Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated April 24, 2013 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated April 24, 2013 |
• | Revenue for the quarter was $184.2 million |
• | GAAP net loss for the quarter was $27.9 million, or $(0.17) per share |
• | Non-GAAP net loss for the quarter was $27.2 million, or $(0.17) per share |
• | Received the 2013 CS Industry Award for GaN thermal management breakthroughs |
• | Released 5 new Transimpedance Amplifiers for Optical market |
• | Launched premium TC-SAW and BAW filters to support 4G and Wi-Fi Coexistence |
• | Healthy design win traction with highly efficient MMPAs at major OEMs |
GAAP RESULTS | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Q1 2013 | Q4 2012 | Change vs. Q4 2012 | Q1 2012 | Change vs. Q1 2012 | |||||||||||||
Revenue | $ | 184.2 | $ | 233.6 | (21 | )% | $ | 216.7 | (15 | )% | |||||||
Gross Profit | $ | 38.8 | $ | 68.5 | (43 | )% | $ | 62.6 | (38 | )% | |||||||
Gross Margin % | 21.0 | % | 29.3 | % | (8.3 | )% | 28.9 | % | (7.9 | )% | |||||||
Operating Loss | $ | (34.5 | ) | $ | (3.6 | ) | (858 | )% | $ | (3.6 | ) | (858 | )% | ||||
Net (Loss) Income | $ | (27.9 | ) | $ | (3.8 | ) | (634 | )% | $ | 1.9 | (1,568 | )% | |||||
Diluted per share | $ | (0.17 | ) | $ | (0.02 | ) | $ | (0.15 | ) | $ | 0.01 | $ | (0.18 | ) | |||
NON-GAAP RESULTS A | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Q1 2013 | Q4 2012 | Change vs. Q4 2012 | Q1 2012 | Change vs. Q1 2012 | |||||||||||||
Revenue | $ | 184.2 | $ | 233.6 | (21 | )% | $ | 216.7 | (15 | )% | |||||||
Gross Profit | $ | 42.0 | $ | 74.1 | (43 | )% | $ | 65.8 | (36 | )% | |||||||
Gross Margin % | 22.8 | % | 31.7 | % | (8.9 | )% | 30.4 | % | (7.6 | )% | |||||||
Op (Loss) Income | $ | (26.0 | ) | $ | 7.5 | (447 | )% | $ | 4.4 | (691 | )% | ||||||
Net (Loss) Income | $ | (27.2 | ) | $ | 6.2 | (539 | )% | $ | 4.1 | (763 | )% | ||||||
Diluted per share | $ | (0.17 | ) | $ | 0.04 | $ | (0.21 | ) | $ | 0.02 | $ | (0.19 | ) | ||||
A | Excludes stock based compensation charges, non-cash tax (benefit) expense, certain entries associated with acquisitions and other specifically identified non-routine transactions. | ||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
March 30, 2013 | December 31, 2012 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 120,679 | $ | 116,653 | |||||||
Investments in marketable securities | 20,461 | 22,305 | |||||||||
Accounts receivable, net | 106,076 | 132,729 | |||||||||
Inventories | 136,177 | 138,246 | |||||||||
Prepaid expenses | 11,511 | 8,938 | |||||||||
Deferred tax assets, net | 13,296 | 12,530 | |||||||||
Other current assets | 48,796 | 48,382 | |||||||||
Total current assets | 456,996 | 479,783 | |||||||||
Property, plant and equipment, net | 463,746 | 448,741 | |||||||||
Goodwill | 4,391 | 4,391 | |||||||||
Intangible assets, net | 21,397 | 23,163 | |||||||||
Deferred tax assets – noncurrent, net | 65,296 | 57,185 | |||||||||
Other noncurrent assets, net | 36,921 | 40,415 | |||||||||
Total assets | $ | 1,048,747 | $ | 1,053,678 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 77,752 | $ | 65,388 | |||||||
Accrued payroll | 33,929 | 33,254 | |||||||||
Other accrued liabilities | 15,722 | 15,132 | |||||||||
Total current liabilities | 127,403 | 113,774 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 3,366 | 2,809 | |||||||||
Cross-licensing liability | 12,560 | 12,818 | |||||||||
Other long-term liabilities | 17,010 | 15,878 | |||||||||
Total liabilities | 160,339 | 145,279 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 161 | 161 | |||||||||
Additional paid-in capital | 684,159 | 676,203 | |||||||||
Accumulated other comprehensive loss | (364 | ) | (366 | ) | |||||||
