2017-18 Annual Report

Letter from the President

Dear Friends,

From its start in 1996, VE has focused on the future—the future of our students, our workforce, our business partners, and our communities—and 2017-18 was no exception. In its 21st year of operation, VE programs brought practical career experience to 13,000 middle and high school students from 400 schools across the United States. Our students launched and operated businesses, engaged in trade with other student-run enterprises across the globe and demonstrated their skills and knowledge at conferences, exhibitions, and competitions. Along the way, they gained confidence in their abilities and saw new possibilities for their futures.

While the number of schools and students we serve rises each year, our mission remains constant—to transform students’ lives through authentic business experiences that prepare them for fulfilling, financially secure futures. Adam Yafei, whose story is highlighted in this report, is one of many VE students whose lives were transformed by the program. Today, Adam is making his mark in the business world at Deloitte, where he has been a valued employee for four-plus years.

But Adam’s story is about more than his own success. It also reveals VE’s role in developing a talent pipeline for businesses that are in dire need of workers who possess the key 21st-century skills that are at the heart of the VE curriculum—collaboration and teamwork, problem-solving, information and technology literacy, and global awareness, among others.

In recent years, VE has focused intensely on issues related to the “Future of Work.” With the support of the VE Board of Directors and our National Advisory Council, we have met with leaders, experts, and researchers in the areas of workforce development, labor market analysis, and talent strategy and management to learn how VE can best prepare students for the 21st-century workplace. We have also convened industry leaders from a broad array of companies and sectors—Deloitte, Viacom, HSBC, Intuit, Nielsen, Google, Amazon, Salesforce and many more—to gain insight into the opportunities and challenges in the current business landscape and their impact on the future of jobs and talent. These are important steps that will continue in the coming years.

As VE moves forward, we will continue to stay focused on the future while enhancing the lives of our students and the vitality of our workforce today.


Nick Chapman
Virtual Enterprises International

VE at a Glance

Our mission is to transform students through authentic business experiences that prepare them for fulfilling, financially secure futures.

VE is an educational nonprofit transforming students into business professionals by bringing the workplace into the classroom. Since its inception in 1996, VE has served over 140,000 students, including many from economically disadvantaged communities.

VE’s team includes a community of educators, business leaders, and post-secondary partners who help guide our mission. We currently support over 15,000 students across the United States.

VE works with schools and districts to implement a year-long, credited class that provides students with an authentic, collaborative business and entrepreneurship experience through its live global business simulation model.

VE High School Program

VE-JV Middle School Program

Guided by a teacher-facilitator, business partners, and content experts, VE students establish and manage a company that replicates the functions and demands of a real business.

Students produce key deliverables and work in departments — Administration, Accounting/Finance, Sales, Marketing, Human Resources, and IT — that are overseen by a (student) management team and CEO.

VE companies engage in trade with a network of simulated businesses across 42 countries using an online banking system.

Our Impact

13,000 students

prepared for their futures, including 2,500 middle school students

400 schools

part of the VE community, including 30 middle schools

18 states

and territories across the U.S. are home to VE programs

Last year, VE provided students with

2,340,000 hours 

of work experience.


of students worked in Accounting or Finance roles.


of students worked in Administrative roles.


of students worked in Design & IT roles.


of students worked in Human Resources roles.


of students worked in Sales or Marketing roles.

“When I was applying for internships and jobs, having CEO of a VE company on my résumé always started a conversation.”

– VE Alum

Identifying Career Pathways


of VE alumni identified a career pathway of interest because of VE
Preparing for College


of VE alumni felt prepared for college as a result of their VE experience
Preparing for Careers


of VE alumni felt prepared for their career as a result of their VE experience

Impact Data Sources: 2018 Student Exit Survey, 2018 Teacher Exit Survey, and 2017 Alumni Survey

Adam’s Story:

From VE CFO in High School to Financial Pro Today

Adam Yafei attended Fort Hamilton High School in Brooklyn, New York, where he participated in VE and served as the Chief Financial Officer of his VE business. Through financial adversity, family loss, and other challenges, Adam learned the importance of hard work, persistence, and living life to the fullest.

Now an Audit Senior at Deloitte & Touche LLP, Adam credits his participation in VE and his Business Plan Presentation team as the catalyst for pursuing his current career with Deloitte. Adam currently mentors VE students, passing along the same kind of support and knowledge that he received during his years in the program.

