0001104659-15-057188.txt : 20150806 0001104659-15-057188.hdr.sgml : 20150806 20150806162258 ACCESSION NUMBER: 0001104659-15-057188 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150806 DATE AS OF CHANGE: 20150806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 2U, Inc. CENTRAL INDEX KEY: 0001459417 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 262335939 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36376 FILM NUMBER: 151033441 BUSINESS ADDRESS: STREET 1: 8201 CORPORATE DRIVE, SUITE 110 CITY: LANDOVER STATE: MD ZIP: 20785 BUSINESS PHONE: 240-487-3991 MAIL ADDRESS: STREET 1: 8201 CORPORATE DRIVE, SUITE 110 CITY: LANDOVER STATE: MD ZIP: 20785 FORMER COMPANY: FORMER CONFORMED NAME: 2tor, Inc. DATE OF NAME CHANGE: 20090324 10-Q 1 a15-11907_110q.htm 10-Q

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2015

 

or

 

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission File Number: 001-36376

 

2U, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

26-2335939

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

8201 Corporate Drive, Suite 900
Landover, MD

 

20785

(Address of principal executive offices)

 

(Zip Code)

 

(301) 892-4350

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x Yes  o No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  x Yes  o No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  o

 

Accelerated filer  o

 

 

 

Non-accelerated filer  x

 

Smaller reporting company  o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  o Yes  x No

 

As of August 4, 2015, there were 41,592,472 shares of the registrant’s common stock, par value $0.001 per share, outstanding.

 

 

 



Table of Contents

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2015 and December 31, 2014

 

3

 

 

 

Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2015 and 2014

 

4

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the six months ended June 30, 2015

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2015 and 2014

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

7

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

18

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

Item 4.

Controls and Procedures

 

30

 

 

 

 

PART II. OTHER INFORMATION

 

31

 

 

 

 

Item 1.

Legal Proceedings

 

31

 

 

 

 

Item 1A.

Risk Factors

 

31

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

31

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

31

 

 

 

 

Item 4.

Mine Safety Disclosures

 

31

 

 

 

 

Item 5.

Other Information

 

31

 

 

 

 

Item 6.

Exhibits

 

31

 

 

 

 

Signatures

 

32

 

1



Table of Contents

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. Forward-looking statements include statements about:

 

·                  trends in the higher education market and the market for online education, and expectations for growth in those markets;

 

·                  the acceptance, adoption and growth of online learning by colleges and universities, faculty, students, employers, accreditors and state and federal licensing bodies;

 

·                  the potential benefits of our cloud-based software-as-a-service (“SaaS”) technology and technology-enabled services to clients and students;

 

·                  anticipated launch dates of new client programs;

 

·                  the predictability, visibility and recurring nature of our business model;

 

·                  our ability to acquire new clients and expand programs with existing clients, including in the international, undergraduate and doctoral markets;

 

·                  our ability to continue to acquire prospective students for our clients’ programs;

 

·                  our ability to affect or increase student retention in our clients’ programs;

 

·                  our growth strategy;

 

·                  the scalability of our cloud-based SaaS technology;

 

·                  our expected expenses in future periods and their relationship to revenue;

 

·                  potential changes in regulations applicable to us or our clients; and

 

·                  the amount of time that we expect our cash balances and other available financial resources to be sufficient to fund our operations.

 

You should refer to the risks described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report on Form 10-Q will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

2



Table of Contents

 

PART I.  FINANCIAL INFORMATION

 

Item 1.                     Financial Statements

 

2U, Inc.

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except share and per share amounts)

 

 

 

June 30,
2015

 

December 31,
2014

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

88,224

 

$

86,929

 

Accounts receivable, net

 

4,393

 

350

 

Advance to clients, current

 

817

 

 

Prepaid expenses

 

3,215

 

2,709

 

Total current assets

 

96,649

 

89,988

 

Property and equipment, net

 

7,353

 

6,755

 

Capitalized content development costs, net

 

15,373

 

13,155

 

Advance to clients, non-current

 

1,733

 

1,675

 

Other non-current assets

 

1,995

 

1,466

 

Total assets

 

$

123,103

 

$

113,039

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,846

 

$

2,293

 

Accrued expenses and other current liabilities

 

21,881

 

17,138

 

Deferred revenue

 

13,426

 

1,906

 

Refunds payable

 

3,077

 

2,431

 

Total current liabilities

 

41,230

 

23,768

 

Rebate reserve

 

642

 

639

 

Other non-current liabilities

 

612

 

621

 

Total liabilities

 

42,484

 

25,028

 

Commitments and contingencies (Note 5)

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2015 and December 31, 2014

 

 

 

Common stock, $0.001 par value, 200,000,000 shares authorized, 41,502,290 shares issued and outstanding as of June 30, 2015; 40,735,069 shares issued and outstanding as of December 31, 2014

 

42

 

41

 

Additional paid-in capital

 

224,523

 

216,818

 

Accumulated deficit

 

(143,946

)

(128,848

)

Total stockholders’ equity

 

80,619

 

88,011

 

Total liabilities and stockholders’ equity

 

$

123,103

 

$

113,039

 

 

See accompanying notes to condensed consolidated financial statements.

 

3



Table of Contents

 

2U, Inc.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except share and per share amounts)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenue

 

$

35,238

 

$

24,744

 

$

69,850

 

$

51,076

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Servicing and support

 

7,903

 

7,000

 

15,454

 

13,248

 

Technology and content development

 

6,466

 

5,818

 

12,600

 

11,492

 

Program marketing and sales

 

21,526

 

16,710

 

41,113

 

31,951

 

General and administrative

 

8,871

 

5,708

 

15,582

 

11,144

 

Total costs and expenses

 

44,766

 

35,236

 

84,749

 

67,835

 

Loss from operations

 

(9,528

)

(10,492

)

(14,899

)

(16,759

)

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

(126

)

(134

)

(252

)

(918

)

Interest income

 

24

 

31

 

53

 

32

 

Total other income (expense)

 

(102

)

(103

)

(199

)

(886

)

Loss before income taxes

 

(9,630

)

(10,595

)

(15,098

)

(17,645

)

Income tax expense

 

 

 

 

 

Net loss

 

(9,630

)

(10,595

)

(15,098

)

(17,645

)

Preferred stock accretion

 

 

(2

)

 

(89

)

Net loss attributable to holders of common stock

 

$

(9,630

)

$

(10,597

)

$

(15,098

)

$

(17,734

)

Net loss per share attributable to holders of common stock, basic and diluted

 

$

(0.23

)

$

(0.27

)

$

(0.37

)

$

(0.75

)

Weighted-average shares of common stock outstanding, basic and diluted

 

41,362,476

 

39,304,884

 

41,171,669

 

23,588,330

 

 

See accompanying notes to condensed consolidated financial statements.

 

4



Table of Contents

 

2U, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(unaudited, in thousands, except share amounts)

 

 

 

 

 

 

 

Additional

 

 

 

Total

 

 

 

Common Stock

 

Paid-In

 

Accumulated

 

Stockholders’

 

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Equity

 

Balance, December 31, 2014

 

40,735,069

 

$

41

 

$

216,818

 

$

(128,848

)

$

88,011

 

Exercise of stock options

 

505,156

 

1

 

2,226

 

 

2,227

 

Issuance of common stock in connection with settlement of restricted stock units, net of withholdings

 

235,498

 

 

(436

)

 

(436

)

Issuance of common stock award

 

26,567

 

 

750

 

 

750

 

Stock-based compensation expense

 

 

 

5,165

 

 

5,165

 

Net loss

 

 

 

 

(15,098

)

(15,098

)

Balance, June 30, 2015

 

41,502,290

 

$

42

 

$

224,523

 

$

(143,946

)

$

80,619

 

 

See accompanying notes to condensed consolidated financial statements.

 

5



Table of Contents

 

2U, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)

 

 

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

Cash flows from operating activities

 

 

 

 

 

Net loss

 

$

(15,098

)

$

(17,645

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

3,390

 

2,646

 

Stock-based compensation expense

 

5,915

 

3,239

 

Change in the fair value of the Series D redeemable convertible preferred stock warrant prior to conversion

 

 

695

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

(4,043

)

1,180

 

Advances to clients

 

(875

)

(569

)

Prepaid expenses

 

(506

)

(1,010

)

Other assets

 

(555

)

662

 

Accounts payable

 

553

 

(773

)

Accrued expenses and other current liabilities

 

5,101

 

1,921

 

Deferred revenue

 

11,520

 

11,130

 

Refunds payable

 

646

 

196

 

Rebate reserve

 

3

 

(5

)

Other liabilities

 

(9

)

(25

)

Net cash provided by operating activities

 

6,042

 

1,642

 

Cash flows from investing activities

 

 

 

 

 

Expenditures for property and equipment

 

(2,040

)

(1,720

)

Capitalized content development cost expenditures

 

(4,498

)

(3,476

)

Other investing activities

 

 

(21

)

Net cash used in investing activities

 

(6,538

)

(5,217

)

Cash flows from financing activities

 

 

 

 

 

Proceeds from issuance of common stock, net of offering costs

 

 

100,302

 

Proceeds from exercise of stock options

 

2,227

 

1,023

 

Tax withholding payments in connection with net settlement of restricted stock units

 

(436

)

 

Proceeds from revolving line of credit

 

 

5,000

 

Payment on revolving line of credit

 

 

(5,000

)

Net cash provided by financing activities

 

1,791

 

101,325

 

Net increase in cash and cash equivalents

 

1,295

 

97,750

 

Cash and cash equivalents, beginning of period

 

86,929

 

7,012

 

Cash and cash equivalents, end of period

 

$

88,224

 

$

104,762

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

Accretion of issuance costs on redeemable convertible preferred stock

 

$

 

$

89

 

Accrued capital expenditures

 

199

 

278

 

Deferred offering costs included in accounts payable and accrued expenses

 

 

144

 

Common stock granted in exchange for consulting services received

 

 

55

 

 

See accompanying notes to condensed consolidated financial statements.

 

6



Table of Contents

 

2U, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

1.                                      Description of the Business

 

2U, Inc. (the “Company”) was incorporated as 2Tor Inc. in the State of Delaware in April 2008 and changed its name to 2U, Inc. on October 11, 2012. Under long-term agreements, the Company provides an integrated solution comprised of cloud-based software-as-a-service (“SaaS”), fused with technology-enabled services (together, the “Platform”), that allows leading colleges and universities to deliver high quality online degree programs, extending the universities’ reach and distinguishing their brands. The Company’s SaaS technology consists of (i) a comprehensive learning environment (“Online Campus”), which acts as the hub for all student and faculty academic and social interaction, and (ii) operations applications, which provide the content management, admissions application processing, customer relationship management and other functionality necessary to effectively operate the Company’s clients’ programs. The Company also provides a suite of technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

 

2.                                      Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.

 

Unaudited Condensed Consolidated Financial Information

 

The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP. The Company has condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of financial position, the results of operations, changes in stockholders’ equity and cash flows, and the disclosures made herein are adequate to prevent the information presented from being misleading. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the full year ending December 31, 2015 or the results for any future periods. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015.

 

Use of Estimates

 

The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of long-lived assets, fair value measurement and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from those estimates.

 

7



Table of Contents

 

Revenue Recognition and Deferred Revenue

 

The Company recognizes revenue when all of the following conditions are met: (i) persuasive evidence of an arrangement exists, (ii) rendering of services is complete, (iii) fees are fixed or determinable and (iv) collection of fees is reasonably assured.

 

The Company primarily derives its revenue from long-term contracts that typically range from 10 to 15 years in length. Under these contracts, the Company enables access to its Platform to its clients and their faculty and students. The Company is entitled to a contractually specified percentage of net program proceeds from its clients. These net program proceeds represent gross proceeds billed by clients to students, less credit card fees and other specified charges the Company has agreed to exclude in certain of its client contracts. A refund allowance is established for the Company’s share of tuition and fees ultimately uncollected by its clients. The Company also offered rebates to a group of students who enrolled in a specific client program between 2009 and 2011, which the Company will pay to the student if he or she completes the degree and certain post-graduation work requirements within a specified period of time. These rebates and refunds offset the net program proceeds recognized as revenue. Revenue is recognized ratably over the service period, which the Company defines as the first through the last day of classes for each semester in a client’s program. The Company invoices its clients based on enrollment reports that are generated by its clients. In some instances, these enrollment reports are received prior to the conclusion of the drop/add period. In such cases, the Company establishes a reserve against revenue, if necessary, based on its estimate of changes in enrollments expected prior to the end of the drop/add period.

 

The Company generates substantially all of its revenue from multiple-deliverable contractual arrangements with its clients. Under each of these arrangements, the Company provides (i) access to Online Campus, which serves as a learning platform for its client’s faculty and students and which also enables a comprehensive range of other client functions, (ii) access to operations applications which provide the content management, admissions application processing, customer relationship management, and other functionality necessary to effectively operate the Company’s clients’ programs and (iii) technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

 

In order to treat deliverables in a multiple-deliverable contractual arrangement as separate units of accounting, deliverables must have standalone value upon delivery. The technology-enabled services within the Platform are provided primarily in support of programs delivered through Online Campus, and for students of the programs delivered through Online Campus. Accordingly, the Company has determined that no individual deliverable has standalone value upon delivery and, therefore, deliverables within the Company’s multiple-deliverable arrangements do not qualify for treatment as separate units of accounting. Accordingly, the Company considers all deliverables to be a single unit of accounting and recognizes revenue from the entire arrangement over the term of the service period.

 

Advance payments are recorded as deferred revenue until services are delivered or obligations are met, at which time revenue is recognized. Deferred revenue as of a particular balance sheet date represents the excess of amounts received as compared to amounts recognized in revenue in the consolidated statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on the Company’s consolidated balance sheets.

 

8



Table of Contents

 

Concentration of Credit Risk

 

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company’s cash is held at financial institutions that management believes to be of high credit quality. The Company’s bank accounts exceed federally insured limits at times. The Company has not experienced any losses on cash to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its clients and maintains an allowance for doubtful accounts, if needed.

 

Four of the Company’s clients accounted for the following percentages of revenue for the periods presented below:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Client A

 

45

%

54

%

48

%

58

%

Client B

 

10

 

16

 

10

 

16

 

Client C

 

11

 

14

 

12

 

14

 

Client D

 

17

 

8

 

15

 

6

 

 

Additionally, the Company’s largest client accounted for 74% and 35% of the Company’s accounts receivable balance as of June 30, 2015 and December 31, 2014, respectively. No additional clients accounted for more than 10% of the Company’s accounts receivable balance as of June 30, 2015, while two additional clients accounted for more than 10% of the Company’s accounts receivable balance as of December 31, 2014.

 

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and amortization. Computer software is included in property and equipment and consists of internally-developed software. Expenditures for major additions, construction and improvements are capitalized. Depreciation and amortization is expensed using the straight-line method over the estimated useful lives of the related assets, which range from three to five years for computer hardware and five to seven years for furniture and office equipment. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining term of the leased facility or the estimated useful life of the improvement, which ranges from four to ten years. Useful lives of significant assets are periodically reviewed and adjusted prospectively to reflect the Company’s current estimates of the respective assets’ expected utility. Repair and maintenance costs are expensed as incurred.

 

The Company capitalizes certain costs associated with internally-developed software, primarily consisting of direct labor associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs of designing the application, coding, integrating the Company’s and the university’s networks and systems, and the testing of the software. Capitalization of costs requires judgment in determining when a project has reached the application development stage and the period over which the Company expects to benefit from the use of that software. Once the software is placed in service, these costs are depreciated on the straight-line method over the estimated useful life of the software, which is generally three years.

 

9



Table of Contents

 

Capitalized Content Development Costs

 

The Company works with each client’s faculty members to develop and maintain educational content that is delivered to their students through Online Campus. The online content developed jointly by the Company and its clients consists of subjects chosen and taught by clients’ faculty members and incorporates references and examples designed to remain relevant over extended periods of time. Online delivery of the content, combined with live, face-to-face instruction, provides the Company with rapid user feedback that it uses to make ongoing corrections, modifications and improvements to the course content. The Company’s clients retain all intellectual property rights to the developed content, although the Company retains the rights to the content packaging and delivery mechanisms. Much of the Company’s new content development uses proven delivery platforms and is therefore primarily subject-specific in nature. As a result, a significant portion of content development costs qualify for capitalization due to the focus of the Company’s development efforts on the unique subject matter of the content. Similar to on-campus programs offered by the Company’s clients, the online degree programs enabled by the Company offer numerous courses for each degree. The Company therefore capitalizes its development costs on a course-by-course basis. As students must matriculate into a client program in order to take a course, revenues and identifiable cash flows are also measured at the client program level.

 

The Company develops content on a course-by-course basis in conjunction with the faculty for each client program. The clients and their faculty generally provide course outlines in the form of the curriculum, required textbooks, case studies and other reading materials, as well as presentations that are typically used in the on-campus setting. The Company is then responsible for, and incurs all of the expenses related to, the conversion of the materials provided by each client into a format suitable for delivery through Online Campus.

 

The content development costs that qualify for capitalization are third-party direct costs, such as videography, editing and other services associated with creating digital content. Additionally, the Company capitalizes internal payroll and payroll-related costs incurred to create and produce videos and other digital content utilized in the clients’ programs for delivery via Online Campus. Capitalization ends when content has been fully developed by both the Company and the client, at which time amortization of the capitalized content development costs begins. The capitalized costs are recorded on a course-by-course basis and included in capitalized content costs on the consolidated balance sheets. These costs are amortized using the straight-line method over the estimated useful life of the respective capitalized content program, which is generally five years. The estimated useful life corresponds with the Company’s planned curriculum refresh rate. This refresh rate is consistent with expected curriculum refresh rates as cited by program faculty members for similar on-campus programs. It is reasonably possible that developed content could be refreshed before the estimated useful lives are complete or be expensed immediately in the event that the development of a course is discontinued prior to launch.

 

Impairment of Long-Lived Assets

 

The Company reviews long-lived assets, which consist of property and equipment and capitalized content development costs, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset is measured by a comparison of the carrying value of an asset or asset group to the future undiscounted net cash flows expected to be generated by that asset or asset group. If such assets are not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of an asset exceeds the estimated fair value (discounted cash flow) of the asset or asset group. In order to assess the recoverability of the capitalized content development costs, the costs are grouped by program, which is the lowest level of independent cash flows. The Company’s impairment analysis is based upon forecasted financial and operational results. The actual results could vary from the Company’s forecasts, especially in relation to recently launched programs. For the three and six months ended June 30, 2015 and 2014, no impairment of long-lived assets was deemed to have occurred.

 

10



Table of Contents

 

Comprehensive Loss

 

The Company’s net loss equals comprehensive loss for all periods presented as the Company has no material components of other comprehensive income.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation awards based on the fair value of the award as of the grant date. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the awards’ requisite service period, adjusted for estimated forfeitures. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using an accelerated recognition method when it is probable that the performance condition will be achieved.

 

See Note 8 for a summary of assumptions used in calculating the fair value of stock options.

 

Recent Accounting Pronouncements

 

In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles — Goodwill and Other — Internal-Use Software. The ASU provides guidance to customers in a cloud computing arrangement to determine whether the arrangement includes a software license. When a cloud computing arrangement includes a software license, the customer is required to account for the license element of the arrangement consistent with the acquisition of other software licenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.

 

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest. The ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. Adoption of this standard will not have a material impact on the Company’s consolidated financial position.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB deferred by one year the mandatory effective date of this ASU from January 1, 2017 to January 1, 2018. Early application is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

 

The Company has reviewed other new accounting pronouncements that were issued as of June 30, 2015 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations.

 

11



Table of Contents

 

3.                                      Property and Equipment

 

Property and equipment consisted of the following as of:

 

 

 

June 30,
2015

 

December 31,
2014

 

 

 

(in thousands)

 

Internally-developed software

 

$

7,831

 

$

6,069

 

Internally-developed software in process

 

 

1,441

 

 

1,751

 

Computer hardware

 

3,114

 

3,016

 

Furniture and office equipment

 

1,469

 

1,104

 

Leasehold improvements

 

1,782

 

1,801

 

Total

 

15,637

 

13,741

 

Accumulated depreciation and amortization

 

(8,284

)

(6,986

)

Property and equipment, net

 

$

7,353

 

$

6,755

 

 

Depreciation and amortization expense of property and equipment was $0.7 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Depreciation and amortization expense of property and equipment was $1.3 million and $1.2 million for the six months ended June 30, 2015 and 2014, respectively.

 

As of June 30, 2015, the estimated future depreciation and amortization expense for property and equipment is as follows (in thousands):

 

2015

 

$

1,197

 

2016

 

2,008

 

2017

 

1,525

 

2018

 

732

 

2019

 

339

 

Thereafter

 

111

 

Total

 

$

5,912

 

 

4.                                      Capitalized Content Development Costs

 

Capitalized content development costs consisted of the following as of:

 

 

 

June 30,
2015

 

December 31,
2014

 

 

 

(in thousands)

 

Capitalized content development costs

 

$

21,603

 

$

16,835

 

Capitalized content development costs in process

 

2,956

 

3,699

 

Accumulated amortization

 

(9,186

)

(7,379

)

Capitalized content development costs, net

 

$

15,373

 

$

13,155

 

 

The Company recorded amortization expense related to capitalized content development costs of $1.0 million and $0.7 million for the three months ended June 30, 2015 and 2014, respectively. The Company recorded amortization expense related to capitalized content development costs of $2.1 million and $1.4 million for the six months ended June 30, 2015 and 2014, respectively.

 

As of June 30, 2015, the estimated future amortization expense for the capitalized content development costs is as follows (in thousands):

 

2015

 

$

1,949

 

2016

 

3,531

 

2017

 

2,934

 

2018

 

2,420

 

2019

 

1,416

 

Thereafter

 

167

 

Total

 

$

12,417

 

 

12



Table of Contents

 

5.                                      Commitments and Contingencies

 

Line of Credit

 

On December 31, 2013, the Company entered into a credit agreement for a revolving line of credit with an aggregate borrowing base not to exceed $37.0 million. On January 21, 2014, the Company borrowed $5.0 million under this line of credit and repaid this borrowing in full on February 18, 2014; therefore, no amounts were outstanding as of June 30, 2015 or December 31, 2014. Under this revolving line of credit, the Company has the option of borrowing funds subject to (i) a base rate, which is equal to 1.5% plus the greater of Comerica Bank’s prime rate, the federal funds rate plus 1% or the 30 day LIBOR plus 1%, or (ii) LIBOR plus 2.5%. For amounts borrowed under the base rate, the Company may make interest-only payments quarterly, and may prepay such amounts with no penalty. For amounts borrowed under LIBOR, the Company makes interest-only payments in periods of one, two and three months and will be subject to a prepayment penalty if such borrowed amounts are repaid before the end of the interest period.

 

Borrowings under the line of credit are collateralized by substantially all of the Company’s assets. The availability of borrowings under this credit line is subject to compliance with reporting and financial covenants, including, among other things, that the Company achieves specified minimum three-month trailing revenue levels during the term of the agreement and specified minimum six-month trailing profitability levels for some client programs, measured quarterly. In addition, the Company is required to maintain a minimum adjusted quick ratio, which measures short-term liquidity, of at least 1.10 to 1.00. As of June 30, 2015 and December 31, 2014, the Company’s adjusted quick ratio was 5.26 and 6.45, respectively.

 

The covenants under the line of credit also place limitations on the Company’s ability to incur additional indebtedness or to prepay permitted indebtedness, grant liens on or security interests in its assets, carry out mergers and acquisitions, dispose of assets, declare, make or pay dividends, make capital expenditures in excess of specified amounts, make investments, loans or advances, enter into transactions with affiliates, amend or modify the terms of material contracts, or change its fiscal year. If the Company is not in compliance with the covenants under the line of credit, after any opportunity to cure such non-compliance, or it otherwise experiences an event of default under the line of credit, the lenders may require repayment in full of all principal and interest outstanding. If the Company fails to repay such amounts, the lenders could foreclose on the assets pledged as collateral under the line of credit. The Company is currently in compliance with all such covenants.

 

Legal Contingencies

 

From time to time, the Company may become involved in legal proceedings or other contingencies in the ordinary course of its business. The Company is not presently involved in any legal proceeding or other contingency that, if determined adversely to it, would individually or in the aggregate have a material adverse effect on its business, operating results, financial condition or cash flows. Accordingly, the Company does not believe that there is a reasonable possibility that a material loss exceeding amounts already recognized may have been incurred as of the date of the balance sheets presented herein.

 

Program Marketing and Sales Commitments

 

Certain of the agreements entered into between the Company and its clients require the Company to commit to meet certain staffing and spending investment thresholds related to program marketing and sales activities. In addition, certain of the agreements require the Company to invest up to agreed-upon levels in marketing the programs to achieve specified program performance. The Company believes it is currently in compliance with all such commitments.

 

13



Table of Contents

 

Operating Leases

 

The Company leases office facilities under non-cancelable operating leases in California, New York, Maryland, North Carolina, Virginia and Hong Kong. The Company also leases furniture and office equipment under non-cancelable leases. As of June 30, 2015, the future minimum lease payments (net of aggregate expected sublease payments of $0.5 million) were as follows (in thousands):

 

2015

 

$

1,638

 

2016

 

2,748

 

2017

 

2,498

 

2018

 

1,849

 

2019

 

874

 

Thereafter

 

494

 

Total future minimum lease payments

 

$

10,101

 

 

The future minimum lease payments due under non-cancelable operating lease arrangements contain fixed rent increases over the term of the lease. Rent expense on these operating leases is recognized over the term of the lease on a straight-line basis. The excess of rent expense over future minimum lease payments due has been reported in other non-current liabilities in the accompanying consolidated balance sheets. The deferred rent liability related to these leases totaled $0.5 million as of each of June 30, 2015 and December 31, 2014.

 

Total rent expense for non-cancelable operating lease agreements (net of sublease income of $0.1 million and $0.1 million) was $0.8 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Total rent expense (net of sublease income of $0.1 million and $0.1 million) was $1.4 million and $1.3 million for the six months ended June 30, 2015 and 2014, respectively.

 

Payments to Clients

 

The Company is contractually obligated to make fixed payments to certain of its clients in exchange for various intellectual property and other rights. As of June 30, 2015, the future minimum payments to the Company’s clients for intellectual property and other rights were as follows (in thousands):

 

2015

 

$

500

 

2016

 

800

 

2017

 

800

 

2018

 

300

 

2019

 

300

 

Thereafter

 

2,700

 

Total future minimum program payments

 

$

5,400

 

 

6.                                      Income Taxes

 

Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that are included in the financial statements. Deferred tax assets are subject to periodic recoverability assessments. Recognition of deferred tax assets is appropriate only if the likelihood of realization of such assets is more likely than not to occur. At December 31, 2014 and 2013, the Company had federal and state net operating loss (“NOL”) carryforwards which generally expire between 2029 and 2034. A full valuation allowance has been established to offset the net deferred tax assets. The Company has not generated taxable income since inception and does not have sufficient deferred tax liabilities to recover the deferred tax assets. The utilization of the NOL carryforwards to reduce future income taxes will depend on the Company’s ability to generate sufficient taxable income prior to the expiration of the NOL carryforwards.

 

14



Table of Contents

 

The Company determines its annual effective tax rate for the full fiscal year and applies that rate to its income before income taxes in determining its provision for income taxes for interim periods. The Company also records discrete items in each respective period as appropriate. The Company’s effective tax rate for the three and six months ended June 30, 2015 and 2014 was 0%.

 

7.                                      Common Stock and Preferred Stock Reserved for Future Issuance

 

As of June 30, 2015, the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. At June 30, 2015, the Company had reserved a total of 9,071,988 of its authorized shares of common stock for future issuance as follows:

 

Outstanding stock options

 

5,958,578

 

Possible future issuance under stock option plan

 

1,877,257

 

Outstanding restricted stock units

 

1,236,153

 

Total shares of common stock reserved for future issuance

 

9,071,988

 

 

The compensation committee of the Company’s board of directors, acting under authority delegated from the board of directors, granted on July 1, 2015 option awards to employees to purchase an aggregate of 19,743 shares of common stock at an exercise price of $30.83 and restricted stock unit awards for an aggregate of 23,954 shares of common stock, in each case under the 2014 Equity Incentive Plan (as defined below).

 

8.                                      Stock-Based Compensation

 

The Company provides equity-based compensation awards to employees, non-employees and directors as an effective means for attracting, retaining and motivating such individuals by providing them with incentives to exert maximum efforts for the success of the Company and a means by which they may benefit from increases in value of the Company’s common stock. The Company maintains two share-based compensation plans: the 2014 Equity Incentive Plan (the “2014 Plan”) and the 2008 Stock Incentive Plan (the “2008 Plan”). Upon the effective date of the 2014 Plan in January 2014, the Company ceased using the 2008 Plan to grant new equity awards, and began using the 2014 Plan for grants of new equity awards.

 

The number of shares of the Company’s common stock that may be issued under the 2014 Plan will automatically increase on January 1st of each year, for a period of ten years, from January 1, 2015 continuing through January 1, 2024, by 5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. On January 1, 2015, the shares available for issuance increased by 2,036,503 pursuant to the automatic share reserve provision under the 2014 Plan.

 

Stock-Based Compensation Expense

 

Stock-based compensation expense related to stock-based awards is included in the following line items in the accompanying consolidated statements of operations:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Servicing and support

 

$

607

 

$

401

 

$

995

 

$

614

 

Technology and content development

 

427

 

226

 

658

 

309

 

Program marketing and sales

 

277

 

218

 

459

 

321

 

General and administrative

 

2,556

 

1,199

 

3,803

 

1,995

 

Total stock-based compensation expense

 

$

3,867

 

$

2,044

 

$

5,915

 

$

3,239

 

 

15



Table of Contents

 

Stock Options

 

The following is a summary of the stock option activity for the six months ended June 30, 2015:

 

 

 

Number of
Options

 

Weighted-Average
Exercise Price per
Share

 

Weighted-Average
Remaining
Contractual Term
(in years)

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding balance at December 31, 2014

 

5,850,211

 

$

5.39

 

7.33

 

$

83,487

 

Granted

 

666,551

 

25.52

 

9.68

 

 

 

Exercised

 

(505,156

)

4.41

 

5.81

 

 

 

Forfeited

 

(51,071

)

11.27

 

 

 

 

 

Expired

 

(1,957

)

4.81

 

 

 

 

 

Outstanding balance at June 30, 2015

 

5,958,578

 

7.67

 

7.16

 

146,080

 

Exercisable at June 30, 2015

 

3,518,972

 

4.03

 

6.21

 

99,080

 

Vested and expected to vest at June 30, 2015

 

5,747,424

 

7.38

 

7.10

 

142,599

 

 

The total compensation cost related to the nonvested options not yet recognized as of June 30, 2015 was $14.2 million and will be recognized over a weighted-average period of approximately 2.3 years.

 

The aggregate intrinsic value of the options exercised during the six months ended June 30, 2015 and 2014 was $14.0 million and $6.8 million, respectively.

 

The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the three and six months ended June 30, 2015 and 2014:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Risk-free interest rate

 

1.5% – 1.9%

 

1.9%

 

1.5% – 1.9%

 

1.8% – 2.1%

 

Expected term (years)

 

6.00 – 6.08

 

5.99

 

5.83 – 6.08

 

5.40 – 6.25

 

Expected volatility

 

50%

 

54%

 

50%

 

54% – 55%

 

Dividend yield

 

0%

 

0%

 

0%

 

0%

 

Weighted-average grant date fair value per share

 

$12.51

 

$6.77

 

$12.42

 

$5.91

 

 

Restricted Stock Units

 

The following is a summary of restricted stock unit activity for the six months ended June 30, 2015:

 

 

 

Number of
Restricted
Stock Units

 

Weighted-
Average Grant
Date Fair Value

 

Outstanding balance at December 31, 2014

 

992,665

 

$

11.39

 

Granted

 

548,912

 

25.36

 

Vested

 

(259,538

)

11.31

 

Forfeited

 

(45,886

)

14.10

 

Outstanding balance at June 30, 2015

 

1,236,153

 

17.51

 

 

The total compensation cost related to the nonvested restricted stock units not yet recognized as of June 30, 2015 was $16.8 million and will be recognized over a weighted-average period of approximately 3.0 years.

 

Other Stock Awards

 

During the three and six months ended June 30, 2015, the Company granted 26,567 shares of common stock to an employee, with a fair value of $0.8 million.

 

16



Table of Contents

 

9.                                      Net Loss per Share

 

Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for the three and six months ended June 30, 2015 and 2014:

 

 

 

Three and Six Months Ended
June 30,

 

 

 

2015

 

2014

 

Stock options

 

5,958,578

 

6,388,908

 

Restricted stock units

 

1,236,153

 

1,001,390

 

 

Basic and diluted net loss per share attributable to holders of common stock is calculated as follows:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator (in thousands):

 

 

 

 

 

 

 

 

 

Net loss attributable to holders of common stock

 

$

(9,630

)

$

(10,597

)

$

(15,098

)

$

(17,734

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding, basic and diluted

 

41,362,476

 

39,304,884

 

41,171,669

 

23,588,330

 

Net loss per share attributable to holders of common stock, basic and diluted

 

$

(0.23

)

$

(0.27

)

$

(0.37

)

$

(0.75

)

 

10.                               Segment and Geographic Information

 

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. The Company’s CODM reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company’s operations constitute a single operating segment and one reportable segment. The Company offers similar services to substantially all of its clients, which primarily represent well-recognized nonprofit colleges and universities in the United States. Substantially all assets were held and all revenue was generated in the United States during all periods presented.

 

17



Table of Contents

 

Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2014. Certain statements contained in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions, or the negative of such words or phrases, are intended to identify “forward-looking statements.” We have based these forward-looking statements on our current expectations and projections about future events. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Many factors could cause or contribute to these differences, including those discussed in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2014, and our other filings with the Securities and Exchange Commission, or “SEC.” Statements made herein are as of the date of the filing of this Form 10-Q with the SEC and should not be relied upon as of any subsequent date. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim, any obligation to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes that appear in Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in our Annual Report on Form 10-K filed with the SEC on February 26, 2015.

 

Overview

 

We are a leading provider of an integrated solution comprised of cloud-based software-as-a-service, or SaaS, technology fused with technology-enabled services, which we refer to as our Platform. Our Platform enables leading nonprofit colleges and universities to deliver their high quality education to qualified students anywhere. Our SaaS technology consists of an innovative online learning environment, which we refer to as Online Campus, and our operations applications. This technology is fused with technology-enabled services, to complete our Platform. Our Platform allows our clients’ programs to expand and operate at scale by providing the comprehensive infrastructure colleges and universities need to attract, enroll, educate, support and graduate their students. By leveraging our Platform, we believe our clients are able to expand their addressable markets while providing educational engagement, experiences and outcomes to their online students that match or exceed those of their on-campus offerings.

 

Our clients use the Online Campus portion of our Platform to offer high quality educational content, instructor-led classes in a live, intimate and engaging setting, and a rich social networking experience, all accessible through proprietary web-based and mobile applications. Online Campus challenges every student to learn from the front row and every faculty member to engage students in new and innovative ways. Our clients use the operations applications within our Platform to expand, enable and support their online operations, and integrate those operations with their existing university systems. These applications provide the content management, admissions application processing, customer relationship management and other functionality necessary to effectively operate our clients’ programs. Our Platform also provides clients with real-time data and deep analytical insight related to student performance and engagement, student and faculty satisfaction and enrollment. We believe that the SaaS technology within our Platform is flexible, easy to use, highly scalable and characterized by a high level of availability and security.

 

18



Table of Contents

 

The technology-enabled services we provide within our Platform are designed to improve enrollment and retention of our clients’ students as well as to provide those students with a complete and high quality educational experience. We have primary responsibility for identifying qualified students for our clients’ programs, generating potential student interest in the programs and driving applications to the programs. We have developed sophisticated digital program marketing and student acquisition capabilities, and we work closely with our clients to help them create highly engaging multimedia instructional content for delivery through Online Campus. We also provide other services that support the complete lifecycle of a higher education program, including advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements. We provide the significant domain expertise and operating capacity our clients require to scale and operate successfully in the online environment.

 

Our clients use our Platform to offer full graduate degree programs online, and some offer doctorate and undergraduate degree programs as well. The students in these programs receive the same degree or credit as their on-campus counterparts, and generally pay equivalent tuition. We are currently engaged by 11 well-recognized colleges and universities to enable 17 programs that have launched and in which students have enrolled. The first of our clients’ programs was launched in 2009. One additional program launched in 2010, two more launched in 2011 and our clients launched five new programs in 2013. An additional four programs launched in 2014, and a dual degree between an additional university client and one of our existing clients also launched in 2014. Thus far in 2015, our clients have launched four programs and we have announced seven new graduate programs with three current university clients and two new university clients. Most of our client contracts have initial terms between 10 and 15 years in length, and since our inception, all of the clients that have engaged us remain active.

 

A significant percentage of our annual revenue is related to students returning to our clients’ programs after their first semester. In the three months ended June 30, 2015, 74% of our revenue was related to students who had enrolled and completed their first semester prior to the start of the year. We believe this high percentage of revenue attributable to returning students contributes to the predictability and recurring nature of our business.

 

We believe our business strategy will continue to offer significant opportunities for growth, but it also presents a number of risks and challenges. In particular, to remain competitive, we will need to continue to innovate in a rapidly changing landscape for the application of technology like ours to the delivery of higher education. As described above, we have added, and we intend to continue to add, degree programs in a number of new academic disciplines each year, as well as to expand the delivery of existing degree programs to new clients and to add new offerings to current programs. To do so, we will need to convince new clients as to the quality and value of our Platform, cost-effectively identify qualified students for our clients’ programs and help our clients retain those students once enrolled. We must also be able to successfully execute our business strategy while navigating constantly changing higher education laws and regulations applicable to our clients and, in some cases to ourselves, particularly the incentive compensation rule that generally prohibits making incentive payments related to student acquisition. We seek to ensure that addressing all of these risks and challenges does not divert our management’s attention from continuing to build on the strengths that we believe have driven the growth of our business over the last several years. We believe our focus on delivering a differentiated Platform, maintaining the integrity of our clients’ educational brands and enabling strong student outcomes will contribute to the success of our business. However, we may not be successful in addressing and managing the many challenges and risks that we face.

 

Our Business Model

 

The key elements of our business model are described below.

 

Revenue Drivers

 

Substantially all of our revenue is derived from revenue-share arrangements with our clients, under which we receive a contractually specified percentage of the amounts students pay them in tuition and other fees. Accordingly, the primary driver of our revenue growth is the number of student course enrollments in our clients’ programs. This in turn is influenced primarily by three factors:

 

·                  our ability to increase the number of programs offered by our clients, either by adding new clients or by expanding the number of client programs;

 

·                  our ability to identify and acquire prospective students for our clients’ programs; and

 

·                  our ability, and that of our clients, to retain the students who enroll in their programs.

 

19



Table of Contents

 

In the near term, we expect the primary drivers of our financial results to continue to be our two programs with the University of Southern California, which are our longest running programs, that we launched in 2009 and 2010. For the three months ended June 30, 2015 and 2014, 45% and 54%, respectively, of our revenue was derived from these two programs, while for the six months ended June 30, 2015 and 2014, 48% and 58%, respectively, of our revenue was derived from these two programs. We expect the University of Southern California will continue to account for a large portion of our revenue until our other client programs become more mature and achieve significantly higher enrollment levels.

 

Program Marketing and Sales Expense

 

Our most significant expense in each fiscal period has been program marketing and sales expense, which relates primarily to student acquisition activities. We do not spend significant amounts on new client or program acquisition and we do not maintain a sales force targeted at potential new clients or programs since our model is not dependent on launching a large number of new programs per year, either with new or existing clients. Instead, our new clients and programs are largely generated through a direct approach by our senior management to selected colleges and universities.

 

We have primary responsibility for identifying qualified students for our clients’ programs, generating potential student interest in the programs and driving applications to the programs. While our clients make all admissions decisions, the number of students who enroll in our clients’ programs in any given period is significantly dependent on the amount we have spent on these student acquisition activities in prior periods. Accordingly, although most of our clients’ programs span multiple semesters and, therefore, generate continued revenue beyond the term in which initial enrollments occur, we expect that we will need to continue to incur significant program marketing and sales expense for existing programs going forward to generate a continuous pipeline of new enrollments. For new programs, we begin incurring program marketing and sales costs as early as nine months prior to the start of a new client program.

 

We typically identify prospective students for our clients’ programs between three months and two or more years before they ultimately enroll. For the students currently enrolled in our clients’ programs and those who have graduated, the average time from our initial prospective student acquisition to initial enrollment was seven months. For the students who have graduated from these programs, the average time from initial enrollment to graduation was 21 months. However, because our clients’ programs are relatively new, they have only graduated a limited number of students to date, with many early enrollees still enrolled. Based on the student retention rates and patterns we have observed in our clients’ programs, we estimate that, for our current programs, the average time from a student’s initial enrollment to graduation will be approximately 2.5 years.

 

Accordingly, our program marketing and sales expense in any period is an investment we make to generate revenue in future periods. Likewise, revenue generated in any period is largely attributable to the investment made in student acquisition activities in earlier periods. Because program marketing and sales expense in any period is almost entirely unrelated to revenue generated in that period, we do not believe it is meaningful to directly compare the two. We believe that the total revenue we will receive in the future from students who enroll in our clients’ programs as a result of current period program marketing and sales expense will be significantly greater as a multiple of that expense than is implied by the multiple of current period revenue to current period program marketing and sales expense. Further, we believe that our program marketing and sales expense in future periods will generally decline as a percentage of the revenue reported in those same periods as our revenue base from returning students in existing programs increases.

 

We continually manage our program marketing and sales expense to ensure that across our portfolio of client programs, our cost to acquire students for these programs is appropriate for our business model. We use a ratio of attrition adjusted lifetime revenue of a student, or LTR, to the total cost to acquire that student, or TCA, as the measure of our marketing efficiency and to determine how much we are willing to spend to acquire an additional student for any program. The calculations included in this ratio include certain assumptions. For any period, we know what we spent on program sales and marketing and therefore, can accurately calculate the ratio’s denominator. However, given the time lag between when we incur our program marketing and sales expense and when we receive revenue related to students enrolled based on that expense, we have to incorporate forecasts of student enrollments and retention into our calculation of the ratio’s numerator, which is our estimate of future revenue related to that period’s expense. We use the significant amount of data we have on the effectiveness of various marketing channels, student attrition and other factors to inform our forecasts and are continually testing the assumptions underlying these forecasts against actual results to give us confidence that our forecasts are reasonable. The LTR to TCA ratio may vary from program to program depending on the degree being offered, where that program is in its lifecycle and whether we enable the same or similar degrees at other universities.

 

20



Table of Contents

 

Period-to-Period Fluctuations

 

Our revenue, cash position, accounts receivable and deferred revenue can fluctuate significantly from quarter to quarter due to variations driven by the academic schedules of our clients’ programs. These programs generally start classes for new and returning students an average of four times per year. Class starts are not necessarily evenly spaced throughout the year, do not necessarily correspond to the traditional academic calendar and may vary from year to year. As a result, the number of classes our client programs have in session, and therefore the number of students enrolled, will vary from month to month and quarter to quarter, leading to variability in our revenue.

 

The semesters of our clients’ programs often straddle two fiscal quarters. Our clients generally pay us when they have billed tuition and specified fees to their students, which is typically early in the semester, and once the drop/add period has passed. We recognize the related revenue ratably over the course of the semester. Because we generally receive payments from our clients prior to our ability to recognize the majority of those amounts as revenue, we record deferred revenue at each balance sheet date equal to the excess of the amounts we have billed or received from our clients over the amounts we have recognized as revenue as of that date. For these reasons, our cash flows typically vary considerably from quarter to quarter and our cash position, accounts receivable and deferred revenue typically fluctuate between quarterly balance sheet dates.

 

Our expense levels also fluctuate from quarter to quarter, driven primarily by our program marketing and sales activity. We typically reduce our paid search and other program marketing and sales efforts during late November and December because these efforts are less productive during the holiday season. This generally results in lower total program marketing and sales expense during the fourth quarter. In addition, because we begin spending on technology and content development, program marketing and sales, and, to a lesser extent, services and support as much as nine months prior to the start of classes for a new client program, these costs as a percentage of revenue fluctuate, sometimes significantly, depending on the timing of new client programs and anticipated program launch dates.

 

Key Business and Financial Performance Metrics

 

We use a number of key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. In addition to adjusted EBITDA, which we discuss below, we discuss revenue and the components of operating loss in the section below entitled “—Components of Operating Results.” Additionally, we utilize other key metrics to evaluate the success of our growth strategy, including measures we refer to as Platform revenue retention rate and full course equivalent enrollments in our clients’ programs.

 

Platform Revenue Retention Rate

 

We measure our Platform revenue retention rate for a particular period by first identifying the group of programs that our clients launched before the beginning of the prior year comparative period. We then calculate our Platform revenue retention rate by comparing the revenue we recognized for this group of programs in the reporting period to the revenue we recognized for the same group of programs in the prior year comparative period, expressed as a percentage of the revenue we recognized for the group in the prior year comparative period.

 

The following table sets forth our Platform revenue retention rate for the periods presented, as well as the number of programs included in the Platform revenue retention rate calculation. For all of these periods, our Platform revenue retention rate was greater than 100% because we had no programs terminate and full course equivalent enrollments in the aggregate increased year-over-year. There is no correlation between the Platform revenue retention rate and the number of programs included in the calculation of that rate. The number of programs may increase while the retention rate declines.

 

21



Table of Contents

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Platform revenue retention rate

 

130.5

%

113.5

%

124.8

%

117.3

%

Number of programs included in comparison (1)

 

10

 

6

 

9

 

4

 

 


(1)                                 Reflects the number of programs operating both in the reported period and in the prior year comparative period.

 

Full Course Equivalent Enrollments in Our Clients’ Programs

 

We measure full course equivalent enrollments in our clients’ programs by determining, for each of the courses offered during a particular period, the number of students enrolled in that course multiplied by the percentage of the course completed during that period. We use this metric to account for the fact that many courses offered by our clients straddle two or more fiscal quarters. For example, if a course had 25 enrolled students and 40% of the course was completed during a particular period, we would count the course as having 10 full course equivalent enrollments for that period. Any individual student may be enrolled in more than one course during a period.

 

Average revenue per full course equivalent enrollment represents our weighted-average revenue per course across the mix of courses being offered in our client programs during a period. This number is derived by dividing our total revenue for a period by the number of full course equivalent enrollments during that same period. This amount may vary from period to period depending on the academic calendars of our clients, the relative growth rates of programs with varying tuition levels, the launch of new programs with higher or lower than average net tuition costs and annual tuition increases instituted by our clients. As a part of our growth strategy, we are actively targeting new graduate-level clients in academic disciplines for which we have existing programs. Over time, this strategy is likely to reduce our average revenue per full course equivalent. However, we believe this approach will enable us to leverage our program marketing investments across multiple client programs within specific academic disciplines, significantly decreasing student acquisition costs within those disciplines and more than offsetting any decline in average revenue per full course equivalent enrollment.

 

The following table sets forth the full course equivalent enrollments and average revenue per full course equivalent enrollment in our clients’ programs for the periods presented.

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Full course equivalent enrollments in our clients’ programs

 

13,557

 

9,331

 

26,649

 

19,140

 

Average revenue per full course equivalent enrollment in our clients’ programs

 

$

2,599

 

$

2,652

 

$

2,621

 

$

2,669

 

 

Adjusted EBITDA

 

Adjusted EBITDA represents our earnings before net interest (income) expense, income taxes, depreciation and amortization, adjusted to eliminate stock-based compensation expense, which is a non-cash item. Adjusted EBITDA is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

22



Table of Contents

 

Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP, and should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with U.S. GAAP. In addition, adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted EBITDA in the same manner as we do. We prepare adjusted EBITDA to eliminate the impact of stock-based compensation expense, which we do not consider indicative of our core operating performance.

 

Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are:

 

·                  although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

 

·                  adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

 

·                  adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation;

 

·                  adjusted EBITDA does not reflect interest or tax payments that may represent a reduction in cash available to us; and

 

·                  other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

 

Because of these and other limitations, you should consider adjusted EBITDA alongside other U.S. GAAP-based financial performance measures, including various cash flow metrics, net income (loss) and our other U.S. GAAP results. The following table presents a reconciliation of adjusted EBITDA (loss) to net loss for each of the periods indicated:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Net loss

 

$

(9,630

)

$

(10,595

)

$

(15,098

)

$

(17,645

)

Adjustments:

 

 

 

 

 

 

 

 

 

Interest expense

 

126

 

134

 

252

 

918

 

Interest income

 

(24

)

(31

)

(53

)

(32

)

Depreciation and amortization expense

 

1,677

 

1,363

 

3,390

 

2,646

 

Stock-based compensation expense

 

3,867

 

2,044

 

5,915

 

3,239

 

Total adjustments

 

5,646

 

3,510

 

9,504

 

6,771

 

Adjusted EBITDA (loss)

 

$

(3,984

)

$

(7,085

)

$

(5,594

)

$

(10,874

)

 

Components of Operating Results

 

Revenue

 

Substantially all of our revenue consists of a contractually specified percentage of the amounts our clients bill to their students for tuition and fees, less credit card fees and other specified charges we have agreed to exclude in certain of our client contracts, which we refer to as net program proceeds. Most of our contracts have 10 to 15 year initial terms. We recognize revenue ratably over the service period, which we define as the first through the last day of classes for each semester in a client’s program.

 

We establish a refund allowance for our share of tuition and fees ultimately uncollected by our clients.

 

We also offered rebates to a limited group of students who enrolled in a specific client program between 2009 and 2011, which we will be required to pay to such students if they complete their degrees and pre-specified, post-graduation work requirements within a defined period of time after graduation. For students in this group who are still enrolled in the program, we accrue the rebate liability as they continue through the program towards graduation. In addition, all students in this group are required to certify to us each September as to their continuing eligibility for these rebates. For those students who do not make such certification and are therefore no longer eligible for the rebate, because, for example, they have failed to meet their post-graduation work requirements, we reduce the allowance accordingly at that time. As of both June 30, 2015 and December 31, 2014, 130 students remained eligible to receive these rebates. These rebates and refunds offset the net program proceeds that we recognize as revenue.

 

23



Table of Contents

 

The following table sets forth the components of our revenue for the periods indicated.

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

Net program proceeds

 

$

35,662

 

$

24,960

 

$

70,725

 

$

51,495

 

Rebates

 

(1

)

8

 

(3

)

5

 

Refunds

 

(262

)

(225

)

(646

)

(434

)

Other

 

(161

)

1

 

(226

)

10

 

Revenue

 

$

35,238

 

$

24,744

 

$

69,850

 

$

51,076

 

 

In addition to providing access to the SaaS technology within our Platform, we provide technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities and facilitating in-program field placements. We have determined that no individual deliverable has standalone value upon delivery and, therefore, the multiple deliverables within our arrangements do not qualify for treatment as separate units of accounting. Accordingly, we consider all deliverables to be a single unit of accounting and we recognize revenue from the entire arrangement over the term of the service period.

 

We generally receive payments from our clients early in each semester, prior to completion of the service period. We record these advance payments as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time we recognize the revenue. As of each balance sheet date, deferred revenue is a current liability and represents the excess amounts we have billed or received over the amounts we have recognized as revenue in the consolidated statements of operations as of that date.

 

Costs and Expenses

 

Costs and expenses consist of servicing and support costs, technology and content development costs, program marketing and sales expenses and general and administrative expenses. To support our anticipated growth, we expect to continue to hire new employees, increase our program promotion and student acquisition efforts, expand our technology infrastructure and increase our other program support capabilities. As a result, we expect our costs and expenses to increase in absolute dollars, but to decrease as a percentage of revenue over time as we achieve economies of scale through the expansion of our business.

 

Servicing and support.  Servicing and support expense consists primarily of compensation costs related to program management and operations, as well as costs for technical support for our SaaS technology and faculty and student support. It includes costs to facilitate in-program field placements, student immersions and other student enrichment experiences, and to assist our clients with their state compliance requirements. It also includes software licensing, telecommunications and other costs to provide access to the SaaS technology within our Platform for our clients and their students.

 

Technology and content development.  Technology and content development expense consists primarily of compensation and outsourced services costs related to the ongoing improvement and maintenance of the SaaS technology within our Platform, and the developed content for our client programs. It also includes the costs to support our internal infrastructure, including our cloud-based server usage. Additionally, it includes the associated depreciation and amortization expense related to internally-developed software and content, as well as hosting and other costs associated with maintaining the SaaS technology within our Platform in a cloud environment.

 

Program marketing and sales.  Program marketing and sales expense consists primarily of costs related to student acquisition. This includes the cost of online advertising and prospective student generation, as well as compensation costs for our program marketing, search engine optimization, marketing analytics and admissions application counseling personnel. We expense all costs related to program marketing and sales as they are incurred.

 

24



Table of Contents

 

General and administrative.  General and administrative expense consists primarily of compensation costs for employees in our executive, administrative, finance and accounting, legal, communications and human resources functions. Additional expenses include external legal, accounting and other professional fees, telecommunications charges and other corporate costs such as insurance and travel that are not related to another function.

 

Other Income (Expense)

 

Other income (expense) consists of interest income and interest expense. Interest income is derived from interest received on our cash and cash equivalents. Interest expense consists primarily of the amortization of deferred financing costs associated with our line of credit and convertible notes prior to their conversion and changes in our preferred stock warrant liability as a result of changes in the fair value of such warrants (through April 2, 2014).

 

The fair value of our preferred stock warrant liability was reassessed at the end of each reporting period and any increase in fair value was recognized in other expense, while any decrease in fair value was recognized in other income. Upon completion of our initial public offering, or IPO, the preferred stock warrants automatically became warrants to purchase common stock. At that time, we reclassified the preferred stock warrant liability to additional paid-in capital and no further changes in fair value will be recognized in other income or expense.

 

Income Tax (Expense) Benefit

 

Income tax expense consists of U.S. federal, state and foreign income taxes. To date, we have not been required to pay U.S. federal income taxes because of our current and accumulated net operating losses. We incurred immaterial state and foreign income tax liabilities for the three and six months ended June 30, 2015 and 2014.

 

Results of Operations

 

Comparison of Three Months Ended June 30, 2015 and 2014

 

The following table sets forth selected consolidated statement of operations data for each of the periods indicated.

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

2015

 

2014

 

Period-to-Period Change

 

 

 

Amount

 

Percentage
of Revenue

 

Amount

 

Percentage
of Revenue

 

Amount

 

Percentage

 

 

 

(dollars in thousands)

 

Revenue

 

$

35,238

 

100.0

%

$

24,744

 

100.0

%

$

10,494

 

42.4

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing and support

 

7,903

 

22.4

 

7,000

 

28.3

 

903

 

12.9

 

Technology and content development

 

6,466

 

18.4

 

5,818

 

23.5

 

648

 

11.1

 

Program marketing and sales

 

21,526

 

61.0

 

16,710

 

67.5

 

4,816

 

28.8

 

General and administrative

 

8,871

 

25.2

 

5,708

 

23.1

 

3,163

 

55.4

 

Total costs and expenses

 

44,766

 

127.0

 

35,236

 

142.4

 

9,530

 

27.0

 

Loss from operations

 

(9,528

)

(27.0

)

(10,492

)

(42.4

)

964

 

(9.2

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(126

)

(0.4

)

(134

)

(0.5

)

8

 

(5.2

)

Interest income

 

24

 

0.1

 

31

 

0.1

 

(7

)

(19.4

)

Total other income (expense)

 

(102

)

(0.3

)

(103

)

(0.4

)

1

 

(1.0

)

Net loss

 

$

(9,630

)

(27.3

)%

$

(10,595

)

(42.8

)%

$

965

 

(9.1

)

 

25



Table of Contents

 

Revenue.  Revenue for the three months ended June 30, 2015 was $35.2 million, an increase of $10.5 million, or 42%, from $24.7 million for the same period of 2014. Of the increase, the four client programs launched prior to January 1, 2013 resulted in higher period-over-period revenues of $2.3 million, while $4.2 million was primarily attributable to increases in period-over-period full course equivalent enrollments in the client programs that launched in 2013. Increases in full-course equivalent enrollments in the programs that launched in 2014 contributed $2.8 million in additional revenues, while the client programs that launched in 2015 through June 30 generated $1.2 million in the second quarter.

 

Servicing and support.  Servicing and support costs for the three months ended June 30, 2015 were $7.9 million, an increase of $0.9 million, or 13%, from $7.0 million for the same period of 2014. This increase was due primarily to a $0.8 million increase in compensation costs, as we increased our headcount in this area by 23% to serve a growing number of students and faculty in existing and new client programs. The remaining increase of $0.1 million was primarily attributable increased costs for facilitating in-program field placements. As a percentage of revenue, servicing and support costs decreased from 28% for the three months ended June 30, 2014 to 22% for the same period of 2015, as revenue grew at a higher rate.

 

Technology and content development.  Technology and content development costs for the three months ended June 30, 2015 were $6.4 million, an increase of $0.6 million, or 11%, from $5.8 million for the same period of 2014. This increase was due primarily to a $0.5 million increase in compensation costs (net of amounts capitalized for software and content development), as we increased our headcount in this area by 16% to support scaling of existing client programs. Additionally, an increase of $0.3 million resulted from higher amortization expense associated with our capitalized internal use software and content development costs, primarily as a result of an increase in the number of courses that have been developed for our client programs. These increases were partially offset by lower curriculum development and production expenditures of $0.2 million. As a percentage of revenue, technology and content development costs decreased from 24% for the three months ended June 30, 2014 to 18% for the same period of 2015, as we have continued to achieve scale.

 

Program marketing and sales.  Program marketing and sales expense for the three months ended June 30, 2015 was $21.5 million, an increase of $4.8 million, or 29%, from $16.7 million for the same period of 2014. This increase was due primarily to a $2.8 million increase in prospective student generation costs to acquire students for our clients’ programs. Additionally, compensation costs increased by $1.8 million, as we increased our headcount in this area by 28% to acquire students for, and drive revenue growth in, new client programs, while other program marketing and sales expenses increased by $0.2 million. As a percentage of revenue, program marketing and sales expense decreased from 68% for the three months ended June 30, 2014 to 61% for the same period of 2015, reflecting a higher year-over-year percentage increase in revenue than the increase in expense.

 

General and administrative.  General and administrative expense for the three months ended June 30, 2015 was $8.9 million, an increase of $3.2 million, or 55%, from $5.7 million for the same period of 2014. This was due primarily to a $2.3 million increase in compensation costs, of which $1.3 million related to an increase in our headcount in this area by 19% to support our growing business, and $1.0 million related to a signing bonus of a new key executive, consisting of cash and a common stock award. Further, legal, accounting and other professional fees increased by $0.2 million, travel and related expenses increased by $0.2 million, while insurance and other general and administrative costs increased by $0.5 million. As a percentage of revenue, general and administrative expense increased from 23% for the three months ended June 30, 2014 to 25% for the same period of 2015.

 

Comparison of Six Months Ended June 30, 2015 and 2014

 

The following table sets forth selected consolidated statement of operations data for each of the periods indicated.

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

2015

 

2014

 

Period-to-Period Change

 

 

 

Amount

 

Percentage
of Revenue

 

Amount

 

Percentage
of Revenue

 

Amount

 

Percentage

 

 

 

(dollars in thousands)

 

Revenue

 

$

69,850

 

100.0

%

$

51,076

 

100.0

%

$

18,774

 

36.8

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing and support

 

15,454

 

22.1

 

13,248

 

25.9

 

2,206

 

16.7

 

Technology and content development

 

12,600

 

18.0

 

11,492

 

22.5

 

1,108

 

9.6

 

Program marketing and sales

 

41,113

 

58.9

 

31,951

 

62.6

 

9,162

 

28.7

 

General and administrative

 

15,582

 

22.3

 

11,144

 

21.8

 

4,438

 

39.8

 

Total costs and expenses

 

84,749

 

121.3

 

67,835

 

132.8

 

16,914

 

24.9

 

Loss from operations

 

(14,899

)

(21.3

)

(16,759

)

(32.8

)

1,860

 

(11.1

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(252

)

(0.4

)

(918

)

(1.8

)

666

 

(72.5

)

Interest income

 

53

 

0.1

 

32

 

0.1

 

21

 

65.7

 

Total other income (expense)

 

(199

)

(0.3

)

(886

)

(1.7

)

687

 

(77.5

)

Net loss

 

$

(15,098

)

(21.6

)%

$

(17,645

)

(34.5

)%

$

2,547

 

(14.4

)

 

26



Table of Contents

 

Revenue.  Revenue for the six months ended June 30, 2015 was $69.9 million, an increase of $18.8 million, or 37%, from $51.1 million for the same period of 2014. Of the increase, the four client programs launched prior to January 1, 2013 resulted in higher period-over-period revenues of $3.8 million, while $8.4 million was primarily attributable to increases in period-over-period full course equivalent enrollments in the client programs that launched in 2013. Increases in full-course equivalent enrollments in the programs that launched in 2014 contributed $4.9 million in additional revenues, while the client programs that launched in 2015 through June 30 generated $1.7 million on a year-to-date basis.

