IBISWorld Industry Report 56161
Security Services in the US
August 2012
Andrew Krabeepetcharat
2 About this Industry
2 Industry Definition 2 Main Activities 2 Similar Industries 2 Additional Resources
3 Industry at a Glance
4 Industry Performance
4 Executive Summary 4 Key External Drivers 5 Current Performance 7 Industry Outlook 9 Industry Life Cycle11 Products & Markets
11 Supply Chain 11 Products & Services 13 Demand Determinants 13 Major Markets
15 International Trade 16 Business Locations
18 Competitive Landscape
18 Market Share Concentration 18 Key Success Factors 18 Cost Structure Benchmarks 20 Basis of Competition 21 Barriers to Entry 21 Industry Globalization
22 Major Companies
22 Securitas AB 23 G4S PLC 24 Allied Security LLC27 Operating Conditions
27 Capital Intensity 28 Technology & Systems 28 Revenue Volatility29 Regulation & Policy 29 Industry Assistance
30 Key Statistics
30 Industry Data 30 Annual Change 30 Key Ratios
31 Jargon & Glossary
The primary activities of this industry are
Armored car services Bodyguard services Polygraph services Private detective services Security guard services
56145 Credit Bureaus & Rating Agencies in the US
The Credit Bureaus and Rating Agencies industry provides credit checks. 56162 Security Alarm Services in the US
The Security Alarm Services industry sells, maintains, monitors and services security equipment, including burglar and fire alarms.
Industry Definition
Main Activities
Similar Industries
Additional Resources
About this Industry
For additional information on this industry
www.sdmmag.com
Security Distributing and Marketing www.securitymagazine.com Security Magazine USA www.census.gov US Census Bureau
The major products and services in this industry are
Armored vehicle services Investigation services On-site security guard services Security personnel at special events Other services
% change 40 −20 −10 0 10 20 30 18 06 08 10 12 14 16 Year Corporate profit SOURCE: WWW.IBISWORLD.COM % change 6 −6 −4 −2 0 2 4 18 04 06 08 10 12 14 16 Year Revenue Employment
Revenue vs. employment growth
Products and services segmentation
(2012)
69.2%
On-site security guard services16.3%
Investigation services9.9%
Armored vehicle services3%
Security personnel at special events1.6%
Other services SOURCE: WWW.IBISWORLD.COMKey Statistics
Snapshot
Industry at a Glance
Security Services in 2012
Industry Structure
Life Cycle Stage MatureRevenue Volatility Low
Capital Intensity Low
Industry Assistance None
Concentration Level Low
Regulation Level Light
Technology Change Low
Barriers to Entry Low
Industry Globalization Low
Competition Level High
Revenue
$28.2bn
Profit
$2.3bn
Wages
$16.3bn
Businesses
40,874
Annual Growth 12-17
4.2%
Annual Growth 07-12
-0.2%
Key External Drivers
Corporate profit Crime rate
Value of private non-residential construction Number of businesses
Market Share
p. 22
p. 4
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 30
Key External Drivers
Corporate profit
Crime rate
Executive
Summary
Industry Performance
Executive Summary
| Key External Drivers
| Current Performance
Industry Performance
Current
Performance
Key External Drivers
continued
Value of private
non-residential construction
Number of businesses
Crimes per 100,000 people
4200 3000 3200 3400 3600 3800 4000 17 03 05 07 09 11 13 15 Year Crime rate SOURCE: WWW.IBISWORLD.COM % change 40 −20 −10 0 10 20 30 18 06 08 10 12 14 16 Year Corporate profit
Industry Performance
Continuing demand
Hard times bring
consolidation
% change 6 −6 −4 −2 0 2 4 18 04 06 08 10 12 14 16 Year Industry revenue SOURCE: WWW.IBISWORLD.COMIndustry Performance
Hard times bring
consolidation
continued
More businesses,
more demand
Industry
Outlook
Competition causes
alarm
Industry Performance
More businesses,
more demand
continued
Industry Performance
Life Cycle Stage
SOURCE: WWW.IBISWORLD.COM 30 25 20 15 10 5 0 –5 –10 –10 –5 0 5 10 15 20 25 30 % Gr owth of pr ofi t/GDP % Growth of establishments
Decline
Crash or Grow?
