(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
Address Not Applicable1 | Zip Code Not Applicable1 | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
GitLab Inc. | ||||||||||||||
Dated: December 4, 2023 | By: | /s/ Brian Robins | ||||||||||||
Brian Robins | ||||||||||||||
Chief Financial Officer |
![]() | Exhibit 99.1 |
Q3 FY 2024 | Q3 FY 2023 | Y/Y Change | |||||||||||||||
Revenue | $ | 149.7 | $ | 113.0 | 32 | % | |||||||||||
GAAP Gross margin | 90 | % | 87 | % | |||||||||||||
Non-GAAP Gross margin | 91 | % | 89 | % | |||||||||||||
GAAP Operating loss | $ | (40.3) | $ | (57.0) | $ | 16.7 | |||||||||||
Non-GAAP Operating income (loss) | $ | 4.7 | $ | (21.6) | $ | 26.3 | |||||||||||
GAAP Net loss attributable to GitLab | $ | (285.2) | $ | (48.5) | $ | (236.7) | |||||||||||
Non-GAAP Net income (loss) attributable to GitLab | $ | 14.4 | $ | (15.2) | $ | 29.6 | |||||||||||
GAAP Net loss per share attributable to GitLab | $ | (1.84) | $ | (0.33) | $ | (1.51) | |||||||||||
Non-GAAP Net income (loss) per share attributable to GitLab | $ | 0.09 | $ | (0.10) | $ | 0.19 |
Q4 FY 2024 Guidance | FY 2024 Guidance | ||||||||||
Revenue | $157.0 - $158.0 | $573.0 - $574.0 | |||||||||
Non-GAAP operating income (loss) | $5.0 - $6.0 | $(10.0) - $(9.0) | |||||||||
Non-GAAP net income per share assuming approximately 164 million and 162 million weighted average shares outstanding during Q4 FY2024 and FY2024, respectively. | $0.08 - $0.09 | $0.12 - $0.13 | |||||||||
October 31, 2023(1) | January 31, 2023(1) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 285,309 | $ | 295,402 | |||||||
Short-term investments | 704,325 | 641,249 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $403 and $1,564 as of October 31, 2023 and January 31, 2023, respectively | 135,614 | 130,479 | |||||||||
Deferred contract acquisition costs, current | 27,196 | 26,505 | |||||||||
Prepaid expenses and other current assets | 29,892 | 24,327 | |||||||||
Total current assets | 1,182,336 | 1,117,962 | |||||||||
Property and equipment, net | 3,690 | 5,797 | |||||||||
Operating lease right-of-use assets | 533 | 998 | |||||||||
Equity method investment | 9,634 | 12,682 | |||||||||
Goodwill | 8,145 | 8,145 | |||||||||
Intangible assets, net | 2,254 | 3,901 | |||||||||
Deferred contract acquisition costs, non-current | 15,104 | 15,628 | |||||||||
Other non-current assets | 5,200 | 4,087 | |||||||||
TOTAL ASSETS | $ | 1,226,896 | $ | 1,169,200 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 5,023 | $ | 5,184 | |||||||
Accrued expenses and other current liabilities | 269,980 | 25,954 | |||||||||
Accrued compensation and benefits | 23,272 | 20,776 | |||||||||
Deferred revenue, current | 287,647 | 254,382 | |||||||||
Total current liabilities | 585,922 | 306,296 | |||||||||
Deferred revenue, non-current | 23,016 | 28,355 | |||||||||
Other non-current liabilities | 24,776 | 9,824 | |||||||||
TOTAL LIABILITIES | 633,714 | 344,475 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of October 31, 2023 and January 31, 2023; no shares issued and outstanding as of October 31, 2023 and January 31, 2023 | — | — | |||||||||