Retained earnings | 204,452 | 232,401 | |||||||||
Total stockholders' equity | 888,408 | 908,399 | |||||||||
Total liabilities and stockholders' equity | $ | 1,048,747 | $ | 1,053,678 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Unaudited) | ||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 30, 2013 | December 31, 2012 | March 31, 2012 | ||||||||||||
Revenues | $ | 184,209 | $ | 233,621 | $ | 216,730 | ||||||||
Cost of goods sold | 145,437 | 165,165 | 154,141 | |||||||||||
Gross profit | 38,772 | 68,456 | 62,589 | |||||||||||
Operating expenses: | ||||||||||||||
Research, development and engineering | 46,071 | 44,453 | 37,074 | |||||||||||
Selling, general and administrative | 27,241 | 27,569 | 29,086 | |||||||||||
Total operating expenses | 73,312 | 72,022 | 66,160 | |||||||||||
Operating loss | (34,540 | ) | (3,566 | ) | (3,571 | ) | ||||||||
Other (expense) income: | ||||||||||||||
Interest income | 38 | 45 | 49 | |||||||||||
Interest expense | (1,139 | ) | (784 | ) | (350 | ) | ||||||||
Gain/recovery of investment | — | — | 6,953 | |||||||||||
Other, net | (309 | ) | (53 | ) | 110 | |||||||||
Other (expense) income, net | (1,410 | ) | (792 | ) | 6,762 | |||||||||
(Loss) income before income tax | (35,950 | ) | (4,358 | ) | 3,191 | |||||||||
Income tax (benefit) expense | (8,001 | ) | (602 | ) | 1,308 | |||||||||
Net (loss) income | $ | (27,949 | ) | $ | (3,756 | ) | $ | 1,883 | ||||||
Per Share Data: | ||||||||||||||
Basic per share net (loss) income | $ | (0.17 | ) | $ | (0.02 | ) | $ | 0.01 | ||||||
Diluted per share net (loss) income | $ | (0.17 | ) | $ | (0.02 | ) | $ | 0.01 | ||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 160,758 | 162,083 | 166,237 | |||||||||||
Diluted | 160,758 | 162,083 | 170,566 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Unaudited) | |||||||||||
(% of revenue) | |||||||||||
Three Months Ended | |||||||||||
March 30, 2013 | December 31, 2012 | March 31, 2012 | |||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Cost of goods sold | 79.0 | % | 70.7 | % | 71.1 | % | |||||
Gross profit | 21.0 | % | 29.3 | % | 28.9 | % | |||||
Operating expenses: | |||||||||||
Research, development and engineering | 25.0 | % | 19.0 | % | 17.1 | % | |||||
Selling, general and administrative | 14.8 | % | 11.8 | % | 13.4 | % | |||||
Total operating expenses | 39.8 | % | 30.8 | % | 30.5 | % | |||||
Operating loss | (18.8 | )% | (1.5 | )% | (1.6 | )% | |||||
Other (expense) income: | |||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | |||||
Interest expense | (0.6 | )% | (0.3 | )% | (0.2 | )% | |||||
Gain/recovery of investment | — | % | — | % | 3.2 | % | |||||
Other, net | (0.2 | )% | (0.1 | )% | 0.1 | % | |||||
Other (expense) income, net | (0.8 | )% | (0.4 | )% | 3.1 | % | |||||
(Loss) income before income tax | (19.6 | )% | (1.9 | )% | 1.5 | % | |||||
Income tax (benefit) expense | (4.4 | )% | (0.3 | )% | 0.6 | % | |||||
Net (loss) income | (15.2 | )% | (1.6 | )% | 0.9 | % |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 30, 2013 | December 31, 2012 | March 31, 2012 | ||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||
GAAP GROSS PROFIT | $ | 38,772 | 21.0 | % | $ | 68,456 | 29.3 | % | $ | 62,589 | 28.9 | % | ||||||||
Adjustment for stock based compensation charges | 2,036 | 1.1 | % | 2,544 | 1.1 | % | 2,106 | 1.0 | % | |||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | 2,018 | 0.9 | % | — | — | % | |||||||||||
Adjustment for charges associated with acquisitions | 1,208 | 0.7 | % | 1,126 | 0.4 | % | 1,095 | 0.5 | % | |||||||||||
NON-GAAP GROSS PROFIT | $ | 42,016 | 22.8 | % | $ | 74,144 | 31.7 | % | $ | 65,790 | 30.4 | % | ||||||||
GAAP OPERATING EXPENSES | $ | 73,312 | 39.8 | % | $ | 72,022 | 30.8 | % | $ | 66,160 | 30.5 | % | ||||||||
