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 February 5, 2014 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated February 5, 2014 |
• | Revenue for the quarter was $267.7 million, up 7% from Q3 2013 |
• | GAAP gross margin for Q4 2013 was 26.1%, GAAP loss per share was ($0.05) |
• | Non-GAAP gross margin as a percent of revenue grew 550 basis points over Q4 2012 |
• | Achieved record Mobile Devices revenue in the 2nd half, up over 66% from the 1st half |
• | Grew premium discrete filter revenue 52% to over $90 million in 2013 |
• | Key design wins for BAW filters at Samsung, Huawei, ZTE, Yulong and Sony |
• | Base Station revenue up 50% in 2013 supporting the TD-LTE build-out in China |
• | Announced new GaN solutions, Optical drivers and small cell Base Station amplifiers |
• | Released over 190 new products in 2013 |
• | Authorized increase in share repurchase program from existing balance of $24 million to $75 million |
GAAP RESULTS | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
Q4 2013 | Q3 2013 | Change vs. Q3 2013 | Q4 2012 | Change vs. Q4 2012 | 2013 | 2012 | Change vs. 2012 | |||||||||||||||||||||
Revenue | $ | 267.7 | $ | 250.8 | 7 | % | $ | 233.6 | 15 | % | $ | 892.9 | $ | 829.2 | 8 | % | ||||||||||||
Gross Profit | $ | 70.0 | $ | 92.2 | (24 | )% | $ | 68.5 | 2 | % | $ | 257.7 | $ | 237.6 | 8 | % | ||||||||||||
Gross Margin % | 26.1 | % | 36.8 | % | (10.7 | )% | 29.3 | % | (3.2 | )% | 28.9 | % | 28.7 | % | 0.2 | % | ||||||||||||
Op (loss)/Inc | $ | (8.5 | ) | $ | 18.8 | (145 | )% | $ | (3.6 | ) | (136 | )% | $ | (40.7 | ) | $ | (37.1 | ) | (10 | )% | ||||||||
Net (loss)/Inc | $ | (8.7 | ) | $ | 13.6 | (164 | )% | $ | (3.8 | ) | (129 | )% | $ | (38.0 | ) | $ | (26.2 | ) | (45 | )% | ||||||||
Diluted (Loss) Earnings per share | $ | (0.05 | ) | $ | 0.08 | $ | (0.13 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.24 | ) | $ | (0.16 | ) | $ | (0.08 | ) | |||||
NON-GAAP RESULTS A | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
Q4 2013 | Q3 2013 | Change vs. Q3 2013 | Q4 2012 | Change vs. Q4 2012 | 2013 | 2012 | Change vs. 2012 | |||||||||||||||||||||
Revenue | $ | 267.7 | $ | 250.8 | 7 | % | $ | 233.6 | 15 | % | $ | 892.9 | $ | 829.2 | 8 | % | ||||||||||||
Gross Profit | $ | 99.6 | $ | 95.2 | 5 | % | $ | 74.1 | 34 | % | $ | 296.3 | $ | 254.9 | 16 | % | ||||||||||||
Gross Margin % | 37.2 | % | 38.0 | % | (0.8 | )% | 31.7 | % | 5.5 | % | 33.2 | % | 30.7 | % | 2.5 | % | ||||||||||||
Op Income | $ | 28.4 | $ | 26.7 | 6 | % | $ | 7.5 | 279 | % | $ | 19.0 | $ | 0.5 | 3,700 | % | ||||||||||||
Net Inc/ (loss) | $ | 26.4 | $ | 26.3 | — | % | $ | 6.2 | 326 | % | $ | 14.5 | $ | (2.2 | ) | 759 | % | |||||||||||
Diluted Earnings (Loss) per share | $ | 0.16 | $ | 0.16 | $ | — | $ | 0.04 | $ | 0.12 | $ | 0.09 | $ | (0.01 | ) | $ | 0.10 | |||||||||||
A | Excludes stock based compensation charges, non-cash tax (benefit) expense, certain charges associated with acquisitions, restructuring and impairment charges 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 | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr Director, Marketing Comms TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 79,026 | $ | 116,653 | |||||||
Investments in marketable securities | — | 22,305 | |||||||||
Accounts receivable, net | 177,114 | 132,729 | |||||||||
Inventories | 159,488 | 138,246 | |||||||||
Prepaid expenses | 13,617 | 8,938 | |||||||||
