(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SNAP INC. | ||||||||
Date: April 27, 2023 | By: | /s/ Derek Andersen | ||||||
Derek Andersen | ||||||||
Chief Financial Officer |
Three Months Ended March 31, | Percent Change | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
(Unaudited) | (in thousands, except per share amounts) | ||||||||||||||||
Revenue | $ | 988,608 | $ | 1,062,727 | (7) | % | |||||||||||
Operating loss | $ | (365,264) | $ | (271,527) | (35) | % | |||||||||||
Net loss | $ | (328,674) | $ | (359,624) | 9 | % | |||||||||||
Adjusted EBITDA(1) | $ | 813 | $ | 64,468 | (99) | % | |||||||||||
Net cash provided by (used in) operating activities | $ | 151,102 | $ | 127,459 | 19 | % | |||||||||||
Free Cash Flow(2) | $ | 103,472 | $ | 106,284 | (3) | % | |||||||||||
Diluted net loss per share attributable to common stockholders | $ | (0.21) | $ | (0.22) | 5 | % | |||||||||||
Non-GAAP diluted net income (loss) per share(3) | $ | 0.01 | $ | (0.02) | 163 | % | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (328,674) | $ | (359,624) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 35,220 | 38,100 | |||||||||
Stock-based compensation | 314,931 | 275,444 | |||||||||
Amortization of debt issuance costs | 1,836 | 1,413 | |||||||||
Losses (gains) on debt and equity securities, net | (10,833) | 79,127 | |||||||||
Other | (10,396) | 1,125 | |||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net of allowance | 288,373 | 126,027 | |||||||||
Prepaid expenses and other current assets | (13,204) | (27,178) | |||||||||
Operating lease right-of-use assets | 17,658 | 16,984 | |||||||||
Other assets | 850 | (308) | |||||||||
Accounts payable | (36,972) | 54,980 | |||||||||
Accrued expenses and other current liabilities | (90,191) | (62,828) | |||||||||
Operating lease liabilities | (18,550) | (17,816) | |||||||||
Other liabilities | 1,054 | 2,013 | |||||||||
Net cash provided by (used in) operating activities | 151,102 | 127,459 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (47,630) | (21,175) | |||||||||
Purchases of strategic investments | (4,480) | (150) | |||||||||
Cash paid for acquisitions, net of cash acquired | — | (788) | |||||||||
Purchases of marketable securities | (874,053) | (1,342,381) | |||||||||
Sales of marketable securities | 5,351 | 9,777 | |||||||||
Maturities of marketable securities | 924,323 | 342,545 | |||||||||
Other | 2,327 | (5,493) | |||||||||
Net cash provided by (used in) investing activities | 5,838 | (1,017,665) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of convertible notes, net of issuance costs | — | 1,483,500 | |||||||||
Purchase of capped calls | — | (177,000) | |||||||||
Proceeds from the exercise of stock options | 29 | 2,266 | |||||||||
Deferred payments for acquisitions | (2,028) | — | |||||||||
Net cash provided by (used in) financing activities | (1,999) | 1,308,766 | |||||||||
Change in cash, cash equivalents, and restricted cash | 154,941 | 418,560 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 1,423,776 | 1,994,723 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 1,578,717 | $ | 2,413,283 | |||||||
