0001144204-13-041909.txt : 20130730 0001144204-13-041909.hdr.sgml : 20130730 20130730134212 ACCESSION NUMBER: 0001144204-13-041909 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130730 FILED AS OF DATE: 20130730 DATE AS OF CHANGE: 20130730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUDIOCODES LTD CENTRAL INDEX KEY: 0001086434 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30070 FILM NUMBER: 13995179 BUSINESS ADDRESS: STREET 1: 1 HAYARDEN STREET CITY: AIRPORT CITY, LOD, ISRAEL STATE: L3 ZIP: 70151 BUSINESS PHONE: 97239764000 MAIL ADDRESS: STREET 1: PO BOX 255 CITY: BEN GURION AIRPORT STATE: L3 ZIP: 70100 6-K 1 v351253_6k.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of July, 2013

Commission file number 0-30070

AUDIOCODES LTD.

(Translation of registrant’s name into English)

1 Hayarden Street • Airport City, Lod 70151• ISRAEL

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

On July 30, 2013, AudioCodes Ltd. (the “Registrant”) issued a press release announcing financial results for the second quarter of 2013. A copy of this press release is attached hereto as Exhibit 1 and incorporated by reference herein.

The information set forth in the first, second, fifth and sixth paragraphs following the list captioned “Second Quarter Highlights” of, and the condensed consolidated balance sheets, condensed consolidated statements of operations and condensed consolidated statement of cash flows contained in, the press release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into (i) the Registrant’s Registration Statement on Form S-8, File No. 333-11894; (ii) the Registrant’s Registration Statement on Form S-8, File No. 333-13268; (iii) the Registrant’s Registration Statement on Form S-8, File No. 333-105473; (iv) the Registrant’s Registration Statement on Form S-8, File No. 333-144825; (v) the Registrant’s Registration Statement on Form S-8, File No. 333-160330; (vi) the Registrant’s Registration Statement on Form S-8, File No. 333-170676; and (vii) the Registrant’s Registration Statement on Form F-3, File No. 333-172268.

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, thereunto duly authorized.

	AUDIOCODES LTD.
	(Registrant)


	By:	/s/ Guy Avidan
		Guy Avidan
		Chief Financial Officer

Dated: July 30, 2013

EXHIBIT INDEX

Exhibit

No. Description

Press Release, dated July 30, 2013, announcing financial results for the second quarter of 2013.

EX-99.1 2 v351253_ex99-1.htm EXHIBIT 99.1

P R E S S R E L E A S E

Company Contacts		IR Agency Contact
Guy Avidan,	Shirley Nakar,	Erik Knettel,
VP Finance & CFO	Director, Investor Relations	Grayling
AudioCodes	AudioCodes	Tel: +1-646-284-9415
Tel: +972-3-976-4000	Tel: +972-3-976-4000	erik.knettel@grayling.com
guy.avidan@audiocodes.com	shirley@audiocodes.com

AudioCodes Reports Second Quarter 2013 Results

Second Quarter 2013 Highlights Sequential and Year-Over-Year Growth in Revenue and Profitability

Lod, Israel – July 30, 2013 – AudioCodes (NasdaqGS: AUDC), a leading provider of Voice over IP (VoIP) technologies, products and services, today announced financial results for the second quarter ended June 30, 2013.

Second Quarter Highlights:

Revenues for the quarter were $33.7 million, 4.4% increase over the previous quarter

8% sequential increase in our networking business

Non-GAAP gross margin was 57.5% (57.0% on a GAAP basis)

Non-GAAP net margin was 3% (1% net margin on a GAAP basis)

Net cash provided by operating activities were 4.1 million and net cash at the end of the quarter increased to 39.6 million

Revenues for the second quarter of 2013 were $33.7 million, compared to $32.3 million for the first quarter of 2013 and $31.0 million for the second quarter of 2012.

Net income in accordance with U.S. generally accepted accounting principles (GAAP) was $441,000, or $0.01 per diluted share, for the second quarter of 2013, compared to GAAP net income of $71,000, or $0.002 per diluted share, for the first quarter of 2013, and a GAAP net loss of $2.0 million, or ($0.05) per diluted share, for the second quarter of 2012.