 

Servicing and support.  Servicing and support costs for the six months ended June 30, 2015 were $15.4 million, an increase of $2.2 million, or 17%, from $13.2 million for the same period of 2014. This increase was due primarily to a $1.5 million increase in compensation costs as we increased our headcount in this area by 24% to serve a growing number of students and faculty in existing and new client programs. Additionally, costs for student immersions and other student enrichment experiences increased by $0.5 million, while other servicing and support costs increased by $0.2 million. As a percentage of revenue, servicing and support costs decreased from 26% for the six months ended June 30, 2014 to 22% for the same period of 2015, as revenue grew at a higher rate.

 

Technology and content development.  Technology and content development costs for the six months ended June 30, 2015 were $12.6 million, an increase of $1.1 million, or 9.6%, from $11.5 million for the same period of 2014. This was due primarily to a $0.6 million increase in compensation costs (net of capitalized amounts for software and content development), as we increased our headcount in this area by 15% to support additional client program launches and scaling of existing client programs. Additionally, an increase of $0.6 million resulted from higher amortization expense associated with our capitalized internal use software and content development costs, primarily as a result of an increase in the number of courses that have been developed for our client programs. These increases were partially offset by other technology and content development cost decreases of $0.1 million. As a percentage of revenue, technology and content development costs decreased from 23% for the six months ended June 30, 2014 to 18% for the same period of 2015, as we have continued to achieve scale.

 

Program marketing and sales.  Program marketing and sales expense for the six months ended June 30, 2015 was $41.1 million, an increase of $9.1 million, or 29%, from $32.0 million for the same period of 2014. This increase was due primarily to a $4.7 million increase in prospective student generation costs to acquire students for our clients’ programs. Additionally, compensation costs increased by $3.9 million, as we increased our headcount in this area by 32% to acquire students for, and drive revenue growth in, new client programs, while other program marketing and sales expenses increased by $0.5 million. As a percentage of revenue, program marketing and sales expense decreased from 63% for the six months ended June 30, 2014 to 59% for the same period of 2015, reflecting a higher year-over-year percentage increase in revenue than the increase in expense.

 

General and administrative.  General and administrative expense for the six months ended June 30, 2015 was $15.6 million, an increase of $4.5 million, or 40%, from $11.1 million for the same period of 2014. This was due primarily to a $3.3 million increase in compensation costs, of which $2.3 million related to an increase in our headcount in this area by 18% to support our growing business, and $1.0 million related to a signing bonus of a new key executive, consisting of cash and a common stock award. Additionally, legal and other professional fees increased by $0.5 million, travel and related expenses increased by $0.3 million, insurance costs increased by $0.2 million due to the purchase of directors and officers liability coverage, and other general and administrative costs increased by $0.2 million. As a percentage of revenue, general and administrative expense remained relatively flat at 22% for each of the six-month periods ended June 30, 2015 and 2014.

 

Interest expense.  Interest expense for the six months ended June 30, 2015 was $0.2 million, a decrease of $0.7 million, or 73%, from $0.9 million for the same period of 2014. This decrease was due primarily to the absence of the change in the fair value of the Series D redeemable convertible preferred stock warrants, which converted to additional paid-in capital upon the closing of our initial public offering in 2014.

 

Critical Accounting Policies and Significant Judgments and Estimates

 

This management’s discussion and analysis of financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates if conditions differ from our assumptions. During the six months ended June 30, 2015, there were no material changes to our critical accounting policies and use of estimates, which are disclosed in our audited consolidated financial statements for the year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC on February 26, 2015.

 

27



Table of Contents

 

Liquidity and Capital Resources

 

Sources of Liquidity

 

From inception until the closing of our IPO on April 2, 2014, we funded our operations primarily through private placements of redeemable convertible preferred stock.

 

On December 31, 2013, we entered into a credit agreement with Comerica Bank for a revolving line of credit, under which we may borrow up to $37.0 million from a syndicate of lenders including Comerica Bank and Square 1 Bank. On January 21, 2014, we borrowed $5.0 million under this line of credit and repaid this borrowing in full on February 18, 2014. There have been no subsequent borrowings under this line of credit. Under this revolving line of credit, we have the option of borrowing funds subject to (i) a base rate, which is equal to 1.5% plus the greater of Comerica Bank’s prime rate, the federal funds rate plus 1% or the 30 day LIBOR plus 1%, or (ii) LIBOR plus 2.5%. For amounts borrowed under the base rate, we may make interest-only payments quarterly, and may prepay such amounts with no penalty. For amounts borrowed under LIBOR, we may make interest-only payments in periods of one, two and three months and will be subject to a prepayment penalty if we repay such borrowed amounts before the end of the interest period.

 

Borrowings under the line of credit are collateralized by substantially all of our assets. The availability of borrowings under this credit line is subject to our compliance with reporting and financial covenants, including, among other things, that we achieve specified minimum three-month trailing revenue levels during the term of the agreement and specified minimum six-month trailing profitability levels for some of our client programs, measured quarterly. In addition, we are required to maintain a minimum adjusted quick ratio, which measures our short term liquidity, of at least 1.10 to 1.00. As of June 30, 2015 and December 31, 2014, our adjusted quick ratio was 5.26 and 6.45, respectively.

 

The covenants under the line of credit also place limitations on our ability to incur additional indebtedness or to prepay permitted indebtedness, grant liens on or security interests in our assets, carry out mergers and acquisitions, dispose of assets, declare, make or pay dividends, make capital expenditures in excess of specified amounts, make investments, loans or advances, enter into transactions with our affiliates, amend or modify the terms of our material contracts, or change our fiscal year. If we are not in compliance with the covenants under the line of credit, after any opportunity to cure such non-compliance, or we otherwise experience an event of default under the line of credit, the lenders may require repayment in full of all principal and interest outstanding. If we fail to repay such amounts, the lenders could foreclose on the assets we have pledged as collateral under the line of credit. We are currently in compliance with all such covenants.

 

Public Offering of Common Stock

 

On April 2, 2014, we closed our IPO in which we issued and sold 8,626,377 shares of common stock, including the partial exercise of the underwriters’ over-allotment option, at an issuance price of $13.00 per share, resulting in net proceeds of $100.3 million after deducting underwriting discounts and commissions. Upon the closing of the IPO, all shares of the then-outstanding redeemable convertible preferred stock automatically converted into an aggregate of 23,501,208 shares of common stock, based on the shares of redeemable convertible preferred stock outstanding as of April 2, 2014. In addition, the outstanding Series D warrants automatically converted into warrants to purchase common stock, and our preferred stock warrant liability of $0.8 million as of April 2, 2014 was reclassified to additional paid-in capital.

 

28



Table of Contents

 

Cash Flows

 

The following table summarizes our cash flows for the periods indicated:

 

 

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Cash provided by (used in):

 

 

 

 

 

Operating activities

 

$

6,042

 

$

1,642

 

Investing activities

 

(6,538

)

(5,217

)

Financing activities

 

1,791

 

101,325

 

 

Operating Activities

 

For the six months ended June 30, 2015, net cash provided by operating activities was $6.0 million, consisting of an $11.8 million net cash inflow from changes in working capital and $9.3 million in non-cash items, partially offset by a net loss of $15.1 million. The increase in cash resulting from changes in working capital consisted of increases in deferred revenue of $11.5 million, accrued expenses and other current liabilities of $5.1 million due to higher accrued program marketing costs, and refunds payable of $0.6 million. These increases in cash were partially offset by increases in accounts receivable of $4.0 million, advances to clients of $0.9 million and prepaid expenses of $0.5 million. Non-cash items consisted of non-cash stock compensation charges of $5.9 million and depreciation and amortization expense of $3.4 million.

 

For the six months ended June 30, 2014, net cash provided by operating activities of $1.6 million consisted of a $12.7 million net cash inflow from changes in working capital and $6.5 million in non-cash items, reduced by a net loss of $17.6 million. The increase in cash resulting from changes in working capital consisted primarily of an increase in deferred revenue of $11.1 million and a decrease in accounts receivable of $1.2 million as cash was received in advance of revenue being earned, and other net increases of $0.4 million. Non-cash items consisted primarily of non-cash stock compensation charges of $3.2 million, depreciation and amortization expense of $2.6 million and an increase of $0.7 million related to the change in the fair value of the Series D redeemable convertible preferred stock warrant prior to its conversion to additional paid-in capital upon the closing of the initial public offering.

 

Investing Activities

 

For the six months ended June 30, 2015 and 2014, net cash used in investing activities was $6.5 million and $5.2 million, respectively. These expenditures were primarily for internally-developed software and asynchronous content developed for client programs, and equipment.

 

Financing Activities

 

For the six months ended June 30, 2015, net cash provided by financing activities was $1.8 million, consisting of $2.2 million of proceeds received from the exercise of stock options, partially offset by $0.4 million of cash used for the payment of employee withholding taxes related to the release of restricted stock units. For the six months ended June 30, 2014, net cash provided by financing activities was $101.3 million, consisting primarily of $100.3 million in net proceeds from our initial public offering. In addition, we received net cash of $1.0 million from the exercise of stock options.

 

Contractual Obligations and Commitments

 

We have non-cancelable operating leases for our office space, and we are also contractually obligated to make fixed payments to certain of our university clients in exchange for various intellectual property and other rights.

 

We have a $37.0 million line of credit from Comerica Bank and Square 1 Bank. On January 21, 2014, we borrowed $5.0 million under this line of credit and repaid this borrowing in full on February 18, 2014. There have been no subsequent borrowings under this line of credit, and therefore, no amounts were outstanding as of June 30, 2015.

 

See Note 5 in the “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1 and “Legal Proceedings” contained in Part II, Item 1 of this Quarterly Report on Form 10-Q for additional information regarding contingencies.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements as of June 30, 2015, as defined in Item 303(a)(4)(ii) of Regulation S-K, such as the use of unconsolidated subsidiaries, structured finance, special purpose entities or variable interest entities.

 

Recent Accounting Pronouncements

 

Refer to Note 2 in the “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of FASB’s recent accounting pronouncements and their effect on us.

 

29



Table of Contents

 

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

 

Market risk is the risk of loss to future earnings, values or future cash flows that may result from changes in the price of a financial instrument. The value of a financial instrument may change as a result of changes in interest rates, exchange rates, commodity prices, equity prices and other market changes. Our exposure to market risk related to changes in foreign currency exchange rates is deemed low as further described below. In addition, we do not use derivative financial instruments for speculative, hedging or trading purposes, although in the future we may enter into exchange rate hedging arrangements to manage the risks described in the succeeding paragraphs.

 

Interest Rate Risk

 

We are subject to interest rate risk in connection with potential borrowings available under our $37.0 million bank line of credit procured in December 2013. Borrowings under the revolving line of credit bear interest at variable rates. Increases in the LIBOR or our lender’s prime rate would increase the amount of interest payable on any borrowings outstanding under this line of credit. On January 21, 2014, we borrowed $5.0 million under this line of credit and repaid this borrowing in full on February 18, 2014. There have been no subsequent borrowings under this line of credit, and therefore, no amounts were outstanding as of June 30, 2015.

 

Foreign Currency Exchange Risk

 

All of our current client contracts are denominated in U.S. dollars. Therefore, we have minimal, if any, foreign currency exchange risk with respect to our revenue.

 

We have an office in Hong Kong for program marketing and student support and incur expenses related to its operations. The functional currency of this office is Hong Kong dollars, which exposes us to changes in foreign currency exchange rates. Hong Kong dollar currency rates have historically been tied to the U.S. dollar, however. In addition, because of the small size of our Hong Kong office and the relatively nominal amount of our expenses denominated in Hong Kong dollars, we do not expect any material effect on our financial position or results of operations from fluctuations in exchange rates. However, our exposure to foreign currency exchange risk may change over time as business practices evolve, and if our exposure increases, adverse movement in foreign currency exchange rates could have a material adverse impact on our financial results.

 

Inflation

 

We do not believe that inflation has had a material effect on our business, financial condition or results of operations. Through our pricing model, we benefit from price increases implemented by our clients, and we continue to monitor inflation-driven cost increases in order to minimize their effects through productivity improvements and cost containment efforts. If our costs were to become subject to significant inflationary pressures, the price increases implemented by our clients and our own pricing strategies, might not fully offset the higher costs. Our inability or failure to do so could harm our business, financial condition and results of operations.

 

Item 4.       Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” as promulgated under the Exchange Act and the rules and regulations thereunder. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, management concluded that our disclosure controls and procedures were effective as of June 30, 2015.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

30



Table of Contents

 

PART II. OTHER INFORMATION

 

Item 1.       Legal Proceedings

 

The information required by this Item is incorporated herein by reference to Note 5 in “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

 

Item 1A.   Risk Factors

 

The risks described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015, remain current in all material respects. Those risk factors do not identify all risks that we face. Our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations.

 

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3.       Defaults Upon Senior Securities

 

None.

 

Item 4.       Mine Safety Disclosures

 

None.

 

Item 5.       Other Information

 

None.

 

Item 6.       Exhibits

 

Exhibit
Number

 

Description of the Document

3.1 (1)

 

Amended and Restated Certificate of Incorporation of the Registrant.

3.2 (2)

 

Amended and Restated Bylaws of the Registrant.

31.1

 

Certification of Chief Executive Officer of 2U, Inc. pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

 

Certification of Chief Financial Officer of 2U, Inc. pursuant to Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

 

Certification of Chief Executive Officer of 2U, Inc. in accordance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

 

Certification of Chief Financial Officer of 2U, Inc. in accordance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

 

XBRL Instance

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

 

XBRL Taxonomy Extension Labels Linkbase Document

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document

 


(1)           Previously filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-36376), filed with the Commission on April 4, 2014, and incorporated by reference herein.

 

(2)           Previously filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 001-36376), filed with the Commission on April 4, 2014, and incorporated by reference herein.

 

31



Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

2U, Inc.

 

 

 

August 6, 2015

By:

/s/ Christopher J. Paucek

 

Christopher J. Paucek

 

Chief Executive Officer

 

 

 

August 6, 2015

By:

/s/ Catherine A. Graham

 

Catherine A. Graham

 

Chief Financial Officer

 

32


EX-31.1 2 a15-11907_1ex31d1.htm EX-31.1

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

I, Christopher J. Paucek, certify that:

 

1.                                      I have reviewed this Quarterly Report on Form 10-Q of 2U, Inc.;

 

2.                                      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                      The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

a)            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)            Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

c)             Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.                                      The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)            Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  August 6, 2015

By:

/s/ Christopher J. Paucek

 

Name:

Christopher J. Paucek

 

Title:

Chief Executive Officer

 


EX-31.2 3 a15-11907_1ex31d2.htm EX-31.2

EXHIBIT 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

I, Catherine A. Graham, certify that:

 

1.                                      I have reviewed this Quarterly Report on Form 10-Q of 2U, Inc.;

 

2.                                      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.                                      The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

a)            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)            Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

c)             Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.                                      The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)            Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  August 6, 2015

By:

/s/ Catherine A. Graham

 

Name:

Catherine A. Graham

 

Title:

Chief Financial Officer

 


EX-32.1 4 a15-11907_1ex32d1.htm EX-32.1

EXHIBIT 32.1

 

CERTIFICATION OF CEO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of 2U, Inc. (the “Company”) for the quarterly period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher J. Paucek, as Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:  August 6, 2015

By:

/s/ Christopher J. Paucek

 

Name:

Christopher J. Paucek

 

Title:

Chief Executive Officer

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 


EX-32.2 5 a15-11907_1ex32d2.htm EX-32.2

EXHIBIT 32.2

 

CERTIFICATION OF CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of 2U, Inc. (the “Company”) for the quarterly period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Catherine A. Graham, as Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:  August 6, 2015

By:

/s/ Catherine A. Graham

 

Name:

Catherine A. Graham

 

Title:

Chief Financial Officer

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 


EX-101.INS 6 twou-20150630.xml XBRL INSTANCE DOCUMENT 0001459417 us-gaap:RetainedEarningsMember 2015-06-30 0001459417 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0001459417 us-gaap:RetainedEarningsMember 2014-12-31 0001459417 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001459417 us-gaap:EmployeeStockOptionMember twou:EquityIncentivePlan2014Member 2015-07-01 0001459417 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-12-31 0001459417 us-gaap:EmployeeStockOptionMember 2014-12-31 0001459417 us-gaap:RestrictedStockUnitsRSUMember twou:EquityIncentivePlan2014Member 2015-07-01 2015-07-01 0001459417 us-gaap:EmployeeStockOptionMember twou:EquityIncentivePlan2014Member 2015-07-01 2015-07-01 0001459417 twou:OtherStockAwardsMember 2015-04-01 2015-06-30 0001459417 twou:OtherStockAwardsMember 2015-01-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MinimumMember 2014-04-01 2014-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MinimumMember 2015-04-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MaximumMember 2015-04-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MinimumMember 2015-01-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MaximumMember 2015-01-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MinimumMember 2014-01-01 2014-06-30 0001459417 us-gaap:EmployeeStockOptionMember us-gaap:MaximumMember 2014-01-01 2014-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2015-04-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2014-04-01 2014-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-06-30 0001459417 us-gaap:RestrictedStockUnitsRSUMember 2015-06-30 0001459417 us-gaap:RestrictedStockUnitsRSUMember 2014-12-31 0001459417 us-gaap:CommonStockMember 2015-01-01 2015-06-30 0001459417 us-gaap:LeaseholdImprovementsMember us-gaap:MinimumMember 2015-01-01 2015-06-30 0001459417 us-gaap:LeaseholdImprovementsMember us-gaap:MaximumMember 2015-01-01 2015-06-30 0001459417 us-gaap:FurnitureAndFixturesMember us-gaap:MinimumMember 2015-01-01 2015-06-30 0001459417 us-gaap:FurnitureAndFixturesMember us-gaap:MaximumMember 2015-01-01 2015-06-30 0001459417 us-gaap:ComputerEquipmentMember us-gaap:MinimumMember 2015-01-01 2015-06-30 0001459417 us-gaap:ComputerEquipmentMember us-gaap:MaximumMember 2015-01-01 2015-06-30 0001459417 us-gaap:SoftwareDevelopmentMember 2015-01-01 2015-06-30 0001459417 us-gaap:SoftwareDevelopmentMember 2015-06-30 0001459417 us-gaap:LeaseholdImprovementsMember 2015-06-30 0001459417 us-gaap:FurnitureAndFixturesMember 2015-06-30 0001459417 us-gaap:ComputerEquipmentMember 2015-06-30 0001459417 twou:SoftwareDevelopmentInProcessMember 2015-06-30 0001459417 us-gaap:SoftwareDevelopmentMember 2014-12-31 0001459417 us-gaap:LeaseholdImprovementsMember 2014-12-31 0001459417 us-gaap:FurnitureAndFixturesMember 2014-12-31 0001459417 us-gaap:ComputerEquipmentMember 2014-12-31 0001459417 twou:SoftwareDevelopmentInProcessMember 2014-12-31 0001459417 2014-01-21 2014-01-21 0001459417 2013-01-01 2013-12-31 0001459417 us-gaap:RetainedEarningsMember 2015-01-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2015-06-30 0001459417 twou:FederalFundRateMember 2015-01-01 2015-06-30 0001459417 us-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-06-30 0001459417 us-gaap:BaseRateMember 2015-01-01 2015-06-30 0001459417 twou:ThirtyDaysLiborMember 2015-01-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientTwoMember 2015-04-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientThreeMember 2015-04-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientOneMember 2015-04-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientFourMember 2015-04-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientTwoMember 2015-01-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientThreeMember 2015-01-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientOneMember 2015-01-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientFourMember 2015-01-01 2015-06-30 0001459417 twou:SecondUniversityMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2015-01-01 2015-06-30 0001459417 twou:FirstUniversityMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2015-01-01 2015-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientTwoMember 2014-04-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientThreeMember 2014-04-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientOneMember 2014-04-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientFourMember 2014-04-01 2014-06-30 0001459417 twou:ThirdUniversityMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2014-01-01 2014-12-31 0001459417 twou:FirstUniversityMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2014-01-01 2014-12-31 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientTwoMember 2014-01-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientThreeMember 2014-01-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientOneMember 2014-01-01 2014-06-30 0001459417 us-gaap:SalesRevenueServicesNetMember us-gaap:CustomerConcentrationRiskMember twou:ClientFourMember 2014-01-01 2014-06-30 0001459417 us-gaap:CommonStockMember 2015-06-30 0001459417 us-gaap:CommonStockMember 2014-12-31 0001459417 twou:EquityIncentivePlan2014Member 2015-01-01 0001459417 2014-06-30 0001459417 2013-12-31 0001459417 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-06-30 0001459417 us-gaap:RestrictedStockUnitsRSUMember 2014-01-01 2014-06-30 0001459417 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-06-30 0001459417 us-gaap:SellingAndMarketingExpenseMember 2015-04-01 2015-06-30 0001459417 us-gaap:GeneralAndAdministrativeExpenseMember 2015-04-01 2015-06-30 0001459417 twou:TechnologyAndContentDevelopmentMember 2015-04-01 2015-06-30 0001459417 twou:ServicingAndSupportMember 2015-04-01 2015-06-30 0001459417 us-gaap:SellingAndMarketingExpenseMember 2015-01-01 2015-06-30 0001459417 us-gaap:GeneralAndAdministrativeExpenseMember 2015-01-01 2015-06-30 0001459417 twou:TechnologyAndContentDevelopmentMember 2015-01-01 2015-06-30 0001459417 twou:ServicingAndSupportMember 2015-01-01 2015-06-30 0001459417 us-gaap:SellingAndMarketingExpenseMember 2014-04-01 2014-06-30 0001459417 us-gaap:GeneralAndAdministrativeExpenseMember 2014-04-01 2014-06-30 0001459417 twou:TechnologyAndContentDevelopmentMember 2014-04-01 2014-06-30 0001459417 twou:ServicingAndSupportMember 2014-04-01 2014-06-30 0001459417 us-gaap:SellingAndMarketingExpenseMember 2014-01-01 2014-06-30 0001459417 us-gaap:GeneralAndAdministrativeExpenseMember 2014-01-01 2014-06-30 0001459417 twou:TechnologyAndContentDevelopmentMember 2014-01-01 2014-06-30 0001459417 twou:ServicingAndSupportMember 2014-01-01 2014-06-30 0001459417 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-06-30 0001459417 twou:EquityIncentivePlan2014Member 2014-01-01 2014-12-31 0001459417 twou:EquityIncentivePlan2014Member 2014-12-31 0001459417 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-06-30 0001459417 us-gaap:MinimumMember 2015-01-01 2015-06-30 0001459417 us-gaap:MaximumMember 2015-01-01 2015-06-30 0001459417 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2015-01-01 2015-06-30 0001459417 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2014-01-01 2014-12-31 0001459417 us-gaap:MinimumMember 2015-06-30 0001459417 2015-04-01 2015-06-30 0001459417 2014-04-01 2014-06-30 0001459417 2014-01-01 2014-06-30 0001459417 2015-06-30 0001459417 2014-12-31 0001459417 2015-08-04 0001459417 2015-01-01 2015-06-30 twou:segment iso4217:USD xbrli:shares twou:item xbrli:pure iso4217:USD xbrli:shares false --12-31 Q2 2015 2015-06-30 10-Q 0001459417 41592472 Yes Non-accelerated Filer 2U, Inc. 7379000 9186000 6.45 5.26 817000 1675000 1733000 1400000 700000 2100000 1000000 16835000 21603000 12417000 3699000 2956000 13155000 15373000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">4.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Capitalized Content Development Costs</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs consisted of the following as of:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,603 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,835 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs in process</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,956 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,699 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Accumulated amortization</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,186 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,379 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs, net</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,373 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,155 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company recorded amortization expense related to capitalized content development costs of $1.0&nbsp;million and $0.7&nbsp;million for the three months ended June&nbsp;30, 2015 and 2014, respectively. The Company recorded amortization expense related to capitalized content development costs of $2.1&nbsp;million and $1.4&nbsp;million for the six months ended June&nbsp;30, 2015 and 2014, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the estimated future amortization expense for the capitalized content development costs is as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,949&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,531&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,934&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,420&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,416&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>167&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,417&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> P5Y 205000000 1236153 5958578 1877257 55000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">7.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Common Stock and Preferred Stock Reserved for Future Issuance</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. At June&nbsp;30, 2015, the Company had reserved a total of 9,071,988 of its authorized shares of common stock for future issuance as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding stock options</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Possible future issuance under stock option plan</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877,257&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding restricted stock units</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total shares of common stock reserved for future issuance</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,071,988&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The compensation committee of the Company&#x2019;s board of directors, acting under authority delegated from the board of directors, granted on July&nbsp;1, 2015 option awards to employees to purchase an aggregate of 19,743 shares of common stock at an exercise price of $30.83 and restricted stock unit awards for an aggregate of 23,954 shares of common stock, in each case under the 2014 Equity Incentive Plan (as defined below).</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 1.10 5912000 P3Y 695000 167000 1949000 2420000 1416000 2934000 3531000 111000 1197000 339000 732000 1525000 2008000 0 0 569000 875000 -5000 3000 196000 646000 2 0 3476000 4498000 P15Y P10Y 639000 642000 2431000 3077000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the estimated future amortization expense for the capitalized content development costs is as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,949&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,531&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,934&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,420&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,416&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>167&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,417&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,603 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,835 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs in process</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,956 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,699 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Accumulated amortization</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,186 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,379 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Capitalized content development costs, net</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,373 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,155 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the estimated future </font><font style="display: inline;">depreciation and</font><font style="display: inline;"> amortization expense for property and equipment is as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,197&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,008&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,525&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>732&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>339&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,912&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">At June&nbsp;30, 2015, the Company had reserved a total of 9,071,988 of its authorized shares of common stock for future issuance as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding stock options</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Possible future issuance under stock option plan</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,877,257&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding restricted stock units</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total shares of common stock reserved for future issuance</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,071,988&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 13248000 7000000 15454000 7903000 P5Y9M22D P9Y8M5D 0.05 P10Y 2 2293000 2846000 350000 4393000 17138000 21881000 6986000 8284000 216818000 224523000 5165000 5165000 3239000 614000 309000 1995000 321000 2044000 401000 226000 1199000 218000 5915000 995000 658000 3803000 459000 3867000 607000 427000 2556000 277000 6388908 1001390 5958578 1236153 113039000 123103000 89988000 96649000 278000 199000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Capitalized Content Development Costs</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company works with each client&#x2019;s faculty members to develop and maintain educational content that is delivered to their students through Online Campus. The online content developed jointly by the Company and its clients consists of subjects chosen and taught by clients&#x2019; faculty members and incorporates references and examples designed to remain relevant over extended periods of time. Online delivery of the content, combined with live, face-to-face instruction, provides the Company with rapid user feedback that it uses to make ongoing corrections, modifications and improvements to the course content. The Company&#x2019;s clients retain all intellectual property rights to the developed content, although the Company retains the rights to the content packaging and delivery mechanisms. Much of the Company&#x2019;s new content development uses proven delivery platforms and is therefore primarily subject-specific in nature. As a result, a significant portion of content development costs qualify for capitalization due to the focus of the Company&#x2019;s development efforts on the unique subject matter of the content. Similar to on-campus programs offered by the Company&#x2019;s clients, the online degree programs enabled by the Company offer numerous courses for each degree. The Company therefore capitalizes its development costs on a course-by-course basis. As students must matriculate into a client program in order to take a course, revenues and identifiable cash flows are also measured at the client program level.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company develops content on a course-by-course basis in conjunction with the faculty for each client program. The clients and their faculty generally provide course outlines in the form of the curriculum, required textbooks, case studies and other reading materials, as well as presentations that are typically used in the on-campus setting. The Company is then responsible for, and incurs all of the expenses related to, the conversion of the materials provided by each client into a format suitable for delivery through Online Campus.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The content development costs that qualify for capitalization are third-party direct costs, such as videography, editing and other services associated with creating digital content. Additionally, the Company capitalizes internal payroll and payroll-related costs incurred to create and produce videos and other digital content utilized in the clients&#x2019; programs for delivery via Online Campus. Capitalization ends when content has been fully developed by both the Company and the client, at which time amortization of the capitalized content development costs begins. The capitalized costs are recorded on a course-by-course basis and included in capitalized content costs on the consolidated balance sheets. These costs are amortized using the straight-line method over the estimated useful life of the respective capitalized content program, which is generally five years. The estimated useful life corresponds with the Company&#x2019;s planned curriculum refresh rate. This refresh rate is consistent with expected curriculum refresh rates as cited by program faculty members for similar on-campus programs. It is reasonably possible that developed content could be refreshed before the estimated useful lives are complete or be expensed immediately in the event that the development of a course is discontinued prior to launch.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 7012000 104762000 86929000 88224000 97750000 1295000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">5.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Commitments and Contingencies</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Line of Credit</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On December&nbsp;31, 2013, the Company entered into a credit agreement for a revolving line of credit with an aggregate borrowing base not to exceed $37.0&nbsp;million. On January&nbsp;21, 2014, the Company borrowed $5.0&nbsp;million under this line of credit and repaid this borrowing in full on February&nbsp;18, 2014; therefore, no amounts were outstanding as of June&nbsp;30, 2015 or December&nbsp;31, 2014. Under this revolving line of credit, the Company has the option of borrowing funds subject to (i)&nbsp;a base rate, which is equal to 1.5% plus the greater of Comerica Bank&#x2019;s prime rate, the federal funds rate plus 1% or the 30&nbsp;day LIBOR plus 1%, or (ii)&nbsp;LIBOR plus 2.5%. For amounts borrowed under the base rate, the Company may make interest-only payments quarterly, and may prepay such amounts with no penalty. For amounts borrowed under LIBOR, the Company makes interest-only payments in periods of one, two and three months and will be subject to a prepayment penalty if such borrowed amounts are repaid before the end of the interest period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Borrowings under the line of credit are collateralized by substantially all of the Company&#x2019;s assets. The availability of borrowings under this credit line is subject to compliance with reporting and financial covenants, including, among other things, that the Company achieves specified minimum three-month trailing revenue levels during the term of the agreement and specified minimum six-month trailing profitability levels for some client programs, measured quarterly. In addition, the Company is required to maintain a minimum adjusted quick ratio, which measures short-term liquidity, of at least 1.10 to 1.00. As of June&nbsp;30, 2015 and December&nbsp;31, 2014, the Company&#x2019;s adjusted quick ratio was 5.26 and 6.45, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The covenants under the line of credit also place limitations on the Company&#x2019;s ability to incur additional indebtedness or to prepay permitted indebtedness, grant liens on or security interests in its assets, carry out mergers and acquisitions, dispose of assets, declare, make or pay dividends, make capital expenditures in excess of specified amounts, make investments, loans or advances, enter into transactions with affiliates, amend or modify the terms of material contracts, or change its fiscal year. If the Company is not in compliance with the covenants under the line of credit, after any opportunity to cure such non-compliance, or it otherwise experiences an event of default under the line of credit, the lenders may require repayment in full of all principal and interest outstanding. If the Company fails to repay such amounts, the lenders could foreclose on the assets pledged as collateral under the line of credit. The Company is currently in compliance with all such covenants.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Legal Contingencies</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">From time to time, the Company may become involved in legal proceedings or other contingencies in the ordinary course of its business. The Company is not presently involved in any legal proceeding or other contingency that, if determined adversely to it, would individually or in the aggregate have a material adverse effect on its business, operating results, financial condition or cash flows. Accordingly, the Company does not believe that there is a reasonable possibility that a material loss exceeding amounts already recognized may have been incurred as of the date of the balance sheets presented herein.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Program Marketing and Sales Commitments</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Certain of the agreements entered into between the Company and its clients require the Company to commit to meet certain staffing and spending investment thresholds related to program marketing and sales activities. In addition, certain of the agreements require the Company to invest up to agreed-upon levels in marketing the programs to achieve specified program performance. The Company believes it is currently in compliance with all such commitments.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Operating Leases</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company leases office facilities under non-cancelable operating leases in California, New York, Maryland, North Carolina, Virginia and Hong Kong. The Company also leases furniture and office equipment under non-cancelable leases. As of June&nbsp;30, 2015, the future minimum lease payments (net of aggregate expected sublease payments of $0.5&nbsp;million) were as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,638&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,748&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,498&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,849&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>874&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>494&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total future minimum lease payments</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,101&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The future minimum lease payments due under non-cancelable operating lease arrangements contain fixed rent increases over the term of the lease. Rent expense on these operating leases is recognized over the term of the lease on a straight-line basis. The excess of rent expense over future minimum lease payments due has been reported in other non-current liabilities in the accompanying consolidated balance sheets. The deferred rent liability related to these leases totaled $0.5&nbsp;million as of each of June&nbsp;30, 2015 and December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total rent expense for non-cancelable operating lease agreements (net of sublease income of $0.1&nbsp;million and $0.1 million) was $0.8&nbsp;million and $0.6 million for the three months ended June&nbsp;30, 2015 and 2014, respectively. Total rent expense (net of sublease income of $0.1 million and $0.1 million) was $1.4&nbsp;million and $1.3 million for the six months ended June&nbsp;30, 2015 and 2014, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Payments to Clients</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company is contractually obligated to make fixed payments to certain of its clients in exchange for various intellectual property and other rights. As of June&nbsp;30, 2015, the future minimum payments to the Company&#x2019;s clients for intellectual property and other rights were as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,700&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total future minimum program payments</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,400&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 2036503 9071988 0.001 0.001 200000000 200000000 40735069 41502290 40735069 40735069 41502290 41502290 41000 42000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Comprehensive Loss</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company&#x2019;s net loss equals comprehensive loss for all periods presented as the Company has no material components of other comprehensive income.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Concentration of Credit Risk</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company&#x2019;s cash is held at financial institutions that management believes to be of high credit quality. The Company&#x2019;s bank accounts exceed federally insured limits at times. The Company has not experienced any losses on cash to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its clients and maintains an allowance for doubtful accounts, if needed.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Four of the Company&#x2019;s clients accounted for the following percentages of revenue for the periods presented below:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client A</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client B</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client C</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client D</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Additionally, the Company&#x2019;s largest client accounted for 74% and 35% of the Company&#x2019;s accounts receivable balance as of June&nbsp;30, 2015 and December&nbsp;31, 2014, respectively. No additional clients accounted for more than 10% of the Company&#x2019;s accounts receivable balance as of June&nbsp;30, 2015, while two additional clients accounted for more than 10% of the Company&#x2019;s accounts receivable balance as of December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0.06 0.58 0.14 0.16 0.35 0.10 0.08 0.54 0.14 0.16 0.74 0.10 0.15 0.48 0.12 0.10 0.17 0.45 0.11 0.10 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Principles of Consolidation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (&#x201C;U.S.&nbsp;GAAP&#x201D;). All intercompany accounts and transactions have been eliminated in consolidation.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Unaudited Condensed Consolidated Financial Information</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP. The Company has condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of financial position, the results of operations, changes in stockholders&#x2019; equity and cash flows, and the disclosures made herein are adequate to prevent the information presented from being misleading. The results of operations for the three and six months ended June&nbsp;30, 2015 are not necessarily indicative of the results for the full year ending December&nbsp;31, 2015 or the results for any future periods. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December&nbsp;31, 2014, which are included in the Company&#x2019;s Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) on February&nbsp;26, 2015.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 5400000 2700000 300000 300000 800000 800000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the future minimum payments to the Company&#x2019;s clients for intellectual property and other rights were as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>500&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>800&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,700&nbsp; </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total future minimum program payments</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,400&nbsp; </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 500000 67835000 35236000 84749000 44766000 0.01 0.01 0.015 0.025 federal funds rate 30 day LIBOR Base rate LIBOR 500000 500000 1906000 13426000 1200000 600000 1300000 700000 2646000 3390000 -0.75 -0.27 -0.37 -0.23 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">9.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Net Loss per Share</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company&#x2019;s net loss. The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for the three and six months ended June&nbsp;30, 2015 and 2014:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:34.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;and&nbsp;Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Stock options</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578&nbsp; </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,388,908&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Restricted stock units</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153&nbsp; </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,001,390&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Basic and diluted net loss per share attributable to holders of common stock is calculated as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Numerator (in thousands):</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Net loss attributable to holders of common stock</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,630 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,597 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,098 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,734 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Denominator:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Weighted-average shares of common stock outstanding, basic and diluted</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,362,476 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,304,884 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,171,669 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,588,330 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Net loss per share attributable to holders of common stock, basic and diluted</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.23 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.37 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.75 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0.00 0.00 0.00 0.00 14200000 P2Y3M18D 16800000 11144000 5708000 15582000 8871000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Impairment of Long-Lived Assets</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company reviews long-lived assets, which consist of property and equipment and capitalized content development costs, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset is measured by a comparison of the carrying value of an asset or asset group to the future undiscounted net cash flows expected to be generated by that asset or asset group. If such assets are not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of an asset exceeds the estimated fair value (discounted cash flow) of the asset or asset group. In order to assess the recoverability of the capitalized content development costs, the costs are grouped by program, which is the lowest level of independent cash flows. The Company&#x2019;s impairment analysis is based upon forecasted financial and operational results. The actual results could vary from the Company&#x2019;s forecasts, especially in relation to recently launched programs. For the three and six months ended June&nbsp;30, 2015 and 2014, no impairment of long-lived assets was deemed to have occurred.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> -17645000 -10595000 -15098000 -9630000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">6.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Income Taxes</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that are included in the financial statements. Deferred tax assets are subject to periodic recoverability assessments. Recognition of deferred tax assets is appropriate only if the likelihood of realization of such assets is more likely than not to occur. At December&nbsp;31, 2014 and 2013, the Company had federal and state net operating loss (&#x201C;NOL&#x201D;) carryforwards which generally expire between 2029 and 2034. A full valuation allowance has been established to offset the net deferred tax assets. The Company has not generated taxable income since inception and does not have sufficient deferred tax liabilities to recover the deferred tax assets. The utilization of the NOL carryforwards to reduce future income taxes will depend on the Company&#x2019;s ability to generate sufficient taxable income prior to the expiration of the NOL carryforwards.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company determines its annual effective tax rate for the full fiscal year and applies that rate to its income before income taxes in determining its provision for income taxes for interim periods. The Company also records discrete items in each respective period as appropriate. The Company&#x2019;s effective tax rate for the three and six months ended June&nbsp;30, 2015 and 2014 was 0%.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> -773000 553000 -1180000 4043000 1921000 5101000 11130000 11520000 -662000 555000 -25000 -9000 1010000 506000 918000 134000 252000 126000 32000 31000 53000 24000 25028000 42484000 113039000 123103000 144000 23768000 41230000 0 0 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">1.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Description of the Business</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2U,&nbsp;Inc. (the &#x201C;Company&#x201D;) was incorporated as 2Tor&nbsp;Inc. in the State of Delaware in April&nbsp;2008 and changed its name to 2U,&nbsp;Inc. on October&nbsp;11, 2012. Under long-term agreements, the Company provides an integrated solution comprised of cloud-based software-as-a-service (&#x201C;SaaS&#x201D;), fused with technology-enabled services (together, the &#x201C;Platform&#x201D;), that allows leading colleges and universities to deliver high quality online degree programs, extending the universities&#x2019; reach and distinguishing their brands. The Company&#x2019;s SaaS technology consists of (i)&nbsp;a comprehensive learning environment (&#x201C;Online Campus&#x201D;), which acts as the hub for all student and faculty academic and social interaction, and (ii)&nbsp;operations applications, which provide the content management, admissions application processing, customer relationship management and other functionality necessary to effectively operate the Company&#x2019;s clients&#x2019; programs. The Company also provides a suite of technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 101325000 1791000 -5217000 -6538000 1642000 6042000 -17645000 -10595000 -15098000 -15098000 -9630000 -17734000 -10597000 -15098000 -9630000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Recent Accounting Pronouncements</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In April&nbsp;2015, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&nbsp;2015-05,&nbsp;</font><font style="display: inline;font-style:italic;">Intangibles </font><font style="display: inline;font-style:italic;">&#x2014; &nbsp;</font><font style="display: inline;font-style:italic;">Goodwill and Other </font><font style="display: inline;font-style:italic;">&#x2014; &nbsp;</font><font style="display: inline;font-style:italic;">Internal-Use Software</font><font style="display: inline;">. The ASU provides guidance to customers in a cloud computing arrangement to determine whether the arrangement includes a software license. When a cloud computing arrangement includes a software license, the customer is required to account for the license element of the arrangement consistent with the acquisition of other software licenses. The amendments in this ASU are effective for fiscal years beginning after December&nbsp;15, 2015. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In April&nbsp;2015, the FASB issued ASU No.&nbsp;2015-03,&nbsp;</font><font style="display: inline;font-style:italic;">Interest &#x2014; Imputation of Interest</font><font style="display: inline;">. The ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December&nbsp;15, 2015. Adoption of this standard will not have a material impact on the Company&#x2019;s consolidated financial position.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In May&nbsp;2014, the FASB issued ASU No.&nbsp;2014-09, </font><font style="display: inline;font-style:italic;">Revenue from Contracts with Customers</font><font style="display: inline;">, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S.&nbsp;GAAP when it becomes effective. In July&nbsp;2015, the FASB deferred by one year the mandatory effective date of this ASU from January&nbsp;1, 2017 to January&nbsp;1, 2018. Early application is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company has reviewed other new accounting pronouncements that were issued as of June&nbsp;30, 2015 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> -886000 -103000 -199000 -102000 1 -16759000 -10492000 -14899000 -9528000 10101000 500000 874000 1849000 2498000 2748000 494000 1638000 1300000 600000 1400000 800000 100000 100000 100000 100000 1466000 1995000 621000 612000 89000 2000 21000 436000 1720000 2040000 0.001 0.001 5000000 5000000 0 0 0 0 2709000 3215000 100302000 37000000 5000000 5000000 1023000 2227000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">3.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Property and Equipment</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Property and equipment consisted of the following as of:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.66%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Internally-developed software</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,831 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,069 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Internally-developed software in process</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,441 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Computer hardware</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,114 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,016 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Furniture and office equipment</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,469 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,104 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Leasehold improvements</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,782 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,801 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,637 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,741 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Accumulated depreciation and amortization</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,284 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,986 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Property and equipment, net</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,353 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,755 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Depreciation and amortization expense of property and equipment was $0.7&nbsp;million and $0.6 million for the three months ended June&nbsp;30, 2015 and 2014, respectively. Depreciation and amortization expense of property and equipment was $1.3&nbsp;million and $1.2 million for the six months ended June&nbsp;30, 2015 and 2014, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the estimated future </font><font style="display: inline;">depreciation and</font><font style="display: inline;"> amortization expense for property and equipment is as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,197&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,008&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,525&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>732&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>339&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,912&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:79.76%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 13741000 1751000 3016000 1104000 1801000 6069000 15637000 1441000 3114000 1469000 1782000 7831000 6755000 7353000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Property and Equipment</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Property and equipment is stated at cost less accumulated depreciation and amortization. Computer software is included in property and equipment and consists of internally-developed software. Expenditures for major additions, construction and improvements are capitalized. Depreciation and amortization is expensed using the straight-line method over the estimated useful lives of the related assets, which range from three to five years for computer hardware and five to seven years for furniture and office equipment. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining term of the leased facility or the estimated useful life of the improvement, which ranges from four to ten years. Useful lives of significant assets are periodically reviewed and adjusted prospectively to reflect the Company&#x2019;s current estimates of the respective assets&#x2019; expected utility. Repair and maintenance costs are expensed as incurred.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company capitalizes certain costs associated with internally-developed software, primarily consisting of direct labor associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs of designing the application, coding, integrating the Company&#x2019;s and the university&#x2019;s networks and systems, and the testing of the software. Capitalization of costs requires judgment in determining when a project has reached the application development stage and the period over which the Company expects to benefit from the use of that software. Once the software is placed in service, these costs are depreciated on the straight-line method over the estimated useful life of the software, which is generally three years.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.66%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">December&nbsp;31,</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Internally-developed software</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,831 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,069 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Internally-developed software in process</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,441 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,751 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Computer hardware</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,114 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,016 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Furniture and office equipment</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,469 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,104 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Leasehold improvements</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,782 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,801 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,637 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,741 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Accumulated depreciation and amortization</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,284 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,986 </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Property and equipment, net</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,353 </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,755 </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> P3Y P5Y P3Y P7Y P5Y P10Y P4Y 5000000 235498 -436000 -436000 -128848000 -143946000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Revenue Recognition and Deferred Revenue</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company recognizes revenue when all of the following conditions are met: (i)&nbsp;persuasive evidence of an arrangement exists, (ii)&nbsp;rendering of services is complete, (iii)&nbsp;fees are fixed or determinable and (iv)&nbsp;collection of fees is reasonably assured.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company primarily derives its revenue from long-term contracts that typically range from 10 to 15&nbsp;years in length. Under these contracts, the Company enables access to its Platform to its clients and their faculty and students. The Company is entitled to a contractually specified percentage of net program proceeds from its clients. These net program proceeds represent gross proceeds billed by clients to students, less credit card fees and other specified charges the Company has agreed to exclude in certain of its client contracts. A refund allowance is established for the Company&#x2019;s share of tuition and fees ultimately uncollected by its clients. The Company also offered rebates to a group of students who enrolled in a specific client program between 2009 and 2011, which the Company will pay to the student if he or she completes the degree and certain post-graduation work requirements within a specified period of time. These rebates and refunds offset the net program proceeds recognized as revenue. Revenue is recognized ratably over the service period, which the Company defines as the first through the last day of classes for each semester in a client&#x2019;s program. The Company invoices its clients based on enrollment reports that are generated by its clients. In some instances, these enrollment reports are received prior to the conclusion of the drop/add period. In such cases, the Company establishes a reserve against revenue, if necessary, based on its estimate of changes in enrollments expected prior to the end of the drop/add period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company generates substantially all of its revenue from multiple-deliverable contractual arrangements with its clients. Under each of these arrangements, the Company provides (i)&nbsp;access to Online Campus, which serves as a learning platform for its client&#x2019;s faculty and students and which also enables a comprehensive range of other client functions, (ii)&nbsp;access to operations applications which provide the content management, admissions application processing, customer relationship management, and other functionality necessary to effectively operate the Company&#x2019;s clients&#x2019; programs and (iii)&nbsp;technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In order to treat deliverables in a multiple-deliverable contractual arrangement as separate units of accounting, deliverables must have standalone value upon delivery. The technology-enabled services within the Platform are provided primarily in support of programs delivered through Online Campus, and for students of the programs delivered through Online Campus. Accordingly, the Company has determined that no individual deliverable has standalone value upon delivery and, therefore, deliverables within the Company&#x2019;s multiple-deliverable arrangements do not qualify for treatment as separate units of accounting. Accordingly, the Company considers all deliverables to be a single unit of accounting and recognizes revenue from the entire arrangement over the term of the service period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Advance payments are recorded as deferred revenue until services are delivered or obligations are met, at which time revenue is recognized. Deferred revenue as of a particular balance sheet date represents the excess of amounts received as compared to amounts recognized in revenue in the consolidated statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on the Company&#x2019;s consolidated balance sheets.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 51076000 24744000 69850000 35238000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:34.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;and&nbsp;Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Stock options</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578&nbsp; </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,388,908&nbsp; </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Restricted stock units</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153&nbsp; </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,001,390&nbsp; </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Numerator (in thousands):</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Net loss attributable to holders of common stock</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,630 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,597 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,098 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17,734 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Denominator:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Weighted-average shares of common stock outstanding, basic and diluted</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,362,476 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,304,884 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,171,669 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,588,330 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Net loss per share attributable to holders of common stock, basic and diluted</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.23 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.27 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.37 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.75 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Servicing and support</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>401&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>995&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Technology and content development</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>427&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>309&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Program marketing and sales</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>277&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>321&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">General and administrative</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,556&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,199&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,803&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total stock-based compensation expense</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,867&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,044&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,915&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,239&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of June&nbsp;30, 2015, the future minimum lease payments (net of aggregate expected sublease payments of $0.5&nbsp;million) were as follows (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2015</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,638&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2016</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,748&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2017</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,498&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2018</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,849&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">2019</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>874&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>494&nbsp; </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total future minimum lease payments</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,101&nbsp; </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:82.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Stock&nbsp;Units</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Average&nbsp;Grant</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Date&nbsp;Fair&nbsp;Value</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992,665 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.39 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Granted</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>548,912 </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.36 </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Vested</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(259,538 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.31 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Forfeited</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,886 </td> <td valign="bottom" style="width:03.26%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.10 </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.51 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Options</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Exercise&nbsp;Price&nbsp;per</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Share</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Contractual&nbsp;Term</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Aggregate</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Intrinsic</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,850,211 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:13.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.39 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.33 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,487 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Granted</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>666,551 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.52 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.68 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Exercised</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(505,156 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.41 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Forfeited</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(51,071 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.27 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expired</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,957 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.67 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.16 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>146,080 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Exercisable at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,518,972 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.03 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.21 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,080 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Vested and expected to vest at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,747,424 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.38 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.10 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,599 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Risk-free interest rate</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.5% &#x2013; 1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.5% &#x2013; 1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.8% &#x2013; 2.1%</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expected term (years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">6.00 &#x2013; 6.08</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.99</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.83 &#x2013; 6.08</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.40 &#x2013; 6.25</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expected volatility</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">50%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">54%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">50%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">54% &#x2013; 55%</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Dividend yield</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Weighted-average grant date fair value per share</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$12.51</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$6.77</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$12.42</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$5.91</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client A</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client B</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client C</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client D</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:23pt;"><font style="display: inline;font-weight:bold;">10.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Segment and Geographic Information</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (&#x201C;CODM&#x201D;) for purposes of allocating resources and evaluating financial performance. The Company&#x2019;s CODM reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company&#x2019;s operations constitute a single operating segment and one reportable segment. The Company offers similar services to substantially all of its clients, which primarily represent well-recognized nonprofit colleges and universities in the United States. Substantially all assets were held and all revenue was generated in the United States during all periods presented.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 31951000 16710000 41113000 21526000 3239000 5915000 45886 14.10 25.36 11.39 17.51 259538 11.31 0.00 0.00 0.00 0.00 P6Y3M P5Y4M24D P5Y11M27D P6Y29D P5Y9M29D P6Y29D P6Y 0.54 0.50 0.50 0.55 0.54 0.019 0.021 0.019 0.019 0.018 0.015 0.015 26567 548912 26567 19743 23954 992665 1236153 99080000 3518972 4.03 P6Y2M16D 6800000 14000000 1957 51071 666551 5.91 6.77 12.42 12.51 83487000 146080000 5850211 5958578 5.39 7.67 P7Y3M29D P7Y1M28D 142599000 5747424 7.38 P7Y1M6D 4.41 4.81 11.27 25.52 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Stock-Based Compensation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company accounts for stock-based compensation awards based on the fair value of the award as of the grant date. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the awards&#x2019; requisite service period, adjusted for estimated forfeitures. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using an accelerated recognition method when it is probable that the performance condition will be achieved.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">See Note&nbsp;8 for a summary of assumptions used in calculating the fair value of stock options.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 30.83 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">2.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Summary of Significant Accounting Policies</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Principles of Consolidation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (&#x201C;U.S.&nbsp;GAAP&#x201D;). All intercompany accounts and transactions have been eliminated in consolidation.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Unaudited Condensed Consolidated Financial Information</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP. The Company has condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of financial position, the results of operations, changes in stockholders&#x2019; equity and cash flows, and the disclosures made herein are adequate to prevent the information presented from being misleading. The results of operations for the three and six months ended June&nbsp;30, 2015 are not necessarily indicative of the results for the full year ending December&nbsp;31, 2015 or the results for any future periods. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December&nbsp;31, 2014, which are included in the Company&#x2019;s Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) on February&nbsp;26, 2015.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of financial statements in accordance with U.S.&nbsp;GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of long-lived assets, fair value measurement and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Revenue Recognition and Deferred Revenue</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company recognizes revenue when all of the following conditions are met: (i)&nbsp;persuasive evidence of an arrangement exists, (ii)&nbsp;rendering of services is complete, (iii)&nbsp;fees are fixed or determinable and (iv)&nbsp;collection of fees is reasonably assured.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company primarily derives its revenue from long-term contracts that typically range from 10 to 15&nbsp;years in length. Under these contracts, the Company enables access to its Platform to its clients and their faculty and students. The Company is entitled to a contractually specified percentage of net program proceeds from its clients. These net program proceeds represent gross proceeds billed by clients to students, less credit card fees and other specified charges the Company has agreed to exclude in certain of its client contracts. A refund allowance is established for the Company&#x2019;s share of tuition and fees ultimately uncollected by its clients. The Company also offered rebates to a group of students who enrolled in a specific client program between 2009 and 2011, which the Company will pay to the student if he or she completes the degree and certain post-graduation work requirements within a specified period of time. These rebates and refunds offset the net program proceeds recognized as revenue. Revenue is recognized ratably over the service period, which the Company defines as the first through the last day of classes for each semester in a client&#x2019;s program. The Company invoices its clients based on enrollment reports that are generated by its clients. In some instances, these enrollment reports are received prior to the conclusion of the drop/add period. In such cases, the Company establishes a reserve against revenue, if necessary, based on its estimate of changes in enrollments expected prior to the end of the drop/add period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company generates substantially all of its revenue from multiple-deliverable contractual arrangements with its clients. Under each of these arrangements, the Company provides (i)&nbsp;access to Online Campus, which serves as a learning platform for its client&#x2019;s faculty and students and which also enables a comprehensive range of other client functions, (ii)&nbsp;access to operations applications which provide the content management, admissions application processing, customer relationship management, and other functionality necessary to effectively operate the Company&#x2019;s clients&#x2019; programs and (iii)&nbsp;technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In order to treat deliverables in a multiple-deliverable contractual arrangement as separate units of accounting, deliverables must have standalone value upon delivery. The technology-enabled services within the Platform are provided primarily in support of programs delivered through Online Campus, and for students of the programs delivered through Online Campus. Accordingly, the Company has determined that no individual deliverable has standalone value upon delivery and, therefore, deliverables within the Company&#x2019;s multiple-deliverable arrangements do not qualify for treatment as separate units of accounting. Accordingly, the Company considers all deliverables to be a single unit of accounting and recognizes revenue from the entire arrangement over the term of the service period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Advance payments are recorded as deferred revenue until services are delivered or obligations are met, at which time revenue is recognized. Deferred revenue as of a particular balance sheet date represents the excess of amounts received as compared to amounts recognized in revenue in the consolidated statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on the Company&#x2019;s consolidated balance sheets.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Concentration of Credit Risk</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company&#x2019;s cash is held at financial institutions that management believes to be of high credit quality. The Company&#x2019;s bank accounts exceed federally insured limits at times. The Company has not experienced any losses on cash to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its clients and maintains an allowance for doubtful accounts, if needed.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Four of the Company&#x2019;s clients accounted for the following percentages of revenue for the periods presented below:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client A</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">%</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client B</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client C</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Client D</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Additionally, the Company&#x2019;s largest client accounted for 74% and 35% of the Company&#x2019;s accounts receivable balance as of June&nbsp;30, 2015 and December&nbsp;31, 2014, respectively. No additional clients accounted for more than 10% of the Company&#x2019;s accounts receivable balance as of June&nbsp;30, 2015, while two additional clients accounted for more than 10% of the Company&#x2019;s accounts receivable balance as of December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Property and Equipment</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Property and equipment is stated at cost less accumulated depreciation and amortization. Computer software is included in property and equipment and consists of internally-developed software. Expenditures for major additions, construction and improvements are capitalized. Depreciation and amortization is expensed using the straight-line method over the estimated useful lives of the related assets, which range from three to five years for computer hardware and five to seven years for furniture and office equipment. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining term of the leased facility or the estimated useful life of the improvement, which ranges from four to ten years. Useful lives of significant assets are periodically reviewed and adjusted prospectively to reflect the Company&#x2019;s current estimates of the respective assets&#x2019; expected utility. Repair and maintenance costs are expensed as incurred.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company capitalizes certain costs associated with internally-developed software, primarily consisting of direct labor associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs of designing the application, coding, integrating the Company&#x2019;s and the university&#x2019;s networks and systems, and the testing of the software. Capitalization of costs requires judgment in determining when a project has reached the application development stage and the period over which the Company expects to benefit from the use of that software. Once the software is placed in service, these costs are depreciated on the straight-line method over the estimated useful life of the software, which is generally three years.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Capitalized Content Development Costs</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company works with each client&#x2019;s faculty members to develop and maintain educational content that is delivered to their students through Online Campus. The online content developed jointly by the Company and its clients consists of subjects chosen and taught by clients&#x2019; faculty members and incorporates references and examples designed to remain relevant over extended periods of time. Online delivery of the content, combined with live, face-to-face instruction, provides the Company with rapid user feedback that it uses to make ongoing corrections, modifications and improvements to the course content. The Company&#x2019;s clients retain all intellectual property rights to the developed content, although the Company retains the rights to the content packaging and delivery mechanisms. Much of the Company&#x2019;s new content development uses proven delivery platforms and is therefore primarily subject-specific in nature. As a result, a significant portion of content development costs qualify for capitalization due to the focus of the Company&#x2019;s development efforts on the unique subject matter of the content. Similar to on-campus programs offered by the Company&#x2019;s clients, the online degree programs enabled by the Company offer numerous courses for each degree. The Company therefore capitalizes its development costs on a course-by-course basis. As students must matriculate into a client program in order to take a course, revenues and identifiable cash flows are also measured at the client program level.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company develops content on a course-by-course basis in conjunction with the faculty for each client program. The clients and their faculty generally provide course outlines in the form of the curriculum, required textbooks, case studies and other reading materials, as well as presentations that are typically used in the on-campus setting. The Company is then responsible for, and incurs all of the expenses related to, the conversion of the materials provided by each client into a format suitable for delivery through Online Campus.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The content development costs that qualify for capitalization are third-party direct costs, such as videography, editing and other services associated with creating digital content. Additionally, the Company capitalizes internal payroll and payroll-related costs incurred to create and produce videos and other digital content utilized in the clients&#x2019; programs for delivery via Online Campus. Capitalization ends when content has been fully developed by both the Company and the client, at which time amortization of the capitalized content development costs begins. The capitalized costs are recorded on a course-by-course basis and included in capitalized content costs on the consolidated balance sheets. These costs are amortized using the straight-line method over the estimated useful life of the respective capitalized content program, which is generally five years. The estimated useful life corresponds with the Company&#x2019;s planned curriculum refresh rate. This refresh rate is consistent with expected curriculum refresh rates as cited by program faculty members for similar on-campus programs. It is reasonably possible that developed content could be refreshed before the estimated useful lives are complete or be expensed immediately in the event that the development of a course is discontinued prior to launch.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Impairment of Long-Lived Assets</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company reviews long-lived assets, which consist of property and equipment and capitalized content development costs, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset is measured by a comparison of the carrying value of an asset or asset group to the future undiscounted net cash flows expected to be generated by that asset or asset group. If such assets are not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of an asset exceeds the estimated fair value (discounted cash flow) of the asset or asset group. In order to assess the recoverability of the capitalized content development costs, the costs are grouped by program, which is the lowest level of independent cash flows. The Company&#x2019;s impairment analysis is based upon forecasted financial and operational results. The actual results could vary from the Company&#x2019;s forecasts, especially in relation to recently launched programs. For the three and six months ended June&nbsp;30, 2015 and 2014, no impairment of long-lived assets was deemed to have occurred.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Comprehensive Loss</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company&#x2019;s net loss equals comprehensive loss for all periods presented as the Company has no material components of other comprehensive income.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Stock-Based Compensation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company accounts for stock-based compensation awards based on the fair value of the award as of the grant date. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the awards&#x2019; requisite service period, adjusted for estimated forfeitures. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using an accelerated recognition method when it is probable that the performance condition will be achieved.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">See Note&nbsp;8 for a summary of assumptions used in calculating the fair value of stock options.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Recent Accounting Pronouncements</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In April&nbsp;2015, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&nbsp;2015-05,&nbsp;</font><font style="display: inline;font-style:italic;">Intangibles </font><font style="display: inline;font-style:italic;">&#x2014; &nbsp;</font><font style="display: inline;font-style:italic;">Goodwill and Other </font><font style="display: inline;font-style:italic;">&#x2014; &nbsp;</font><font style="display: inline;font-style:italic;">Internal-Use Software</font><font style="display: inline;">. The ASU provides guidance to customers in a cloud computing arrangement to determine whether the arrangement includes a software license. When a cloud computing arrangement includes a software license, the customer is required to account for the license element of the arrangement consistent with the acquisition of other software licenses. The amendments in this ASU are effective for fiscal years beginning after December&nbsp;15, 2015. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In April&nbsp;2015, the FASB issued ASU No.&nbsp;2015-03,&nbsp;</font><font style="display: inline;font-style:italic;">Interest &#x2014; Imputation of Interest</font><font style="display: inline;">. The ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December&nbsp;15, 2015. Adoption of this standard will not have a material impact on the Company&#x2019;s consolidated financial position.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In May&nbsp;2014, the FASB issued ASU No.&nbsp;2014-09, </font><font style="display: inline;font-style:italic;">Revenue from Contracts with Customers</font><font style="display: inline;">, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S.&nbsp;GAAP when it becomes effective. In July&nbsp;2015, the FASB deferred by one year the mandatory effective date of this ASU from January&nbsp;1, 2017 to January&nbsp;1, 2018. Early application is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company has reviewed other new accounting pronouncements that were issued as of June&nbsp;30, 2015 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 800000 800000 88011000 216818000 41000 -128848000 80619000 224523000 42000 -143946000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:28pt;"><font style="display: inline;font-weight:bold;">8.</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:3pt;"></font><font style="display: inline;font-weight:bold;">Stock-Based Compensation</font></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The Company provides equity-based compensation awards to employees, non-employees and directors as an effective means for attracting, retaining and motivating such individuals by providing them with incentives to exert maximum efforts for the success of the Company and a means by which they may benefit from increases in value of the Company&#x2019;s common stock. The Company maintains two share-based compensation plans: the 2014 Equity Incentive Plan (the &#x201C;2014 Plan&#x201D;) and the 2008 Stock Incentive Plan (the &#x201C;2008 Plan&#x201D;). Upon the effective date of the 2014 Plan in January&nbsp;2014, the Company ceased using the 2008 Plan to grant new equity awards, and began using the 2014 Plan for grants of new equity awards.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The number of shares of the Company&#x2019;s common stock that may be issued under the 2014 Plan will automatically increase on January&nbsp;1st&nbsp;of each year, for a period of ten years, from January&nbsp;1, 2015 continuing through January&nbsp;1, 2024, by 5% of the total number of shares of the Company&#x2019;s common stock outstanding on December&nbsp;31st&nbsp;of the preceding calendar year, or a lesser number of shares as may be determined by the Company&#x2019;s board of directors. On January&nbsp;1, 2015, the shares available for issuance increased by 2,036,503 pursuant to the automatic share reserve provision under the 2014 Plan.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Stock-Based Compensation Expense</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Stock-based compensation expense related to stock-based awards is included in the following line items in the accompanying consolidated statements of operations:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Servicing and support</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>401&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>995&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Technology and content development</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>427&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>309&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Program marketing and sales</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>277&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>321&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">General and administrative</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,556&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,199&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,803&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,995&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Total stock-based compensation expense</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,867&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,044&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,915&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,239&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Stock Options</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The following is a summary of the stock option activity for the six months ended June&nbsp;30, 2015:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Options</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Exercise&nbsp;Price&nbsp;per</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Share</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-Average</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Remaining</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Contractual&nbsp;Term</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Aggregate</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Intrinsic</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Value</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">(in&nbsp;thousands)</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,850,211 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:13.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.39 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.33 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,487 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Granted</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>666,551 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.52 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.68 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Exercised</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(505,156 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.41 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Forfeited</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(51,071 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.27 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expired</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,957 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,958,578 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.67 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.16 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>146,080 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Exercisable at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,518,972 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.03 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.21 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,080 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Vested and expected to vest at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,747,424 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.38 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.10 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,599 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The total compensation cost related to the nonvested options not yet recognized as of June&nbsp;30, 2015 was $14.2&nbsp;million and will be recognized over a weighted-average period of approximately 2.3&nbsp;years.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The aggregate intrinsic value of the options exercised during the six months ended June&nbsp;30, 2015 and 2014 was $14.0&nbsp;million and $6.8&nbsp;million, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the three and six months ended June&nbsp;30, 2015 and 2014:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Six&nbsp;Months&nbsp;Ended</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Risk-free interest rate</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.5% &#x2013; 1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.5% &#x2013; 1.9%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">1.8% &#x2013; 2.1%</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expected term (years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">6.00 &#x2013; 6.08</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.99</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.83 &#x2013; 6.08</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5.40 &#x2013; 6.25</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Expected volatility</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">50%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">54%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">50%</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">54% &#x2013; 55%</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Dividend yield</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">0%</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Weighted-average grant date fair value per share</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$12.51</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$6.77</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$12.42</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$5.91</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Restricted Stock Units</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The following is a summary of restricted stock unit activity for the six months ended June&nbsp;30, 2015:</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 76.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Number&nbsp;of</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Restricted</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Stock&nbsp;Units</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Weighted-</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Average&nbsp;Grant</font><br /><font style="display: inline;font-weight:bold;font-size:8pt;">Date&nbsp;Fair&nbsp;Value</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992,665 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.39 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Granted</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>548,912 </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.36 </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Vested</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(259,538 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.31 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Forfeited</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,886 </td> <td valign="bottom" style="width:03.26%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.10 </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Outstanding balance at June&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,236,153 </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.51 </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:60.86%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.26%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.66%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The total compensation cost related to the nonvested restricted stock units not yet recognized as of June&nbsp;30, 2015 was $16.8&nbsp;million and will be recognized over a weighted-average period of approximately 3.0&nbsp;years.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Other Stock Awards</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">During the three and six months ended June&nbsp;30, 2015, the Company granted 26,567 shares of common stock to an employee, with a fair value of $0.8 million.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 26567 505156 505156 750000 750000 2227000 2226000 1000 11492000 5818000 12600000 6466000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of financial statements in accordance with U.S.&nbsp;GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of long-lived assets, fair value measurement and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 23588330 39304884 41171669 41362476 EX-101.SCH 7 twou-20150630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 00100 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Property and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 40302 - Disclosure - Property and Equipment (Details 2) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Capitalized Content Development Costs (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Description of the Business link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Capitalized Content Development Costs link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Net Loss per Share link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Segment and Geographic Information link:presentationLink link:calculationLink link:definitionLink 20202 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 30203 - Disclosure - Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 30303 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Capitalized Content Development Costs (Tables) link:presentationLink link:calculationLink link:definitionLink 30503 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 30703 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance (Tables) link:presentationLink link:calculationLink link:definitionLink 30803 - Disclosure - Stock-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 30903 - Disclosure - Net Loss per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 40201 - Disclosure - Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 40202 - Disclosure - Significant Accounting Policies (Details 2) link:presentationLink link:calculationLink link:definitionLink 40203 - Disclosure - Significant Accounting Policies (Details 3) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - Stock-Based Compensation (Details) link:presentationLink link:calculationLink link:definitionLink 40802 - Disclosure - Stock-Based Compensation (Details 2) link:presentationLink link:calculationLink link:definitionLink 40901 - Disclosure - Net Loss per Share (Details) link:presentationLink link:calculationLink link:definitionLink 40902 - Disclosure - Net Loss per Share (Details 2) link:presentationLink link:calculationLink link:definitionLink 41001 - Disclosure - Segment and Geographic Information (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 twou-20150630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 twou-20150630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 twou-20150630_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.PRE 11 twou-20150630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`+F%!D>WR^U-OP$``*\8```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V9S4[#,!"$7Z7*%36N;?Y%>P&N@`0O8))M8S6.+=N4\O;8*2"H"FJ! M2G/)3V>],\DZWZ47#R^.PF!IVBZ,BR9&=\Y8J!HR*I3649>4J?5&Q73K9\RI M:JYFQ,1H=,PJVT7JXC#F'L7DXG9!WNN:!I%\JY5EO=1W: MZ5175-OJR:0E94S6=)#T8G"G?+Q1)K5@RY;UPNK(RZRS_S$,SI.J0T,435N& M^-)2V.2_4MZ=KVBJGMJXD_';NRL]M7U-:+1[L[I>IBXA_38NDAJV]89>DXKND!I9:_\G[?:=4UM-6AKEPCQ]%HSS5]]&G^6[^-CX7 M["]'GFM__=W0>S&P_K1'2.R40X#DD"`Y#D%R'('D.`;)<0*2XQ0DQQE(#CY" M"8)"5(Z"5(["5(X"58Y"58Z"58["58X"5HY"5H%"5H%"5H%"5H%"5H%"5H%" M5H%"5H%"5H%"5H%"5HE"5HE"5HE"5HE"5HE"5HE"5HE"5HE"5OE!5M;_3S%Y M!5!+`P04````"`"YA09'2'4%[L4````K`@``"P```%]R96QS+RYR96QSK9++ M;L)`#$5_)9I]<4HE%A%AQ88=0OR`.^,\E,QXY#$B_?N.V(#"0ZW$TJ][CZZ\ M#JFL#C2B]AQ2U\=43'X,JQW8OG*\M"_V/Z'D4X$G1H>)%]2-F`Q+M*;V"^GH`A3&^ M.R6:E((C-Z."N[_8_`)02P,$%`````@`N84&1P8^A_29`0``SQ<``!H```!X M;"]?&?/ODKC;671NJN@^S M]^;:ANWP?Y]5,?9;8T)1N<:&AZYW[;!Z[GQCX_#I2]/;XF)+9SC/E\9/YV2' MW<_9L^-IG_GCB;+9B_6EB_OLK?.74#D7@QE?]#!L,"S?>O>?[;OSN2[<8U>\ M-JZ-?U28KPTRDP[B=!!#@B0=))"@>3IH#@E:I(,6D*!E.F@)"5JE@U:0H'4Z M:`T)VJ2#-I`@RA49C-&;%;T9HSC-& M;U;T9HS>K.C-&+U9T9LQ>K.B-V/T%D5OP>@MBMZ"T5L4O05T5Z)=EF#T%D5O MP>@MBMZ"T5L4O06CMRAZ"T9O4?06C-XRT3M4UKO3<_1U6X9[UWP;KEY/3O`. M\79U]T\9IZH-$ZWCL),SX_/N3H]3/T/,K[O[PP=02P,$%`````@`N84&1QK) MB5RQ`@``SPH``!````!D;V-0&ULO5;!;MLP#/T5(:?MT#JU MMZX+4@-M4FP%NBU`LNZLRK0MU)8\40F2??UH.?&!$T5 MCB<+HPLP5@*R;9XIG)#S>I1:6TP\#T4*.<=S"E&T&FN3/QI0=;"RJ"Z*RHDX[":5GEIB@R*;B56H5?I#`:=6S9W59`-O5>!C@$ M95Z"6!MI=^&XBFFZ7,Q2\`QF5"N,>8901?UQNIB9S@NN=E[U]2#5,WXO5GK. M+311QPM5]I0;B*CH4?;:Z6(^[ZC/K,3.4JX2B)JQKQIHT]E:5(BY)T?%S1_G#$GCA":5Z/-MQ( MKNR(H?Q%G_ZH*EMYG9T5:$WX0YMG3`$L3KW:ZGX"Y;,7,`86113DC MIF-F4V"W:Y0*$%OCES)1DC@CE;`;(?2:1JT2MJ!J@FZ65LS^-MM5W/QP@4SW8'2>2ULNHZM0XFA/H#HW=*^$SH&M^+8CH$Q) M`UE:+9Y=SH6!&(QQT]2B?3)E\-DMK^:?D]:Q6WI?P;('CSA#%Q].P%P-8)6]6?$GNA?>#J?7'P^GE[T9SI_O#^)OW]$_ MTMC??^^<_?93W8]I/]7]F'8-=/$Y!\ME-N1D[S'^Q^$:"$[00'#QUT->=]$A MRSZY!.V7>K=<7*GAF*"=_C:)]3;3`V!^ARS[KIG@Z/B_>AB\>`9XQ\_7\#=0 M2P,$%`````@`N84&1Z.E&\D_`0``:0,``!$```!D;V-0+.M:!EQV MXU;7?A^_CI.26\J-@V=G+#B4X&\.JM:>QW*G1&<,J?Y"#Z]O'OGQYB MAB1=Y<'+OJIIFE$SB75AX)R\+YY>XMFD4GMDFD-0>4FQM3!/SIW?)OD M&F?Y+,UNTZQ8Y@6=SNBT^#A.=N%O,*RZ(?ZMX[/!N%V46,.5NXT:$9<;/R-( M@.=.6I1&7X6+F&_B"//[U2=PO![4">-EVT';&"=\%>_7$!U?3EC9QKCVE/H1 M7;RJZ@M02P,$%`````@`N84&1YE&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B- M;'EDD81_OTV23;J;/`0LZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6 MN[!3+UES@6QHO M(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF( MM/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9KQ]'22("" MR7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2 M`Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D`4.`#?$T4Q0?*]! MMHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH]5Z%82=J$ M^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5`9<8WS2J-2S%UGB5P/&MG#P=$Q+- ME`L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:! MMG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X M2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:60F] MA%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+`.7\N?<^E M[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I M4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2D&_# M^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^8 M9Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O&`RN0HGQ,C$7H M<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;05 M3L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X M$G:V#P(RN;LYJ7IE,6>F\M\M#`DL6XA9$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3 M:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ= M+2?_VU[4/;07/4;SHYG@'K.'YA,L0Z1^ MP7V*BH`1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW>`,?-2K6J5D*Q$_2P=\'Y(& M8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4 M#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_`5!+`P04````"`"YA09' M6QER85D2.FI++RZDAAEM=G$J#?S M_;G'$.$P#GG#%DS5(!4-5Q&\&"#@]M^)#$?PZ>SKGT:HVR_`C9-ODXG_='Z[ MBY_9A7,(',>/+(+!_!)Z+R>=^OY^8K.X0SY_)?G_N'>HKPRUUR4H#G/!QSS- MH`/BL'X&*T2U?V#<4T&%!$I?A-9@$8X8=AYWB))$$@/FB!&Z=O#,`/;N.C]& MN)`VMHNP&V?JCY%DD430[WXO#Y>,['8PQR.4;A]/`W%8(:6PY`L]`9V]7%?Z M<%QP[$1:OP/>A43K8':YL<$..FXB9(;E$#F`/12'%.=*;Y"D*,VH1&6D"Z4$ MTT9&4"$XHH:RW]$9FC;%E#Z8+^4QW^)N<^!\S!W[$!@5O:D3T9EC&=BD>IML MCGN3]CA>T.9#`+T;515=?Z>DX`P[L0Y:B&YVB#[80Q^'J&<%I9#D6?N;0D@U M@"4$*RP523>1OQ)52]RJKH*]-M^G\-@COZ>FTV=M5*-+\*/3IZ9.4>W7;U3F=8UA MH_ML]9X!!4E#J"*\EX#,:^'>R*9;;6'L.YHS:\>68U<52O1#<"N*)LMPCAJJ M?I.54'8Q@J/]T\@/YH/7^=O;YR[90^-L6'N%T4=8SL?C8*JH9'A3]>"Q7MKYQL9L>LW([=>:P5+ MI[H&;!SQ\7@V\F!DU,Z&6K>AV-'":VBA]2"K4`/$QFQAC=2V>'<>YFMMX!OX M@&`FV_:S;&!1/)B"&1GBATI'J!;%!+ON'O8N^*Z]Z+1)G>EX6HP2['&I5YXI M5\$6=EWK\'UWHV`5K&5GXC5.]O&]BZ+D$\YG6T9Z[)N&^T"!Z0*3*NH[N)8W MBV)<,-E%][C/+F:]J)13$;(_!.!WVCC8[_+XJ^ M;2"M9/1L*7WX?[68[8/SN,5,VHI]L!$I[-)N-P]#D^:`#U]6_8O]7&/#7U;E M-E04]-[9"FR`BF$K.*,KC$K%+J215@$C($Y`?"A($)`@(/%JT"KB#RZ9@"8$ M-!D*FA+0E("F0T$S`IH1T.P0M(2@O&[3#C&W9K$&=M$%;2$$`CDAD)-#R$IO MK,9C+G'W_U+*=;C[=L.N<%Y*`P6=$M#I(>C*XYGW*$[OT'^=;I-19/P9&7^6 M"8ML-1Z%=$)28&+2<0EW8-QS4#FF$HYS$6X:'=.HT,\FX7!18)^MJ-RS.:/S MI56N`78M'_;'47G+K+U-@YNRBD[=]C.X\K`&[_MM=HJBJ+YEQM^>\<>%W/K2 M8%H-!V>2FEMFU/V,K4\N!(8;Q%:U]$!'4UW+C*\KV#SEAH_@-EZVM59/^8&B MJ+!EQMBCLI4G%$6U+8=Z6YY2%!6W?+6Y[`UF8`/A+451A\NA$O,QS7]48CY4 M8O:&HJC&/)N5C^C(.47MI>6,V2_IN(L615&S><;L0RMS(>=4;IZ1^Z@(G.9E M3DWG.=./HFAFYM1T/M1T3DWGU'2>,?TE/9<0I38T+W%J.A]@>H_B9Q1%3>=# M31?4=$%-%T--%R5%4=/%;Q+V4X2H3H(*+H:F;K%7>.Q5'@-2]VYB%$4E%SG) MCZ$$E5Q0R45&\MRQRP6*&BXRAA_A,+Y'HH*+7"H_]H$1-)4+*K@XW16XOVI: M+.NQ_*E2Q1_ZUV#)K-+?`/S9?K@GTY3#4_]?_&NP*%+]CJ5Z9\Q[O/;%?G*R MKW*WY,?"_]U/4$L#!!0````(`+F%!D=!W+DO40(``/0'```8````>&PO=V]R M:W-H965T&UL?579CILP%/T5Q`>,L=F2B"`EJ:KVH=)H'MIG MAS@!#6!J.V'Z]_5"&#,R?L$+Y]QS;=^E&"E[YS4A(OCHVI[OPUJ(80<`KVK2 M8?Y"!]++/U?*.BSDDMT`'QC!%TWJ6H"B*`,=;OJP+/3>*RL+>A=MTY-7%O![ MUV'V[TA:.NY#&#XWWII;+=0&*`LP\RY-1WK>T#Y@Y+H/#W!W@HF":,3OAHS< MF@?*^3.E[VKQ\[(/(^4#:4DEE`DLAP_ZN-+] M,^;D1-L_S474TMLH#"[DBN^M>*/C#S*=(54&*]IR_0VJ.Q>T>U+"H,,?9FQZ M/8[F3P(GFIN`)@*:"0AY"?%$B&>"N3I@/-/G^H8%+@M&QX"9QQBP>G.XB^7- M58$\#`_5+WU="E$6CS(JP$.962".!H$T`LX((&W/`FA=X(@L.G()G&Q$[!:( M/2>(-3W6],1-3SST1-,334^=%V`C,K=`ZA%(+7J^%.B-@$&DYH:3=)O`W"V3 M>60R2V;C/(>-V+H%B:W-3YP2 M"TCJEE`%8CVG(MM"YLZJ!6;EO:$WAIKF<,].4S$+0X=ECYT9?_@=02P,$%`````@`N84&1S^HOU.C M`P``@Q```!@```!X;"]W;W)K7>S_<_A8LP8_6J;;GB,+^-X?4B2X7@Q;35\M%?336_.MF^K<2KVS\EP[4UU M6H+:)L$TS9.VJKMXOUN>?>WW._LR-G5GOO;1\-*V5?_[8!I[>XPA?GOPK7Z^ MC/.#9+]+[G&GNC7=4-LNZLWY,?X+'DK4LV11?*_-;2#WT6S^R=J?<^'SZ3%. M9P^F,<=QKJ*:+J^F-$TSUS1E_G>K]+^<+3-L/Q&QY=AM.U;2!RUU:_U6G?+];:^T>D6 MQ@?@%H#W`)#!`+$%B'IL:=??U5CM=[V]1?TZ&-=J'G-X$%//':.I,4,\ MOUJZ:U;L=Z][E+OD=:['D1Q6":X23E$ZBNPN2:;\=Q,8,(%+O%CC!.+% M$B_7>.5:[-9&K!*U2+3&]TU=5:6CR@LL>"\RX$52+YKULDJR12)%(5@K5"2R ME#>2!8QDU$C!&LE(#@V*SY$';E:F'S4I=<,NP,.FV1(IWG/IJJ:N\;@)@@^H&W9:'C;-EJ2\&Z1Y4$#JZ1U'!R(5GO4$(::"(%`6'C9`B(1`42AX M%`+%'&K)MKQT54B(Z;H)X1`H#P7/0Z!`1-":!4GIR$"!\#`"0N@$RD[)LQ-R M9]E)]'2/(RM2WP0,\1,H0"4/4*!L%*EBO[2EHT))8.RZ"1$4*$(ECU"@>)33 M>F#[L'1D*%3N&ZP01X&"5/(@!M8!AK"'%'O2@ST,80\I M]B2/O4VC`O.[=#6^T0DA#RGR^.W.`1WDH8-LB>K\([(6HM?9Y"Y$-*OHPG'SJ[PC0'?N_HRG0*OE$+L0\I^S*>?9M& M_=]6P-5Q6X&$'!>OU;/Y4O7/=3=$3W:<3I[+V?%L[6BFVM*/TQRXF.IT+S3F M/,ZW:KKOUS/R6ACM]>W(?__?8?\'4$L#!!0````(`+F%!D>E&PO=V]R:W-H965T&ULC979CILP%(9?!?$`L=E# M1)":5%5[46DT%^VU0YR`!C"UG3!]^WHAU*X<=[C`V_^?\QT6NYH)?6,MQCQX M'_J1[<.6\VD'`&M:/""V(1,>QZ%U16Z\[T;\0@-V&P9$?Q]P3^9]&(6/B=?NVG(Y`>H*K+YS-^"1=60,*+[L MPT_1[AA!*5&*'QV>F=$/)/R)D#AU`RX!XW7(9`HKGC(^Y[&4ED_K4$ M_9M3&LW^(_H75:[`/R&&CZ3_V9UY*VAA&)SQ!=UZ_DKFKWBI(9,!&](S=0^: M&^-D>%C"8$#ONNU&U-3V?Q9!Z>S.0IG#R9D<=-XE98#+F'(3<9MDZ&_+\,;H7%4'@8 M"I.A=#(4'_I&GJLLEJV'96NPY,YJ#UNCVAA"SU?B5UI,I8>I-)F2)81%DL&\=!/)C?;YW@1-IMC)M&@^`&4KW53`V#PG=,7?$;UV(PM. MA(M]6.VD%T(X%O'@1OP4K3@?UT&/+UQV"]&G^L30`TZFQP&XGL+U'U!+`P04 M````"`"YA09'4U(SAQ0$``"($@``&````'AL+W=OOB5-?7I>]7NY/)T^JEN)I+ M\\NA*/.T;D[+HU]=2Y/NNZ`\\UD0A'Z>GB^+]:J[]J5_9 MW"MT[+7)OQ?%]_;D[_WK(FAS,)G9U>T0:?/U8;8FR]J1FIE_#(-^SMD&XN/' MZ']V'GZL_\^7[KO>_^+#H8P.H`-`6P,&.>A`_@0P#\#Q&R`&`+$LS/((4!. M9O![[5WEXK1.UZNRN'MEO]S7M-U5L)3-VNR\IES5HOVI6Y"66*\^UB%?^1_M M.!:RZ1'6(X)"8HS`2/C-_&,2S)W$AJ%P1DVPQ40HR1Q^.TCB&,1*D\_4BG?Q MO(\/Z7@Q$R^Z>-''*SO%2U^)'E$=PB7CFJ*VF&)""4%1,:;"2,N`HA),20B4 M0Y>DG^B.2C&ZI-@8!OCDL>38G=.309W.ADI%#X(PQO@%# MK56Y2C3G6X4Y-P5LIXJVTX$9 M>A&9\=9B.'E7QQ8CZ29DC^-HK3#GHR"Q(G*?;@9FW*=D?;=3BLPXGE"NG6Q1 M6CO^(,"$5;/(36G@@YZ0A;&X-`1I(69W,RB,B")A-.A<)UF\V9/6"W MU[3;@WI.H'I2H'I2H'I6X)SO`S9^37L?:.O>I[.Q&.UJBG-6#=BK:>_<#(SZ M7:TMK*TUV4?B">>NM9,FV'3UK1I#TS4SQ2\,/HO\2\8K6^*<1)+ MIIC+D=B<:3-LVIHV;8;=4P`/FZ<,YZ,"0I"^F$CL4C&I=8< M[9]>J8\>LW-3'KL7')6W*VZ7NC?L\>KX$N6-M8_ID^L;6&Z!N![#,NE?D7P. MOUY=TZ/Y)RV/YTOEO1=U7>3=X_VA*&K3I!Z\-,WZ9-+]>)*90]T>JN:X[%^4 M]"=U<7V\]QE?/JW_!U!+`P04````"`"YA09'F]IZR]`"``##"@``&````'AL M+W=O6#,OTOY82Y^[EQN:11$4_9QYK:5JHJ\E]>@GU[WN3)?%7YA^MWL`CU=0V@>C2_$$$7^67"6 M1Y]FG`6RGA`R(0F$;!9("B';!<(AI%P@V8Q$.L:\*$7+&;"S2]GA`VY4)IS%"2 M@7:\X,(1]3BBXRCQY(C`>N;1,S=1#"9BSKS!+XHY40@A"9C7'49#*>PU\7A- M7*\4])HX3AABF"5PF=13)G7+,#!PZI1YHC$<^"&T<,(]3KCK!"RRYN[4QXQF M'"Z3>5XP[@X.42NCQT+-NE2>]HYPO M&G%0YC35Y_VTQYHNE#S?MHSSOK7X#U!+`P04````"`"YA09'T1\")G,$``!Y M%0``&````'AL+W=O]%>*S9]P$J6*RGQ]NVKDQU.,,,;VY)_SOS#PT>)FUO3 M_NQ.SO71K[JZ="^K4]]?G]?K;G=R==E]:Z[N,OQS:-JZ[(?+]KCNKJTK]U.C MNEJ#4LFZ+L^7U78SW?O>;C?->U^=+^Y[&W7O=5VV_^6N:FXO*[VZW_AQ/I[Z M\<9ZNUD_VNW/M;MTY^82M>[PLGK5SX51HV12_'UVM\[['8WFWYKFYWCQY_YE MI48/KG*[?@Q1#E\?KG!5-48:,O^[!/W,.3;T?]^C_SZ5.]A_*SM7--4_YWU_ M&MRJ5;1WA_*]ZG\TMS_<4D,\!MPU53=]1KOWKF_J>Y-55)>_YN_S9?J^S?^D M:FG&-X"E`3P://+P#7!I@)\-S%3I[&RJZ[>R+[>;MKE%[3P8UW(<<_V,0\_M MHJ&8;C7^-777J-AN/K9:P6;],08BFGS6P*QY*-9#]$<*D%/DX#5G$Q2^(HGY M#!@H`J?VN!2!?``3"&"F`&8*D"KJ\3)7,4OL)'G2LF9-/&D0,[;HPA=!8A+>B@U8L9Z5+&.=6"])G&G6;N&+ M$##CG:0!)RGIE(3-DGI9DDP8NBR0)"-#9_D`(UWD!:D\G\!.LGS1S#Z?C#+( M5D-D6GL3F]H)\D&3;A/\:-]/:ODAI*HX$<90!UCRJL&S@_Q*733W/,)04Y56 M6NJ=$'@TDM[AY_^&:%G8M_,,`:\&U^E,Q"V(!TBHO:1:(1YDY#E$@//Q"\RC=+$"6%1^UPT M;-VY]IGGPY>XL:1S!$+K$!BU3T8>);GVR2A,FI1,<\%(")XZ\U>3%D8I\].P M\ZJ@&A"\0`C#H(@7?H3`!VRB#+!NB$HG1EC:$,(P:']CT5*($#H!2$7\.`.A M(BA^J114IBT(:P!"\`0"3VUX0P2>Q@B/752&Q@H+`4+\!$,,\9P&PD8)1A!" M(\0D#[NP<_"I]Y3$/,\+*HM!"\\<$*(C)&1V22%"0`-+:A+,$E@IA4J:R"%> M`7F2T_S6`CZ-`,#RAE)B"(2-#D+4`D(M?M/(@1#)H#`],80D)$@"?K-$'S:Q M4L+"Q!!LD#SS`4\UI$]S":A M#QL-&0\*HLJLC:4."B$)"9*`?Y5#'TEID@&_*Q*95=(F@B%T(4$7\.A"GTEI M"GPW%D0VO.=:Z:$70^Q"PBX0V(4A=B%A%__.5:#/KE1X=\$0MY!PBQ^D?!'9 MY7E.&$D"-YL*9D+40D(M_DVJ0)]:V@@G$28$+4.@A?S:741V>2GYDF;MG6C5 MKCU.)WU=M&O>+_U\:O2X^SA-?(7Q1.S+_5P_%_.9X&>8[>9:'MU?97L\7[KH MK>G[IIY.S`Y-T[O!G/HV3-.3*_>/B\H=^O&G'7ZW\\G@?-$WU_M!Y^.T=?L_ M4$L#!!0````(`+F%!D?P*N*MH0$``+$#```8````>&PO=V]R:W-H965T&UL?5/+;MLP$/P5@A\0RI33!H8L($Y0M(<"00[MF996$A&2JY"4 ME?Y]^;`5.TU](;G+F=E9/JH9[8L;`#QYT\JX+1V\'S>,N68`+=P-CF#"3H=6 M"Q]"VS,W6A!M(FG%>%%\85I(0^LJY9YL7>'DE33P9(F;M!;VSPX4SENZHJ?$ ML^P''Q.LKMC":Z4&XR0:8J';TOO59K>.B`3X)6%V9VL2O>\17V+PH]W2(EH` M!8V/"B),!W@`I:)0*/QZU'PO&8GGZY/ZM]1M<+\7#AY0_9:M'X+9@I(6.C$I M_XSS=SBVI4GSG'?XW9'V.8$?"7PAW!7)>"Z4 M;#X*+^K*XDQL/MI1Q!M<;7@XB(8$;X[&K=1]1-35H5Z5O&*'*'2!V64,SY@% MP8+Z4H+_O\2.G]'YY_3RBL,RT MCB,-3L;GPUNRR^N\Y^E.WN%U-8H>?@K;2^/('GVXV70W':*'8**XN:5D"/]G M"11T/BZ_AK7-3RH''L?3!UE^:?T74$L#!!0````(`+F%!D>C>O[.H0$``+$# M```8````>&PO=V]R:W-H965T&UL?5/+;MLP$/P5@A\0RI+< M!H8L($X1-(<`00[MF996$A&2JY"4E?Y]^+`5NTU](;G+F=E9/JH9S:L=`!QY M5U+;+1V<&S>,V68`Q>T-CJ#]3H=&<>=#TS,[&N!M)"G)\BS[QA07FM95S#V; MNL+)2:'AV1`[*<7-GQU(G+=T14^)%]$/+B187;&%UPH%V@K4Q$"WI7>KS:X, MB`CX)6"V9VL2O.\17T/PV&YI%BR`A,8%!>ZG`]R#E$'(%WX[:GZ6#,3S]4G] M(7;KW>^YA7N4OT7K!F\VHZ2%CD_2O>#\$XXMK(-@@]+&D323=:A.%$H4?T^S MT'&>TTZ1'VE?$_(C(5\(MUDTG@I%FS^XXW5E<"8F'>W(PPVN-KD_B(9X;Y:& MK=A]0-35H5X59<4.0>@"LTN8/&$6!//J2XG\_R5V^1D]_YI>7'%81'KQC\,+ M@?**0!D%RJLM7F+6?Q5A9V>JP/3QZ5C2X*1=.KPEN[S.NWB)[!->5R/OX8F; M7FA+]NC\S<:[Z1`=>!/9S9J2P?^?)9#0N;#\[M&PO=V]R:W-H965T&UL?5/+;MLP$/P5@A\0RI23%(8L($X1M(<"00[MF996$A&2JY"4E?Y] M^;`5NTU](;G+F=E9/JH9[:L;`#QYU\JX+1V\'S>,N68`+=P-CF#"3H=6"Q]" MVS,W6A!M(FG%>%'<,2VDH765P<*YRU=T5/B1?:# MCPE65VSAM5*#<1(-L=!MZ<-JLUM'1`+\E#"[LS6)WO>(KS'XWFYI$2V`@L9' M!1&F`SR"4E$H%'X[:GZ4C,3S]4G]*74;W.^%@T=4OV3KAV"VH*2%3DS*O^#\ M#8XMW$;!!I5+(VDFYU&?*)1H\9YG:=(\YQU>'FF?$_B1P!?"ER(9SX62S:_" MB[JR.!.;CW84\097&QX.HB'!FZ-Q*W4?$75UJ%?E7<4.4>@"L\L8GC$+@@7U MI03_?XD=/Z/SS^GE%8=EHI?_.+P06%\16">!]=46+S'W?Q5A9V>JP?;IZ3C2 MX&1\/KPEN[S.!Y[NY`->5Z/HX8>PO32.[-&'FTUWTR%Z"":*FUM*AO!_ED!! MY^/R/JQM?E(Y\#B>/LCR2^L_4$L#!!0````(`+F%!D>],6U3H@$``+$#```9 M````>&PO=V]R:W-H965TV+&P`\>=7* MN!T=O!^WC+EF`"W<'8Y@PDZ'5@L?0MLS-UH0;2)IQ7A1?&!:2$/K*N6>;%WA MY)4T\&2)F[06]O<>%,X[NJ+GQ+/L!Q\3K*[8PFNE!N,D&F*AV]&'U7:_CH@$ M^"%A=A=K$KT?$%]B\*W=T2):``6-CPHB3$=X!*6B4"C\ZZ3Y5C(2+]=G]2^I MV^#^(!P\HOHI6S\$LP4E+71B4OX9YZ]P:N$^"C:H7!I),SF/^DRA1(O7/$N3 MYCGOE)L3[7T"/Q'X0M@4R7@NE&Q^%E[4E<69V'RTHX@WN-KR_N/P2F!] M0V"=!-8W6[S&?/JK"+LX4PVV3T_'D08GX_/A+=GE=3[P="=O\+H:10_?A>VE M<>2`/MQLNIL.T4,P4=S=4S*$_[,$"CH?EQ_#VN8GE0./X_F#++^T_@-02P,$ M%`````@`N84&1X2+`]^?`0``L0,``!D```!X;"]W;W)K&UL?5/+;MLP$/P5@A\0RK22%H8L($Y1)(<`00[MF996$A&2JY*4E?Y] M^;`5NTU]X7-F=G:7K&:T;VX`\.1=*^.V=/!^W##FF@&T<#OI($72]RDM;"_=Z!PWM(5/1V\RG[P M\8#5%5MXK=1@G$1#+'1;>K_:[,J(2(`?$F9WMB;1^Q[Q+6Z>VBTMH@50T/BH M(,)T@`=0*@J%P+^.FA\A(_%\?5+_GK(-[O?"P0.JG[+U0S!;4-)")R;E7W%^ MA&,*MU&P0>722)K)>=0G"B5:O.=9FC3/^69='&F?$_B1P!?"UT1@.5"R^4UX M45<69V)S:4<1.[C:\%"(A@1OCL:KE'U$U-6A7I5%Q0Y1Z`*SRQB>,0N"!?4E M!/]_B!T_H_//Z>LK#M>)OO['X85`>46@3`+EU10O,7\GRDXTN!D M?"[>>O(!KZM1]/`L;"^-(WOTH;.I-QVBAV"BN+FE9`C_9]DHZ'Q< M?@EKFY]4WG@<3Q]D^:7U'U!+`P04````"`"YA09'5C,K;J`!``"Q`P``&0`` M`'AL+W=ON@WN M#\+!`ZJ?LO%],)M1TD`K1N5?<7J$I87;*%BC@\ZA.%$BW>YUF:-$_+ M3K[0/B?PAWY&YY_3\RL.\T3/_W%X(5!<$2B2 M0'&UQ4M,_E<1=G:F&FR7GHXC-8[&SX>W9M?7><_3G7S`JW(0'3P+VTGCR`%] MN-ET-RVBAV`BN[FEI`__9PT4M#XNOX2UG9_4''@<3A]D_:75'U!+`P04```` M"`"YA09'GQ&;MZ$!``"Q`P``&0```'AL+W=O3B(A@1OCL:MU'U$U-6Q7I5EQ8Y1Z`JSSQB>,0N"!?6E!/]_ MB3V_H/./Z>L;#M>)OO['X95`>4.@3`+ES1:O,9MW1=C%F6JP?7HZCC0X&9\/ M;\DNK_,A72)[@]?5*'KX(6POC2,'].%FT]UTB!Z"B>)N0\D0_L\2*.A\7'X* M:YN?5`X\CN&UL?5/;3N,P$/T5RQ^`4S?`JDHC41"" MAY40#[O/;C))+.Q,L)V&_?OUI0GM+O3%]HS/.7/&EV)"\V8[`$<^M.KMEG;. M#1O&;-6!%O8*!^C]3H-&"^=#TS([&!!U)&G%>);=,"UD3\LBYEY,6>#HE.SA MQ1`[:BW,GQTHG+9T1>?$JVP[%Q*L+-C"JZ6&WDKLB8%F2^]6FUT>$!'P2\)D M3]8D>-\COH7@N=[2+%@`!94+"L)/![@'I8*0+_Q^U/PL&8BGZUG],7;KW>^% MA7M4OV7M.F\VHZ2&1HS*O>+T!,<6KH-@AT@Z? M:5\3^)'`%\*/+!I/A:+-!^%$61B_-TK`5NP^(LCB4 MJ_RF8(<@=(;9)0Q/F`7!O/I2@G]?8L=/Z/QK^OJ"PW6DK_]S>":07Q#(HT!^ ML<5SS.T_1=C)F6HP;7PZEE0X]BX=WI)=7N<=CW?R"2^+0;3P4YA6]I;LT?F; MC7?3(#KP)K*K:THZ_W^60$'CPO+6KTUZ4BEP.,P?9/FEY5]02P,$%`````@` MN84&1Y__=ZRA`0``L0,``!D```!X;"]W;W)K&UL M?5/;V\[S>,N:H#+=P5]F#"3H-6"Q]"VS+76Q!U M(FG%>);=,"VDH661>=NIGU-X#.!+X3;+!F?"B6;WX4796%Q)'8Z MVE[$&UQM>#B(B@1OCL:MU'U$E,6A7.6W!3M$H3/,;L+P";,@6%!?2O#_E]CQ M$SK_FKZ^X'"=Z.M_')X)Y!<$\B207VSQ''/WJ0@[.5,-MDU/QY$*!^.GPUNR MR^N\Y^E./N!ET8L6?@C;2N/('GVXV70W#:*'8"*[NJ:D"_]G"10T/BZ_A;6= MGM04>.R/'V3YI>5?4$L#!!0````(`+F%!D?TE2G*GP$``+$#```9````>&PO M=V]R:W-H965T%S9G9VERPGM"^N!_#D32OC]K3W?M@Q MYNH>M'!W.(`)-RU:+7S8VHZYP8)H$DDKQHOB$]-"&EJ5Z>S)5B6.7DD#3Y:X M46MA?Q]`X;2G*SH?/,NN]_&`525;>(W48)Q$0RRT>WJ_VATV$9$`/R5,[F)- MHO0*DH%`*_GC7?0T;BY7I6?TS9!O='X>`! MU2_9^#Z8+2AIH!6C\L\X?8-S"MLH6*-R:23UZ#SJF4*)%F]YEB;-4[Y9S[2/ M"?Q,X`OA2Y&,YT#)YE?A155:G(C-I1U$[.!JQT,A:A*\.1JO4O81496G:K4M M2G:*0E>80\;PC%D0+*@O(?C_0QSX!9U_3%_?<+A.]/4_#J\$-C<$-DE@IYZ\PZMR$!W\$+:3QI$C^M#9U)L6 MT4,P4=QM*>G#_UDV"EH?EY_#VN8GE3<>A_F#++^T^@-02P,$%`````@`N84& M1TOH$6DE`@``2P<``!D```!X;"]W;W)K&UL?57; MCILP$/T5BP]8P!!R$4%*MJK:ATJK?6B?'9@$M#:FMA.V?U_;)"R.#"_X=N:< M&3PSSGLN/F0-H-`GHZW`5*#9-6_GLG_=(TAM/Y@_V[#5>[?R(27CG]TU2JUMY&`:K@3*Y4O?/^!]QC M6!G"DE-IOZB\2L79PR1`C'P.8]/:L1].TN1NYC?`=P,\&FPBZ_@@9-W\1A0I M#.I)ZB=(%PA22Y#>0TR\(;J8&9'5@LC*(5AY15Q, MYA?)%D0RAV#M%7$Q&[_(>D%D[1!LO2(.)HO\(IL%D$4<3#:3GJ:ZYRLH+%28X?"GV)/H)D/ MIVM\/XO_4$L#!!0````(`+F%!D?_[A59HP$``+$#```9````>&PO=V]R:W-H M965T5$`^[SVXR M22QL3["=AOW[]24-9=7EQ==SSIR9L:L9S9L=`!SY4%+;'1V<&[>,V68`Q>T5 MCJ#]38=&<>>WIF=V-,#;2%*2%5EVPQ07FM95/'LQ=863DT+#BR%V4HJ;/WN0 M..]H3D\'KZ(?7#A@=<567BL4:"M0$P/=CM[EVWT9$!'P2\!LS]8D>#\@OH7- M<[NC6;``$AH7%+B?CG`/4@8A'_A]T?P,&8CGZY/Z8\S6NS]P"_\7Y"984KH-@@]+&D323=:A.%$H4_TBST'&>TTV9+[3+A&(A%"OA M1Q:-IT#1Y@-WO*X,SL2DTHX\=##?%KX0#?'>+`U7,?N`J*MCG=]F%3L&H2^8 M?<(4";,BF%=?0Q3_#[$OSNC%9?KF&X>;2-^DZ)ORLD#YC4`9!&PO=V]R:W-H965T/NVWPO% MJ,V;[0`<^I!"V0/NG.OWA-BJ`\GL@^Y!^95&&\F<'YJ6V-X`JR-)"D*S;$LD MXPJ719Q[,66A!R>X@A>#["`E,W^/(/1XP"M\F7CE;>?"!"D+,O-J+D%9KA4R MT!SPXVI_W`1$!/SF,-JK/@K93UJ_A<'/^H"S$`$$5"XH,-^^'W2 M_+0,Q.O^1?TY5NO3GYB%)RW^\-IU/FR&40T-&X1[U>,/F$J("2LM;/RB:K!. MRPL%(\D^4LM5;,>T\BV;:,L$.A'H%P))1C'F=^9861@](I.VMF?A!%=[ZC>B M0CZ;Q6$I5A\097$N5[N\(.<@=(,Y)@Q-F!E!O/IL0?]O<:17=+I,S^\DS",] M3^[Y=EE@?4=@'0764XGKQ1)O,9MED\T=D\V-P';1Y!:S^V)"K@Y.@FGC_;2H MTH-RZ83FV?D)/-)X\)_PLNA9"[^8:;FRZ*2=OS[Q`C1:._`AL@>?HO./=!X( M:%SH[GS?I'N;!D[WEU="Q.D+,C,J[D$9;E6R$"SQX_Y[K`)B`CX MS6&T%WT4LA^U?@N#G_4>9R$""*A<4&"^.<$3"!&$O/'?2?/#,A`O^V?UYUBM M3W]D%IZT^,-KU_FP&48U-&P0[E6//V`J(2:LM+#QBZK!.BW/%(PD>T\M5[$= MT\HVFVC+!#H1Z"<"248QYG?F6%D8/2*3MK9GX03S'?4;42&?S>*P%*L/B+(X ME?G#MB"G('2%.20,39@90;SZ;$&_MCC0"SI=IJ]N)%Q%^BJYK[;+`NL;`NLH ML)Y*_+98XA5FFRV;;&Z8;*X$\D63:\SGK2`7!R?!M/%^6E3I0;ET0O/L_`0> M:3SX#WA9]*R%7\RT7%ETU,Y?GW@!&JT=^!#9G4_1^4YL& M3O?G5SC_"LK_4$L#!!0````(`+F%!D&PO=V]R M:W-H965T@_$JCC63.#TU+;&^`U9$D!:%9=DLDXPJ719Q[,66A!R>X@A>#["`E,__V M(/2XPRM\FGCE;>?"!"D+,O-J+D%9KA4RT.SPPVJ[WP1$!+QQ&.U9'X7L!ZT_ MPN!WO<-9B``"*A<4F&^.\`A"!"%O_'?2_+(,Q//^2?TI5NO3'YB%1RW>>>TZ M'S;#J(:&#<*]ZO$9IA)BPDH+&[^H&JS3\D3!2++/U'(5VS&MW&<3;9E`)P+] M1B#)*,;\Q1PK"Z-'9-+6]BRS."S%Z@.B+([EZGY=D&,0NL#L M$X8FS(P@7GVVH#];[.D9G2[3UU<2KB-]G=SS;%D@OR*01X%\*C%?+/$2LUDV MV5PQV5P(W"Z:7&+NOIF0LX.38-IX/RVJ]*!<.J%Y=GX"#S0>_!>\+'K6PA]F M6JXL.FCGKT^\`(W6#GR([,:GZ/PCG0<"&A>Z=[YOTKU-`Z?[TRNL9C0O=@!PY%5);?=T<&[<,6:;`12W-SB"]C<=&L6= MWYJ>V=$`;R-)259DV1>FN-"TKN+9DZDKG)P4&IX,L9-2W/P]@,1Y3W-Z/G@6 M_>#"`:LKMO):H4!;@9H8Z/;T(=\=RH"(@%\"9GNQ)L'[$?$E;'ZT>YH%"R"A M<4&!^^D$CR!E$/*!_RR:;R$#\7)]5O\6L_7NC]S"(\K?HG6#-YM1TD+')^F> M-(FLDZ5&<*)8J_IEGH.,_IYBY?:-<)Q4(H5L(VB\93H&CS M*W>\K@S.Q*32CCQT,-\5OA`-\=XL#51W=Q2 M,OC_LVXD="XL[_S:I">5-@['\P=9?VG]#U!+`P04````"`"YA09'Z?X%!-`! M```A!0``&0```'AL+W=O1$FZ&LL&HED,*1.,-Q&.XQ)[0)LM3- MOC;8G]@]$Q-@>1(Y-- M!7;)[=XBLO2:18]1BJ]6:($Y#YAXP$P(;-0GB_A[BW,\H\=^^F8EX<;1MV/" M;P2V*P+;A<#&N\4E9NLWV:V8[!8".Z_)$K/WF^Q73/8+@8/79(E)_":'%9/# M0N#1+Y"L""0S`5,"O"F7F/M+A6=WF(.LW%-5*!==HX?+.LU.U>`I=F_@"YZE M+:G@EK5-&!0:ML]F+XP.=\[U6T)LU8%D]D;WH/Q* MHXUDS@]-2VQO@-61)`6A679+).,*ET6<>S%EH0M/\+@N=[A M+$0``94+"LPW1W@`(8*0-_Z<-+\M`_&\?U)_C-7Z]`=FX4&+=UZ[SH?-,*JA M88-PKWI\@JF$F+#2PL8OJ@;KM#Q1,)+L*[5%GTK(4_S+1<6730 MSE^?>`$:K1WX$-F-3]'Y1SH/!#0N='_YODGW-@V<[D^O]EZJHS`$``-D$```9````>&PO=V]R:W-H965T%YZ:J MM5W`68HG7M%P:%4C6B2A/`8/T>&TMP@'>&E@4#=S9+V?A7BSP>_B&(36`C#( MM56@9KC`(S!FA4SBOZ/F9TI+O)U?U7^Z:HW[,U7P*-AK4^C:F`T#5$!)>Z:? MQ?`+QA)B*Y@+IMP7Y;W2@E\I`>+TW8]-Z\;![\312%LFD)%`)H+/@WTB9_,' MU31+I1B0]*WMJ/V#T8&81N3(>%.!W7+56T267C(2)BF^6*$9YN0QQ&&B"8&- M^I2"?)WB1&[H9)F^67&X3[%:2[&8"7[0Y61%(OE/F?D5@_XTR9YCH_[^);\X>!UFY*Z90+OI6^T,V MK4ZW^(&XL_L)S]*.5O"'RJII%3H+;6Z`.\.E$!J,B?#.-+LV[\P4,"BUG29F M+OW5\X$6W?4AF5ZS[`-02P,$%`````@`N84&1[\D]D$*`P``+@X``!D```!X M;"]W;W)K&ULC5?;CILP$/T5Q`<4/%QR$4':W-0^ M5%KM0_OL39P$+>`4G,WV[VL;0G!J.W[A8LXYGCEX!IQ=:?/1G@AAWE=5UNW" M/S%VG@=!NSN1"K??Z)G4_,F!-A5F_+8Y!NVY(7@O25490!BF086+VL\S.?;: MY!F]L+*HR6OCM9>JPLW?)2GI=>$C_S;P5AQ/3`P$>18,O'U1D;HM:.TUY+#P M7]!\"ZF`2,2O@ES;T;4G@G^G]$/<_-@O_%#$0$JR8T("\],G69&R%$I\YC^] MZ'U.01Q?W]2W,ET>_CMNR8J6OXL]._%H0]_;DP.^E.R-7K^3/H=$".YHVT+L.D/2 M$Q+7&=*>D-X)\FT&G5G2ZC5F.,\:>O6:;GV?:9`XJRX%,(*9AEAP&)26,=9#V&(!UB.T8`NJL$/,@A4C!'NH2Q@&Z*U1B1 M)MHXGXILGHML%9%$GTED\3R2_+BWPB`06P1B*1!U;B6T,549&U/R,%6%03:HET]@+1*ZP>0=M%O MC$IJ6I9>]H)`D9@:)&Q-!$5.YMK:"(I=S%5`H*W?E0J*0KVY*DC[F=@\@,"0 MEJVY(:6;1(:ECVSM!*5.YMH:"IHH43Q\-NO>D@Z42%"H@VP5B,D.6V-"2B>( M#)\;9&L%:.9B!]AZ`83/U]I:!45:T/8!-#$$8^LJH%1P9"@_L%4P@),EM@J& MR,42!02&!0"V,@>UI$RAVDH*$J=L;24%Z?-LMRKHOVR#T;]M19JCW(:TWHY> M:M9%-XP.6YT7$/_&#^-+-%\AS?@:S3?=1N8NGV=G?"0_<7,LZM9[IXS_DEN&#W?=F?#%C'_!U!+`P04```` M"`"YA09'I29G]@4#```-#@``&0```'AL+W=O((&V2K=J'2JM]:)_9Q$G0`D[!V6S_OK8A+([L M([\$,'/&,P?&P<6-]>_#F5+N?;9--ZS],^>751`,^S-MJ^$;N]!.W#FROJVX MN.Q/P7#I:75016T3X#!,@K:J.[\LU-A+7Q;LRINZHR^]-US;MNK_;6C#;FL? M^?>!U_ITYG(@*(M@KCO4+>V&FG5>3X]K_PFMGB,%48C?-;T-BW-/BG]C[%U> M_#RL_5!JH`W=L^5,? M^%FH#7WO0(_5M>&O[/:#3AZ()-RS9E"_WOXZ<-;>2WROK3['8]VIXVV\0_*I MS%R`IP(\%V`$%D130>1:$$\%\5=!!A:0J8`\S!",WE7G=A6ORJ)G-Z\?'_>E MDF\56A'Q;/:>:-?@RUOJ@4A$67R4.`Z+X$,2:9C-B,$*D\0FR&X)03,B$`)F M%=BN8H,7Y3A&IBFV.@8;9>B8R(1YMO%H8B.@99$BB":"V$P0`P2Q(H@G`J*K M[,:.C)ATZGF2F$#;)8AD*#.!=DL0PDD8FE#/&@K%N:4O!+!%%GU!468F2`"" M1.M+8GS".B8U3Y("DZ1+E4ED)L@`@DQ38.YYMNBFN=]FA"8B!T3D2Q?$0B#7 M27OP0\U';O0Q@0B4:P0N+V@YBU4HL#8\(>R2-P0E%D6:"N/ZLGL`60*`H&`C M+=G$\G(A*$2(.+F%8H02%[=.04)0DE"JS6.3"F4)94YNH22@W,5M[N(60WG! M6EX(L5!`8<#(Q2V&PH"Q@]L'4&*9!TH,UL-@:Q@4!AP[N87"@(F+6QUD^=_! M4&*PGIC<0@&%`:=.;J$PX,S%K09"E@450XG!6A@2"T4$A2$*7=Q&4!@BY.#V M`?2X)@>+;]V6]B>URQB\/;MV?%0WC\X[F2&!=?Z.H;^\@8IT)U^$V\D6>Q-YLO&GKD\C05Y_VX6QDO M.+O<-U_S#K#\#U!+`P04````"`"YA09'#6+)I1P#``#Z#0``&0```'AL+W=O M9UTUW M!D&W.]&:=$_L3)O^S8&U->']8WL,NG-+R5X&U54`PQ`'-2D;/\_DV&N;9^S" MJ[*AKZW77>J:M/_6M&+7E0_\V\"O\GCB8B#(LV"*VYG!W*I^"]V_4[''&)!N&-5)W^]W:7C MK+Z%^%Y-/H=KV`_!#0#"8):W>$D[RK&57KQWVQYF(;0B6N%_,G=?[V_GBE5Q!@*_9;[WA0ZU-H)&7U,$C*8YH0H-A4.\F!%M;=A`$SVSF8"E MVSX#Z&2=K M@%VL4WL&`L#<+IU0A8X*P5S>M@8$]`Z4S%#8"AZD3M;92AXL7*Q;:/M)*3+- M.A=4H:-`.",:VKH,U+M,.D-AJWD(7*R#MIJ'T,&Z$32V]20UHK9.J$)'I>%C MP0;*=VI-VZ,\4G3>CET:/J0ZC4['EF=Y:GD87X/E!AC&MV#Y,AQ*[O1Y=B9' M^I.TQ[+IO#?&^Z]K^7U\8(S37G;XU!?XJ3^(30\5/7!QF_3W[7`T&1XX.]]. M6M-Q+_\/4$L#!!0````(`+F%!D<096:9[0$``)\%```9````>&PO=V]R:W-H M965TELLVDOFFSVHKUF M%$>S("XPX_;?EP_':D.]$0Z\YWT.")03%^^R(T0%GXP.\A1V2HU'`&3=$8;E M$Q_)H&=:+AA6.A17($=!<&.3&`4HBE+`<#^$56G'7D55\INB_4!>12!OC&'Q M^TPHGTXA#!\#;_VU4V8`5"58\IJ>D4'V?`@$:4_A%W@\%T9A!3][,LE5/S"U M7SA_-\'WYA1&I@1"2:V,`];-G3P32HV1!G_,GG^1)G'=?[B_V-7JZB]8DF=. M?_6-ZG2Q41@TI,4WJM[X](W,2TB,8D-Z(.=&TR-%-V]491E?<* MI44)[L9HHSD[#7*:`UPT0/LO$+0#0=8@=@99Y#>(?0:#,XBM0>(,(IALRW2B MLQ-E5@1AD?DQAQW,88M)O9BM*,K]F&0'DVPQF1>S%L$$)7Y,NH-)MYC&ULC9?!'>@!`(\&!F@HFG M/70FDT-[5FS99@+(!3E.W[X(`9;2A?@20/[_U:?59A')E3=O[8DQ87U49=VN M[9,0YY7CM+L3JVC[P,^L[GXY\*:BHGMLCDY[;AC=]Z:J=#S7)4Y%B]I.DW[L MN4D3?A%E4;/GQFHO546;OQDK^75M(WL<>"F.)R$'G#1Q)M^^J%C=%KRV&G98 MVX]HM45$2GK%KX)=6^W>DO"OG+_)AQ_[M>U*!E:RG9`A:'=Y9QM6EC)2-_.? M(>AM3FG4[\?HVWZY'?XK;=F&E[^+O3AUM*YM[=F!7DKQPJ_?V;"&0`;<\;+M M_UJ[2RMX-5ILJZ(?ZEK4_?6J?HG9RC)$*])MYL[J\MO:\J=^!Z4B M3=Y3+_02YUT&,C29TGB]AOB0)-IMKH* MD0C/K#E80`X,9!]$5II`:>*`@,3WB+:Z"),XAGG)`B\Q>`.0EVBS?(M1!`/? MI=H:JA"',\CA`G*H(6.X*$)M%A1@N'3RNU3;4"\*C(*9HH@6B",CR6!BLDB' M<5T7$FTBC26$-;D>R$.PZ$D/A'Q-9*PI7EA3K/US>V$(!Y"OL_\CU$.[=752 M%\'%9ZA0[,?@HN=5)@_8_D<>9/+`^V2H<(`1S#.K,GG`%\'(XYD\(<#*R`P5\N%=S>=5)L]2 MZT=F[P<+(T-ZRT8$W--\5F3"+/5UI#?V:"8U1.\"G@]76+X@4SR.=LRJ6'/L M3\2MM>.76J@6,8U.I^Y'3Q[3/HUG:+5!P'B.5D_J3'T+GR9G>F0_:7,LZM9Z MY:(['/;'NP/G@G7<[D.7Q5/W'3$]E.P@Y&W8W3?J9*T>!#^/'PK3UTKZ#U!+ M`P04````"`"YA09'/'*P:6`$``!T&0``&0```'AL+W=O'(&@/9UUF M[:J^Z*K_YE0W9=;U;YO7H+TT.CN.0641\#",@S++*W^S'C_[VFS6]5M7Y)7^ MVGCM6UEFS:]/NJBOCS[SYP^^Y:_G;O@@V*R#6]PQ+W75YG7E-?KTZ/_#'O8R M&B2CXK]<7]O%M3?`O]3U]^'-E^.C'PX,NM"';DB1]2_O>JN+8LC4M_S#)/W3 MYA"XO)ZS/X_=[?%?LE9OZ^+__-B=>]K0]X[ZE+T5W;?ZNM>F#R/AH2[:\7_O M\-9V=3F'^%Z9_9Q>\VI\O4[?J#D,#^`F@-\".",#A`D0K@'2!$C7@,@$1*X! ML0F(70.4"5"N`8D)2.X"@FDZQLE\RKILLV[JJ]=,*_"2#0N=/23]HX9AFYY#GV2'/9Z!) M0DRSAYH_;07]N-T&CQ.#Q\<$PB3@>`)!)!!C`FD2"$A93:,_:=2HB<+Q'Z9[ M=M1]7NJ$NA,"A6PUJ$KR1A&@D`0E2M,^3AH53;U8<'9F= MDVH/5/%*1CAR2B"GRQV;6@9VL+R/&2I3,,/%JN8APU>D44V3R&*1V":;%$(J MM(S/5`Q2X0L0JI2T4U%"2(76QYF*0RJ%4P&53.U4E!!2H45WIA*0*L&IEBJ6 MR-1*10DA%5I09RH)J?#M!%2)DE8H0@>9J-K+0/%5#$>*%DW)U(Y$Z"`256<9 M*+2I!2E>3DDX_-F@2"7$HNHM`\4TY3B6^F"(.)2;;F]T?W<*1E5Q!LIXBMZ$ M;(W(K"9*`/AP$`LGL:7ML`5P40)(11E'QS:AV6-@W)OKYD[4@BA*&/@T!B4)055 M=CFXW[8^(5-E382``CVAV-V)+*B".@@1S.&1"8K2U-(.=68@^"*%L$V,($\- MA-.H4H_O0KJ,J@2HE@,20=U!B@BDL*%2&U;$3KVEMI=0+KU5`%58VJ%VC$A< MUA`469Z[!;6M1`I0)9Y"4MM*ABZC*JD=(YG#J`*1'97:,9([C*J$V\IR]R.I M;27!:5QHF1A)GHI)IU&E=HR$.P:W`B,R1R%LA;K8SJZ:<(+%4?$E>]7_9LUK M7K7>2]UU=3F>&Y_JNM-]KG#5YSKK['A[4^A3-URJ_KJ9?A28WG3U9?Z-X_9# MR^8W4$L#!!0````(`+F%!D=&^^P.ZP$``&L%```9````>&PO=V]R:W-H965T MR@0Y-">:6FT(*2H MDI25_GVYR+(T6;%EX%DCUC1/S=`N7# MQ@N\L^&MJ6IE##A+\<0K&@:M;'B+!)0;[R58'V*#L(!?#0QRMDM@ M?0\54)*>JC<^?(Z)(E@H^(.%>NR.FJ8)UHM\F M1[I0_I_ADA*XP6X<)+685+T'VJZX M,7"1S]*.5/"3B*II)3IRI7\`V\(EYPITT/Z3;OQ:3[[I0*%49ONL]\(-`W=0 MO#N/MFF^9O\`4$L#!!0````(`+F%!D?G/!I`UP(``"0,```9````>&PO=V]R M:W-H965T^N/G,O@HZG;?A4>I3P] M1E&_/?*&]0_BQ%OU9"^ZADEUV1VB_M1QMAM(31T!0FG4L*H-RV*X]]*5A3C+ MNFKY2Q?TYZ9AW=\UK\5E%>+P>N-G=3A*?2,JB^C&VU4-;_M*M$'']ZOP"WY\ M!J(A`^)7Q2^]<1YH\Z]"O.F+[[M5B+0'7O.MU"68.KSS#:]K74DI_YF*_M?4 M1//\6OWKT*ZR_\IZOA'U[VHGC\HM"H,=W[-S+7^*RS<^]3`XW(JZ'_X'VW,O M17.EA$'#/L9CU0['R_@D1Q/-38")`#<"3KR$>"+$2PG)1$B6$LA$('>$:.Q] M&+DG)EE9=.(2=.-TGYA>5?B1J+G9!FJX^E`_&B9$(\KBO8PQ*J)W7G(X:,&HB@X<\M M%7ND8DLJ<4K%EA2ZDS*0SWZD92KQF$HL4\1I*C&D[KLW+?EPEB'B,42&(O%D M*'472#T%4JNCS-E1:CJE)"=9[A;*/$*9)90[A3)#".=9!B1S"^4>H=P2HDZA MW!2".,4D=@M1CQ`UA<`YR1MJ"%&489K/#)U^Y\Z_1)`EA6=*>-]#>,E*P;[P M8_B\X2=LQS]."9H96NQ+/S;CCRG,E/!E%2>+.O:E"Q.K8W!.\00:.T[3E)"Y M^?'E$%M!A+DQ\R4,9XL:]F4'6^$!YUMW/8'H"$(/^9Q97W@P_7QHU]B,#Z99 M,J,$OO``LI82G2GA"P\L"@]XOYRP8"F!&1Z2Y!3/+'SP90>L3^?L9]Z7'5B4 M'?!E!Q9D9PUF=B"F)+E3BHS=UHD=^`_6':JV#UZ%5!NW8>NU%T)R50P]J&)' MM66_7=1\+_5IILZ[<1,[7DAQNN[);S\,RG]02P,$%`````@`N84&1\,S?9)8 M`P``QPX``!D```!X;"]W;W)K&ULC5?;;J,P$/T5 MQ`<4Q@8#$4%J+NWNPTI5'[;/-'$25,!9<)KNWR_&A-B5\?(2P)PY,W/L'.ST MRIJ/]D0I=[ZJLFZ7[HGS\\+SVMV)5GG[P,ZT[MX<6%/EO'MLCEY[;FB^[X.J MTD.^3[PJ+VHW2_NQER9+V86714U?&J>]5%7>_%W1DEV7+KBW@=?B>.)BP,M2 M;XS;%Q6MVX+53D,/2_<1%L\H$)`>\;N@UU:Y=T3Q[XQ]B(>?^Z7KBQIH27=< M4.3=Y9.N:5D*IB[SGX'TGE,$JO^W:[\][RE:U:^%7M^ZJKU76=/#_FE MY*_L^H,./82"<,?*MO]U=I>6L^H6XCI5_B6O1=U?K_)-[`]AY@`T!*`Q`(,U M``\!>`Q`]H!@"`CF9@B'@'!N!C($D#$`B#4@&@*B>X9>)4^JV\_-)N=YEC;L MZC1R09USL6YA$76SOW.Z"6E=\:J?D=B#?QM?P6(-AO$-++;RA'6GS])S?J2_\N98U*WSSGBW\^_W M[@?&..TJ]Q\ZLSIUI\KQH:0'+FZC[KZ1YRSYP-GY=FP^&T3LD&``"E)P``&0```'AL+W=OM5DMZU&I[\5&??IQ?JZJ9_#KLC^?[Z6O3O-W-Y^?'U^I0GF?U M6W5L__-J?+HT.NSG.LM@?BAWQ^ERY8 M?3M-SN^'0WGZ;U7MZX_[J9I>O_B^>WEMNB_FR\7\UNYI=ZB.YUU]G)RJY_OI M5W6W]:&37!1_[ZJ/<_+WI'/^H:Y_=!_^?+J?9IT/U;YZ;#H39?OK9[6N]OO. M4MOSO]'H9Y]=P_3OJ_7M9;BM^P_EN5K7^W]V3\UKZVTVG3Q5S^7[OOE>?_Q1 MQ3&XSN!CO3]??DX>W\]-?;@VF4X.Y:_^]^YX^?W1_R?/8C.Z@8X-]*V!`K&! MB0W,K8&6&]C8P'XV<&(#%QNXL0T@-H!!@WD?K$NHB[(IEXM3_3$Y]>OCK>R6 MH;J#=C(?)VU\S]/N7Y<9[!3+Q<^E,6XQ_]D90II5K]$7#5A*4J0212FVJ4*K M3ROSULF;IYKW=*53`U07ZU0!Y%"*WQK9_-[(%AEQ]$B,$'-S:6]BS($V8`4# M]F+`1@,>.WGLP]5K0C\C>N84I5JG*IAYTE0Q,&4UI=JD*C<+BAZ6$X;E4%QR MV@`(!@#%)9!Q@5%Q@3%Q@5%Q@5%Q\<*P?!*7]F"@#>2"@3R-B\W(N/0:WP\& M\HQ4%;P*.1,$9P)RAH1%D6JTTW0GW;G!JJ?]4#$ ML$5)=%(.F6!F(!5IQ?4C04PABKF,G@$LHG<1*\+.2.A1'IF@C\R!B%MV$J$4 M0I1CEAT29>0,K,>(BC&B#2O"PY)8IT**$,?D"EH"F?#,DI2$V"D)=AIQ#,B^5E$4`^"MM]K23DE" M[)1$1IVG"`$&KEJBD$8IU_`&=W4WH#S5,+@S$JL,8M7P]A0[BB*5Q>QNQN5W M1D*50:@"&HM1%+NR,\LL52.1RB!2`4VJ*(H]*373S)XVXL40@0KHK1I%MT'E MW*`D3AG$*:"O2B:]TOD9-W2;^L/)ML:.6U\2\PQBGJ>9%T6W^&2&=IN788&)U_L9R!BUJ^5H&75B.!:-2*X`Q$37"MQ MS2*NY>0]HQB(&-18"6H602TGKQ#%0,3L12L6Q6RZ^'/FK+427RSB2TZ>7ZLH MBC40"]DP=->JV3C=%NGR]F[*K6`)1!:DR;QZGJ9)(;".\S+LD(0BZZ59OSJ4 MIDC*:C>L:UP]$G38)0EM%F52.5=WE8!D$6MRIO(:T,1KII0FR'#%5"*70U#* M:7(-1$SLG$0NAW@3Z!%%T75$&3WP#9+Q-40GP%,,FD*@`'DT/#5Q(C_HO M[4GOV`>!$AD`UY/I*U<4Q;ZLR[F<`*0M#;BZ0J=>410S&&U`.?I:.E:X14)I M^KW$"9\EB]5FS+1ZB1->H6FEAQ5%X5H>X:[_7L*)QY48NKSD426F/4[$B\\+L7011:/BBS*SKB>)*QXAP9%7V^B*,Z49QZ0 M%^-D6RP3YEUBE`?D-S>?XB/T4<_0O804CY!"DW+E4Z1H<-QT\C+LD`0>'U!8 MZ,N(3V\9W%-]5M0[,T]>*3I4IY?+VU_GR6/]?FSZF-Z^O;UA]E5WKR0-OE^I MN[4BOB_4W:9_?^S3_'+Q5KY4?Y6GE]WQ/'FHFZ8^7%YE>J[KIFJ]SF;MVGJM MRJ?;AWWUW'1_=HONU+]%UG]HZK?K2W&W-_.6_P-02P,$%`````@`N84&1U*@ M.C`&`@``G04``!D```!X;"]W;W)K&ULC53;CILP M$/T5BP]8S#40$:1-JJI]J+3:A_;9(9.`UL;4-F'[]_6%$+)BT;[@VSEGSHSQ M%`,7;[(&4.B=T5;NO%JI;NO[LJJ!$?G$.VCUR9D+1I1>BHLO.P'D9$F,^B'& MJ<](TWIE8?=>1%GP7M&FA1>!9,\8$?_V0/FP\P+OMO':7&IE-ORR\"?>J6'0 MRH:W2,!YYST'VT-F$!;PNX%!SN;(>#]R_F86/T\[#QL+0*%21H'HX0H'H-0( MZ,*21&L.)4 MVB^J>JDXNU$\Q,B[&YO6CH,[R?!(6R:$(R&<"%.<94(T$J([(;:9.FF9(ULN@RB+:QGCK/"O1N@!LW>8T&*"">%K M]2E$^'F(?3BCATL!#G-$FBQ'B%:2B"P_=@;S?%D@7A&(K4`T5N$3@61%()DY MB`/\F&7KZN`PB7,91FF01$NXPP,.XR#*\;*A=,50^E"2<%E@LR*P^4I)LA6! M[`LER6:I)GF2)9MLL21S7!IE63[[4YTA?_;;,Q`7VPXDJGC?*O=K3;M3QWD. MS;/YL+_7G<@UCKM,673D`K^(N#2M1$>N]*.TS^K,N0)M$#_I2ZMUKYP6%,[* M3#=Z+ES[<`O%NULSG#IR^1]02P,$%`````@`N84&1\J8=VE<`@``&ULC57+CILP%/T5Q+[A8?.*"-*$ MI&H7E4:S:-<.<0(:P-1VPO3OZPT+?68DQMSZ:NF4[ MN^2\VSH.*TK<(+8A'6[%S870!G%QI%>'=12CLR(UM>.[;N@TJ&KM+%6V5YJE MY,;KJL6OU&*WID'TSQ[7I-_9GOTPO%77DDN#DZ7.R#M7#6Y915J+XLO.?O&V MQT@B%.!GA7LVV5LR]A,A[_+P_;RS71D"KG'!I0(2RQWGN*ZED'#\>]!\NI3$ MZ?ZA_E5E*Z(_(89S4O^JSKP4P;JV=<87=*OY&^F_X2&%0`H6I&;JURINC)/F M0;&M!GWHM6K5VNN;V!UH9H(_$/R1,/HQ$\!``$\"7"7`@0#_UT,P$(*%!T?G MKBIW0!QE*26]176W.R0_*F\;B-X4EB@7L^65:HA$9.D]@YZ7.G!%CJTNA(9&"?$E"X)I0^0SEN4$2F6"'.2QPD]@$.\YA402@ M.;5@);5@5AM@%@A7!,));:`'C<71F.#A)/1A%!KK,P6"!+@PCHV*A[FB%WEA MF!AK-`7Z((AC,&G-+,EH)0O6470CA6(3M;L0G5XH).!YJ?.%R&XD]U4-!'SCI'B-NG+/9 M7U!+`P04````"`"YA09'W'*C^JL%S2O=@1PY$U);0]T=&[:,V;;$12W=SB!]C<] M&L6=WYJ!V)RH#E= M#U[$,+IPP)J:;;Q.*-!6H"8&^@-]S/?',B`BX+>`Q5ZM2?!^0GP-FY_=@6;! M`DAH75#@?CK#$T@9A'S@OQ?-]Y"!>+U>U;_';+W[$[?PA/*/Z-SHS6:4=-#S M6;H77'[`)84J"+8H;1Q).UN':J50HOA;FH6.\Y)NRI5VFU!<",5&*)+Q%"C: M_,8=;VJ#"S&IM!,/'*MYUNK_.QB#UYAS?UQ`?XQC8!BD>REU$UR6*0$/49F>E9%,S(B%4<5D5D\M)B%H!FIN]+#3W-S.SXS^WU=-TE;9']KS7G9%LV__>[1 M\=/?)9\W>5'_V^^NFF;[PX,']?+*;-)Z7FY-`;^LRVJ3-O"OU>6#>EN9=%5? M&=-L\@/'VS2K/C='WY?9W_X??.'%^6RW9BB2=)BE;PLFJS9):\+[B$K MBV26U%=I9>K?/VC^\/L'^`U_]SCYN2R:JQJ^69E5]]<_ML4\>7@T34Z.CD^[ M/YZUE_/DZ%'\QSWSZ3:7%N_-958W50K?O4DWIMOJY.,4.EG.![X^A_&J-(7F6YJ9)S&/FRK'J;^J8L9NER::`-M%AQZZ&YE)L-$.-% M4RX_39,+HLCD;=O4#9`)3&UP__UM>`5_[$VUVU(.+-KVWT]ZNUT"R10US![^ MJ2[S;$5+>9[F:;$T,%&X=C789]C1-ECR';M-WE=FFV2HQG[>X&;TA/Y0-[.PR6$"_#V!> M%1PUK@&GO\53B<[L/-UFT&'V'[#32V!"V.G*7)N\I&_@;S5.]L`U%4"&`^MZ MVUP!_7H-!N;.ZXO_IL>69^DBR[,F,_VSLT>R37=X'I'?J]:X_:4]*FERRW[W M?:I:&VBT@@._-D7;Z_V]6;=`C$.#AXU/"1$[O=[\B]G%5YBM3U?^#B`SH[=[*K+-E MUMSO7REF.C4SG3M'\Z.C8]BE*H&;U1J\I4?3(_Y_>223M&VNR@HI M'IU,3Y[97[.ZQF.DTW.\"P@G*=<)/`7&/IG_FCPZFCYY>#H]>OSLH*^!=9C- M`G9XB'VFR8!]WP=>>R=Y,""S'-1CA+G)_1%"L!20W(--7)5YGE9P>V#O M:=0>U?4ZZ-'*H5\P!1S:NAQ^'D/*ONV"PJ_WKB;:/+Z4:-/1=40/%.44P\P! MKL;;+0H80/J'/\0/#Q9N^\_T[:;49Z)1'GV.3QH_C?(&]+C5!7!=N*O($?"" MM5N4VGK7T2ROBC(O+W>6;79>S\B[?%FEFV235I],8[L'V:(W]Q]-85",Q@;I M:I,5))(W6?\QD#>EMZANNY_*ND[65;E)RL$=XXNHS\]>P4J"F M1L<:_)U[BL^XC(X5G?7"@,YBM&V3?NZO[HV!1Q#:[KG0"0C)E8DI/]I!DC9- ME2W:!M]O%&Z$LR*I+;TK-?B]O>N']C1-%FF=+>GP5EG>(HD?QCS^8K++*V@^ M2Z_A1"^-O>7A`/ZM'QJ,OXRPIP-NX/E5"N)"C5P@E`I>LE0P2QXG&^8!!GE` M$FBT!S,27V\9>9'?X8O\NDC.][_(+T9>Y.X?]6%+FV14M=!VWJ;N_0;4ZB?[@]M9D^G^VRJ90:?PCG(86^C5WNPX=CQOX:7A5;3I2B4>,JB,$NR M:]QDS54"`GN3$U%@:[S^5;9L[,5KBTP4"?P9O\"5`47V9OH/&?2+5IW>I%7O M!1MO/38.G>\,[B/I7AMD@&PG&F"K'@F.VH0&2'#TF\,N.JK#K_+RYO#7GSY9 MTR?^VX-/'QSC=50A.5O]TM:BD`#;!-VZ!%T$>&BA/!;^BO],ZOFV*J\SY"J+ M7;3WWNOUPFRARXRWFM[7#=ID_B-J$V/>ADN$YRI9IYF*=[`=^!>0%%!+>@&S M7!FS(58/TP5^W&3XS]O.^P,T@98UX.I55E:D/%/K>G!LXJO>PD@SIGF/JL&L MG=>>>AY_[..:-O\VHC2^.73[]Q%$!JNO]WSS$N\#,/@6'S<0!7#0B('C2VP; M?->D[R%Q:/\,[7:T>(7@P`[YJ+L5ZZR`,QO_!D3(I3$KW;P!WF-97KD&ZL,> M23X<[\P<^I1\2#_[O!2-'7Q9(PP:YW$(DQZ?6F6NR_P:Q\JS@E<+5ZK_%^6[)>GJ+KPU:,X:^ MNP`EA@\!9*155B^!D0+-XP=D2,+>/**%K@[9A#,5I[$?2XVLC-`A',(4ATQT M8E,9O:+6(!=2.IY,WJ[X+J8=DR`S_8X=<$Q]3BZ19W-GYO.2GP3D0["HNLUI MQVI2&8V:@ON:[@M3+ZMLJYN%C\?SM@;:["LMQ_-DI/5$/3#)/?SS;[_^%\QU MFQ:[WW[]/_?A@:'%EQ6HK/2$P[^??("YTA?RCM&SSJ:N',44(N`S>))R-,0] M9?JB9<*:8>.*=$,:C!T99O5VV91H)#MFH?9DGGP$$0(>C;*XG('^MTG2R\JP M\#"E466:>M/P$8-Q&W/)$P6IHZ7UHBQ4934=*CQ>9;L2(:DNUPW.=I;6LW0F M.Y[<@QVX2-,+7/XT61,')M[36`5]9@H\^)4[I7M->6F0O?/4H(MWH!.@:XR[ M::Y`8DIS8LZY25=,67EN+L5D#%R+GFV\%;@U*Y/C'Y(K4,F2O[7P[,#S5!;$ M?%8&=P+7C>H_WM3/C6&+(P[N=_7;K_\;*"A=7HF&1M>QS>HK:0SRQZ)"06L. M,I?=4OBJ3G`/O#43<68U2V[W,A`!>6/-%=`[#(C+JHC7F.(ZJ\J"."=NYEN> M]7FZV;8U;\?-58936J+D4=.DK]H%70'8([@D<-7$S;A.EW`CX&5>IBNS$4VS M+D'>RNFPJY1>!S9=WLM@7LX!4AJ4.I8F!PA5B)&L4+)/FR`F<.' M>09SVBUSZB(EXH-%F%7K=@$G,15^2,R\:>@,D&?QN:$=>76=U?265V6]Y67: MGV'(JFR!K''H\>V>RMJ(6G%%:$B>PMR7^"O,&RA;WQ?><%G6%`D'94V5'^GP M2/JDS<_@ND"_<*]JOMQP-3IV\*"#K)C)VN$=,_DJV>;IDIE1SW-]D5T6V1IF M"I0@[B/LXAUH0<[J+=;)`J8-/W?#QY!X_2,H/38@W**E>P:1,D#'R< MB#3PJ[9(X9`:EE=%'UOZ^IB\R>0PL)J9O'5\//K6R:-AZ:Y@3GX#0EN^FY4W M!1)8NZCAK'`E^/M5"H>^,`9/TVS3RKV>U8K>==KXCT5F-<,ZN60[9;ZC(]O2 M@^-V8>L6CXSEX_QBGOQX=O8.F8V7_G[.)Q_M_@WHLZ_L_GDXB&]U#D2$9=D4)>[,@;NI6Q*RB:NT]H8&-EMN MLH;F`S)42OJ%@Y7XXWJB'3S;V`3/QI>&HE/?HJ=119S!.:KX\/5[-8?]IZ[* M;5:(C.,S=?R)2"/;>-_[BY8EU?0`I9[%@!@AKQQEL;8BJ1`H!J5=Q]#I[6*% M7A:?JK#E!MR6=<:O%4X(FL'31B.X-VLJ@A)I/[XK#M\`<8M:<9V4/>96V*%_ M5AMX+A-@B`8/`(W'*_B8GAA\+]"3T`$9%WNK[5 MTT1:^E_B#5BW=&"LS/`C6IO]Q-8G&H_*ZZNRA:=@@:.ERC]^D1=?9$8D;S?$ M`3>>9`IHP+=>%ZYK)BMSQYULQ2GV:=B;V14FSHH"WCO!#*'(_0I./CD^FOT) M9I-;*9>L4$#G+(H2U$MU%'+MTVMM=86+E^>D)V!W9E&U>!=.'O-9``-E]?\E MB)T;Y._$&IE_1:Y'\`:-L(T*[P$3N16Y@*PWZ2=C&9K1(5D[`U5R(_9I%L5) M^.+CV2CF!O?%;=UAQQ7P+CJS>?(6>2CLR&6)?T0'24=C,6CSH\GA&VJGZHM5 MS559&TL,L#J2[&L#-R!!S8`N(.E&^&\KL;M-?9/BQJ3("ZQ$ZON[IKALM`N@ MT-21*5$YZLP,C_<*A/^R0@&,E-P*)-,E7W7X\1IN<-G6(H3UMCMKX):`+'O- MR@W?F+HL&.'4889,S"/I;,WGC$!5I/U4R"0J,?E8B3^KK8Q/[:#AVA@>;9U]9IE@95#-S@IKT[B7 M7=]G+75I+ZOAWNSQ[>BP81?FP?)!4MLP4\?97`L]Z4[0/CO%'M6PBI1!(I9F MMT4J@V\KMHQ@Z^,C)!S@[\@)B3_DIKALKM1,T!`_MSUU[ANMJ18U@.1_&$PU M=/UW4;;T.85[9)5/@L6P]A+>E0Q?MR9KD>?@1CG*)0L$E MF\A,H[H4JSK.!.LFHH]4M'%EY+5.+BMR$^L/0.DY6QUU/3`OIYGEI#>1Z1(O MS4KHP.E/=L;`\ZM+4P<;B7(DF6%HM>8S*PKX\`G;1;.=78$[#KAV,&/$LK$1 MA+AZ1@P&3B:KKY#%RE/G/UGL^,;[TKI[1S-&,QG>3]AD>'"91GG9W1T,=66R MZQ'@;D&,C0X-MK#=LIU:5%30:^!@JY+V$A\CW9BEKDU/9&&:&Y3*3XZ.GM'T MX.4[UB?9W[L;.!@T&2HS5RM'MDY0<$6GO-/$>=O%T$/RGFPPB)#-#`8&U96E MC++ZI`\B,T5\+/T9,_$A>.$1YS1=4^9',)[9)"&HKC+4*K;.J;@)[09["'U;ICFUYR.3Y M;2`;5PU;4#?D8\&K2`=%="3KZ-S=XKID[NA=?K8,HM.43I\8+$L&*CD`0;*6 M&J,W4$-J?&2S`A$22\.,"-^3?G?8DUIWG?].1`^X6;5GK%U5Y?9!NM*CY(%: M6/(2'^L.M[.7"BU"@OF$:YOBI/3,IDAW5GV9NG7[[SYMLE-'W!IJ$@'HQ@43 M%Y=!;,;!\Z`;6)/-`':JR5CIY]>Q]U9L\+K#Q9B)651=`,IJ_?=0##K!L?`; M033"TX,3\3\9,"B3F=.^&8$=4XF7-I?H-746T*V^+$B9;B)$BK$WA?Y%A'AD M4O:]ZIA8^3U$S8L!QLR)U,:H(H";\8`I]!]G"9U^5U.HVGQAS?\T=_[#S)T3 M8#V@F!F^]"`(-HEW*UEUN]6%QNZ=5(L&F.$@M`EJ@0H8Z$X)(?<81)L M2ZL<,0AW/+2'.1F!*Z2(?#?MR6(JLM/G4.XK$ M]HXBT$X+#_EE&JB&4P1?B>0$TISM*I"]YDDWM$2"$5*$E#<9O$%I!8\^([LH M!#%9<8B(Z!4L@(&(CYP'/]SXH4F\'#)]5*+ZN-]5_LL*-[F(3:4.P&#^6V6O MB2=/5#;43:5'QE+CFRE#\VZO116@)[D;T((^U/[3XL\JV!/@=N<@BU$,HJK` MYZP\O<_J3Y-7GBVY;JI60&;\X"Q^41.3$BUJ8IY_9^EW73M,25)!W^IO]9@0 M-AB":UAC5"=^C-TBH?>&%TT(C1IT#V#O,-]UL)2L:3WSC6=GZYAQH&/R4,O$ MQ5'==R8OTN*3FQY2%6I\9B7.'A@2;0@).F-P+0V1=MUW8B`K<=:G%9EV$<+' M)BI:$SK/X23AVU(F'ML7VN,AJQR1*JT(U"OD>W('NE8"C-9%K8R@!TZQ11ZW M*MM%@\8Z'5L$;E@R,(I795M%#T4[YX\\K=@9BYPEH6;\DS`O:2@6;L^8#T=6 MWOP`\C?JDG[PA#7)3RZRSP._H!T7_^N1]T_G+'>>3>[*?^0/S_4?SO4?7DP< MDKK#P6F].9D8&I5DPV4_>727=OGAZ=W87L4.52]O)&Q+3'8]VSELTU:%SWGR M!AB9PW['CV.#P0-P+XKD^.A;S(Q4"83TW_QC!N]MPGP21'B^5`!D^&>+BT2N M0;R;^`:A'LFJE`;!:2.@V#E-N$5%72$XV*?ONX@C,C4PQN)0R#U#M#43)*8' MZYDG/:#G)OT%_4&RR>AL*XEO+^T\LPU*?\8]WTN'^L1'=6199-!B^- M>]!L/4@[RV7CO5TMTHFIW.J0@;*RXX2JW)`I0O21G3KT(ANUMGY";UK!)BD2 M%MDM:BNZZGGRL;/;_KNLK@/K+U1SM+G.S(U92105^HA)22@=!V&`.8D@?>8N MLHCG5;%>3E4:>6CR]:J!!1YB?E/?8R1WY1X>4WCH2)RL)3[&[.%P';N+(^;: M6A3E^YI`58VZ`4=OUM032N0ZBL=A!7(S+#U/%V75ZQ/!K8V]%O:67B@/\,'4 ML*LH/OF($(=+09JOZ07\0;0I@7%4._V0?T_NH78POD/W^5GRU7%_(M)/9[=" MQA!8:/>,9KWU9,G--HJBQ8$?6"'X%M-';HH-_/DHL&)T3;J?`J^%PS-T"^2` MO(^13W*TE^(KM5'P\LC"+/Z0_UP8E*(^\>_U#N[,QL,L-,;23D@5%FUO!6^> MIW7^JAL0%ZMZ,/;$;C9+!U=DITZ75V9UP)[8PQ&+.3*NOI6:[Z;(P(59@^1K M=<>V%JZ$.H!=S5M*;>`M$!\+,JK088D"J,9B=^(=]OI%[XECD^[^\IHR_WKQ MM6+V./%C'<[%-OC"VRTBN8"U\!G3/2<[:\3DN2&Q0^"MU%<@13O#&P6@\J#L M/@[L)*5XYWH&MH[E!&8G[_ MFQ0&;CQO&[+N[GK5^2X8:J1'=$)1/`V'V*8;`K7Q!>0U\N.($@#H)6J`8*"O M]>C4SJ7S5J'!8LR1$Y>%XP7>+,A.1">$C;&<[55]N>(=]$N&G M/0Z;3]0>W&$!U&M2M!M3(:*%B=%S,G(WH6G"G8LO82$CZ>\I2X739U.\BQ4C MY0"]3H(7(JV.3B$<)\>5A.*D+*ZV%#2RMD%XG')+N\'AN+S1P]@,]X"I/TM& M+=LF)U^R!EN63L<@&"=\WVZF*E!`O\!=%V7Y"=5"#,+"@U`(''M;*HGV MRF#3IBB)W1B$C%J+2^K#S%!9MW`6#>9CFE1RQG`VBZ[T<"4-RC&H&N`3A&<& M"YCJ6]**X5OMI)I]R`'&IGJ3)!I4F]JY!Q%J_L8+F3$NE"(*4AG><:;XDTO$ M,UC ME5UFC1,QX-(-V:C"VRP:$5KWT0].8\H_SW3?;;08R>84+8O#LF`)&PX2CN$5 M^'35F1&K?)X<'_-]!L=QG:5=Z:(Z)C\ M!1[CIB#+^SJKSMI$U/W8/*W3.2*C.RL/;UE\'!*YD&^L:L=F_=<1Y(H"94'' M!E$DA6]0OB/3^15YD]R?&$%(LC#.D<5\M5`,=$..G&4F,!GK3^X(Q^0=E6>^ M_\;/D]=-!V\(>C/S0V(G/:%.$)T$,:6YD`5\S6;307L;*?0*"X`9+3QE.]ML M@,TPUDPNI.+GY:7TZ9I\;$*H$E'O_L)$9$_ MD7/MC.Q`'40I6I_J&.B7*44=1NR@'C2?'I:ACY`K;G;(.0QI(-?LL*M\8-`R MJY;M1A!/"N,78$D?F%OPO.$EVI$_9\&77/RW<\+9TK^(_0\WM+MHW%HKKP!U MI>*+S&J?`PT.74JB`D'^J1S+,0)M08?&-G>;%X*%)4OS[/X*@&#\XD?Z!R)> MZ_-E+8NX0NW MB[ZO^SFP-$_\)#B>*$Z]0SSX45#)1=DO#10P$8\WDL6XO#'DA(".V"NP,FCX MIQ[MV?7U2&^W4WC8=R2E*@20L!'(-J"',`*`WFTUU#DH.?>?QN#EUQ0AI!8B M?PHZ``;QD@(GEDX+J)*,)8:,%2XP3L%?K-V.XSD`J'4K"XZ%$68'I9G'A M5#T.QD#Q_N*5Q@.37BQ$H%2I58;4M`DN+B`42SWLRN!,Y?DZP"G#L^%(<7@J M:HP@[B)UK;>#M#3'.\IJ;=B_-K0R$B6A&U(G-&+D^RV7);24PH=L^N+*B]P0 M48U$X8S>$;A,B]0*%&+]M=.UDV(`-R*+EE<(@8`;<`%7CO*9/I7XO]H%\OHQ M,*KX@1I(JKP*D2'E!$E2,.QD:3I!P%59P#\+$`]Q>)IC`9W(V*'#HWB?71#L M"X_E>4DII'[[];]>G5T\I[@MR5P:;?YQ2Y`@;']V\9&:ORGG--SLZ!13-T#3 MRXQ`5[_]^I_)CV6YHDW"(^9D-_CGUZ(XS3`:S#I[F%U"O\[8>-EF*YL#6)"E MM6*YRW8E7DTZ8`^:1>9DP<'AN=+`1-A>(Q??Z4SP.9`@T,P\^0N[#,8&&?E> MWBN%PF:U9U(HE:]8?(9\E!B7PJ8[UZZ@3;\O^6J*AB6Z;F]Y1-%DV>^%Z M_>!JHHR?0;=@*6>$+A[-CIY-;>P*[>VY#46C33JW7,C""M3]F!8<^;73G'+T M0OEBN0?.@B8BL3:A\]!%C]D(:LQ3L&9;.'#NN2S)V>-9MWP6Z:B6=K,R MY%@$(;"6X$`\&YV*_Q9:A@NG[<)K]6E<&!2?:G?T).S_LH+K"__T=)Z\3"N,$?$)O=]Z11-D7+K[/I;"+:"J%7CJ9.#:OEQ9[ MGMP.Q*?O@058.X0I[=\/DV`#)SW4X.0>O1&2J//^Y/488FAR!_XSVD)0?P@W MGUAXH*+7)J]&$6J3.$!M0IEW)V>'XA(G]^$_(\4N:!'C$$"K=0W:X%"EOG,T M?Y)L@&RT#_C#8_N',)?&0:I\"&+])E,\GC\,IW@\/^E-\6!;0S#!R5D,!-NQ M2K$M;O2\[%*&]?N\,(Q-'AH M&-<`FQAM>"DT#G-)P48"K1]U[^>3;W<_O_/D3^;'W9O[Z!]_]Y M=SM%:L[](C7=QJ?S9+3]Y"=)"/6@ESP:<2FE)[Z80PV%0B98.)[UX^A)"7!:J=N[IP0P;-DG=9)NWM9A]T?5/FMPY*FH@3";/T^*3I"2@X#WJB!@W!T/)L.1SI8Z.[RH" M_N$1)3[XZ?7SM^_U-Q)%*>K;^_,)S$+,L;*G]D3U$(V_#G]'T"E'^+U,;"*S MLD"GJT8TPDHK^`&!$HS=W'$^IUT8BL?)FDM0HD#>0_#ZR&QHYMU9?%+$17\* M^*0X^"/HFU,.G2&(@L>2*:A>;+;>,:8R88:9\_PP-HOF;Z<6QA02;?M>9!>7 MJ).T0:#/E8)J;[>[-X;Z$I9`%%D\<[EW#Z];M&*20-2*9 M>+.D>_+U8+Z.$'.&2%5UM5J")^N'A@Z%Y-HQ^5I`@KRF+!B`=IQGG%".++H)Q0VN$'6G%XE&]URI M-FV6!7:(W<+:>0G$T"%Z%#.RHL=&FH/(9"KF8L+<4FH%C-3?L66S,LR/*9>\ M[9ZFA]'\R'-NL+:`BP5FB^RUN%169IVV>3,R./V-DJ75](K)!4[%JV!]TC-D>X+&4Z`80($!LA+=MI:Q`7"MI+L4?0N84X#<=7[92$5%8NY'E!(5`POQUPO)%5];VEL[26W2KX+1J;`\,[H ML<$9MD/!V9XY$VX:'(O$\R&UW-`!N=P:.<4E:IB5%<.[5D#IQYI&BV`Y4Z_" MB=@"I\&KJYYG@LHZ',M@4HQ!`R?'&Z5>UD6!T0G[)>22FS9#-C[KMEE9*$<` MM.>/9_G/92:VN%<'?7#6?M-U<3E_&.>II3!DP@C^'!2TN\""=KX&-CEWV>8" M::`.%2M-S1;((YT`'[WV?AN6C&`T>LPQ-8;&]L%-!^:JA?:VDH36<6N2:6HT M1/I0;(M]C!3J\XIA=`2,Y>`B!^;,TT@8S\99^F:$8A)A!_IR$V"GIF")R4U- M-AT?)[\:51V$SV0S2MO8U(9GZ=8Z,;7LJ+\-_O/,LPGA*P[ MI;SCGPG94[BR.74\2P]U@K#2HO%14>SWZ=--D,)FN,-!8)4@LZV,5P7C7E,F MM'W;8K'Y?E)B\87%RS1'K`*R$F:OR?4. M4$?F0D+!SJ`JMH\.'`O4>V")7I(;,\D?=XVWQ]X=8/_+T^_H?XFL[BOGZUMP MQ:3[\%N9=-\IX<%A<]J6D`\S\M]+:BLYJ537_:0IA+=>1]%\L*K\N()'FC8Z M'K[I!5Y1&.;A7-.?2@\^(G,AA/M!XWY/OFE?6>VE^&8?=I`\QJD,#.%.O>38.W'P]X`NC'9PH!'6KIAMP$`#B;8M5=KW21:. MGR!?@NY9;4/><>T<^;$L]O&2#R]BLZ@"6Y^F[^C"T1FH+OV\W[^XC-(U`GU4 M&?L3@3?)U@'GPAA=/F876P0'A4*ERV=\ MHOF,'S["_,VD"PM,I?337=G'RL_FW%"J93^7<&1?XQ`4%U0!+>DA$&8)6A-A ME;`PC')"J_)P1L@6A;",W4G><#YA"EQ+'_;!:7$07A#3!AO9V43JC(+ZA+S] M)/ML?>98A#W6+UVSOX+.ZL-$NWA8XW/KANJ*'9 M?]@NAI`83:E:23F1C",><8Z1RMK=]!Q9(Y&GM;Y=06OEREATPR_6$0K@[#7E MZ*H*0[8RS"I"STM*O,LBLR211QIP)^R2_N+]A3ZY-]X![UL*34)$DC`>-\"IH>3H] M.CK"_V=YT"\3+A9/J1H:Y@8ZX8_HPX'*XKB*TTBC3H5'8I4C4T?N6.GB4YDE M=/-L>O3D>/KLZ5.52[SU#%53$2$&IEKYQ]T95$SW7L`$*^*-L=:9(%TC!0K8?$YEA:9DSGK, MLY>-PR!MDQN6!BTX.?:UEKPL!4%JR_5L_;@:]%EOMGFY,\RHMVT%TB**_KZS M&WH^?C9]\NCA(!DU9`S6`K1PZ;EPQIV'(/@_%']U9(-U&EPT*!SQY.'TV>FC M@1&GEO50Y@`G9Q$_D+KUKRG;)_*8=W#+]?26X@<*G;[ND\ M.2C&R49:<"&ID0`G_R"FI)>YE$N5/96<*FKYVI30 ME(44DI#\]-0+G:98J3::CTPVC^<&1XL!I)])AM;4(E81DGS9(6'S`R;S\T,F MU7KM)7)R%H6L""'V(1#=44#X2+G$H.B9)IJ);39>>TEA-D8H^#N(<=0$_T+" MG$;D4X%5YO>#WT$+_6Z>?-R**!*#9,M$Z/O,PXGT,")+SM+G`N+M*"3.D"<. M8;M:LHS(BC$#"[A31?"ECH@'>,GUS,MU_W.6:(J6!&24KNU='#N91%+8XA$K M0KAS06EPCEQJFQ*KH2TUXUREMAX+%N<(:[KL*!=-!:SCU=C0+(/3&+3]5)P/ M+2^?TV@$34Y@JX$^7=93?K]NO6X?0U,&D*3:HK017+HC5) MNL;>R&FM^^GY3")9>/H/08`^.O;?;NV:(0V2;\2^F7H2-,S)].CAX^GIT4-\ M'[!!HV*Q/3ZI'*/%+YS`&3GYX0!13B!:&VDP$G;H&D$1)]9GP4GP"8-).$Q7'UARLW:Q?-:I$W%^3'YD M[5,2:J*&4%,Z[&NCHLZ>C;<380[X5F2O#\$.9W48FDGDYHM?XH/9'6A*^V'R MQMX('?$O!DU%9C4[0S/#I0'2$>GC726!M,D%TF2_Y7N;!O7&"^&&D3_T8L"[1M/[)8-M'9KB;W)Z\XJ)?^ M^249!?"?!KH-X<72#5L9I-JT^\G#M/F2LZP5(DQL]N51.SO%\4BX_:T6JD_E# M3:3X(?`/9_;H`J%"YZT2Z\K'/=U&Z\35=)#+CYVI.P;G<;>$LSSQ-:%8:[$3 MAE',7OQW/(JY>[EJ*_I_L4+]+;D;INV?K;$WB^!`;7]"R,W??OU?R?'\V=V) M_%?XIZ?\;R?SX[MX+X2`Z9K*'7T\!ZT5V\`_/)V/*%_>70RN0.S/9Z\=UH1,]2/K':.LM,!5>K+>>K` M+.PZ$^6W88#*_I@U=7C?01SOB_A47+N_'=MZW'%A?0.V M]1!XA[`MCM[GW3\C(6;RPH-B'GB#0Y5!^<`)R&Z/GPSI[HA%**SR.17X0(?) M^`Z\GM;\!K;P)ZJ)J&]NM\6S>=)O!%8D!ORLD%&Q+[E'+P#GYVD5_<<0D@KE_-?W=#_[_A2E*3)X.G?_0?TSV'_]4[H.WFVY2M][-6&^=&??,9.;2 M8L%_E-R0T,-K5]J\^\7QT3S9_Y6'3ZJ-EARFH$2VVDD%))>$B',"F&I;98)H M8".3=5,,U)[WU5Y->*W5:/"UN,1J32Y9-4*UUIZC;V66K-RB,[XBE]_YVQ<_ MDYF(0B/;"O'+M2!9RZ6%')9M99-0NPAT+UIY`/M%?`?'L%GI0C=MO*J\9'`, M,"E:V_D;S1'SY[;+JS[@W2LO134_L,"15R2L[)XT@P`*K3O%LC'_%)KZ*%UP M;5,8^@D:!FM;VNS$6HA14@/'`$`T&`S:7LB,VU[T&`4%HB MT8G*5R<7O5EH6WP!4H8S@L;ZU85E.ACU[=C>WFG_7Q&0`>$ M_KVG_]2[VN\8=)TS89Q;VHG\0WPMWPW*V\*QN;5V2I+N]QQ31$,ED.5NP?M@PYVC'C-;;>FE M\5,BV,7C];?)/-CD>R89TJME-]D969']"`)/4N"2&D(!2W\_YY./=O_.[?Z= M^_OG,E'Y#/4;G0-%)Y5E`P)S(-R,[J9N21]TX(9&@+B$EBB"R6=E_KA^*@U, MBK'Q:Y30#*)3#Y(`#O`)+`P2TX][]5W9?,XR>_=+$K]M!A3@1M%$F-,_8RC)"J(!$'5 M", MT3#O#1=X+3!:=9,<'\W^!+-!O*N=\873J2C+BH(9*3J!"OM:M]O%RW.2P/S8 M9U!].2-6]_'ZR,$N+[4TU+[?B9,RNXOMBJ0$ MSQ[(<#W-5&2\"J`.LTSBZD&G&[`Z.F+R%8%(K9F#2%@<*MGHERWWPU1150K] M,_A]M]9:)*>R9W"0`$TK%OJ`I2`,M@-56K`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`WD#YJ3DH6:H3 M:(F]2'=2;82KFP=H:RS4G;=^%9U556X?I"L]2AZH%?Q?E]O92R75N`B2DEXB M/JS1,Y/RT*(T3=VZ??&!-MDI06X-7F&"$";N\I1T9QP\#[J!];#-*G@K-GC= MX6+,I`(-UY3RT`M!R!X#^/QCX3="0\;X1/Q/P@VTL$7*P&/?C*#@C1(O;:ZD MSP7MK") MP>HUR]TR9ZF**LLCF6A92%?^P8GW#F3J/:KI"M%>G/3%1@+TRD62SC*ZIUH( MD?0(7!'*05.++UV6=5I_B94TU7IEMRDP!F9_LQ`%>.1LS@F9$M.9#"CK( MBIFMGX/^?\ZN(E'4?@6.!E-.)=ZME/SIM[FP>'EJUBR->*;Q.*RQ<1KV3V7J M./J&4K[F:#5G[8&BS[5(%3/[,<*0EQ+/Q5@/(\D7K@C/[67$31LJL6&/VM\V:CV^7PG%J#^;LX!,UZ59%WRR[`1T1QR\B.KIU`/\N>E>1Y.E?54ZVHA=$C0K4@\ M/07-NJA1I*_"'/G1P.Q0GIE/SCAAC@L'#0J*,?Y>XY]Y2)Q0[M60JXQ'$6@= MYMA77S7L%D.K8K*7%ZVHOZ=B0<5:=U3AL0I#M!G`8_4**=MCP\J=M44D%O%& MIEIWP/UN*P@5;G(1T\P0N-3+YN')$RY7F*T10OA0+PD<[_9:DTG3^]F)7-_M M3?#>"5OO!U41Z-U9P3@'8X(XK]NTG;SRC-^:-=^^51)0ZM$[*G&>5VOI=\T^ M;>Z[@KXU#LKC7Q0K55\Y@S5J#-<(P?;,8=[Y4U@QV=/ MIS,@>9:^CB$).L8'5R=.#*+9]=V^B[3XY*8G*28E%I4X,^=-H\Q?-=42A5LQ M$.KI[%\KSMA3D@*!`"I<$U;VX'"]4B8>VQ?:XR&[(%$YK>@&LWUDA5R?KH'! M16RD?FPK55DLVT6#YD(=6V1U6#+PF%=E6T4/13L/(K!#.Y,S0DBF".%[TC"& M(H(OOR6LA`/^D[/)7?F/_.&Y_L.Y_L.+R6"93%IO3M:)1H7@<-E/'MVE77[H M@AJ"0-C(H5K$W>%)[L(L#&]*/YM<_#@VG-`1COSXZ%O,C+00!''<_&,&[Z?6 M."Q[_%!2>*XT0-R:D_"R?2H]-(,Z!:5RZG:_T+WO>QDK3>@56]=JJ]%<\7,. MS-"4>FS2_J5TZ0-KCCW5@N9LM?;5OISI6>W*07Y%#=!K%[6C#HFP MA*-G8&5_(7!`5_.3:^9V<^-+KLYKPW7$KC7Z2,)`QU(4S9-XXGR1>V1'%+DS M6D1,0H7LZC2DH9EIC[F4>2%AIL_K1:KQW#R]4J\\-/FJU533,N8;S758 MAL^]0YB(;^F70+3$E[KBPJ$%QZ]4K+9)^;Y3!WGT9DT]&26,WI9:1'FZX`J0 M\=K*="WL+;7%OOSL;X M#MWG5\I7[/V)2#^=W0H90V#KW3.:11N031CK1Q'9TL`/K#A]B^G/N11`,!\% MAHRN2??3YH1?&;H%Q\@G&<.)9'%9N5,,'B)9F$6;6>`QFKOY]WI7(VS9 M82X:8VDGI(I.96K"?]8NK5UM_9+=U!'LL+-TP(5B4BJ(N7]/[.&([1T95]_> M'11G\@*"Q6G,BT&5P*[F+16L\Q9(18G0/$.'):JDFIW=B7?8ZQ>])XY-NOL; MJ1K-UXK9XQ<5L0@X#1\Y5X!V5>,#6ZK6=J;*?-17(&,[BYY7\UQQKYX!IA2W M7\]RUS')X.Q*_E,G`!%Z^:7,*"EA&)YJ87HJFOFRA^A[\$?T8+,XT*0P<..Y M\9"3=]>KX(`*5&-Z!BAMA6:GQ;"W=$,8/;Z/O$9^*U$@`*U%+1OF<\.8%B_3 M.?N*9.W62B0$(`O'^[Q9D`&*3@@;D3'2S)IRAO\KZNV2;[\UK8>>,A+*\R][ZJZ9)T M2X2KHP=9BAU6GEVJBLGN^,>B% MR6HLP/MS:YT8G:B,FVAI"]H[V@K/U*<."MFJVIG]O/=8R')F/9^P)8RV(]QS M*E",*9G:G,Q#9AKELT.E-GQSX#+DSZO6UK]:E\LV&G?N=ZC9&(2IP9OQM]8E MY0(.UC@YT9[\A<"GT4G2*P)OG<21$',+I6X<$Q`WK?U<#2^YF]!PX<[%%[B0D41JL12V$OQLL9L)L4N.2`2J*ULC"SIL3)5Q#$FB M94%"SW;FV_GQYFGO4[4<"/E@KW#Z;.-WM:.'01_N/5-'F2:);IN<$UMI:+U3.0B5"M^WFZF7 MHA^XZZ(L/U'Z]YH]0XKHD[Q_C.NT&9%1K*D)DX__Z\-8/2^TP\EHO5^F225G MD/^;K)M/EN]Z09H"/D&2^6"J;TDK%G4UP+*4E57OAQE5).>%H!3Y==68D.>8\J&3$J1H/JW%VYR,VDZ]L(C")ZQ0ZJY41%8D56"[]0@=CZ9<9X MB]P*:TV*#6ZY;\_#$4F!&\CDLKRO,_*L343[C\W3>K,C(KLS^D@ZX>@X)'(A MWUC5CLWZKR,F&$)9T+%!%$DQ13E%O6/?Y*9R?Y)TKT&I8&NP&.B&/$3+3/`W MUE'=$8[)[2K/?/^-GR>OFPZ0<:L)U(B=](0Z09P2!);F8L(2/7'S&U?>$;P! MS&CAZ=[99@-LAD%L2I^NR7DGQ)EQ*D).[..#H,& M'^WF)T1>_D1.O#.R$MVR>0?HR@%Y$4@STYDZH\K!^H_LE#JH'A\!:MSLD.\8 MTE\XHZNM)L)2058MVXT`L32F0?`N?=AQ(4EJ,=,0US1P65QSPVE;O92N=!S= M15/2595V@#93<9%FM<^_!H=F2Y=I!)"H4C`'3+2%5L\V'#WLB5I^?I-%!Y_& M\D*D?RH?XF>,U4@0;]E3-8KJCBL(W#EYPQ63883K4?LYS\96S2Z]NG.+/#S\ M/6_A=M'W=3\'EN8)KYQ]5UAD]Q`/?E)4[E'F30,%+,CCK&1^+F\,>32@(W8Q M<&I6ZM$KK]'50KW=3D$LV)&,J\A$@FQ0X9:T#N,;Z-57JY\#RDOEKAAX_IK" MI=3IR%XD57 MF)J=")ZK4R_%2AW)@NHAZ#`%P_X6D^Z1V&!]JKQ7=V!Y],MP*H:TCZ$N2K\8 MDA_2K?5B_/XY_N/@;(T!>[8^/48A#62WDKQA%@3*ZE,WS0ZU\M`9+N^+U-OC M7KQ\V"(SRY#78J%UX0ZA4.Q!@B81BR>@13=`4)&>*!.4L32=* M.ZB,?MOVB$X\`W$H]Q+".*B-]]F%U(NOD^>4-1##F%^=73RG&#I)VQAM_G%+ M0"EL?W;QD9J_*>ELD")5JL1])F^8S4Q*/FR7A%ST2$XD2]7C+`("B8M" M*X?+GWGI(TBVT=!%N8ZUD!3?0'[%&']_N_A4+]AX'B5_H&I+T;!B1ZT/ITR& M**803>(96V7;_N2(LD8O(\:4U.HM#>*KL3BBRZ$IBKB6NN-M(,,/:06LI8FAOSVV`'FW2 MN>5"O>(=G)%&4.?V@?.U`@]W!DU$8&Y"1ZB+J;/1[)@S8LV&?.",&TI:>%F2 MIRI,@F)9I*-:VLW*<(70#:*,*&0R\\J_^D^I9;APVBYV65]6KCKH9?`G78-R MC'>NG`7[+G:4V84BQ]E2"J?5+&6COOGP;#AK%C6*6O-HHL+B_!DQ+08VS)L3DNU*,ZY#G MRSS5F>FF:''.H4>$P0>"&I+*7.8F3,GBRT&\2S>FLCFHAX"-@T4<*9-]T"?9 M+)G0)*F6QX6FC*_B;W?>D439%U=[[7(I["*:UN+V*7X^4#!`/W<7*JHM1_PL MN_CL*AX`_O\$_GH8L/*@=<;!E]TOPCR3_>R5G;2_K\=@793K=[2%0#,QNF!B M,9P*,9R\&H413N(H0D[A/#D[%#PZN0__B>_-%#5^7,38MHI=;G2,H-QI,M;?J(-P/H?=TD.,'C$%$?5!+G[A](8I(6##9Y?3IA?/_9W)4U7$I;N0U!X^B"2'"VH.4UN43/UX#W^ M_Z1,ZRUVM5NI\!8%%+]T5_]_*N-X_C75N@ZZ!5]0%JIW,/\LJ_55^S=82&3P M_/RUC1[N/HMT-[_90:&=WT^R_F]91:1W`,[.'JT7TLL\_L^R(-^W+,C0`7W# M,A7?[TK\L_3$2.F)OE\I5@-BY(*.5Z$8OJG_C8I-["]T<)"<8&L.N(H#7JD` MME,1'L$EU@U3^0LB7)WP\1N3?L-T_>/J:%"^H)<\_I#$_OY[+TEEOQ\;^&]BL%\$O;&Y!K M3_::G\:;'[JPY.1^,J,"(+V>3P(:&TJ*^7?K#>J84RD1!?PJ%L_(3GGY$'N6 M6"^;1??+1Z?P]-SM_O7T4>ROCYY&VT;_>LL5/8_4>(CT>OSX&XQUWNOU.#I6 M=`_@T?OZ&?3,T<=/8KU&-_8X>F#1?3F+9"#XNZ9-Z<]O^)6-)$/`E(XC"1&^ MN('?7PBYMJY%3L^7KQ([MWIL5R_S:,#VF@_4D5CU)\R:(P_#\,NO#)Y#"&+ MY,WV4?E?9&<=8.D.E!U/(3TFH3L8C<:OV>>V4O@=V./`X[MEON/\I8X_O^\EM[]OK: MA)J3O]!/=VM2.LBS]44?C9S^D*^MURZVFU[*_B]BV[U#_/8>N#V>JR%EY8\I MO(HGQZ,OYPNSG*OQX.$!;8;Z^0GAIC;5763C*3*DK*KRIJ]4/*>_PXHHOWF: M]1K(]YX*V6OQ)4XW!VG9I-4ET-<]`AI*NK3>&J/"]YE"R>$.HA4?C[W/?+Z7 MW_``YUO_-&V"2#]!8E]1*!I+O3)#.QV.3.A;R49_?O7=_'QQ5YGGU!-=H$=W M.%FTC79_^'-:<5A[8$'E2(,^59SVJ>(5YRE,*/5];(2UUZ".MGAXA/G.Z^2G MU\_?OH__&/\M^L>3V"S/,3M$2KI!C&Q?<_V1#UA_9)C+O+1(PB;]S/LT?HVB M^O)7NBV]=^I.\D!,4'TM(9\G1\=Q(RDSCH`.T).^/^4"F,E9$ZB<2`/M&QP>(NTOC-_@8>4RI=_I(G^=I. M\EUDDF(^)ZLI#SSN305A_O#.K5MN2VXY'&-5YCD"QZW=LS=4Z?ZP?&;YE^F>!.GIM+OXC75>LRA^Q1I"=<;LU=>W-9AO;?BV*%.[/-! M6K1WX^\#G.B=JXS-)<'2MBG1AXC)=C#!0VU3)Q?A/OF@AQ';*J%U)::/KE"O MFQ'S?,*5Z*ZI0-02DP6OTHIA[!07YL]5RE7(9&.7/FKGVDN/;*!V.H?R=`+G M(_E/]Q#L*^<6]+VVE!^,L-N$`^A^I-B]]=WZ\4W74N5[[4M.R8BZ M!X=+D#,#;0LO\%?RC@]8])+C8PV!/GE"0MU@ MA\Y-?N`^V"__[+X<_^(T*G]%9W#0MIU&+WCHS-_310_/,B8X>%YKO"\NWDK0 M%D*%(\^W19N,-;).\_&>")\RUF1DZEZ6^X,GK=B66W^_!_YRZ_XLI]R'./I& M9[F?W?J"V_[6(1'L;Q_2PR'].]+8W_K65'+P`O<3S/ZNOIAV]G?=(Z-A.%I4 M^R'!SY<@SESH\/.=:_*.K0%G&-`O3,;;VB?@6?1=C_&H6'/Y/.G^OGIP",B%#WT##VSPY^,=3!*,=UO'DO?)]KW M\>-HWU]"0OMV.S[2(%+Q:^Y$&',*S$H:9%P7ZJX)9DF-.C0R5E[ M)52Y;FL*H7/1K"QJAL/WA)LN71['Z==M:6:WU"(Q1MUUM#W%5H M;UY\M,>=LQVXD`>\\+,`F3ASJL?UOEOU39YU;Z*W>T>_\F7BE!VLI_'M'%$Q M%;D]".^-82@]H^6`F>`K$93?NK\N(G.,>D86_-6ZO84V]GT;#I@X2,Y?A5/L M759&4U"3'R6-*'SQNN!LIX&);=2F-@#+<#RSOMRX.Z;O[P?P%02P$" M%`,4````"`"YA09'M\OM3;\!``"O&```$P``````````````@`$`````6T-O M;G1E;G1?5'EP97-=+GAM;%!+`0(4`Q0````(`+F%!D=(=07NQ0```"L"```+ M``````````````"``?`!``!?&UL4$L!`A0#%`````@`N84&1Z.E M&\D_`0``:0,``!$``````````````(`!C@<``&1O8U!R;W!S+V-O&UL M4$L!`A0#%`````@`N84&1YE&PO&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84& M1S^HOU.C`P``@Q```!@``````````````(`!`A@``'AL+W=OE&PO=V]R:W-H M965T&UL4$L!`A0#%`````@`N84&1YO:>LO0`@``PPH``!@` M`````````````(`!@2(``'AL+W=O&PO=V]R:W-H965T&UL M4$L!`A0#%`````@`N84&1Z-Z_LZA`0``L0,``!@``````````````(`!!RP` M`'AL+W=O&PO=V]R:W-H965T$BP/?GP$``+$#```9``````````````"``8XQ``!X;"]W;W)K&UL4$L!`A0#%`````@`N84&1U8S*VZ@`0``L0,``!D````` M`````````(`!9#,``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`N84&1Y__=ZRA`0``L0,``!D``````````````(`!ZC@` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` MN84&1__N%5FC`0``L0,``!D``````````````(`!]#X``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84&1R0P7G"M`0`` M%@0``!D``````````````(`!ET0``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84&1ZYLX\"N`0``%@0``!D````````` M`````(`!7TH``'AL+W=OJJ,P!``#9!```&0``````````````@`%$3```>&PO=V]R:W-H M965T_)/9!"@,``"X.```9 M``````````````"``4=.``!X;"]W;W)K&UL4$L! M`A0#%`````@`N84&1Z4F9_8%`P``#0X``!D``````````````(`!B%$``'AL M+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84& M1^]BAP80`P``N0P``!D``````````````(`!.UH``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84&1^<\&D#7`@``)`P` M`!D``````````````(`!.V0``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`N84&1U*@.C`&`@``G04``!D````````````` M`(`!V'$``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`N84&1_PN"GU420``*"H!`!0``````````````(`!AG@``'AL+W-H E87)E9%-T&UL4$L%!@`````O`"\`NPP```S"```````` ` end XML 13 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727
Common Stock and Preferred Stock Reserved for Future Issuance (Details) - $ / shares
6 Months Ended
Jul. 01, 2015
Jun. 30, 2015
Jan. 01, 2015
Dec. 31, 2014
Authorized shares of capital stock   205,000,000    
Authorized shares of common stock   200,000,000   200,000,000
Authorized shares of preferred stock   5,000,000   5,000,000
Shares of common stock reserved for future issuance        
Outstanding stock options   5,958,578    
Possible future issuance under equity incentive plan   1,877,257    
Outstanding restricted stock units   1,236,153    
Total shares of common stock reserved for future issuance   9,071,988    
2014 Equity Incentive Plan        
Shares of common stock reserved for future issuance        
Total shares of common stock reserved for future issuance     2,036,503  
Stock options        
Shares of common stock reserved for future issuance        
Granted (in shares)   666,551    
Stock options | 2014 Equity Incentive Plan        
Shares of common stock reserved for future issuance        
Exercise price (in dollars per share) $ 30.83      
Granted (in shares) 19,743      
Restricted Stock Units        
Shares of common stock reserved for future issuance        
Granted (in shares)   548,912    
Restricted Stock Units | 2014 Equity Incentive Plan        
Shares of common stock reserved for future issuance        
Granted (in shares) 23,954      
XML 14 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 15 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Details)
6 Months Ended
Jun. 30, 2015
Minimum  
Revenue Recognition and Deferred Revenue  
Period to derive revenue under long-term contracts 10 years
Maximum  
Revenue Recognition and Deferred Revenue  
Period to derive revenue under long-term contracts 15 years
XML 16 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727
Net Loss per Share (Details 2) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Numerator        
Net loss attributable to holders of common stock $ (9,630) $ (10,597) $ (15,098) $ (17,734)
Denominator:        
Weighted-average shares of common stock outstanding, basic and diluted 41,362,476 39,304,884 41,171,669 23,588,330
Net loss per share attributable to holders of common stock, basic and diluted (in dollars per share) $ (0.23) $ (0.27) $ (0.37) $ (0.75)
XML 17 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment
6 Months Ended
Jun. 30, 2015
Property and Equipment  
Property and Equipment