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of October 31, 2023 and January 31, 2023; 107,732 and 94,655 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively | — | — | |||||||||
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of October 31, 2023 and January 31, 2023; 47,964 and 56,489 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively | — | — | |||||||||
Additional paid-in capital | 1,658,375 | 1,497,373 | |||||||||
Accumulated deficit | (1,113,355) | (725,648) | |||||||||
Accumulated other comprehensive income (loss) | 1,547 | (705) | |||||||||
Total GitLab stockholders’ equity | 546,567 | 771,020 | |||||||||
Noncontrolling interests | 46,615 | 53,705 | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 593,182 | 824,725 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,226,896 | $ | 1,169,200 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription—self-managed and SaaS | $ | 130,993 | $ | 98,435 | $ | 364,280 | $ | 264,294 | |||||||||||||||
License—self-managed and other | 18,675 | 14,546 | 51,847 | 37,135 | |||||||||||||||||||
Total revenue | 149,668 | 112,981 | 416,127 | 301,429 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription—self-managed and SaaS | 11,559 | 11,113 | 33,321 | 29,717 | |||||||||||||||||||
License—self-managed and other | 3,525 | 3,451 | 10,398 | 7,725 | |||||||||||||||||||
Total cost of revenue | 15,084 | 14,564 | 43,719 | 37,442 | |||||||||||||||||||
Gross profit | 134,584 | 98,417 | 372,408 | 263,987 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 86,978 | 81,080 | 265,631 | 228,479 | |||||||||||||||||||
Research and development | 49,058 | 41,113 | 148,452 | 112,463 | |||||||||||||||||||
General and administrative | 38,815 | 33,186 | 110,882 | 88,182 | |||||||||||||||||||
Total operating expenses | 174,851 | 155,379 | 524,965 | 429,124 | |||||||||||||||||||
Loss from operations | (40,267) | (56,962) | (152,557) | (165,137) | |||||||||||||||||||
Interest income | 10,874 | 4,657 | 27,301 | 8,247 | |||||||||||||||||||
Other income (expense), net | 569 | 2,661 | (508) | 22,609 | |||||||||||||||||||
Loss before income taxes and loss from equity method investment | (28,824) | (49,644) | (125,764) | (134,281) | |||||||||||||||||||
Loss from equity method investment, net of tax | (743) | (756) | (2,408) | (1,775) | |||||||||||||||||||
Provision for income taxes | 256,788 | 65 | 262,290 | 2,519 | |||||||||||||||||||
Net loss | $ | (286,355) | $ | (50,465) | $ | (390,462) | $ | (138,575) | |||||||||||||||
Net loss attributable to noncontrolling interest | (1,197) | (2,010) | (2,755) | (4,997) | |||||||||||||||||||
Net loss attributable to GitLab | $ | (285,158) | $ | (48,455) | $ | (387,707) | $ | (133,578) | |||||||||||||||
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted | $ | (1.84) | $ | (0.33) | $ | (2.53) | $ | (0.90) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted | 155,123 | 148,883 | 153,504 | 147,812 |
Nine Months Ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss, including amounts attributable to noncontrolling interest | $ | (390,462) | $ | (138,575) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