Adjustment for stock based compensation charges | (4,987 | ) | (2.7 | )% | (5,062 | ) | (2.2 | )% | (4,591 | ) | (2.1 | )% | ||||||||
Adjustment for charges associated with acquisitions | (314 | ) | (0.2 | )% | (312 | ) | (0.1 | )% | (202 | ) | (0.1 | )% | ||||||||
NON-GAAP OPERATING EXPENSES | $ | 68,011 | 36.9 | % | $ | 66,648 | 28.5 | % | $ | 61,367 | 28.3 | % | ||||||||
GAAP OPERATING LOSS | $ | (34,540 | ) | (18.8 | )% | $ | (3,566 | ) | (1.5 | )% | $ | (3,571 | ) | (1.6 | )% | |||||
Adjustment for stock based compensation charges | 7,023 | 3.8 | % | 7,606 | 3.3 | % | 6,697 | 3.1 | % | |||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | 2,018 | 0.9 | % | — | — | % | |||||||||||
Adjustment for charges associated with acquisitions | 1,522 | 0.9 | % | 1,438 | 0.5 | % | 1,297 | 0.6 | % | |||||||||||
NON-GAAP OPERATING (LOSS) INCOME | $ | (25,995 | ) | (14.1 | )% | $ | 7,496 | 3.2 | % | $ | 4,423 | 2.1 | % | |||||||
GAAP NET (LOSS) INCOME | $ | (27,949 | ) | (15.2 | )% | $ | (3,756 | ) | (1.6 | )% | $ | 1,883 | 0.9 | % | ||||||
Adjustment for stock based compensation charges | 7,023 | 3.8 | % | 7,606 | 3.3 | % | 6,697 | 3.1 | % | |||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | 2,018 | 0.9 | % | — | — | % | |||||||||||
Adjustment for gain/recovery of investment | — | — | % | — | — | % | (6,953 | ) | (3.2 | )% |
Adjustment for non-cash tax (benefit) expense | (8,311 | ) | (4.5 | )% | (1,196 | ) | (0.5 | )% | 1,143 | 0.5 | % | |||||||||
Adjustment for charges associated with acquisitions | 2,012 | 1.1 | % | 1,540 | 0.6 | % | 1,323 | 0.6 | % | |||||||||||
NON-GAAP NET (LOSS) INCOME | $ | (27,225 | ) | (14.8 | )% | $ | 6,212 | 2.7 | % | $ | 4,093 | 1.9 | % | |||||||
GAAP DILUTED (LOSS) EARNINGS PER SHARE | $ | (0.17 | ) | $ | (0.02 | ) | $ | 0.01 | ||||||||||||
Adjustment for stock based compensation charges | 0.04 | 0.05 | 0.04 | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | 0.01 | — | |||||||||||||||||
Adjustment for gain/recovery of investment | — | — | (0.04 | ) | ||||||||||||||||
Adjustment for non-cash tax (benefit) expense | (0.05 | ) | (0.01 | ) | 0.00 | |||||||||||||||
Adjustment for charges associated with acquisitions | 0.01 | 0.01 | 0.01 | |||||||||||||||||
NON-GAAP DILUTED (LOSS) EARNINGS PER SHARE | $ | (0.17 | ) | $ | 0.04 | $ | 0.02 | |||||||||||||
Forward Looking GAAP Gross Margin | 26.5 | % | ||||
Adjustment for stock based compensation charges | 1.0 | % | ||||
Adjustment for charges associated with acquisitions | 0.5 | % | ||||
Forward Looking non-GAAP Gross Margin | 28.0 | % | ||||
Forward Looking GAAP Loss per Share | $ | (0.13 | ) | |||
Adjustment for stock based compensation charges | 0.05 | |||||
Adjustment for non-cash tax (benefit) expense | (0.04 | ) | ||||
Adjustment for charges associated with acquisitions | 0.01 | |||||
Forward Looking non-GAAP Loss per Share | $ | (0.11 | ) |
7!E96YU;0````I%4VQI8V54
M>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!```
M``!4;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````
MX`````!29VAT;&]N9P``!_8````#=7)L5$585`````$```````!N=6QL5$58
M5`````$```````!- ;L?^(T$LN?^%HS`?82*#U-1T? _=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>ZTTO\`A,%_S.WY3?\`B+-C?^];
M4>\O_O+_`/)'VO\`YK2_\<7K!S[I/_)9WG_FC!_U0!YJ'I0>OA[I'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P
M(1PA2"%U(:$ASB'[(B_=>Z][]U[KWOW7NO>_=>Z][]
MU[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO
M>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U
M[KWOW7NO>_=>Z][]U[KWOW7NM-+_`(3!?\SM^4W_`(BS8W_O6U'O+_[R_P#R
M1]K_`.:TO_'%ZP<^Z3_R6=Y_YHP?]7).MRWWB!UG'U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7__U=_CW[KW7O?NO=>]
M^Z]U17_-"_E`[X_F*]T[*[+I/D5ANL-N;&ZVH]C8O9]=UQ6[K;^)?WCR.?S.