Supplemental disclosures | |||||||||||
Cash paid for income taxes, net | $ | 17,003 | $ | 2,636 | |||||||
Cash paid for interest | $ | 4,421 | $ | 3,454 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenue | $ | 988,608 | $ | 1,062,727 | |||||||
Costs and expenses: | |||||||||||
Cost of revenue | 439,986 | 420,897 | |||||||||
Research and development | 455,112 | 455,563 | |||||||||
Sales and marketing | 268,433 | 241,886 | |||||||||
General and administrative | 190,341 | 215,908 | |||||||||
Total costs and expenses | 1,353,872 | 1,334,254 | |||||||||
Operating loss | (365,264) | (271,527) | |||||||||
Interest income | 37,948 | 3,123 | |||||||||
Interest expense | (5,885) | (5,173) | |||||||||
Other income (expense), net | 11,372 | (77,537) | |||||||||
Loss before income taxes | (321,829) | (351,114) | |||||||||
Income tax benefit (expense) | (6,845) | (8,510) | |||||||||
Net loss | $ | (328,674) | $ | (359,624) | |||||||
Net loss per share attributable to Class A, Class B, and Class C common stockholders: | |||||||||||
Basic | $ | (0.21) | $ | (0.22) | |||||||
Diluted | $ | (0.21) | $ | (0.22) | |||||||
Weighted average shares used in computation of net loss per share: | |||||||||||
Basic | 1,581,370 | 1,619,113 | |||||||||
Diluted | 1,581,370 | 1,619,113 |
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,578,528 | $ | 1,423,121 | |||||||
Marketable securities | 2,524,904 | 2,516,003 | |||||||||
Accounts receivable, net of allowance | 892,511 | 1,183,092 | |||||||||
Prepaid expenses and other current assets | 146,973 | 134,431 | |||||||||
Total current assets | 5,142,916 | 5,256,647 | |||||||||
Property and equipment, net | 303,022 | 271,777 | |||||||||
Operating lease right-of-use assets | 355,062 | 370,952 | |||||||||
Intangible assets, net | 186,724 | 204,480 | |||||||||
Goodwill | 1,649,097 | 1,646,120 | |||||||||
Other assets | 251,569 | 279,562 | |||||||||
Total assets | $ | 7,888,390 | $ | 8,029,538 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 141,800 | $ | 181,774 | |||||||
Operating lease liabilities | 50,787 | 46,485 | |||||||||
Accrued expenses and other current liabilities | 898,897 | 987,340 | |||||||||
Total current liabilities | 1,091,484 | 1,215,599 | |||||||||
Convertible senior notes, net | 3,744,237 | 3,742,520 | |||||||||
Operating lease liabilities, noncurrent | 368,526 | 386,271 | |||||||||
Other liabilities | 105,703 | 104,450 | |||||||||
Total liabilities | 5,309,950 | 5,448,840 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,391,998 shares issued, 1,341,056 shares outstanding at March 31, 2023 and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at December 31, 2022. | 13 | 13 | |||||||||
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,522 shares issued and outstanding at March 31, 2023 and 700,000 shares authorized, 22,529 shares issued and outstanding at December 31, 2022. | — | — | |||||||||
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at March 31, 2023 and 260,888 shares authorized, 231,627 shares issued and outstanding at December 31, 2022. | 2 | 2 | |||||||||