Stock-based compensation expense | 120,032 | 88,926 | |||||||||
Charitable donation of common stock | 8,025 | — | |||||||||
Amortization of intangible assets | 1,646 | 1,767 | |||||||||
Depreciation expense | 3,329 | 2,198 | |||||||||
Amortization of deferred contract acquisition costs | 31,066 | 32,693 | |||||||||
Gain from deconsolidation of Meltano Inc. | — | (17,798) | |||||||||
Loss from equity method investment | 3,048 | 2,247 | |||||||||
Net amortization of premiums or discounts on short-term investments | (14,361) | (3,346) | |||||||||
Unrealized foreign exchange loss (gain), net | 252 | (4,081) | |||||||||
Other non-cash expense, net | 317 | 439 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (5,291) | (22,163) | |||||||||
Prepaid expenses and other current assets | (8,183) | (5,320) | |||||||||
Deferred contract acquisition costs | (31,760) | (33,145) | |||||||||
Other non-current assets | (1,174) | 2,050 | |||||||||
Accounts payable | (224) | 1,393 | |||||||||
Accrued expenses and other current liabilities | 245,857 | 3,249 | |||||||||
Accrued compensation and benefits | 2,842 | (15,150) | |||||||||
Deferred revenue | 29,158 | 40,200 | |||||||||
Other non-current liabilities | 16,070 | (1,272) | |||||||||
Net cash provided by (used in) operating activities | 10,187 | (65,688) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of short-term investments | (573,676) | (631,951) | |||||||||
Proceeds from maturities of short-term investments | 526,979 | 122,701 | |||||||||
Purchases of property and equipment | (1,269) | (5,018) | |||||||||
Deconsolidation of Meltano Inc. | — | (9,620) | |||||||||
Escrow payment related to business combination, after acquisition date | (2,500) | — | |||||||||
Net cash used in investing activities | (50,466) | (523,888) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases | 22,492 | 17,454 | |||||||||
Issuance of common stock under employee stock purchase plan | 7,751 | 9,554 | |||||||||
Contributions received from noncontrolling interests, net of issuance costs | — | 61,726 | |||||||||
Partial settlement of acquisition related contingent cash consideration | — | (3,137) | |||||||||
Net cash provided by financing activities | 30,243 | 85,597 | |||||||||
Impact of foreign exchange on cash and cash equivalents | (2,557) | (8,524) | |||||||||
Net decrease in cash and cash equivalents | (12,593) | (512,503) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 297,902 | 887,172 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 285,309 | $ | 374,669 | |||||||
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | |||||||||||
Cash and cash equivalents | $ | 285,309 | $ | 372,169 | |||||||
Restricted cash, included in prepaid expenses and other current assets | — | 2,500 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 285,309 | $ | 374,669 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit on GAAP basis | $ | 134,584 | $ | 98,417 | $ | 372,408 | $ | 263,987 | |||||||||||||||
Gross margin on GAAP basis | 90 | % | 87 | % | 89 | % | 88 | % | |||||||||||||||
Stock-based compensation expense | 1,648 | 1,248 | 4,760 | 3,623 | |||||||||||||||||||
