Delaware | 1-12696 | 77-0207692 |
(State or Other Jurisdiction of Incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
Not Applicable |
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Date: January 31, 2012 | PLANTRONICS, INC. | ||
By: | /s/ Barbara Scherer | ||
Name: | Barbara Scherer | ||
Title: | Senior Vice President - Finance and Administration and Chief Financial Officer |
INVESTOR CONTACT: Greg Klaben Vice President of Investor Relations (831) 458-7533 | MEDIA CONTACT: Russell Castronovo Director of Global Communications (831) 458-7598 |
• | Net revenues of $175 million to $180 million; |
• | GAAP operating income of $32 million to $35 million; |
• | Non-GAAP operating income of $36 million to $39 million, excluding the impact of $4 million from stock-based compensation from GAAP operating income; |
• | Assuming approximately 43.2 million diluted average weighted shares outstanding: |
• | GAAP diluted earnings per share of $0.56 to $0.61; |
• | Non-GAAP diluted earnings per share of $0.63 to $0.68; and |
• | Diluted earnings per share cost of stock-based compensation to be approximately $0.07. |
• | economic conditions in both the domestic and international markets; |
• | our ability to realize our UC plans and to achieve the financial results projected to arise from UC adoption could be adversely affected by the following factors: (i) as UC becomes more widely adopted, the risk that competitors will offer solutions that will effectively commoditize our headsets which, in turn, will reduce the sales prices for our headsets; (ii) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate; (iii) the development of UC solutions is technically complex and this may delay or obstruct our ability to introduce solutions to the market on a timely basis and that are cost effective, feature rich, stable and attractive to our customers; (iv) as UC becomes more widely adopted we anticipate that competition for market share will increase, and some competitors may have superior technical and economic resources; and, (v) our plans are dependent upon adoption of our UC solution by major platform providers such as Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and IBM, and we have a limited ability to influence such providers with respect to the functionality of their platforms, their rate of deployment, and their willingness to integrate their platforms with our solutions, and our support expenditures may substantially increase over time due to the complex nature of the platforms developed by the major UC providers as these platforms continue to evolve and become more commonly adopted; |
• | failure to match production to demand given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts and materials to meet demand without having excess inventory or incurring cancellation charges; |
• | volatility in prices from our suppliers, including our manufacturers located in China, have and could negatively affect our profitability and/or market share; |
• | fluctuations in foreign exchange rates; |
• | the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers; and, |
• | additional risk factors including: interruption in the supply of sole-sourced critical components, continuity of component supply at costs consistent with our plans, the inherent risks of our substantial foreign operations, and problems which might affect our manufacturing facilities in Mexico. |
• |
• |
• |
PLANTRONICS, INC. | ||||||||||||||||
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||||
($ in thousands, except per share data) | ||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net revenues | $ | 183,236 | $ | 181,585 | $ | 535,784 | $ | 510,525 | ||||||||
Cost of revenues | 87,024 | 85,777 | 246,548 | 239,310 | ||||||||||||
