $80.2  million
during the three months ended March 31, 2016, as compared to the same period of
the prior year. From the inception of our share repurchase program in August
1999 to March 31, 2016, we have repurchased 58.9 million shares. During the
three months ended March 31, 2016, we purchased 0.7 million shares for an
aggregate cost of $49.7 million, as compared to purchases of 1.8 million shares
for an aggregate cost of $133.6 million during the same period of the prior
year. Share repurchases have moderated relative to the same period of the prior
year as we have achieved a debt leverage ratio consistent with our long-term
target range. We believe that the repurchase of our common stock is a favorable
means of returning value to our shareholders and we also repurchase our stock to
offset the dilutive effect of our share-based compensation programs. Repurchases
of our common stock may vary depending upon the level of other investing
activities and the share price. See Note 9 to the condensed consolidated
financial statements included in this Quarterly Report on Form 10-Q for
additional information about our share repurchases.



                                      30


--------------------------------------------------------------------------------


Net borrowing and repayment activity under the Credit Facility resulted in
incremental cash provided of $48.5 million during the three months ended March
31, 2016, as compared to the same period of the prior year. At March 31, 2016,
we had $622.0 million outstanding under the Credit Facility. The general
availability of funds under the Credit Facility was further reduced by $1.0
million for a letter of credit that was issued in connection with claims under
our workers' compensation policy. The Credit Facility contains affirmative,
negative and financial covenants customary for financings of this type. The
negative covenants include restrictions on liens, indebtedness of subsidiaries
of the Company, fundamental changes, investments, transactions with affiliates,
certain restrictive agreements and violations of laws and regulations. The
obligations under the Credit Facility may be accelerated upon the occurrence of
an event of default under the Credit Facility, which includes customary events
of default including payment defaults, defaults in the performance of the
affirmative, negative and financial covenants, the inaccuracy of representations
or warranties, bankruptcy and insolvency related defaults, defaults relating to
judgments, certain events related to employee pension benefit plans under the
Employee Retirement Income Security Act of 1974, the failure to pay specified
indebtedness, cross-acceleration to specified indebtedness and a change of
control default.



Since December 2013, we have issued and sold through private placements senior
notes having an aggregate principal amount of approximately $600 million
pursuant to certain note purchase agreements (collectively, the "Senior Note
Agreements"). The Senior Note Agreements contain affirmative, negative and
financial covenants customary for agreements of this type. The negative
covenants include restrictions on liens, indebtedness of our subsidiaries,
priority indebtedness, fundamental changes, investments, transactions with
affiliates, certain restrictive agreements and violations of laws and
regulations. See Note 11 to the consolidated financial statements in our 2015
Annual Report for additional information regarding our senior notes.



Should we elect to prepay the senior notes, such aggregate prepayment will
include the applicable make-whole amount(s), as defined within the applicable
Senior Note Agreements. Additionally, in the event of a change in control of the
Company or upon the disposition of certain assets of the Company the proceeds of
which are not reinvested (as defined in the Senior Note Agreements), we may be
required to prepay all or a portion of the Senior Notes. The obligations under
the Senior Notes may be accelerated upon the occurrence of an event of default
under the applicable Senior Note Agreement, each of which includes customary
events of default including payment defaults, defaults in the performance of the
affirmative, negative and financial covenants, the inaccuracy of representations
or warranties, bankruptcy and insolvency related defaults, defaults relating to
judgments, certain events related to employee pension benefit plans under the
Employee Retirement Income Security Act of 1974, the failure to pay specified
indebtedness and cross-acceleration to specified indebtedness.



The sole financial covenant of our Credit Facility and Senior Note Agreements is
a consolidated leverage ratio test that requires our ratio of debt to earnings
before interest, taxes, depreciation and amortization and certain other non-cash
charges ("Adjusted EBITDA") not to exceed 3.5-to-1. At March 31, 2016, we were
in compliance with the covenants of the Credit Facility and Senior Note
Agreements. The following details our consolidated leverage ratio calculation as
of March 31, 2016:






                                                            March 31,
Trailing 12 Months Adjusted EBITDA:                             2016

Net income attributable to stockholders                  $   191,503
Interest expense                                              31,239
Provision for income taxes                                    80,944
Depreciation and amortization                                 71,348
Share-based compensation expense                              20,154

Extraordinary and other non-recurring non-cash charges 9,322 Adjusted EBITDA

                                          $   404,510

                                                            March 31,
Debt to Adjusted EBITDA Ratio:                                  2016

Line of credit                                           $   622,000
Long-term debt                                               600,021
Total debt                                                 1,222,021
Acquisition-related contingent consideration payable           3,665
Capitalized leases                                               740
U.S. GAAP change - deferred financing costs                      601
Gross debt                                                 1,227,027
Gross debt to Adjusted EBITDA ratio                             3.03

Cash and cash equivalents                                   (132,953)
Marketable securities                                       (217,617)
Net debt                                                 $   876,457
Net debt to Adjusted EBITDA ratio                               2.17


                                      31


--------------------------------------------------------------------------------


Adjusted EBITDA, gross debt, net debt, gross debt to Adjusted EBITDA and net
debt to Adjusted EBITDA ratio are non-GAAP financial measures which
should be considered in addition to, and not as a  replacement for, financial
measures presented according to U.S. GAAP.  Management believes that reporting
these non-GAAP financial measures provides supplemental analysis to help
investors further evaluate our business performance and available borrowing
capacity under our Credit Facility.



Other Commitments, Contingencies and Guarantees




Significant commitments, contingencies and guarantees at March 31, 2016 are
consistent with those discussed in the section under the heading "Part II, Item
7. Management's Discussion and Analysis of Financial Condition and Results of
Operations-Liquidity and Capital Resources," and in Note 14 to the consolidated
financial statements in our 2015 Annual Report.

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