Amortization of acquired intangibles | 521 | 521 | 1,546 | 1,546 | |||||||||||||||||||
Restructuring charges | — | — | 463 | — | |||||||||||||||||||
Gross profit on non-GAAP basis | $ | 136,753 | $ | 100,186 | $ | 379,177 | $ | 269,156 | |||||||||||||||
Gross margin on non-GAAP basis | 91 | % | 89 | % | 91 | % | 89 | % | |||||||||||||||
Sales and marketing on GAAP basis | $ | 86,978 | $ | 81,080 | $ | 265,631 | $ | 228,479 | |||||||||||||||
Stock-based compensation expense | (16,523) | (12,905) | (51,582) | (34,807) | |||||||||||||||||||
Restructuring charges | 54 | — | (3,623) | $ | — | ||||||||||||||||||
Sales and marketing on non-GAAP basis | $ | 70,509 | $ | 68,175 | $ | 210,426 | $ | 193,672 | |||||||||||||||
Research and development on GAAP basis | $ | 49,058 | $ | 41,113 | $ | 148,452 | $ | 112,463 | |||||||||||||||
Stock-based compensation expense | (12,738) | (10,030) | (36,917) | (26,405) | |||||||||||||||||||
Restructuring charges | (72) | — | (2,119) | — | |||||||||||||||||||
Research and development on non-GAAP basis | $ | 36,248 | $ | 31,083 | $ | 109,416 | $ | 86,058 | |||||||||||||||
General and administrative on GAAP basis | $ | 38,815 | $ | 33,186 | $ | 110,882 | $ | 88,182 | |||||||||||||||
Amortization of acquired intangibles | — | (70) | (100) | (221) | |||||||||||||||||||
Stock-based compensation expense | (10,425) | (9,525) | (26,773) | (24,091) | |||||||||||||||||||
Restructuring charges | 4 | — | (1,634) | — | |||||||||||||||||||
Charitable donation of common stock | (2,675) | — | (8,025) | — | |||||||||||||||||||
Changes in the fair value of acquisition related contingent consideration | — | (1,063) | — | (1,063) | |||||||||||||||||||
Other non-recurring charges(1) | (413) | — | (413) | — | |||||||||||||||||||
General and administrative on non-GAAP basis | $ | 25,306 | $ | 22,528 | $ | 73,937 | $ | 62,807 | |||||||||||||||
Loss from operations on GAAP basis | $ | (40,267) | $ | (56,962) | $ | (152,557) | $ | (165,137) | |||||||||||||||
Stock-based compensation expense | 41,334 | 33,708 | 120,032 | 88,926 | |||||||||||||||||||
Amortization of acquired intangibles | 521 | 591 | 1,646 | 1,767 | |||||||||||||||||||
Restructuring charges | 14 | — | 7,839 | — | |||||||||||||||||||
Charitable donation of common stock | 2,675 | — | 8,025 | — | |||||||||||||||||||
Changes in the fair value of acquisition related contingent consideration | — | 1,063 | — | 1,063 | |||||||||||||||||||
Other non-recurring charges(1) | 413 | — | 413 | — | |||||||||||||||||||
Income (loss) from operations on non-GAAP basis | $ | 4,690 | $ | (21,600) | $ | (14,602) | $ | (73,381) | |||||||||||||||
Other income (expense), net on GAAP basis | $ | 569 | $ | 2,661 | $ | (508) | $ | 22,609 | |||||||||||||||
Gain from deconsolidation of Meltano Inc. | — | — | — | (17,798) | |||||||||||||||||||
Foreign exchange gains (losses), net | (488) | (2,855) | 506 | (5,361) | |||||||||||||||||||
Other income (expense), net on non-GAAP basis | $ | 81 | $ | (194) | $ | (2) | $ | (550) | |||||||||||||||
Net loss attributable to GitLab common stockholders on GAAP basis | $ | (285,158) | $ | (48,455) | $ | (387,707) | $ | (133,578) | |||||||||||||||