Potential Hidden Gems
Future IndustriesQuality Growth
High growth in economic importance; weaker companies close down; developed technology and markets
Time Wasters
Hobby IndustriesMaturity
Company consolidation; level of economic importance stableShake-out
Shak
e-out
Quantity Growth
Many new companies; minor growth in economic importance; substantial technology change
Key Features of a Mature Industry
Revenue grows at same pace as economy Company numbers stabilize; M&A stage Established technology & processes Total market acceptance of product & brand Rationalization of low margin products & brands
Credit Bureaus & Rating Agencies
Security Alarm Services
Electronic & Computer Repair Services
Non-Hotel Casinos
Security
Services
Industry Performance
Industry Life Cycle
This industry
Products & Services
Security guard services
Products & Markets
Supply Chain |
Products & Services |
Demand Determinants
Major Markets |
International Trade |
Business Locations
KEY BUYING INDUSTRIES
23 Construction in the US
Security service companies provide construction firms with guards for residential and non-residential construction sites and materials.
31-33 Manufacturing in the US
Manufacturing companies require security services to limit access, guard inventory and provide monitoring services.
44-45 Retail Trade in the US
Retail stores use security services for inventory control, cash transfers and in-store video monitoring services.
48-49 Transportation and Warehousing in the US
Public transportation companies require security services for passenger safety. 52 Finance and Insurance in the US
Security service companies provide banks with security associated with cash transfers, ATMs and general patrol.
71321 Non-Hotel Casinos in the US
Casinos use security service firms for cash transfers, particularly from slot machines, and general and monitored security.
72112 Casino Hotels in the US
Casinos use security service firms for cash transfers, particularly from slot machines, and general and monitored security.
92 Public Administration in the US
Schools, universities, health and hospital facilities and courts and prisons in the public sector demand security services from the industry.
KEY SELLING INDUSTRIES
33431 Audio & Video Equipment Manufacturing in the US
The Audio and Video Equipment Manufacturing industry provides firms with security equipment.
56162 Security Alarm Services in the US
The Security Alarm Services industry supplies security systems to operators. 81121 Electronic & Computer Repair Services in the US
The Electronic and Computer Repair Services industry provides security service firms with repair and maintenance services of electronic security equipment.
Products & Markets
Products & Services
continued
Investigation services
Armored vehicles
Products and services segmentation
(2012)
Total $28.2bn
69.2%
On-site security guard services16.3%
Investigation services9.9%
Armored vehicle services3%
Security personnel at special events1.6%
Other services SOURCE: WWW.IBISWORLD.COMProducts & Markets
Demand
Determinants
Products & Services
continued
Other
Products & Markets
Major Markets
continued
Major market segmentation
(2012)
Total $28.2bn
26%
Major corporations5%
Residential clients23%
Retail clients21%
Financial institutions16%
Government clients9%
Other clients SOURCE: WWW.IBISWORLD.COMProducts & Markets
Products & Markets
Business Locations 2012
MO
1.4West
West
West
Rocky
Mountains
Plains
Southwest
Southeast
New
England
VT
0.1MA
1.8RI
0.3NJ
3.3DE
0.3NH
0.2CT
1.1MD
3.1DC
0.91
5
3
7
2
6
4
8
9
Additional States
(as marked on map)AZ
1.7CA
16.2NV
1.7OR
0.6WA
1.5MT
0.2NE
0.3MN
1.2IA
0.3OH
2.8VA
6.4FL
6.4KS
0.4CO
2.2UT
0.5ID
0.2TX
6.5OK
1.2NC
2.2AK
0.5WY
0.1TN
2.9KY
0.6GA
2.9IL
4.2ME
0.2ND
0.1WI
0.7MI
2.0PA
3.2WV
0.4SD
0.2NM
0.7AR
0.4MS
0.5AL
1.0SC
1.4LA
1.5HI
0.9IN
1.2NY
9.45
6
7
8
3
2
1
4
9
SOURCE: WWW.IBISWORLD.COMMid-
Atlantic
Revenue (%) Less than 3% 3% to less than 10% 10% to less than 20% 20% or moreGreat
Lakes
Products & Markets
Business Locations
% 30 0 10 20 Southwest WestGreat Lakes Mid-Atlantic New England
Plains Rocky Mountains Southeast Revenue Establishments Revenue vs. establishments SOURCE: WWW.IBISWORLD.COM % 30 0 10 20 Southwest West
