Delaware | 1-34033 | 41-1532464 | ||
(State of Incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) | ||
11001 Bren Road East, Minnetonka, Minnesota | 55343 | |||
(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)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
No. | Exhibit | Manner of Filing | |||
99.1 | Furnished Electronically |
DIGI INTERNATIONAL INC. | |||
By: | /s/ Michael C. Goergen | ||
Michael C. Goergen | |||
Senior Vice President, Chief Financial Officer and Treasurer |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results | ||||||
TempAlert Acquisition Strengthens Leadership Position in Task and Temperature Monitoring |
GAAP Results from Continuing Operations | ||||||||||||||||
(in thousands, except per share data) | Q4 2017 | Q4 2016 | FY 2017 | FY 2016 | ||||||||||||
Total Revenue | $ | 45,105 | $ | 50,454 | $ | 181,634 | $ | 203,005 | ||||||||
Gross Profit | $ | 21,334 | $ | 24,604 | $ | 87,174 | $ | 99,680 | ||||||||
Gross Margin | 47.3 | % | 48.8 | % | 48.0 | % | 49.1 | % | ||||||||
Operating Income | $ | 4,164 | $ | 5,038 | $ | 8,807 | $ | 17,105 | ||||||||
Operating Income as % of Total Revenue | 9.2 | % | 10.0 | % | 4.8 | % | 8.4 | % | ||||||||
Income from Continuing Operations | $ | 4,343 | $ | 3,844 | $ | 9,366 | $ | 13,478 | ||||||||
Income from Continuing Operations per Diluted Share | $ | 0.16 | $ | 0.14 | $ | 0.35 | $ | 0.51 |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Non-GAAP Results from Continuing Operations* | ||||||||||||||||
(in thousands, except per share data) | Q4 2017 | Q4 2016 | FY 2017 | FY 2016 | ||||||||||||
Adjusted Income from Continuing Operations | $ | 4,172 | $ | 3,790 | $ | 10,041 | $ | 12,900 | ||||||||
Adjusted Income from Continuing Operations per Diluted Share | $ | 0.16 | $ | 0.14 | $ | 0.37 | $ | 0.49 | ||||||||
EBITDA from Continuing Operations | $ | 5,498 | $ | 5,941 | $ | 14,380 | $ | 21,020 | ||||||||
EBITDA from Continuing Operations as % of Total Revenue | 12.2 | % | 11.8 | % | 7.9 | % | 10.4 | % | ||||||||
* A reconciliation of GAAP to non-GAAP financial measures appears at the end of this release. |
Revenue Detail QTD | |||||||||||||||
(in thousands) | Q4 2017 | Q4 2016 | Change | % Change | |||||||||||
Cellular routers and gateways | $ | 11,121 | $ | 12,547 | $ | (1,426 | ) | (11.4 | ) | ||||||
RF | 7,340 | 7,342 | (2 | ) | NM | ||||||||||
Embedded | 12,644 | 15,792 | (3,148 | ) | (19.9 | ) | |||||||||
Network | 9,776 | 12,894 | (3,118 | ) | (24.2 | ) | |||||||||
Total hardware product revenue | 40,881 | 48,575 | (7,694 | ) | (15.8 | ) | |||||||||
Services and solutions | 4,224 | 1,879 | 2,345 | 124.8 | |||||||||||
Total revenue | $ | 45,105 | $ | 50,454 | $ | (5,349 | ) | (10.6 | ) | ||||||
North America, primarily United States | $ | 28,071 | $ | 33,145 | $ | (5,074 | ) | (15.3 | ) | ||||||
Europe, Middle East and Africa | 10,344 | 11,269 | (925 | ) | (8.2 | ) | |||||||||
Asia | 5,446 | 5,228 | 218 | 4.2 | |||||||||||
Latin America | 1,244 | 812 | 432 | 53.2 | |||||||||||
Total revenue | $ | 45,105 | $ | 50,454 | $ | (5,349 | ) | (10.6 | ) |
• | Hardware product revenue decreased by $7.7 million, or 15.8%, in the fourth fiscal quarter of 2017 compared to the fourth fiscal quarter of 2016. All product categories performed within our guidance. We continue to see decline in network product revenue, as there were significant terminal server sales to large customers in the prior fiscal year. Embedded and cellular routers and gateway revenue both declined as we had significant sales to large customers in the fourth fiscal quarter of 2016. Additionally, embedded products declined due to a decrease of sales of Rabbit® embedded modules, which are in the mature portion of their product life cycle. |