AudioCodes Reports Second Quarter 2013 Results

Page 1 of 9

Non-GAAP net income for the second quarter of 2013 was $1.0 million, or $0.03 per diluted share, compared to non-GAAP net income of $691,000, or $0.02 per diluted share, for the first quarter of 2013, and a non-GAAP net loss of $1.4 million, or ($0.04) per diluted share, for the second quarter of 2012.

Non-GAAP net income (loss) excludes: (i) stock-based compensation expenses; and (ii) amortization expenses related to intangible assets. A reconciliation of net income (loss) on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

Net cash provided by operating activities for the second quarter of 2013 totaled $4.1 million, compared to net cash used in operating activities of $4.6 million for the second quarter of 2012. Cash and cash equivalents, bank deposits and marketable securities were $57.5 million as of both June 30, 2013 and March 31, 2013, compared to $60.7 million as of June 30, 2012.

In May 2013, AudioCodes completed the previously announced asset purchase agreement with its affiliated company, MailVision. MailVision is an Israeli company which develops markets and licenses VoIP solutions for mobile, PC, web and tablet devices for telecom operators and service providers.

“We are pleased to report another quarter of growing revenues and improved financial performance. This is our fourth consecutive quarter of growth since July 2012 when we realigned operations in order to position our business for growth,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes. “In the second quarter of 2013 we experienced good momentum and success in our networking business which grew 8% over the previous quarter and 14% year-over-year. Our networking business now comprises approximately 86% of our total revenues. We are aligned with leading software and networking industry leaders through numerous partnerships. Accordingly, we are confident in our ability to sustain similar growth rates in our business as we move forward. Supporting this longer term potential is the solid multi-year growth in markets where we play a leading role, such as Unified Communications, Hosted Telephony, SIP Trunking and Contact Centers. In addition, the increased pace of transition from voice into cloud and hosted telephony applications opens opportunities for us in new two strategic directions.”

Conference Call & Web Cast Information

AudioCodes will conduct a conference call at 9:00 A.M., Eastern Time today to discuss the Company’s second quarter 2013 operating performance, financial results and outlook. The conference call will be simultaneously Web cast. Investors are invited to listen to the call live via Web cast at the AudioCodes corporate website at www.audiocodes.com.

AudioCodes Reports Second Quarter 2013 Results

Page 2 of 9

About AudioCodes

AudioCodes Ltd. (NasdaqGS: AUDC) designs, develops and sells advanced Voice over IP (VoIP) and converged VoIP and Data networking products and applications to Service Providers and Enterprises. AudioCodes is a VoIP technology market leader focused on converged VoIP and data communications and its products are deployed globally in Broadband, Mobile, Enterprise networks and Cable. The Company provides a range of innovative, cost-effective products including Media Gateways, Multi-Service Business Routers, Session Border Controllers (SBC), Residential Gateways, IP Phones, Media Servers and Value Added Applications. AudioCodes' underlying technology, VoIPerfectHD(TM), relies on AudioCodes' leadership in DSP, voice coding and voice processing technologies. AudioCodes' High Definition (HD) VoIP technologies and products provide enhanced intelligibility and a better end user communication experience in Voice communications. For more information on AudioCodes, visit http://www.audiocodes.com.

Statements concerning AudioCodes' business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company’s loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.

©2013 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, OSN, SmartTAP, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP and 3GX are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

Summary financial data follows

AudioCodes Reports Second Quarter 2013 Results

Page 3 of 9

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

	June 30,		December 31,
	2013		2012
	Unaudited		Audited
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	19,474	$	15,219
Short-term and restricted bank deposits		10,599		10,330
Short-term marketable securities and accrued interest		19,484		7,966
Trade receivables, net		26,406		24,198
Other receivables and prepaid expenses		7,660		7,274
Inventories		13,466		16,797
Total current assets		97,089		81,784

LONG-TERM ASSETS:
Long-term and restricted bank deposits	$	7,939	$	9,251
Long-term marketable securities		-		15,762
Investments in an affiliated company		-		1,084
Deferred income tax assets		3,565		3,565
Severance pay funds		17,214		15,772
Total long-term assets		28,718		45,434