Great Lakes Mid-Atlantic New England
Plains Rocky Mountains Southeast Revenue Population Revenue vs. population
Cost Structure
Benchmarks
Key Success Factors
Ability to compete on tender
Fast adjustments made to
changing regulations
Close monitoring of competition
Access to multiskilled and
flexible workforce
Having a good reputation
Use of most efficient work practices
Market Share
Concentration
Competitive Landscape
Market Share Concentration |
Key Success Factors |
Cost Structure Benchmarks
Basis of Competition |
Barriers to Entry |
Industry Globalization
Enterprises by employment size (2012)
No. of employees Share (%)
0 to 4 51.8 5 to 9 12.5 10 to 19 11.5 20 to 99 16.6 100 to 499 5.5 500+ 2.1
SOURCE: US CENSUS BUREAU AND IBISWORLD
Level
Concentration in
this industry is
Low
IBISWorld identifies
250 Key Success
Factors for a
business. The most
important for this
industry are:
Competitive Landscape
Cost Structure
Benchmarks
continued
Profit
Wages
Sector vs. Industry Costs
Profi t Wages Purchases Depreciation Marketing Rent & Utilities Other Average Costs of all Industries in sector (2012) Industry Costs (2012) 0 20 40 60 Pe rc en ta ge o f r ev en ue 80 100
6.9
17.1
4.7
2.4
2.9
13.2
52.8
8.1
22.8
3.0
0.6
3.6
4.0
57.9
SOURCE: WWW.IBISWORLD.COMCompetitive Landscape
Basis of Competition
Internal competition
External competition
Cost Structure
Benchmarks
continued
Other
Level & Trend
Competition in
this industry is
High
and the trend
Competitive Landscape
Industry
Globalization
Barriers to Entry
Barriers to Entry checklist
Level
Competition High
Concentration Low
Life Cycle Stage Mature
Capital Intensity Low
Technology Change Low
Regulation & Policy Light
Industry Assistance None
SOURCE: WWW.IBISWORLD.COM
Level & Trend
Barriers to Entry
in this industry are
Low
and
Increasing
Level & Trend
Globalization in this
industry is
Low
and
the trend is
Steady
Player Performance
Major Companies
Securitas AB
| G4S PLC
| Allied Security LLC
| Other Companies
71.9%
Other Securitas AB 12.6% G4S PLC 9.7% Allied Security LLC 5.8% SOURCE: WWW.IBISWORLD.COMMajor players
(Market share)Securitas AB (Security Services North America segment) –
fi nancial performance
Year ($ million)Revenue (% change) Operating Income ($ million) (% change)
2007 3,119.7 N/C 166.2 N/C 2008 3,216.7 3.1 182.2 9.6 2009 3,098.2 -3.7 181.8 -0.2 2010 3,318.7 7.1 201.5 10.8 2011 3,460.7 4.3 196.6 -2.4 2012* 3,560.0 2.9 205.0 4.3 *Estimate
SOURCE: ANNUAL REPORT AND IBISWORLD
Securitas AB
Market share: 12.6%
Industry Brand Names
Securitas Security Services
USA
Major Companies
Player Performance
Player Performance
continued
G4S PLC
Market share: 9.7%
G4S PLC (North America segment) – fi nancial performance
Year ($ million)Revenue (% change) Operating Income ($ million) (% change)
2007 2,245.6 N/C 80.4 N/C 2008 2,429.0 8.2 67.4 -16.2 2009 2,496.2 2.8 78.1 15.9 2010 2,590.8 3.8 87.6 12.2 2011 2,649.6 2.3 142.7 62.9 2012* 2,726.5 2.9 146.9 2.9 *Estimate
Major Companies
Player Performance
continued
Player Performance
AlliedBarton Security Services (US segment) – fi nancial performance
Year ($ million)Revenue (% change) Operating Income ($ million) (% change)2007 1,484.7 17.7 47.6 63.0 2008 1,607.3 8.3 59.6 25.2 2009* 1,526.9 -5.0 45.8 -23.2 2010* 1,543.7 1.1 39.0 -14.8 2011* 1,575.0 2.0 49.0 25.6 2012* 1,635.0 3.8 52.0 6.1 *Estimate
SOURCE: ANNUAL REPORT AND IBISWORLD
Allied Security LLC
Market share: 5.8%
Industry Brand Names
AlliedBarton Security
Services
Major Companies
Player Performance
continued
Other Companies
The Brink’s Company
Estimated market share: 2.7%
Loomis AB
Major Companies
Other Companies
continued
Capital Intensity
Operating Conditions
Capital Intensity
| Technology & Systems
| Revenue Volatility
Regulation & Policy
| Industry Assistance
Tools of the Trade: Growth Strategies for Success
SOURCE: WWW.IBISWORLD.COM
Labor In
tensiv
e
Ca
pit
al I
nt
en
siv
e
Change in Share of the Economy
New Age Economy
Recreation, Personal Services, Health and Education. Firms benefi t from personal wealth so stable macroeconomic conditions are imperative. Brand awareness and niche labor skills are key to product differentiation.
