0001104659-16-114421.txt : 20160427 0001104659-16-114421.hdr.sgml : 20160427 20160427080314 ACCESSION NUMBER: 0001104659-16-114421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160427 DATE AS OF CHANGE: 20160427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SILICON LABORATORIES INC CENTRAL INDEX KEY: 0001038074 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 742793174 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29823 FILM NUMBER: 161593443 BUSINESS ADDRESS: STREET 1: 400 W CESAR CHAVEZ CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: 5124168500 MAIL ADDRESS: STREET 1: 400 W CESAR CHAVEZ CITY: AUSTIN STATE: TX ZIP: 78701 8-K 1 a16-9362_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): April 27, 2016

 

SILICON LABORATORIES INC.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

000-29823

 

74-2793174

(State or Other Jurisdiction

 

(Commission File Number)

 

(IRS Employer

of Incorporation)

 

 

 

Identification No.)

 

400 West Cesar Chavez, Austin, TX          78701

(Address of Principal Executive Offices)    (Zip Code)

 

Registrant’s telephone number, including area code: (512) 416-8500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02. Results of Operations and Financial Condition

 

On April 27, 2016, Silicon Laboratories Inc. (“Silicon Laboratories”) issued a press release describing its results of operations for its fiscal quarter ended April 2, 2016.  A copy of the press release is attached as Exhibit 99 to this report.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits.

 

99        Press Release of Silicon Laboratories Inc. dated April 27, 2016

 

Use of Non-GAAP Financial Information

 

From time to time, Silicon Laboratories provides certain non-GAAP financial measures as additional information relating to its operating results.  The non-GAAP financial measurements provided in the press release furnished herewith do not replace the presentation of Silicon Laboratories’ GAAP financial results. These additional measurements merely provide supplemental information to assist investors in analyzing Silicon Laboratories’ financial position and results of operations; however, these measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Silicon Laboratories has chosen to provide this information to investors because it believes that such supplemental information enables them to perform meaningful comparisons of past, present and future operating results, and as a means to highlight the results of core ongoing operations.

 

Pursuant to the requirements of Regulation G, we have provided in the press release furnished with this report a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

 

The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.  The information contained therein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Silicon Laboratories, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

SILICON LABORATORIES INC.

 

 

 

 

 

 

April 27, 2016

 

/s/ John C. Hollister

Date

 

John C. Hollister

 

 

Senior Vice President and

 

 

Chief Financial Officer

 

 

(Principal Financial Officer)

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99

 

Press Release of Silicon Laboratories Inc. dated April 27, 2016

 

4


EX-99 2 a16-9362_1ex99.htm EX-99

Exhibit 99

 

 

SILICON LABS ANNOUNCES FIRST QUARTER 2016 RESULTS

 

Record Revenue in IoT and Infrastructure Drives Solid Beat

 

AUSTIN, Texas — Apr. 27, 2016 — Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today reported financial results for its first quarter ended April 2, 2016. Revenue in the first quarter slightly exceeded the high end of guidance at $162.0 million, up from $160.1 million in the fourth quarter. First quarter non-GAAP earnings per share (EPS) exceeded the high end of guidance at $0.51.

 

First Quarter Financial Highlights

 

·                  IoT revenue exceeded expectations and established a new record, increasing to $70.9 million, or 5.5% sequentially

·                  Infrastructure revenue established a new record, increasing to $31.6 million, or 3.3% sequentially

·                  Broadcast revenue declined to $38.4 million, or 3.1% sequentially

·                  Access revenue declined to $21.1 million, or 6.7% sequentially

 

On a GAAP basis:

 

·                  Gross margin was 59.0%

·                  R&D expenses were $49.0 million

·                  SG&A expenses were $39.6 million

·                  Operating income as a percentage of revenue was 4.2%

·                  Diluted earnings per share were $0.14

 

On a non-GAAP basis (results exclude the impact of stock compensation, amortization of acquired intangible assets and certain other items as set forth in the reconciliation tables below):

 

·                  Gross margin was 59.6%

·                  R&D expenses were $38.5 million

·                  SG&A expenses were $33.0 million

·                  Operating income as a percentage of revenue was 15.5%

·                  Diluted earnings per share were $0.51

 



 

Product Highlights

 

·                  Introduced the pre-certified BGM113 Blue Gecko Bluetooth® module offering an optimal combination of small footprint, ease of use and low-energy wireless technology.

·                  Launched the Wizard Gecko WGM110 Wi-Fi® module for applications where strong RF performance, low power consumption and fast time to market are key requirements.

·                  Introduced the multiprotocol Wireless Gecko SoC portfolio supporting ZigBee®, Thread, Bluetooth low energy and proprietary protocols for IoT applications.