• | Services and solutions revenue increased by $2.3 million, or 124.8%, in the fourth fiscal quarter of 2017 compared to the fourth fiscal quarter of 2016. The increase was driven primarily by the growth of our Digi Smart Solutions business, which includes $2.1 million of incremental revenue from our recent acquisitions of SMART Temps on January 9, 2017 and FreshTemp on November 1, 2016. |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Revenue Detail YTD | |||||||||||||||
(in thousands) | 2017 | 2016 | Change | % Change | |||||||||||
Cellular routers and gateways | $ | 47,093 | $ | 48,373 | $ | (1,280 | ) | (2.6 | ) | ||||||
RF | 28,974 | 33,924 | (4,950 | ) | (14.6 | ) | |||||||||
Embedded | 47,996 | 56,489 | (8,493 | ) | (15.0 | ) | |||||||||
Network | 42,417 | 57,315 | (14,898 | ) | (26.0 | ) | |||||||||
Total hardware product revenue | 166,480 | 196,101 | (29,621 | ) | (15.1 | ) | |||||||||
Services and solutions | 15,154 | 6,904 | 8,250 | 119.5 | |||||||||||
Total revenue | $ | 181,634 | $ | 203,005 | $ | (21,371 | ) | (10.5 | ) | ||||||
North America, primarily United States | $ | 117,749 | $ | 131,457 | $ | (13,708 | ) | (10.4 | ) | ||||||
Europe, Middle East and Africa | 39,403 | 44,932 | (5,529 | ) | (12.3 | ) | |||||||||
Asia | 19,892 | 20,390 | (498 | ) | (2.4 | ) | |||||||||
Latin America | 4,590 | 6,226 | (1,636 | ) | (26.3 | ) | |||||||||
Total revenue | $ | 181,634 | $ | 203,005 | $ | (21,371 | ) | (10.5 | ) |
• | Hardware product revenue decreased by $29.6 million, or 15.1%, in fiscal 2017 compared to fiscal 2016. Our decline in network product revenue was more than initially anticipated as there were significant terminal server sales to large customers in the prior fiscal year. This was offset partially by an increase in USB connected products revenue. Embedded and RF product revenue both declined as we had significant sales to large customers in the prior fiscal year. Additionally, embedded products declined due to a decrease of sales of Rabbit® embedded modules, which are in the mature portion of their product life cycle. |
• | Services and solutions revenue increased by $8.2 million, or 119.5%, in fiscal 2017 compared to fiscal 2016. This primarily was driven by the growth of our Digi Smart Solutions business. Services and solutions revenue |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
• | Included in revenue performance for the year was a foreign currency translation decrease of $0.4 million when compared to the same period in the prior fiscal year. This primarily was caused by the weakening of the British Pound and Euro against the U.S. dollar. |
• | Cash and cash equivalents and marketable securities balance, including long-term marketable securities, of $115.0 million, a decrease of $22.7 million from the end of fiscal 2016. Digi completed two acquisitions in fiscal 2017, for a total cash expenditure of $30.1 million (net of cash acquired of $0.5 million). Please refer to the Condensed Consolidated Statements of Cash Flows for more information. |
• | Current and long-term contingent liabilities of $6.4 million. |
• | A current ratio of 9.7 to 1, compared to 8.2 to 1 at September 30, 2016. |
• | A public school district in Kansas contracted with Digi to monitor over 90 food service locations. The school district purchased SMART Shield Pros and will utilize SMART Temps’ state of the art menu integration solution. |
• | Digi International was awarded a contract with a public school district in Colorado to monitor its food services at over 60 locations. |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
• | A Chicago based hospital selected Digi to monitor their hospitals and off-site clinics. Digi will monitor its lab, pharmacy, dietary, and surgery departments. |