PROPERTY AND EQUIPMENT, NET		3,409		3,619

GOODWILL AND INTANGIBLE ASSETS, NET		38,698		34,952

Total assets	$	167,914	$	165,789

LIABILITIES AND EQUITY

CURRENT LIABILITIES:
Current maturities of long-term bank loans	$	4,836	$	8,436
Trade payables		6,277		6,817
Other payables and accrued expenses		16,121		15,062
Deferred revenues		7,386		4,871
Total current liabilities		34,620		35,186

LONG-TERM LIABILITIES:
Accrued severance pay	$	18,119	$	16,284
Long-term bank loans, net of current maturities		12,734		14,477
Senior convertible notes		353		353
Deferred revenues and other liabilities		2,309		1,192
Total long-term liabilities		33,515		32,306

Total equity		99,779		98,297
Total liabilities and equity	$	167,914	$	165,789

AudioCodes Reports Second Quarter 2013 Results

Page 4 of 9

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except per share data

	Six months ended						Three months ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Unaudited)						(Unaudited)
Revenues:
Products	$	53,712		$	51,943		$	27,541		$	25,125
Services		12,243			11,378			6,146			5,883
Total Revenues		65,955			63,321			33,687			31,008
Cost of revenues:
Products		24,706			23,693			12,912			11,722
Services		3,104			2,950			1,566			1,469
Total Cost of revenues		27,810			26,643			14,478			13,191
Gross profit		38,145			36,678			19,209			17,817
Operating expenses:
Research and development, net		14,280			15,245			6,970			7,127
Selling and marketing		18,956			20,752			9,742			10,256
General and administrative		4,116			4,203			2,077			2,244
Total operating expenses		37,352			40,200			18,789			19,627
Operating income (loss)		793			(3,522	)		420			(1,810	)
Financial income (expenses), net		(122	)		135			81			(93	)
Income (loss) before taxes on income		671			(3,387	)		501			(1,903	)
Taxes on income, net		(138	)		(183	)		(60	)		(99	)
Equity in losses of an affiliated company, net		(21	)		(23	)		-			(33	)
Net income (loss)	$	512		$	(3,593	)	$	441		$	(2,035	)
Basic net earnings (loss) per share	$	0.01		$	(0.09	)	$	0.01		$	(0.05	)
Diluted net earnings (loss) per share	$	0.01		$	(0.09	)	$	0.01		$	(0.05	)
Weighted average number of shares used in computing basic net earnings (loss) per share (in thousands)		38,035			39,948			38,060			39,627
Weighted average number of shares used in computing diluted net earnings (loss) per share (in thousands)		38,615			39,948			38,653			39,627

AudioCodes Reports Second Quarter 2013 Results

Page 5 of 9

AUDIOCODES LTD. AND ITS SUBSIDIARIES

NON-GAAP PROFORMA STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except per share data

	Six months ended						Three months ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Unaudited)						(Unaudited)
Revenues:
Products	$	53,712		$	51,943		$	27,541		$	25,125
Services		12,243			11,378			6,146			5,883
Total Revenues		65,955			63,321			33,687			31,008
Cost of revenues:
Products		24,412			23,260			12,788			11,479
Services		3,037			2,933			1,538			1,491
Total Cost of revenues (1) (2)		27,449			26,193			14,326			12,970
Gross profit		38,506			37,128			19,361			18,038
Operating expenses:
Research and development, net (1)		14,094			15,034			6,877			7,052
Selling and marketing (1) (2)		18,566			20,365			9,533			10,067
General and administrative (1)		3,842			3,897			1,940			2,106
Total operating expenses		36,502			39,296			18,350			19,225
Operating income (loss)		2,004			(2,168	)		1,011			(1,187	)
Financial income (expenses), net		(122	)		135			81			(93	)
Income (loss) before taxes on income		1,882			(2,033	)		1,092			(1,280	)
Taxes on income, net		(138	)		(183	)		(60	)		(99	)
Equity in losses of an affiliated company, net		(21	)		(23	)		-			(33	)
Net income (loss)	$	1,723		$	(2,239	)	$	1,032		$	(1,412	)
Diluted net earnings (loss) per share	$	0.04		$	(0.06	)	$	0.03		$	(0.04	)
Weighted average number of shares used in computing basic net earnings (loss) per share (in thousands)		38,922			39,948			38,949			39,627

(1)

Excluding stock-based compensation expenses related to options and restricted stock units granted to employees and others.