Stock-based compensation expense | 41,334 | 33,708 | 120,032 | 88,926 | |||||||||||||||||||
Amortization of acquired intangibles | 521 | 591 | 1,646 | 1,767 | |||||||||||||||||||
Restructuring charges | 14 | — | 7,839 | — | |||||||||||||||||||
Charitable donation of common stock | 2,675 | — | 8,025 | — |
Changes in the fair value of acquisition related contingent consideration | — | 1,063 | — | 1,063 | |||||||||||||||||||
Gain from deconsolidation of Meltano Inc. | — | — | — | (17,798) | |||||||||||||||||||
Loss from equity method investment, net of tax | 743 | 756 | 2,408 | 1,775 | |||||||||||||||||||
Foreign exchange gains (losses), net | (488) | (2,855) | 506 | (5,361) | |||||||||||||||||||
Other non-recurring charges(1) | 413 | — | 413 | — | |||||||||||||||||||
Income tax adjustment(1) | 254,392 | — | 254,392 | — | |||||||||||||||||||
Net income (loss) attributable to GitLab common stockholders on non-GAAP basis | $ | 14,446 | $ | (15,192) | $ | 7,554 | $ | (63,206) | |||||||||||||||
GAAP net loss per share, basic and diluted | $ | (1.84) | $ | (0.33) | $ | (2.53) | $ | (0.90) | |||||||||||||||
Non-GAAP net income (loss) per share, basic | $ | 0.09 | $ | (0.10) | $ | 0.05 | $ | (0.43) | |||||||||||||||
Non-GAAP net income (loss) per share, diluted | $ | 0.09 | $ | (0.10) | $ | 0.05 | $ | (0.43) | |||||||||||||||
Shares used in per share calculation - basic on GAAP basis | 155,123 | 148,883 | 153,504 | 147,812 | |||||||||||||||||||
Effect of dilutive securities(2) | 7,671 | — | 7,774 | — | |||||||||||||||||||
Shares used in per share calculation - diluted on non-GAAP basis | 162,794 | 148,883 | 161,278 | 147,812 |
D^)(@ZQ_>8:L6UTCX_<_6'QC1DK"$Q17@OUF#Z:CF[+3.\$0!Q8>
MG<7$X_]E<$7 FX_IHY)U^032F?BCOF35[5R\J[[Y*Z__Y7O(F0N$>/EZVN
MN59DU+;XG1"7RX>FWW.-/X;4>(!Z"^, *:]^\ %I>?!F*0H72<.0$3+NNJO%
M-V&2^.(E(EM.U^D4E_VV"&S1"+C@M@A5A@Z V?] X'*!"]W5U;+NF2=D6&BC
ME,2;I.2+I1):L JA!B(T@M)M>?J!64^4+^*RW&D*5:W1MQOOB$!=XM4Q!NE
M>,-J63IC)CH1ET2WB-+)CG4"Y1#BH.U0\_"?U +04U5#0:Q3?*RSJ+0#]$
M8(MH^I1^W?B7\%"]&Y:UTV=(55.CA-QH^&ZH-W!OW:QWI0@-/4'F[D%I634I
M2>+W@7@2*Y:+K)F/M!1+70#%X8I(TT27S-.MSKAS4NCRRQ+W6[#5@MS2VR
M;-DJF?_Y8EFRY MI;&Q$N?5@#YI'.JU7BT!W([!%#)2-6L(E+>ZHN.HW2-W;
M[TI)%)-L/H\$0,9Q2*N1]]\7=\,&::[P2K'X@3,)NOL=Y#YQ01J.@70]+H_4
MS?U,6L+KI314)E%O,]07(1GPY7)I7#07JI4J)*"T^Q/11T)T8>A"2?FSSSZ7
M.V[_BWPTYU/9N+%!_,&0;+_]#G+V.6?+(0$35#2376 PDBT]^SBL-&YOEW.]?
M(/]]Y!E9\/D"6;MFA:SXHE:F_6^6G'CL&?+" C=8?=,58=6ASRD91,/WB);XJ,G7T-_&<,G4!Z3JI%%$L0(C':D^KR3
M>F44%%@R3/TW-A8*X^R_V) QXL;DI0NVIVQ^NL,I$]F)XV.:(SG25$>O"6EH
MQ(G<3GONZ"'KG2ZBSOI>+@_:JC4RO>'$[GQG\H,BSI[QS"]T=;>+\+I.=U<1
MY/N<^6__2=[*$!1'"DL6+Y4G'GL*J_(NQ:96SW=:]EUD-T,,YM9VVVTK):4E
MFK*LGC(\H%KLH(,F9WV/SQ
Cover |
Dec. 04, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Dec. 04, 2023 |
Entity Registrant Name | GITLAB INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40895 |
Entity Tax Identification Number | 47-1861035 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.0000025 per share |
Trading Symbol | GTLB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001653482 |
Amendment Flag | false |
%^@2O&+(=/EB>N$_NG_A.