A Year in the Life

A Year in the Life of a VE Student

A Year in the Life of a VE Company

Create a resume and cover letter

3 out of 4 VE students learned how to look for a job

Develop professional goals

80% of students feel more confident in their abilities

Interview for a company position

6,330 held leadership positions including Chief-level, VPs, and Managers

Open a bank account

75% of students developed financial literacy skills

Create a personal budget

All 13,000 students open and manage their own bank accounts throughout the year

Pay bills and taxes

Accounting and Human Resources help employees fill out W4

Develop real-world skills

These include Leadership, Professional, Functional, and Core Technology Skills.

Interact with business professionals

90% of students interacted with business professionals and 89% learned how to collaborate as a team

Make a formal presentation

10,400 students made a formal business presentation during their time in VE

Create a portfolio of work

VE students gain an average of 180 hours of work experience

Brainstorms business ideas

Top industries in the VE marketplace: Clothing & Accessories, Entertainment, Food & Beverages, Sports & Leisure, Electronics

Hires employees

Departments include: Accounting, Finance, Human Resources, Sales, Marketing

Develops a business plan

Business plans developed by students cover mission statement, SWOT analysis, industry analysis, target market, and financials

Develops customer relationships

633 students recorded elevator pitches for the National Elevator Pitch Competition

Participates in business plan competitions

338 teams across the U.S. wrote and presented to panels of industry professionals and educational leaders

Implements business plan to operate business

213,599 transactions were made during the 2017-18 school year

Makes sales through e-commerce website

416 submissions for the National E-Commerce Website Competition and 10,623 unique items were sold in the VE economy through e-commerce websites

Networks at Conferences & Exhibitions

Students from Gernsbach, Germany connected with VE students at the 2018 Bay Area Conference & Exhibition

Tracks financial health of the organization

Bee There, an entertainment VE firm with a mission to save carpenter bees, ended the fiscal year with $6,221,341 in assets

Performs year-end evaluations and procedures

Six VE firms from Neuqua Valley HS shared year-end reflections and student portfolios and company annual reports


VE Launches Future of Work Initiative to Connect Educators with Industry Insights and Trends

Educators want to know: how do we prepare the next generation of young people for jobs and careers that do not yet exist? In the Future of Work series, VE began exploring this question with help from partners including JPMorgan Chase & Co., United Federation of Teachers, NYC Labor Market Information Service, Amazon Web Services, College of Mount Saint Vincent, WeWork, Snowe, CBRE: United States Commercial Real Estate Services, and more.

VE Students Wow Judges with Life-Saving Jacket and Car-Saving App During Final Round of 2018 VE Venture Challenge

Skyler Smith and Madeline Barber from Parkway South High School in St. Louis, MO, won $10,000 to start their concept of Generation, a solar-powered survival jacket. Derek Pastor from Francis Lewis High School in Queens, NY won $5,000 for Axel, an app meant to help car owners maintain and repair their own vehicles. Ian Hall from Loretto High School in Loretto, TN was an honorable mention for IndiPlay, a music collaboration app.

The night’s honorees and Venture Challenge judges’ panel included Samer Hamadeh, Founder and CEO, Zeel; Ben Lerer, CEO, Group Nine Media; Marie Moody, Founder and President, Stella & Chewy’s; John Partilla, CEO, Screenvision Media. Jay Novik of Black Diamond Capital Partners was the 2018 VE Venture Challenge Prize Sponsor.

See how VE supporters helped provide life-changing experiences for thousands of students.

Inc.com: “Want to Know the Future of Work? Listen to the Thousands of Teenage Entrepreneurs Descending on New York”

“Nick Chapman, President and National Program Director for Virtual Enterprises International, summarizes why it’s so important for these teens to participate in simulated business and YBS, ‘In entrepreneurship, we are encouraged to “fail fast” or “fail forward” so that we can figure out what we didn’t know sooner, leading to success sooner. I think the same concept applies here. We want students to have the opportunity to ‘test drive’ various jobs and career opportunities to better understand the world of work before they make important (and expensive!) decisions about where they go to college and what they decide to major in.’”

Read the full story here.