(2)

Excluding amortization of intangible assets related to the acquisitions of Nuera, Netrake and CTI Squared.

Note: Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations. The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information.

AudioCodes Reports Second Quarter 2013 Results

Page 6 of 9

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)

U.S. dollars in thousands, except per share data

	Six months ended					Three months ended
	June 30,					June 30,
	2013		2012			2013		2012
	(Unaudited)					(Unaudited)
GAAP net income (loss)	$	512	$	(3,593	)	$	441	$	(2,035	)
GAAP net earnings (loss) per share	$	0.01	$	(0.09	)	$	0.01	$	0.05
Cost of revenues:
Stock-based compensation (1)		19		38			10		15
Amortization expenses (2)		342		412			142		206
		361		450			152		221
Research and development, net:
Stock-based compensation (1)		186		211			93		75
Selling and marketing:
Stock-based compensation (1)		238		235			133		113
Amortization expenses (2)		152		152			76		76
		390		387			209		189
General and administrative:
Stock-based compensation (1)		274		306			137		138
Non-GAAP net income (loss)	$	1,723	$	(2,239	)	$	1,032	$	(1,412	)
Non-GAAP Diluted net earnings (loss) per share	$	0.04	$	(0.06	)	$	0.03	$	(0.04	)

(1)

Stock-based compensation expenses related to options and restricted stock units granted to employees and others.

(2)

Amortization of intangible assets related to the acquisitions of Nuera, Netrake and CTI Squared.

AudioCodes Reports Second Quarter 2013 Results

Page 7 of 9

	Six months ended						Three months ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	512		$	(3,593	)	$	441		$	(2,035	)
Adjustments required to reconcile net income or loss to net cash provided by or used in operating activities:
Depreciation and amortization		1,379			1,401			597			695
Amortization of marketable securities premiums and accretion of discounts, net		192			217			85			109
Equity in losses of an affiliated company, net		21			23			-			33
Increase (decrease) in accrued severance pay, net		114			(220	)		(152	)		(115	)
Stock-based compensation expenses		717			790			373			341
Increase in accrued interest on marketable securities, bank deposits and structured notes		52			5			45			2
Decrease (increase) in trade receivables, net		(2,229	)		4,010			(1,524	)		(471	)
Increase in other receivables and prepaid expenses		(736	)		(1,513	)		(96	)		(80	)
Decrease in inventories		3,331			845			2,065			417
Increase (decrease) in trade payables		(535	)		(5,236	)		991			31
Increase (decrease) in deferred revenues		3,200			943			1,348			(1,197	)
Increase (decrease) in other payables and accrued expenses		726			(1,666	)		(112	)		(2,347	)
Net cash provided by (used in) operating activities		6,744			(3,994	)		4,061			(4,617	)
Cash flows from investing activities:
Short-term deposits, net		(269	)		1,689			(675	)		(118	)
Investment in affiliated company		(1,211	)		(50	)		(596	)		(50	)
Proceeds from redemption of long-term bank deposits		1,312			990			851			390
Proceeds from redemption of marketable securities upon maturity		4,000			-			4,000			-
Purchase of property and equipment		(673	)		(1,170	)		(395	)		(519	)
Net cash provided by (used in) investing activities		3,159			1,459			3,185			(297	)

AudioCodes Reports Second Quarter 2013 Results

Page 8 of 9

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

	Six months ended						Three months ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Cash flows from financing activities:
Purchase of treasury stock		-			(4,249	)		-			(1,736	)
Repayment of long-term bank loans		(5,343	)		(4,899	)		(2,866	)		(2,544	)
Payment of acquisition of NSC		(515	)		(336	)		(120	)		-
Proceeds from issuance of shares upon exercise of options, warrants and employee stock purchase plan		210			35			81			-
Net cash used in financing activities		(5,648	)		(9,449	)		(2,905	)		(4,280	)