• | A southeastern US county has deployed a traffic management system using Digi’s WR44R as part of an infrastructure modernization program, which includes approximately 350 intersections that will be equipped with the WR44R. The program includes new traffic controllers and video detection sensors that will be part of an intelligent transportation system (ITS). |
• | A multi-national systems integrator has selected the railway compliant Digi TransPort WR44RR for a state passenger railway project in Australia. The WR44RR will be deployed on new trains starting in 2018. |
• | A commercial display solution provider in Shanghai selected the Digi TransPort WR21 extended-temperature 4G routers to update content remotely on its European users advertisement displays. |
• | A meter manufacturer in India has selected Digi’s XBee 865 for a state utility metering project to connect approximately 20,000 meters using wireless technology. The manufacturer selected Digi because of the robustness and stability of our products. |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Mike Goergen | ||
Senior Vice President, Chief Financial Officer and Treasurer | ||
Digi International | ||
952-912-3737 | ||
Email: mike.goergen@digi.com | ||
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Three months ended September 30, | Twelve months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Hardware product | $ | 40,881 | $ | 48,575 | $ | 166,480 | $ | 196,101 | |||||||
Services and solutions | 4,224 | 1,879 | 15,154 | 6,904 | |||||||||||
Total revenue | 45,105 | 50,454 | 181,634 | 203,005 | |||||||||||
Cost of sales: | |||||||||||||||
Cost of hardware product | 21,439 | 24,173 | 85,369 | 97,776 | |||||||||||
Cost of services and solutions | 1,920 | 1,466 | 7,647 | 4,662 | |||||||||||
Amortization of intangibles | 412 | 211 | 1,444 | 887 | |||||||||||
Total cost of sales | 23,771 | 25,850 | 94,460 | 103,325 | |||||||||||
Gross profit | 21,334 | 24,604 | 87,174 | 99,680 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 8,398 | 8,537 | 33,955 | 33,847 | |||||||||||
Research and development | 7,262 | 7,412 | 28,566 | 30,955 | |||||||||||
General and administrative | 1,510 | 3,617 | 13,331 | 17,026 | |||||||||||
Restructuring charges, net | — | — | 2,515 | 747 | |||||||||||
Total operating expenses | 17,170 | 19,566 | 78,367 | 82,575 | |||||||||||
Operating income | 4,164 | 5,038 | 8,807 | 17,105 | |||||||||||
Other income (expense), net: | |||||||||||||||
Interest income, net | 219 | 99 | 608 | 254 | |||||||||||
Other (expense) income, net | (134 | ) | (149 | ) | 76 | (669 | ) | ||||||||
Total other income (expense), net | 85 | (50 | ) | 684 | (415 | ) | |||||||||
Income from continuing operations, before income taxes | 4,249 | 4,988 | 9,491 | 16,690 | |||||||||||
Income tax (benefit) provision | (94 | ) | 1,144 | 125 | 3,212 | ||||||||||
Income from continuing operations | 4,343 | 3,844 | 9,366 | 13,478 | |||||||||||
Income from discontinued operations, after income taxes | — | — | — | 3,230 | |||||||||||
Net income | $ | 4,343 | $ | 3,844 | $ | 9,366 | $ | 16,708 | |||||||
Basic net income per common share: | |||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.15 | $ | 0.35 | $ | 0.52 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.13 | |||||||
Net income | $ | 0.16 | $ | 0.15 | $ | 0.35 | $ | 0.65 | |||||||
Diluted net income per common share: | |||||||||||||||
Continuing operations | $ | 0.16 | $ | 0.14 | $ | 0.35 | $ | 0.51 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.12 | |||||||
Net income (1) | $ | 0.16 | $ | 0.14 | $ | 0.35 | $ | 0.64 | |||||||
Weighted average common shares: | |||||||||||||||
Basic | 26,557 | 25,987 | 26,432 | 25,760 | |||||||||||