MXFR=/F:`!JM:NDIC#X;*M*AN2S>YM]L_=JR]O=GFVUMN:YDGF,C2"81C3H14
M0+X;_"0YK7\9'6/GNY[*7_N?OEON:[HMG#;0>$L1@,G<7=WDU"6/X@46E#31
M7SZK2_Z!=MZ'G_9R-KC_``_T*9;C_P!>;W)'_!,V?_1H?_LH'_6GJ*?^!%O/
M^C\G_9(W_;1U[_H%VWK_`-YD;7_]$GEO_LF]^_X)FS_Z,[_]E*_]:>O?\"+>
M?]'U/^R1O^VCKW_0+MO7_O,C:_\`Z)/+?_9-[]_P3-G_`-&=_P#LI7_K3U[_
M`($6\_Z/J?\`9(W_`&T=5G?S+/Y3]5_+AV=U?N3.]^XGM3*]H[GSN#Q6W<;U
M]5;1DI%8!
Y9X>5;SZIK8*TGZ,\6D.2%S-%J<*2<>G0^
M=L=R=4]$[-KNPNY.PMH]9[+QSI#4[BWEFZ'"8YJN96>FQU&]8ZM4UZ5>%[3W?BZQ;5%=66^XP=%,AAIZ
V(-YX?!KL3L[>%34
M;9JLK58.FRTLNPL+E(8$DJJ&KAC6HD1V,3Z5*B_L9\N>WG.'-]F]_P`O69N(
M8W\-F\6&,!P`Q`$LB5HK`F@.#T`>;/=#D7D>^CVWF>_%K/*GBJGA3RGPR64,
M?!BDH"R,!4BND^G1P/U(G7?OW7NO>_=>Z][]U[KWOW7NBY_)SY6=$_$#K>M[3[ZWWCMF[
M=A>2EQ%"Q%9N7=^9$7EBV]L[;L)^XR%:X]1CA71$EYJAX8$>53_EOE?>^;=R
M7:MBA,TIR3P2->&J1N"K]IJ315!8A>@SS7S?R_R5M3;QS%<+;Q#"UR\C4KHB
M3XG<\:*#0`L:`$C1H_F0?SC>]?G1693K_:KY+ISXV+5%*7KC$Y#_`'/;Y@IY
M==+DNT\[1$?>$L!,F'IR*"!A&76KGACJ_>;/MU[0;'R2JW]X1>;EYRD52(\"
M(%([?].?U&\M*L5//OW2]].8?_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NNU-K
M\_X'Z_[R/Z?7WXCUZ]3&>K7_`.77_-N[^^!&4I-K+/4]J?'JLKC/G.H-P9.2
M+^"FIE+UN9ZXSU0DS8BK+,TLM,(VHZEBS30B9EJ(XI]PO:C8N>8C=4^EW!11
M;A1\5."S**>(H%`&KK0<&*C09I]L/>SF3V[E6QEK>[8QJUNS4,=3EK=L^&QR
M2G]F[$DJ&.L;U'Q,^97Q_P#FKUO#V7T+O2GW!10BDI]T;6R"KC-[[#R]5$9!