Gross profit | 96,212 | 95,808 | 289,236 | 271,215 | ||||||||||||
Gross profit % | 52.5 | % | 52.8 | % | 54.0 | % | 53.1 | % | ||||||||
Research, development and engineering | 16,829 | 16,373 | 51,386 | 46,480 | ||||||||||||
Selling, general and administrative | 41,976 | 43,319 | 128,510 | 118,747 | ||||||||||||
Restructuring and other related charges | — | (428 | ) | — | (428 | ) | ||||||||||
Total operating expenses | 58,805 | 59,264 | 179,896 | 164,799 | ||||||||||||
Operating income | 37,407 | 36,544 | 109,340 | 106,416 | ||||||||||||
Operating income % | 20.4 | % | 20.1 | % | 20.4 | % | 20.8 | % | ||||||||
Interest and other income (expense), net | 406 | (20 | ) | 989 | 615 | |||||||||||
Income before income taxes | 37,813 | 36,524 | 110,329 | 107,031 | ||||||||||||
Income tax expense | 6,915 | 4,972 | 25,179 | 24,104 | ||||||||||||
Net income | $ | 30,898 | $ | 31,552 | $ | 85,150 | $ | 82,927 | ||||||||
% of net revenues | 16.9 | % | 17.4 | % | 15.9 | % | 16.2 | % | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.66 | $ | 1.91 | $ | 1.74 | ||||||||
Diluted | $ | 0.71 | $ | 0.64 | $ | 1.86 | $ | 1.68 | ||||||||
Shares used in computing earnings per common share: | ||||||||||||||||
Basic | 42,541 | 47,649 | 44,623 | 47,621 | ||||||||||||
Diluted | 43,640 | 49,431 | 45,857 | 49,271 | ||||||||||||
Effective tax rate | 18.3 | % | 13.6 | % | 22.8 | % | 22.5 | % |
PLANTRONICS, INC. | ||||||||
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
($ in thousands, except per share data) | ||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, | March 31, | |||||||
2011 | 2011 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 178,063 | $ | 277,373 | ||||
Short-term investments | 119,459 | 152,583 | ||||||
Total cash, cash equivalents and short-term investments | 297,522 | 429,956 | ||||||
Accounts receivable, net | 109,677 | 103,289 | ||||||
Inventory, net | 57,799 | 56,473 | ||||||
Deferred tax asset | 11,805 | 11,349 | ||||||
Other current assets | 16,941 | 16,653 | ||||||
Total current assets | 493,744 | 617,720 | ||||||
Long-term investments | 61,961 | 39,332 | ||||||
Property, plant and equipment, net | 75,537 | 70,622 | ||||||
Goodwill and purchased intangibles, net | 14,461 | 14,861 | ||||||
Other assets | 2,137 | 2,112 | ||||||
Total assets | $ | 647,840 | $ | 744,647 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable | $ | 21,650 | $ | 33,995 | ||||
Accrued liabilities | 50,794 | 59,607 | ||||||
Total current liabilities | 72,444 | 93,602 | ||||||
Deferred tax liability | 6,136 | 3,526 | ||||||
Long-term income taxes payable | 12,453 | 11,524 | ||||||
Revolving line of credit | 39,500 | — | ||||||
Other long-term liabilities | 1,039 | 1,143 | ||||||
Total liabilities | 131,572 | 109,795 | ||||||
Stockholders' equity | 516,268 | 634,852 | ||||||
Total liabilities and stockholders' equity | $ | 647,840 | $ | 744,647 | ||||
PLANTRONICS, INC. | |||||||||||||||
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES | |||||||||||||||
($ in thousands, except per share data) | |||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
GAAP gross profit | $ | 96,212 | $ | 95,808 | $ | 289,236 | $ | 271,215 | |||||||
Stock-based compensation expense | 559 | 574 | 1,664 | 1,680 | |||||||||||
Purchase accounting amortization | — | 213 | 187 | 637 | |||||||||||
Non-GAAP gross profit | $ | 96,771 | $ | 96,595 | $ | 291,087 | $ | 273,532 | |||||||
Non-GAAP gross profit % | 52.8 | % | 53.2 | % | 54.3 | % | 53.6 | % | |||||||
GAAP research, development and engineering | $ | 16,829 | $ | 16,373 | $ | 51,386 | $ | 46,480 | |||||||
Stock-based compensation expense | (953 | ) | (958 | ) | (2,928 | ) | (2,877 | ) | |||||||
Purchase accounting amortization | — | (9 | ) | — | (61 | ) | |||||||||