3.Property and Equipment

 

Property and equipment consisted of the following as of:

 

 

 

June 30,
2015

 

December 31,
2014

 

 

 

(in thousands)

 

Internally-developed software

 

$

7,831

 

$

6,069

 

Internally-developed software in process

 

 

1,441

 

 

1,751

 

Computer hardware

 

3,114

 

3,016

 

Furniture and office equipment

 

1,469

 

1,104

 

Leasehold improvements

 

1,782

 

1,801

 

 

 

 

 

 

 

Total

 

15,637

 

13,741

 

Accumulated depreciation and amortization

 

(8,284

)

(6,986

)

 

 

 

 

 

 

Property and equipment, net

 

$

7,353

 

$

6,755

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense of property and equipment was $0.7 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Depreciation and amortization expense of property and equipment was $1.3 million and $1.2 million for the six months ended June 30, 2015 and 2014, respectively.

 

As of June 30, 2015, the estimated future depreciation and amortization expense for property and equipment is as follows (in thousands):

 

2015

 

$

1,197 

 

2016

 

2,008 

 

2017

 

1,525 

 

2018

 

732 

 

2019

 

339 

 

Thereafter

 

111 

 

 

 

 

 

Total

 

$

5,912 

 

 

 

 

 

 

 

XML 18 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment (Details 2)
$ in Thousands
Jun. 30, 2015
USD ($)
Estimated future depreciation and amortization expense for property and equipment  
2015 $ 1,197
2016 2,008
2017 1,525
2018 732
2019 339
Thereafter 111
Total $ 5,912
XML 19 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property and Equipment (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Property and equipment          
Property and equipment, gross $ 15,637   $ 15,637   $ 13,741
Accumulated depreciation and amortization (8,284)   (8,284)   (6,986)
Property and equipment, net 7,353   7,353   6,755
Depreciation expense 700 $ 600 1,300 $ 1,200  
Internally-developed software          
Property and equipment          
Property and equipment, gross 7,831   7,831   6,069
Internally-developed software in process          
Property and equipment          
Property and equipment, gross 1,441   1,441   1,751
Computer hardware          
Property and equipment          
Property and equipment, gross 3,114   3,114   3,016
Furniture and office equipment          
Property and equipment          
Property and equipment, gross 1,469   1,469   1,104
Leasehold improvements          
Property and equipment          
Property and equipment, gross $ 1,782   $ 1,782   $ 1,801
XML 20 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727
Capitalized Content Development Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Capitalized Content Development Costs          
Capitalized content development costs $ 21,603   $ 21,603   $ 16,835
Capitalized content development costs in process 2,956   2,956   3,699
Accumulated amortization (9,186)   (9,186)   (7,379)
Capitalized content development costs, net 15,373   15,373   $ 13,155
Amortization expense related to capitalized content development costs 1,000 $ 700 2,100 $ 1,400  
Estimated future amortization expense for the capitalized content development costs          
2015 1,949   1,949    
2016 3,531   3,531    
2017 2,934   2,934    
2018 2,420   2,420    
2019 1,416   1,416    
Thereafter 167   167    
Total $ 12,417   $ 12,417    
XML 21 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Commitments and Contingencies (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Jan. 21, 2014
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2014
USD ($)
Line of Credit              
Amount borrowed $ 5,000,000       $ 5,000,000 $ 37,000,000  
Borrowings repaid         5,000,000    
Amount outstanding   $ 0   $ 0     $ 0
Aggregate expected sublease payments   $ 500,000   $ 500,000      
Applicable margin (as a percent)       1.00%      
Adjusted quick ratio   5.26   5.26     6.45
Future minimum lease payments, net of aggregate expected sublease payments              
2015   $ 1,638,000   $ 1,638,000      
2016   2,748,000   2,748,000      
2017   2,498,000   2,498,000      
2018   1,849,000   1,849,000      
2019   874,000   874,000      
Thereafter   494,000   494,000      
Total future minimum lease payments   10,101,000   10,101,000      
Deferred rent liability   500,000   500,000     $ 500,000
Rent expense net of sublease income   800,000 $ 600,000 1,400,000 1,300,000    
Sublease income   100,000 $ 100,000 100,000 $ 100,000    
Future minimum program payments for intellectual property and other rights              
2015   500,000   500,000      
2016   800,000   800,000      
2017   800,000   800,000      
2018   300,000   300,000      
2019   300,000   300,000      
Thereafter   2,700,000   2,700,000      
Total future minimum payments to clients   $ 5,400,000   $ 5,400,000      
Base rate              
Line of Credit              
Variable interest rate basis       Base rate      
Applicable margin (as a percent)       1.50%      
Federal fund rate              
Line of Credit              
Variable interest rate basis       federal funds rate      
30 days LIBOR              
Line of Credit              
Variable interest rate basis       30 day LIBOR      
Applicable margin (as a percent)       1.00%      
LIBOR              
Line of Credit              
Variable interest rate basis       LIBOR      
Applicable margin (as a percent)       2.50%      
Minimum              
Line of Credit              
Covenants ratio   1.10   1.10      
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies
6 Months Ended
Jun. 30, 2015
Significant Accounting Policies  
Significant Accounting Policies

2.Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.