·                  Launched the Si827x isolated gate driver family providing the industry’s highest noise immunity for power supplies, solar inverters, and electric and hybrid electric vehicles.

·                  Announced the high-performance jitter-attenuating Si534xH clock family that reduces the cost and complexity of high-speed 100G/400G coherent optical networking applications.

 

Business Outlook

 

Including $5 million in patent sale revenue, the company expects revenue in the second quarter to be in the range of $168 million to $173 million. Second quarter diluted earnings per share are expected to be between $0.23 and $0.29 on a GAAP basis, and between $0.61 and $0.67 on a non-GAAP basis, which reflects an expected $0.09 after-tax benefit from the patent sale transaction.

 

“Strong top line performance, fueled by record revenue in IoT and Infrastructure, combined with good gross margin results and favorable opex, drove a solid beat in first quarter non-GAAP EPS,” said Tyson Tuttle, CEO of Silicon Labs. “Over the past 20 years, we’ve established ourselves as a leading innovator of silicon, software and solutions for a more connected world. The launch of our multiprotocol Wireless Gecko portfolio enables game-changing functionality for our customers and will drive our growth and success in the broad IoT market.”

 



 

Webcast and Conference Call

 

A conference call discussing the quarterly results will follow this press release at 7:30 a.m. Central time. An audio webcast will be available on Silicon Labs’ website (www.silabs.com) under Investor Relations. A replay will be available after the call at the same website listed above or by calling 1 (855) 859-2056 or (404) 537-3406 (international) and entering conference ID 83470730. The replay will be available through May 27, 2016.

 

About Silicon Labs

 

Silicon Labs (NASDAQ: SLAB) is a leading provider of silicon, software and solutions for the Internet of Things, Infrastructure, industrial automation, consumer and automotive markets. We solve the electronics industry’s toughest problems, providing customers with significant advantages in performance, energy savings, connectivity and design simplicity. Backed by our world-class engineering teams with strong software and mixed-signal design expertise, Silicon Labs empowers developers with the tools and technologies they need to advance quickly and easily from initial idea to final product. www.silabs.com

 

Forward-Looking Statements

 

This press release contains forward-looking statements based on Silicon Labs’ current expectations. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan,” “project,” “will” and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; dependence on a limited number of products and customers; intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing our distributors, manufacturers and subcontractors; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with our accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs’ business and results of operations to risks of natural disasters, epidemics, war and political unrest; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against our products and our networks; conflict mineral risks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

 

Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

 

CONTACT: Jalene Hoover, +1 (512) 428-1610, Jalene.Hoover@silabs.com

 



 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 2,
2016

 

April 4,
2015

 

Revenues

 

$

162,025

 

$

163,705

 

Cost of revenues

 

66,494

 

67,336

 

Gross margin

 

95,531

 

96,369

 

Operating expenses:

 

 

 

 

 

Research and development

 

49,046

 

46,857

 

Selling, general and administrative

 

39,637

 

42,300

 

Operating expenses

 

88,683

 

89,157

 

Operating income

 

6,848

 

7,212

 

Other income (expense):

 

 

 

 

 

Interest income

 

271

 

192

 

Interest expense

 

(655

)

(745

)

Other income (expense), net

 

(391

)

408

 

Income before income taxes

 

6,073

 

7,067

 

Provision for income taxes

 

265

 

689

 

Net income

 

$

5,808

 

$

6,378

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

 

$

0.14

 

$

0.15

 

Diluted

 

$

0.14

 

$

0.15

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

41,629

 

42,412

 

Diluted

 

42,199

 

43,149

 

 



 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

 

 

 

Three Months Ended
April 2, 2016

 

Non-GAAP Income
Statement Items

 

GAAP
Measure

 

GAAP
Percent of
Revenue

 

Stock
Compensation
Expense

 

Intangible
Asset
Amortization

 

Acquisition
Related
Items

 

Termination
Costs

 

Non-
GAAP
Measure

 

Non-GAAP
Percent of
Revenue

 

Revenues

 

$

162,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

95,531

 

59.0

%

$

266

 

$

390

 

$

426

 

$

 

$

96,613

 

59.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

49,046

 

30.3

%

4,910

 

5,616

 

 

 

38,520

 

23.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

39,637

 

24.5

%

5,168

 

1,419

 

(24

)

104

 

32,970

 

20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

6,848

 

4.2

%

10,344

 

7,425

 

402

 

104

 

25,123

 

15.5

%

 

 

 

Three Months Ended
April 2, 2016

 

Non-GAAP
Earnings Per Share

 

GAAP
Measure

 

Stock
Compensation
Expense*

 

Intangible
Asset
Amortization*

 

Acquisition
Related
Items*

 

Termination
Costs*

 

Income Tax
Adjustments

 

Non-
GAAP
Measure

 

Net income

 

$

5,808

 

$

10,344

 