Treasury stock, at cost. 50,942 and 51,312 shares of Class A non-voting common stock at March 31, 2023 and December 31, 2022, respectively. | (496,906) | (500,514) | |||||||||
Additional paid-in capital | 13,620,326 | 13,309,828 | |||||||||
Accumulated deficit | (10,543,331) | (10,214,657) | |||||||||
Accumulated other comprehensive income (loss) | (1,664) | (13,974) | |||||||||
Total stockholders’ equity | 2,578,440 | 2,580,698 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,888,390 | $ | 8,029,538 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Free Cash Flow reconciliation: | |||||||||||
Net cash provided by (used in) operating activities | $ | 151,102 | $ | 127,459 | |||||||
Less: | |||||||||||
Purchases of property and equipment | (47,630) | (21,175) | |||||||||
Free Cash Flow | $ | 103,472 | $ | 106,284 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Adjusted EBITDA reconciliation: | |||||||||||
Net loss | $ | (328,674) | $ | (359,624) | |||||||
Add (deduct): | |||||||||||
Interest income | (37,948) | (3,123) | |||||||||
Interest expense | 5,885 | 5,173 | |||||||||
Other (income) expense, net | (11,372) | 77,537 | |||||||||
Income tax (benefit) expense | 6,845 | 8,510 | |||||||||
Depreciation and amortization | 35,220 | 38,100 | |||||||||
Stock-based compensation expense | 314,931 | 275,444 | |||||||||
Payroll and other tax expense related to stock-based compensation | 15,926 | 22,451 | |||||||||
Adjusted EBITDA | $ | 813 | $ | 64,468 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Depreciation and amortization expense: | |||||||||||
Cost of revenue | $ | 3,226 | $ | 5,512 | |||||||
Research and development | 24,139 | 22,123 | |||||||||
Sales and marketing | 5,073 | 7,392 | |||||||||
General and administrative | 2,782 | 3,073 | |||||||||
Total | $ | 35,220 | $ | 38,100 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Stock-based compensation expense: | |||||||||||
Cost of revenue | $ | 1,885 | $ | 2,446 | |||||||
Research and development | 219,850 | 182,866 | |||||||||
Sales and marketing | 54,939 | 42,071 | |||||||||
General and administrative | 38,257 | 48,061 | |||||||||
Total | $ | 314,931 | $ | 275,444 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Non-GAAP net income (loss) reconciliation: | |||||||||||
Net loss | $ | (328,674) | $ | (359,624) | |||||||
Amortization of intangible assets | 17,755 | 22,505 | |||||||||
Stock-based compensation expense | 314,931 | 275,444 | |||||||||
Payroll and other tax expense related to stock-based compensation | 15,926 | 22,451 | |||||||||
Income tax adjustments | 32 | (61) | |||||||||
Non-GAAP net income (loss) | $ | 19,970 | $ | (39,285) | |||||||
Weighted-average common shares - Diluted | 1,581,370 | 1,619,113 | |||||||||
Non-GAAP diluted net income (loss) per share reconciliation: | |||||||||||
Diluted net loss per share | $ | (0.21) | $ | (0.22) | |||||||
Non-GAAP adjustment to net loss | 0.22 | 0.20 | |||||||||
Non-GAAP diluted net income (loss) per share | $ | 0.01 | $ | (0.02) |
Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | ||||||||||||||||||||||||||||||
(NM = Not Meaningful) | |||||||||||||||||||||||||||||||||||