HSBC Grants $750,000 to Virtual Enterprises International to Prepare More Students Around the U.S. for Careers

Marking a new stage in the more than 20-year partnership with VE, HSBC announced a $750,000 grant in support of bringing the VE program to an additional 150 schools nationwide. Maureen Gillan-Myer, Head of Human Resources, HSBC USA, shared her insight about the relationship between HSBC and VEI, “What has been especially meaningful to us is that through VEI we are able to offer our employees an opportunity to bring their expertise directly into the classroom to support some very talented young people who may become the business leaders of the future.”

Read the full story of why HSBC invested in VE here.

4,700 Students Participated in the Largest Youth Business Summit Yet

The Youth Business Summit is VE’s largest and most extraordinary event of the year, where 4,700 students from around the world experienced a dynamic week of business competitions, leadership events, and professional networking. These students displayed the professional skills and business acumen they developed by running a VE company during the school year.

Learn more about the 2019 Youth Business Summit happening April 15-17, 2019.

95% of VE Schools Participated in VE Events & Activities

Events & activities VE students were able to participate in:

National Online Competitions
  • Elevator Pitch
  • Company Branding
  • E-Commerce Website
  • Company Newsletter
  • Video Commercial
Youth Business Summit
  • International Trade Exhibition
  • Global Business Challenge
  • National Business Plan Competition
  • National Human Resources Competition
  • National Finance Competition
  • National Marketing Competition
  • Best Booth Competition
  • Sales Pitch Competition
  • Sales Materials Competition
Regional Conferences & Exhibitions
  • Southern Regional
  • San Diego
  • Northeast Regional
  • Long Island Regional
  • California State
  • Great Lakes Regional
  • Los Angeles Area
  • Virginia
  • Bay Area
Live Regional Competitions
  • Apprentice Consulting
  • Booth Design
  • Business Plan Presentations
  • Finance
  • Elevator Pitch
  • Human Resources
  • Impact Marketing
  • Job Interview
  • Marketing Plan
  • Sales Presentation
  • Speed Interview
  • State Business Challenge
  • Venture Challenge
Online Regional Competitions
  • Advanced Website
  • Company Branding
  • Company Newsletter
  • E-Commerce Website
  • Employee Handbook
  • Employee Manual
  • Employee Newsletter
  • Financial Statements
  • Marketing Plan (Written)
  • Sales Materials
  • Speed Interview
  • Venture Challenge
  • Video Commercial

Volunteers Contributed 4,549 Hours Evaluating Student Work and Providing Feedback for National Online Competitions

Bakersfield High School Bests 27 Business Plan Teams For Second Straight Year During 2018 National Business Plan Competition

The National Business Plan Competition showcases some of the best and brightest student leaders and budding entrepreneurs in the country, so finishing in first place for two straight years is no small feat. Will Bakersfield High School start a dynasty at the 2019 National Business Plan Competition or will another team prevail?

View the Top 6 Business Plan Presentations from the 2018 National Business Plan Competition here.

You Don’t Want to Skip These Ads: Students Submit Video Commercials for 2018 National Video Commercial Competition

For the 2018 National Video Commercial Competition, students produced 30- to 60-second video commercials that effectively promoted their VE business, product(s), and/or service(s).

Watch the top commercials here.

Students Talk the Talk for the 2017 National Elevator Pitch Competition

From September to October 2018, VE students delivered convincing and engaging elevator pitches in 60 seconds or less.

Watch the top pitches linked here and decide which business you would have invested in.

National Finance Competition Makes Its Debut at the 2018 Youth Business Summit

On April 16, 2018, another capstone competition opportunity opened up to VE students. Teams of 1-2 employees from company accounting & finance departments presented an overview of their respective companies, financial highlights, break-even analysis, and company financial statements including the balance sheet, income statement, and cash budget.

The top five firms included BluePrint (New York City), Bespoke (California), MatchWear (New York City), Sprout (New York City), and HemisFoods (Long Island).

Around the World in 28 Days: 2018 International Trade Month

February 2018 marked the second annual International Trade Month. During this month, VE students traded with some of the 7,500 practice enterprise firms in more than 40 countries. Students developed their multicultural communication skills, virtually networked with a diverse group of students, and practiced their sales abilities while earning more money for their companies.

The top five U.S. traders were Kutt Loose (Tennessee), A Helping Hand (New York), 0ptimal Perf0rmance (New Jersey), DASH (New York), and Innovations (Michigan).

