
| (State or other jurisdiction of incorporation of organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| 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)) | |||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
par value $0.00001 per share | ||||||||||||||
| Emerging growth company | ||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| Veeva Systems Inc. | |||||||||||
| Dated: | June 3, 2026 | By: | /s/ BRIAN VAN WAGENER | ||||||||
Brian Van Wagener Chief Financial Officer (Principal Financial Officer) | |||||||||||

| © 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 1 | ||||||
| What: | Veeva Systems Fiscal 2027 First Quarter Results Conference Call | ||||
| When: | Wednesday, June 3, 2026 | ||||
| Time: | 2:00 p.m. PT (5:00 p.m. ET) | ||||
| Online Registration: | https://events.q4inc.com/analyst/423437130?pwd=ckfYa8Xa | ||||
| Webcast: | ir.veeva.com | ||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 2 | ||||||
Investor Relations Contact: | Media Contact: | |||||||
Gunnar Hansen | Maria Scurry | |||||||
Veeva Systems Inc. | Veeva Systems Inc. | |||||||
267-460-5839 | 781-366-7617 | |||||||
ir@veeva.com | pr@veeva.com | |||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 3 | ||||||
| April 30, 2026 | January 31, 2026 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,896,580 | $ | 1,421,233 | |||||||
| Short-term investments | 5,416,139 | 5,139,581 | |||||||||
| Accounts receivable, net | 568,020 | 1,259,737 | |||||||||
| Unbilled accounts receivable | 59,752 | 50,609 | |||||||||
| Prepaid expenses and other current assets | 122,770 | 126,470 | |||||||||
| Total current assets | 8,063,261 | 7,997,630 | |||||||||
| Property and equipment, net | 73,484 | 70,261 | |||||||||
| Deferred costs, net | 28,686 | 29,961 | |||||||||
| Lease right-of-use assets | 82,060 | 75,626 | |||||||||
| Goodwill | 488,161 | 439,877 | |||||||||
| Intangible assets, net | 55,508 | 30,314 | |||||||||
| Deferred income taxes | 272,665 | 273,417 | |||||||||
| Other long-term assets | 65,733 | 62,257 | |||||||||
| Total assets | $ | 9,129,558 | $ | 8,979,343 | |||||||
Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 40,657 | $ | 37,644 | |||||||
| Accrued compensation and benefits | 52,572 | 45,857 | |||||||||
| Accrued expenses and other current liabilities | 50,974 | 45,885 | |||||||||
| Income tax payable | 67,897 | 6,698 | |||||||||
| Deferred revenue | 1,476,539 | 1,488,819 | |||||||||
| Lease liabilities | 13,131 | 12,153 | |||||||||
| Total current liabilities | 1,701,770 | 1,637,056 | |||||||||
| Deferred income taxes | 1,148 | 558 | |||||||||
Long-term lease liabilities | 89,936 | 83,706 | |||||||||
| Other long-term liabilities | 32,350 | 43,271 | |||||||||
| Total liabilities | 1,825,204 | 1,764,591 | |||||||||
| Stockholders’ equity: | |||||||||||
Common stock | 2 | 2 | |||||||||
| Additional paid-in capital | 2,699,707 | 2,843,089 | |||||||||
| Accumulated other comprehensive (loss) income | (19,792) | 8,160 | |||||||||
| Retained earnings | 4,624,437 | 4,363,501 | |||||||||
| Total stockholders’ equity | 7,304,354 | 7,214,752 | |||||||||
Total liabilities and stockholders’ equity | $ | 9,129,558 | $ | 8,979,343 | |||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 4 | ||||||
| Three months ended April 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
Subscription(3) | $ | 730,175 | $ | 634,768 | |||||||