Diluted | 26,885 | 26,621 | 27,099 | 26,311 |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Three months ended September 30, | Twelve months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 4,343 | $ | 3,844 | $ | 9,366 | $ | 16,708 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustment | 1,984 | (389 | ) | 2,041 | (2,107 | ) | |||||||||
Change in net unrealized (loss) gain on investments | (12 | ) | 4 | (14 | ) | 53 | |||||||||
Less income tax benefit (expense) | 4 | (2 | ) | 5 | (20 | ) | |||||||||
Reclassification of realized gain on investments included in net income (1) | — | — | — | (7 | ) | ||||||||||
Less income tax provision (2) | — | — | — | 3 | |||||||||||
Other comprehensive income (loss), net of tax | 1,976 | (387 | ) | 2,032 | (2,078 | ) | |||||||||
Comprehensive income | $ | 6,319 | $ | 3,457 | $ | 11,398 | $ | 14,630 |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
September 30, 2017 | September 30, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 78,222 | $ | 75,727 | |||
Marketable securities | 32,015 | 58,382 | |||||
Accounts receivable, net | 28,855 | 28,685 | |||||
Inventories | 30,238 | 26,276 | |||||
Receivable from sale of business | 1,998 | 2,997 | |||||
Other | 3,032 | 3,578 | |||||
Total current assets | 174,360 | 195,645 | |||||
Marketable securities, long-term | 4,753 | 3,541 | |||||
Property, equipment and improvements, net | 12,801 | 14,041 | |||||
Identifiable intangible assets, net | 11,800 | 4,041 | |||||
Goodwill | 131,995 | 109,448 | |||||
Deferred tax assets | 9,211 | 7,295 | |||||
Non-current receivable from sale of business | — | 1,959 | |||||
Other | 269 | 196 | |||||
Total assets | $ | 345,189 | $ | 336,166 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,240 | $ | 8,569 | |||
Accrued compensation | 4,325 | 10,787 | |||||
Accrued warranty | 987 | 1,033 | |||||
Accrued professional fees | 928 | 753 | |||||
Unearned revenue | 1,343 | 361 | |||||
Accrued restructuring | 1,656 | — | |||||
Other | 2,501 | 2,305 | |||||
Total current liabilities | 17,980 | 23,808 | |||||
Income taxes payable | 877 | 1,490 | |||||
Deferred tax liabilities | 534 | 616 | |||||
Contingent consideration on acquired businesses | 6,000 | 9,447 | |||||
Other non-current liabilities | 654 | 776 | |||||
Total liabilities | 26,045 | 36,137 | |||||
Total stockholders’ equity | 319,144 | 300,029 | |||||
Total liabilities and stockholders’ equity | $ | 345,189 | $ | 336,166 |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Year ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 9,366 | $ | 16,708 | |||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||
Depreciation of property, equipment and improvements | 2,900 | 2,742 | |||||
Amortization of identifiable intangible assets | 2,597 | 1,872 | |||||
Stock-based compensation | 4,659 | 3,654 | |||||
Excess tax benefits from stock-based compensation | (326 | ) | (212 | ) | |||
Deferred income tax (benefit) provision | (2,108 | ) | 1,115 | ||||
Gain on sale of business | — | (2,870 | ) | ||||
Change in fair value of contingent consideration | (4,364 | ) | (441 | ) | |||
Bad debt/product return provision | 361 | 168 | |||||
Inventory obsolescence | 1,480 | 1,734 | |||||
Restructuring charges | 2,515 | 747 | |||||
Other | (9 | ) | 66 | ||||
Changes in operating assets and liabilities (net of acquisitions) | (14,596 | ) | 1,806 | ||||
Net cash provided by operating activities | 2,475 | 27,089 | |||||
Investing activities: | |||||||
Purchase of marketable securities | (61,964 | ) | (74,759 | ) | |||
Proceeds from maturities and sales of marketable securities | 87,105 | 73,706 | |||||
Proceeds from sale of investment | — | 13 | |||||
Proceeds from sale of Etherios | 3,000 | 2,849 | |||||
Acquisition of businesses, net of cash acquired | (30,111 | ) | (2,860 | ) | |||