Cash Flows and Shares | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 185,528 | $ | 127,459 | $ | (124,081) | $ | 55,945 | $ | 125,291 | $ | 151,102 | |||||||||||||||||||||||
Net cash provided by (used in) operating activities - YoY (year-over-year) | 453 | % | (7) | % | 23 | % | (22) | % | (32) | % | 19 | % | |||||||||||||||||||||||
Net cash provided by (used in) operating activities - TTM (trailing twelve months) | $ | 292,880 | $ | 283,453 | $ | 260,458 | $ | 244,851 | $ | 184,614 | $ | 208,257 | |||||||||||||||||||||||
Purchases of property and equipment | $ | (24,565) | $ | (21,175) | $ | (23,370) | $ | (37,836) | $ | (46,925) | $ | (47,630) | |||||||||||||||||||||||
Purchases of property and equipment - YoY | 49 | % | 95 | % | 60 | % | 91 | % | 91 | % | (125) | % | |||||||||||||||||||||||
Purchases of property and equipment - TTM | $ | (69,875) | $ | (80,199) | $ | (88,946) | $ | (106,946) | $ | (129,306) | $ | (155,761) | |||||||||||||||||||||||
Free Cash Flow | $ | 160,963 | $ | 106,284 | $ | (147,451) | $ | 18,109 | $ | 78,366 | $ | 103,472 | |||||||||||||||||||||||
Free Cash Flow - YoY | 333 | % | (16) | % | (27) | % | (65) | % | (51) | % | (3) | % | |||||||||||||||||||||||
Free Cash Flow - TTM | $ | 223,005 | $ | 203,254 | $ | 171,512 | $ | 137,905 | $ | 55,308 | $ | 52,496 | |||||||||||||||||||||||
Common shares outstanding | 1,619,283 | 1,632,563 | 1,644,974 | 1,605,868 | 1,574,086 | 1,595,205 | |||||||||||||||||||||||||||||
Common shares outstanding - YoY | 8 | % | 7 | % | 4 | % | 0 | % | (3) | % | (2) | % | |||||||||||||||||||||||
Shares underlying stock-based awards | 82,814 | 75,066 | 92,105 | 94,772 | 131,718 | 128,218 | |||||||||||||||||||||||||||||
Shares underlying stock-based awards - YoY | (34) | % | (32) | % | (12) | % | 2 | % | 59 | % | 71 | % | |||||||||||||||||||||||
Total common shares outstanding plus shares underlying stock-based awards | 1,702,097 | 1,707,629 | 1,737,079 | 1,700,640 | 1,705,804 | 1,723,423 | |||||||||||||||||||||||||||||
Total common shares outstanding plus shares underlying stock-based awards - YoY | 4 | % | 5 | % | 3 | % | — | % | — | % | 1 | % | |||||||||||||||||||||||
Results of Operations | |||||||||||||||||||||||||||||||||||
Revenue | $ | 1,297,885 | $ | 1,062,727 | $ | 1,110,909 | $ | 1,128,476 | $ | 1,299,735 | $ | 988,608 | |||||||||||||||||||||||
Revenue - YoY | 42 | % | 38 | % | 13 | % | 6 | % | 0.1 | % | (7) | % | |||||||||||||||||||||||
Revenue - TTM | $ | 4,117,048 | $ | 4,410,191 | $ | 4,538,992 | $ | 4,599,997 | $ | 4,601,847 | $ | 4,527,728 | |||||||||||||||||||||||
Revenue by region (1) | |||||||||||||||||||||||||||||||||||
North America | $ | 932,077 | $ | 758,261 | $ | 785,681 | $ | 811,602 | $ | 880,310 | $ | 639,896 | |||||||||||||||||||||||
North America - YoY | 41 | % | 37 | % | 12 | % | 3 | % | (6) | % | (16) | % | |||||||||||||||||||||||
North America - TTM | $ | 2,973,701 | $ | 3,178,990 | $ | 3,262,936 | $ | 3,287,621 | $ | 3,235,854 | $ | 3,117,489 | |||||||||||||||||||||||
Europe | $ | 208,912 | $ | 162,132 | $ | 170,097 | $ | 161,396 | $ | 218,552 | $ | 157,760 | |||||||||||||||||||||||