Professional services and other(4) | 152,773 | 124,275 | |||||||||
| Total revenues | 882,948 | 759,043 | |||||||||
Cost of revenues(5): | |||||||||||
Cost of subscription | 99,103 | 78,346 | |||||||||
| Cost of professional services and other | 121,821 | 95,478 | |||||||||
| Total cost of revenues | 220,924 | 173,824 | |||||||||
| Gross profit | 662,024 | 585,219 | |||||||||
Operating expenses(5): | |||||||||||
| Research and development | 208,323 | 184,033 | |||||||||
| Sales and marketing | 111,117 | 98,628 | |||||||||
| General and administrative | 69,472 | 68,826 | |||||||||
| Total operating expenses | 388,912 | 351,487 | |||||||||
| Operating income | 273,112 | 233,732 | |||||||||
| Other income, net | 74,418 | 65,089 | |||||||||
| Income before income taxes | 347,530 | 298,821 | |||||||||
Income tax provision | 86,594 | 70,631 | |||||||||
| Net income | $ | 260,936 | $ | 228,190 | |||||||
| Net income per share: | |||||||||||
| Basic | $ | 1.60 | $ | 1.40 | |||||||
| Diluted | $ | 1.57 | $ | 1.37 | |||||||
Weighted-average shares used to compute net income per share: | |||||||||||
| Basic | 163,345 | 162,749 | |||||||||
| Diluted | 165,989 | 166,229 | |||||||||
| Other comprehensive income: | |||||||||||
Net change in unrealized (loss) gain on available-for-sale investments | $ | (27,451) | $ | 17,367 | |||||||
| Net change in cumulative foreign currency translation loss | (501) | (38) | |||||||||
| Comprehensive income | $ | 232,984 | $ | 245,519 | |||||||
(3) Includes subscription revenues from the following product areas: | |||||||||||
| Veeva Commercial Solutions | $ | 337,866 | $ | 305,411 | |||||||
Veeva R&D and Quality Solutions | 392,309 | 329,357 | |||||||||
Total subscription | $ | 730,175 | $ | 634,768 | |||||||
(4) Includes professional services and other revenues from the following product areas: | |||||||||||
| Veeva Commercial Solutions | $ | 57,573 | $ | 46,567 | |||||||
Veeva R&D and Quality Solutions | 95,200 | 77,708 | |||||||||
| Total professional services and other | $ | 152,773 | $ | 124,275 | |||||||
(5) Includes stock-based compensation as follows: | |||||||||||
| Cost of revenues: | |||||||||||
Cost of subscription | $ | 1,761 | $ | 1,715 | |||||||
| Cost of professional services and other | 14,151 | 12,769 | |||||||||
| Research and development | 51,563 | 47,949 | |||||||||
| Sales and marketing | 24,594 | 22,321 | |||||||||
| General and administrative | 27,190 | 27,456 | |||||||||
| Total stock-based compensation | $ | 119,259 | $ | 112,210 | |||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 5 | ||||||
| Three months ended April 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Net income | $ | 260,936 | $ | 228,190 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 11,587 | 9,822 | ||||||||||||
| Reduction of lease right-of-use assets | 3,279 | 3,265 | ||||||||||||
| Accretion of discount on short-term investments | (1,788) | (2,509) | ||||||||||||
| Stock-based compensation | 119,259 | 112,210 | ||||||||||||
| Amortization of deferred costs | 4,900 | 4,043 | ||||||||||||
| Deferred income taxes | 14,337 | (27,418) | ||||||||||||
| Other, net | (1,777) | 4,327 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Accounts receivable | 696,614 | 522,686 | ||||||||||||
| Unbilled accounts receivable | (9,143) | (7,672) | ||||||||||||
| Deferred costs | (3,625) | (4,055) | ||||||||||||
| Prepaid expenses and other current and long-term assets | (7,984) | (4,501) | ||||||||||||