2,500 Middle School Students Experienced Technology and Entrepreneurship With the VE-JV Career Academy Thanks to Support from the New York Life Foundation

VE is proud to partner with the New York Life Foundation in blazing a new trail in education through the Virtual Enterprises Junior Ventures (VE-JV) Middle School Career Academy, an in-school program augmented by after-school and other extended learning opportunities. VE-JV supports students in developing academic, social-emotional, and career-focused skills.

Building on VE’s proven high school model, VE-JV presents students with real-world, entrepreneurial challenges in a classroom that has been transformed into a 21st-century office environment, complete with office furniture and business technology. The two-year program motivates students to achieve their best in school and helps them identify high school, college, and career pathways that inspire a sense of purpose and passion.

VE Program Featured as a Noteworthy Practice By the U.S. Department of Education

A U.S. Department of Education report from the National Center for Innovation in Career & Technical Education (CTE) outlines the opportunities, challenges, instructional approaches, and noteworthy practices of U.S.-based simulated work-based learning (WBL) programs. The report cites VE as a uniquely scalable approach for giving all students across America in-depth workplace and entrepreneurial experience during the school day.

Read the full report here.

VE Featured on Voice of America, America’s Largest International Broadcaster

“‘I went to the interviews, and being in this company has helped me really prepare my presentation skills and be able to talk to other people,’ said student Catalina Garcia, who will start college this fall and hopes to become a doctor. She says the skills she gained in a virtual company have helped her, whether or not she starts her own company or works in the corporate sector.’”

Teachers from Around the U.S. Collaborate, Learn, and Network at 2017 National Teachers Conference

During the week of July 10, 2017, more than 130 teachers from across the U.S. gathered together at LIU Post to share advice, discuss the future of work, and learn the essentials of facilitating a VE class at the third annual National Teachers Conference.

Read the full story here.

More Highlights


VE works closely with partner organizations across many industries who share our vision of a future where all young people can pursue their potential. Partners provide financial and resource support, help develop and enhance VE’s program experience, serve as volunteer classroom mentors and competition judges, and more.

Donors & Supporters


New York Life




Vanguard Charitable


American Portfolios Holdings, Inc.
Bank of America
Capital One
Sandra and Eric Krasnoff
The PIMCO Foundation
Victor Valley Community College


Black Diamond Group
Ashley Fina and Guillermo Drew-Bear
Tilden Park Capital Management LP
Wells Fargo Bank, N.A.


Matt and Pamela Chasin
TJ and Stephanie Durkin
Gerstein Fisher

Long Island University
Mercy College
Jay Novik

Starwood Property Trust Inc
Credit Suisse


Amherst Pierpont
Babson College
Michael Coneys
Council of School Supervisors
and Administrators
Paul Cronin
Joseph and Nancy Delaney
Gregg Felton
Moe Fodeman

Charlotte K. Frank
Goldman Sachs & Co. LLC
Mary Haggerty
Steve Israel
JPMorgan Chase & Co.
Lili Kong
Curtis and Linda Luckman
Carol Mathis
Jeff Mayer
Michael Nierenberg

John Partilla
Randy Reiff
Screenvision Media
Stella & Chewy’s LLC
Jeffrey and Jaclyn Taylor
United Federation of Teachers
Joshua Weintraub
Debra Weiser
Wilson Sonsini Goodrich & Rosati Foundation

Up to $5,000

Mike Akker
Alex Alcoff
Steven and Elyse Alper
Brett Alworth
Anchin, Block & Anchin LLP
Tom Anderson
Nicole Arnaboldi
Jeff Bank
Cindy Barsky
Bronwen Bastone
Jason Beigel
Caroline Berley
Kathleen Bernstein
Stephen Beyer
Phil Bieluch
Josh Birnbaum
Michael Bissmeyer
Jaime Blanc and Derek Feinman
Julia Blewitt
Joyce Bloom
BNP Paribas
Jeff Bockian
Sara Bonesteel
Kimberly Branch
Howard Brathwaite
Mitch Braunstein
Stephen Breskin
Lloyd Bromberg
Christopher Burnett
Sean Burns
Barbara Butler
Ed Buttacavoli
Luca Capriotti
Nelson Cardoso
Christina Caridi
Nick and Julie Chapman
Louise Chaus
Simon Chow
Cisco Systems
Dr. Kimberly R. Cline
Shelley Cloyd
CNY Group
Thomas Coleman
David Colen
College of Mount Saint Vincent
Julie Copeland
Jason Corn
Andrew Corrigan
CTE Technical Assistance Center of NY
Sean Curran
Xavier Dailly
Anthony Danieli
Dedria De’Angelis
Corissa DeRose
Ravi Desai
Jeff DiModica