Europe - YoY | 48 | % | 43 | % | 12 | % | 5 | % | 5 | % | (3) | % | |||||||||||||||||||||||
Europe - TTM | $ | 627,920 | $ | 676,433 | $ | 694,262 | $ | 702,537 | $ | 712,177 | $ | 707,805 | |||||||||||||||||||||||
Rest of World | $ | 156,896 | $ | 142,334 | $ | 155,131 | $ | 155,478 | $ | 200,873 | $ | 190,952 | |||||||||||||||||||||||
Rest of World - YoY | 42 | % | 38 | % | 21 | % | 22 | % | 28 | % | 34 | % | |||||||||||||||||||||||
Rest of World - TTM | $ | 515,427 | $ | 554,768 | $ | 581,794 | $ | 609,839 | $ | 653,816 | $ | 702,434 | |||||||||||||||||||||||
Operating loss | $ | (25,127) | $ | (271,527) | $ | (400,940) | $ | (435,242) | $ | (287,597) | $ | (365,264) | |||||||||||||||||||||||
Operating loss - YoY | 74 | % | 11 | % | (108) | % | (141) | % | NM | (35) | % | ||||||||||||||||||||||||
Operating loss - Margin | (2) | % | (26) | % | (36) | % | (39) | % | (22) | % | (37) | % | |||||||||||||||||||||||
Operating loss - TTM | $ | (702,069) | $ | (669,990) | $ | (878,418) | $ | (1,132,836) | $ | (1,395,306) | $ | (1,489,043) | |||||||||||||||||||||||
Net income (loss) | $ | 22,550 | $ | (359,624) | $ | (422,067) | $ | (359,502) | $ | (288,460) | $ | (328,674) | |||||||||||||||||||||||
Net income (loss) - YoY | 120 | % | (25) | % | (178) | % | (400) | % | NM | 9 | % | ||||||||||||||||||||||||
Net income (loss) - TTM | $ | (487,955) | $ | (560,697) | $ | (831,100) | $ | (1,118,643) | $ | (1,429,653) | $ | (1,398,703) | |||||||||||||||||||||||
Adjusted EBITDA | $ | 326,793 | $ | 64,468 | $ | 7,190 | $ | 72,640 | $ | 233,275 | $ | 813 | |||||||||||||||||||||||
Adjusted EBITDA - YoY | 97 | % | 3872 | % | (94) | % | (58) | % | (29) | % | (99) | % | |||||||||||||||||||||||
Adjusted EBITDA - Margin (2) | 25 | % | 6 | % | 1 | % | 6 | % | 18 | % | 0.1 | % | |||||||||||||||||||||||
Adjusted EBITDA - TTM | $ | 616,686 | $ | 682,863 | $ | 572,650 | $ | 471,091 | $ | 377,573 | $ | 313,918 |
Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | ||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
DAU (in millions) | 319 | 332 | 347 | 363 | 375 | 383 | |||||||||||||||||||||||||||||
DAU - YoY | 20 | % | 18 | % | 18 | % | 19 | % | 17 | % | 15 | % | |||||||||||||||||||||||
DAU by region (in millions) | |||||||||||||||||||||||||||||||||||
North America | 97 | 98 | 99 | 100 | 100 | 100 | |||||||||||||||||||||||||||||
North America - YoY | 6 | % | 5 | % | 4 | % | 4 | % | 3 | % | 3 | % | |||||||||||||||||||||||
Europe | 82 | 84 | 86 | 88 | 92 | 93 | |||||||||||||||||||||||||||||
Europe - YoY | 11 | % | 10 | % | 10 | % | 11 | % | 12 | % | 10 | % | |||||||||||||||||||||||
Rest of World | 140 | 150 | 162 | 175 | 183 | 190 | |||||||||||||||||||||||||||||
Rest of World - YoY | 41 | % | 36 | % | 35 | % | 34 | % | 31 | % | 27 | % | |||||||||||||||||||||||
ARPU | $ | 4.06 | $ | 3.20 | $ | 3.20 | $ | 3.11 | $ | 3.47 | $ | 2.58 | |||||||||||||||||||||||
ARPU - YoY | 18 | % | 17 | % | (4) | % | (11) | % | (15) | % | (19) | % | |||||||||||||||||||||||
ARPU by region | |||||||||||||||||||||||||||||||||||
North America | $ | 9.58 | $ | 7.77 | $ | 7.93 | $ | 8.13 | $ | 8.77 | $ | 6.37 | |||||||||||||||||||||||