| Accounts payable | 4,473 | 7,743 | ||||||||||||
| Accrued expenses and other current liabilities | 8,923 | (8,720) | ||||||||||||
| Income tax payable | 61,199 | 82,345 | ||||||||||||
| Deferred revenue | (32,963) | (41,361) | ||||||||||||
| Lease liabilities | (2,460) | (2,543) | ||||||||||||
| Other long-term liabilities | 1,349 | 1,306 | ||||||||||||
| Net cash provided by operating activities | 1,127,116 | 877,158 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Purchases of short-term investments | (982,315) | (667,100) | ||||||||||||
| Maturities and sales of short-term investments | 670,835 | 620,903 | ||||||||||||
| Long-term assets | (1,751) | (5,910) | ||||||||||||
| Acquisitions, net of cash acquired | (75,480) | — | ||||||||||||
| Net cash used in investing activities | (388,711) | (52,107) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Proceeds from exercise of common stock options | 2,939 | 40,605 | ||||||||||||
| Repurchases of common stock | (226,947) | — | ||||||||||||
| Taxes paid related to net share settlement of equity awards | (38,518) | (20,225) | ||||||||||||
| Net cash (used in) provided by financing activities | (262,526) | 20,380 | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (532) | 766 | ||||||||||||
| Net change in cash, cash equivalents, and restricted cash | 475,347 | 846,197 | ||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 1,423,412 | 1,120,963 | ||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 1,898,759 | $ | 1,967,160 | ||||||||||
| Supplemental disclosures of other cash flow information: | ||||||||||||||
| Excess tax (deficiency) benefit from employee stock plans | $ | (4,092) | $ | 2,579 | ||||||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 6 | ||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 7 | ||||||
| Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis) | Three months ended April 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities on a GAAP basis | $ | 1,127,116 | $ | 877,158 | |||||||
Excess tax deficiency (benefit) from employee stock plans | 4,092 | (2,579) | |||||||||
| Net cash provided by operating activities on a non-GAAP basis | $ | 1,131,208 | $ | 874,579 | |||||||
| Net cash used in investing activities on a GAAP basis | $ | (388,711) | $ | (52,107) | |||||||
| Net cash (used in) provided by financing activities on a GAAP basis | $ | (262,526) | $ | 20,380 | |||||||
| Reconciliation of Financial Measures (GAAP basis to non-GAAP basis) | Three months ended April 30, | ||||||||||
| 2026 | 2025 | ||||||||||
Cost of subscription revenues on a GAAP basis | $ | 99,103 | $ | 78,346 | |||||||
| Stock-based compensation expense | (1,761) | (1,715) | |||||||||
| Amortization of purchased intangibles | (674) | (1,012) | |||||||||
Cost of subscription revenues on a non-GAAP basis | $ | 96,668 | $ | 75,619 | |||||||
Gross margin on subscription revenues on a GAAP basis | 86.4 | % | 87.7 | % | |||||||
| Stock-based compensation expense | 0.2 | 0.3 | |||||||||
| Amortization of purchased intangibles | 0.2 | 0.1 | |||||||||
Gross margin on subscription revenues on a non-GAAP basis | 86.8 | % | 88.1 | % | |||||||
| Cost of professional services and other revenues on a GAAP basis | $ | 121,821 | $ | 95,478 | |||||||
| Stock-based compensation expense | (14,151) | (12,769) | |||||||||
| Amortization of purchased intangibles | — | (134) | |||||||||