Purchase of property, equipment, improvements and certain other identifiable intangible assets | (1,773 | ) | (2,729 | ) | |||
Net cash used in investing activities | (3,743 | ) | (3,780 | ) | |||
Financing activities: | |||||||
Acquisition earn-out payments | (518 | ) | — | ||||
Excess tax benefits from stock-based compensation | 326 | 212 | |||||
Proceeds from stock option plan transactions | 3,502 | 7,191 | |||||
Proceeds from employee stock purchase plan transactions | 685 | 896 | |||||
Purchases of common stock | (938 | ) | (550 | ) | |||
Net cash provided by financing activities | 3,057 | 7,749 | |||||
Effect of exchange rate changes on cash and cash equivalents | 706 | (349 | ) | ||||
Net increase in cash and cash equivalents | 2,495 | 30,709 | |||||
Cash and cash equivalents, beginning of period | 75,727 | 45,018 | |||||
Cash and cash equivalents, end of period | $ | 78,222 | $ | 75,727 | |||
Supplemental schedule of non-cash investing and financing activities: | |||||||
Receivable related to sale of Etherios | $ | — | $ | 4,956 | |||
Liability related to acquisition of businesses | $ | (1,310 | ) | $ | (10,550 | ) | |
Accrual for purchase of property, equipment, improvements and certain other identifiable intangible assets | $ | (36 | ) | $ | (183 | ) |
Digi International Reports Fourth Fiscal Quarter and Full Year 2017 Results |
Three months ended September 30, | Year ended September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Income and income per diluted share from continuing operations | $ | 4,343 | $ | 0.16 | $ | 3,844 | $ | 0.14 | $ | 9,366 | $ | 0.35 | $ | 13,478 | $ | 0.51 | |||||||||||||||
Restructuring reserve | — | — | — | — | 2,515 | 0.09 | 747 | 0.03 | |||||||||||||||||||||||
Tax effect from restructuring reserve | — | — | — | — | (880 | ) | (0.03 | ) | (262 | ) | (0.01 | ) | |||||||||||||||||||
Discrete tax benefits (1) | (171 | ) | (0.01 | ) | (54 | ) | NM | (960 | ) | (0.04 | ) | (1,063 | ) | (0.04 | ) | ||||||||||||||||
Adjusted income and adjusted income per diluted share from continuing operations (2) | $ | 4,172 | $ | 0.16 | $ | 3,790 | $ | 0.14 | $ | 10,041 | $ | 0.37 | $ | 12,900 | $ | 0.49 | |||||||||||||||
Diluted weighted average common shares | 26,885 | 26,621 | 27,099 | 26,311 |
(1) | Discrete tax benefits include reversals of tax reserves due to the expiration of statutes of limitation, and extended research and development tax credits. |
(2) | Adjusted income per diluted share may not add due to the use of rounded numbers. |
Three months ended September 30, | Year ended September 30, | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
% of total revenue | % of total revenue | % of total revenue | % of total revenue | ||||||||||||||||||||||||
Total revenue | $ | 45,105 | 100.0 | % | $ | 50,454 | 100.0 | % | $ | 181,634 | 100.0 | % | $ | 203,005 | 100.0 | % | |||||||||||
Income from continuing operations | $ | 4,343 | $ | 3,844 | $ | 9,366 | $ | 13,478 | |||||||||||||||||||
Interest income, net | (219 | ) | (99 | ) | (608 | ) | (254 | ) | |||||||||||||||||||
Income tax provision | (94 | ) | 1,144 | 125 | 3,212 | ||||||||||||||||||||||
Depreciation and amortization | 1,468 | 1,052 | 5,497 | 4,584 | |||||||||||||||||||||||
EBITDA from continuing operations | 5,498 | 12.2 | % | 5,941 | 11.8 | % | 14,380 | 7.9 | % | 21,020 | 10.4 | % | |||||||||||||||
Stock-based compensation | 1,157 | 991 | 4,659 | 3,649 | |||||||||||||||||||||||
Restructuring charges, net | — | — | 2,515 | 747 | |||||||||||||||||||||||
Acquisition expense | 356 | 62 | 1,962 | 860 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 7,011 | 15.5 | % | $ | 6,994 | 13.9 | % | $ | 23,516 | 12.9 | % | $ | 26,276 | 12.9 | % |
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