 

Unaudited Condensed Consolidated Financial Information

 

The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP. The Company has condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of financial position, the results of operations, changes in stockholders’ equity and cash flows, and the disclosures made herein are adequate to prevent the information presented from being misleading. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the full year ending December 31, 2015 or the results for any future periods. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015.

 

Use of Estimates

 

The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of long-lived assets, fair value measurement and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from those estimates.

 

Revenue Recognition and Deferred Revenue

 

The Company recognizes revenue when all of the following conditions are met: (i) persuasive evidence of an arrangement exists, (ii) rendering of services is complete, (iii) fees are fixed or determinable and (iv) collection of fees is reasonably assured.

 

The Company primarily derives its revenue from long-term contracts that typically range from 10 to 15 years in length. Under these contracts, the Company enables access to its Platform to its clients and their faculty and students. The Company is entitled to a contractually specified percentage of net program proceeds from its clients. These net program proceeds represent gross proceeds billed by clients to students, less credit card fees and other specified charges the Company has agreed to exclude in certain of its client contracts. A refund allowance is established for the Company’s share of tuition and fees ultimately uncollected by its clients. The Company also offered rebates to a group of students who enrolled in a specific client program between 2009 and 2011, which the Company will pay to the student if he or she completes the degree and certain post-graduation work requirements within a specified period of time. These rebates and refunds offset the net program proceeds recognized as revenue. Revenue is recognized ratably over the service period, which the Company defines as the first through the last day of classes for each semester in a client’s program. The Company invoices its clients based on enrollment reports that are generated by its clients. In some instances, these enrollment reports are received prior to the conclusion of the drop/add period. In such cases, the Company establishes a reserve against revenue, if necessary, based on its estimate of changes in enrollments expected prior to the end of the drop/add period.

 

The Company generates substantially all of its revenue from multiple-deliverable contractual arrangements with its clients. Under each of these arrangements, the Company provides (i) access to Online Campus, which serves as a learning platform for its client’s faculty and students and which also enables a comprehensive range of other client functions, (ii) access to operations applications which provide the content management, admissions application processing, customer relationship management, and other functionality necessary to effectively operate the Company’s clients’ programs and (iii) technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

 

In order to treat deliverables in a multiple-deliverable contractual arrangement as separate units of accounting, deliverables must have standalone value upon delivery. The technology-enabled services within the Platform are provided primarily in support of programs delivered through Online Campus, and for students of the programs delivered through Online Campus. Accordingly, the Company has determined that no individual deliverable has standalone value upon delivery and, therefore, deliverables within the Company’s multiple-deliverable arrangements do not qualify for treatment as separate units of accounting. Accordingly, the Company considers all deliverables to be a single unit of accounting and recognizes revenue from the entire arrangement over the term of the service period.

 

Advance payments are recorded as deferred revenue until services are delivered or obligations are met, at which time revenue is recognized. Deferred revenue as of a particular balance sheet date represents the excess of amounts received as compared to amounts recognized in revenue in the consolidated statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on the Company’s consolidated balance sheets.

 

Concentration of Credit Risk

 

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company’s cash is held at financial institutions that management believes to be of high credit quality. The Company’s bank accounts exceed federally insured limits at times. The Company has not experienced any losses on cash to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its clients and maintains an allowance for doubtful accounts, if needed.

 

Four of the Company’s clients accounted for the following percentages of revenue for the periods presented below:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Client A

 

45 

%

54 

%

48 

%

58 

%

Client B

 

10 

 

16 

 

10 

 

16 

 

Client C

 

11 

 

14 

 

12 

 

14 

 

Client D

 

17 

 

 

15 

 

 

 

Additionally, the Company’s largest client accounted for 74% and 35% of the Company’s accounts receivable balance as of June 30, 2015 and December 31, 2014, respectively. No additional clients accounted for more than 10% of the Company’s accounts receivable balance as of June 30, 2015, while two additional clients accounted for more than 10% of the Company’s accounts receivable balance as of December 31, 2014.

 

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and amortization. Computer software is included in property and equipment and consists of internally-developed software. Expenditures for major additions, construction and improvements are capitalized. Depreciation and amortization is expensed using the straight-line method over the estimated useful lives of the related assets, which range from three to five years for computer hardware and five to seven years for furniture and office equipment. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining term of the leased facility or the estimated useful life of the improvement, which ranges from four to ten years. Useful lives of significant assets are periodically reviewed and adjusted prospectively to reflect the Company’s current estimates of the respective assets’ expected utility. Repair and maintenance costs are expensed as incurred.

 

The Company capitalizes certain costs associated with internally-developed software, primarily consisting of direct labor associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs of designing the application, coding, integrating the Company’s and the university’s networks and systems, and the testing of the software. Capitalization of costs requires judgment in determining when a project has reached the application development stage and the period over which the Company expects to benefit from the use of that software. Once the software is placed in service, these costs are depreciated on the straight-line method over the estimated useful life of the software, which is generally three years.

 

Capitalized Content Development Costs

 

The Company works with each client’s faculty members to develop and maintain educational content that is delivered to their students through Online Campus. The online content developed jointly by the Company and its clients consists of subjects chosen and taught by clients’ faculty members and incorporates references and examples designed to remain relevant over extended periods of time. Online delivery of the content, combined with live, face-to-face instruction, provides the Company with rapid user feedback that it uses to make ongoing corrections, modifications and improvements to the course content. The Company’s clients retain all intellectual property rights to the developed content, although the Company retains the rights to the content packaging and delivery mechanisms. Much of the Company’s new content development uses proven delivery platforms and is therefore primarily subject-specific in nature. As a result, a significant portion of content development costs qualify for capitalization due to the focus of the Company’s development efforts on the unique subject matter of the content. Similar to on-campus programs offered by the Company’s clients, the online degree programs enabled by the Company offer numerous courses for each degree. The Company therefore capitalizes its development costs on a course-by-course basis. As students must matriculate into a client program in order to take a course, revenues and identifiable cash flows are also measured at the client program level.

 

The Company develops content on a course-by-course basis in conjunction with the faculty for each client program. The clients and their faculty generally provide course outlines in the form of the curriculum, required textbooks, case studies and other reading materials, as well as presentations that are typically used in the on-campus setting. The Company is then responsible for, and incurs all of the expenses related to, the conversion of the materials provided by each client into a format suitable for delivery through Online Campus.

 

The content development costs that qualify for capitalization are third-party direct costs, such as videography, editing and other services associated with creating digital content. Additionally, the Company capitalizes internal payroll and payroll-related costs incurred to create and produce videos and other digital content utilized in the clients’ programs for delivery via Online Campus. Capitalization ends when content has been fully developed by both the Company and the client, at which time amortization of the capitalized content development costs begins. The capitalized costs are recorded on a course-by-course basis and included in capitalized content costs on the consolidated balance sheets. These costs are amortized using the straight-line method over the estimated useful life of the respective capitalized content program, which is generally five years. The estimated useful life corresponds with the Company’s planned curriculum refresh rate. This refresh rate is consistent with expected curriculum refresh rates as cited by program faculty members for similar on-campus programs. It is reasonably possible that developed content could be refreshed before the estimated useful lives are complete or be expensed immediately in the event that the development of a course is discontinued prior to launch.

 

Impairment of Long-Lived Assets

 

The Company reviews long-lived assets, which consist of property and equipment and capitalized content development costs, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset is measured by a comparison of the carrying value of an asset or asset group to the future undiscounted net cash flows expected to be generated by that asset or asset group. If such assets are not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of an asset exceeds the estimated fair value (discounted cash flow) of the asset or asset group. In order to assess the recoverability of the capitalized content development costs, the costs are grouped by program, which is the lowest level of independent cash flows. The Company’s impairment analysis is based upon forecasted financial and operational results. The actual results could vary from the Company’s forecasts, especially in relation to recently launched programs. For the three and six months ended June 30, 2015 and 2014, no impairment of long-lived assets was deemed to have occurred.

 

Comprehensive Loss

 

The Company’s net loss equals comprehensive loss for all periods presented as the Company has no material components of other comprehensive income.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation awards based on the fair value of the award as of the grant date. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the awards’ requisite service period, adjusted for estimated forfeitures. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using an accelerated recognition method when it is probable that the performance condition will be achieved.

 

See Note 8 for a summary of assumptions used in calculating the fair value of stock options.

 

Recent Accounting Pronouncements

 

In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles —  Goodwill and Other —  Internal-Use Software. The ASU provides guidance to customers in a cloud computing arrangement to determine whether the arrangement includes a software license. When a cloud computing arrangement includes a software license, the customer is required to account for the license element of the arrangement consistent with the acquisition of other software licenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.

 

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest. The ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. Adoption of this standard will not have a material impact on the Company’s consolidated financial position.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB deferred by one year the mandatory effective date of this ASU from January 1, 2017 to January 1, 2018. Early application is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

 

The Company has reviewed other new accounting pronouncements that were issued as of June 30, 2015 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations.

 

XML 23 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Taxes        
Effective tax rate (as a percent) 0.00% 0.00% 0.00% 0.00%
XML 24 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 88,224 $ 86,929
Accounts receivable, net 4,393 350
Advance to clients, current 817  
Prepaid expenses 3,215 2,709
Total current assets 96,649 89,988
Property and equipment, net 7,353 6,755
Capitalized content development costs, net 15,373 13,155
Advance to clients, non-current 1,733 1,675
Other non-current assets 1,995 1,466
Total assets 123,103 113,039
Current liabilities:    
Accounts payable 2,846 2,293
Accrued expenses and other current liabilities 21,881 17,138
Deferred revenue 13,426 1,906
Refunds payable 3,077 2,431
Total current liabilities 41,230 23,768
Rebate reserve 642 639
Other non-current liabilities 612 621
Total liabilities $ 42,484 $ 25,028
Commitments and contingencies (Note 5)    
Stockholders' equity (deficit):    
Common stock, $0.001 par value, 200,000,000 shares authorized, 41,502,290 shares issued and outstanding as of June 30, 2015; 40,735,069 shares issued and outstanding as of December 31, 2014 $ 42 $ 41
Additional paid-in capital 224,523 216,818
Accumulated deficit (143,946) (128,848)
Total stockholders' equity 80,619 88,011
Total liabilities, and stockholders' equity $ 123,103 $ 113,039
XML 25 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net loss $ (15,098) $ (17,645)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,390 2,646
Stock-based compensation expense 5,915 3,239
Change in the fair value of the Series D redeemable convertible preferred stock warrants prior to conversion   695
Changes in operating assets and liabilities:    
Accounts receivable, net (4,043) 1,180
Advances to clients (875) (569)
Prepaid expenses (506) (1,010)
Other assets (555) 662
Accounts payable 553 (773)
Accrued expenses and other current liabilities 5,101 1,921
Deferred revenue 11,520 11,130
Refunds payable 646 196
Rebate reserve 3 (5)
Other liabilities (9) (25)
Net cash provided by operating activities 6,042 1,642
Cash flows from investing activities    
Expenditures for property and equipment (2,040) (1,720)
Capitalized content development cost expenditures (4,498) (3,476)
Other investing activities   (21)
Net cash used in investing activities (6,538) (5,217)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of offering costs   100,302
Proceeds from exercise of stock options 2,227 1,023
Tax withholding payments in connection with net settlement of restricted stock units (436)  
Proceeds from revolving line of credit   5,000
Payment on revolving line of credit   (5,000)
Net cash provided by financing activities 1,791 101,325
Net increase in cash and cash equivalents 1,295 97,750
Cash and cash equivalents, beginning of period 86,929 7,012
Cash and cash equivalents, end of period 88,224 104,762
Supplemental disclosure of non-cash investing and financing activities    
Accretion of issuance costs on redeemable convertible preferred stock   89
Accrued capital expenditures $ 199 278
Deferred offering costs included in accounts payable and accrued expenses   144
Common stock granted in exchange for consulting services received   $ 55
XML 26 R35.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock-Based Compensation (Details 2) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Fair value assumptions and methodology          
Weighted average grant date fair value (in dollars per share) $ 12.51 $ 6.77 $ 12.42 $ 5.91  
Summary of shares of common stock granted during the period          
Estimated Grant Date Fair Value per Share $ 12.51 $ 6.77 $ 12.42 $ 5.91  
Summary of restricted stock unit activity          
Total unrecognized compensation cost related to unvested RSUs $ 16,800   $ 16,800    
Unrecognized compensation cost period expected to be realized     3 years    
Stock options          
Fair value assumptions and methodology          
Risk-free interest rate minimum (as a percent) 1.50%   1.50% 1.80%  
Risk-free interest rate maximum (as a percent) 1.90%   1.90% 2.10%  
Expected Term in (Years)   5 years 11 months 27 days      
Expected volatility minimum (as a percent)       54.00%  
Expected Volatility (as a percent) 50.00%   50.00%    
Expected volatility maximum (as a percent)       55.00%  
Dividend yield (as a percent) 0.00% 0.00% 0.00% 0.00%  
Number of Options          
Outstanding balance at the beginning of the period (in shares)     5,850,211    
Granted (in shares)     666,551    
Exercised (in shares)     (505,156)    
Forfeited (in shares)     (51,071)    
Expired (in shares)     (1,957)    
Outstanding balance at the end of the period (in shares) 5,958,578   5,958,578   5,850,211
Exercisable at the end of the period (in shares) 3,518,972   3,518,972    
Vested and expected to vest at the end of the period (in shares) 5,747,424   5,747,424    
Weighted Average Exercise Price per Share          
Outstanding balance at the beginning of the period (in dollars per share)     $ 5.39    
Granted (in dollars per share)     25.52    
Exercised (in dollars per share)     4.41    
Forfeited (in dollars per share)     11.27    
Expired (in dollars per share)     4.81    
Outstanding balance at the end of the period (in dollars per share) $ 7.67   7.67   $ 5.39
Exercisable at the end of the period (in dollars per share) 4.03   4.03    
Vested and expected to vest at the end of the period (in dollars per share) $ 7.38   $ 7.38    
Weighted Average Remaining Contractual Term          
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2     7 years 1 month 28 days   7 years 3 months 29 days
Granted     9 years 8 months 5 days    
Exercised     5 years 9 months 22 days    
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2     7 years 1 month 28 days   7 years 3 months 29 days
Exercisable at the end of the period     6 years 2 months 16 days    
Vested and expected to vest at the end of the period     7 years 1 month 6 days    
Aggregate Intrinsic Value          
Outstanding balance at the end of the period $ 146,080   $ 146,080   $ 83,487
Exercisable at the end of the period 99,080   99,080    
Vested and expected to vest at the end of the period 142,599   142,599    
Additional disclosures          
Compensation cost related to the nonvested awards not yet recognized $ 14,200   $ 14,200    
Weighted average period for recognition of compensation cost     2 years 3 months 18 days    
Aggregate intrinsic value of employee options exercised     $ 14,000 $ 6,800  
Summary of shares of common stock granted during the period          
Number of Shares Underlying Options Granted     666,551    
Exercise Price per Share     $ 25.52    
Stock options | Minimum          
Fair value assumptions and methodology          
Risk-free interest rate (as a percent)   1.90%      
Expected Term in (Years) 6 years   5 years 9 months 29 days 5 years 4 months 24 days  
Expected Volatility (as a percent)   54.00%      
Stock options | Maximum          
Fair value assumptions and methodology          
Expected Term in (Years) 6 years 29 days   6 years 29 days 6 years 3 months  
Restricted Stock Units          
Summary of restricted stock unit activity          
Outstanding balance at the beginning of the period (in shares)     992,665    
Granted (in shares)     548,912    
Vested (in shares)     (259,538)    
Forfeited (in shares)     (45,886)    
Outstanding balance at the end of the period (in shares) 1,236,153   1,236,153   992,665
Weighted-Average Grant-Date Fair value          
Outstanding at the beginning of the period (in dollars per share)     $ 11.39    
Granted (in dollars per share)     25.36    
Vested (in dollars per share)     11.31    
Forfeited (in dollars per share)     14.10    
Outstanding at the end of the period (in dollars per share) $ 17.51   $ 17.51   $ 11.39
Other stock awards          
Summary of restricted stock unit activity          
Granted (in shares) 26,567   26,567    
Fair value of stocks granted $ 800   $ 800    
XML 27 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Common Stock and Preferred Stock Reserved for Future Issuance (Tables)
6 Months Ended
Jun. 30, 2015
Common Stock and Preferred Stock Reserved for Future Issuance  
Schedule of shares of common stock reserved for future issuance

At June 30, 2015, the Company had reserved a total of 9,071,988 of its authorized shares of common stock for future issuance as follows:

 

Outstanding stock options

 

5,958,578 

 

Possible future issuance under stock option plan

 

1,877,257 

 

Outstanding restricted stock units

 

1,236,153 

 

 

 

 

 

Total shares of common stock reserved for future issuance

 

9,071,988 

 

 

 

 

 

 

XML 28 R36.htm IDEA: XBRL DOCUMENT v3.2.0.727
Net Loss per Share (Details) - shares
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Restricted Stock Units    
Potential dilutive securities that would have been anti-dilutive    
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares) 1,236,153 1,001,390
Stock options    
Potential dilutive securities that would have been anti-dilutive    
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares) 5,958,578 6,388,908
XML 29 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Net Loss per Share (Tables)
6 Months Ended
Jun. 30, 2015
Net Loss per Share  
Schedule of potential dilutive securities that would have been anti-dilutive due to net loss

 

 

 

 

Three and Six Months Ended
June 30,

 

 

 

2015

 

2014

 

Stock options

 

5,958,578 

 

6,388,908 

 

Restricted stock units

 

1,236,153 

 

1,001,390 

 

 

Schedule of calculation of basic and diluted net loss per share attributable to common stockholders

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator (in thousands):

 

 

 

 

 

 

 

 

 

Net loss attributable to holders of common stock

 

$

(9,630

)

$

(10,597

)

$

(15,098

)

$

(17,734

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding, basic and diluted

 

41,362,476

 

39,304,884

 

41,171,669

 

23,588,330

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to holders of common stock, basic and diluted

 

$

(0.23

)

$

(0.27

)

$

(0.37

)

$

(0.75

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 30 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 31 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Description of the Business
6 Months Ended
Jun. 30, 2015
Description of the Business  
Description of the Business

1.Description of the Business

 

2U, Inc. (the “Company”) was incorporated as 2Tor Inc. in the State of Delaware in April 2008 and changed its name to 2U, Inc. on October 11, 2012. Under long-term agreements, the Company provides an integrated solution comprised of cloud-based software-as-a-service (“SaaS”), fused with technology-enabled services (together, the “Platform”), that allows leading colleges and universities to deliver high quality online degree programs, extending the universities’ reach and distinguishing their brands. The Company’s SaaS technology consists of (i) a comprehensive learning environment (“Online Campus”), which acts as the hub for all student and faculty academic and social interaction, and (ii) operations applications, which provide the content management, admissions application processing, customer relationship management and other functionality necessary to effectively operate the Company’s clients’ programs. The Company also provides a suite of technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

 

XML 32 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2015
Dec. 31, 2014
Condensed Consolidated Balance Sheets    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 41,502,290 40,735,069
Common stock, shares outstanding 41,502,290 40,735,069
XML 33 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2015
Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.

 

Unaudited Condensed Consolidated Financial Information

 

The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with U.S. GAAP. The Company has condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP in the accompanying unaudited condensed consolidated financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of financial position, the results of operations, changes in stockholders’ equity and cash flows, and the disclosures made herein are adequate to prevent the information presented from being misleading. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the full year ending December 31, 2015 or the results for any future periods. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015.

 

Use of Estimates

Use of Estimates

 

The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of long-lived assets, fair value measurement and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from those estimates.

 

Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

 

The Company recognizes revenue when all of the following conditions are met: (i) persuasive evidence of an arrangement exists, (ii) rendering of services is complete, (iii) fees are fixed or determinable and (iv) collection of fees is reasonably assured.

 

The Company primarily derives its revenue from long-term contracts that typically range from 10 to 15 years in length. Under these contracts, the Company enables access to its Platform to its clients and their faculty and students. The Company is entitled to a contractually specified percentage of net program proceeds from its clients. These net program proceeds represent gross proceeds billed by clients to students, less credit card fees and other specified charges the Company has agreed to exclude in certain of its client contracts. A refund allowance is established for the Company’s share of tuition and fees ultimately uncollected by its clients. The Company also offered rebates to a group of students who enrolled in a specific client program between 2009 and 2011, which the Company will pay to the student if he or she completes the degree and certain post-graduation work requirements within a specified period of time. These rebates and refunds offset the net program proceeds recognized as revenue. Revenue is recognized ratably over the service period, which the Company defines as the first through the last day of classes for each semester in a client’s program. The Company invoices its clients based on enrollment reports that are generated by its clients. In some instances, these enrollment reports are received prior to the conclusion of the drop/add period. In such cases, the Company establishes a reserve against revenue, if necessary, based on its estimate of changes in enrollments expected prior to the end of the drop/add period.

 

The Company generates substantially all of its revenue from multiple-deliverable contractual arrangements with its clients. Under each of these arrangements, the Company provides (i) access to Online Campus, which serves as a learning platform for its client’s faculty and students and which also enables a comprehensive range of other client functions, (ii) access to operations applications which provide the content management, admissions application processing, customer relationship management, and other functionality necessary to effectively operate the Company’s clients’ programs and (iii) technology-enabled services that support the complete lifecycle of a higher education program, including attracting students, advising prospective students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

 

In order to treat deliverables in a multiple-deliverable contractual arrangement as separate units of accounting, deliverables must have standalone value upon delivery. The technology-enabled services within the Platform are provided primarily in support of programs delivered through Online Campus, and for students of the programs delivered through Online Campus. Accordingly, the Company has determined that no individual deliverable has standalone value upon delivery and, therefore, deliverables within the Company’s multiple-deliverable arrangements do not qualify for treatment as separate units of accounting. Accordingly, the Company considers all deliverables to be a single unit of accounting and recognizes revenue from the entire arrangement over the term of the service period.

 

Advance payments are recorded as deferred revenue until services are delivered or obligations are met, at which time revenue is recognized. Deferred revenue as of a particular balance sheet date represents the excess of amounts received as compared to amounts recognized in revenue in the consolidated statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on the Company’s consolidated balance sheets.

 

Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. All of the Company’s cash is held at financial institutions that management believes to be of high credit quality. The Company’s bank accounts exceed federally insured limits at times. The Company has not experienced any losses on cash to date. To manage accounts receivable risk, the Company evaluates the creditworthiness of its clients and maintains an allowance for doubtful accounts, if needed.

 

Four of the Company’s clients accounted for the following percentages of revenue for the periods presented below:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Client A

 

45 

%

54 

%

48 

%

58 

%

Client B

 

10 

 

16 

 

10 

 

16 

 

Client C

 

11 

 

14 

 

12 

 

14 

 

Client D

 

17 

 

 

15 

 

 

 

Additionally, the Company’s largest client accounted for 74% and 35% of the Company’s accounts receivable balance as of June 30, 2015 and December 31, 2014, respectively. No additional clients accounted for more than 10% of the Company’s accounts receivable balance as of June 30, 2015, while two additional clients accounted for more than 10% of the Company’s accounts receivable balance as of December 31, 2014.

 

Property and Equipment

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and amortization. Computer software is included in property and equipment and consists of internally-developed software. Expenditures for major additions, construction and improvements are capitalized. Depreciation and amortization is expensed using the straight-line method over the estimated useful lives of the related assets, which range from three to five years for computer hardware and five to seven years for furniture and office equipment. Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining term of the leased facility or the estimated useful life of the improvement, which ranges from four to ten years. Useful lives of significant assets are periodically reviewed and adjusted prospectively to reflect the Company’s current estimates of the respective assets’ expected utility. Repair and maintenance costs are expensed as incurred.

 

The Company capitalizes certain costs associated with internally-developed software, primarily consisting of direct labor associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs of designing the application, coding, integrating the Company’s and the university’s networks and systems, and the testing of the software. Capitalization of costs requires judgment in determining when a project has reached the application development stage and the period over which the Company expects to benefit from the use of that software. Once the software is placed in service, these costs are depreciated on the straight-line method over the estimated useful life of the software, which is generally three years.

 

Capitalized Content Development Costs

Capitalized Content Development Costs

 

The Company works with each client’s faculty members to develop and maintain educational content that is delivered to their students through Online Campus. The online content developed jointly by the Company and its clients consists of subjects chosen and taught by clients’ faculty members and incorporates references and examples designed to remain relevant over extended periods of time. Online delivery of the content, combined with live, face-to-face instruction, provides the Company with rapid user feedback that it uses to make ongoing corrections, modifications and improvements to the course content. The Company’s clients retain all intellectual property rights to the developed content, although the Company retains the rights to the content packaging and delivery mechanisms. Much of the Company’s new content development uses proven delivery platforms and is therefore primarily subject-specific in nature. As a result, a significant portion of content development costs qualify for capitalization due to the focus of the Company’s development efforts on the unique subject matter of the content. Similar to on-campus programs offered by the Company’s clients, the online degree programs enabled by the Company offer numerous courses for each degree. The Company therefore capitalizes its development costs on a course-by-course basis. As students must matriculate into a client program in order to take a course, revenues and identifiable cash flows are also measured at the client program level.

 

The Company develops content on a course-by-course basis in conjunction with the faculty for each client program. The clients and their faculty generally provide course outlines in the form of the curriculum, required textbooks, case studies and other reading materials, as well as presentations that are typically used in the on-campus setting. The Company is then responsible for, and incurs all of the expenses related to, the conversion of the materials provided by each client into a format suitable for delivery through Online Campus.

 

The content development costs that qualify for capitalization are third-party direct costs, such as videography, editing and other services associated with creating digital content. Additionally, the Company capitalizes internal payroll and payroll-related costs incurred to create and produce videos and other digital content utilized in the clients’ programs for delivery via Online Campus. Capitalization ends when content has been fully developed by both the Company and the client, at which time amortization of the capitalized content development costs begins. The capitalized costs are recorded on a course-by-course basis and included in capitalized content costs on the consolidated balance sheets. These costs are amortized using the straight-line method over the estimated useful life of the respective capitalized content program, which is generally five years. The estimated useful life corresponds with the Company’s planned curriculum refresh rate. This refresh rate is consistent with expected curriculum refresh rates as cited by program faculty members for similar on-campus programs. It is reasonably possible that developed content could be refreshed before the estimated useful lives are complete or be expensed immediately in the event that the development of a course is discontinued prior to launch.

 

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

The Company reviews long-lived assets, which consist of property and equipment and capitalized content development costs, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset is measured by a comparison of the carrying value of an asset or asset group to the future undiscounted net cash flows expected to be generated by that asset or asset group. If such assets are not recoverable, the impairment to be recognized is measured by the amount by which the carrying value of an asset exceeds the estimated fair value (discounted cash flow) of the asset or asset group. In order to assess the recoverability of the capitalized content development costs, the costs are grouped by program, which is the lowest level of independent cash flows. The Company’s impairment analysis is based upon forecasted financial and operational results. The actual results could vary from the Company’s forecasts, especially in relation to recently launched programs. For the three and six months ended June 30, 2015 and 2014, no impairment of long-lived assets was deemed to have occurred.

 

Comprehensive Loss

Comprehensive Loss

 

The Company’s net loss equals comprehensive loss for all periods presented as the Company has no material components of other comprehensive income.

 

Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for stock-based compensation awards based on the fair value of the award as of the grant date. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the awards’ requisite service period, adjusted for estimated forfeitures. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using an accelerated recognition method when it is probable that the performance condition will be achieved.

 

See Note 8 for a summary of assumptions used in calculating the fair value of stock options.

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles —  Goodwill and Other —  Internal-Use Software. The ASU provides guidance to customers in a cloud computing arrangement to determine whether the arrangement includes a software license. When a cloud computing arrangement includes a software license, the customer is required to account for the license element of the arrangement consistent with the acquisition of other software licenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures.

 

In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest. The ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the consolidated balance sheets as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015. Adoption of this standard will not have a material impact on the Company’s consolidated financial position.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB deferred by one year the mandatory effective date of this ASU from January 1, 2017 to January 1, 2018. Early application is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

 

The Company has reviewed other new accounting pronouncements that were issued as of June 30, 2015 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations.

 

ZIP 34 0001104659-15-057188-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-15-057188-xbrl.zip M4$L#!!0````(`.>"!D?QM$6^1[@``$W7"P`1`!P`='=O=2TR,#$U,#8S,"YX M;6Q55`D``S+"PU4RPL-5=7@+``$$)0X```0Y`0``[%WID^*X%?^<5.5_<-C= MU*:*RS;W],P6?6UU,GTLW9-D/W6I;0':,1:1[.XF?WTD'V`#=MM@P`95:C.- MK>,=O_?T]'3X[)?WB2&]0D(1-C^7Y&J])$%3PSHR1Y]+-JT`JB%4^N7+7_Y\ M]M=*1;H@$%A0EUYFTBTD!!F&=(')%!-@L0:D2L4K^)_SP5=)QYH]@:8E:5ZM M-V2-Y_7."=)'4)*:55FMMMO5^J+V.:"L-&O/:4:IRO,W?O_8[$F=6K.FU.6F M),L]M=F35>GAUBWX_D(,B3%FTL^EL65->[7:V]M;E3^N8C)BM>IJ#9G4`J8& M2V[)GH',[S'%^>L71I=?_'VE_)OJE):[W6[->3LORAK2T;QLL-U6S7WI%]7A M4CD*M>H(O];8"\YLHU*7*ZH<;!FEX-%ZPW:HN&)7-3QQQ%AOJ76_'**XH2(N6?-IO!SB:+)U."<.L_&!`X_ESB_%9^YZCO52U+-;8AC M"9L6?+>D1ZAQ\#K086\T[S'2/Y?Z]/E^^-QZ5NO/O)5GCYOG1XNAD$/[ZK\V MLF87>#+%)OM)^^^(SDL-H`60"?4K0$QF3_063EX@<3EA';'RK*[WB_U&.G\R M1)!(#H#[U$`: MLEQ:)!VQU3W8GDK??&+K6?NK+:VGP5EM3!I9[60%,ZFD""L!V3BJ-_Z MXL*G55'K9S7_F=]"H,Y9S=->UJKLZSKB(`'&`T#ZC7D!IL@"QE%I-);'O"M6 M5IY5F6NV(8ST@$;:J,@*\_$'TJ6PTIQKMOTLA[UO_PT0_8F-WR$]7K&1',\@ M?+2P]OU^RMEU&9F7>#"`>0T_0=%&7I"Y=E+U:6NQT)VBQ(W!1CE[8[#6$@\]S'$U[G3%*"[M3`DU:! M3%7$NF3.ZXL_0>$J7#R=%X2FOBCF>1/_64;CA%!M3OW_W#;G0P"SS83#P0!2 MBR"-S?L=AK^9R**#QV\G.23$RN*8AH605YD/#/%>95YL,Z^R#49%R')"(VL,B:,.YV5!)KA+\')TO)Z372NWD4RY;@IC2^7*0KG[ M56Z26#4KY38"LQ)?N1M'KHO@")BC<)U;9**)/2DD%/8ZC,Q%M^@W)+M=3Y22 M>)9&MN!+Y%D$^(X=?'L>UO8&/O`NP+P9?IA..4P-5D8+[3'-J0M'Y MS5]E.IP(1>?.=4=MS]U@1T!!M;O5RGX.M]\*S15E2TY\DB+9UEOV>()-A_]B MZ#+A=ML5OHXP01"A^`>"67O6C.^EL/JFS@4UY9R=SU;,^BL$%(ZQH=],I@2_ M.H*EQY4X2"".!6QBY'$T"853`VN1$@U%`>N1IUXS`.NU35@\81/(REVC=_[7 M*3O6:'$(OUI,J!ZM6ST<5(57_0BJ/-RW+4CF94[8I4;(0OC3`H+T:)WI@4`J M/.E'('W$0^L-$'@)7Z&!`ZHY*OA%M7A%C'IED18^TSQLIN*YL2 MN/K-_[%S):7?4*LDV5#K%LLFU:N&+L-3\R42-5FB4]WNUKA,-SR*>V./*=%[+RQ%8Y*8* MGL^=L:EC\X8U2%Z`^?U^.(0$.B+Z>G-^/RBJSN=3YB3L"1@\\T^&%-G&_3=A M/DY8L8X#?QHC-G>Y!#/Z%;U@4E3E.@Y\+2_'I.#X0]<7V+F;TRT[0/3[^>P< MFMIX`LCW<*H;&)`.V"34M.$C)*^(34#OX/+>IS7-K29E;&KA"20K99?:N@5_ M8.(7I@OT71B(57MZP\7`W4<2#N39XT2\:YI.HC M/")_=&8Y)K`@H[TPS*T-8GLU=25VS`GN$(6M)_V:B5R8FQM;'UK?> MF/N:AFW38EC3('KE"\B;V#&!.K(BT)%7HW27QU?$Z^]+7BO?'5M>A#.(TM'^ M_4"3-RZGPSL8;[N>71F M*3*P)V28>\K`"M,4&5AAF+G+P`JS%!E889\$-?@:L;8C,^_&B-R,!N M893Q&9^UXA49GP-E?!)_CRW3NQ)2V:/(P(H,K+#'W=OC$06N(@-[,G'KWC*P M^?G<>7'-4F1@3\@P]Y>!%:8I,K#",'.7@15F*3*PPBYSF('=@V%&78THOO^] MT^]_[^%#`T*#^])@-A=6^UM>?>S]0V$X%/<"Z5W)YP#7$^=`Q!&3'N%USF6 MZ512A0NO9\\@C+_2C`7>>`+G\ZFO6'-JA?-LT#"8 MITQC!!8 M;,B$VMC$!AXQ#ZSS'4RL5.$^71F+#'>'5A(V!2P"5R7PM0/7P3[:TRDF1P.% M2-:.2?WQ$V@11>0DBLA/3D5$$;F+(HH!#A%%[#F**!`L1!11;/7''[T4440> MHHAV1CE#T`)BC ML))OV01F8D^*H=@Y^0NEAN@_:46"]V(K,DC_Z2A2W.@FKE8['I!'Q?X"Y0+E M19_WB&@JT\/CVQRQCM]4??`#USG89AY.RN9+(GE8[F3P6+/!R=_8$,H7@4)CH-XPH M;BARN_?M\3+^OI.LY?0Q!-D1C7,`PS4H_S$,8UJ>;6)LUJ`@VB&&^O% MABPX22HS=:4)E^(I^S-I&\I*&Y'BC&XD@HYUD@LVPN#U9$\-N(PO]OS*<-:N MEM_H$/7Z[(7.7UX;8"1Y>!W`X<=&.P0&98)9:631]H5-"'^(J`:,WR$@5ZZM MI.JFXOO4N!87?5YBS9[,BSPXQGC-GM%4G?ZFN/U%MA;5(:D2VN=LBG@JGZD>N5W\(]\"86#5\Y/OG"F48:-Z8.W_\)9ZEZ M"#K]R!97.ES<<^;F5@WV%6[. M[WT$,"MF4 ME.0"D=NJFI:2`#:]/93W0V^7#/H?7+.7[@)3*]X-+LWV8ZGFXU*C7@]0O1E! MNV)I?4KG(Y;:.>9HO0__B"-%SC%+ZS.1'^*NGBU+'Q=V;X!B(_^-^4"P!BEU M'O]*,*7;^J".&G!"VY&R2YZ2.S-%;M75/+%T![?TSDHC.&!M0T_S:R/DG>WQ*U9@;\7)H`,D)FQ8!#JU>?6I^\WP2-QNZ# M$J_UES__Z4^\XC1[@FS3`$V"Z[RCCIR?)K.R\ M+:+)2?4$94:Y"V2K&2,!A`E M>9"2`IB2'%!%R\+7>VVZ%Q0L\^1*`4RFG\P7.MV4M*`"U=9.:0V*6_/$K0?$ MK?EQ&D5\-BCAH62-H33$AH'?>$X'4/:L5VP=!+S+&]*M<8\%DS_-`6WQ_2"2 M!@W#LYO/I7K)^4VG0/-_>_5?,-$AJ6A,/F!*8<__XY/;L-2M5UG;*R89YLXB M\Y_N;UUZ=8R3MV]9>%(*D]MJ55NMGSYYY"TU&"U]+JW*V#5`N<[::/^TF4:V M5$I8(9Z"+#V=#.I*M=W)1@8!9\BWX4"RN53"#"?@D>&%H7%-P?Y/0;Q$8"(_8_,`C*MUJHW%@?G?AEGY&YD)J MUAC;%)@Z_;OP&]OY#39DKG<:+T#[/B+8-G4^F\&D)_UP<7%U=7V=5C*2_Y]< MK\IQ@O)FO%+%*[A3EY-HXKLS;Y29<+/UU:F]TD>&I&0)I/V/2S]F#P!9J=9C M`9"0(WF>*'+]BQ.>?BJQX/2-@.GGDOOO/(D12'$,#0RL<)JOYN5:%;G1PEON57NJ,WM0X.[CUEAQ$G4'$Y7(\Z7-\Y4E$UHBPY=X\>.$ES@.NI#19#.E#-;I!"`% M(+,!I%J6FQFLK!4#D`<:5XL9A.35'^5<(-[F@JRF&0I[KV.;GV39Y\;FXU"& MOZE!*",'RA"N0KB*_"I#N(H<*>,`065>2C_*U?I"&HQ\@[<(3%WZ ML5YMK[X98N(4PF:G*:5`XL2/U3HM,6/5)49?73*+Z5D9,RJ MTH[Y4JIR!%]RM1'-%T7OVW"U(9P$TGG)OJ.Y]0(O.]J!U$(3!PM#V[()7(\7 M7Y?)P((HOS7`O4*`2C\C4UHX"!=OI7LW-PNH!,[B>KSP6C]C: MF43&-WES+?8J[JY]5.#RZ0U&-[L2^(+8Q>\N:G\K(?1TQD(N(7 M;`%#S&3$B74^47-^U3S$&G>+XQYZ+R7.L!=W,+-25W]D)- MN593KL:JO$P,W)]%W:COT^PVR_K\7)*=9J1HF01YE((_$G^#_;UAB3Q2[I9-]N#'ZZ\>;NNO1%J3=# M'[V-ZRA(#YY,L.F4\FLXA0>00O(*]6M,KIV]WC>4VOR;T_>V12U@:[P("MJ2VZJ/@<9DY81UTZM^RE'R7;<-KO-3K/=R8#;($G; ME/,49*Z7QJ\$F-:2O6WSI7.5 M*3/X8=>5GM:3$\@\H40= M5\C;]8Y3,0J81LO^5UCY5U?92\6MY%0,5'%Q0>>X:*XI-)UCQ2E7E?I6(A[& M0.>'[UQ<`8]B3+DH3)P*$R<`DMZ"FS; M[\FN9M(Z&=\+F<]UAT`HY2$2N\'4#J:]>;IH<\=K$;F^7[I99N%WF<7?667> M9:7X:MTZ\][9Z#Z6?'H%?YJQ,C39?*819 M33^S-/QBJ"@K\SZA<(#,$TF>P?,\@(@+CC M)\BWJ,3U^T704JY\8%Y6>D][:O6TG-L,9@-),%F]-/<2;50O,MD*S#'G&M;+&<4UYB&/=G47>K'7:MF%^_RJ(>?F.F>WLF#X&0 M94'(XZ'`.JO#U`_O_(S_)RJ]8$!T7D)'!&H6)K0L`7AA&PC]L8[:0H>Q=M>IEN,$;JTOY4C6<3`T\@]#Y,;6) M-@842H`5&8V(TR7O0NZ6VPTUK6C.FO5:S-O M/AD\-%SN45'+W68CHL-?Y=MXMUPJUO'NK*RV#RV&0$! M#JX\\WQDJF!6Y>RE.V>8UR\"[N8.FZ_,OJ#>=^S)F8\%W_,-K'?8^ATRPC4\ M,OGNC5OPSF7]``G"7,7>&UY<3K>)5O4WT1Z$UH"LK@$B_P*&#?OZ'S:UN"3O MA_\&A/M$^L#JDB=\P;LGU/71F>T7;'4#&P;3D1&DW[&R-1BA?7X+Q.\0D&ON MSK:!I]QJ!RA-UF$B$@=P`OA@2^Z'UXAJP."UMR.UV^@FH75MSXEH=AC$-I&W MHE-I*/4D=,Y[2T*;+_OM2),;'M M*%.;JIR4,M;7"ET?^WRZSNEG:./R"OU9T)05HSOP%')WQ:ME25P:SM4;$C:2^8G/TE>%6[U,*EXXH;1G&^<3'=)F-IX`\CV4M_'Z9C,Q#:)73K2;PHEK MZ6DV#2=_+@AD7*V47)\,:JR>F/7$N;F,=B_H,$R**>=ZEG)F$.<#&F7E5D]@ M\TQ0EIY!;;0#9O=AUYF1F=(Y-!K=SH9D.OFQ)WS)_GUE;O@5FK9[D);'"T^0 M3'@]`K14(VMC5!/#INIXU<3P<-NWF7=(9=VG1T>(:F(H)UUDDU.RW/Y6CHQJ8JB. M8]5QK&IBV`QIV4RETSS9*#FJ5!/#)I!)-3%L!)FDTE6R.`;B8U/+0F4PBV&K M*9%30W+WCJGCLF:(RT)]>4%K4!NAE:*RV^51*^D]MX94LBPX<'A#CD12'D@< MO3[W45'=WT4C%YO[SU22,YHEKU'S7*]1H&GJW M;2GV5NQ]DNQM=/6^9>]O&DA*\H.;".=C"&"'@VD4NH359Q,T@W=VC=`<5:WI M`[NK""0O@2R].QC(X;(U1_I6[Z"9[98IC5R^I5H`9.FN32:8]FYE4U3S$<'54-.I-5 M%%/,K9C[M"G6G$"=+,G#*L[W:IQ/UP(2JPC?QH2:\VTPB151Y)CI`TN>"(EQ05,1:3&A0Q)""&$A5* M5,A+#"4J)"+&$8Q*66(]XJ.Z*#[:Z:+X!O?!5W5,WK37.1\>7;`'N6Z*R]U+ M;(GTKT[B%2BA.8&W_0CK&YA-4_KCN!K).$!U*U/=RE2W,CFC-IN:#*H\7K/* MX^G&0%7'.W[)9&DEHNI6YC>NUKFIM]O]*C=U,TA5U=8]?3-'=2NK>KO+JMUM MTU;:76EWU:WL=+1[SS*5;E>Z7?4J.V_=;EFJR[C2[*I3V5HMZSX].D)4IS(YZ2*;G)(EST2Y,:I3F3J*54>QW.ZS]8%1:61'4MHW-^;3 M3)W3/-$H.:I4H[(FD$DU*FL$F:325;+X!>*CRC\?K<@_KRYU?&5F^NW8B0B[ M&7X()Y,PN(WAN>^$D>B1>)_"2$STF;'$"5PB:\^R0V:BQR^FH0,6ITXPT\:. MIT4I&C5'B]&_PQ3V@=[N&?J@W\]W>ZBRRG5/@6,D91.B^J)B`OB4J"0H.W MZZO#VPS>V48D'#>!LM_KZ:9=V14)W/C-(%%5V_N,S`$P5^.(NGCK4FSX)*"J M#=()VP6&;EI=W;`M91=(+#B:&1)JGB20&U6J]&P3J"25#)0E''S>KA5/!ED7 M#`E8]UH'W>3*$HZPZ5&R%5FSVJI%JSA),L-HSXJ(ZT M1RN.M'<_8C3@4 M_?A,(I-,[_F\=[,IN7JF+/_VXV3JAS-"^+824'TADP<27;S[9O]W\,4TKS-T M'&FM%:+[G_!@+">N!__M?[&K0O5.ZUS$\_O7YW^_.#],Z,+?,,O5=.I3XMT$ MA1.`%8(/?-:/^W`E1OM[1M\,G6S?HUP17<#+/] M7'P?5\E6L.Y:)=0I[.<'PG+J&/^-A7$E>"%LMNKX1FU4Q[ MP;0YACK6&DIM!%.4$.]WZCQ0G\84=EK@W<1C$A6^V@]A1L^P^HO@O3YI-7!N MP69&OV]4`&;6E;J8K`M_^V1%UFZ6ZHL[.B[F^^Z'\>Z@O[1C*@'K8(O=G&Q] M$`^'6*OG47S<\;\YU/LCAI&""$);=G#;"K#7+IT.[[H8OB8+4UEMZR6;Y>8/ M&R+!:C>5^MDS_R0!B<`;`U7I36A`68Q#/Y)TV@WQ8`P&=L,1<4M\7^R#+T[T M`^R'8+0=#BS3."H*=@LXF^W.C0#KVA(R[1$$F-5O6PU' MQ-X"K&-+(<.W%&!6O]N3#^R#N)#M1B^\&@'6,9N*A&H%F&G;4IBBQQ1@9J\" M7@ABZE$_00K<$C>)^-G%QV?73SSB?8K""0Z1Q'R$F^%')\+T`O:-1'R2JPD> M)^WB9.\Y\?O9Z@$V3,I80.W2.6W7ZO<'[7X!MU7@21;4K\Q@^9Y?X>3H0KRP M[[=_;(@P<(X-:]!N.,+6I?Q(S:OVP.[;O:;SZE;95GORJFEU#=NJ%V&,D7C? M\W'#:B^>%_!A-YQJBY1-TS(6'8*U,U62+-$?#/K]%1.NSD5X9=[-%SKH=CNK M,+IRVO3`B>M-CV(J,@.]CD]Z[Y/X:QC_E\1X-%7E"9'9*V-E4QAJ@'S;M-^% MD-A>D*=G\#?#SP!?%#@^S\[]%OK4G&_VO$2X0[D&5F`!SQ MV.%-P#WB@Q*"/8)OQV-"L8).@JN%\<91F(S&V@V'4?L`DR>LI2&8H?@J&RV= M%D;Y,X1)_9GV,"M5I4-XL.B<6`97'HQBQGTXU%CR\"=Q\4`3>/?@C3(O($-84N$3\1I[A;9_@:AD=!6*Q$<]=AO_X MY-&!-82`!G@2U@,Z6)OR\WP.7PQ$;F5(2/$UXS^,%?V@>+0G&;XD(YP MDLLXO,3_`H!@0R0NTD''KNR/%*`I(8F_&<$V\[2$`3!#0CR\GIT2*\9O.94G MS@\DP2C$4BBP[(CP89FN34*/#JF@=HJ7"\FFH)$`W8`4+7!0Y;2T*W@3[TH#@\*J->0W M3A%<#"9[A8&X6;T,C\NOH/P%>*7#&;]E[9:4D^8E),//,'03]N*JBR.3(8R& MFRW@SX-B_0N&2E)0#%/BW`*E'U?24EJV(BV;,@;+]^,+?($TAL?^3`(N;(6TYGLQU48Y3+ M>#8%^84`@L3T,FCF,@'\&8PEEC>CD)RH7MD4=3TOV!=&>J:K$U3;OI^MAXA8 M(6H:GC`+^TC/Q!'(99:*3?PFASW#%Q<>1<2G6Q3Q!4M@"1757)$^N9Q?;=NH MC;7GQEJOUS@[O:#<.*>-:>1=3AVT*#R*5HUX60N*NFXYD.=BV- M,]-`\#<3R9C`6HR%F&^=V6-XAX<_Z]'1/$,9U=P\Z].?E2LIE[1(ZA:"03*+ M0MPN,&?Z]V7&LV*A-'4Z417P:8EX.`K!#"=B!<4]N0"1EL14.%GI1EME`.?J ML\33C]19M-7+[BUH6S!IGW!?9K.-`:D/!+X8)KC#YY8;[*F',"[;:ZGP2D'2 M44<]C2E0!DUDS2DDL^=RJN`TKN>-!P+LFGH6Y3?P5^0,X`74K]Z+`CH5+3R( MQJ7UBLES]9\*%UY7BE/OP?%Y&5$V)B06P'`;.0,A71Y!XQPY"0?`LR2T6R\Y MTB<$;%Q/.!)BYSI8(.%+R,WDC,K2S*2E\A/*D+A\`* M-_49U[-^&-R4FDMCP5N90;/HRB%#L]3R7#8[6]IG[K7BC;P0+4<8*"L'RP7, MDN>!O.+#C"2#!:<75N(:$CT206]PZ/"B!A`LPM=3#84.U00$#[P#DZ=;%"V\ MU*4NN#^#C!G-6`^86-23:G5[W M:'!N$YSO#LS%8.[!\;G!#:^^:7;J`5-<'\GN&E\3\=\J`_V#7F_AON@VD-2T MAFU#_N9"3N$>2P@G$RIN_J3I,4`N$KCH+STS^C:@_F\7<920BVU9^Y<*)WH) M-9O/X#6*9?]*Y7QVZR:E%5F%30N+'$3:*`"N'M1Z)UD\-Y)5MGC)VA:-&G_A[)7C)0VQ(C1>5N`%/=R1*9X M(L]_GL-)120`/>1/Y"$J0V'T!12_SF/M.BP*76,L\J`]P9<8MLS+]#O\C&)U MVRKTJ]82IM/2_IA#OP[CBYVOQ$E2VOL#GIHO:YB@&YR=>``-WM"?YY,Z@CSH MI18<;H+1*GS6:-D_@9.O"4> M>N\I(-R'YB,:/R$>\`FK0$'/F6F_?WY_\SU[2,>GWM`BT(7?30"PI7U"[DPI MD7-&Q@.DN,0BUB;.3)PG\A`7^,.788!NM2@!P\^C(O@!@V/B4!E]=V"=61J3 MRTB/O`^L`$ZR`_[\B]!PR!>A^)%%V99!`)XL',>&`:[@*4RC47B:-`$9,!8: MZ@EX']WU`JF=%&"^A5/X-#H4\.>@9;"*:!/?&L4X`8;K1.`F`S*%J>E>^W&% M\_MLA[("IRX**QZ,\3'&&J51L@=^!HMB)J8\)%8X2E@9XG)XUI4(ESF/#O5% MV91924JPHL1,)^>PT)+HX($ARF.%XL2>\(/=-!`]I`'\1'E`]Q&8C1^`BJ@D M/*(CG\&3(O0+$\&L^CQRE`=:W3$E&(A*3YAAR9BZ/DDF@N,O.<=K&'WT13L4 M?L8HC@>9YB51%J&,R?S0:*[($-#EH1E]7AQX&H5#/#X1R$J'YS$Z$'T+!UV8 M?I"=7N92HZ5]!H68QMC+>YX+]NSH*IRGJS@Y0`XOS\"'HUB!'+V43$"G4P&* MQH#]2[Y.G\*#,!7(*HR[`?7@H1CDM]$6[ZW42(F:]4M)?8+`5H&I/ MH)'LEMGEPW9;'5LOA'T!-TIT['WKJ9G@"LIF7* M[L`R_#`GYU\'TU\\\@!T#@ACFHC>INH0U`$,'W/SW$:88)3&P>33*4IP<5]0<$:D^B)20\:5FKWG$]1VT MR42"4(0J%)[#(R>P.M*OT],&$=!.$R5Q?K1*F4C(RB5#JA3US$(`D22\05WS M0RQ.ATK>>T19"%]Q\UD8SR!``N:(K*34+AX.`:MX#H`RD.O32*0KS7)!Q6?/ MSG=YB`)K2C)N_&#"SXAP+`TI<^%W/`$!\3)<%"IH9?.S^K*8CC?B%P!NB*O@ M22C\MA@&7C@O`-&(,!H"/)G(A^?@`:=QF?Y$F3@KB&B6?Y8>#\`4'ADZB1^_ M,#G_#C/0@.1H:J4"4IL;,+F!/N1*#^Q,T#93QT]/OU+;I&"$+Z%H"+*=B0RX M13.N#(`X.D$;",-')-LS@MM@3Q%OA#S""MIY[=*6L@-VA#'X"C]X+_+7M8#P3MZ*$7!F14GU#ZG M`MA/&!#@%BB($F$;NJ5(<99T$\%3X)+G*4*BE?,#GDB#\%[:9"@*TZP>OM'F M,^,#B[.OFGS&C5,=_26/H(SF.:X@\T%`X`DHZDCX^8F+"D`U*IN$F^0H%%.! MD<=#QLXCIL;E(CX=!Q,4T;@.@])R0+""'!5Y&R*C$KXJVM>!4,M2Y=&#A MN2Y'U&@QH\,+B<#)`_'1OLX-;][*AH=VTG-EDIXKIX8`3X6:@PW2D*51'&[V M9ZZCC_E5,YZL,`JXHX)TYXOF.19Y:HB3YVYB[D'V=SD#(2,*%P+=,2VN<6/Q`(N[3+7J@K!QK?2#Q$VZ0EZX,9*90 M\1GAC0.EN`,)NT9STPG!^@&#,Z4IXY8NCVYF%BSWH\%U]+UBSF&>EC(I\03C M/('F["._J;?@U+IK%[D&9@&&EDQY>`H?]RZ3:1AD#C:,-0<`W\WSO?!Y$1LH M6.D9T"`L>6)V5H]9N"7<;T-6][F*GUL7Z7NP'3Y@@FH8!=31.83_#:,?.JJ(&>AF M#[X#CW`,3T4A0`#/_)OBFJG#Y<3_AZ&]_QLNYD+S$$0ZQ3"!L7GO/)X!*@`E M>0'BE7"*5U^.7*6G#*(M7Q8_XR_.X^AO`B(2TG)[+,_98]AFJO0P//?W=LM> M.E7Z69SR.!@&]/G=A3?Z^.FI M_6\7[0O^F4T=-_NS]/*65B-W:)&(S^"%;$3`SJ.(`&S!)WX[7U'L=U8I7F3EK-W5/F3D5 M;WD!+M;]<#_$?+?N0G:&M_%:/SWWG-%^UO;?Z__`%Q_W;Y_;.B MBVQRZF@(46[,9O9+&/-+C2^D'2@O1QW5GM51;5LWVH;R^"26I%W:D6).#:OW5JLF\`':6G? M>2G]M$>?N`O+5B61L^(%L/4#BE*VY0JR:0%Z7M0UOXX=E>;%\5Y'2U[65Q2G M$'?^Q-T^CJNTM9%/Q5WWPA5#QW5%VKKH+?%R@5R\T4SXC;;2<+/BE1J!IA0Y M,?J+6+!H56IY>BV.E_+>M43#"5Y5.>2>X^Y\B>&PV,=KVVM^X2F[8I#?)Z"\ M,65ZF\!80?*`,X.AS:\7`!?`-_VUSW:S9SEL?&\5JP")_BTO,(^HY%$JQ*&M M6/@K2]%>68'1ZJQ9@=&REE;`Z/,^\)\>T]<"&G]QDYNAF2@%\?4A+;\NT3*: M)U862C^$HK!'>D_\`:S*3%GP.B-",T\+1"C"1552T1A$-Q)CTY$L5W, MZAY%A388O-?0#A>JBC"]UO:&0[09).I*E;I2=>QL)'6E:N]@4E?:M:HX_7*< MWFX7"F[N&?AH2TMYV?,ZI)6'ZD*5W[B$K'ZU6[H9A)+N=$W:+:VN4U6>EB6E M9J]8##2=N$JSJ\M43=?LEM+L2K.KJU3GKMDK%@--)Z[2[.HJU6GH=U/O*0U_ ML`WW%E=IU+'M*,S/*;5.\KI MDUJ8-E,G-4\T2HZJ5+*J:SI2DTG=IFH$F:325;+X#>)C4V]393"+86'.WRX, M/HRV'B?%-6K%#__X)6&7(\>9OBUT*KH*O%)#MVO*L'$?>!-W8)2]]T/WQ[O_ M_1]-^T?QW3"XC>&'#Z(KY.W8B0C[3AB)'HGW*8P^<6_D,V,)O_N#J=LPUG^_^4[PU9F0JV?*[N.G,+G_^%="X]EG>#_`^PKX M`-YA^,*O\%QHV&"1#_@'_&%<8!=+.G%\]MO%YZ^?+MZ9;:MKMZWRBK>"NOI% M=^^M-E_UJ]`/VCUCT._7`?TW)[J);F-,G?^WXR?D&XGX4*N(9-Y;G$R=18#M M)8@QA=I8">^Z":N`<"U&:P50H/XJB<=AQ*_K;8.Z%9R:_F\E<(MS[0/4YOQ7 M*4S(DOLBJ=/N67:[.W@!'C'-KK!LCIN.8;=-<_`2:C8"Y6;>;+5VW!3FJ@BJ M7'#SC8.*1,AKO-L"=AOJ%93DV5.%>384X`=<5:6TKQRH^C%=S:*X[-R*D\TB M*)<60K).Y/#!MYYZ+6&79S:WFWD:D3$)&-@EG_G]SF^A3]V9^'=N-I4@NDYX M=_=@;OK%!W_4J(E%2T% M#"%G"@QIB**&<^)QAG]9>QHS9*'/['M]D)W6D9'`1U2UX&1 MW2)9N,1P!5VBE'499=AB'!1P1/$R]U!TXL8;SOP/;&WYZ/A\4OP2RXLDHC6N M2^"7!Y^TM"L09&EIE-4WJG$DRK0Q\6&$N-`#'-=$XT1`QQ<%&'-$J9=YVUO> M81AG&`,?9BM`T0K&5ZE59WG:!R?X,0=8]/O6AL0C$;^X#G,G6/K$IQ.\E(Z= MQ)%RY=Z?0OR*JA(1)8!-3_1>!R&.]68"L3B`$(NL8"&*=`6K,,6Q7FYI3@"Y M";PIA+Y8VA/V*.4=U!&2TM#2)J`J!K`1R$FQ&8(ZT+]$B"A.0/+IL" ML`'")U4]8-/J`3#R?N4#5H;R.P8?5/K$@IK/4>V*<%#(+W!Y#_EC9-1:KR3: MF5V^WH8GVNV,ZOXN)T;+1B*.U<_@O\,:3W.2?0FQ6-+\\T>LFK3$N`^1]DO9 M$=@=@*4R,6J;J&TBW3:YI<^GODFJTZ?'V"0+9]K*I#AO6?EJLHZ2CY7*Q]HJ M72EF5,RX`S-V%#,J9I2%&95D5,PH#3/6(1G/RG58OOF1^@TG?HU.5&S6KFH3 M9G)D91](J$EY*:Q3:!YPLO3$/TO"VQ41 MOF+31W;"5V4KGI)%^%YJ]U8NN^^86]ZHZ+Z_HDT-M.DJVDA+&[5OY*5-1?M& M@I-?%:^JQ3KYH.)5)^O$&!7U@U?TE(2>YQ"&.B=ZFHJ>)T7/BO:GU$&C@]MA MIV1M7:M84#/\II[R:66E3:5',HHTE6Z;2@_(%6VJI(V*!(F/32WDMP*T`]XD MO@)ZXW5WO(*NK[]/[`-PA,7IO>*%:\6]SD_\*KAE__3BI>155]`?')_?%W=> MZ)W.![^&=[!J4>%G@__A!'!"_X!X*P> MH'7M:4SAV?CIP."L1U33[]QGNUL,6V$-EK755%XIN_(MOT%OO%AWI5.LN](I M5.1:&._][#T)W#&@_D>I=->MXV-%1WX__Y9$C]0E["N)11FOEX:[FTU)N0A8 MPD#VDVCIV86QOCA_AE'V,)O7WA3N#I8?6%U#S"K6SS)Y<<7N"Y@N(%"A>B6J M;P*R*:;MOL+T'ICF-\(WQ;714;C>!]=/X<:8/H+\*%2SY$`C%FZ&6`PY!U*')XKJ;0R/`RG#$\6TE(;'J>):6L.C7)OS;.R.WF$- MZ6VP?$M@)&5W5(#FQHN-;>P.X["6]*FA>@N[HW/8@,>I87H[N\-4N#Z0W7%8 M%_'4,+V5J.XI5!](5!](*9XHIK<3U8;"M>2BFI?CX4^JSC"KVC=\BVC@TJDO M*I.7$-;P,^SC9GM@*P',(.")!5@#/@FSVAXHO%8P\T'O_`N5TP;D2!MF`#/D2EO42-`X#7MYXSS M9IXX\>'7/UJWK3FA_GEU]6W^Z_6O/XN>$10++[D9_-FZ$%#8U@%S7-$78@XU MP5X-`<<3P.T6V;3IN1:R280_^N(E&/''N!)J`$/K*UB-AOOYA// MYMU]AG[X!*]RB3LN$VWB@+X9DX@@)0!D^/@7-JK!5C=3WKHD3M$S1\:'.`&'W6)B$60-<(UCU?FZN(^`SC'*>4 M,YI'70?S$S,MF MY\-E?BIL`#8.$Q\;O\!L3J;D_DP"K@G%-N"3E M5,^G,77'',G%W;LV7?(J"!*`X#N9AE&,[9$^`7?,QS7:E_\7`/5AE'PQM[@[ M@+^)@/;CL^!DC7?&9@P7_@:?*YH7MQ\_E.P)/A-YB!+84_/9S*Z@8--M@_KR M,-?Z14L>%#^K`=+>//AT)+9[T77:MLVGW5GJ:KQBB@V@N$[(U1!VU"!RRSMPE82W-N!N?GH!H@K0UA+,RW,8!A$AT6PGS"34$4IX1[@]C?&,3Y MA)N"R/.G#@AA/M\&`'X"'>_X^/`7M$7`'+AUQ\1+?'*')Z42!D8.>3GCQ?L% MPF[@2A^\4#I))MK4F:4-&\.AYD7M[_N$$P7L);2`4H-,M'+E>`$GGD3\ M>H%H'@>^-=>Y8<+@2?:S:@F7O?]:2[C!GAWAEN]2]\U6KW_R-6UJ*R9?*>YD MOJC8-EIF5]JU;L(#?Z^>`?#VYHL,<-1*I>V*ZJ\9+4-5G<@EY:G(PVYM\K`9 M_)"M*.\.:+[2'="P6E;GR!4.JMW2S2!451OW]$V49E>:??V6'BC-?A::O6(QT'3B*LU>3J>)B(/G=$J_-TZ_ MFWI/:?B#;>"]5KM+^U#!.!EP:TZ/FKI3CXZ0K75[LSO?-H8NLLFIHR%$.3*; M63!A[/A+*0=1.(J<>>J!\G34,>U9'=/J'>7T22U,FZF3FB<:)4=5*EFKLBU- M^-T+$TP.V]2X5&3:7-8K,DE-)JETE2Q^@_C8U#KT&R>];U)`CEW M1[X(;^1;ZH1<)^0[F3CH'44WP_EL^]T1V20!?BMP%I?'8G85>!^?IWA/BVU1 M$?A5V+N]OF4O0%^>;1=85A8)?/TVAFU:W9U`77K:$I=/I M=;?!RS5YB#\'+(X29++W#J/L=HKW]&Z"?SL1Q8WTW8FW*K2T05750G&130&H M'>R\LD=Q@'+]X'AV[B4US:S;#X%A^N.J[^1#PL MA/$)C*\"N=\-Q=?:$+YG&HQ/UBWO94!E6.+JC?O.:FN>,],XF1NYN#5;]1U^ M;B[)MMN8[RHD'TR`,\![HDSJ"C-O7FO^93UL+]MYR^/O,/^&9L!>T_,26A\2 M^!#L@P(0B\:@W5T#1'&2'0'9W"0RK(ZY"R`@LUVZ?"M\'R,:*&.82Z293[0M M"#O8S@!"MT((=K"8$0F+EZDK0,*6("Q>BM\,`OC;)_@'&-17DS"*Z?^KED/P MOGZWL\BNKP-0,AV6-5B/S*'/4#KE`]H2P>N MFX5TK>+:UH*UV4*_DEC[/60,:RIIG(/6+WQ-4%7B>.]Q2UMDDB(`'/L9CMF8 M%W9BO'8%<3,*TB)H6)C&+'5$B;'F5B+KR M(O:H8P;/HK)3Q3TV+>[1Z^Y7W&/E05NWW>IWCYPNO`=1JCELM/C1?14X*"@7 M+,Y,HF/DNUNOI,%:G99=9:K"<=)@=T9U?Y?SW.42LCA6;NGP`NISDH%PFW^X MI<_S#U^X:)Q__H@R8^Q@;;,*%-R]+3E MZ,OY0W:KJV1GI;*SIN);BAD5,^[$C!VE(/=3D,LIUZEV//'[*[?"A>:GBG7< M4[%DOKM1CV23]$K&P.[K=J]?S;4,158YR-K5K7Y?'[0K(JL0^4TG:U6B_R0$ M_'?"XHBZ&`(6X5(\6ZI/TC>#0[;9^,?/F[#V9J!WK?;^#"DER7ZN MQ?57W'H\;C7:NCWH*795[-H,=K7U]J"OV%6Q:S/8M:?WK,[^/H^4--N.78_D M]C2SRX.LGHOD"!'"[IB-7!0Q%L2O(H8,Q%"B0HD*>8FA1(5$Q%"B0HD*>8FA M1(5$Q%"B0HD*>8FA1(5$Q*@PP5-ZA%05Z3KQ;-!K$H03&F`^J$H`51E"BNB* MZ(KHBNB*Z(KH*@'T;!)`_[-]%QH][<]3*.=U$K&-PXN18^9&=`S=ZIIZI]=5 M5)*72M9`M]H=O=_?*XE%4:GVO63T#+W;'2@JR4LET]+M?E^W]LL.EZ`BD>R6 M3C/#AK)NTJ,CY&CE'E3$7W&JXM13((SB5,6IS2",XE3%J158OV?7F2LD)96W8WWI',]F^N_--,WWYTH@`8@7TCT2UFLMR1Y_B]'[H_WOWO M_VC:/_+'AD/BQO21?`[<<$+NG.?O3DP^P*0T2.#]FRGV0Z-AP#07OH1!OI/A M;Q?7B?CVWH!_L.'>_5UXW[VWVOS#A98$5#SX!_QA6!>:1UPZ<7R&27+OVL#$ M!4@W!J%:T#O-!3W%NET$W6X&Z)TC@CZ9^N&,D%L2/5*7\&WQWF'$^Q!.IB1@ M_)VO8?!(6$R\JR[FTW)U3-E^;XF/7^?';O]0_/C:.LKH_"<)0![X5X%WY4UH0%F,3/1(/C[C)&0/ MO5;&@04X,(Q.IX2#5R:O`-*-U-@2I':OW3\PH!LIK664VG;?/`Y*MX2TW^\9 MNP/Z>3)U:#0A07P378-5&3+'OQG^'@:CW^$5[XHQ$K-OH4_=66[*;8/G=VEB M0VXR%I(1('-:;YB\O-GO'AMQ3$!'4%8'/485HVHNR2 MXTP32-O$")?8/U@!6C$SWNK6"NO=F&@HCIU@ID7DD9(GIOF(89]CV.$8UK6G M,77'R(X,N!RI,(U"L,+B&<^()W\E=,KI@Y]<9\JIEQM.\+U''HD?BF=*/8*TTT%P:N"!J@A0ON M/:A%+8"'7(>-M:$?`O()"`\7OX=7`.X1ES&Q@"$>._'*\5O:YZ'&$B"1()B& M5QMPY85EZQR"`L;%!-'7$(_QQT#I@_!$R(