M\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.(
M[12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF
M&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@//GL?)=-[*CG_5U/\
M!%!+ P04 " P@817EXJ[', 3 @ "P %]R96QS+RYR96QSG9*Y
M;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI
M0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:W
MO606IW.D5XA &UL4$L! A0#% @ ,(&$
M5SP?@TBF P YPP !@ ("!#0@ 'AL+W=O
T@8WT 4_.JINE6 E:55JK_S)HH9KJ!98:P"+JJ4Z-?5,C=G#
M2;FE+*L"8]**TR$8DTGMRO436G=JJ.X$C"F=\&?]4G/!G%/1J"S'I1U7N?17
MK5>)E''+J1IUUGI5<_4JP;X>=0E$%M;C,>^'I^.DLFC'V7#XE%:W]NNG,EUJ
MNBJY#QO K&JI:TU]ZBF_X_'D9-J86ET@ %WEI2)S<@QJ&=I+I;6I%8[T;6V_
M&FI29IL:7E62T*K4850I:GD5QF9H36HK3 61?7YH/NPIH$$TZN:_O)PLFC;
MRX/I]/KZ>G]E8[E?Q_F44YI.-]:36_/5 _OKM+=F6NMI_^U7TZ;XD2$^EDT_
MO3T]=PM8&E)436LJUSEHBH.FOWE:.]/VJO]K7,FC%MT5V9B1[A9AG*1L?]7X
MR=%>DMS($>L2SB DW<\/9R=?71I;7[7[\Z(MC=UW]7+:&4R/:P0"0^V'MNM+
M.)PTQ?*RA,V]181P.)FWI25=31FGHG/XZ\W Z3>_EQ$:A*7/\Q1OW([OO/SW
M&2N7A)J^-A[)V]XS*3M7ZZTA\)I3]W9F'8M8_]95MVFA<.Z-6LP!*D9P%
M1H1-/;'. PF4]W8_Z;CU?19?4
MT4/$:6/CSD1WK[8/@;VUF%Z:B \B;E&4?C,ZQ'JYBUJU]0Z4NRD+ACM),.L
M,8(_O:G*H\GUF;4XF4)ON8N*OX=8U/YUY?_ V7:6>^JH,HZDCN% MT(A'2\*@Y4: XWWE+C34X 8H=@/'3(+;B1(R=D]WI
M/ ILWA0EO+M:6H@S%R"WDAJB,FRU199B[-C&D9 %I5$8KBG? 2/?/&X%A!P[
M$$]45;=9-+/<6D8%YT0)@[)(8 1#[C:9
M7%)(G6%:#8+CAVZW@D*-%XKA6CXS#.=U6;BB+:KY6UST8F'*62Y$:C@+A%MO
M<;YC@AB%6HA &:5(LF9N$ D/?6Z%03Y># :J^,P,O(_0 0R5@WX#W9V]Q+\#
MQC$3TO(L,T D]1D*DN'6R6-27ELI5:;RW)A!+#SN>RLF]'B9V)&JXV+CI&FN
M(-[-)7"3*H9K7N8E=D>.8B[64I(')5-PUJ?*[Y*0!Q%L=VY%_S>@#)/XN9<3
M<%>X)*YQOW11M"7,QXXIZ[
M[0H_XL/+IXLWDI?^])P SD 6F3VI<)S]^3496;7;"<]+I'(!YF)(?803BK) I07W#EB
M%U8VI$E$ #%]%N/;>QSSQ;($,W)PT#O&XD$!@J/[&(\!G(HP:6=U/.U$2Q,4
M(IA%
98.NU?'2@O\)WE#0,J"44'N!VFZ+=E^6=U6:B[?2M,6JG2M?1-C,KFW+
M:BA8$;0!R3VG7S7?+?GJNU* S=9P@#5&R* &0W+/2^XZ8[NRH*30P5+>1\5Y
MC@&M/.$S?
4T_C$&WU?DT3WK]&M1R
M-NQ5KG-JE 1IQZ5N=\-ISCJMIO':],UHC,/&0(/N)RE\@$%R7\P8)CAW#-DF
MUJC*2>B@8M^Q:-M^(,V@*\Q1=ZOK;6IP2=W8:W$ZIEME.9_D(+/6B'UR?Y.S[J=CIGJ.<'JNMC!(VKG)%"!HVTZ"]HRNLE(6.2;W*
M*17:/J^5.*_4HKWIJFNEYNS:I#@87"HV9]>0.11DJC=GU[ Y&-54;,ZN[?#'
M)]]ZXHH*4X4E=6[S4_9\Q];N*?