Deferred tax assets, net | 12,787 | 12,530 | |||||||||
Other current assets | 39,960 | 48,382 | |||||||||
Total current assets | 481,992 | 479,783 | |||||||||
Property, plant and equipment, net | 420,363 | 448,741 | |||||||||
Goodwill | 13,519 | 4,391 | |||||||||
Intangible assets, net | 23,510 | 23,163 | |||||||||
Deferred tax assets – noncurrent, net | 61,554 | 57,185 | |||||||||
Other noncurrent assets, net | 32,319 | 40,415 | |||||||||
Total assets | $ | 1,033,257 | $ | 1,053,678 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 52,472 | $ | 65,388 | |||||||
Accrued payroll | 39,743 | 33,254 | |||||||||
Other accrued liabilities | 15,893 | 15,132 | |||||||||
Total current liabilities | 108,108 | 113,774 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 2,062 | 2,809 | |||||||||
Cross-licensing liability | 11,752 | 12,818 | |||||||||
Other long-term liabilities | 16,782 | 15,878 | |||||||||
Total liabilities | 138,704 | 145,279 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 162 | 161 | |||||||||
Additional paid-in capital | 699,903 | 676,203 | |||||||||
Accumulated other comprehensive income (loss) | 95 | (366 | ) | ||||||||
Retained earnings | 194,393 | 232,401 | |||||||||
Total stockholders' equity | 894,553 | 908,399 | |||||||||
Total liabilities and stockholders' equity | $ | 1,033,257 | $ | 1,053,678 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||
December 31, 2013 | September 28, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Revenues | $ | 267,731 | $ | 250,836 | $ | 233,621 | $ | 892,879 | $ | 829,174 | ||||||||||||
Cost of goods sold | 197,755 | 158,619 | 165,165 | 635,194 | 591,578 | |||||||||||||||||
Gross profit | 69,976 | 92,217 | 68,456 | 257,685 | 237,596 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research, development and engineering | 49,765 | 47,023 | 44,453 | 189,967 | 160,483 | |||||||||||||||||
Selling, general and administrative | 28,760 | 26,420 | 27,569 | 108,410 | 106,642 | |||||||||||||||||
Litigation expense | — | — | — | — | 7,547 | |||||||||||||||||
Total operating expenses | 78,525 | 73,443 | 72,022 | 298,377 | 274,672 | |||||||||||||||||
Operating (loss) income | (8,549 | ) | 18,774 | (3,566 | ) | (40,692 | ) | (37,076 | ) | |||||||||||||
Other (expense) income: | ||||||||||||||||||||||
Interest income | 23 | 7 | 45 | 107 | 241 | |||||||||||||||||
Interest expense | (1,046 | ) | (1,153 | ) | (784 | ) | (4,476 | ) | (2,112 | ) | ||||||||||||
Recovery of investment | — | — | — | 421 | 6,957 | |||||||||||||||||
Other, net | (102 | ) | 70 | (53 | ) | (426 | ) | 116 | ||||||||||||||
Other (expense) income, net | (1,125 | ) | (1,076 | ) | (792 | ) | (4,374 | ) | 5,202 | |||||||||||||
(Loss) income before income tax | (9,674 | ) | 17,698 | (4,358 | ) | (45,066 | ) | (31,874 | ) | |||||||||||||
Income tax (benefit) expense | (939 | ) | 4,137 | (602 | ) | (7,058 | ) | (5,705 | ) | |||||||||||||
Net (loss) income | $ | (8,735 | ) | $ | 13,561 | $ | (3,756 | ) | $ | (38,008 | ) | $ | (26,169 | ) | ||||||||
. | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Basic per share net (loss) income | $ | (0.05 | ) | $ | 0.09 | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.16 | ) | ||||||||
Diluted per share net (loss) income | $ | (0.05 | ) | $ | 0.08 | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.16 | ) | ||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 160,190 | 157,105 | 162,083 | 159,349 | 164,366 | |||||||||||||||||