_Q$7/:M;3";N)"X&_/()L'O[(BVIW`\6>P MC7#L![1QM&0*+`7;@PG,3' MZ%(TTX91..%PKX0EFPG00!@P&TSDSW"31<3G$R&BX1$`%K[WG21PQP!5BAF8 M'(Q;/GH\C@CA,#+ZK$T`VV/@7\"*I_TK"G`N*=G,]+@V[/>B?"8IV\WDN!UVK?4P,P0`@R5P_ M1+/D5!VCHKU?`",'2TM/?5+`S'Y^OK*MA\7?ZK:6M4SQPQZ@=AEYG6$GB/6VLP,^C1@B@:A1X8$;3V<*'=K"F-1PDU9X6MD3E/J M8.$KZ*S"\(1[C#!>ZE<*'PJ>H8'K)VBK@N7+?;/OAR1-#!<;*QBGX?NG`@?,4+W&$,N!\(8'+;N:5=Q;`FE\?%"P:ZP0WT3F:@ M6WK1?0#;&S!+/`QV"7,?$<0=U]0Y`6>0WZM_,_;W^,G0@*`PARDX%@=`!M(Z_O-` M2QPOI>\#M]_*G`0R,IL<-SL^#9+JD3(J0A?EI\47\#B=I-)Q8:N!?2EV`?(P MAH0B&!Q&!=,0IR(.UPT8G.#K$F/`[B@*R!>B+2]@9/>8!8]'M']J.C?7%7IX MP5I?LNM!@3$"6HC_]W-P)>P']LV9<3E39:"@U[,6W9>79Z\2V"V=+=NN"58P M/@A]K!RWAM%?\@U?A:!BF+=$<:?=V13'6X$<)<3[?:[DKP*/GUG?9.91X;=* MSZ,'IO'Z?HJH=WVA-ZPS8JA M+1-%Q*4K%4W=KOD*Q*M`J!SLK17`4L"V+@=U@?\M M(E.'>G5D(W&)^"+4Y9%.##%$"-MP@VIX\C16L3+ZBGW`6PWSK$6S:+J M`=MQSR]:VK5A;%L>7]QJFP"V3N^(-%K#O+>,S>@%BM(LRYRURN3E.;?P>LQ. MO[/UE&`\\U3JM"3JQ[\2C!'NM7:T>ZW!.DA63K@W>-O('-A+5D70,99,B/=R M>ONV.J*SEHC9=&OA^8!Y,T&\)^M:O>Y:UDUGV`&"+1@92-3>$H"`W`P_@&M" M]UC\YZ^?+MZ59IV/NM5\FRUU\^F^.ACUOQGN=J%('8TOGA@;YW(T?DV8&]%I M\>#F?<+P:$&=E%<&J_F'/@<7C(N6]@8173PD73J_P(-2/&G``Y5H&HJ#2/AL MWH71PF#IP?4M/XT%(EX3WWD21]O:U32B_OQY,%[[(CF;YU1[_`0G<";\[&<9 M3&"*&S<.2V?$AC@C-EO:'_R$GR=LXI&0YHPB(L[+R\?&_(3(PR2!@!\'C<1B M6.@GG.\PH3JBF`&+U=;],/$N14(L"X.&3$1$I"2#*'\$DR,]W/8*)K)$VADVG_94X(D&9,P;\AMC* MLVEU#=B1\*:B')SB4,5#+3STQV-^7G^>80@BH6RT3&X&?A$1JLF-\TUDCP2*,PX`F[)5KA/*V.+K^!KP"^/M M7MV$Q>`:1'F.-.!^6AA$9&HC5P$;!JY(UT:J!P3'P*1LX(O\7-*?I9D39/VA MO.OCX7N9">8YV$NGJ?/-IC&P3+E`>&D;<*9FR11$3)QB9C+U\1C6IP#ES/5% M:C]G8KR6X25SO(@4>9%!@ZR!7120//!G2E*&:,7S8?@*7LB/[IV;4B)[VD@\=TT4:CA>K*F4^%E\W3!?"7Q M!X>-OPG>]=[/_@`1_CGX)%*Q@M$5,HTP[EPA6X;6.L- MC$,O4T18#DK/2]LT>INL'>JCZ7L7?N#]O(HQW/>\IU>U M&Z&W<)"W)30U+&6/S;2D08^\E'HVY#&I4NU&V'XE3VFZ&\@$T#$!_)EZ-.*: MJ"I(L:H@Q7=^.5J;HTXKXZ[ASN"QKQ/PVQ/L0 M_E..37VZNGU?#JY2QA*L';)J@#^F'L9D2B-EV-Q_=2F#58$B;#M+3_C,EKD[SP?EH.(PMQ4I;=R^/7 MJ-+;??D-BO0EC?@DJ]VP"&L:6^9E77@XGE>K@"%9?@$N#=0M0))5MH!1/"Y) MQ1D'0(1XQ@?G5SL0GL+5%KP#!M**1ZJ=(6!SQ34W%".X8`LM MO6&6AN/%=")8BI]9*BK$U2I1DR+@ARFX9E"6GE.NX#&_2\@W"`\?$Q[#3V]) M-#YT*+&V`-F?BWO@GQ6"VZI><(MTI9+\^HP;,K\DESVSC\AA=#+UZ9"F5V>G M,!X@.Y_"(P\Q7SF71J+0S<,LW=:"MWGTG]=TXC_F8\POQ)8X^L'Q^5AL3(@X MRW&`B2/<'!X>#?"9\[HSRR6"TOO`>)S#^9\#&+`X2L09S*+(X`]DQ8(.)A:N MO+!P)`[CE_=[?L_3T;"R4<2/ID"(`!)>NEZY1C1,0R$.E0#84P!\<6:E?=W9 M;/MW+ML#O1)C);MTP?D?XW`1/_#DC/PALP.VW^Y+M^2=0`.,IJ=7>>&N8J$N M?CM<``./I#6LXO1^/$M+?O$Q_/2Z/K\4":J;#6%OB,)N$WXF/P+#CI=AFQ\9 M%JR:N2CB.R,B_"Q,FX`T@=G$"74.2O%F?VXCP1;^HW5;(,D_KZZ^\3)P"/$# M09^V<)63UP'[5^+/UDKZ_";U`QZV$W'A%7^=X!Z.PVA6$!->FC.12Q%.NW\Y M0>)$A2E$SD,/E[[FMWY+^^A$8#D43RXI;S$_H3'L>%U[2&(N.DH7IT-P=FE0 MNKZ;P93.I*63"U3GDD@,+.1^PO@+A.8F8T3BPFDK%M%+)HG/RU+FQ@Q26Q!# M5&/8U1Q:DH_5V$,K+^7/".P5,#EYE0=G>0WP4,0?IO'R*8RR0$N,,3 M55ZXHIT78G@@/B5X]3NUV1E9')S7+!&[%:^7IALRA577N%`4[\X*?+U2YR,' M+6MT'"(KRX>^3GX>TW2.JBM-8,LPY$(0$Y[/CL-$*+2&>T*7_7[Y0LK:6?<" M;N=8O74`X':-O@\&A\/7Z;EBQAU!VIG[.P.S)I!VY?E.?U`SEK8^.;(7KAUM M#M'O>$63?>(5AK[0@$Z2R3=GQIGO>N&N^=9W;MJ+]_HWG'4G4$O?WV+W*GCZ M.T9._/V:(]@+K1$J@&>G!6+>UB/Y+P]\[$.6?J^SRWH*T^\*?IA$^X-O]#MK M=M_&\^\(_QW6%]I_`69GL&:S;@[`KBMX"BN`O]?9%?YT^IV@!Y\C(B+,M]XPVL M_DQ$#8Q*HP7]P3*P&P%1+?"[Q156('H'V#/+ZE,(;X>\/0X6SN?#K;B3427V M%SAW2TA6+^.[.+"Y"^^(RYI?`:C+FZ_5^EQ1NM[LH%;0O3ZI7=A5W.?L"6=LLW)[J)^&4%[]^8%9(U M+MY*/-O+93):[78A3+K9G!7!N1:5!P"3/\"NDG@<1FMZU*Y'XQ)X(G[57@?@ MXF1[`K86;_7#]5D<)^Z%K%?`$5/L`8[=P-AG7\]N%@\B:TLR;0(IH5@YN2T7O7CK-ZR=%HS;Q7@;=L!^%#`F7/H\@\; M'ICL!UVAT3?[^$PBE^>M5EO,X#+%X%4^!QX2T MM\U&>D%^/%$O'K\%>^&GG&5CT3*"^'ZZ,WZ[:%_PSVSJN-GG]/T'WECX$HMY M.5-&WF9__"H&U@;HMOVTM.G*JXNC_*/XC%UX4"TOUT/\!\M^Y%SYMI?Q>C\=YZ2K?U-&%_Y`T)WK'A?3B+TM^39 M-=>Z<:QB+^[-(C MC\0'GWQ>POJ05MYN2*U61F\MC5[;0&:5#'1X??3WZAG`,%OM%QE@PQ49>;1* MR!5NROYZ`8;L4^1,?[L0_\T#*X6PR]`/G;@<7,PN]?7TOF4H[E;THE2<'5-H&7JG4X%*/B&B*#:K MA.*N\0=>BA([(3F1I]SA.HXXI+23+=TP.HJHIT;4MM%5 MSH]R?@H"_E,2!13OD8ON6\,A-NHCZS.]SM+EV7;[']E9V"_"H0A4-X&,]EZJ M59G9)V=F\WOC>.L1*Q-&X>.*+A3*UCY5LPS\[KZIB'IJ1.VW*PBF-)VHTLG_ MO?"P2RJ+8+'\3L91$J_/$57-3C4]1XHIYE;,?;(4:XZR/QJJ5%RN6'P_C!U? MA=^:%]VQ]:[54Q22F$*6WMLOG4(%X*H(P)GMEBF-N+URTS8[O+79-"+8Y@RK MG^&IB#/!=C+_CW]QXI:M"M\((?&FKYO]6@_`I4P'_ODPWHB<)._J@WZMQ^,G M0'+IU$DS79WF*8:CHTJ%/)I&,<7=N86:LK?>E:0%22W68[ MZN@7/C8A8FA1(5$Q#B"42E+:$=\Q+K= MBY9Z]JO$UG60Q M[6;[$59S(3+0&C:D#/LIB.8*3'M#`VU>3%3U6,C>?ZW'0J^[7X^%Y8A%;]#J MG?ZESYIJR%LRUR2L/`K;D>8069KX;*=E2%M_T="-0<%4V8_VEC1GK$>,[J:R M\E0D8KL0D;T6FS66](I/4 M9))*5\GB%XB/3,>\Q:O]"2@(J?_H`_#/-"\XA+)X[/?KNXM"[>&5:O8X`P MV`!./EMED-VG8]RO'>/][&XV)5?/E-W'3V%R?YNVT+T6377QD<_!-]%+]PN9 M/)#H]=7V;/D7FSV;]4K,G]EPD5;;Z#9FD7F_,'CN$WW&OS8FIM'N-&:=>4>> MSX6&/)LNM-]N#M>NV*4;+K/;[@X.M\SNO=7&5=JOH]_N6KTC`'8<"=DYI#K8 M;:U["TC#.*#@V&^-^\C'SE'VT^'%8Z]O-F6=NTO'7M^J86-^)?%^]F.W9]N; M@053[074Y@*[9]E6U3!]"WWJSG(#O03?=1+Q*X+WQKTA6.,N+(#[+HVAYKY! M(9ZZ>,DM_2P\\I++>%"OB;_X))S0!]B5Z4CX\%L:@S_LKJA"E^-J$R=+8O_O MN'=C5Q?VPZNE+.878AW<'"S6?%#JFK-IG?F6EK=>9ZD,PC%IX/H)WGZFP;I+ MK?@)N)U1%O-KNQ08/PHD**P>O9F"WM(UZ3];C*8ORN[,3Y$_Z-41"$ M@^E\L#A*W!S.8H]*#0%SG2GGLO]'O-?NAL,:THNYGI8P&HS$Y>XXMT]#K4AO*;-B!.)A;J+O>TYM/PA>)@!KH+"T\,7&R6WM-4M/#EZ4^.$"K^6J13^#/?'43AP8<3R2:9-_Z.!G`ZKC4I\`!X5I$#4GV3@&L$I*8 MP-(P3")<=YRMNJ7]L8!M1DT[F3HTXN`@)F%Y3@"4PRTIP,_9T>';"^?U5+F`?6"]FQ.U M(!J`IB"M@`09[AD+TTWQ1./QRW)*!Q8"/H@`V$RXX9X`GO!HA(SD.P\HM1;& M="/BQ+F0R65>9M5IWMRL0Q[]$T9BVH@$).+,G$K;5(*`/(?=\I:/!1O:IQ,: M.-$L>U'\KKV!-U_AKI]%S01G.@7%+,1B$9!TG`5LE<6LD/)+3ZR<,7;P'<<=$V\#+.7DXG)5 M*`8AKPOK3R4=0V'Z``P[I'&F[0A*?[$8)RZLY@;E7G&!J(QA][J"?*!T'D&G M<=YD10&YH+YVTM=S-33?T6)-M+CAQ$83ZJ?A(OC0IQ(+#L^&;M*Y.$C5Z%!) M0#M@;9=!>[_:+BO/8-?W@/G$_R=_KM@!2D[6BYU",IE+T/"2\G*$C,TN9"!" M?Y?$@>7P$([5S^!?JNZUQ-D/D?9+6:OM/EM-M8_4UE%;Y_!;YYJX_$R@L'V, MVK=/IY;U\R6I1I4@T.I)"B]BM2U!RT.ITCK[<.@?6&!G.L MS4M>UB91FLHP6\J-`S9/ENKZU.>7(K>'M/(:==UDTPTDSST)::Y5I67OI;Q6 MU=/[UE[=Y15W2[)6Q=VK.F^UNX-:7`P9*"Y[3ZX&JO\T404S6J7V1^22B">T M(@G:!1IZIU.!2CXAHB@VJX7->O9>;':.72E/W#7^L)ACJ-SAJH\XI+23+=TP M.HJHIT;4MM%5SH]R?@H"_M.+:>'*Y=EI^Q_96=@OPJ$(5#>!C/9>JE69V2=G M9J^^?*-L[;,PR\#O[IN*J*=&U'Z[@F!*TXDJG?QO9KVKYLF!HZ.JV:FFYT@Q MQ=R*N4^68LU1]K(4=3SON%Q=)=U5=*=FN]_6NU9/44AB"EEZ;[]T"A6`JR(` M9[9;IC3B]FK3ND8G;MFJ\(T0$F_ZNMFO]0!8C@ZJE3(HVD44\RMF/MD*:;B>2J>MXV9M;K,KHZ5_524KQD7 M/C8AQ!L7N2^XFYQ[[Y9_]U@:7-0I5O;FN:-^>_?L9=0Z8TOSC.=)),<`_;Y88`& M)0PTG0?6-[?<@@UZ9XF$!4YH^EYXH?_G%JQ@M,\3#0O,T-D'"]C?;,;GO1G^ M#AH<_O,A(AZ-7UQ[I[CVU[N&VL*:G8.Y=M9%X%@<46S(=AN#PKX=@W)DGQE+ MB/>5Q#=#\<6G,+ISGO]#XS&B$HP_M@O=;K'=(H*$*(MG**W!T@8(%X7X)`PX M-*L;N1:7_OGKIXMWIF5W!OWBTG=;TXN8^;?C)V1IJ-VQ\BI%+SM6=X&BVP-T MT"5M2>BKM(&EXW]SJ/4=]!P8+^)M6WG#0/*, M77YU>+7X;D1@\5':T3!MZ\>PT1YVO/5)3/@+Q3>&A`A`AO09N_Q%>3=#WDP, M^>8-?2R\@'W"B)MU1>2O4][CD(7XR@P[<2:JD6J%[#7O?XJTQ8Z\-)YS&F_] MZ(?!Z)*W"481&#F\/23V@(QGTZP][[PMLM'&WI&&/4>(:'9,`\TGP2@>M[0_ MD(_R?I#ID'JY#27G$-[8&OM;PX@(%EBO\3`$0-+/KD]%-V31VI)&V+HX\=-T M'A8GB$W6THH+QD[104QC'YMFAIJ30Y#PE6`78#JDV%R81-@1`EMG`B\&A+=R M'47.1!0>)E[:X;@`")\)%K7RX0COKS#<7J,HA#7E/SQ0'X%YF.7KP3[1*?"Z M:/#MIK:W$WEB6_"R8+#FJ`"Q"X8#-EXN(A)[A#JCB(C5DF?1*16[NZ9=7K&5 M=[Z".3E:VA5V4T[PG@U*%][=&''',*!(&?8<':;]H5?V3F5HQ7`)E`*VDR#=\6+]BZC,5P&J/L0J:`0U3$0>>.=F3CU,Y)MR@90B#*0CK#.( M0HY4ROMB"PRYV2(STCR0^(F`*#7;[0$'#T`W]!5-49^`0AIX)KR1->]3RN?2 MZ%"#3X`%0$8L'5LUO-5=/7&YL)%B`47\FZM M@$>0`1F#92C`X065L._MD!'1^GH-_Z6*A'?=37=X*]/70L[F3X!YP^5MWGPU ME?0EP$GCK(%9:MR*MFS$?B,GD`;DLIES[I$;=D@J>H,P$Z7+I M$1];48M>K'/%5;3>6-KWO,C20N/RC29("]Q=0OOL=4%G"Z\(VT$)AXSZ?0U3>V*MT-O\@!N:R/[<'N)B-"%C` MW(@5A@>L2>C"5,"#0.1&Y)().U]#WJ"<%=MFLW3.%`/91HYQ4.``1Z!+UQQO M0AE;?#OK2,`;C+L)BT&*1$!(7XP]IM/R(+D*S^`%-POPD.]HKK%!Z<%OCZ@M M!*>-<`O;05*QRS@!% MS?$RNO647+R5.ZX(C5(=12LGMAL"VW,@YB:36):.K$XIV-<._YF2M,][:0!PXS.M"[K;]T07=+[!E.C3KW9="$2.6-5W#':)#O/H`MW\7I7&C. MIQMD01ISKD23--M(J2[?=`0P_`$/$>XF?Z8O^1*9`\]?=S#MI+!-BFCC3[^, M+X25SP`F;!B1!:P7<+52V*TD>$D/>B&`%VM_`61T.!/N"G+/)BSP`AJ`J1@0 M"WQ:5- M]H'URGOD[FUV]I19]2ASN+/D9<'-C%Q(3'^^K?'Y^;8"-@O!=A\YI4`<[,PX M\YH`^GRHDM_5FL=1L]\=P9@`7!13,)2<".Q\G\,+W@%!CRHF\^""<+[`ST?5 MAR].D//8W$EQ1+S.B=+XQ_SWS/>#39<#%V0F$+^-R-TEEIV3\/&+=E0N:PHN MA'"4N)9//4=NYJ';DTTML#U,PP#<@'03P`%0S:=.JH[#%R1!";P2@8#UJ)^@3W!+0!QPF_NC"%]ZGT!; MBK0I#N3-,#OE^T8B?GIZ+J=VU:A:24`KH#O-HVZW?\HOF<7"H">^GZ;R_G;1 MON"?V12'?,YI\_@K/@+;'T0Z3]4K:B=@?M7TE0@,QJZ[5<5[#.I[6]DJ.G+4=?OB9E MBYIC2G96)CO1CE7,J)A1%F;L*`6YGX)<439":,<3[[S%LZ&U<,HCB[5)-#DJ M@1U(LDE9W=76!W9?MWO]^:(569M/UJYN]?OZH%T1687(;SI9JQ+])R'@YQ=? MX#&4]?P,5FK;5:Z-?\SM;>BFU=4-VZI2:BL254NB=MO0K4&[2@G<#!(MR%GQ M457!&!4/@*L_:5MWDK?XPGN'4?=YJF9I,F8] M24!GY&HLGP2G?L:))P%]329XN3",M#?\(F*8,"?PV,]O:Y-T34\QV%GBU;KN MI;--28YI%=$5T171%=$5T4^3Z!4;27*DL^QL+.YJ$IKMEBF/24ABSMQIMW1[T%+LJ=FT&N]IZ>]!7[*K8M1GLVM-[5F=_ MGT=*FFW'KD=R>YK9^%-6ST5RA`AAI_KTRD",5/PJ8LA`#"4JE*B0EQA*5$A$ M#"4JE*B0EQA*5$A$#"4JE*B0EQA*5$A$C`H3/*5'2%61KA//!KTF08B=8V-8 M66VZJ>G)(BI#2!%=$5T171%=$5T1726`GEP"Z'\X`,2[=+#IWHB(/N-+>9]: MF,2\^2#OYOB`-<=XXS%/5!T[B=C&X<7(,7,C.H9N=4V]T^LJ*LE+)6N@6^V. MWN_OE<2BJ%3[7C)ZAM[M#A25Y*62:>EVOZ];^V6'2U"12'9+IYEA0UDWZ=$1 MHI$$9QJN+49A!&<:KBU&801C8W19WWRWW>GU_UGY)(1'DW MO?1_R(!OTP\7MLI3DW.MFS!3??<%Y6S`]J;=,JTZN5M**O]M+YW@VTW]OGGLH.:J. M?PM*D:D1]Z,4F93@48+GW,BD!$\CR*0$CQ(\IT4F)7@:028E>)3@.2TR99$V M12:IR235_4)9TEG$1\S06`S19K^N6OE.4=*-0J1K5I6#.BV!EL$LAH4Y?[LP M^##:>IP4UZ@5/_SCEX1=CAQG^O;6'1,O\V^UQ8<4F/NK)R?R[F93&+/YYX^!MR)9\B'2?BEKQMT!^%<2%.:WVKK: M)FJ;2+=-;NGSJ6^2LVJAK$R*,Y&5JL7[,5J\VXHQ%6/*R)@=Q9B*,65D3"4Q M%6-*R9AU2$SE:BA7X_3DDV&\(J!L^_@+KD-*O*'!'&WQ.$R8$WCL9R4X]A,< MYWK17YQBPC+XA7V63*=A%--3K5<+E,6;3'=_9.PJ6[(^XX`"J.9MRGX_FE M\(I''HD?3B?PM]3A)7F#W4Q'9\P%<2N^JQ?2D_([*G8[>D2UZA4 M1ROBRD3C&H%*5JTA5F_K4^VU+D:H)I#+TRHZF3= MJ4='R)G=-VD,712C*D9M!%T4HRI&;01=%*,J1FT$761S462IK2G1$;S9;IG2 M1'/OPMCQ-=[[]?(!ZV!B.]B\$*9&GO'O^B*[33\9V'3;J03M1B5H6WJ_JQ(3 M%)^?.I^;>KM3T54$Q>>2K%7Q^3*?V_K`4!?+%)]7Q.?2MG*U=-.J--U:4MHW M-Q&[FTR*3$CR-(),2/$KPG!:9E.!I M!)F4X%&"Y[3(I/JV-H),4H4%9Q@S\ZQRT_%$]R2N,]?64*92W$E^3&QVI%WK)CQ0QS&QV6I+FPYA MZ%VKHM(L4J<('.Z8.)65IR(1N[5)Q&;P0[:BS6\Y6"VK<^Q2#KU.I9NZ&:2J M:NN>OIG34V9.Q=M=3NUNZIV!TNY*NZ\5!'VEW1NGW0V]WZDLLU-I]]/3[@.E MW<]"N_=[E?4.4;K]Q'3[W9A$Q!G&)%(:OG$:OC.H=&,W@U!'VK[-/':6=9\> M'2%;:W95C$0"1CV\G)(E842Y,2\5(WDQ[4!Y.>JH]JR.:MNZ457G7^7QU2)+ MFZF2FB<;)4=5*EI5`K/49,J$O2*3U&222E?)XC:(CRK/?+0ZSWR/!/!U.>6K M<]6_$Q9'%#.=;[%NXA\!C=G5DQ-Y5VY,'VD\VSF[_#X%X9X/=S>;DJMGRO)O M5TW\_?:/+V3R0**:,]-E82-Y03M@LG>ONU^R]TJ9VQ57L*1W`6O5.U;+K`@' M!4_0!1E$(EF"`(;=ZE9YU>XX0="=T=O?19T_BTRD< M+K'F0Z3]4E:!NT\WUP.U3L.5S'Q17-VH+;?W&83:?E5OO__PGXEW6>MVN'H$ M"W)4N"WWS\B!F>J<\MJ)"_-][K]5W M/(F3EILD9K$3X$*T!\=W`I=H3JQ=$Y>4-9EE\!NAG=KDOAPN_H%,+BF/&`8# M4^]V;47*3>5C1YJ0N#1':)V6(>\1&FBTP?X:45**'UPSGD3;$VZZK7"?9/)F M)!%XJ>XZY@ZV.WU]8)CG1I9M7C.:+TQ'M+_9NP.F5LTQ5R M\SV'-Z8]T&VK7RQIT.(WH21:[B]:=E\4.FSCVLN5V(W^.[*9N:U M*3KP-?NH0JKK8P>^O9GJ&L7^%=CB:BM4NQ7RFY399<@_?>=S)Q:`#XJW66#_!5Y+AQXOAS_KLC MT:366=_08#[;C#@1VRTC[!PV^>;*5MF=56_XJZQS;JV[X3-L01HPZM8ZR^IJ M!+7MZGF'X%KBEE5YTHVL@)!&$LXS2^2@%1"$"I$C0'Z@L(64"06VWK?;NFGL ME51P1L24JCKG3KN_CAH(5JLO;0T$>\\2"&?$W,9KZN^8=.RUK+W2V:F,?*P[(";I)PH(5 MQAR;8Y^<>/FC['B[/MNEZ89N\R.';^RVK1OV7I4T7J.EE+[I;NUD3'3/8@TQO;T-N]"D3W M&5M6QZ2?8;3,O<+\I[>IJKN\(ZWB;"+15(A*A:A..T0UI9$*4)UR@,K0!W8% MRE:%IQH3UNBHL,:6=M>9AC).B]`J?J7B5\>S[YI9G*9YX.3?ZR$\3HX)4WV;19%L[ZZB9)9VNWN[OV1GO_$ZY MS\*JDW6'RHV0JB.:.W1S4,0X9^[]#X"/!)Q'G_35A,/,T)/(T\3PEVXM;B4'N$KU4R M:`7.PG&307N=GMXQ.^=&F&8E@UIGEZPK/TV,O:)P3:1)LY)!3=T>[-7V2"6# MGJAU)^L.E1LA$H0V%3'.F3M5,JCB%I4,JCA$)8,>G5O.-QE4?,2AW`R)0%S8AH&MW'H_KB9XI_LRHWI(XUG=XC#._#Z MWOOPX[O__1]-^\=+XWUS9A,2Q%=/3N05Q\/>\WR2*\:2B?BN/#9L]`#=R^]D M^-O%=1+QI^\-^`<#E?=WX7WWWFJ+#RD$]WR:N]F47#U3EG_[<3+UPQDAA?F_ M\(;A%^]2SS1'4L%+%7P@C&)DAO2S,')+>T=V]I$7M`*ZLUZG[9_RH`#?KYI+ M?#\56;]=M"_X9U``;O8Y?3_U04`[^,Z4D;?9'[^*@6$I;2[]%LE:7MX+SO=* MD=J1(-JP!U5D,T(*X207I`:)CA$FLUZQ*\RN.,T]7L&XHZ*ZOXM.?Q*3/X2^ M5QBKG\%_-XY(X33J"SPQ9O//'P-O1<'KATC[I:P9=P=@Z31,;1.U3:3;)K?T M^=0W277Z]!B;9,MXOC(I3EM62EYW]N3DH_09+(H9SXH9.XH9%3/*PHQ*,BIF ME(89ZY",9^4Z+*<"=2I.`922::&]FQ(G8SU([Z7()D@:*BRX`7A87 M\$U?T?R4:6ZW!@-%X=.F<-]2N_K<:-Y9DN1F'2%V";(!5`RS)L/O,?2=F/HT MGBG/4GF6"P*FK<(-BBD6F:*CF$(QA9(4BBDVD!1E\]2V55A2A24WX)QK^DAA M.D^;4>(O)Y0K+_:$O-@:-8>BKZ*OHJ^BKZ*O;/15$<63BRC^AP-`O$OGD43. MB&BCR(%7/"T:92 MVG05;:2EC=HW\M*FHGTCPD"O:5$D; M%0D2']4=Z=&J.]);W&->N`A-1GBA^CN9AE$,/'%-F>N'+(GF-Z?5Q>=#77PN M&K8%#.48T]*-F^+,M#*DO;;&I>S)"Q'Z;RTS7_'#'K!URC*P)-->A93CJK2X MM6!MMM*4RS4G\+1_DG`$\G=,7>US,`RC">?G]8@X,`_4PIZY5V5U:X7S9DI0 M/`0CC0F,,\V)B.:1(3SB:0X#63*9A@'_)1P"/32>!SN-*",:$$-[`KJ,-1C< MC0B6+*.!$[C4\6&:G%8:A6$?'>KS>_SQV(GQ&_+(:T#`-!$9);X3^3/M808_ M$\T=4S+4PAPXC[B4X4`3YP>)M#?_)R^/_.'7#S?77^:?KW_]F8,U3:)IR(@` MV@>I*`:*"`N3R(7OD;-2"/"'.=PP*0<O?`I3(@(\S3XX*!@YBG??-4/#@,L5`CL%=-8XHYU#L]*J%.,`A0< ME)C&"=#,`?T6C(`RX2(W\(DQ!SWBZH:3+_VIA!L`?$@BF)X"CSH1/!,]4@0\ M#@&D!Q8[00S@`H'A7[A*"NSDUV"0J',0)0 M/!'@]S'Q/3X2_@!4)4%"M"?@_A$)$"4PT*IA-2^)$%OX%J".AAZ;4[S5<*%4 MEP'TNOVR:/#XL(315>!]<:(?!-_!+BP!R)^7[)Q.T<[I7""/B`>1@H9YP67* MQ/'9;Q>7UL4[RQC81KO=+@*Z;M[]X.OL!)_1[2%X!X!OM9WX&GP=PS"L0^)O M2_A,PS:[N\&7US)"80>_"\E>)>^9UJ`,VLHI]P9K2Y39`\.N"*RK*'*"$<&- M_WZVNCC4Q[\2&L\^@U**$FZ(W("XC>[&3I!6C/H41D."PO=S\(W+VBW6>I^" M=\^GNIM-R=4S9?FWWPG,2K&O$R]1A>A@WV__^$(F#R1:Q%,139^_?@+6M_O] M[FM8J@4#!T8]R&B6E:N]$M5J_XG%:J]!%WYR:/1O7JGV.%2QBV0Q05YV6L:K MK'MHW!R*7GQFEG%)4TAFVBWK(/MH2_0V)-@5N[\9WAOFO97J MGCIWE=&R!H<@T>:X:`1U#B/R>BW;.$_B_)N#(YMA8-H#V^H?@B+E]1\'ZTU1 M,RC##K)-_O_VOK6W;219]/L!SG_@]>P`&4#6B'I9RNP,X'&20?9N)D&<[&(_ M!139LCBA2"T?MG5__:VJ?K"IARU9E$1*C<%B(Y/L[GH_NKMJ2_241#4UGE98 M578ME?VA/F-S@H\78Z"Z(Y8UIYU]64Z"Q0`NMPED"(32&N!()71O\& MP:5S\%;ZQ"!X>PX^%P2/GI]NM,UT7U@\M0^@?'-CB:LM?//!>?2GV510X+=/ M_?]T/BP@>2]0GPEV_;"`W=Y_NA_:W3>GC^!R31LBSK8_M*_.`'.EVJRM!+\] M-.C=H^0//YP%@DMU"0S_'@V]"_S;_\^1<%NVB_>O*(!A`@C7#Q28;8SD9]W? M7G?/[F\1-Q4AQH&#N-Z^8XQ*(OG`@=RI(UD8ITKDU7J]@^):@'YXE'-=6@V4 M'U91"]#WB'(ZB1XS]A[/>[(DK9/I[%#FR"YCJW)3U!R8$A71-AS1[3+V4[:$ MO(+X/H`E/0)C5Q#?A_-Y@:+=/'[/;J`+#J,^B\TI#I_KWKI'AI\`)_W2F&A'DHO`^M7_/\`5T43:D MA3V\ZG8,+;;5&7NC1[LS+"6;>GZV7#8&K26[Y_M!<"2&'5YGIVY*1\6ZS589D;P?HWH1[8=+/;.I`B!C>W418C,9-,RR]B5W0+P MBJ%Z/RF?)53;W=8)X'KFB^(AY5^T>KF9LX>],N+H]4"6BT7MNG"5L-BS6U=E M;.*MA[)<-!:O\/X11TE2!33V(<0JY0[F>C#WBE>H]K`3P>'O>?4+*[_949I5KA^,W1V2?^LG79?\:S\?TY3`U[]]NOI/IZ3+@"\'M=JX+BVE?/4?^T-[ M4#E4[R!+O)3,=>BIFW,1_DE;U_7=7)JXJ M&0,EX__)Q&S54-_N-7O;I/;+`WX3K/-!P;H4#LHFGZ+`=^T/'PE? M?NVG#F!`-`)"DE\2ZBP==S5OKK%B:7J_ICUW_=$[MSBN&V78W0<;T22$;?*& MJ/&/Q+;ET-T&BS^)>"N4L>/'V+T.HLQH3'^AM[!ID/A]A^)B8;>;I@5:2XZ2 M9*._P)NBYC"\48R8$JL*8S\58'W/)X$K]+*Q5">89/U*F>@=0?UV$O#!D,4N M$7;1<"<":'^LSL#^XLH8XT(1*6!:)YC1B`7IRR=!)YUL.$A99/C9AF<33*.S/A MQ/IRU:*L!S\(K!$`@.V9[NO?X>:X0GC+F/5GE+)\S0-B+N#:;`I+FE,WJ/QN M'U"6MR%RG<#-L!8$T'E9#HE!K(A_4W<*[:L'T?;F>(4]7Y=OJ,H]IT5GJ--J M#A:/,:_R57S0%&/?!=5]S6T#,!HAP6?)J?:8W+:1XV"W1H[ML^GCF*LRC:^L MG+$LR5FGW<_QN$XT2'GH^K.`=QB\B6030N-'[^Y'H_],7AHR>+&Y@> M^F->L>=CWKDQP0Z"%'/"D&Z0>8P[I=(=%RZT_#!%47;D'LZP#Z8*03$BV$&+A2\8OQ``K+6+1R>;Y::Z_I1E#C3UUOC-EM&5R MFLN;GD"D]*XS'E-B&O7,E+ODO+E[+OJ;Z9V"?2;ET[0^HI\`TGH7X1\IWU[, M9(LF]FC(8!BUU(90/SRE&25,:36`#K_/$@8ZW0I`YY-M"6".2_SEB3[N#3T- M.F4.FCE"#P5.(2P5K(_SB%,!V#!-A'6;DJ)#A&GUA96AZIGX8')C,#D!9=EC MG\DT/CR\!YL490D?;QG=?@KJ/L!T>4*;`:3ZDRC$?/N2P>?:&"TN/>'[%:C1 M@<"(FK\R[TX08!1EG(BN$\=$`I4!%HWM<7V![XRP9+"/Q+FFTRAJ/I=LD><# M/\3MDU#',Y=*&#K0Z0``* M`I0%*)E7OOYMC)X8A0BX0\/W_A+<>D,5&K"4T0?Z%V/&^$+&_B,/SCQX+<;\ M".[4(=^\\N^U#UR`A+G*QC`^OE(V`2M M`^QCK);Z:<#MLJ-6D!$DR8RY_MB'AR`JN$,%'@KR8LA2W&*^BYTI_K_+F)=P M@+6%R`!KY%L"60Y"3`RPMK'B?P+Z(R3QP' M201C@8FAH#+;,:WC#G",+D,%(XC0JI/!R@XAEP)I"3-B*4/F'5J MMUI#6AXLW9;AI(Y$.C,P<^;2D1-S6?[8PL0,T(`<3JX%.?X]=B>S!!+3LRA) M+V%B+^->]$,4?Y?.,'>(T&/65\RY$*MK(!Y!!T@&DRC@H3-2"5VO,;A,-/D: M_A.&A`ZW"`EO2GO-]:QZ`QQ]TK?JG,GB49)E)'D,O&Q<$T?`V(\37`W0YXZ_ M&#@)GJ.A?30W0`>/^X7,@9$20$$"2H93C!.JR%`"H`5I#N\C;H8T=:`.^'`V M()/&PP,9/@!G\CV#58SW/K02]+3]$,]'NXRK)G0JEX?#D0!MC)QXT*4H$9&, M/T#6$F'*B"7B:/:SXTF:\HDR@-U%CWU!_RDQ@SG0VP7T`S?=.;@H2;P&,J#* MTS5RN'7GG["=Y]UR&!**`TCT"@MGH;=NQ<;JEF1U)?/1&2ODLM3GVU?T]28--LIYOJ*B8*^RV?1#Y/50]RM_@-1L MS,`#)B>6.QZ8IR5;*!3\6&0CEUS8'`8MK^O,9@&E8O$'GU-@0`IRBH/J27?' M$VF_PM=CK$28E3\9^Y8^-X]W["-V@C-'B4"U<,H%N. MI]'=$.2BO`M"A$YI`U4K$=N-\*@?'2=4+A,'"],M+F86^#$TSAP^Y1H(]YBB MAW%!OH1,>5B13Z0B./T*`_CAI;2Z8+L##]G?%;LX1G7NL%8PE%%,,0.8*(@& MP8W(]2!/.VZE(E%+)3R=R>B\&=\+4T<&&L7QIR#*?).2+DPY$!`QD:G*9L"' MXN4Y=TV>$BKAX"%/JU@&70BA;SPM',,],B%]L#8EQ6(N=.>%@"QH8[[%&>>" M)&SYIB,TZ5Q3C-(4S!M+L80,X.ES($2HBXF.-GK[:7SA6FD&<&&CF"U@7CZ<,/U?:("%(?/9>P' M0J<6MV(O1=M!*>Z/YU4E!'3S,.R14W-LCT4:@!Q(/(N`K"]3 M_W-Y76.UVZ,OKX"<4[2[1TW_WT1T;#O?![SAB2GLV5,E>&JG@]YI1W=4K7SI MA(MK.)H-P@RA=A39UH4S:8A0(+7=@7U?0& M6C=^'K)XHG-!#G$DT&<3]'UAX>,"3'Z::5N*VM[OPM8BS(`AA82`K'XDR[E%(@A`-I[`;E(89?'3+"XIQ#&O)<'S3;A\XX`(JUP\\:(X MC*6=1`,!B!Y>UYMPVFV8!]]+)Z_M5NM'=0$CY=$8"P)QS^/7B]8%_4YF$$&+ MW^+[$<5ZE[@SX,P2]EK^XQ<^,(#2:L+@2W=(BN"EL?K)?WL8@H#.Q`G2-)I> M%-?;M6E0L;Z%`=>C']%U.>&&TV[UF_VK'U]&DAVI4J2(H%#J;8>#5KO9*PD' MVNT=%`86OQPK18`W@!$8!M@JQ$:%3\/;[A.\@N'2:/;:GF%("^'J#V^&^)\E M'Q*7K7W*1Z?GY(E:/_!2^>H%?JUI^?NCHGJP)?^M<1)Q+'65[`L>CLU)]H%. MQ^:_W^)ASB7&'<76S_+?NRY@Z0BN$1,C)I43DUO_\=2%I#Q[>@PAX;_CPF_C M4IRMKGP21KM-=#;ZL3S]B%2XW_%X<^AA+C2*7UL_W-R\??ONW;:8L>3_[%;3?@I1(LEN78H7 M]QIUW/"S>M=[4V:EX:_\/]7 M"7TMW3\.(B82_5SJ\K9;?=TR1MUMEZGI#FU)ITS>TJ2QMC-Q4ES8E MR4T%=GY-OFHOWLF-R5>=;!!CVV<0O9X3/<\A#75.]&P;>IX4/4N2STHGC0[N MAYV2M_7&Y(+J$3==F9BVJK0I=4O&D*94L2EU@]S0IDS:F$P0_XE7-Q=Q(Y]6 M^$+JT6N*\$*\>`6]L?X^<4`5.U-9N*QXK?BJ^R-=!>_T?GSR4O*J*^BR#`8O MRK&N+T7X=&.%F,FZ7,&\:?T968Z":LU-Z&D44P?.$'"VGT53O3EL\_EPX.6L M1]0)WKG?R]+6G"C%EQ+*H7 M')42FJV>F2J/\+HDO/P%'LXE;7GI,=`W\)&GQFQ:;[$QL,=[%(MF`G]ACQM/ MM1K&P=(X<]4Z_2E656-Y12?7F1&7B3I+3X!%A8YY*V)/]"+F97_U1LRB!;&J MSI7W4U[L\\#K('%TRD8/O!*45C>;=Q5*(VN,91!YS6P$U)4(GCBQ1PBF"F_X M$K6>OF>A]O8XBT/"$J]V.!YCC3"%]:;U3^8D#-LN+:-'$9K7D'VF[S3R"8MS MZ+!<"2_`F-R2=$*1(U5$R1M604DB6+;8RS0@54`)=1-Z^L" MMO6Z.+*+A.J!).N5LWN?/5"-%R_OBJW5H0RHQ(ZH2O5$.1!1ITKKM*%Z.'Z,C!0XHRA>&M/%HH1*R2B==RLU MJIAH*FJ78S$HO>=EWGD3-4A"A6=>BYJ/HAME/)F17OB=A MDOCDXR/Q&.D402#M8[0Z'M4+1;:XBW,JKO8Q!819B)4"$Q#\XO.084VH[_S% M9`XZ::IUODN9XJ8BG]Q(`%51-KYRU6=)=MQ!\&7]3AR)]Q%1G#&ALO"..V'> M!EA2Y!(%ZM$P+!>%YYI.E/8*V=A/\U*762*T/M8X4]!\1+VG`XC&F`KI$OE$ MS459DCWG@07S]2)[G9NA7*(Y3+XN<%S0N/DY/15\5-?_1A/6FX@7WGZC\1Z) M=)4`J[79X]J&;!#5AG^J.ON4@E^29*$,"F7J\OK?&(P+RO'F8862PY%HU+)4 MYWNA"#$N,^)_DJ/E]O:O""8%01S-5[:7EKD`/;X0113AC]@?C+O\J0,3IUKC ME8*3M@BX[,$6SR)>NC_&4JU8*I`_8X_.E)I,6.,7K_[-Z1M7R!V+RI MI2P%I[I[""2H`LE"&PD,H+F9CJCV,M$,7Z(:YNPRC2[Q_T7Q2)<;)U7'O]C+ M)$67>N:3WHNQ)8N'.Z>JTUN6\%*,U(]/=L$#L&,F:^I/P>B-5<7\I5A+-<#( MXD2M_8GZC9)<,2-&H+@T6E501):5TU?LX."CU.`"I>%HW/&VCQ,HKD MEA=&D(PU`_"=.UF=62%_RK!OAI],@1T_9*IUPFH@0A#/!48EA478).1H=:]E M6P2!O"2O@:TYD()C+U7W&L`-[\W;M*Y%5Q!@T`:5F\Y#'BJW*]V`Y?5P@ZF7 MQ':+[H.7,8F?<>1FBSW-(^NP+^@+&MX*LRF+L?DA M9UBM)PT?IE@H-*>4'C.@UEG&,D71?-3+T?Q2"`0%TD1"I0.IP#Q@**8"SRDU M=(Y4&QS5RL?7R^"C=,K1&[+(I&`H'!7X@1==5$V4>8]D[*8A6DM2UH?(49PG M0$A.T+,YDI45C)$H>7R"+]:V4Y;62#%GD6:<2=?W0\N=5]G:1,P:96E`;9M$ M:$0M":248D=P^#Z;-F0P`>,"$D=1]!U3;D["&W;(OLB\NT;,6VDC0X-]`X9K M8%SVP+#[N"I[ZNC=7#%)KWK)94D>J.4Z(6%IJOIS:[W<4HQA,-N"MA[Y'0!H M2%N=B1K]LBPY#Q,3K2]K0ZHC"LCR7DUJ[7EK!E`>.N*%B/+.XJ#F?%[CE.KS M2CV_VK@`D_?^\ZBK[Z0@C8YR"W(VS"R, ML-,>MK2?:YX;R-0H2HO^FDPL\"4MMDTHI.FEGM*"QO6\,6+`KB*R*'XA4PBJ MY<-3"EJH%K6_L6IR9?Z7FB@\O62W%:M]--`E$.,7'*C@@$4?(S1")54GU`KC/Q/O+4LA7"X M6!ZFRLSYFF&H"X7KB[9^JAO30BA'_7&$Y[GL=C:M]^E"V]E9E'#K0@IF*?(0 M;:BI+S:MA8IZC_GF\]J=(4J6RJ9:L**1ELCTIU-0/+Q)IA!1]/!$2*V%/[Q# MS%CQ*X7;?H(+\\$AU'K[!0XX%9,3M#Y'35B]G^+&C:3"/[%5[C^IS\HUW_:I M$$BUM/5Y%(\[=@EO1AR(3C;Z5JILGZL9M-1:]0ZH;ERBY]*_K:AWS=X&'.J>/$B-L=T4*J28W5Z8?8,T71 M7@0:A5S%<*#G'-'2QT]TH[AV:KX%Q5+1/%=&^QGM&V/3`ZN`$#\9,4'L/#$C2BHMT3^3<-[0YXGW,*0V4776K8AI8,AB)\ MJ9XNY%S*?3GXS=-18B+1]R'5-L_*]$%A,3'\5&N_0$ MS2+F4Y9;V#C+7>?#2&51:*PH5#WC*"0MCH\[*U-F9*=^DR9$V M@&S2HE6"IW%`!%P+=2JRN!&FVHZN7:D(0#![H3MI(S]B1^GKW/F*XC'CASK7@4CI(1B&\JQT&#OT]@@WS[J@S^BZ+!#> MK1B`7A3I%TIO^>2(@^\Q?-"9&=?M[A(;G5:[+;WYY=WW[>_[[S2\_@:9+,)VXM7F,-AC?BN!7)N!"6=.=3*^XRQLL!Z/YBE;O4/Z+((XN`]NPC.<05 M7_%[L3MU^17LI#R;O-7`-`S/#P!WY,>3[C+?(V.)FUG@)T`@$%-F#4]`1)DG M[D"09=;ZHM-)--&-'@TR(9%<$^TEL56#YV74@5(`"8U]T_HW/P#[U"1/?"\R M-6+!?,=`;I)'TC-4;3_%1Q8+F$PK+*YU<;.#GKO4"%7!G2">+@GY63U]=RQ/+FE-QE%`Y.8G9N@@$B6'T5B+ M?5D+T/U*W0/_K%#8^8KYI4)-WC'93S+OY!DA3+"ZJ0R& M5Y_L6ZT:9A%7AT8![*@`/CCS@EQW-Q/_[F5KV"C%6?DL.V,C_^-I_]C!$]K$ MR#?2#]A>W-6]07G_Q<$S*2ENQ/#-`YX-T/>0M#;=\(K87DF+MU?X&('6\AO6 M&R9C?JH5G)FICR'F740GNK5C0KI7DZLBDHR8T2/Z^M/*A\Q8IA&37+!IBVJ?V3!?*VF]_`8N]A6PVY%*/[B#!S( M#9K66R<&ST&_9839%/3G M4I#XAC7*4E(=Z@0#G0B,?9`64`/+:Q(S66)RCFJEB?C`B7[SB/G*98Q9FE_^ MI/U=?@$:?TEG!JFM)X%>Z@XMZ<=R_*'":G@"/@5B@JRP@._:.LLPP$LQO>RG MN3/MZ8N6%Z+DBL4ZY<6`?(G`RWAV*;PSBKFL[#*_D2>N*G/7'^\9.'D,/BLD M4#B'/3"Z-$<*_-GR'U[$$G$.(<"TI/+9$[8X.)U/X])*Z[C@X'X!EOT]B-SOO_WO_UC6W]4WF.#\`W<6F/Y^T$:$S9<7VSZ(\8]_[HP,)C^IF-?[V`#^G)-QO^0U;Z]B7Z MUO_6:?$?8JYOUYC-_S*?L6NP;-_2ARC[1ID.6@,]3#Z03WF!MT7XT%_A'W;[ M`I21ZT^=(/GUXK)W\=N`^NMID+\0BGWBHEM_7&!A"'!2L.1*.B]`>9U\^SC^ M9K>_=0C([M.K[,`J!RW;7EYG88:=5J`P>RM-(__H1FTU$Z85_M4)[$^.[[T/ MQ9GE37`.T+3M_L`>5`@<^/,T"FF.#4'H5HD:G^E.'O/`!<00/0ZB1RIXKWQ47/2OSFC6X+10WWZHOI?KBV#+4L2]19 M%`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`5@!D[^)I>-M]WB*,,UP:S5[;,]R-!FG^XWH,(>&_-V[39UR*,]&5 M[6=TI>S$:71E:;H24QV&,0UC5I$QNX8Q#6-6D3&-QC2,64G&W(?&-*&&"35. M3S_9]C,*JM<[/L#[T!*O_#!'&_9Z2)S02WXRBF,WQ0$6;+76P,8@6(`P]'#3 M)8I?6S_?1PJR69X@VEO MZJJ267B!&RY:IY)8N^XUU_)2*A]97*WITM)V>R79=4/EFEQ#JKV9S\:@U3&DJ@.I[$9I6\[GF*`Z)+0O.8[+&4T:W5`N],8],W!!,/GI\[G[4:K M6])5!,/G%8'5\/DRG_<:0]M<+#-\7A*?]ZO*YYU&NU/J<>N*TKZ^!['K&4S7 M3S56'%5"LY:5%&O#HWA.BTQ&\=2"3$;Q M&,5S6F0RBJ<69#**QRB>TR*33*L9,E6:3)5*"U;E;`G_B7T@%_.Q\FF%NUM6 MLU6L]7%&K4.K!$`YN#UPS^V\DZN?6(Z59%-8RUPVE1:-HPG7EH-]V;'?.799 MIJ?^HS6-L(&;Q;!OF[746XUZ-9OVKO+[X[1W[?2.?_%H!ZJ4Z1#7M=S]9B[2 M29RDK50[AC^IKWU.IVB\Q)IE]J9<9=0,^^177-D)&]6LO>9S9U M_!#PM]=9;N!/,404F1/D_/>%Q=.]SEIHKS1G3KR7UDJG(>1G=H.K4@)_?7<7 MLSLGW:^DOP<1],/$=_UWC"7%:/!CDT)KOTU0JY&&OU`:8M*'ICN-0:]5J-MVX:86^VF5A/6 M3:1_'U<".E6^^M+L#`US;Q795I*.5\U.Q]#1**D7,W>5[RT-.HWNX.I4SB4< MWX,_B=(4?\0.!$Y>I1,X%=%X%2BDV>_W&[U>"7YTO&\9QDIY+G)[>W^^2]T=W?IG#E_U M6KV&W>OODY:5C$U?MN^R]=&>2A*]V^R:3/$))--ZS8&AX\M/`NP5[HH[:G4G MNDDQ:;;L712/F6^23'5),KWJV8W650FJ^XP]JV/2S[:;[9W2_*P-&KTK<^2\PKOD5X"; MGIU5970:B.D[(SF"RKR M&V*<,W=NZ[*=%7(,M[S`@30(.6<..<:1SMH@IVJN<>U3@"=>1%%<<:;N&(=/ M"E8C37W.ITL[C9X]:`RO2J@GQCTK'?;)NSP'O8,CXF M38?#KJZ]5,$U495!3*FADR&H\TA4,-AM4&5X2K#50?)YAJT MU2P\J'T&^"3RO/]B2@-=VI[9`Z#GJAW5U4)K39"*I#: M-,0X9^XTAT$-MYC#H(9#S&'0HW/+^1X&Y3_QS.-BQ"&?KH+\10'`1LFY-5"I MI6YJ>3^ST][K6+Q-FI5'J!"!ZTQD+$R?UHQ!^)*D5L\`1B<447@._[YZG M':,9OI3`7U)KSO!%-[H+80F>Y216-%Z3?[0>X.G?[&ZSG3\#D`*<$#.9#_!O M:\3TX:)[%EN.Q3O1,^_2@=_.';-F+/8C#Z=R9K,X>O2GL-)@;K6;G7SL.7/B MI/E"&ACVD.SAW-W%[`[P"T_2V`\3WT55E#%$/S*&9`0)\F/B/ MUA2FF0`;"KNV*2UFHF^5N_.5AZT@">23`-[M\#%QB2[TKR<10$ MT0.1D(Z2)]D4%@,C)D13)X$_"*)G2.]Q%%N@&E`*)=W'CA\7V21)(_>[8I8[ MWD:4/L6GZ21FC"B\+<>\KC>YM=R9;`G<^E'ESCC^718$PK+_>M&ZH-_@)[GR MM_A>A.K@1`7.+&&OY3]^X0,#*"UR$C@2>$J@Z"@\DZ-:Z7ET*Y"4VX$J5?/5 MM:RK"^+.XF-DDSO/N-_M/C_T<+RZBD=%]>`EKB]W8EZ/HL#3QAK(]7]!!9B3 M[`-IP/SW6U2%2XP[BJV?Y;]W7<"2FC5B8L2DNI"49T^/(20+P;EQ M*SF\$?#)X9/%OG$<(7A"J,]#)^\C$\&"WS2;MK[X),J78,] MOI-[$J[L6W5YE<53ZQ6=V/JITD%ZM11)#=5%'Q9>5!?PEX&A^2G3O-<<#@V% M3YO"@XZ1ZG.C>7=)D[?WD6*OP&D`D\/1I8DL%Q1,RZ0; M#%,L,D77,(5A"J,I#%-LH"F*[FFO9]*2)BVY`>>\\>]]F,ZSYCX+E@^4FRCV MA*+8/5H.0U]#7T-?0U]#WZK1UV043RZC^._%&B%48<#RL'"%5HQ@QF(KF3BQ M.2YIXL4%#OH;`-6S#5\8OEC@BW[SZLJPA6&+9771;1N^,'RQP!>]YG`?5N0D M\XS\YPG5[MO+TNC#Y1ME^/)K/P6N<<7-():DL4_[ZK=4;>MKZ*=)E2`I!\E' M*X?F)Y8CJJ'-L:Y9G".RJOX=" M9OU6<]`_]ZHCG6:[)!Q4]SISK]GOF^O,F_+<&N-3N,[\9S8=L3BG4S1>8LTR MJS#E=FZOTY`-S8%:-J9&Y'(8MVD%8,2O7/%3N<^]BL,U3ZSFK/$'9ECW.N4; MO->NYGOG^)J.^1?F<_<29W6JMU-RN-T"X06=^&[!QRQ-4B=$0*R1$SBAR[!Q MXAOFLJ(EZ]CDF^^C6`?7^W4/Z+=RN=;"NN%"]]*7;#AL-_K]GB'EIOJQ.Z@L MK!LEZ,J79;O;M)]$RC'YVP:+MF/7O<[I91Y?;!E?:O_:K6:[,O;O#UY^O]+1 M3$44GK!=QY3@7G?0&-KM4'&952LKQ+NXD< M3C9R>-7N#1N]W3J!/T?+2KK0/[V(J;=.$5:2Z.A.V\:=-NZT)@_OHGC,?.-0 MU\6A?M7M-0:#G?PU3I8SULY'U<'=IMTRWO9>-6T]>\-65:=6&R&GL2=[&K0X M1^;[0FFG.NQMKSYS:K)3)YN=LAOM3K]A]SJ&F">6@;IJ M]DP&JGKFH)Y6M7YZH-JH*CN6:L-S+\KP]L2FP90AD^'H8VW-G!7:ZF-FJQ*T M\9\G=.'SP'<1TRAU`A#7Z8R%B9/Z40@_L`,<"QQJI!'1C4.P!_=T^F#U%<4$ M7DBM.;@_P90!C@_!!J6@_P;VO$].&B M>Q9;CO6P6)=EQF(_\G`J9S:+HT=_"@L/YE:GV2I,+