| Cost of professional services and other revenues on a non-GAAP basis | $ | 107,670 | $ | 82,575 | |||||||
| Gross margin on professional services and other revenues on a GAAP basis | 20.3 | % | 23.2 | % | |||||||
| Stock-based compensation expense | 9.2 | 10.3 | |||||||||
| Amortization of purchased intangibles | — | 0.1 | |||||||||
| Gross margin on professional services and other revenues on a non-GAAP basis | 29.5 | % | 33.6 | % | |||||||
| Gross profit on a GAAP basis | $ | 662,024 | $ | 585,219 | |||||||
| Stock-based compensation expense | 15,912 | 14,484 | |||||||||
| Amortization of purchased intangibles | 674 | 1,146 | |||||||||
| Gross profit on a non-GAAP basis | $ | 678,610 | $ | 600,849 | |||||||
| Gross margin on total revenues on a GAAP basis | 75.0 | % | 77.1 | % | |||||||
| Stock-based compensation expense | 1.8 | 1.9 | |||||||||
| Amortization of purchased intangibles | 0.1 | 0.2 | |||||||||
| Gross margin on total revenues on a non-GAAP basis | 76.9 | % | 79.2 | % | |||||||
| Research and development expense on a GAAP basis | $ | 208,323 | $ | 184,033 | |||||||
| Stock-based compensation expense | (51,563) | (47,949) | |||||||||
| Research and development expense on a non-GAAP basis | $ | 156,760 | $ | 136,084 | |||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 8 | ||||||
| Three months ended April 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Sales and marketing expense on a GAAP basis | $ | 111,117 | $ | 98,628 | |||||||
| Stock-based compensation expense | (24,594) | (22,321) | |||||||||
| Amortization of purchased intangibles | (2,331) | (2,795) | |||||||||
| Sales and marketing expense on a non-GAAP basis | $ | 84,192 | $ | 73,512 | |||||||
| General and administrative expense on a GAAP basis | $ | 69,472 | $ | 68,826 | |||||||
| Stock-based compensation expense | (27,190) | (27,456) | |||||||||
| General and administrative expense on a non-GAAP basis | $ | 42,282 | $ | 41,370 | |||||||
| Operating expense on a GAAP basis | $ | 388,912 | $ | 351,487 | |||||||
| Stock-based compensation expense | (103,347) | (97,726) | |||||||||
| Amortization of purchased intangibles | (2,331) | (2,795) | |||||||||
| Operating expense on a non-GAAP basis | $ | 283,234 | $ | 250,966 | |||||||
| Operating income on a GAAP basis | $ | 273,112 | $ | 233,732 | |||||||
| Stock-based compensation expense | 119,259 | 112,210 | |||||||||
| Amortization of purchased intangibles | 3,005 | 3,941 | |||||||||
| Operating income on a non-GAAP basis | $ | 395,376 | $ | 349,883 | |||||||
| Operating margin on a GAAP basis | 30.9 | % | 30.8 | % | |||||||
| Stock-based compensation expense | 13.5 | 14.8 | |||||||||
| Amortization of purchased intangibles | 0.4 | 0.5 | |||||||||
| Operating margin on a non-GAAP basis | 44.8 | % | 46.1 | % | |||||||
| Net income on a GAAP basis | $ | 260,936 | $ | 228,190 | |||||||
| Stock-based compensation expense | 119,259 | 112,210 | |||||||||
| Amortization of purchased intangibles | 3,005 | 3,941 | |||||||||
Income tax effect on non-GAAP adjustments(6) | (12,063) | (16,513) | |||||||||
| Net income on a non-GAAP basis | $ | 371,137 | $ | 327,828 | |||||||
| Diluted net income per share on a GAAP basis | $ | 1.57 | $ | 1.37 | |||||||
| Stock-based compensation expense | 0.72 | 0.68 | |||||||||
| Amortization of purchased intangibles | 0.02 | 0.02 | |||||||||
Income tax effect on non-GAAP adjustments(6) | (0.07) | (0.10) | |||||||||