Increase (decrease) in cash and cash equivalents		4,255			(11,984	)		4,341			(9,194	)
Cash and cash equivalents at the beginning of the period		15,219			28,257			15,133			25,467
Cash and cash equivalents at the end of the period	$	19,474		$	16,273		$	19,474		$	16,273

AudioCodes Reports Second Quarter 2013 Results

Page 9 of 9

GRAPHIC 3 pg1graph.jpg GRAPHIC begin 644 pg1graph.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,# M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_ MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``B`A0#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#N?^"@G_!0 MO]L_5_\`@MAXS_9W^`/Q`FL;0W>E6^C:8?#VDW%OIDGZEK%N MDPBEOA96J)'#;B:3RXU"D[4P7E=))#QOB;]FC3?V7?&WQP^/7P]^'E]\2OC5 M\2(;1EL!J%I97%T+6RM;*WT^&XN7CAMK7=;BXF8L78ESB8QP1#\1]:_X)G_\ M%)]<_;./[0+_``[U.'XJ+JPUB+5(/%N@K';L%\L6R1G4#_H@A)@\DDJT)*-N M#-GZRG1PN84HP4H453BE=V3G*RO?K:_7^EY%2I5P\W*SFY/9;17Y7/V&_P"" MP_A[]I6T_9P/B_\`9E\;ZEHGBWP@)+O4/#EMHFG:FWB>SP"ZPBZMI7%U$%W1 MI&1YH+IM9S'C\&H_^#BW]LZ:-67XW7#*PR"/"6@8/_DC7]-/[.?C;Q=\1O@A MX9UKQ[X+NOA]XTOK-3K/AZ>^MK\Z;=*2LBI/;2RQ21,5WQL'W%'3>J/N1?RY M_P""N_\`P0+^"=UX_P#&W[1&N_$O7?A+X+FC74?%%CHWA&;6T%[)+MEO46`E MXDD9E:0>4RJYDE9U#-C3AS,,#2D\-CZ49:Z2Y5)WOMHFW?H99KAL3-*IAIM= MU>R]3\WO^(BG]L_O\;;D_P#V,U^SO_!N[\&?A3\&/V1?&-M\'OBZW MQC\,:MXRFOI=3DT&?19].N?L-E&UI)!,=Y8)'')N*ID3`8XR?8XIC@%@O]GH MU.96>E[_A<^_\`H>:3'R\#(K%^(/CS2/A9X#UO MQ/XAOX-*T#PY83ZIJ5[-D16=M!&TLLK8R=JHK,<#H*_''_@DY_P<3^.OVL?^ M"D\G@7XC3:1IWP]^(2-`[J M1:0RE,*0V]_$?P[INO?%^PMM4\):;?.]K=ZM;W0'V9_*D57A,S'9& MLP1I)`T:@NI4>W9`7IUHG2E"W,FK[77R'&<9?"[B,`".!D4`=>,T%QC!YK\B MO^"AO_!RQJ/@_P"/\_P:_9E\%6/Q$\:1ZJNA-K>H++<6-Q?F3RFM;*UB9'N2 M)#L\YI4C#(=JRH0]=6`R^OBYN%"-[:M[)+NV8XC$PHI.;M?\3]=0=O&*,C!P M!@5^9GAK]FG_`(*<^,?"$>O:I^T;\)_!^OW$0N(_#$7A:TO+6W)7=Y$UU]D9 ME92=K&/S5!!VNXP3[G_P2M^+_P"U-X_NOB9X=_:<\'^&=`U'P/J%GIVB:KHU ME-!