  • ET8<; M7`_^")P1BYO!UP].[)FKP;NL]4T68XH%Q2V=8#M&%(0-K_HVZ+,;$&,GG/-2 M1?!NN]_H]:]X?2(21I!S&$P(+HBV$UIL.@NB.6,-D+ET`@*F%3>"+_X&,8TE M)+/N\B,M!!\6YOSUPJ9AK/462+6=X\Q>DP!,0$Y8G+S];^:G M\S^CE+WQ$S>(DBQF7X"%?@_@G=_^]W\LZ^^%S]XG2<8\3OE/I,ANB5B`('J4 M`,E"Y,'/;/SK!;Q'*OJ;#?\AV;]]B;[UOW5:_(<8^=MM"AIP"AS+5X-<`>Y\ MF";7CWZBWKHA7J!5?*!+*A>DRFDBO)IH7U@>55"0*_5LWO]#3&P$IIC8(-4\Y?YC!6@?ROD M7INF6EB@^W@OD8-%`-HZ!)>=B]^N>ACU/@M`<0'[7?.6K'L-CCX.Y@2?'-][ M']XX,S3,JPEX:/AW9=QGU]]NMZ\V!F!'!CRP3MJ-L("8_HDBYEEEO80,NTQ, M?&'N)(1H^VY^R^)[WV7)#41)3TMX5X>W^_QZ[>ZP75CSFDEW6%GW12OK#>S! MGA?V,D5@$[L?!&5;KJS?[?>W7]C7A'T6X M;A1[M-M/D>'7YFU3J]5P??W)BAFH;`PM86'.'7V*4>74^8Z5F>+4@6&88F<, M9QW0P%.N:2%B=5++&8^9FU+TZDRC#.>&Y44QAJ_P-?X=Q(#.?E$^:N5J:637 MY=$OQM`A!&!)T_J(R20K"N\B?G8A\9-BH,PPSJ7%80Y++;4!4[M!YO%P/$K8 M8CHL2]@X"ZS`O^=Q=0!S7.(O@I"E,((61D^9@W$@H0>7"H-'4PCRG4><"L"& M:2+,I<"2OVBK@P4OK@R`L28^Q.^Q[P(.V"-FOQB=R("!X>&]`V8M2_AXR^CV M4VO$`I_AN@$6RK`Y"?@;HX!QU``YLR`EJ!XFOCO!HF-3>D+XHQID0&!$S5^9 M=R<(,(HR3D37B6,B@R+KN(A**[RJTLB]\8,L?<:) M>]IU6$X9='J#0:>C&<*7K6E_<&WD$BW!U1EV6MW!H%M=N#;RJ);@ZMKVE=WO M#ZL+UT;^V`JX.OUV]ZI?#ES_Y_+R712E:&6L6S!?L*[+2WCT]Y\?1W$`__C_ M4$L#!!0````(`.>"!D<4L-%H?PT```_0```5`!P`='=O=2TR,#$U,#8S,%]C M86PN>&UL550)``,RPL-5,L+#575X"P`!!"4.```$.0$``.U=WU/C.!)^OZK[ M'WS9E[N'$)+`,%##;?%CV*(*!@J8V[VG*6$K1#>.E97L`/O7GZ38B9U8MN3( MB1+SLLLX4DM??ZU62VK+7WY]&_G.!!**<'#:ZN[MMQP8N-A#PWYU;2`CR?><"DS$F(&0"G'8[+OC'^<.-XV$W M&L$@=-RXUBL*A[-ZYP1Y+]!Q#O>Z_;VCH[W]>>US0%EI)D^(Z>UU9[\D[>/@ MQ/G<.>ST]KN'3K=[TC\\Z1\[][>S@K<,P@"5EO11\/.$_^>9->F\471"W2$< M@1OL"D2GK6$8CD\ZG=?7U[VW9^+O8?+"9.WW.[-:TA+\7^VD6)L_:G=[[7YW M[XUZ+8MM"-H% M&*,0^.@O85:AZ-`$^G@\M3@:T@H,:@C=#&@\&J%0C!I&!>\BF_;9](]@);0* MTC8&$P>/(79_LH[=L_(L!.$N@SUX@!22"?2N,+F*0E;XFM*(SQ85%5"]'6W5 MN,!W(U^X]QOV6ZP.WB=#\V1*Y?"-6:\'O=E3%/)F6-BQS^(V9R:7_3T3[:1E M.[%P1WL6%F`97!^[F2[Y/$3#)&L&L3@A:@#HLY#'PM@7`,8B!.Q`/Z3)$V$P M[?UN')/]$C_^<49I2@,^>(;^:2MYV-E8ARXB9DY!N-"OW#(_/O4/CPX.N@>' M_<_=_E'O^/.G5,]3EG-&LB``<1/Y[,\E8\IR%)?HT&@T$M+:B)E!4G]`\&BN MMK@1K--A3#Q(V*JDY424]0./>1O`;SFO$+T,0_'+)NC@`09W<>Q_?/Z:`%\X MO?`"$/+.G-Y_@!]!"4U*=>VA3YVL98*K0[65^#/7Q1'#\`!=R/`\^_`;#$N& M94&5W:!9&V',;L\/E-%1;>;(6UD,3-]V\8= MBZ7&`'E?W\8\LB@><+EEMYM'?6@QD0?V$3E=^=VS8#!,+_^8RY#R*:]B#ZWR M,$>[_VMSC^7+TV56U"O:S,V**,R[2<4)[!L.7/4Y;%[:>BXTNVZK>[L+AY!, M(4JI*BQK,U'Z'8]I.K2-IAL$GI&/0@3Y3I78GQEBG_65H^;7%E0&Q=+J;Z71RS+A>TAS!5$@IIV\9=GF1=>P_>^:)6;9F? M+6PUB]56^0H`+2:41-#+>B`QFY7[4J6ZNT5W1;SFER]FV+^,CV,>6)`?1"7# M.;_P#O&K`7!MJYT'.(@"K]C?R@ON`#F:X,RO@J3$/(,0QD>8Q6M025&KR5%C M11V7K1YPT7VK+5%S*VPSGQ71V;HW7KI\E1>TA\4JJT)%/+:.QE2V2.%Y\4(Q M>SC3Y"'G?%@%FK6+"<]#TZ[<`^1=!_%NLFSYD%]ZA\C406CKD'S@N5@!]+X" M$J#@A;)%4#3B#$"/Q); M3S7Q;=Z*@P=.I8SL#0R%;S"\#I@>X0VF]&P"D,]7(T\XY;-CVSD'%+D+XT*[ M]B9&>Z:3DH&=*6//&*[(3GH4ER.S=>:==_N**6.:9QPQ1S0?6N=P@`FZ^Q17ML2MTPEHUIW0JR MU31CO+SW)8XEIZ1]IK!N6G/6Z(IJLM4@'H$/:;S'^@C)!+DP)ZFFI+1]AJ%* M2\ZB70.BK:2*W"">R37-PY,-\<5BNT2C$K;295[;U`;UU)(8$+YY%(W'F$P3 MN/)VJ&5E[:-'2_SUO%9!9^M M.RN/4,S^#/PM(#\A]SFQ%F13H;3"SO"J"='6\X??8,!F$9_!./-&*$`TY'/* M!!;S6U)K9TBN@M/6[%86R>-LQ%#,L;2\?>QN?J6CIRQ;_7P"NM@P%DK99PYZ M9.3MAY0#+`V^]*-C4QQ.6-?YCO44>NGF6'[Q7615`ZFM(U1D/63O)KA$$^3! MP*-BEOI?-,4HW;E2%F"/!1C8+U\1ML9:>!/'7^DK<'_'A*$/69(!+)^7<+I_Q>&B5[5#9U[\=[=$\S-USM__\Y8NPYFFT%G+@M0 MIUF+.7&0_*!L!:'V>(HJS"\DU7:&+^&80!<) MM.QO'PIRV&0WPB1$?XGGT@3Z\JH-M8?*JK$UI'P<`@+%G9TLGN(!=9%AY!=N MJ"EH*&-M;V%<`41$.N8\I+T;_`X(`7PB9/,@X7%S$-\9FW?"HB>A8=2;TI"M MFX2+0=)UL'P_D#S-IK1JPZQE9=64OH)O[`PVIXO32QWH[%:'/&>A4*UAG*^D MEICO3Q;N*BX"RMYFI.P3LM4:9ALKJ26VC:,ML`VQVS976=Y]G'J5/^Q$5SFQ MM7S>`FM9N)M`.[R(ZWW8B(9>8O,XWHKX4W*5P4R/Y?<_K"KVP[;,J2W9+MNW MW_86KEE0-JZ%>A_6HZ&7Q#P,;JHK7>R=1I&=76=)#37?T]F7O=2 MMT&HLIRJ\D&RFDH2CJU+>BR+JZL$%!^Q@][:135,L&Z+5**]:7J1X0-X1:'V MF%A-!_"KZ,'6\J>1''!PMW3$KKV6,--;*Z;#K5]%)# M'J@**5A=F-22Z5G^9LR)(D&KU```M=P9*(HU!XSJRDR644/MKX3EAX9R8?N M[@:I;&N9"RJK9X\UU,AJCM.II!=;TPH3%_H`Q:513_@)O/V.PB%/P6?:89Y5 M*Z.LJKBFVI))=2F%1&.>T(3"=U%NT^Y(#)<[T4_Z]0T2%]'Y^PT%[BBW7E-- MJ))>MF&RND$!Y*_#$.A)+_N3EO^P!@5]J.0M;MQA/,!Q["7O!BHF(2W?4)/0 MTX=2CF*.39A[44[UH^LI@B2OQAWL]_>[3MN92V3_2(0Z(/"O#V2"$Y+\0D"N4GZEA3KH]8]T`^_-7E>K5C\K\LL)RH`Z3>H`C M@)A3('>#*S;^@<\!&C>MW%8^3&P%/:D>^K)@-Z8M)K<4%"\(<)Z:E&Y9O:%MK0*Z[%@E[Q MA_WH**;T]>#U[;0N)UY=P@GT\7@4YV!1O7W7@^5]UU033MR&DVK$$:W4OPTK M&5/E"OCZYOJ1)VXK%(D6^"R86AOYH6 MS._:ZK(>.Z&N%L])I:8Q6XC;?/9Y)2YY0%*!35&MD7S*D:_O*B>I*TF6*7J, MSJLUC=$2Y&O[$G>AR?&-"_TA*FHUC<]BX"IKK)H'J.*Y16G5IA&K@%YE#62$ MW7+$52)Y7DZ&?;RC057:DYJ[ MR7HA.KTD"LM(%SM<57G/5MY!ZA4`ZB5!;.H[?;-KSOA]$E06S2[0KUS+5D@Z M:Y[*\NPQ>TV6,Q\D-(K>UO>\%!7$HKM7S,%)OUJI*ZO5#LKX^"+!B(',!#7+/HIAV_JM*G5X:&+&?\P$-(;ULX"+_OU[_C>)UG4J9/UI=?HHKC' ME*)G'V:??N=K^10J?MN&&4O2:*_1UK6JGM:6[K/*N&%E0H+<,)[IO@"!D<50]-(81L` M`-3Z`0`5`!P`='=O=2TR,#$U,#8S,%]D968N>&UL550)``,RPL-5,L+#575X M"P`!!"4.```$.0$``.U=2W/C.)*^;\3^!Z[GL#T'O^TJ5T753JC*=H=9/0J>$VB%KP-K=30K^\\?@VG*)$TV0'UI.4NL5A^-YO1\4NR-D M6:=[A\=[GS_O'2QJ_[`#5IJU)YHYVCN<_S+KG_A?K;/]T_VC@\-3Z_#PZ_'I MU^,OUMW-O.`-8V&("TMZV'_^RO_SQ+JTW@+\-7#&:&)?$T=P]'UG'(;3K_O[ MKZ^O>V]/U-LC=,3:.CC>G]>2EN#_VIT5V^6?=@^/=H\/]]X"=\=B@O<#T;=& M)[/BC,),Z=?C6=G#_7_>7-\+XG>Q'X2V[RQJL3;=<%XQW<7I?OQCNBA6$+32 M]`H#"4F'7[Y\V1>_[C!!6]8W2CPT0$-+?/L:OD_1]YT`3Z8>;TM\&U,T_+X3 MOI)HEVOKX-/Q`1?5W^Y#IG,.I)_$=Y'/L,'^"(B'78Z%^:]!?_AS;/LC%%SY M]R%QGL?$17L.F>SSG_9KZD;(14NE^^L*YAP' MCD>"B")!B!@V/\EDRH@7Z'VPGSP4%'.NVTX[K.&1SX:R8_MASW%(Y(?,-MTQ MM3@8!>E0WKT>`F3VNF]GCEIB]HV2*:/C>\UUN)Z;C^V:17`REHHS8Z@V*;.C*WDSS05\Q:P'^Z[>+*?E-FW/6^G4`X24F8.,/?/ M3X5X1&LU4,7^9FIF2MYUR<3&?HTDKC9=![VBJ=T)FCPA6B>QV79KH'3,B*). M](1VYX*HD=[:`<2L[81B]F_L8VYKKEF[2>N<'N/KH!1OZ"U$ MK"UW_A6'G`!F"`[8LM^:M\G^GG=JI7M=%`DL,K22CBWL6^FN_]'"8K_K\EG_^8 MLR*65;,>//L)>2+DDEMHOTU"8ZGR>8OXPC=[PT$1W?EUYFPL8-FC68;8<)FU MG8R0%;)SG:_$/5N2=[S^^>H0/V1KBPM/%&5K M*#3B?RQ^]PA;27S?"6G4D@]]Y?/-SP"=H_C_>6NE`?&\2T)?;>I*-%BZ%0AV M3T_1I5F;4DPH^R@`!F(8RM:^*\-PM2`$KZ$B1+.C=94U:'I*^3PB5!GTHY#O M9?-4AV(W+Z<*A#%6@^[43$+3HJ"3;WP@]SRB?(,/,0K=WVPOBD/L?4%>%K.L!D@!O@`A^@>T1?LH)CA M`7+(*%:>$)HTNFRZVT;1],F8P3`O*&B(9',?DQN9()[^)('/4IE&=?W9F*Z7 MN"I6S+?];!)*U<04[33UE$`EF2?'!V<'Q]:NM6A2I*&P5I/#)^EVK5_BEO^^ MS2NIQYAS9#VP7A1Y)$MENI0WLD0Z`%LE+._*<.E1RK.HA-'^\;XH_\V^" MC04OOGOGV?ZM/4'*C`8S70')4LD%;L:],L+]%D'K=@4ZI:855$'-P+F83#WR MCM)13&62@:(\B(6:P7&3R;*2BP&`4I="2(],&<'@_K$@>T19!\+F6U/*+1`% M``5O4U$ZD(K"#X>[D8?ZP[FUB)?<$AQ[7G((OC],EN-_,12+Y?E/$K"%/F/W M!ROS+-.UN?Y`C'X]\)@3`K2(R(+5?-[26XH])\0OC'8QI/2!5+UA")OW91%3 MG=LN0",]'Z9YXO&^>"P$032)OU6&R3J=0-C:K0Z9=3CO`GRR,>15!RGVL^HT M,Z5[@;`96(_-*HY M;OZ%+0Y>D!^AU(9)7OA77;25-2%?)"D"P*G?VP_^ZD@ZLV);$`_`?`IJU(OM M=`D@P=85@*P(&-`"N)2(,[&W3V).4T/O(_$)Z3?S1`Z(3?A$5M9TP5T&EJKZXBX,8?K$M,@?/2Q>+TU?)?;7$G!-IVO0MC, M12PAWKC5O4<.\5T=\&@G;%;F MY^N"@[RJ"NT=Z"UF0QUF[_8!WQ5^[IB;QC[8(W2HJ\9,%0A+R355FN''N$V[ MC3A+_>'B!K1XO1#\/B;)EK9XO_.&4/0PMOT'Y"<$YAF^=5J#L%K54]W:K$+- M/)U+I3#S=/4F,MW,TV/@F:>+@X6SIXOY=1=A^OUBY6UEVM7;L+=2F@KS0;1J MPLE1+:O%M$768A6`!R3GK"@I0:LFD&V?$I#54B*PC!*C2@09J3"O6+`9)V0R MC4)$YR07O=B77QK"%E0)V"Z]W)+/$P#M7$:4"9-Y,XR=2_S&_U*_%J>J`&$= M4E%'*K8`J.F:WP',+_^]FDPI>8EO+5/J25D#PJJCHJ*4?`'0U#T9AJ\V1>?H M!7FDV.`IRD/8<:NH)057`'0$^TX+B6%;Q[G?WG/QP>ZYV-ZNT)".A+!*I51/"$*RF>BWVH&U: M/B!G[!./C-YGISC%%:D2#4I+@UZT*+4F9:F-+9$9"VGJR]VZ=[QZZ]ZL4K/G+]K:[']O=C^WNQW;WHU.['UT-$=4;%3<5(I+E":YV=^4STMEDG!]( MU:X%VIO,UX$V;]!U(MV)5P!LTYZ3E.-(D\.T3N.9I2Y&"141-'U-0_:_5%"HCX90`./E-1;)`.$N@IH_ZG:N!=\05-<&H<2166+@/:7 ME(K)\M%&\)JM?B8X?K^>4T6[2&^$&?A*FF$JBG7/A3C)Q*Y3RP7`C"1""'5UH1RY0;N2<% M,3IM[S+R7:DD504A!+K4TE11W\@]'N'[N?T>7.,GHKCZ2U(00M!(0[P2ZJ%% M#:Z)[Q+_R@\1?;+]Y_YPB"@2@+B^^M$?J'=C].I""`#I61=-A@"H3?Y,KVR) M#6+#1?-UX27_M*O;*)S)_C"^-?K2=K#'QGWO*1#7_\B&E+(*A)E%3X5J/J`9 M09%L@MS@DG'**0]FI,L#WK+R$%PI'=PMQ;EE[$#3U`!-XW?J&8TZFE*4AS"8 MRFI*P0XT3:59TS!V,/RZLOK(<@!-!?TIXGPBN?,1W%9S`"AV)!4'^8 M]IO9VEL:[BS7!(2=Q[*:+\.[?T+V;(X MXQKM05B.5P1\64A()-!%<#!I7/D/KX1SL.82)-T.A!5_0V!8XKR[(.`/TM0# M@U1+$.:"1H&0XKVS4.!OZ-2"A%1#$$(030(AQ7IW<8!?ZK$(J88@!"0:Q<&" M]8[BX&&,V`I]&$HWIRNT`R%VT1P*TIQW%`3KJ1Y&[*0YA<-3\SD:(LHS+!B% MRIVBO((0YFZ]!7T>]=!4L80A3NK%VQ3Y`9*?^RJH`V%2K11Q66:D.[I:VFJ2 MA?/+-`!A4EQ7BZM<05/I[%6PR/;Z3QX>B:-MBS#.CG'V4.E6($R`>LHM MS5HW-"R9JLM$1^MH&$*8M.(0*`9).5%T`C=B$1>_Q%@6&2M5(41%3>E^A=GN M:%<\!%E)N:F:$`*=1G6;XK4[JN51N'!<2;?IJA`60$:5FV:V0]K%PZK*7=2$ ML'8RJ]L%KUU1;8_'RJIJ=[DRA&65004OL]L)'9=1*8RUDRD-MG>I"O'O0^(\ M]WSWCB9A,_%A@`)$7\2;KK%#?Q4$D>T[J-QU*Y_SKULAOB5Z$?>MS#M.OLVZ MMH:$6G'GUJSW[74L-1/:>[6I6W`?^%*9+EW+LD0Z`$MX/[8ISUI&+K_1E?%I MQP*D_&(.L5;^\;XHDZR?!1L+7MA@]6S_UIZH+P8PTQ60FQUR@9LYU6B$>P`( MNIA,/?*.D+"6?4&*\MBPHCR$.)3)`9'&@T(,`)3*)KV08B=,IM]'IHQ@<(&-"55 M$#?H.XK*J:#^NXDD)VOX;9WA^Q5;!_DA?D&<"E;H1'ZE2T$%"-._W+;K<``` M^]NK08Q>#2([N&=/<6A[8K87#D30B\(QH?BO110B:VVW3ZZD%\=3!(A0(/ M&WKU!#("YK5;7OR^VC3 MEVL;/X7"@>8AEN:PV+O7;:=-/[(^G*PA`&A8*(SGR\+YR4S[*^4WT5SY=X@Q MYJJ>-S/24YM.;OUX,B(BD(B[8U92FD61*M!FEIS=$C^&WRRR M.[L'+(:C-.1@LL,V4\L`F04-2;61IB;$LL)/N3RTL]4\--'LKFC72C?[]Y'TRFAH7P"4Q2& M,'EIP6T^ERF8,?)B&'+&/O'(Z#UY:UE