Non-GAAP research, development and engineering | $ | 15,876 | $ | 15,406 | $ | 48,458 | $ | 43,542 | |||||||
GAAP selling, general and administrative | $ | 41,976 | $ | 43,319 | $ | 128,510 | $ | 118,747 | |||||||
Stock-based compensation expense | (3,067 | ) | (2,644 | ) | (8,674 | ) | (7,466 | ) | |||||||
Purchase accounting amortization | — | (71 | ) | (142 | ) | (213 | ) | ||||||||
Non-GAAP selling, general and administrative | $ | 38,909 | $ | 40,604 | $ | 119,694 | $ | 111,068 | |||||||
GAAP restructuring and other related charges | $ | — | $ | (428 | ) | $ | — | $ | (428 | ) | |||||
GAAP total operating expenses | $ | 58,805 | $ | 59,264 | $ | 179,896 | $ | 164,799 | |||||||
Stock-based compensation expense | (4,020 | ) | (3,602 | ) | (11,602 | ) | (10,343 | ) | |||||||
Purchase accounting amortization | — | (80 | ) | (142 | ) | (274 | ) | ||||||||
Restructuring and other related charges | — | 428 | — | 428 | |||||||||||
Non-GAAP total operating expenses | $ | 54,785 | $ | 56,010 | $ | 168,152 | $ | 154,610 | |||||||
PLANTRONICS, INC. | ||||||||||||||||
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||||||||||
($ in thousands, except per share data) | ||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
GAAP operating income | $ | 37,407 | $ | 36,544 | $ | 109,340 | $ | 106,416 | ||||||||
Stock-based compensation expense | 4,579 | 4,176 | 13,266 | 12,023 | ||||||||||||
Purchase accounting amortization | — | 293 | 329 | 911 | ||||||||||||
Restructuring and other related charges | — | (428 | ) | — | (428 | ) | ||||||||||
Non-GAAP operating income | $ | 41,986 | $ | 40,585 | $ | 122,935 | $ | 118,922 | ||||||||
GAAP net income | $ | 30,898 | $ | 31,552 | $ | 85,150 | $ | 82,927 | ||||||||
Stock-based compensation expense | 4,579 | 4,176 | 13,266 | 12,023 | ||||||||||||
Purchase accounting amortization | — | 293 | 329 | 911 | ||||||||||||
Restructuring and other related charges | — | (428 | ) | — | (428 | ) | ||||||||||
Income tax effect | (2,955 | ) | (1) | (3,011 | ) | (2) | (5,802 | ) | (3) | (5,610 | ) | (2) | ||||
Non-GAAP net income | $ | 32,522 | $ | 32,582 | $ | 92,943 | $ | 89,823 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
GAAP diluted earnings per common share | $ | 0.71 | $ | 0.64 | $ | 1.86 | $ | 1.68 | ||||||||
Stock-based compensation expense | 0.11 | 0.08 | 0.29 | 0.24 | ||||||||||||
Purchase accounting amortization | — | 0.01 | 0.01 | 0.02 | ||||||||||||
Restructuring and other related charges | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Income tax effect | (0.07 | ) | (0.06 | ) | (0.13 | ) | (0.11 | ) | ||||||||
Non-GAAP diluted earnings per common share | $ | 0.75 | $ | 0.66 | $ | 2.03 | $ | 1.82 | ||||||||
Shares used in diluted earnings per common share calculation | 43,640 | 49,431 | 45,857 | 49,271 |
(1) | Excluded amount represents tax benefit from stock-based compensation and $1,507 related to a tax benefit from the expiration of certain statutes of limitations. |
(2) | Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization, restructuring and other related charges and $1,602 related to a tax benefit from the expiration of certain statutes of limitations. |
(3) | Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and $1,507 related to a tax benefit from the expiration of certain statutes of limitations. |
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data | ||||||||||||||||||||||||||||
($ in thousands, except per share data) | ||||||||||||||||||||||||||||
Q111 | Q211 | Q311 | Q411 | Q112 | Q212 | Q312 | ||||||||||||||||||||||
GAAP gross profit | $ | 89,448 | $ | 85,959 | $ | 95,808 | $ | 90,541 | $ | 94,058 | $ | 98,966 | $ | 96,212 | ||||||||||||||
Stock-based compensation expense | 541 | 565 | 574 | 530 | 546 | 559 | 559 | |||||||||||||||||||||
Purchase accounting amortization | 212 | 212 | 213 | 1,612 | 125 | 62 | — | |||||||||||||||||||||