Angelique Dingle
Lauren Dorman
William and Kathleen Ehrhardt
Scott Eichel
Jesse Elhai
Cara and Don Epstein
Fairleigh Dickinson University
Fashion Institute of Technology
Arlene Fauser
Brooke Fina
Michael C. Fina
Jenine Fitter
Christopher and Aga Flatz
Jean Fleischhacker
Rebekah Flig
Daniel Frommer
Carol Fuller
Carlos Garza
Robert J. Giordano
Cheryl Glory
Cesar and Courtney Gonzalez
Steve Gordon
Sofia Grafanaki
Melissa Grappone
Anthony Green
Alex Greenberg
Allan Greenwald
Adam and Jenny Gross
Beth Grossman
Mimi Grotto
Sadie Gurley
H2M Architects + Engineers
Warren Hall
Samer Hamadeh
Michael Hamilton
Paul Haskin
Jason Hauf
Zachary and Leonida Herrera
Lesley Herrmann
Carol and Richard Hochman
Hofstra University
David Homan
Bing and Ying Hu
Dylan Huang
Michael Hughes
Glen Hyman
Giuseppe Imbriano
Marsee Israel
Marsha Iverson
Deborah Jackson
Florence Jackson
Jewish Community Foundation of Orange County
Yong Joe
Tatiana Johnson
Teri Jones
Jillian Kahn
Samuel Kaufman
John Keller

Danna Kobo
Daniel Kowarski
Bernadette Kriftcher
Steve Krueger
Vyacheslav Kuzmin
Frances Kweller
Wendy and Jerry Labowitz
Michael Lascher
Vito Laurenzano
Lynda Lazzari
Shinghoi Lee
Ben Lerer
Marc and Jennifer Lessner
Julie Levi
Jay and Robin Lewis
Mark Lipari
John Lucas
Hank Ludwicki
RJ and Lori Madden
Jessie Maffei
Ed Maher
Neil Margolies
Laura Mastrogiovanni
McGraw Hill Education
Megan McHale
Matthew and Melissa McQueen
Ellen Meril
Eloise Messineo
Doug Millowitz
Curtis Minnis
Morris and Helen Messing Family Charitable Fund
Rod Moskowitz
National Christian Foundation
Gabriella Nawi
Jackie Neisch
Donna R. Newman
Notre Dame Alumni Club
Office Equipment Company
Michael Olshan
Ian O’Neal
Aaron Ong
Amanda and Anthony Orso
Jill Ostergaard
Ellen Palazzo
Rupal Parekh
Phyllis Parillo
Bret Parker
Jared Parker
Timothy Paul
Chris Pento
Nicholas Pepe
Charles H. Perl and Dr. Carol Mutterperl
Joseph Perrone
Ann Marie Petrovcik
Michael Piper
Elizabeth Pooran

Jeremy Primer
Principal Quest Foundation
James Quinn
Dave Rabuano
Perry Rahbar
Gino Ramadi
Rancho Santiago Community College District
Riccy Reed Mandel
Rashaan Reid
Drummond Rice
Paul H. Rich
Glenn Rocca
Warren Rosen
Rob Rossitto
Robert Rotanz
Henry Santos
Leah Sanzari
Evan Scharf
Jerome Schneider
Scott Schundler
Jacqueline Shafiroff
Gloria Shia
Joshua Siegel
Brian Sigman
David Sklar
Nessia Sloane Kushner
SmartSource LLC
Nicholas Smith
Thomas Smith
Andrew Solomon
Steven Spolansky
Martha Stark
Joe Steffa
Mary Stone
Marcie Stuchin
Deborah Stuebbe
Jake Stuebbe
Successful Practices Network Inc.
Katherine Sudol
Lena Sun
Kathy Swintek
Elaine Taylor-Gordon
Diane Terman
Claire Tomasi
Keval Turakhia
Steven Valentic
Varner Bros, Inc
Steven and Helene Walsey
Laura Wang
Tom Wirtshafter
Joe Wong
Daniel Wrublin
Peter Wunsch
Adam Yafei
Nelson Young
Rob Zahra
Al Zdenek
Mei Zhang