North America - YoY | 33 | % | 31 | % | 8 | % | (1) | % | (9) | % | (18) | % | |||||||||||||||||||||||
Europe | $ | 2.54 | $ | 1.93 | $ | 1.98 | $ | 1.83 | $ | 2.38 | $ | 1.70 | |||||||||||||||||||||||
Europe - YoY | 33 | % | 30 | % | 2 | % | (5) | % | (6) | % | (12) | % | |||||||||||||||||||||||
Rest of World | $ | 1.12 | $ | 0.95 | $ | 0.96 | $ | 0.89 | $ | 1.10 | $ | 1.00 | |||||||||||||||||||||||
Rest of World - YoY | 1 | % | 2 | % | (11) | % | (9) | % | (2) | % | 6 | % | |||||||||||||||||||||||
Employees (full-time; excludes part-time, contractors, and temporary personnel) | 5,661 | 6,131 | 6,446 | 5,706 | 5,288 | 5,201 | |||||||||||||||||||||||||||||
Employees - YoY | 47 | % | 52 | % | 38 | % | 10 | % | (7) | % | (15) | % | |||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 4,832 | $ | 5,512 | $ | 5,061 | $ | 5,548 | $ | 8,114 | $ | 3,226 | |||||||||||||||||||||||
Research and development | 19,444 | 22,123 | 22,362 | 23,722 | 29,834 | 24,139 | |||||||||||||||||||||||||||||
Sales and marketing | 7,118 | 7,392 | 49,061 | 4,586 | 6,130 | 5,073 | |||||||||||||||||||||||||||||
General and administrative | 3,469 | 3,073 | 2,807 | 2,435 | 4,413 | 2,782 | |||||||||||||||||||||||||||||
Total | $ | 34,863 | $ | 38,100 | $ | 79,291 | $ | 36,291 | $ | 48,491 | $ | 35,220 | |||||||||||||||||||||||
Depreciation and amortization expense - YoY | 53 | % | 62 | % | 180 | % | 12 | % | 39 | % | (8) | % | |||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 2,586 | $ | 2,446 | $ | 2,849 | $ | 2,745 | $ | 4,248 | $ | 1,885 | |||||||||||||||||||||||
Research and development | 202,953 | 182,866 | 221,650 | 246,783 | 319,447 | 219,850 | |||||||||||||||||||||||||||||
Sales and marketing | 45,991 | 42,071 | 48,577 | 43,098 | 69,346 | 54,939 | |||||||||||||||||||||||||||||
General and administrative | 46,034 | 48,061 | 45,734 | 50,333 | 57,533 | 38,257 | |||||||||||||||||||||||||||||
Total | $ | 297,564 | $ | 275,444 | $ | 318,810 | $ | 342,959 | $ | 450,574 | $ | 314,931 | |||||||||||||||||||||||
Stock-based compensation expense - YoY | 35 | % | 16 | % | 24 | % | 14 | % | 51 | % | 14 | % |
4RKA9) 1O=?4?=&>Y!J_;_Z)INN6%Z/^)JT
M,LTDQ_Y>4*D*Z^@ ^7;_ _C77T42S&\.3ETNGOKHHI=/[NO=ZZ60 < H)&S. VAW*%%7_P"S
M3_SU'_?-']FG_GJ/^^:/]7,S_P"?7XQ_S#VT.Y0HJ_\ V:?^>H_[YH_LT_\
M/4?]\T?ZN9G_ ,^OQC_F'MH=RA15_P#LT_\ /4?]\T?V:?\ GJ/^^:/]7,S_
M .?7XQ_S#VT.Y0HJ_P#V:?\ GJ/^^:/[-/\ SU'_ 'S1_JYF?_/K\8_YA[:'
MVAW*%%7_P"S3_SU'_?-']FG_GJ/^^:/]7,S_P"?7XQ_S#VT.Y0HJ_\ V:?^
M>H_[YH_LT_\ /4?]\T?ZN9G_ ,^OQC_F'MH=RA15_P#LT_\ /4?]\T?V:?\
MGJ/^^:/]7,S_ .?7XQ_S#VT.Y0HJ_P#V:?\ GJ/^^:/[-/\ SU'_ 'S1_JYF
M?_/K\8_YA[:'VAW*%%7_P"S3_SU'_?-']FG_GJ/^^:/]7,S_P"?7XQ_S#VT
M.Y0HJ_\ V:?^>H_[YH_LT_\ /4?]\T?ZN9G_ ,^OQC_F'MH=RA15_P#LT_\
M/4?]\T?V:?\ GJ/^^:/]7,S_ .?7XQ_S#VT.Y0HJ_P#V:?\ GJ/^^:/[-/\
MSU'_ 'S1_JYF?_/K\8_YA[:'VAW*%%7_P"S3_SU'_?-']FG_GJ/^^:/]7,S
M_P"?7XQ_S#VT.Y0HJ_\ V:?^>H_[YH_LT_\ /4?]\T?ZN9G_ ,^OQC_F'MH=
MRA15_P#LT_\ /4?]\T?V:?\ GJ/^^:/]7,S_ .?7XQ_S#VT.Y0HJ_P#V:?\
MGJ/^^:/[-/\ SU'_ 'S1_JYF?_/K\8_YA[:'VAW*%%7_P"S3_SU'_?-']FG
M_GJ/^^:/]7,S_P"?7XQ_S#VT.Y0HJ_\ V:?^>H_[YH_LT_\ /4?]\T?ZN9G_
M ,^OQC_F'MH=RA15_P#LT_\ /4?]\T?V:?\ GJ/^^:/]7,S_ .?7XQ_S#VT.