Diluted | 160,190 | 163,917 | 162,083 | 159,349 | 164,366 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(% of revenue) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
December 31, 2013 | September 28, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 73.9 | % | 63.2 | % | 70.7 | % | 71.1 | % | 71.3 | % | |||||||
Gross profit | 26.1 | % | 36.8 | % | 29.3 | % | 28.9 | % | 28.7 | % | |||||||
Operating expenses: | |||||||||||||||||
Research, development and engineering | 18.6 | % | 18.7 | % | 19.0 | % | 21.3 | % | 19.4 | % | |||||||
Selling, general and administrative | 10.7 | % | 10.6 | % | 11.8 | % | 12.2 | % | 12.9 | % | |||||||
Litigation expense | — | % | — | % | — | % | — | % | 0.9 | % | |||||||
Total operating expenses | 29.3 | % | 29.3 | % | 30.8 | % | 33.5 | % | 33.2 | % | |||||||
Operating (loss) income | (3.2 | )% | 7.5 | % | (1.5 | )% | (4.6 | )% | (4.5 | )% | |||||||
Other income (expense): | |||||||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | |||||||
Interest expense | (0.4 | )% | (0.5 | )% | (0.3 | )% | (0.5 | )% | (0.2 | )% | |||||||
Recovery of investment | — | % | — | % | — | % | 0.0 | % | 0.8 | % | |||||||
Other, net | 0.0 | % | 0.0 | % | (0.1 | )% | 0.0 | % | 0.0 | % | |||||||
Other (expense) income, net | (0.4 | )% | (0.5 | )% | (0.4 | )% | (0.5 | )% | 0.7 | % | |||||||
(Loss) income before income tax | (3.6 | )% | 7.0 | % | (1.9 | )% | (5.1 | )% | (3.8 | )% | |||||||
Income tax (benefit) expense | (0.3 | )% | 1.6 | % | (0.3 | )% | (0.8 | )% | (0.6 | )% | |||||||
Net (loss) income | (3.3 | )% | 5.4 | % | (1.6 | )% | (4.3 | )% | (3.2 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(In thousands, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2013 | September 28, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||||||||||||
GAAP GROSS PROFIT | $ | 69,976 | 26.1 | % | $ | 92,217 | 36.8 | % | $ | 68,456 | 29.3 | % | $ | 257,685 | 28.9 | % | $ | 237,596 | 28.7 | % | ||||||||||||
Adjustment for stock based compensation charges | 3,222 | 1.2 | % | 1,720 | 0.7 | % | 2,544 | 1.1 | % | 8,548 | 1.0 | % | 9,021 | 1.1 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 25,283 | 9.4 | % | — | — | % | — | — | % | 25,283 | 2.8 | % | 1,763 | 0.2 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 2,018 | 0.9 | % | — | — | % | 2,018 | 0.2 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 1,103 | 0.5 | % | 1,272 | 0.5 | % | 1,126 | 0.4 | % | 4,785 | 0.5 | % | 4,531 | 0.5 | % | |||||||||||||||||
NON-GAAP GROSS PROFIT | $ | 99,584 | 37.2 | % | $ | 95,209 | 38.0 | % | $ | 74,144 | 31.7 | % | $ | 296,301 | 33.2 | % | $ | 254,929 | 30.7 | % | ||||||||||||
GAAP OPERATING EXPENSES | $ | 78,525 | 29.3 | % | $ | 73,443 | 29.3 | % | $ | 72,022 | 30.8 | % | $ | 298,377 | 33.4 | % | $ | 274,672 | 33.2 | % | ||||||||||||
Adjustment for stock based compensation charges | (5,202 | ) | (1.9 | )% | (5,193 | ) | (2.1 | )% | (5,062 | ) | (2.2 | )% | (21,005 | ) | (2.4 | )% | (20,204 | ) | (2.5 | )% | ||||||||||||
Adjustment for restructuring and impairment charges | (1,837 | ) | (0.7 | )% | — | — | — | % | (1,837 | ) | (0.2 | )% | — | — | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | (337 | ) | (0.1 | )% | 308 | 0.1 | % | (312 | ) | (0.1 | )% | 1,766 | 0.2 | % | (56 | ) | (0.1 | )% | ||||||||||||||
NON-GAAP OPERATING EXPENSES | $ | 71,149 | 26.6 | % | $ | 68,558 | 27.3 | % | $ | 66,648 | 28.5 | % | $ | 277,301 | 31.0 | % | $ | 254,412 | 30.6 | % | ||||||||||||