Traditional Service Economy
Wholesale and Retail. Reliant on labor rather than capital to sell goods. Functions cannot be outsourced therefore fi rms must use new technology or improve staff training to increase revenue growth.
Old Economy
Agriculture and Manufacturing. Traded goods can be produced using cheap labor abroad. To expand fi rms must merge or acquire others to exploit economies of scale, or specialize in niche, high-value products.
Investment Economy
Information, Communications, Mining, Finance and Real Estate. To increase revenue fi rms need superior debt management, a stable macroeconomic environment and a sound investment plan.
Credit Bureaus & Rating Agencies
Audio & Video Equipment
Manufacturing
Security
Alarm Services
Electronic &
Computer
Repair
Services
Security Services
Non-Hotel Casinos
Capital intensity
0.5 0.0 0.1 0.2 0.3 0.4 SOURCE: WWW.IBISWORLD.COMDotted line shows a high level of capital intensity
Capital units per labor unit
Security Services Administration, Business
Support & Waste Management Services Economy
Level
The level of capital
intensity is
Low
Operating Conditions
Revenue Volatility
Technology
& Systems
Capital Intensity
continued
Level
The level of
Technology
Change is
Low
SOURCE: WWW.IBISWORLD.COMVolatility vs Growth
Re ve nu e vo la til ity * ( % ) 1000 100 10 1 0.1Five year annualized revenue growth (%)
–30 –10 10 30 50 70
Hazardous
Stagnant
Rollercoaster
Blue Chip
* Axis is in logarithmic scale
Security Services
A higher level of revenue volatility implies greater industry risk. Volatility can negatively affect long-term strategic decisions, such as the time frame for capital investment.
When a fi rm makes poor investment decisions it may face underutilized capacity if demand suddenly falls, or capacity constraints if it rises quickly.
Level
The level of
Volatility is
Low
Operating Conditions
Industry Assistance
Regulation & Policy
Revenue Volatility
continued
Level & Trend
The level of
Regulation is
Light
and the trend
is
Increasing
Level & Trend
The level of
Industry Assistance
is
None
and the
trend is
Steady
Key Statistics
Revenue ($m)
Industry Value Added
($m) Establish-ments Enterprises Employment Exports Imports Wages ($m) Domestic Demand
Number of Businesses With Employees (Million) 2003 25,317.6 18,426.5 54,500 40,573 666,497 -- -- 15,034.0 N/A 7.3 2004 25,839.6 18,752.0 55,154 40,978 692,761 -- -- 15,289.5 N/A 7.4 2005 26,533.9 19,557.6 55,816 41,388 706,819 -- -- 16,002.1 N/A 7.5 2006 27,616.4 20,021.1 56,374 41,760 716,075 -- -- 16,375.7 N/A 7.6 2007 28,517.6 20,464.1 56,938 42,178 721,876 -- -- 16,756.8 N/A 7.7 2008 27,771.0 19,759.0 57,379 42,629 725,119 -- -- 16,343.3 N/A 7.6 2009 26,407.7 18,675.5 55,601 41,459 701,074 -- -- 15,506.6 N/A 7.5 2010 26,852.5 18,823.6 55,329 41,352 700,920 -- -- 15,735.6 N/A 7.6 2011 27,394.3 19,296.5 55,250 41,201 699,585 -- -- 16,036.6 N/A 7.6 