#XD5XGEFN5D,CPS1;6M]K0A"K-(DD:21LHTKY>J<)3C5A*VZ3=^VETK_* MY-/$\TDG%J_=?Y7/L*B@=!Z4'IZ5YYU"#"\>M'`S@9KYY_:G_P""I7P+_8I^ M+F@>!OB7XUG\.^*?$]O%=:99KH&IWXNHY9V@0B2VMY(U)E1EVLP(X)`!!/T* MI!.1P#5U*52$8SDFE+9M63].Y$:D9-J+O;<=111D>HJ"PHHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`_EY_X.8?BMKOC_`/X* MV_$31=U=]&M)_BMXTTB"^\3ZU+`INH&F5)O[.A;DI;PG: MA"D"5X_,89("_D[_`,%VO^"=?QV^._\`P5;^,'B?PA\'_B'XH\,:T^D_8]4T MW19KBUNPFB:?#)LD48;;)&Z''1D([5^UW_!+C]HGQK\?OV4?#R?$OX?^-?AU M\1/"]G;Z5KUGKVDS6<>HS1Q!?MMK(RA)(IMA0_\`!9__`(+"2_\`!*WQ5\%+ M>W\/Q^(+7QMKEQ/XA7&Z:+1;58DN1;KN7_2B]W"\18[#Y$B-C?N7V;4/^"G/ M[*_C7PLUMJ7Q[^!5UI6MVA6>RU+QAIB">"5,-'+!-*"`R,0R.H/)!'45\R?\ M'(7_``3`\6_M]_L^^%?%?PZLGUGQQ\*YKR6/1D=4EUBPNEA^T1P[L!IT:WA= M$+#3]9?^#0K_DP3XE` M'//V4/ MV&/B-8?$CP7XI\&:E+XXN=3AL=3TN:*[N;8:9IZ^;%#M+R`M'(H"`DLA`!/% M>[Q+6I+*%0]LJDDUK=7>O6QYV4PD\:ZKI\B:>G3H9?\`P#M5^-VJ6S>)];U2^BL[3P[X?CN%#3W$DCH$2292?O8DCL[F/DN`?S: M_P""XGPS^"_P!_:$^%GC[]E_XF?#[5;*STBQL7B\)>)[/5+W0-3TE84L[^3R M978-+"D&)"O,MF[,2TG/WU_P3:_8C\4_M^?\%$OCK^T1^T]$+^QTF\2#1O! M?A3QWX?26WAM&;,;BWN%91);V\$"%E&UI;RZ;ALU]`?\%1O^"-7PG^-?["7Q M$TKX9_![X>>&OB)9::=5\.WGAWPS9:?J$UW:L)UM$DBC0D7"HT!#';^^SC*@ MCP\!F%#+\11P[DVE\=K.+7ULOAT^)FN1JBVEC M:7CN;K[(GE;EN2H'DO@QYYS@?`'_``2"^!'[2O@#]GO]H/\`9S\3?"/XC>'/ M#OQR\$ZR/#>H:OHEQ::=I>O-ILL`2XE*;8([J$(C/(0`]K$H!:3G#_8MC_:2 M_9^_X)C_`+07[,L?[*7QDO\`Q)XXGU*_36Y])EM--MK>:QMK2Z17D0+<3*EJ M6A6W>4SM*`H`7+Q/)L(JE2$91E:<;/FM[CWZI:;/J53Q]648-IJ\7?3[2M;I MU/M;0_\`@YAT&T_X)S7OQX\3?#-M)UB]\87'A'PYX2M/$8NWU:2"T@N)+B2[ M:VC\F%1*X9A"^TB,`,9`!\8_\'`O[1/QO_:*_8>^"GB#XN?!S2?AU8Z]JCZS MHM]IFOG40L_##XB:U=R>%[[3WM=0U/2K[3]/WW5M&^#.R2V\8")DN!,%RZ!& M]X_X+!?$SXU?\%0OV$_A)X-\&_LQ?'?2=0\/:C;ZKXH_M?PG/8&SOXM/GMEM M[6.3$L$\Z=C/L5`!`I^=V1/0PF'P.&Q5.IA^5VG)2;E\*2]VVNS6MW>[T.: MK6KU*,HU;[*UEN^O3N>P?%K]I3X3_"/]KK]AKP7XI_9[\/\`Q"\ M'?&USJ@MI_#WG3K;J3!Y#B?[,X-S$'?Y9'8IY39D/O?C/_@L/KWQ?_X*":O^ MS9^SQX%T'QMXL\)P7-QXG\2>)=#X_%%\84A&AS)>AKB*='9 M75X4^9U"DJ.OI5W]G/\`96^(O_!)