$

7,425

 

$

402

 

$

104

 

$

(2,618

)

$

21,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

 

42,199

 

 

 

 

 

 

 

 

 

 

 

42,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

$

0.51

 

 


* Represents pre-tax amounts

 

Unaudited Forward-Looking Statements Regarding Business Outlook

 

 

 

Three Months Ending
July 2, 2016

 

Business Outlook

 

High

 

Low

 

Estimated GAAP diluted earnings per share

 

$

0.29

 

$

0.23

 

 

 

 

 

 

 

Estimated non-GAAP charges

 

0.38

 

0.38

 

 

 

 

 

 

 

Estimated non-GAAP diluted earnings per share

 

$

0.67

 

$

0.61

 

 



 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

 

 

April 2,
2016

 

January 2,
2016

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

126,690

 

$

114,085

 

Short-term investments

 

126,824

 

128,901

 

Accounts receivable, net of allowances for doubtful accounts of $657 at April 2, 2016 and $671 at January 2, 2016

 

74,591

 

73,601

 

Inventories

 

48,923

 

53,895

 

Prepaid expenses and other current assets

 

44,222

 

52,658

 

Total current assets

 

421,250

 

423,140

 

Long-term investments

 

6,845

 

7,126

 

Property and equipment, net

 

130,099

 

131,132

 

Goodwill

 

272,722

 

272,722

 

Other intangible assets, net

 

113,800

 

121,354

 

Other assets, net

 

53,566

 

55,989

 

Total assets

 

$

998,282

 

$

1,011,463

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

42,579

 

$

42,127

 

Current portion of long-term debt

 

10,000

 

10,000

 

Accrued expenses

 

58,391

 

52,131

 

Deferred income on shipments to distributors

 

41,042

 

35,448

 

Income taxes

 

3,084

 

2,615

 

Total current liabilities

 

155,096

 

142,321

 

Long-term debt

 

65,000

 

67,500

 

Other non-current liabilities

 

28,739

 

40,528

 

Total liabilities

 

248,835

 

250,349

 

Commitments and contingencies

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock — $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding

 

 

 

Common stock — $0.0001 par value; 250,000 shares authorized; 41,743 and 41,727 shares issued and outstanding at April 2, 2016 and January 2, 2016, respectively

 

4

 

4

 

Additional paid-in capital

 

 

13,868

 

Retained earnings

 

750,256

 

747,749

 

Accumulated other comprehensive loss

 

(813

)

(507

)

Total stockholders’ equity

 

749,447

 

761,114

 

Total liabilities and stockholders’ equity

 

$

998,282

 

$

1,011,463

 

 



 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 2,
2016

 

April 4,
2015

 

Operating Activities

 

 

 

 

 

Net income

 

$

5,808

 

$

6,378

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

Depreciation of property and equipment

 

3,310

 

2,987

 

Amortization of other intangible assets and other assets

 

7,980

 

6,521

 

Stock-based compensation expense

 

10,344

 

10,519

 

Income tax benefit (shortfall) from stock-based awards

 

(1,025

)

1,773

 

Excess income tax benefit from stock-based awards

 

(6

)

(1,785

)

Deferred income taxes

 

(38

)

6,844

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(990

)

6,564

 

Inventories

 

4,580

 

(6,424

)

Prepaid expenses and other assets

 

9,159

 

8,584

 

Accounts payable

 

1,559

 

447

 

Accrued expenses

 

6,260

 

(5,046

)

Deferred income on shipments to distributors

 

5,558

 

(1,049

)

Income taxes

 

494

 

(8,409

)

Other non-current liabilities

 

(10,584

)

(3,816

)

Net cash provided by operating activities

 

42,409

 

24,088

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

Purchases of available-for-sale investments

 

(44,547

)

(13,037

)

Proceeds from sales and maturities of available-for-sale investments

 

46,654

 

57,739

 

Purchases of property and equipment

 

(2,303

)

(1,991

)

Purchases of other assets

 

(1,107

)

(935

)

Acquisition of business, net of cash acquired

 

 

(76,899

)

Net cash used in investing activities

 

(1,303

)

(35,123

)

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

Payment of taxes withheld for vested stock awards, net of proceeds from the issuance of common stock

 

(7,523

)

(2,561

)

Excess income tax benefit from stock-based awards

 

6

 

1,785

 

Repurchases of common stock

 

(18,484

)

(10,138

)

Payment of acquisition-related contingent consideration

 

 

(4,464

)

Payments on debt

 

(2,500

)

(2,583

)

Net cash used in financing activities

 

(28,501

)

(17,961

)

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

12,605

 

(28,996

)

Cash and cash equivalents at beginning of period

 

114,085

 

141,706

 

Cash and cash equivalents at end of period

 

$

126,690

 

$

112,710

 

 


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