| Diluted net income per share on a non-GAAP basis | $ | 2.24 | $ | 1.97 | |||||||
© 2026 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc. | ![]() | 9 | ||||||
2YZWFGAFZ#CS$'
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MA\+=2[AE7DS^Z7_OH%OHGO7CJAG=55
Cover Page Cover Page |
Jun. 03, 2026 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Jun. 03, 2026 |
| Entity Registrant Name | Veeva Systems Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity File Number | 001-36121 |
| Entity Tax Identification Number | 20-8235463 |
| Entity Address, Address Line One | 4280 Hacienda Drive |
| Entity Address, City or Town | Pleasanton |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 94588 |
| City Area Code | 925 |
| Local Phone Number | 452-6500 |
| 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 $0.00001 per share |
| Trading Symbol | VEEV |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |
| Amendment Flag | false |
| Entity Central Index Key | 0001393052 |
H>8[D@'
MEO.-]Y+;MK$_4M]#[[,NZ;7/K*#PQY PFB4PZR[%]"S%,2S%VL-)%&^&P2S%
M=$S%UF1D[^61O7QA2. U@;[6!)9 OKY9/LS,D/OY=9,*"8
M\T[[LG]?B^W>(Q\3&+HL=VX:7AP'-+#6FGQW,\74)UJ4&5>GO#8GI[&46&WG
M#,?5%,\\8,95XF8Q;@Q-\;5VU18V4W+])O=@M)#^L3V-?9BLJ\3*8JS8BJ]+
M2^J5M<[_+J,\PD:C.>^7A684C_)2O)*Q\$U(J-:0O&LKEK>0YG >4'..2++MCH2KN4\A7^(^6L3C:^#Q+\SQZ(%A@G;';
M",; (V>*C(8,R.T;=R2>OV#,UGS5ZUK0RV WAV7X N!J-+PE-"Y^>I=235?_
M&MW"Z%DP\W76T39'#YOPBN.-'MZ]8$UK4@CXHBN7N#?1[,S!W!QY.?T39QZ%
M/[V+3*>O,]OW [OG60'3/.KV7$I-3[.<('1Z_]+-,?@&V01:M^RXES'Z[9CV
M@;I.:'Q/'_-9D P!5;5@1EP]%:@"0C__V,.9SBS@J7BO\,XC.R+@L@78ZMHJ
M9]S@-1II Q,!/
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ME I'INVL?@&BI07M;K9 @SVNEM:TFUGZ?9%
MW70.2+=<77XH<+-8+5RG$B1#FMU&2?WZ"GX_XX'ML_)XK!WG7ZN'JR!DH2$]
M2G,>]#S)6$R+Z(Z=WD=A,:C -_U4!1UM\@CM 2#*8O$C4S 0!][#9;[&)X '
M$HCI*&
CY]=7'BZN;BX\$/MU<_W;Y\>P+?+GY K\^75Q]N2'7
MOY#SLYM_D%]^N_[SYG"KX..<1."41L%R$N?K.KI,2#%(2Q@US-^W9]I_)+0,
MHX*%B^=<"36TFT2Y8&N,"==6-<=?5^LW(E*PVA[15-/;OB4#!I)NNQL-N_R:
M;2Y^Z6LFZZPW[)IVUU;WFJPY6.&*8-$W">@B*ZBXJ(-;\5T;YVU>V &PXPPTX=H]B24\_DSH&.[!PP
M'$WQ37G4@Z2O'=&7X1VV1*1+>U/.PK_*ZB!T4J0D8T&:!%',2#+6'/AW_!:@
M'33*TKL(':3>XUQ#J!V[:=O9R7,;8VQ N\TDW(]L!,0:50T!L*1OF,*4_M..
M6AI93\9SX8KM'; AHD3-XHY]BF<8K=*PS912GQDVQ481E?9)S&C.1/KX..T?
ME_"%YCDKNAP]Z!!/F(KARE.6&HH9IUU[U9LIK
P.,[^^QGZ,W-E52LTRU;=(#]2A[/ I>2MX#=+:^K>0X!/2X@V?+P4U^'M
MS)ZH%YI7/J, 2Q(&][$_V2*LNC".U&67X@K,%RXWIC>T;NQ"LPTTA=H!I\N\
M>!PP5R&,YO^/1\K0RB*^1J%IEROU^K-S?$-EERC\20%0>49^P"7/2!.06
M7H-68/$)N*Z.G^)T)W_R"&CDLF7W=:.9_J("C'>!B>^^K5MF[30F"?-9- H#
M1@*I]^=1!^N82MP;Y&ASJ<'9T8*6"W)B@IQ8E?M2E;
M \W:\,S'K%.T^N_:S76KOU1S^+'G/TNZ95=W8GJ:>L4J[R:I5J_5G\KR?# _
M<'_3I[-Z*CRC_37FKNNSEQP(4;DE.>7>2\*U%=TVC(%8QF8QD(,7KZ[W@+[%
M?(V5RILO;;V.0#4SGSEX%TH0RD!!&C-9"W#.-GCQD@XN@P?JO+X\_H-C^5,<
M7-ZA@FH^ %F!$L%N> SM0.'3P,%X.W4<3,C&RGB?ADN%&ZNM77==E*)T1&=1
MBGE-KI,#
_@-=R/Q%"'E2D:I5
M#%DV05(%4'1UJ&Q_*NTZ^*IGH/FC?WN:@"5R:OR?>9H!S%XE1M!8&<#\.^9Q
MBW[A[PM!7#(#>(VCX@JQ^ 5G!G SFFE\&Y)8!_E?;P\L5)^AR+'I3QC #:_;"B)$5D/V>$!4]R97XE:D M5RSO:!
M666EJX#OR>2:T^>F%_@UHY988A+CV/@^K$7=>.>Z"$M#E7^EISL_^_!PCM]W
ML]VRTJE0GXKRD,"+8"X5R=:P>]7*00+OK06G/8>KJ#442;SHN7BZ^_LV^[+K
M[E+S]1]$Z5"?QG]\FBJB$)"Q?Y#%B*=[F/ZMT8,=PJT6*(F-&87]EZ 5-&'/
MLX_2'<5B=:@#KGL0%6+6^^ DH3SK+L0)^FLB#I\./4?G7TV53S-WC=P?OS.]
MW>UX\&[IVP2@L7I"=&TGB=[B)D4/%/XSSSV'$=)2*@YI-]3JN1"H)KJ8/.KA[]ZWAHBA1Q)&XBZ-9(H4
M" U=4
M_X'M,E#=!1 &(7IYOU(G;U\$P;H<1;[07[0)JK]?OWS<*\EFU8I9IJ^JU_9<
M%VFN+DI>E&=