  • Program Services - 39%
  • Corp./Found./Ind. - 26%
  • In-Kind - 22%
  • Special Events - 12%
  • Other - 1%

Description Amount
Program Services $1,355,301
Corporation/Foundation/Individual Contributions $902,196
In-Kind $777,175
Special Events $435,788
Other $30,739
Total Public Support and Revenue $3,501,199


  • Program Services - 86%
  • Administrative - 8%
  • Fundraising - 6%

Description Amount
Program Services $2,603,315
Administrative Services $236,872
Fundraising $197,572
Total Expenses $3,037,759

Board & Staff

Matthew Boone
Director of Finance, Openpath Security

Matthew Chasin
Vice Chair

Michael Coneys
Chairman & President, The Leo House — Recording Secretary

Paul Cronin
National Director, KeyBank Business Capital

Joseph Delaney
Director of Northeast Alumni Relations, Deloitte LLP (ret.)

Jeffrey F. DiModica
President, Starwood Property Trust

TJ Durkin
Managing Director, Angelo, Gordon & Co.

Richard A. Carranza
Chancellor, New York City Department of Education

Ashley Fina
President, Michael C. Fina & Company — Chair

Morris Fodeman
Partner, Wilson Sonsini Goodrich & Rosati

Charlotte Frank, Ph.D.
Senior Advisor, McGraw-Hill Education

Maureen Gillan-Myer
Executive Vice President, Head of Human Resources USA,

Mary Haggerty
Managing Director, JPMorgan Chase

Dylan Huang
Senior Managing Director & Head of Retail Annuities, New York Life

Steve Israel
President and CEO, SMI Properties

Sandra Krasnoff
Senior VP, Corp. Secretary and General Counsel,
Pall Corporation (ret.)

Dean McGee
Assistant Superintendent, Kern High School District

Fukiko Ogisu
Executive Vice President and Chief People Officer, Viacom

John Partilla
CEO, Screenvision Media

Joe Perrone
District Manager, FedEx

Matt Schaffnit
Chief Operating Officer, lenditapp — Treasurer 

Jeffrey Taylor
Co-Founder and Managing Partner, Digital Risk

Debra Weiser
Vice President, Head of Excess Casualty, Everest Insurance

National Staff

Iris Blanc

Nick Chapman

Shauna Ruda
Director of Engagement

Glynis O’Leary
Director of Program Development

Michael Brownstein
Director of Strategic Growth

Tyler Fugazzie
Director of Communications

Wendy Schmitt
National Program Manager

Susan Chan
National Events Manager

Mohammad Hossain
Finance & Operations Manager

Amina Music
National Operations Assistant

Regional Staff

New York Metro Region

Paul Presti
NYC Regional Director

Gina Pol
NYC Program Coordinator

Meghan Foley
PA/NJ Program Coordinator

Abril Peña
Program Associate

Sonja Visser
Program Associate

Chi Zhang
Program Associate

Alexis Montano

Anwaar Barakat

Farogh Dar

Long Island

Ellen Palazzo
Long Island Regional Director

Irv Wortman
Long Island Program Coordinator


Kathy Gielow
Northeast Regional Director

Great Lakes

Wendy Schmitt
Great Lakes Regional Director

Kendra Lee
Illinois State Coordinator

Carrie Smith
Michigan State Coordinator

Regional Staff


Cindy Boyd
Southern Regional Director

Penny Riddle
Program Coordinator

Mark Jones
North Carolina State Coordinator

Lisa Bonelli
Technical Support Staff

Ronnie Giordano
Florida State Coordinator

Emanuel Young
Missouri State Coordinator


Teri Jones
California Regional Director

Jake Stuebbe
Kern County Regional Director

Lisa Parker
Northern California Coordinator

Sonia Senger
Los Angeles Area Assistant

Sandra Gutierrez
Southern California Technical Assistant

Linda-Jean Voth
Central Valley Engagement Coordinator

Last year, VE prepared 13,000 students from 400 schools for fulfilling, financially secure futures.

This year, be part of the transformation.

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