MA=X[
^T[Y`L\#YHW%33#JPHR,/(J:\>(QT(.6N9]]Y
M0W2/>>7[AK>=#Q4]KKYHZFJNAQ57%":$4(!&[S_+4_G9].?,A<#U-W+_``?I
M?Y)5"TN/H<54UCP[![3KRHB\VP\Q7M_DM?-):V`KIC,S.BT<];^X(L+/<;V8
MWKE#7NFT:KW;ADL!66`5_P!&5>*C_?JC2,EU2H!S_P#:KWZV+GL)L^\Z;#=C
M@(3^C.0.,+-P<_[Y8Z_X#(`Q6]`<#W"8^?60'0>=I]4];]V;&S_6?;6RMO=@
M;#W/2_:9O:^YL?#D<;6*K"2GJ$20:X:B"0+-2U<#I-!*JRPR)(BL%^V;IN.R
MWT>Y;3,]O/&:JZ$AAY'AY$8(-01@@C'1=NVT;9OMA)M>\0)W@T$B0AC&[J',:
ML`-:H&4*QJPRK%F!8D%/U-_][O?_`!]CT4ICJ-?LZL7_`)3WQ\/R4^?/QZV+
M6XULEM7;V[H^T-](P7[-=J]9QG=LM+D_[1I\A64]'B6"BY-6%NH)98[]UM__
M`*NL]/!-530TM-#+45-3+'!3T\$4DT\T\S^.*&&*
M,%G9B0%51
^[%I[@[G/M]I8R6X@B
M\1G=U89<($`"X)JQK\NHS]T/96Z]L-HM]TN]QCNFN9O"6-8F0TT.[.26-0NE
M5IZN.JA#]?\`C=_]Y]RW]O4'G/77OW7NKP_@M_(^[;^<'Q\PGR%PO
?^?>^YE'W8\?\EO_`+,_^WKJ!?\`@O",'E[_`+/_`/MS
MZ]_T%):C_P!D+_X\?)N]K#\WZ]]Z_P"!C-1_N[X_\N?_`&]=;_X+S_PWO^S_
M`/[9
M735H=M.I"+_4$7!*M]D:'9+R9/B2"5A]HC8C^?1YRQ"MQS)M]N_PR7,"G[#*
MH/\`+KZKXY'OEYUV#Z[]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7$_7_??3\^]&E>
MO=?,Z_F9=STW?OST^4/9F/JC6XBN[0RFUMOU8E66&MVYUS30]=;>KJ9HSI\5
M11XJ"=+&^EQ?F_OH_P"VNS-L/(NV;=(*.(5=AZ-,3,P_)I"/RZY3>[>^KS)[
MC[OND9U1_4-&GS6`+`I%/)A&"/D1T13C\?3V.Z4P>HY/7(<6_P!<_0<_3G_`
M_CWH<:C_`%5^?[.O\`5_J^?7T9?Y+_`%C+U7_+6^,^-K(5BR>[=N9_L[(2
MBG^W:JB[(W=7[LV_/*O)8C$5..B\A8ZE0,-*D*.>7O#N8W3W&W&5#5872$?(
MPQK&_P"V16/743V,VD[/[5[1`^6FB:X)I2HN)'E3'RC=17SI7SZ);_PI)[7.
MS_A5L7K*EJECKNW^Z<%#74QET-4;6V%AJS=&2<0CEQ'D_P""L;\*2#^K3[&?
MW==J^LYSFW%ABTMV(/\`3D94'_&/$Z`OWI-X-E[?0[7'\5]=(IS3LB5I3]O>
M(Q^?6C6?K_O?^O;GZ^\VAPX4ZYZ]=>_=>ZWC?^$V/5+;1^%_879]93B*N[>[
MJS/V$^E?\JVKL'!4>WL:VKZDIE),VMCP+7'U/O"?[Q>Z?5\Y0;8AJ+2W6H]'
ME8NW[4\/KH/]UG9VL>0+C=9!F^NG*G_A<2K&/^J@DZV)!]!;_7_V_/O'_P"W
MK)CKOW[KW7$_[#_?#WZF>M<.OF%?/OM9^[OFK\H>S15+6T.X^Z]^0X&J23S)
M+M3;^;DVSL\K+=@P&+HJ-05.GCT@+8#I7R%M7[EY+VS;2*,EO&6']-U$C_\`
M&V;KDU[F[PV_>X&\;H34/=2JI_X7$WA1_P#5-%Z*)[%O0&Z-]\`NJ#W=\U?B
M]UD],M90;B[HV--G:=XC4++M?;V9CW1NU&A^A'\,HJIC?@`7;TW]A#G[=3LO
M)FY[B#0I;R!?D[*43_C;KT.O;+:#OWN!M&UTJKW43,*5JD3"5_VHC#KZ>8^@
MXM[YK==9?LZ+#\U>UQT;\1_DCVRDGCKMD=,]@9;"'6(O+N5MN3T6UJ
=2MO
M3YP;L[,JJ