[_@MQ\4?BAXG\!^//&WPD^+\>M_8/$G@ M[P_=>(I=+>_UE6[M+-9;I/+:)X&81$.6C=3C>$\N=#"3I\S:,/!J?#+]H/ MX4^"?$.I:.=+U=M4TK79K/39+B.:TE:*&9'*F.=(WCW&+YB0RLB_FM_P:P^# MM#U__@JOIMQJ7E&Z\.^$-4U#1MQP1=G[/;';ZG[-<77X9K[E_8)_8-^(O[6O M_!:+XA_M;>/_``%KGP[^'9DNX/#FD>*+(VFJZ\)-.&DQF:QD'F11?8Q))()@ MOSRQJHD`D9/`OVBO^"&7[0O_``2Z_;!TSXU_LL6">/?#?AO4)-3TG3HW$VJ: M1"X9)-/N;9W1[RW>*5X0\#M.R,Q(C91*?3PE7`4J=;`TYJ,JL(]?=4K.\;_\ M'JT%>2?MM?MF>#/V"/V;_$'Q.\.[CP:D?BW]B3]J M^P\9)'\]CH_@VYO;"1QW$TJ0RJIZ_P"I;&>K8R>%_;0^`/[3W_!:K_@G=XW' MB?X7:9$=7T/Q-8:_P##OP9>WH.JZQ%;6T\5T+ZZ>18XVF%T_DH\$&R2W`D) M1Q,ORV'RIPK16+:C"Z3?,NKZ6;^_9'KU<7>#=)7E:Z5G^/\`D=;X@_X+-_'O MP;^PYIO[4FK?`/P,GPR:/[7?\`P<9^!OA7\#OA#KGPF$ZI\4/&/QQM_M'A_P_-.-/>P'V@V92 MZ*B0^>+Q9+=8HPRR/!-B4*JLWS_\8/'GQ1^-?_!#'PK^RUI'[/OQPA^,\EGH M_@N[M+KP?>6>CV46FW5O(;YM4F1+`PS16JJ")\J\Q)PJECX_^T__`,$8?C3^ MP?I7[(WQ-\,>%M4^+^I_!I;.3Q7H_AFW>[N(;J#Q!G0YW_@M1XQ^*GQ%_P""D_[-@^,7PXTGX?\`B2(Z5`O]CZW_`&QIFJP/JT;E MHY3%&T*OV=/@1X0T#7M6^'E ME<77BCQ7XEU6:TTJQE@DBAEM8(8(I))Y%GF2)F9XMKQS85U3YUWPI-8WSSMJ$$MSOM:54H%=Z'QC_`&"_B?\`\$]O^"O7CCXIZO\`!SXE?'+X)_%/5]4U*X_X M0!+N?4X%U"X-XR-!9RI*LMM<-M'G%898SN#AR1'TU:>&Q&%I0JN*E&$[1OIS M77=[VV39A"56G4FZ=VG)7=NEO3OY'U,__!RAX=^'GP&^--[\0/AO>:1\5?@G MXA3PK>>%=.UE;NRUV]>>XMUDMKUH49(!):7#.SPDQH(]OFLZJ?:/V+?^"@7Q ML^/_`,:/"6E>)/A/X`U'X>>-M(NM7M?'OP_\;'Q#I&BO`B$V%XWV9%%T6FB4 M`.H;+E/,$_LJ_$SQ7X7_X)]?%==%\2:II%EJ]IKGF:?XS M\0VYNY+B^OH+07,EVDMLT<#QN6W7$EP05$:2D^4_\$A?^"=OC+X3?\%9]#\< M_![PI^T%\/\`X$:7I,W_``E,GQ4TE?#^HZE++:W")8+;IL^W1K.UM*LAC`C, M3DDLL;2^?+"9?.A4<%RR2;]YW5[+16EH[[)WOL]CJC7Q"J14M4^VG7K=:JWH M?NF****^2/8"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`#`]!1C'08HHIK8A;A1@>@HHH02#`]!1TZ"BBAA'<.G04444BH[!@#H!1@ M>@HHJD0'3H*,#T%%%)#>P48'H***170*,=L<444T##`]!1111(F(8'H*,>U% M%(88'H*,>U%%-"[ACVHP/0444('T"BBBD6%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! 61110`4444`%%%%`!1110`4444`?_V3\_ ` end