2012 28,189.0 19,732.3 54,853 40,874 703,034 -- -- 16,321.4 N/A 7.7 2013 29,649.2 20,585.4 55,829 41,509 709,387 -- -- 16,997.9 N/A 7.9 2014 30,988.7 21,341.9 57,144 42,424 728,836 -- -- 17,592.3 N/A 8.0 2015 32,318.6 22,080.1 57,898 42,919 738,638 -- -- 18,137.2 N/A 8.1 2016 33,216.8 22,896.3 60,089 44,544 771,052 -- -- 18,810.7 N/A 8.2 2017 34,628.0 23,799.8 62,549 46,402 798,570 -- -- 19,540.6 N/A 8.3 Sector Rank 8/26 6/26 6/26 6/26 6/26 N/A N/A 6/26 N/A N/A Economy Rank 275/706 129/706 108/705 121/705 54/706 N/A N/A 89/706 N/A N/A
IVA/Revenue (%) Imports/ Demand (%) Exports/Revenue (%) Revenue per Employee
($’000) Wages/Revenue (%) Employees per Est. Average Wage ($)
Share of the Economy (%) 2003 72.78 N/A N/A 37.99 59.38 12.23 22,556.74 0.16 2004 72.57 N/A N/A 37.30 59.17 12.56 22,070.38 0.15 2005 73.71 N/A N/A 37.54 60.31 12.66 22,639.60 0.15 2006 72.50 N/A N/A 38.57 59.30 12.70 22,868.69 0.15 2007 71.76 N/A N/A 39.50 58.76 12.68 23,212.85 0.15 2008 71.15 N/A N/A 38.30 58.85 12.64 22,538.78 0.15 2009 70.72 N/A N/A 37.67 58.72 12.61 22,118.35 0.15 2010 70.10 N/A N/A 38.31 58.60 12.67 22,449.92 0.14 2011 70.44 N/A N/A 39.16 58.54 12.66 22,923.02 0.14 2012 70.00 N/A N/A 40.10 57.90 12.82 23,215.66 0.15 2013 69.43 N/A N/A 41.80 57.33 12.71 23,961.39 0.15 2014 68.87 N/A N/A 42.52 56.77 12.75 24,137.53 0.15 2015 68.32 N/A N/A 43.75 56.12 12.76 24,554.92 0.15 2016 68.93 N/A N/A 43.08 56.63 12.83 24,396.15 0.15 2017 68.73 N/A N/A 43.36 56.43 12.77 24,469.49 N/A Sector Rank 5/26 N/A N/A 24/26 5/26 11/26 23/26 6/26 Economy Rank 24/706 N/A N/A 684/706 15/706 367/705 597/706 129/706
Figures are inflation-adjusted 2012 dollars. Rank refers to 2012 data.
Revenue (%) Industry Value Added (%) Establish-ments
(%) Enterprises (%) Employment (%) Exports (%) Imports (%) Wages (%)
Domestic Demand (%) Number of Businesses With Employees (%) 2004 2.1 1.8 1.2 1.0 3.9 N/A N/A 1.7 N/A 1.4 2005 2.7 4.3 1.2 1.0 2.0 N/A N/A 4.7 N/A 1.4 2006 4.1 2.4 1.0 0.9 1.3 N/A N/A 2.3 N/A 1.3 2007 3.3 2.2 1.0 1.0 0.8 N/A N/A 2.3 N/A 1.3 2008 -2.6 -3.4 0.8 1.1 0.4 N/A N/A -2.5 N/A -1.3
2009 -4.9 -5.5 -3.1 -2.7 -3.3 N/A N/A -5.1 N/A -1.3
2010 1.7 0.8 -0.5 -0.3 0.0 N/A N/A 1.5 N/A 1.3 2011 2.0 2.5 -0.1 -0.4 -0.2 N/A N/A 1.9 N/A 0.0 2012 2.9 2.3 -0.7 -0.8 0.5 N/A N/A 1.8 N/A 1.3 2013 5.2 4.3 1.8 1.6 0.9 N/A N/A 4.1 N/A 2.6 2014 4.5 3.7 2.4 2.2 2.7 N/A N/A 3.5 N/A 1.3 2015 4.3 3.5 1.3 1.2 1.3 N/A N/A 3.1 N/A 1.3 2016 2.8 3.7 3.8 3.8 4.4 N/A N/A 3.7 N/A 1.2 2017 4.2 3.9 4.1 4.2 3.6 N/A N/A 3.9 N/A 1.2 Sector Rank 19/26 20/26 24/26 24/26 23/26 N/A N/A 17/26 N/A N/A Economy Rank 299/706 402/706 528/705 511/705 491/706 N/A N/A 356/706 N/A N/A
Annual Change
Key Ratios
Industry Data
Jargon & Glossary
BARRIERS TO ENTRY Barriers to entry can be High, Medium or Low. High means new companies struggle to enter an industry, while Low means it is easy for a firm to enter an industry.