Non-GAAP gross profit | $ | 90,201 | $ | 86,736 | $ | 96,595 | $ | 92,683 | $ | 94,729 | $ | 99,587 | $ | 96,771 | ||||||||||||||
Non-GAAP gross profit % | 52.8 | % | 54.8 | % | 53.2 | % | 53.6 | % | 53.9 | % | 56.3 | % | 52.8 | % | ||||||||||||||
GAAP operating expenses | $ | 53,587 | $ | 51,948 | $ | 59,264 | $ | 56,245 | $ | 59,022 | $ | 62,069 | $ | 58,805 | ||||||||||||||
Stock-based compensation expense | (3,294 | ) | (3,447 | ) | (3,602 | ) | (3,379 | ) | (3,633 | ) | (3,949 | ) | (4,020 | ) | ||||||||||||||
Purchase accounting amortization | (97 | ) | (97 | ) | (80 | ) | (71 | ) | (71 | ) | (71 | ) | — | |||||||||||||||
Restructuring and other related charges | — | — | 428 | — | — | — | — | |||||||||||||||||||||
Non-GAAP operating expenses | $ | 50,196 | $ | 48,404 | $ | 56,010 | $ | 52,795 | $ | 55,318 | $ | 58,049 | $ | 54,785 | ||||||||||||||
GAAP operating income | $ | 35,861 | $ | 34,011 | $ | 36,544 | $ | 34,296 | $ | 35,036 | $ | 36,897 | $ | 37,407 | ||||||||||||||
Stock-based compensation expense | 3,835 | 4,012 | 4,176 | 3,909 | 4,179 | 4,508 | 4,579 | |||||||||||||||||||||
Purchase accounting amortization | 309 | 309 | 293 | 1,683 | 196 | 133 | — | |||||||||||||||||||||
Restructuring and other related charges | — | — | (428 | ) | — | — | — | — | ||||||||||||||||||||
Non-GAAP operating income | $ | 40,005 | $ | 38,332 | $ | 40,585 | $ | 39,888 | $ | 39,411 | $ | 41,538 | $ | 41,986 | ||||||||||||||
Non-GAAP operating income % | 23.4 | % | 24.2 | % | 22.4 | % | 23.0 | % | 22.4 | % | 23.5 | % | 22.9 | % | ||||||||||||||
GAAP income before income taxes | $ | 35,479 | $ | 35,028 | $ | 36,524 | $ | 33,625 | $ | 35,677 | $ | 36,839 | $ | 37,813 | ||||||||||||||
Stock-based compensation expense | 3,835 | 4,012 | 4,176 | 3,909 | 4,179 | 4,508 | 4,579 | |||||||||||||||||||||
Purchase accounting amortization | 309 | 309 | 293 | 1,683 | 196 | 133 | — | |||||||||||||||||||||
Restructuring and other related charges | — | — | (428 | ) | — | — | — | — | ||||||||||||||||||||
Non-GAAP income before income taxes | $ | 39,623 | $ | 39,349 | $ | 40,565 | $ | 39,217 | $ | 40,052 | $ | 41,480 | $ | 42,392 | ||||||||||||||
GAAP income tax expense | $ | 9,533 | $ | 9,599 | $ | 4,972 | $ | 7,309 | $ | 8,946 | $ | 9,318 | $ | 6,915 | ||||||||||||||
Income tax effect of stock-based compensation expense | 1,061 | 1,304 | 1,298 | 1,248 | 1,282 | 1,441 | 1,448 | |||||||||||||||||||||
Income tax effect of purchase accounting amortization | 117 | 117 | 111 | 634 | 74 | 50 | — | |||||||||||||||||||||
Tax benefit from the expiration of certain statutes of limitations | — | — | 1,602 | 490 | — | — | 1,507 | |||||||||||||||||||||
Non-GAAP income tax expense | $ | 10,711 | $ | 11,020 | $ | 7,983 | $ | 9,681 | $ | 10,302 | $ | 10,809 | $ | 9,870 | ||||||||||||||
Non-GAAP income tax expense as a % of Non-GAAP income before income taxes | 27.0 | % | 28.0 | % | 19.7 | % | 24.7 | % | 25.7 | % | 26.1 | % | 23.3 | % |
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data (Continued) | ||||||||||||||||||||||||||||
($ in thousands, except per share data) | ||||||||||||||||||||||||||||
Q111 | Q211 | Q311 | Q411 | Q112 | Q212 | Q312 | ||||||||||||||||||||||
GAAP net income | $ | 25,946 | $ | 25,429 | $ | 31,552 | $ | 26,316 | $ | 26,731 | $ | 27,521 | $ | 30,898 | ||||||||||||||
Stock-based compensation expense | 3,835 | 4,012 | 4,176 | 3,909 | 4,179 | 4,508 | 4,579 | |||||||||||||||||||||
Purchase accounting amortization | 309 | 309 | 293 | 1,683 | 196 | 133 | — | |||||||||||||||||||||
Restructuring and other related charges | — | — | (428 | ) | — | — | — | — | ||||||||||||||||||||
Income tax effect | (1,178 | ) | (1,421 | ) | (3,011 | ) | (2,372 | ) | (1,356 | ) | (1,491 | ) | (2,955 | ) | ||||||||||||||