GAAP OPERATING (LOSS) INCOME | $ | (8,549 | ) | (3.2 | )% | $ | 18,774 | 7.5 | % | $ | (3,566 | ) | (1.5 | )% | $ | (40,692 | ) | (4.6 | )% | $ | (37,076 | ) | (4.5 | )% | ||||||||
Adjustment for stock based compensation charges | 8,424 | 3.1 | % | 6,913 | 2.8 | % | 7,606 | 3.3 | % | 29,553 | 3.4 | % | 29,225 | 3.6 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 27,120 | 10.1 | % | — | — | % | — | — | % | 27,120 | 3.0 | % | 1,763 | 0.2 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 2,018 | 0.9 | % | — | — | % | 2,018 | 0.2 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 1,440 | 0.6 | % | 964 | 0.3 | % | 1,438 | 0.5 | % | 3,019 | 0.3 | % | 4,587 | 0.6 | % | |||||||||||||||||
NON-GAAP OPERATING INCOME | $ | 28,435 | 10.6 | % | $ | 26,651 | 10.6 | % | $ | 7,496 | 3.2 | % | $ | 19,000 | 2.1 | % | $ | 517 | 0.1 | % | ||||||||||||
GAAP NET (LOSS) INCOME | $ | (8,735 | ) | (3.3 | )% | $ | 13,561 | 5.4 | % | $ | (3,756 | ) | (1.6 | )% | $ | (38,008 | ) | (4.3 | )% | $ | (26,169 | ) | (3.2 | )% | ||||||||
Adjustment for stock based compensation charges | 8,424 | 3.2 | % | 6,913 | 2.8 | % | 7,606 | 3.3 | % | 29,553 | 3.4 | % | 29,225 | 3.6 | % | |||||||||||||||||
Adjustment for restructuring and impairment charges | 27,120 | 10.1 | % | — | — | % | — | — | % | 27,120 | 3.0 | % | 1,763 | 0.2 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 2,018 | 0.9 | % | — | — | % | 2,018 | 0.2 | % | |||||||||||||||||
Adjustment for recovery of investment | — | — | % | — | — | % | — | — | % | (421 | ) | (0.1 | )% | (6,957 | ) | (0.9 | )% | |||||||||||||||
Adjustment for non-cash tax (benefit) expense | (2,178 | ) | (0.8 | )% | 4,482 | 1.8 | % | (1,196 | ) | (0.5 | )% | (8,421 | ) | (0.9 | )% | (6,801 | ) | (0.8 | )% | |||||||||||||
Adjustment for charges associated with acquisitions | 1,721 | 0.6 | % | 1,351 | 0.5 | % | 1,540 | 0.6 | % | 4,662 | 0.5 | % | 4,715 | 0.6 | % | |||||||||||||||||
NON-GAAP NET INCOME (LOSS) | $ | 26,352 | 9.8 | % | $ | 26,307 | 10.5 | % | $ | 6,212 | 2.7 | % | $ | 14,485 | 1.6 | % | $ | (2,206 | ) | (0.3 | )% | |||||||||||
GAAP DILUTED (LOSS) EARNINGS PER SHARE | $ | (0.05 | ) | $ | 0.08 | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.16 | ) | ||||||||||||||||||
Adjustment for stock based compensation charges | 0.05 | 0.04 | 0.05 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Adjustment for restructuring and impairment charges | 0.16 | — | — | 0.17 | 0.01 | |||||||||||||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | 0.01 | — | 0.01 | |||||||||||||||||||||||||||
Adjustment for recovery of investment | — | — | 0.00 | — | (0.04 | ) | ||||||||||||||||||||||||||
Adjustment for non-cash tax (benefit) expense | (0.01 | ) | 0.03 | (0.01 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||
Adjustment for charges associated with acquisitions | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.16 | $ | 0.16 | $ | 0.04 | $ | 0.09 | $ | (0.01 | ) | |||||||||||||||||||||
Q1 2014 | 2014 | ||||||||
Forward Looking GAAP (Loss) Earnings per Share | $ | (0.13 | ) | $ | 0.15 | ||||
Adjustment for stock based compensation charges | 0.05 | 0.19 | |||||||
Adjustment for non-cash tax (benefit) expense | (0.07 | ) | 0.12 | ||||||
Adjustment for charges associated with acquisitions | 0.01 | 0.03 | |||||||
Forward Looking non-GAAP Diluted (Loss) Earnings per Share | $ | (0.14 | ) | $ | 0.49 |
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