CAPITAL/LABOR INTENSITY An indicator of how much capital is used in production as opposed to labor. Level is stated as High, Medium or Low. High is a ratio of less than $3 of wage costs for every $1 of depreciation; Medium is $3 – $8 of wage costs to $1 of depreciation; Low is greater than $8 of wage costs for every $1 of depreciation.
CONSTANT PRICES The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using 2012 as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the ‘real’ growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.
DOMESTIC DEMAND The use of goods and services within the US; the sum of imports and domestic production minus exports.
EARNINGS BEFORE INTEREST AND TAX (EBIT) IBISWorld uses EBIT as an indicator of a company’s profitability. It is calculated as revenue minus expenses, excluding tax and interest.
EMPLOYMENT The number of working proprietors, partners, permanent, part-time, temporary and casual employees, and managerial and executive employees. ENTERPRISE A division that is separately managed and keeps management accounts. The most relevant measure of the number of firms in an industry. ESTABLISHMENT The smallest type of accounting unit within an Enterprise; usually consists of one or more locations in a state or territory of the country in which it operates.
EXPORTS The total sales and transfers of goods produced by an industry that are exported. IMPORTS The value of goods and services imported with the amount payable to non-residents.
INDUSTRY CONCENTRATION IBISWorld bases concentration on the top four firms. Concentration is identified as High, Medium or Low. High means the top four players account for over 70% of revenue; Medium is 40 –70% of revenue; Low is less than 40%. INDUSTRY REVENUE The total sales revenue of the industry, including sales (exclusive of excise and sales tax) of goods and services; plus transfers to other firms of the same business; plus subsidies on production; plus all other operating income from outside the firm (such as commission income, repair and service income, and rent, leasing and hiring income); plus capital work done by rental or lease. Receipts from interest royalties, dividends and the sale of fixed tangible assets are excluded.
INDUSTRY VALUE ADDED The market value of goods and services produced by an industry minus the cost of goods and services used in the production process, which leaves the gross product of the industry (also called its Value Added).
INTERNATIONAL TRADE The level is determined by: Exports/Revenue: Low is 0 –5%; Medium is 5 –20%; High is over 20%. Imports/Domestic Demand: Low is 0 –5%; Medium is 5 –35%; and High is over 35%. LIFE CYCLE All industries go through periods of Growth, Maturity and Decline. An average life cycle lasts 70 years. Maturity is the longest stage at 40 years with Growth and Decline at 15 years each.
NON-EMPLOYING ESTABLISHMENT Businesses with no paid employment and payroll are known as non-employing establishments. These are mostly set-up by self employed individuals.
VOLATILITY The level of volatility is determined by the percentage change in revenue over the past five years. Volatility levels: Very High is greater than ±20%; High Volatility is between ±10% and ±20%; Moderate Volatility is between ±3% and ±10%; and Low Volatility is less than ±3%.
WAGES The gross total wages and salaries of all employees of the establishment.
Industry Jargon
IBISWorld Glossary
BIOMETRICS A technology that involves the use of face, fingerprint or similar recognition of individuals to allow secure access.
CLOSED-CIRCUIT TELEVISION (CCTV) A technology that uses video surveillance equipment to transmit images to a specific set of monitors.
MONITORED SECURITY SYSTEM A security system that involves the use of video, such as CCTV systems.
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