Non-GAAP net income | $ | 28,912 | $ | 28,329 | $ | 32,582 | $ | 29,536 | $ | 29,750 | $ | 30,671 | $ | 32,522 | ||||||||||||||
GAAP diluted earnings per common share | $ | 0.52 | $ | 0.52 | $ | 0.64 | $ | 0.53 | $ | 0.56 | $ | 0.60 | $ | 0.71 | ||||||||||||||
Stock-based compensation expense | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.10 | 0.11 | |||||||||||||||||||||
Purchase accounting amortization | 0.01 | 0.01 | 0.01 | 0.04 | — | — | — | |||||||||||||||||||||
Restructuring and other related charges | — | — | (0.01 | ) | — | — | — | — | ||||||||||||||||||||
Income tax effect | (0.02 | ) | (0.03 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||||||||
Non-GAAP diluted earnings per common share | $ | 0.58 | $ | 0.58 | $ | 0.66 | $ | 0.60 | $ | 0.62 | $ | 0.67 | $ | 0.75 | ||||||||||||||
Shares used in diluted earnings per common share calculation | 49,714 | 48,524 | 49,431 | 49,464 | 48,060 | 45,717 | 43,640 | |||||||||||||||||||||
SUMMARY OF UNAUDITED GAAP DATA | ||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||
Net revenues from unaffiliated customers: | ||||||||||||||||||||||||||||
Office and Contact Center | $ | 117,580 | $ | 117,951 | $ | 122,949 | $ | 131,992 | $ | 130,999 | $ | 136,395 | $ | 133,335 | ||||||||||||||
Mobile | 38,657 | 27,581 | 43,208 | 28,084 | 32,164 | 28,341 | 36,024 | |||||||||||||||||||||
Gaming and Computer Audio | 9,325 | 8,179 | 10,544 | 8,688 | 7,395 | 8,381 | 9,209 | |||||||||||||||||||||
Clarity | 5,123 | 4,544 | 4,884 | 4,313 | 5,042 | 3,831 | 4,668 | |||||||||||||||||||||
Total net revenues | $ | 170,685 | $ | 158,255 | $ | 181,585 | $ | 173,077 | $ | 175,600 | $ | 176,948 | $ | 183,236 | ||||||||||||||
Net revenues by geographic area from unaffiliated customers: | ||||||||||||||||||||||||||||
Domestic | $ | 103,992 | $ | 96,100 | $ | 104,299 | $ | 95,901 | $ | 100,291 | $ | 101,196 | $ | 99,070 | ||||||||||||||
International | 66,693 | 62,155 | 77,286 | 77,176 | 75,309 | 75,752 | 84,166 | |||||||||||||||||||||
Total net revenues | $ | 170,685 | $ | 158,255 | $ | 181,585 | $ | 173,077 | $ | 175,600 | $ | 176,948 | $ | 183,236 | ||||||||||||||
Balance Sheet accounts and metrics: | ||||||||||||||||||||||||||||
Accounts receivable, net | $ | 96,850 | $ | 94,989 | $ | 111,514 | $ | 103,289 | $ | 108,516 | $ | 103,026 | $ | 109,677 | ||||||||||||||
Days sales outstanding (DSO) | 51 | 54 | 55 | 54 | 56 | 52 | 54 | |||||||||||||||||||||
Inventory, net | $ | 78,224 | $ | 69,845 | $ | 64,032 | $ | 56,473 | $ | 57,697 | $ | 60,717 | $ | 57,799 | ||||||||||||||
Inventory turns | 4.2 | 4.1 | 5.4 | 5.8 | 5.7 | 5.1 | 6.0 |
D!\@'Z`@,"#`(4`AT"
M)@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!`LL"U0+@`NL"]0,`
M`PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#QP/3`^`#[`/Y!`8$
M$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C`:=!J\&
MP`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E!_@("P@?"#((1@A:
M"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)N@G/">4)^PH1"B<*
M/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP"\@+X0OY#!(,*@Q#
M#%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-^`X3#BX.20YD#G\.
MFPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A$'X0FQ"Y$-<0]1$3
M$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3(Q-#$V,3@Q.D$\43
MY10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#%B86219L%H\6LA;6
M%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`911EK&9$9MQG=&@0:
M*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@;""8(,0@\"$<(4@A
M=2&A( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!
M?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%
M1X6KA@Z&Z:."*.)41?P`_P"#=/\`8-_95_;R^-?[
M1_A']JKX8R?$[P_X"^%_A7Q)X3L8O&WQ"\$'2M9U/Q?
4^#?B'\;/VD?B[
MJO[;WP[\,?#/XX_$;XA^+?AU+XW?0/!]CXYTO09?!,'A'X5:1H/@R>'3/'VI
MP+;6FAC3$6PM9(]/2