MY0HJ_P#V:?\ GJ/^^:/[-/\ SU'_ 'S1_JYF?_/K\8_YA[:'VAW*%%7_P"S
M3_SU'_?-']FG_GJ/^^:/]7,S_P"?7XQ_S#VT.Y0HJ_\ V:?^>H_[YH_LT_\
M/4?]\T?ZN9G_ ,^OQC_F'MH=RA15_P#LT_\ /4?]\T?V:?\ GJ/^^:/]7,S_
M .?7XQ_S#VT.Y0HJ_P#V:?\ GJ/^^:/[-/\ SU'_ 'S1_JYF?_/K\8_YA[:'
MVAW*%%7_P"S3_SU'_?-*-,]9?R6FN',S?\ RZ_&/^8>VAW,^G)&\C;44DUI
MII\*\MN;ZFK*HJ#"J /05ZF#X1KS=\3)179:O_)?B9RQ"^R5;:R6(AY,,_8=
MA5NBBOM\'@JI^RH1LOS]3FE)R=V%%%%=1(4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
5110 4444 %%%% !1110 4444 ?_9
end
5OYW9YSO].U &!I_C2^O+'PQ*]K;QS:CJ,UA>*,D(T2S;BASW:+C.>#
M5G5O&3:)JOB%+J%&LM*TN*^79D2.S-("N ]OK33;22[OKF&VMHQEY9G"*OU)XH L45E:3XET37F
MD32M5L[QXQETAE#,H]2.N/>K1U2P&J+IAO(/M[1F46WF#S-@XW;>N/>@"W11
M10 4444 %%4KC5;2UU.RTZ:0K=7HD,"[2=VP MST& 1UJ[0 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !535)GM](O9XCB2.!W4XS@A215NH;N
MW6[LY[9R0DT;1L5Z@$8XH \^MM8\0ZM)X,LK;5A9_P!IZ*UW>3+;QLQ<+"
M/M\R@Y'XT 7J*SI]?T:VOFL;C5K"*[52Y@DN460*!DG:3G&.F,>XYSPJ@C
M)/WAUK?B\-:Q?:GI]SXAUBVO(=.E\^WAM;,P"27:5$DA+MD@,< 8&3GVJ*/P
M#:CQ1K6JS71EM=3@>(693"Q-(J+,P.>2XC3MV/K0!6U_7]6O++QE!I4EO!%I
M5DJQW)5BQF,9DDP588PA3!'1CGG&*Q=1EU]M#\ S32V=WJ4FHQ-$Y#HF&M9,
M&3+,6(R22,9]JZCP_P"#%TCP5<^'[J_>\EO%F%U>;-C2&0%VTQ=-$A&V)I-^W& 2$!(].M &9X
ML\:ZEH%SJ
.2"X>&:.7S"V
M59""!M)'7GIB@#D/$$]W;>'/&>@RWMQ>VNG7%@UM-
N2QRZKI-E>R1#"//"KD#TR1T]NE $?A5K1O#%C]@O[B_M A6&YN
M,[\ YVXYSTQ0!I451M-:TK4+26[LM3L[FVASYDT,ZNB8
M&3E@<# ]:;#KVCW%\+&'5K&6\90XMTN$:0J1G.T'.,
U>N;%"E0HVG.1C@TB0Q1Q>5'$BQ_W%4 ?E0!YWJ&FV.FZ;\/I;*TA@D3
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M"U.YO%C*D.+?[3*DJ'/(_=LQ^JTNJV]UJW@F]\2*0L&KZS#