    BE:\(*97$4*V33D%:#(& MP([=(\^+@7)CTV?$KV=)+F51II(75X.0?J.M-'VV`*CL5^3SAP$9D3UWPD3+ M(SO<9=71FV9="/DXI96GR1L`#=;CYEX7Y(_6WDM[R:>&!)89^F86(6`28"M' M>6.>^L.>[T=L=$4A&X`A=MCPI/S.KBM?)YVVR=XAN`L&`=NX/(WGI*S##`_7 MV"/4FTX]C-R^G\[8$ISTAZG-DDM"TRQ[$5\$78GDF[I16R-A$%PIR("N4=30 MMDT_:"Y-@_/^!B39)`)`;KY\$O]7@@S=RA#RO1N`@ZXXP&ULSQV1PIWMH]([ MV]919_:VJQ\@U]O/7KO][:4ME7>Q:]+M]KX7HUT!V7':WO>RO>]E>]_+]KX7 M+5&8B&KTPW%RPD>0&LBWP60E(:S[32M(*0!H"ZT!9UKA0Z5^AYA=8\!_2G$, M13]JDY@N`<1364'5BH`!S4/)/?U*(2^5@>!$Y"`C+>4EBB'(V7XKEG.V#(3Y MO$C.68H!R+ERW+EH][6.AEN\[:3OL:X]%36_K]HRWBYM3'^SO0CU@B": MQ`?R>)X*"L?$C5.-U(\/-=(S!!MD"+M-B`^:PULKTP,!X_H!`3OSVULSTK/M.1,0Z M"NNYD$&B^ZF8\R<=SOD&/@\#/R`ZD3V_:K)#"%DU;2+8D%A!8K8N$<]X_8UX MK!F/L=FPZUQ``(34H$VPR@5B_H`8;P_<,%Z`VUQ4?T@X-^A&%Q``X7&\S04W M;%>Z;M[/\0MVD>\V;;"S_3:*Z+/-1W16NAL#Y-RK#']'>#1F//=>$+5'2/QX MSOB>RZ=N6%>EHE&0?]D,D%>5]:9!/GV/,/&\2T+YCX:0+>NLTP$\,_N#!1+; M8!C>1JH;)NKOI].;?%JCV!`@9P+<-"Q^I-NEZ]ZD:QR/W;A]FBS&K<@.6*<-,0>?$VQ534,8W(W)XZO175.")S1;AYB!3FGZ<-&UUP MY/33Z2VD%M"X(L!-P^)O*.!!)]^=IR\0_JFI-;%^]YW>'VHE3!9'*@/>-"5MANW;M"6U M7`BPCN#!&VEE3%;&F`E379&0-L/S;2.[3;F#!W91P+5);%>GIG931DV=^H#[ MNFG"[!6C&/L!=N*S\T6Q&0,]=3KR7A"",2`ND.:YGN!LEF7SJ8_+_<&(FA@; MS(:R&9>E"!*@]3A1658;<)=7.H01_F@.HH;$"!*C1O>6>J,112,[1(T8V37H M@1$!Z8017D/*FS8`>JZ+8_H7;P\'IIXLT>NSTSOGN7YM0X*#ADVM=\%OB?\2 M#T?.:/!`0MM+_\[?!K\EX;]0N'@U7()+@_UMPG$>K:&>^_1J_?+\,%"-8^F7 MA":?>#F9_]LT$9MP8@<.J"5"AH;TFK(4%_M$0CB-.,=Z76_"69S2J&Y&M."P MK+AK:G4!7.#45FNKT_<;JYW5:@(!AY&JPF%S0#PX+OX=,7ZN?,9A)$XN-'-E M:_G^.WT-L9F%4WDA?BS\FKG7IE37G5Y:5342S8%[XZZXD7,M,O3D5W<:[+#3 M*RF@&)X+=V.0NRK?<(SHP]CV,W%I4QQUM$M+IA,EUP-VFT*$9>Q'63-86Z;BF"''G!S>5+Y!4;J[3:0ZU^!R510<. M4\:\IT;3<]:EIME(WD$G`M#KRO3C0'T^]33^[&.MI'4ZG%V//6IFX)11RL<9 M12V_H%H_?9T.K7=I/'W#0VK46C;%_L/8LWJ`U M1=0235J_)(W^G=6?>'Z0H6H.IJ.#@^-]WCP/HNRT83F<,7(C#_6'/3_$+O:B M$+^@>^1$3"<8!1=OCA#1G#,:M)G>@)[;*OS*:P9@N7P480F+9T1@4)8/;/ M)^_6GJ!S,3>5PE>ZFJD9,5S22?+=/"="V+LIF?KK.L`U!8X5))^DS&@A??O?-LO]!`F^D* MRD2>!_QZWB-1<0\`00/$5LN87V(A3-(CTT$PN']4VN6".A!LL\F!D<9%@2@` M*'A-8[BRK5WO6C#5O"'8V)YGV'U3[_S7/"LM(8JS[89?'>*'Z"V\\`2VO^\$ M:,3_6/SN$0;S[SLAC;H9I>A-2.3+,E9J:AO"5J%)*-8DIDIAT6_[L>*2@"+[ M\A]02P,$%`````@`YX(&1[Z!V9496@``CD$&`!4`'`!T=V]U+3(P,34P-C,P M7VQA8BYX;6Q55`D``S+"PU4RPL-5=7@+``$$)0X```0Y`0``[;U[<^0VLB?Z M_T;L=\#U[H;MB&J[>SR>L_:=LQOJ5K=7]W:WM)(\LXZ.&Q,4B9)PS")K^)!: M_O07"?`!5O$!D@"1K)Z(<\9J"4`^B/PED$@D_OH_/^]"\DB3E,71OW_UZKN7 M7Q$:^7'`HOM__RI/7WBIS]A7__-__.?_]-?_Z\4+\B:A7D8#ZCZO4Y8<$\)^?&[5S]\ M]V__]MW+NO=K+^6M^7ABF#]]]ZKZ2TD_CGXF__W['[__T\M7/Y)7KW[^X<>? M?_B)7'VH&G[@(FS98,N01;__#/]SQTF2SRG[.?4?Z,Y['_M"HG__ZB'+]C]_ M__W3T]-WG^^2\+LXN>=CO?SA^ZI79POXUXNRV0OXU8M7?WKQPZOO/J?!5X0K M/DH%;0TB97/.8:/UTP]EVU??_Y\/[V\$\R]8E&9>Y->]^)BLA\I1^R.N"CJO M?OKII^_%7[_BVB/DKTD)W/V?/>_KO7Z5LMP]A+/&[AX1NVTF'2?(] M]/\^HO?P44%#/X&&7OT%-/1?BE^_]^YH^!6!EK]>7W1*\5-CK**3$$=+O=\O M)L\M-S8Z22BUYVC)Y$R'SN_Y3PT!Z>>,1@$-2A&!9L_0@J5Z#L#8L=\8,`3K MB9.FRK*G.'\!5OCR+S^\%`J!W_SCO`")LRAX&V4L>[Z(MG&R$]9W=I=FB>=G MY4""?3F2;K^1:@)A@,A9TI3(2_R2"?[C@(**%M_[,;>I??8B+#Z9Z+Y-XMTX M$20;\8A._PCO)DR14O:&X`E-XSSQZ:BYHX(-H].+7FQ'"_(^2 M"/&B@$@R1*'S5\G>J*E;4!44MUYZ)\ARYWCO>7OA6+ZG89:6OQ&3_,7+5P72 M_Y?BU_^XR;@1`V>WWEV-)X5^.ALAG<#]0L%L;6^!<&H.,#IU'E;#D4]BP/\/ MP=>F_X9$^\\((OW#__O_2Y4_3C=N@G M7X=HS=EWT`CU].OB=>;\*X8E8ES"!UYJ!I9+[%L^;(O0!W]&/-_:!"FGF?HW MI+.KE<79^R88;>F9=$43%O--87#._7B/I(?M5C"W6D4[G&2-1LAG6SNOLZ>= M');OV`,"`R\U`\\X\0`8>!=Z]RU2'_X=\8QK%:6<:8T_(IUA[3Q.G5G5:`2& M6VH^O^%OU$OZ0:UGJ:(9]F0@.6$ZVJ'=.X-LCMU&A8#$SDR@:$7 M![EB&2HYN:;[.,E8=`^;YOPP%*31'/'DU!'T8!_1VA;I)-5B>>ZNHIBOU?!$ MCK_L7'W'0IJ\X29R'R?=F]O#5NAG9JM8S0G9:()Z'K9S.G/ZB4%).>K"`!GO M=G%TD\7^[S$J9F4;OZ;F91$",C(S#9R67V[?LQ/C@;$44`C2&_E/Z5QR`*1S_K:"R$!DZ\7 M*,T^,ER3/?@__-"_.N!%S=OL@-=)0*5(/5ZHC8@,?Q M/WFJ\^%%@KGX02&T(5Y&2EI$$+-BXOOR$+[/S!?6A0\_4%47E/\VWA+)K$4] M\*5[DJ'6Q!V]9U$$<\*N/@:AW[$F'*[*?#_..0?7U*>_+"K1B,?M@\0)\25U\O3`?.YN$JI,67'9G$4DCBAY MAO,.[G=AS+LBTI9"I(U`]`U&@K]$<$4P)#'WSI[(>_"??9CZ8G3Z2!/"4A+& MT3U-OK-B]FTH9U7=Q;B@UV)D-["VE)#%?-GP6=0JY7*+D:N$[CT6O/V\AV!P M_RJDJRU2_-,245UWM#9$O.#HYW?J-"U&)<6PCA<8=F6DVL5 MJ3,4B]B^VODT%'JU8TYQYH7:\=;9(MT"N=*'%=%6EZX,5DS9\Q671E1VX)O] M/:P>^9:D$UUZNR`W-!V!F_ZMNSUB,]1B>[HGD(-OB!A>UNHH"8@=MBN_MX#0 M0EI:2]NRMUX&EK!(.R.2\,;;,RXE^X,&;^(HXQ3.^58MC`6Q-W&:I<D08ZO[T#U%^%"@P&E3]R M]-2/*S=:8P;]83$[H\MU4^SPKL&YLQASGN9>&#ZKL69ORX&G#C5_$\M_W.4I MBVB:RDCRMXZCQ@9UV!(XKD='$#NV(VH5/H[BZ(7S$/(EG[V)#"QT(MU06Z0X MIR6BNL5N;8AX;]W/[]2I*D8E9<#+E4$N(:-B@,[C7U+$WL`??DMK"G$<-49L M2P<,FDT:7S(\;"@N[-H>WC/OCH4L8S0]BP)Q#_8A#@,.%Q!>RIX'$N)'=$=N M4V,5H5J=;E_$=CE:A*G37B%4Q9&S9^^ MY=E2[B\#D@(C0D^IPM+7(D++M?9-0+?,9]FW*`!$[PY-;X?U@(3&;9KNUNL` M`M,W3AI3'\OE&HOREB*&-0F'UVS*1-$K[QD`1R^7^J@Q<@/M%[(M?[K9$K%A M#C`\.W^X&!=)KK0M*?=R7*=FF.0T:*XWQ#Y9^56WOZ3:/@O[%;F]# MI"8U+%QUGMS:"OM1()U='MK+.'R_8M**^OCDZ^^1CSQ>J/#A/";NEN'R=> M\JR50-K=&KG=#HBIVFQ'4\3V.L3Q9#=3CHLE[=.6H-=:B9T.L\%&9WJO.;=[ M7#;W*O.W+68LWS0RCPO#/4M3UX\\U+^?\DE8_W>7GV$"=0RV!#_OQJ\^/+/VW^]%/U5R:T(Y/! MZE?^B)="]/__R2-*?G@)P[[Z\?\F?WZY^;.CX:MVMD>/#@)B-S-'VIHC18HCCZ3?DRW$) M#$Q81(JA':6#VI<33NM><#G]=CF7L\MKFGDLHL%;+X''!=*SNB;1N5Q'="A) MJR-R:]477C7YN"WWZ[A>O?/".VSQYF%]@LNWMIR(+'=AO.JM$.'TW0QYW M"`5PKW>9B&>;`Q$=NJ+)#<15.E2HW1FYF8]3PL%3&QH]$9O\2`&FUZXN3]6* M4.B53,>5M&1@%%ZK)X*\,' MW:W7!E/=@8..IFN")T-[Z#9H0I/I;4-27*&"(V&'XP0#7=9FI`,1@K[V:S)7 MDUOD=INU'1G02O^R*G>1,B6V`])^[22?:B:%G82LX^'8PDQ&&.FYB/ARE8I- M[F[XX9'NULCA>$!,%8D[FB(&X2&.I\_:*(#*WZ(@1!J'+!"!FHJ0V.U0?Y-EZ;-RTIRD1W29/X8J;RSY&R5%3:W2=LYR4L?"ZBV3!]A11% MTX3*RX)9S)O&]XFW(SLO\N[%HE!>[:\6A1NXVO]$0WBFM>B^C1.RYR/P_^Y( M1OV'B/EPI:9@!_IO/3\/L^`WX[B&,]SM;MVHU#BUM22R78DQ62PY(D">`1^`:90348>"".T8) MNA^\Y'<*WK=8B';M'?LZ(`>E86$;$8S.UHBA28/IZ8Y4#"ULMAJ\W$6DHKE`T1.W%GK+S3BR]J0RWL6[%C$8*>8L4?:;[+#O9#;K:;8JO$. M=$%LP;J<3YW8Q?AB.C7V&A3PQ"LU0T3X+;9+L+ZX)&*;[&357!S2 M38D#XX(5+X(=A1X=/KE3OM\D#RG?QVF7F;6W1&YI/>(U7M"%4W59K_PBXEJA:=:_\SQN MA=QT.\1J9FCO3YSLR87;9=K2:MZY'Q` M!%S"2,E9IR(ZFZ.WLWY!FP;7WA:UY0VP/'VJE@,77G!#RK'=N#Z+DA9&*9T> MPH7LV,4`?JL<%%5KP8K8+H=YMK)`=;/'M">L#/+$K6M2UQ<)8!?\CL]J^5Y? MSF6O\\-?TVV<4-GNUOM,T[>?^?(\3@(6>:0>56!KD3+):H*)CT')STI)X8H)%"<110!DX@+_9:+U]C.2Y=;9H\="X/4V5HH( M%"](O/92YNLX&*U1D(/J1+5T+NJ&AT`,KU,E,;@P+(G"JE`MIE+0W1!!&<%* M<2'UP/J+>`?+Y8+*(I7;QJTY5Z"5Y2"W?`"Q+,(IY.=>Z9R%>=99Y&VX%W)( MU11;A="!+H@A4Y?SJ;.]>N"SJC);0*!8@!947-U^LBU\9>I595E=H]^0NTI) M@>0&7:G:OU-V_\`9.^.:]N[IQQS>$;_<"DTJE9ST4&/R8,C!9)Z25(R9-A)B MZ)DIT%2C+,F2@BZ1A,$"CPOA+P56^SAE<#.C#ZTRN6ENM"[V< M5IM;M?I' MJKK-_?37'>^E.K`/R0C?->[C"+@^^\RZHOI#?=9B#WTBM]I!6XOB=O MC>0SZ_6HY!.,>Y32O^"&ORGF>;SSV&$=I:&VR.=NKXB-+7U;0\1SM9]?4W.4 M?)(#.[IWXEA()\7;/U!8J'8HI*T=<@OL%*VC-KMLA-CRNGDU486=?)*#.BO6 M:%,X=P9V%@0,#D.]\,ICP47TQMNSS`M[C6VH#W+#TQ)9-<+>#H@-4H_OR>?H MU>@$AB<7$2D(.#;51<5^48OMSHBO:<;=-`W*.'ZO]78V1FZV_4*J]MK>$K&A M#C`\O1BK')94AT]N#=.2F&>^G^]R61?VG&Z9SQQ6^;R(_(1RMLZI_.]%=!PQ MNH[#\%V?N9)CY+.P^8IXR# M'%PFJZ89FQTY"&*`F2[+Y!*A8HLN21))DTBB&_FZ\J;8Q1>4247:4?W0Q354 MCB2*X5HH$K/*.N#%1UA)N,*C/T"?@Y$ M7+IZ#N(L2>`@5!3$N'LF:KLK[UG\^@P6!YL2<385Y(C#TZO6\MOS5*A?R,:! M)JN1W&>@.)3^"'W[M+%D`"?-$N9GQ=47Z8:4EWD_TNQR>^M]_CO+'F!%"KOG MSDWVI*&0H_$F76QNG3E3R MKD)/#A1U45XN.\QQ8_"<41117[BR)TZ3I#3+0NG.>.ND5K'LD4P10`-QXJL+T#PD3Z)OW2G->KU10Y;HU2@&TJK.B(&I''\6PR9<6*R@2.@ M6481G:CBP08>'01(=)V(`<>=UPD"'4K0#GVM&`:Z!+"!`Y(66B`PK8I^),"Q M,%!*D=S&':E&0B\B&*G&+*_I/W.6LJQ\>5WJ\)KZ\7TD1A&XVIG49)TL/CRK5#CS"9 M&ARYQ9A5XD$5,0,C([9"PP+.J2DCS+%D!-(`O@%>N.O_EE3LD)J?34>9:N>O M2.'0J-#F%L"M\9@R$4)I M;8G8?`<8-IV@[>BY#MGJ57"8L3J,@,=>G38_.;-@)2FYRA#C#4"=T=6V\0^SEPV`:LM^9+5JWB!?VTYB^01>!1I79(W$C+OCH5PO70/ M7$)#O^+S.RM0T0:%+I0(Y&0ZC_+*".BF)$FN2I745)<%3Q=JD64,X9`N>Z`' MLP9^:S['4.+TFOJ4 M/0(6:NNRM>OJ@*);`?T0<=QO5>#0P[YA6"@ID9J4JZNQBZBADC>IQA1W$0QN MY%KD"!XAN1%BSR%K>>MP1#>D%CQ6\&J?IM$'^^9LC`C3+RSQ=6\JCQ#X(MFK M-FBL,NN@,NM`IA)#PX3N(83(_[67V6W*<(7Y!: M&N\64\'9\8?&M+BYXI/38\%;&6+0=@I'W9!"XEC!^Q MQ;NMP$1!!TN,TK3XE9S[=CD=FW62<^"KHZ-G4=`$-N5O8U0X;M@U@L($Q0UB MQH@QUP8I4T0SCSC`!5%(B<.!PY6&\G=$H+2D`DM-E7L0H:98J,G/DX0J!_]. M;PX<*^J\.#R^IH\TZKQRK=-O=9C4(7H_Z!QT6A6J=/%N *,J2@@P433(M? MR9FTRVGTQ.2:;O,HZ-A/Z/9!:J*C1.XY*&EV6-\I20?_&(Y($LE:N29W?CQB M6%4=2%90<;/C6FJ2-#ZL90R[\S)ZS>=D\J@-8 MO5E!E,:>3J3P*&(N\TI:=.AR]J#(0<2,TLP5HT$,-88$\G08E1_U_YBRA7%U!#HS1WD0^G7[(P4I;=!6'!CLAAAA]WB=G MJ1841'U>28/41!PGZ]D77R3[!BS+R^=C^'*'`TKV+$[*H4KO'C@P&'XN97H7 M)\7E2?8'U,*(,O[;-W%ZN"#1[H34=L<)706A!WM@#T/K"S!U[MX^4+E$C_,, MO!6DF\90E8A[?O&^3R8:5+3AOCT0Y_]-,YD24LS\A0//]E53H1J8M$*#%$0( M4'%RGC2'6,$2:*PD1J#CFY*DV`A\6\2NV[94KI=(2ZE':@#7CFC>MM'* M7A0_R)A1FKF`#V((,B28^P`/JDCVDNH3R^1<:FP=X/6.15[D6XIBCQ]\G6`V M48D:H#9RY/6!VU0!+8%JW(@CH%;T+`EH[K00"^GDW M8P3RQ=Z""*FHN$>`)82GQ;A@[++V;KQOW?\M'^F]EE6I;^-;[_/?6?;P$([$K#Y-1/Z&(>/@&2\A=QKG5P:2^ M]L@Q:5!4%9,Z&R/&I&&>9UQ7+3TOG[-6,4E_56)/W&*]0^)(VV*7`6)[(K\6 M",SEA%KI4')TK8=95N+I^,'-C-+,'5HAADE#@KD_I$)U$K^D^H[NE.$ZE@+U MG$4!_.?M/W/VZ(6`V%>B8,/A/>$.)8\<`CDX35&("D5C^B,&GDEBS#JYA?L' MX@>%WH9(BJ3E:KT;1%E4+X`?59$5"".5>A(_T)J^6_QX%\9/'[EE\1_K'*2H%8,WZ=&?8RSWVAVQ7>CG?K7[HX>NL8IH@E1>GU10]%($69>;"*-.YLE*7*79QR) M,O+,%PE7+4&0I5!E(664E9V+^WU(+G2I=:W3--_1X%6'HMI;(K?T'O%4HVYI MAMA^^[B=.CO5RNS%H&[LT89P57WE9B(=;$W"/)!W#+R#QR*$__8.JK$;O%6N MI!/^`J]L'R7/=;=":G,#8E47Q8^;8+\9WL.QH9JDU3OM:OXGN9?$8'I&Q9*] M7E_&2>ORR]B?P@3><,YC$,6B'_PW=>5G,GBGY?;8B_FA3?\-V*W M-'3GR=382''1B@K5U8N1@1&O=\S*-WT1D?H)$VFY`-2`VJ_S%,Z%7=Y%]&#_ M<+D=/I)M:XC<8+J%:QR='K5"/)5[F)T<8Q=#PI14;]3=TL\9>CXIWG=8U-J.-Y&#K1[X74S$>*71_0#'9!:,QC.3=1K+6L3:L0$75JC9X3 M#HK4Y;,F=%_W1&[U56/[HC^+G"#*G'K5?%2H,*^DN\$AE1>&<`"Y]Y*L#,6Q MB/]A)_@F27WEOJV<]6%QX\4/+1?4H19>.'3V.!7B,$DRWNU8)H^.HD#>JKFG MD3\J^7OD&$AA=Y9*&CF38P9`N+:8)\><;(&"FKQ;HM)#;B!#^^C1@YR"B?3N MI<>-L'8C,>A.^JP$UWX:DV:/%KMP M/74:R[&A=!>R63ODXP:ZK&_>]OJOOO;KFKGF$+B>NK@0)&_*YD1 MH33)3E4">V&3Z0\>CQQ@[0;2$T`>TQM]"'F2,.:#R(V[+HEJ$UMI$V5A='=W M6A;03P,M^I#!>9#8G5J6`%%#J93`&U30Y:J$4^SL^6.<#6UP!SLA!=9Q0C=2 M)GM[(%Q/C&1\YYOY8N_/J)K^-3:1*Z6LB M:4&Q"(IK([VP0E`!PULOB:"$Z165!>D'?%Q/<^1F/R2H:N5=;1$;]2#+?(R4`XL`B*_T/@^\?8/S"<7=>ZEHX4P'H'=6>N( M3;%6SY79L.Y&>+C;BBS;REZOF/,5$62;W@55@-'L&R5HQ)W=Y^%TQ]XNR`U= M1^!F*F-W>\2FK<7V].,,9?"-O.K]3#X5_W5NTU9EOTI8Y+-]6+QCI))R9\6_ MIO1R^S;-&(<3VE4UZ:@1C4.?BK?%RW&A"?"5H6V.6K M=X\TRNDU]>/[B.D[39U^R.U16_3F:W@#G1!;K3[OTPNG"@I$(8'/EIVH02R6 MJU+'10.GRV2?+^%E\;=KEOXN'\^#G[H7(3T]D)NZAK@':^2NYHC-6X?K&2OD M>FP"0VZ*-R^+?V`S\N644;W^*32!L(".GD,?T1VYL8]5A%;1G/5X^=$B6"F6 M@P\1%M<+ELI:U9W^H@[S1<1U%7FAN,LOA>\"4:V>R.%@A/@M3PGU=4,,`F.X MGUTKHO*#)159)@(?!"RJ%9P5-"YV>X\EP,EE7V?1S=OXT:GW1TYOHQ5Q$$9$JV^B'%DM`@SKBC5 MA(BDA`\D'*D#4NH3Y2_WQ:LQ%R*ZPMF$G5K_!F7:2,@18H9Z M&JD\XX=!C!MSI)FO8$$E7;/`KRB(*DJ)#&">*0W/\/_OO-\3GTPX7C22,B!989Z&JN8 M\<,@AI70I3V_OGL4/1-(FGV[%%3GG:.-27?*]WP-M):[S M-CH/L28?[ZX(4O2%USK270-@C&#>SILG6*!@`46HEM\XPZ46'CPIB5UN2U*J M4+)BSCD\0^ZS\C7=LQUVDRJS)/KF#FW>6AEZCERXHW+[P=;!G@7T7%LD#A31BVIW!'J&1/_-X MH_"Z>YP$\BGX-/=]2@/8A6PY.2\DS]1+4E'D:@\J.02,A6NCH?Q`%:Q>*K!Z MUG`R18$PE3710F6.%-P5'JGBC[BHMH9;T6-G?#5]EW%X&N^9@&)ZBU_.&FT= MSFNJFEI"Y2,5.PGD-6F<$OJ/%=GF+L3D;F/M#F>I[S+>$Q5[D9ZMQXJ\E`LU MT^)2UIR=V4.^RZU4Y0<6L5V^NP9\"J^\9W$&^2Y.+OGFR8/C MR?>4*Z1_`V-Z;*0NT(H*VXX&9PV,./9O5CX3IEU@8\$(D9R0DA5ATQ4S1'+C M'#/Q:K.`QUVAS1#HD7W!R89$5*X:[N\3>L_QM%XJI/E=L['3>^2BE%SNA9=W M(;L7(/].K%9^XXN5#QX7D67/I=A:N#AW3.1X:$1E![?5IP^(&/_,R#7CDG=) MG=3D-T0R0(`#4K)`*K/&@G9N==>#\':W#^-G2F\XE\RG[=4F@ M*N=O7IA+C\)7TSOYN\D(-XO("M%NOE*'D&\ZA96AH`%!32-BP1(1/!U!8L48 M43A#C8\N55Q@I:>H*D^+[7R1(@"GA+!DW'HL(8^=-5<% MV@J^)`"O;PVZN([K!6E2*U*"9\Z)HUJ9'CX2R;7'_-?/,OK\)N2.0FAG.%JB M/.59$54< M^P"Q%4*KL5G3RFTW:E-45F'UQH4U`0LJ4Z3FBI1L$9@@1&&L'4L0KF%0JGL? M0PHX\T)2*3VME9X]>!EYBO,P(`\>_],=I7"O-6,OJM9!+MYVCXKGWS'@<*LW M.XN"<^"9!B,WAV-'6PVB3E+3B+50UU"KP,9I$EE=%\DGK21]A/#F3F.^%_IY M6#F#NTI90:&L$IS$J_8B_X5X&=^^W7&P!2UR_%)S81[B,.!R&\Q_/'X"K6WO M-=`4*;#H"%@E'G:TPYY+.,3V[%F<0.&(E,J*BXGRC%U=!(UX2<*IR./]A=,! M;@=7_3M2F^P4I?&T9OE'Q`[YF,?)4PU&(I]@+-=S MZP/=W=&D3^*JQ1KF5U..>QR*'=%+<' M>RWGL`URVVD52;6>1@/$]M/.Y]095UYV=6M#5F1R:#[>YV'S.6B#W7S:1&J8 MC]H`L_FT\CEYJLG17)N/#9FL[L??LXA>9'1WN.C7:([44'0%[=F;5VT1FH\V MRT;WIC`\$>.[N$NVM+@BX$BW-$EH0*ZGUV+OL$)YF>(V/N?_?:3%^+]&`4W@ M(;U;FNS*:]6M5CFN.V8KG:"(RFI'],4>99LBRO3I7@3<4I$`N9\C^6OF1-1E6U ME7;4;76SO%WP_EG>[+.J6=[!NIU9WA&B7R;>@U/V!7//O)"FQ1JTJ"J0?J19 M;[QUJ`]RZ]82N9$MUM&]4_8("^%>8^UICMQ.AP153;2K+6+K'&1YZ@PM!R;UR(XMTKZH234RIN7R M\RVG.6X_J/1`;IX:X@[L`LOFB(U4AVN#*T,8&]^V#[@:M^-K]%C;/#X6MS\L M5S5?TSQNX=KX/,:UL7,H\8*VFZ=9O*/)D?2]:\3A7MAM6$_LAAWW=\%LRYJ< M3Y[=Q?BD99J[74$4W!HT@D-6#;2H`?Z8#=G'9$;QMS7`;,I:_$] M>3J+T1&:\1)2FS'ACOP?\/90#EN>F;?L\+I;(36]`;&JI)WC)@C-:XC3R37Q M89$G"KG+06=LU;0F5NNFJZ_=>B;7\0:KL]$Z)IBAK8688I?J%'.RB[(L8*PA MX`PK>L>2-/LU8H]AMBMJ->X2I#:FV%/8VRGVD#"9,LVL;)3BX) MX.D@/N]$:^;Y'?+UT!-,FKV2\=W6_='%Y(7@A8\S7;@^&#@6^H@G\PKNGKW1U MU.RR-J-M$;C7;)7V:S+<-K;-F>Z&U.,CL5R3`M=CR8=##RS9EY9L^'SH8PZ+ M@\OM61"(^^A>^"9DL)[[^T-_C<2 MY$GYMH^\R+[PML6A[^OHB7=:-% MF+SB*8;G"SL@(&KA5"33^16,$)\U0`TNB&>^V.XMS+M-SBN M5G1;_M`5"[V>:YW[_5X;O)!0TBBF_ED#\1%XO#2 M[KL\B5B6)Y2CTCOV&7Y*>TVRMP-RJQP65C7,[M:(;5.#Z70PK^6@SLV MT47D!5<:;[?,IX264.#.9-]3SAZ\='2QVR?QHWQ6IM=F^WL@-UH-<56K[6F. MV&QUN)XZCZNQB3JX8[M=1F"F#.XP`AIO,_#RY_21AO'PJK>O/7)C'12U$=3L M:HS84(=YGIQ>68Q,E*%=5Y*R)NQ%Q(E'7A@^OPCDX/`<>T$.87SJ_4`NF%9' MY+:K+[Q6<.K]"G+$1C!OZ33BO>NTL055(&1'L(#N%/G7E&[S\#W;=AU&ZO5< MJYT?BZ]EZ'6W-5IZ"_>6(K"2$@%2R$S=H`X*(<,6(6?DD[WQ]BSS0O8'#>#> M+&=969*\B=,L/;M+Q6V``]'']T9JO!/54.6'Z7=%:,13)9@+")?7T6_11^B\]OH?_'_W'Q-9&;I M1B3MT<_>;A_2#6_UZKTHU8?L"MN(S2B`3>\](/'RWZS?0@V]D2;'F%_#IAUCHLZLV-([O8 M[3V6"&4\>,D][5K4:7=""NWCA&Z4^>[M@7#E-I+QR>'$:F28Z_",V(OW'`H# M(NB:7)S4E"ZW0$>0D53:3+Z_.=+YJ2MHM=+H:8M]8:'#^O2[S91X]_<)O?X+-A;VZ M384I9GPIS9CTF?$"+GL9:5.8%4"D'-U-F',1:9-:VK1#VCG%MHX/7B^BJR3V^2:R MI_"63B^DUCA2[+H@UV`7["N0$1+,/VTGQZ?M8E61>A!S")E/HQ06';'Z-BXK MND,D9.ER7?:5TYIW<1&1@HK30EY+3HV61`R(5NTE.82GM;\D<3HZ'Z/LA!0& MQPFM=3PK>B!>G&@R;NE05A!!=AQK5O!FUL6&W+=)O.CS??DN#_F..#B'N+;/ MA&?D/X<4?N"*.-OQI17[0_R^4TE=@29SPR.'"-.*/'A.T,C8B&''N(A3[51A MA*B<;$C%BS!AE9L-.8"U31/7S`+:3U*;D8AC!7V0AE*I@<*)4).GL.`."%4% M=:CSH`ER0&H32`45]>^(@:&5S:GS4!W,S2K#FCAPJ,UWBR;3O$H\4*%`)7D` M'V\E`^]8ZGOA!R_+$\;[]B2"&1X?J3U:4V45=#$Y./;PC!59)\BR$$.3"01E4*FEL<^K$^@92G1TLGTC!$I$\D9(IMRE]J-3Z-LW83BR? MMKFX`]N[BBI]@8@E[HVE^W<];R,X&E9-VJ;1:PH5,`(X()"J^XUZ[6_CV*"" MV6784VO]*H]Q$MC=AT6)IYKV@YJ+H&?6\%\?P""+R1WM2%)(2FYA7/B%GR<) M8/%6HBRD*"[]CA`^[4N6]/Q36FWS#TH:5:Q!GD3AQ(`[%P\9X5,Q>(PEW4V; M9(74(,_M4SQ)<5K#KMJAZ"M.WX,,C[EZES%"Q%FI:Z:=!#@`PD4L_8/(5D]S MWZ?\&$_'STUBM*I@8^ M:?17E6<._V'4D_<`#2$1^@#@[Q2]@!&]F_,#P,X:/8$1-7(X_S=$ON`=5[(- M917CGK(G4%5GS!'`H*?N!QHRXG,#6\[>"7H!(UHWY@2`FQ7Z`"-*Y"C^WS&Y M`#['K>A*CGO2+D!1G3D7P`<]>1>@RHC0!0#LGZ`+,*%UT,^HIAR=H$:]/4Y)$P^X!YZJGP?MHPV+%]IE2& M*I]E<<;!=F[FW\)`[4AU>@FG[6!L!WSAXW6"KR,MW0)3B]:*?/O9#W-8.U0W MI\6OVRX/FQD1,^::4=>("I-]PV''8$/2&<)B<6V7/'IA3OER>0MO.WO*);<& M)NO6^]MP]"XD4*[Z%Q4LL16+M*ILO?*1;U5ME?4AWDA-.KA(CDUQ1NM*3@;\ M2LH9$'\TQKI!O5TE(V"\.<#Z@;M#'L10K>`S.F0VK$T]+*X1&#/V6E2-SE0Q M"+S*C7IUL]"FENZFF&%T0,`*+3O:80?%(;8-89]$/8YJLQ%O89BSI1^U$H4Z M\-(E.A8367X#![S?J0W MU<%O?3MTYDM?ABAC=@3+JG]$%,$$682%HUQ(;W=O7208M.)OP:TXX@-^2A,=_?-H*#['4965SJ-544]A81SO5%$ZLHC*F"$P(^M$A1SDIFGWQ[ZDGBJ. MF2RS$RQ4LIPJ>Q`^5:J+Q#BJBRRG%RNE0UK8+RZ\OQHEL])IE2AY*/0P+I8] M5HN$1P*XQ#[T]3=L*K!O3>N\:H9-P:W4Q.AB&&YN3P"ULMMZ8:TAN":PB3[K MAK:F".[!#75A";M*'`8XI^4@[`IOI=A#V[*SO)L\#N0:W58)":^QJJSZK M!;D6$9R#'.JR"79UV+MM=5_NP*[P5JH9=,`RA#['K^/*7JM$N".Q]59QHLMJ M\>U8`O?PAKDD@%45#J[@G%[4M"JZE6OZ;7"L>0=?I^LJ4:Y=`1IKN15>C=<7 MPPGH(;[F;E]SO2LY#\G=]$4FD/F+YY.O!'VD$[-J>L?#C),F5#7_.B0?##NB M&I'-4`YE1+,BSUP"Q;_N01K2\]Q;D(0SX>`NNU.=3;[17HPMQIW^BN1[%D&2 M:<+7#=D[SV=A]Q-XFEV0PO48@=57)_O:(TPF',7VU#D+@XM$:C$\*<=WEK+G M0&@<%JNAAW59Y)`%KL3B;%G8!C8\L%N\S+,T\R)P2>Y-S<0%!+$%[A9J.?.Z MW-.$K_ZB^_>4\U:D^7Y@$=OENROO&98$Z7E.&[^_R>]":'T-*^#P\,Z8V9&1 M&[-!]:D88&!8Q-!A4KJI-ECQ0"03FS*+OZ!'2D8(Y^3HCR4WI&#'#2AAT./9 M_7TB;M'6D;NT5,Z^X,'EH_%WV47$5T1BMWY.4S]A>]CK7F[_YB4,'@.^YKR_ M]E+6!6,CAT".5U,4TGR47K\_8@2:),;T4G=W&:FI;8A"#Q8])44")(F@Z09/ M%M5*)36+.&,TS4@"XM^UB>\*,(2D-_N$>L%EI*K@\*Q_0O=5`<6P(KI!HKOO M:@!"0P1CX"!H$4F,<(!HH`,&7+"HC+/]/F2^D';G)?7QQ<@VQ[]8PZ6$+I!;;(TY]U-+X,_K#DW9N)Q^'P"C$@[E57/`O MQR>YN+8%AR1A$8'P902"MV*1GR?$"_@_.9]>2.#ZU!U?X$8.BHJ9U4@U'/A< MYN(>Q[("S:FC$_Q'GO*/_K]SYO_>B16MK3#C1;=8=6&;HR;8<:.'8T-'J6_B MW=Z+GK_F3JF@1?X)Q"S:42(.D2J MHS.=^B4FQCL!?!JL;#)[L)5CEIU"%-KHM4%2KL.]RJ;6[EAT"701W3[%HHC4 M/,AOC',",-.JF@D+H7J0E<-*NRP+P`DG#(F=G+0LY(871LRJ:&J=C*7A`R[, MFP$0=:23@9`C]4P#D6J8DX"18VD6!!)1DV,54&).35/K42P,)G`QW0B6J`.= M"I0<*6<2DE2CG`*0'`NS'(X`[57`B#DE3:WXL#2*L$%'@85-*]`P:(0,D]G)P,7,T!B_="P[*GQLG?=EU:%N-E>/DS1 M?B3L,J]]2Y.$!G#MI_+5PS*_VP%6+[[6%V>J:Y'%+<6>NXUKU4 M/KD]X<3#%"'S[L0%8C1.&$0M2B(=5PW2[8/<#+5$[G&SS0Z(C5./;W,N51AL M06%CKVC,R-6T8;&%D&45N")SJDJ38I$?[X[6#QBL^>`^;=?%L%$#K-;.NY2A M9_2'O5>)`)U"V((#E%?1;2KD!@LH0/$L2"/-O?#R+F3WXEY"G:!59L4.9'&/ M'P4Y/$Q4BXH1(X=`#!13)9E^$:JB1VJ"2-.UEU;.0;KV/HGO$V]7[<[%PY%P M&ST,J=0@;\%QC6L*7N^,LP>:D(3=/[CK0H0![R;!H@BAT%2PF;]II7@-A^[6\3;!Y9,,V^UYVJM^TA\/>.NNJW2MH^Y MMV3:@A!*RS:G`K>YT=T20MYF]C#)LAM=5VO:QPK0L^VZWRJ-NX5]2]8M*:$T M;X-*<)NUW",BO+(SS;R5GNNU[D/Q-8V[[+9.VS[BWI9IBR><4%JV,16X323N MDE`\R#35MH\ZK]2\VY6@8^'-GBLT\@X!;-BY?&X(JZD;5@2&S-]64<>H9:46 MK6W`:[-72^;I)A'7CH2M:;?5D1Y4^PR9V]S;M]LM]3/VR!<7D+!PZWV&:KF@ M#1;E++HO&6H1JW?&[&E3Q!BJG%4I(BD13@Q66;^&B+/ M\,I.X:^O9(EE-R[:B48RK@I1C6GYT-Y-%ON_WSQX7'5G>?80)_#RWH$F M=-HCM6QM40\?_FQMC+W&K!;O,]:09.=]%BXLRG=W\O0Z%624USE)"M1AQNY8 M5K^5S-(TY_^X>Q:E:KD0+(-*M3[O+I[]C.!OH??DZ(U..RHK!B=B="*'WY": M@!51'VER%_=5M[8I<3U4U\PP6B9_MXLC(4@IE*!Y35.:/-+@79S(-(8+/OD\ MCA$=V8ZS!T,-?G.5I-3IGS@2PN6.(8&F[WR`A!2]+O=M.RC38Y\4"@VH<#HH=0R, M?FEG6LZIIOBQ6OJ5IBAML\\68368>2R"BR)\.:B\+5H8P. M%(:*W@5+:_`.MK1YV36]7+J$JSA-V5U(F[_]%3)I%>&ON,AFW,0X>B?E.B:H M>KH[&4'LY%S,%-D=NIU]P>Y1,_G0E@H59`],8W='2^I_LHLJF3SZ@]2ZZK6( M8'4-KFM)S5_U3UOZSQRNR[$(`L00.H:IBV3SP]MD"8-'143_7R.6&=\$==`X M*8^FJ5(CFZ(V`B?GN73EG>^MU+U.4I$JG$T.Q+YH%V;[0QC96=6<%0,)WM;@ MIVRK]W)P=KO,-QJIK,[,D/'C(/4^LU73S&$:.0C"8X#YLI@`ILT89'*5I^A( M02V!_JX(_U*)8DMK0B:1*<>I-H]`S&"O4,EKSGT`C]+2*!5+M[,DX1J@XIWV MY[I)<;O\[,E+@B(&^$L"[R5?1%MEBEB'!7^`QK_X(L*53HV/%<\6U(UVJ^T6`- M,-\0Y@B=Q5^Q@VJ3R5E82,18#C'+C"QO/]/$9U!\&X83B!/$8>@E*01\)/I, M2O9UO'S[&$<2"MZ*J/1%E&:)"-VE!3*8QCL=@FNP9?%$\QG)OQK'9H.!II^1BG76Y?;O;A_$SI6K_ MSOP0N^20(NA2BJ[.U2S2PG[$MH3HTZNS[R$,)JY4/E#E<@HM2$+(K$96<3!6 MG)A!^U2!5D\1:.&S,\P:EFOOU[U>*JW<5-'PT$U5GZ7DLSF4J^0/S'K_V+QG M54S2GFGM<,_@/]`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`2\DSY__`? MQ4JB@9U2KA(\Q?BD94L$Z>,K6C;@^=2S5Q35^T8P/<[JZ=$H[EQ-BT9%,_C8 MC>5'_;&O6LI`(E]RX/FF5^WV:M)6!^QT:A5/,_'<(D9#@_;/602T.Z)`VIV1 MKB"F*4$-JNKU1!PK'2G`Y->"2C*=L<_R9,=-/',A-0R%*3%V5I$: M+EIM@'C6M_,YV>&*"0?#.;\U-=V(:Y5$`:SV/WH[VGO9RA(IY"9@4\&C*@I- MH(/8(*V*:[<^P^N^8PT%&B#!2APZ`8>.KZ*A5'=19JEPWS,NK1G.OJJ?'NE- MM^QKCQS4!D5MS6TZ;(P87H9YGI]OI#ZYXS9CTIZT-W,??EMHE=.%7N\'U*T0S=YY+/F;%^;T M+$WSG01EN!]#LX+A>/4;`4Q]LJ>(J!.D=UA$%K@E@EVB M\"LNF2@<.WM_?DU?0ZCR4:C2.U#EKB9W(BA^S=+?WR647D3\V]$TN_8R^H%% M;)?OEOB$_>2_)#S7^!#60+V']I>"[#HJ0`?O&P)L$^";E(P3X'Q#"MY/`.5M M?AD8^\46U,=*]25\>+*3XY-O/([[9?;?&A]TT%6HJP_Y+Y#O?AO&)M$O&=97 MB.T/WF>G2_6*_)>.X@='"\79WN/N2_T'Z) M$'D[V2\;W]<([">+Y^:`7-'8%P3@"\;)AQCX%YPO%2OOI?YE@_L*XN4]B_>3 M"9C;_3BMBW>,X7+3ZCQGCRR@4;#TTOV`[I>(]&VJMP[P*M$O#==;9<<,YR7# MI[9@-_HA*B4],QH&ZT=K>3/-/'NJ?CC.==> MI673GV\R%Z>*Y/,^BQ%!^0TK^22&`;$)` M!,55K,P-./I2E2Z]0I?W0I?PL@79UI>6ON'J#^(P])(47(8LP&Q_C].SC2HPYO,2[*3T>(=O6=1)*K_Z^IR/6Z*>^XM95G.I2CW M5):^63NE$W=5/>HUZ:Q:R)RPN^J3%H/#4OBK0U]FX?8GJ>6(WD-HPB;4VE!V M,28]$0Q]^WG/BG=C+6-H.Z43Q]`>]9K$T!8R)XRA?=)BP%"%O_5CJ`UEBS%/ M!T%IXK,4WLVP&BQIHW/RZ-FA6K/8>4#DI)&S2U88H0P,?J/A&H[2+$L1B)!AO77?W7VK(96>5B)@ MGU;=?M-_^8:#S^#`(?S+"ZP6^D\B=<;JEQF=4+-0*Y-1MCF7BU#WGI(]BU'F.XN"4_>P6QK)QZLYAXHIJD#A'%JOBIRJ"WTQ_@[50ZH'*KNG.8Y#G]B:.1#9^[H7PA&J9G'_P:1VQ M@-2[N/P@X$M?DPLJM+-ZO\1",4ZW@[,D.I MW=ZT2[]_ZG/WBW."U#4@^#Q'NXUEV4#H*#!H`\.^HG_KH(]R"U_<6=D7&W.) MQ_EMG=/1;'8XP:QGX,<0E0T MT]7\$T=)Y1]]Q3]FL+W:Q@F)BVW9?7%SA$4%`FW@QZ^OHM^B#]'Y;?2_^']N MOH8N.R_;B*[TL[?;PZG2UU>O?OOQPZL?SK_FU/;\8XAD!``S_L\X@6&WG"X@ M7!Q1\DR]A(_`'BG9<98>N(N'J%7VP'A3&I'`>TZ_L^)BK&W'W7QKW]E'JRZ2K3?FWIU?U:6U5Y9B-],X0;H\0/!Y3,;< M)[!QPC'W.=K`$'/OSQK%XAK6_+5TLDG7ZS-&)T,M[4J,,GCB'L;\QS3I>,QQ M=\+^R(*2,+BI&2FGI^;#$'WA*:FHIJ.B,Q)Y+[@Z6)0R_V]>F-/!U%(;E)`Z ME`74VXQ7&B>#$.*7D'865I/7>EA=M&L/.54,$L$A@M1.?-H^N[]/Q-MZA]I: M[_4QQ?TTE6;I$D8?/:2@NIBJ+94];Q)#"+#+R8QA2=Q8]0[@R#HN5MG3^YR< MQ_7$8I1(4U-_"X3ICPFN`86M*MM2T/V`&G8@B?L`O3DQ@#S-:=$ M877UCXG:_0"*TH)Z>'=0_':W#^-G2F]H\LA\VJZ\CW'T*%T;Z"F]C3,O5/_^ M)DZSCW'V&\VNJ1_?1^P/VO5ZM$UZR"'8NJI5^+5&##'TVI=Y<@2@X(P4K)$N M'-Z0BC^)MQQG&S@-[/$V&7FF&:DY=/7Z%5Z5-[3F@]82&GK%NA@6P5&E:$^P MQ7\AM9IT:O4$8%E>$'@7)\6OH%U7J'QQ)KY4`._]*(N@>BL'7R+4]RL"+?YO MRIM.<)]-8?WD_(*=[W-TW7!?:S.I"4'\Q#_T*^L-HQS=&Q-?8)$@O29IY`YA MR0]@H=A]+UW$X+^H^!@B+:TO(9Y$Q'R13U&?,K!*9X\B49/C.2U=\]$5Z)0L59G6"HO.@L1NMY;N=ESP##*5`*2T6F#NND51HM*Q<%4@]KOKP MCB_W)>J__6?.LN>+B&M1E"]1DR"OXS#DJWMH;]KE3*"/'027_A1&%J%CB6,& MV\5UX'`YRGE^(9DFDFNBL-U([""?@'52\+ZV<\#EOTWM!K@F^`I5I&](!Y!' M+"/5O!M>," MY-B_R9C;-^*E(KD!.'J>R*!:]:J/KUBQ'>7&^]2[`@]ZK%,N6G+[X$6-K-,R M@&;ZVXXG?ZJ>=.*',.)-1](^18\Z504.O>JQ*R6":0Y.7G24+U_%]LWZ@)_D M-XE$!-R.8UWZTQ0*.W%O,?J%8;"KRWEME4CR0['6IVZ4PK#7Z0^P+GGVJ1U,TA9A#["?G*NO]9((+DD=U>O]Q+J=Z1R`O/]OUS:^3+FAU5'"TIL$/ MWF>VRW/',6?'IC_T(-$ M+&UV_A+$J== M6\T9PR'U^:84=910/&$LQ/NTV2+-2RLN*&_D18?N+.(-$50=9A"[T-$[CR7U M=0:1-5:]>'N*QR*+%O^9S0UVX'/[F98Y.OGB2@D9T@C^(Y53*T'D^,.5UZ!? ME._("'_VXARNSM5NYA2=2K7C.'A'1B@`Y`?QK5R(-LO:%^MNQG_`97R//E]? MI".:H![\7JD2JN5E+B$8J1'5WMUMN[G4F+ZLFA+?OB_5G$S^EBTM,__)G)G6$WY\= M7H/Z4OW9TE]8N4WU9;BSXD8!A,[Q^;*1S'VQCFS*1USTII869U^D"YND(/S^ M2Q'K2W5=BW[9YL4P5*[+?Z!!'M++[5F4L8"%><8>Z0WU\X1EC*9O/_MA'M#@ M'<=*^`2YS'J^W+[U$@BA4L@4;AR*3^I-@[2C_8SD,F*G9U\_M`YQ] M9EWIN78I(D>'!=2M0H5%;SSV.%5IQ'= M5FF1QX(/FU7=9W6VT<*ZZ0D.),@G2<11OJ,KV3?]PB]GY-=5V59Q#>#7B&7I M]G0B+[N(\ M4"U/'*CT*LXHYT6\_5PH-JT5FSUX&7F*\S`@#]XCY%'2B'B\_8NR]6K1\6P7 MYU'7Y3Q38Y\V+C95:!`4Y<"GBX@'\CF&PPV1_*P2"0VIT?>Y9Z-%"0*S@$.>>MV(#$S(E(P,:BNJNC:O.$0 M@HI)J68_K%VFP4@&8&TD=X?J_3&)*%!0K&##&;I@4-TYC>(=BP`]?G:WJOG@ M_4>"EULBQB;UY'5Z0FI/W$$!9RQ(WX2, M;]0O(]IZD-G1!*EE]0E4K0$/_HZ])&X7N]//Y*H2L"R2]6)%45F:9'QFB0>H M^690$"6@@&U"7X8.!+H``:JOZ\#!H[9 M70(&.%4G,&!.VEH0]S!@7*K7YF&`MQE<#S0;K0`*CH4Z!(.ZQ4K@H(7A10`! MZ+J!!(,2J\(@@`7SDKTQ#@SON.A#N-!H@Q\6CD4Z0(6ZP3I`H87?)3`!R#J! M!(/R*J*X!P3SQGM"3"W-$.*($."J;&[PS:(0W:=K$XN M/%$,2&!$Y]%E5;S>L')KPQ5-Q>Y`\G&KE4Q'0['4@PGI-&+L3+SE+`[J"P`K MO==DCAHAM[1VH50K:[9`;&$=C$Z=?C!<,?6*!P0]#)2H@W\ZOW%Z\OK`H7V^Y#1I1_[M"8]'Y7`L$2,ZQ)*[(CXPTOQ-JO\@NY6 M_._C*(@CX<_`.UUNM]RQ"<@4C/5N!'3[(@6F22I0MPU:'1'O)L;Q/W6B2RJD M(D,*.G*)\)YK?$1MB M*YN3[_+Q?D45%L?QVU*LWMCM4:.53+GNF&VSQ0JFG:%@IC+QG,9I%Q=KQJ:O MK-_JP_7;1PJT>*,_=V_^ACH@M1Y]8:O-8&]K[)M"/>:MGO3#]A!HUL62"V8( M<+/P-M&N/EHE%+([W#;:%;G[RQI$)U%,6MS8%<6FTVY8ZFR)&8_ZQ:N`J+T9 M=@0:X-HP]"3TGA,!Y)%UV,6C]\03E!>&&DN"2[ED830YL$MPL2JD^O%4V?[Z M?_X3_V7YJV($_IO_'U!+`P04````"`#G@@9';&C#Q/DR``!A)@0`%0`< M`'1W;W4M,C`Q-3`V,S!?<')E+GAM;%54"0`#,L+#53+"PU5U>`L``00E#@`` M!#D!``#M?=USXSB2Y_M%[/^@JWVXF8>J\F=5N:-[-^2RW>$XE^6S7=T[3Q,T M"4F8HD@-/U1V__4'@)1$B00(D``!0HR-V*Z1`1"9^4L@D9E(_/K?KPM_M`)1 M#,/@MW?''X[>C4#@AAX,9K^]2^/W3NQ"^.Z__^L__M>O__O]^]'7"#@)\$8O M;Z-O((J@[X^^AM$RC)P$#3!Z_SYO^#^7CWCAVZ;A-T3"%-:V]&'PXQ?\_U[0)T>O,?PE=N=@X=R%+J'HMW?S M)%G^\O'CSY\_/[R^1/Z',)JAL8Y./VYZ45O@__5^W>P]_NG]\EN"W=S%<+'T\%OEM'H'I;^^2 MGV'Z'HO@Z-/I$:;_/Z]R<*S_.PZ\ZR"!R=MM,`VC!>'^NQ$>__OC[LI0?C$,_D:!AX($([1/^+0AQ[&[:7C8SX_S0%( MXGKJA`8SD\@')T+MYB"!KN-+I7AO9&/(W_PUGDPG2Y"MC*V%31O52+*_SIU@ M!N+;X"D)W1_ST/?0!G/][Q3II4P^,#]C)F.<>'[CAS^EPJ$P:(=$7\'8]<,X MC<`5B-T(+C$@)]/+-(8!B#D(K!U`"S%/XA"M'0D;WB71&JRQ``2H:FZOQ92OCI+F#@^_(OH18)-`+`"?KC, M5";FV5[%1M-#9KA8P(0H.F(ZGAM"$3+0!<'('$8+8;?HD+$`S\ZK&"$[W;1) M),QV',3*!]0>G6?P@HQ^>`0QB%;`NPFCFS3!TXWC-#.LQ635X`-Z5DL\*7): M0[->HEV*UVRO'4$+.?<@N0OC^`%$3W-D78K04>JJ1QY@EI^"?@?A+'*6<^B* MG:?XAS)O>Y:^36O>KIES>W9>?(FDKHQ7('$@;Z\G64SGK&DGLBF]<1@ M8D]E$WMJD-'0`+O,84PC3`BI['$,M8@:2%!@4--LHB;4TDWO`V_P*$SS^T='1Q='H_6@]4/&? M3N"-LE%'S3R5A#Y$H1^Z.W/Q<390&-5)$__R3Q:%XY/0K/+B26$QL#],`M7'ST`<1K4&?X'GOG9^Z/C/!WI/]%/_\P^_@AF$'\S M2.Z=!=B;*JW9/S^=GG\^.SL^.S_][LW_18KQ^G_!&U4X>^TLD`X/1;EX3C2(9TW8,QJV0BK%/_=:&+6$ MY#(XU2@#M*/#$)'D73D)2Q@[[:R02CU%N7C.-(AGC&;HX5G>^,ZL0BP[?^^U M..HIR<5PKD$,7],(TWJ#[$3'_P=P(KJBT)KV6CA"1.5R^J1OP\]F^PB6880= M/3CO+XWI^WYE\U[+2YBP7&:?M4BS1.[XTA>._Z/_X.2. ME>.3C(#DJQ-%;\AV^\/QT_TSO5!?0W'!(^(R/)I3;`E<\NRM^!&X`)'_XN/P M9\Y+VFK!Z&(5.(0)I<89NL($)?0X]E8D!3C\ZD.,[VKYLII:(5=A`JDQBW[I M^$,$E@[TKE]QS@E@*W=E6RND+TXA-2;2+_'O,(O'`K1*W/6446,N@F(.$\?7 MJN595N^#[V1>B75J+]JTJ,I.[V(H"(2579!"4[?P^ESFLICY._9;V"WIU+[+ M0.$LV[DDR!U'&+*KLF6W[+7EQTF3MY$88;$Q+S0[) M,FBA)ECTRRB[@\X+]&$"`;Z44RY'5>.8Y>UN#!R:^N5;$:K=9I..%3ZW/;V# M,7B0(E\F7`[(M;_V1SXX;]@9R>>EW6UL,C#:.6DYZ+0'!E&*YKJC4L1(*OQ$ M1T5]7RM!TI!L2_:6JWRRC^A,'*0U2T=UXQWV7%Q\ZC\J!.@TU4?P"*9IX+%W M!'I#>T0J2*,E#H(RN[@M17M$+TBC=F\_59-?T-$IO^#/=O51FIHLTC9&OS#- MENS9^_8)GP^PLH.MT&A(N?;=7/KR7[_NVPZ!.E)E;?F:'8KL@LU5&&#TL!T3 MHJ1;$C]X!@O\\$[TQN5CIK2V'1LB9,L*1FC&A7#X@9/))J!#1)QE,`@2:HDC ML7#%CYD5OM?,.-D+2J]ZGZBET!*ACST/9C-_<*!W&^1Y,S1_<75K^R`@0J@E MY\M'7.@K`-ZU$P7(+HK'KILN4A]?RKL"4^A"VK90W]$^?#2DV9*39N4[6GP6 M@WU0X*31D@-GG=G=,'/%.%BH^'F3>^.C MO^U\[._OAGOD71&S6Z(8B6$2D?)>DL!3>$L2;K\R"J>CG>\8[%3*7LK:S)WB1Z*VTA)7<'P0Y^GW M3R!:01=4U#&H:6V,(M<(8">&($"*)0X@4H,!E^#("N_4%9ZD->^CM(5HT1Y= MIB2H9S!%>PN.9Z1+7&^=T%65H4YK:XSP&DEF*UAQ(BU1XF?@SH/0#V=OZU6K M"@,UK6U!01,RM6NWI(T;^'Z&_&].]`/@O-J<>;2]F]K!-C0(4FJ),_=W$"`K MV4=4C[T%#,B#:0E<`38J:GK9!HTFY%KCV]WE'*?59QL"N.C3?D51TOVU[-P< MS#)+&;^I2I%Z14MC!"]@YO.2(6O)URS?^S`(=RG.45USLJOMUT?9-R/*DL7] M-D`S`''"WNSW6ADCY78B+$.!A\ZVQ\&+3/`!F&&'I5;1KQ"I6#LREJV)IV*@ MNKG%8!`@V)+#(95WHAN"M:@0HUB!O;",8!C!Y(WL/7K6C;6)=(,XG%W-31$W MML&62S`-(Y"U>W9>07S]BEB,>`$#)WJ[15LRN>:/>B+J?,+(FJ5'V1>-P:F` MP=(U.RPYU-R#I/8XL].FC]BH)\"2\JRD;LANQMT57$$/!%Y,O#3_2K/-FWIR MY1Z@CSAH25W;O)-=(_=9MU535(KQRH$^KC+V'!;2,/(;/I=.#%V>M:%^E#ZB M1@:)LE)5-*\OZ]NBZP1-0C#2G"OHIPDU9ZVF5Q\QT80DZH/"?BV%I2=+R5B9DOWV=.\$, MQ+=!^6XI9SK<:;-TN/S#(QB,BI_^/Z/-QPW.D2OD6G)7P^'LH^=>?CZU9[S% MTD+O.XV,60F$1+%[_[Z6'JI[5:N0,M*0&;0,`U*3[!72SA7,/L:(4$`B##%R MDVB45`O6[#>`=Z;Z%/2LG;G2XQ9$55R;ATI+DN`HM8*8,&#VL1(2XA1;$O[8 M+Q7$Q$5U8RL!(4"J)4EQ>\RZ"A>(`;1#?U5;*W'`3ZDEZ1$;IJ%3("!QDSJK M;]/07``T,O78=%FR_M\&;@30^?8*9/^M.J(_AKY_$T8_G8CFYQ$ M&9AL3;@EAJ9-9?=DB+5J91$IK-86#TL0P1![X:)DN`?=,Z0TO2W==C@1Q$D$WR9-4,NX6RJ+<@V0R?79>_X3)'&LZ=C]0 M'3+B0QF'.C6+G#36*#C7;Q-:/QD!P1)?LA\0PQO!D'LXXZ`H#32U>&S'(P4K MX1:3IT9MQ$0&]^`G^0O=%\71USBT=6_=L7FAX$6I+:J.C4)5IFT-8;77V3A< M-4>`H.G&!:>^FVN%Q.'GD!(G).S`:4(>CA2`(";B?@1(A6.8K(LF9:Q[!&XX M"\@HK(>,5'_6.-2J60VUL-&2)]CZ>WU$+::X;YSTO8BE7)?^L8U8X*5B\1:W>I6\E4L1Y(.E.035F-"6"._'\Q@]_\E9!/6N8]HT^,UI_IQ\9 MWAO.U"=V5S359![@F3Q$(;YEYUV^?4=2N0TVA67&;@)7Y%&IJ@N[=757I`QN MC$'"(^@]$T,5^98^XV#GPX=-:X$(?[)#_''+RO6:-4O&I MPT9I9QRU)'OO"J#YNI#P&OW;!P08@3=>A%$"_R*_4\#+T]4X,':&CS(T&_/+ MDG5U?1-ZUTE&\P=4-A[@U(A#VMZ9>-D^J<310[BYP,._.`R M"L$*?;>,E`8C#/"1QS9+DK?*GIH-:W/??HT)QS_`@#YI7+/DIDR9"V/7#5,D M#R0-`%>,6^X\78T#7$NI\\"(DPL&%"2E[(D5)'DK_/(WUD4?5A3GXNUF+QQ: M<:"M<610;=I]!CQ$8.E`KZY.,;N;O;!IQ8&V]H_!L"%U\+9[?!P#:D%`OLZ' M""%N/K2U90P&TGHS?G#>&IDR>;]#A`\/"Q1D6QJ#FRA%LX?."_2SXT7@[2I4 MX6\BL!(8]D!1UY9#EF2NE7ESE4\_?\:2&W5[_0X15CPLT)[PQGT>>P33-/`H MFQI7'WLQT)Q\9:\U*Y#_"[*T'I&0HA6W^`M=#E#Z==1+RE,S;]-H;[0,]DEC M9L@J@ZL;5NT2*)2DQQD'OJY3H63SSI9'\JHYDST+I2BC4W!P8Z`K*:-3!OG: M$P3DH`_9E^M[6NZ_4Q@!Q"LOQ6P!3"]F;3]C,-,!%LK`:\8>160Y%XD6*/M?T&3(FSQS(_ MQB/PR5.@X6Y%-V3T"MVE:3K<@2-0)M>4G#6TOVI>5-([&`!/`P__!1:%6CH]5-ZL3N)_]0`&FR!#&P%#4M=&:2$O< M9]5\&"/UBJ(WI#6L M%<0F8.#A>R6%\@,45/$/8`Q^E.*B#+^6'++$!Y\GG9#KNNBLF^)W,0(WQ?._ M3)/[,/D'2'"];NKBQ=?]4$'6BC\*7/);#\.)'KP5[\?%<;H`WC$%6A4M#Q5% MO*Q0$&MN`1A*"F$AN/D[+II4"O-16AV:\$78H/29K(W@95:MWK+C"L1N!,F, M)]/+-,:N5[X*U<='Z/]&[T?;L?#_V`Z'BU&C37Y4&-3@2W#;77M MK,[A0X'#DVF.+L??UMVFG#$DC:G%%>W@W7(RK7F.6YB/9F4V MJIJ5X`G.`CB%+EKG\AH.^,DCQ#2WD/I;LR*$PK"C[;BCPL`&KPIE1E!4 MG=502\E2EC"?D?PN?7K6&%]G8_2\7D@[U4>;$] MUSCU^+2LQ^O11D[@C8KC&:R^ZSD_^%C:!390M)BCO:9LE>II;054I](B0QBC MV-SBV\M):4=IS[2\?&_I"JR`'RX7^14FWKW[K*SSA;%'^>"CPNBC]?!*E@#: M`9:;WEP%>#K(.5K7?HBFI:+=C=%0`?"%DLCLFWJ&BP7,'-DXAD?21&8@$+"I MSROT!\R[":.;%'L`UU?&.%7W<_5&'@8C,CS9R3=?S']; M?W,T#:-1]M51X;.=&MY;UE`YP;6%-QE$=NR+^G&VB2XR@#$JWDYP5<&PAL3W M;"T@I%*OJM4H^Y<*3S@>[ST9<+0WHL%[=OG]W_LPH:EW76,S7O+&<^+?QKG[ M&Z/P?")C/^4M0F//]/H>)/B%H`>0W8/D5.B+LD*C@49XI-$21*/U6`:K\K43 M!>A$M:&I*;6^,>M:)H:B88M3T3!&?P(QX\P/O=Q#.(FWQ4L=-F`Q.+>COT:'=L@Q4UG_\C6.('-H-930X[O;F6_79O M-@([;7U/8Y285U0[NVQ#^OJFUJP(NU!"RBRI-8<6MAR3/G;P,T(T0'2=S)^$!;).I[]A07 M32FSY<&YQ=*!$;EY'J&#VC*,'7\RO0OQ,S,/FZ]Q0MK%`?JGF]WW$UEL1(?I*7BDD*GN*3L-SNMG M_`@HG^OZ].CDZ%38=9U]P!;'=7T'#)GSH^-/G[]\.OM\='+RZ>Q(T^;BSH&7 M^J3L:/'L/YGB,__E&_[_-VC"850;Q!(?R9CUH:'`*O8=24SH6>2KZL:ET)IQ M6EXSJN]=]F2IL/T"9F./F'FZ+_>RI>&A,$J"\'K9FDRK-#E+=;T":)(N7!>2 M&"]P+#]S_9`Z4S$@FID@!KS0\HA5?*>?0.J6'`)5-M_I923V:VTM&6-FD8XOS,H8"K#3OZ MMJ'0+]@*[23G%3L)ZTIZ3TXKEM]-WRI%!OEO,("+=/&(\>07WJ7-RYH%LSO\ M*@%[`Y,ZMCDK3MN;[.K8H7V?DY9D1)B7.O[DQ8+I1^^`5!XQ?T;6+R`B`(\:GOCT-,9$LH@%&.2)4A"QG$203?) M#Z'?`YC$CT_?F6AB]AD0U891EMS:W!@1Z`@#;M$_:;90N:%Y^&EB$''2Q1"W M;JMH+(OH$`U=0%$GG\PERZ/+[J;^A92)/,[)K"^M_'OFXHD-#9;GO@L6 M*=C?MJ`^U@WJ:I85=OXX?Z#K33#&U'1@&V$JE1=*WSPT"(]%`Z3(*OR4M!/\0W0)^#BM``(XNM7UT^1Y&Z0 M+F'0I^M7$D4K<%>8@\`1W.*'1 M>HZS]K3V+..'>6GW"B0.]/FVI[,&+YB._I9_P?#-2D.]24K23KF\6E7,G=74 M&`7ENU$O3`IU,=<2O<`^?$:H??-W8Z0BS.^*J`*3*//DPXXE;5L8(R,^1E,$ M8W_(,,\89XIUIXV9@F7,K2S:>GIL$:[S6B_<8AL;A%M+C_:P++>Y0@NXUC4W M1HPM-LA&-)HJVBQ0]QQ>H?^N0$[5=W0PB'`EOF<0+=:W*2I%+=#==-'SNDBE MT-VWA&^.X^4)]_E2_$&#_!.CD^&$V5'):U8.>'5C8_2[9:'KGIQ)2_.^?+L$ M@3M?.-$/QE&UKILQ4FP@'P[A\E!KN)C7\V>F@-=U,U_,/)+B$3@'W9:L9A]>@`2#NE6Q`F$B;8$(?G.B&AW`5SA=90)#EIS6W$A M1*_V`YTR,Z+F7AFCA_G`:&D\\-P]*R/""+GBJ8N9#-L>YLNU1C0\9C^;6DMV M@*]IG(0+$)7(9VX$-;W,AT>-<"O@T8!B6R!"'GH2!`BKCXWP$*;7$G/AF_.O M,%HK1\RP$LH->P`#`>.`DSY&:K;FFU?XEN%DND,&TSR@MC=.KIRB*:(:'.+-E]_PSK)/=IHF-LF,3IWTG9M>/+:"HGU5=BF ME%;&B;"182I"'%6""N10:512VQDC"Q%V,H700POR!D9Q\CV`*S0P.J+0%\/* MAB:+D'\EY"?-K`H&M"JAP`T#CT>FU2WM$*H`;6;5`:"MM',8<0FULJ$=,N4G M3>DU>4VE'4JFPEU-)21Z!V/@H"9XQZ;3EL?I]ZE^`!'^P9F!8UY`%+J8#PFV M5#E@44>MJ3;:?8K7N09"36K4_ M-!_-'HBH8$0W5H2^G.]3[IQO\9>`USG?I[;D?-=WP!@ZOS@]^_3E].SH].CH MZ.)"=PT"^ON6K"+AG-V-6SP$15/>7UI1;E3B,77^M0EB'#V-$WPKN95AT)0% M_4!`;2H91T_C$-!49`+"/Y`4,U+!!T0;LMF90]6M^P,/\=PA`8HM@<1-&@60 MO#$9>#?P%?\K9J*"WL%B8`@2K3T.+@<;Y-T__'++[6(9A:NL5#H3'(P>%J-# ME&KM079))Y%PFOQT\.OGFS=KV1>::.TMAH88S=K#]X=:DTG168.K3I,9EU*& M.DT6&G=#G2:;A3O4:;+7]*9N/W5!Y/J.QL&@*P@?CT"$DW#(V M!"EEK!NE*A=JDE77I[#B`4SLV9O3\K,WZT%'3N"--L/VY;4;ZL&4L@)RM!]2 M4=5K,+?8AK33(>V4U\$XI)T.::>6IYT.B4**$H6,N_I60<5M@)CD@K@Z<9"S MEX6";T.Y66[D(3?=T-STOL>RA]QT=;GI?<\Q'7+3E>:F][W:0D?Y4R?'YR?: MP:(U?VK#`=L3[WZ/PE@8-*23<8!I*&$!J-#IUGYRD599(%VDOI,`[PJ@J;N0 M"!#]VP=$DH$W7F#__E_D=RJC:-%O266.WY_E@2FW/2>M<@YIMXEIQ893[$RJ)S6NXM`CP%X*#Z>J9*SX M!W"J*Q5+_XHQ,.P&/GMP[8B?O:BM7,N+*A[D_,&4/_\,&T&V?M@!HRH8:%9@ M3!4H\1L>2F")!QZ`J8:%9I6X5@1-_#R)"F3B<0=@*N&@6>GCJG`)5TI63#SN M@$LE'%00B-2`2Y:M/9ZBR;5")_?H`T85\C%'ZB>CD5I/?17Q5:AL-M)A(U`B MSW*T?988>.BL;GW]C6BQBT%GY8M!A4^,\F^,"A\9D:^HOR?4^&K]GL;Q=.CH MTO_UJ^NG'@QFFPQ5\G-57H2$$8U9+_A%)G#Q7YAR4UW$]:1N*&P!E-TQ[(8& M!ZW:4ZTH8"CD9!1WN"J94YKV6;0B)+5U!DE(,&FLT.74$?Z.?99O9)&O/NFZ\&F1GZPI>?$TCS&QR*6$%GE+7!0!; M/-NP8LL*8S*^W&?\:>20`H^'1'=PAC`*0;$I4NMW9L-/7,0Z4M MCTSO/^?)UVE`DB"2F(PS]8C$I@8'CQN@AW0;\-,$/W36:;]#*[S'K<.\8@C: M=AL0)+J7L5FG_:9MDS4(N%-C-R1]O`%WU;B3SE,%,6RE8>MPL8`)J9R`6(I9@"@%0>&Q=)!4H#0,O#&X#-(\7)_@Q MF:*Y`P+AN]O+R2.[5"E/W_X#HSVYVD-LDAU,=S7521D2($:O=[)>_@W#L M&#;*O98^2XX&DR4ZT>(X'"G.GX?Q<]?Q0X[\JQ3L_/Z4(FL*NS*P6'V:?2AA M9!N!I8HM2FOG:+)DK\!+T;38\][S*%T/Z$R'&\25!DRG[NJ6AW^_$D2+O2ZC3"6*)E`88K$#AH%7[$ MHJG,Z]MI89.4>1O@:Z]2$+<9:`"< M"&,LR7S@YP9!-AC/;;R)WB[7D.(N#@2[7MX+8=9T";`%^T7U;N M%&SM(#8`JY8;RJX;=QU!R2:+(Y+,/(%R0^-`TM@[QDF;6:_M*%E.,`?R^_[T MUWR9?>Q!A3B99CU[HQH@>\D,M"`K_P"'`!TNFLUZID96.8>`;,VIXT]>?#@C ME6TXBCV(DD&X65%[E;"B&'(BD9SV`QL'/AD8XD5F:T8I3=DW":S$ M3_($W##P1.&XU_60`/PA$,'R;P1 MH+9=#QY1-:Q0>H(T#U)PVA11ZYX#H)B!J*T-\E26K4YK"8):[9\.`EOC!/X`Q*L\AKJ(.MZ106>:MNF++ M8?"4A.Z/<>`]K.=(?GA$`T:UNHWCU`E<(*;UGZO+,(?!B'R%U&'> M?#C_;?WIT32,1MG'1^NOZWM.>,LK.FMX"C`W&62HQ"Q>B;FYL*PIR3S^Z43> M,_H*HVSH3AMC!"C`_K+,ZDDR5V1/<\037$?10QC&H=&6^$]P["W;)416?,@Y`]5BHT/FN&&/)19WKQ=(/WP`@Z^V$$,$L MN4=M;QQZ.D-"A24JQ"1+D(0VZR2";I+;H-\#F,2/3]_9Y>I9?09$M6&4)7>[ MUMQB6$'%)N9AIHD15$N1N473N:P7P^V.6O;3)6:RP4`Y'%__.T6`N46GJ@`[ M3S`EJ-$9O?PRLX.QPN0OP2Q.GW;1#N5U^UY>E_WL']GTB6D1C]-DCC[RU]9? MMU/^A]'>7!FQV;VGGL(D2M+.%8A>PHK(WJFNR-[&358##(X>_8=&4R)MK`"S M&PS@1`>[DST`:4"G69>DZF,[]':)=IFCXA_J7#PFU7#+3QL@=A MS`/:3*B)>9L&!P@J.MTVWL]HK$?W89"ITCI:M7[V(%,MJIM/W0"C3,LW(<)S2M; MUUC*\;5Y?M-]BF/CD^DZ\:W8G^I]4?@Y8]8B/B%O3JA=LT2[(U"2*KESX*4^ MV)+_A!9Y9$=0^.F3N4#\T-0C<,-9@$,_F2GZ-8R3F'EK0L6W>HC7[OE!]?H- M>8D-XF*=B:UY>J.!5SR&],8AO=%(80[IC9RWO[<)`?F"QEC!&3V,`X+.!5V4 M3T;MY)3),U=X9A_CH"$J'FX!]W`[R)0"!K-QX#VERV48)?2M@-JX+R+FWQ7$ M2#55NL_`G0>A'\[>$!FX\@/`[PJO@!\N,5OHDN;J:)_4FY.M/05#DN<`^'X& M^F].]`/@^M9Y56OFO<6Z;E8AI171EJ1#_`X"$#D^HGWL+6``L3\$6\\\8.'J M:R5BFE-NR;-=-0W\7"!0-0ZGEMM(Z^9\,T`?L>G-F8+Q<^A!X MDZ"8NT\8-)D6\A=NPJC(23^-T8=N251/MJI(F]B@128+0NFE1V$%&Q*6^PQU M)9G,:DRA?^42&LBEVD>0E:(Z\0#%5G MAZJSIOK%AZJS0]79H>JLJ8CJ8=59BK=VDLSSVA*$*3$]$Z2ZY8`*'EN$Z[S6"[?8Q@;AUM*CW=[27`:A+C6J_<#&P:CK75T1"R59A[M5 MF7N%W1L'1G\X?@K&<9PNLKHX.+D6)//0RY*RJZ,6'7[9//2K0:-$V+=DKEG) M3P:JR".,?]Q$`-P&B$80)_B1S]P*ZD)/&)^W1UE:8EBQ-HF*0*E*]:UP%"]# M=>G2H$3ZE*C[9$%-CV>H7XZRDYNV#2G[_*!+&CZAGZPL-0 MG*F'PT[/(%H?+H#VTYT;^!'`V1ZPKH^9EFDLCU[&+0LRU?BP^FA;Y_$T;XCXK4J?IC]FA-9QD+XOP\ M]+2S,L>R]Q?4(SW[CCT@%\>>4N`SV"LIBV!)MIRGQ(F2'B-_>&K/&O0+/L77 M^S4?WUW"-6C042J-$,O(')A3'])37B@`;<[N)7#O[:Q](L, ME@&8X<(Q/5Z2$?>G`.(*2QME5K0D5WQI@+;,)9F7P6W#X]9@__IU"2/21S7V M*[XT8%\F]GD9W#:"78G]%F5SS5`$DTZDQX,6J.:OI!!T=B:]#OJ]!1`K$5]L M4XK\TG>&Y5_N\L_#7@41XCYB_@\0X[!%X&TR*4/\4U>;`._G!PV1J2&MN*X@ M.-Q'Q2DP:R_XMW8V/$30!5BXTZYB6)P3L4>9-,:WVO#:DK)&'7%3K][8HRQR M,:Q-N8;(&KTH!T]NBA3=DC>#0;^DZ9=BH=@2O6O+QC6GM"J8T"0&'>M,Q]K+ MY5",PSI.5D2P="B:X#0&5>M,U61(QI)'0B4L6Z60F9Y=36@:@[)UN*^UEXS2 M&\/]C[;VR@=B3V36%B?($,NE!`$UZ!7GUX?]2T-,N.FV-42*ZX*&&A2MW:0& M_3,GXMQ4+?7%H5FO>K_4L^J%PJH]1CP"_*X*8M#7,"#W6U/'Q]6N*(6==4S! M'C7BC2<;PV6;_!L& MJIQQ_.9#/N<>J63)18%D>,^ZINP%[5K-90W MP4$[U6NG8FDI*&XM[Y#7(I9QBVB'00S=K!YEG1]>^I>,40T-[O9NF&G3=B,G MFKC+//792+O?,P;Q70-1:7X1!X\M>?A;HAF[R[0.CC-['QQ401>3M?NLS=@4 MZHW&\6P6D9)(G6P:C>?.\TUC M%*9W92/$V:K]["Q'!ZX72S]\`^`)1"OH@FH^WH?!*EM`,,OBYS!Q_.+?OX9Q M[#?&))EM>B6VY+.(BL0O81V*D463;X)H_PG MW(YV0NEV$H/Z=*D^_"*0=*;1KU.2[H=LM`?=7>"Q!EORP&% M43V_[%:I.7@T&5`L?**2Q:WCHTOR7973?E98&-OEK,#<#E5C_6Z2?&HIT MRRN]';)FJ&:L$MO>LKVAO\^X'K+F=,%<23:^+=IS'P89=Z__G2(";@,DT92L M8MV\URKZ_0,^6FAEL=*7PTTUTEIQ5,WS"@*?MD=5I""X:XW2\5RLC2I%-G;Z M2YO*/CBH3_?JPV*]@C2M_IIM94DFJ]IKZ)#!K%NH5LCDB49O[H>DT!AQ5S[TXQKD@"==7!169Z3\/A!A7@R5^3 MQ5BE,2/K/':=7@MK-QM[U*BS(*P"AN?J=3&H%P]_-UMWYZE!$J=FC^(IT(9HL.+]!DPW19!ER M4W`%<*O)Y[9I MU=_8TK]^+,+B#K$H^WG_UYQ])62Y#-J$Y@0D>^^SHXNAX]'ZT'0S]#S3>"`\X0A2-R)"CO^6#_AWU M7_A!S.`%'AZ[Z]_IR&-P(EQ/>L,*BB.;WDS+.NO.@9?Z8#(=!PGTH)\F<`6> M@)LB]$`07[^Z?HI$=X.4':M.FN%D,MTGXQG7GJ2MF%(_8HSA4B?PG05(/0NH M'C8=N&I)Y>5;]0#C5T@+D"K\HC&(ZQ!-90AWS>`>X/G>68"K$#\D(`3*;3?C MD-6UD'EA5L,R2XI[;S)R<$Y"9F!^`XR48&K[GN"J1JJ,#$`N@BU!!3F(/*.O ML':_8AOCI*]GOZIE"36&8:3'@UID94MHX#WX3E"[*ZGXE'&8JQ=_`S>!+,98 MLC(]`G3B@;A*.EF0OP^@B4,;)8H%N3 M;=]P-&/6$Q$7O4Q:+;'$!%DB!T3&@$<%,%K#SDRX46Z?[L7$L]OMDRE1Q<*E MK8QM@7>%MV#4FO$,;;L1C8$6S[JDBEY+'O]KQAG*$M5L,&/@I`HJY=5*(J.T M+UIJK$0^P-7T,@99(@94$YJ4U"96>4)Z`C/BX@N\WT$XBYSE'+JWP32,%F1` MH?RGXZ-R_E,^_@CIT6C[A5'A$WW)A\HI>03+,$KPNYDU%WLIS3%LSB].S[^< MG9V>?T+H.3K29`SG:UTV0VRDY5.F.1KI'8Q1[T;,K[!AQ2CMUBGRZ\=,.+DJ MH%_^/U!+`P04````"`#G@@9'2^9]SF0.``!-I```$0`<`'1W;W4M,C`Q-3`V M,S`N>'-D550)``,RPL-5,L+#575X"P`!!"4.```$.0$``.U=67/C-A)^WZK] M#UB];/9!EF6-9V+7.%NR/4ZYRM?:GDWRE*)(2,*&`A0`M*W\^FV`I,03/$3% M5(8O,QJ@T4#WAZ,/$//YWV\+%[U@+@BC9[WAP6$/86HSA]#96<\3?4O8A/3^ M_,-'PV,T')Z.CD]')^CA=DUX"R),22'EFW!.A3W'"PM)B\^PO+,66"PM&Y_U MYE(N3P>#U]?7@R/OP&8+S>/PXPAT9$G)R<23^(KQQ26>6IXK05_T=\]R=;^@ M1A,SZ.AP./CY]N9)#RTD=@G]+4;]-N%N2#\: MJ.H):"XDI]XBF]J1?"!72SP`"LR)O1Z,:^#^\PVPWU`FAQ(,?'AR(,&*4:CGVQ% M&2VA:D;["74[F,2E%=@^F+&7`50H43[T#X?]T3`DA\4XLZSENLG4$A/=1U"A MI8\WH7BF5DNN!DX&G+DP-I^L!PL"(;TD+$J9U$M:EX6ERR6A4Q840:'"^52Q M>`81D?KQ]?$Z"QC=S1-PU$OB@E$'4UCB\$,PESBJ]W/+54I]FF,L10\1&'65 M!NM!A<-R\)10HD4`^`YA=T%K?O![S1)%>:*`*?*Y?AXD625[\8##/?U!_UYR M+("Y5IM:+$'K@,34TK9K@J]DCS[W#=X'I)A.TR MX7'\P!G,?+D:4^?+[QY9*L5=8FD1-T"R'*D)NP^'H\,AX+7A!/\(F2&+.FC- M#GT7,/Q7AU9%M(XJP'54B-=11;S048=8)F(7UI)(L.S_T#N@U!B\8)! M^%H(3]G_!G!K\S+#_BD;=D:1YJYQ7W<8E(5=HBGCR.\4A;UVTR)S6@01J?!O M=6S"6I*K:_!K^4(//@"]#*79F#T\4<9LR"#Z4Q^OFAN*L.N`JA4K>+`XT,VQ M)"!8Y6=W,H/KN4/E_*+C\`O3F5O"_QB]%WXJXM`5L?RV9JX%9$,FIAP M'`&.H\HX^HP[%$L'.K+!,U":,1NE,^`ZR*7Y^-5#:1&:*3-$1I'[\#I[ZCD7/UK%0;$W0?:J12NTMD MVP.9NK)=KE$1E-6]_^X2]_9@CNJ`.2H$LWH((`1SU(%9E.S+V5`S*,PP%:3^ MNKVRC@F9=]H9BMJSKXI!94'ED10JF59$"H6T/U,K)Y!U>Y5D8$Z^5GOZDUI_Y03YT\XBG2 MKXVIA#E\WUVR/JL9!^^#+(KR#NP=O"#4D4?\,#(7I.)#44 M=!RRL+B=XI)Z#068Z`01&.^#@)/X"C'[_!41C7"*:^422X5T9Y+^P=,-LS3"[FD/C_K#CP?0>3CB"@-)/W-49AS)5DV.(_H&4+6Q,'JWQ7",KPOE#"2S MC?K1WS2NJ9#$VTME-*&;J'^M7U]2BA@I15091O:C4B4'$#90/1_'^LSMS_A& MDTGQF0T'V)4B+.EO6/ECT4\^E7E,+**HX(TR/?*SWI5%^'\MU\-CYW^>T.G3 M^^E/%N<6E>*!$\:?V06CP6MQONFC]K9?JS;TMTK].M?I@E&P6_CJ6N*%.NE! M+]Y$2"(]I94?.?.6(2D!DAZRH)9;MCSK32U7;664N*Y*-\!@N*>V7DT\\;_! M/.LY>$)D6`H;(6'.L^[?\7APN2Y7(Y$$9G`U0%O/(C=Y>>])-3W5\WE`(V'! MRB#?^15.)1'16?.LHUH5FE?3.HUJSU^'TJ"\1_R"J0?GE12 MQ$0!4>FL4!1'GLZAGMO>!%\GA/)E*):IQ(Q(#QG.9=VA,`H6H:HA7!JG!D5Z M\,G9)?S]@H.A?Z4.YC>,SIXQ7ZCK$ZK;J(B56D5%#D>TR\E90FI%>#\-QSA^ M(U'ALBKKS4F'0)\B$'='`,9'>\D6%J&YPH35OCC^VX6GCBY\WVE8?*OKJ\!3 M#^S@:70/J=:LA1.Q6(!QT&\EJ3>-VK;?*#O$\5PU)\M=Y'O&;_+432`KK6G4D_83*;@YD]!M?%FF'PP6&<]U-MJ4?L\7-+$'M,G4OB>HHZ MO5]ORZAU>[@:>"K7-U8>W\Q_]^1\M:$)]JOQJ\6=4/0OBZ7+5AA'VZOY$#7# M=MI+5*4$=LX9YG^FOQ3JL[RP>;+ZEOC]=`S+QG+'GF0J(V##*N,8:*^I[UA" MQ9QQ=5#TRH+89(\)!6UEB)FF;-4P2*,XJ'T-EO=XN72)2F=$EK:O$F6'K_U^ M.+ZCNG,][2?H^=D$1$T.)A,]M4LO_7ZV@&Z],+8/8&FQ)L7:FB2U=:^?_A&) M7?H1JQ,(U!7Z3C#9E6.;L;__Z3VW\D#80@$_ZE@AS#?=;4EU-`A`S?Y;Z$]N MJXDO;["DB<#O"$;](;05CSI;>*",:ZJ6-]B%?H0]9^_900=MVV+&SHO^/HA= MP'D&BS7M*N92M"/A4.Q')07(=!=-1/LB:,3PR'\X=WT!)BL`5I-!VR9U&3FR MXE\5V[4RY+6)X678H^;O`\TAP6W8M5)3E9.%YA53E4>+%TWEW*EN%9Q\#:5C MXRS;EH:M+-D#$X)`I_%2G=J+2)J,U>RVF_=5:BI&$$JHQID772F@,<1#*@K8 MH$N=#H8`=L2&.3ZFSI.W5-=<@FTZ9RV:KX)6%>*8L)5M)^M;)&48A+W$8C0P,9K&VF"-2EJ)N21ZF MEO#Q])E1\B1I.YR)FE)'4FH%0L[=]5,A^^[4%-N0*Y0P@_% M.RK7OA$D]`ZJ-]NMT[#QBW;D,^0+/)Y*S)60"OQ>&;-=3"_V:/G`&CH70Q2"`J'9\FQFU8V(EN!=&D3QY%2WS3$C*F][@R!DI4!W4YM&,:;'', MJF/@^94-"P_6".%>':4553'G&)=41DCZ%U6'T!8"\WBQ.F*D?U%UA/92N=+FUNZKN,]S MPG.ES:O<5V&O%TN+'=5WURY91P_SRWZC&GP846HXJTX&/14 M]8NDW9Y&V,'< MV`NFZDN'1\5Q$YI-E!HFYE)=UFK#U21_G2E_-LL,C)7OZU3TG]/!SG\\8O\6 M0RRS9A]0NY?SX'Z??]S$L)M56S_/N5KML*E_U2ZCKN,0Z$I%P&LI0[NNVD`5_,?!^GO76 M@FD"CL4FU1P\/]$L3]/MUNW2V;LU=$HN(I&EKA*I\(8Y[U7A(FNWWA^E^4]%^^_8PC__#U!+`0(>`Q0````(`.>"!D?Q MM$6^1[@``$W7"P`1`!@```````$```"D@0````!T=V]U+3(P,34P-C,P+GAM M;%54!0`#,L+#575X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.>"!D<4L-%H M?PT```_0```5`!@```````$```"D@9*X``!T=V]U+3(P,34P-C,P7V-A;"YX M;6Q55`4``S+"PU5U>`L``00E#@``!#D!``!02P$"'@,4````"`#G@@9'%4/3 M2&$;``#4^@$`%0`8```````!````I(%@Q@``='=O=2TR,#$U,#8S,%]D968N M>&UL550%``,RPL-5=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`YX(&1[Z! MV9496@``CD$&`!4`&````````0```*2!$.(``'1W;W4M,C`Q-3`V,S!?;&%B M+GAM;%54!0`#,L+#575X"P`!!"4.```$.0$``%!+`0(>`Q0````(`.>"!D=L M:,/$^3(``&$F!``5`!@```````$```"D@7@\`0!T=V]U+3(P,34P-C,P7W!R M92YX;6Q55`4``S+"PU5U>`L``00E#@``!#D!``!02P$"'@,4````"`#G@@9' M2^9]SF0.``!-I```$0`8```````!````I('`;P$`='=O=2TR,#$U,#8S,"YX M`L``00E#@``!#D!``!02P4&``````8`!@`:`@``;WX! #```` ` end XML 35 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Document and Entity Information - shares
    6 Months Ended
    Jun. 30, 2015
    Aug. 04, 2015
    Document and Entity Information    
    Entity Registrant Name 2U, Inc.  
    Entity Central Index Key 0001459417  
    Document Type 10-Q  
    Document Period End Date Jun. 30, 2015  
    Amendment Flag false  
    Current Fiscal Year End Date --12-31  
    Entity Current Reporting Status Yes  
    Entity Filer Category Non-accelerated Filer  
    Entity Common Stock, Shares Outstanding   41,592,472
    Document Fiscal Year Focus 2015  
    Document Fiscal Period Focus Q2  

    XML 36 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Significant Accounting Policies (Tables)
    6 Months Ended
    Jun. 30, 2015
    Significant Accounting Policies  
    Schedule of concentration of revenue

     

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

    Client A

     

    45 

    %

    54 

    %

    48 

    %

    58 

    %

    Client B

     

    10 

     

    16 

     

    10 

     

    16 

     

    Client C

     

    11 

     

    14 

     

    12 

     

    14 

     

    Client D

     

    17 

     

     

    15 

     

     

     

    XML 37 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Condensed Consolidated Statements of Operations - USD ($)
    $ in Thousands
    3 Months Ended 6 Months Ended
    Jun. 30, 2015
    Jun. 30, 2014
    Jun. 30, 2015
    Jun. 30, 2014
    Condensed Consolidated Statements of Operations        
    Revenue $ 35,238 $ 24,744 $ 69,850 $ 51,076
    Costs and expenses:        
    Servicing and support 7,903 7,000 15,454 13,248
    Technology and content development 6,466 5,818 12,600 11,492
    Program marketing and sales 21,526 16,710 41,113 31,951
    General and administrative 8,871 5,708 15,582 11,144
    Total costs and expenses 44,766 35,236 84,749 67,835
    Loss from operations (9,528) (10,492) (14,899) (16,759)
    Other income (expense):        
    Interest expense (126) (134) (252) (918)
    Interest income 24 31 53 32
    Total other income (expense) (102) (103) (199) (886)
    Loss before income taxes (9,630) (10,595) (15,098) (17,645)
    Net loss (9,630) (10,595) (15,098) (17,645)
    Preferred stock accretion   (2)   (89)
    Net loss attributable to holders of common stock $ (9,630) $ (10,597) $ (15,098) $ (17,734)
    Net loss per share attributable to holders of common stock, basic and diluted (in dollars per share) $ (0.23) $ (0.27) $ (0.37) $ (0.75)
    Weighted-average shares of common stock outstanding, basic and diluted (in shares) 41,362,476 39,304,884 41,171,669 23,588,330
    XML 38 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Income Taxes
    6 Months Ended
    Jun. 30, 2015
    Income Taxes  
    Income Taxes

    6.Income Taxes

     

    Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that are included in the financial statements. Deferred tax assets are subject to periodic recoverability assessments. Recognition of deferred tax assets is appropriate only if the likelihood of realization of such assets is more likely than not to occur. At December 31, 2014 and 2013, the Company had federal and state net operating loss (“NOL”) carryforwards which generally expire between 2029 and 2034. A full valuation allowance has been established to offset the net deferred tax assets. The Company has not generated taxable income since inception and does not have sufficient deferred tax liabilities to recover the deferred tax assets. The utilization of the NOL carryforwards to reduce future income taxes will depend on the Company’s ability to generate sufficient taxable income prior to the expiration of the NOL carryforwards.

     

    The Company determines its annual effective tax rate for the full fiscal year and applies that rate to its income before income taxes in determining its provision for income taxes for interim periods. The Company also records discrete items in each respective period as appropriate. The Company’s effective tax rate for the three and six months ended June 30, 2015 and 2014 was 0%.

     

    XML 39 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Commitments and Contingencies
    6 Months Ended
    Jun. 30, 2015
    Commitments and Contingencies  
    Commitments and Contingencies

    5.Commitments and Contingencies

     

    Line of Credit

     

    On December 31, 2013, the Company entered into a credit agreement for a revolving line of credit with an aggregate borrowing base not to exceed $37.0 million. On January 21, 2014, the Company borrowed $5.0 million under this line of credit and repaid this borrowing in full on February 18, 2014; therefore, no amounts were outstanding as of June 30, 2015 or December 31, 2014. Under this revolving line of credit, the Company has the option of borrowing funds subject to (i) a base rate, which is equal to 1.5% plus the greater of Comerica Bank’s prime rate, the federal funds rate plus 1% or the 30 day LIBOR plus 1%, or (ii) LIBOR plus 2.5%. For amounts borrowed under the base rate, the Company may make interest-only payments quarterly, and may prepay such amounts with no penalty. For amounts borrowed under LIBOR, the Company makes interest-only payments in periods of one, two and three months and will be subject to a prepayment penalty if such borrowed amounts are repaid before the end of the interest period.

     

    Borrowings under the line of credit are collateralized by substantially all of the Company’s assets. The availability of borrowings under this credit line is subject to compliance with reporting and financial covenants, including, among other things, that the Company achieves specified minimum three-month trailing revenue levels during the term of the agreement and specified minimum six-month trailing profitability levels for some client programs, measured quarterly. In addition, the Company is required to maintain a minimum adjusted quick ratio, which measures short-term liquidity, of at least 1.10 to 1.00. As of June 30, 2015 and December 31, 2014, the Company’s adjusted quick ratio was 5.26 and 6.45, respectively.

     

    The covenants under the line of credit also place limitations on the Company’s ability to incur additional indebtedness or to prepay permitted indebtedness, grant liens on or security interests in its assets, carry out mergers and acquisitions, dispose of assets, declare, make or pay dividends, make capital expenditures in excess of specified amounts, make investments, loans or advances, enter into transactions with affiliates, amend or modify the terms of material contracts, or change its fiscal year. If the Company is not in compliance with the covenants under the line of credit, after any opportunity to cure such non-compliance, or it otherwise experiences an event of default under the line of credit, the lenders may require repayment in full of all principal and interest outstanding. If the Company fails to repay such amounts, the lenders could foreclose on the assets pledged as collateral under the line of credit. The Company is currently in compliance with all such covenants.

     

    Legal Contingencies

     

    From time to time, the Company may become involved in legal proceedings or other contingencies in the ordinary course of its business. The Company is not presently involved in any legal proceeding or other contingency that, if determined adversely to it, would individually or in the aggregate have a material adverse effect on its business, operating results, financial condition or cash flows. Accordingly, the Company does not believe that there is a reasonable possibility that a material loss exceeding amounts already recognized may have been incurred as of the date of the balance sheets presented herein.

     

    Program Marketing and Sales Commitments

     

    Certain of the agreements entered into between the Company and its clients require the Company to commit to meet certain staffing and spending investment thresholds related to program marketing and sales activities. In addition, certain of the agreements require the Company to invest up to agreed-upon levels in marketing the programs to achieve specified program performance. The Company believes it is currently in compliance with all such commitments.

     

    Operating Leases

     

    The Company leases office facilities under non-cancelable operating leases in California, New York, Maryland, North Carolina, Virginia and Hong Kong. The Company also leases furniture and office equipment under non-cancelable leases. As of June 30, 2015, the future minimum lease payments (net of aggregate expected sublease payments of $0.5 million) were as follows (in thousands):

     

    2015

     

    $

    1,638 

     

    2016

     

    2,748 

     

    2017

     

    2,498 

     

    2018

     

    1,849 

     

    2019

     

    874 

     

    Thereafter

     

    494 

     

     

     

     

     

    Total future minimum lease payments

     

    $

    10,101 

     

     

     

     

     

     

     

    The future minimum lease payments due under non-cancelable operating lease arrangements contain fixed rent increases over the term of the lease. Rent expense on these operating leases is recognized over the term of the lease on a straight-line basis. The excess of rent expense over future minimum lease payments due has been reported in other non-current liabilities in the accompanying consolidated balance sheets. The deferred rent liability related to these leases totaled $0.5 million as of each of June 30, 2015 and December 31, 2014.

     

    Total rent expense for non-cancelable operating lease agreements (net of sublease income of $0.1 million and $0.1 million) was $0.8 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Total rent expense (net of sublease income of $0.1 million and $0.1 million) was $1.4 million and $1.3 million for the six months ended June 30, 2015 and 2014, respectively.

     

    Payments to Clients

     

    The Company is contractually obligated to make fixed payments to certain of its clients in exchange for various intellectual property and other rights. As of June 30, 2015, the future minimum payments to the Company’s clients for intellectual property and other rights were as follows (in thousands):

     

    2015

     

    $

    500 

     

    2016

     

    800 

     

    2017

     

    800 

     

    2018

     

    300 

     

    2019

     

    300 

     

    Thereafter

     

    2,700 

     

     

     

     

     

    Total future minimum program payments

     

    $

    5,400 

     

     

     

     

     

     

     

    XML 40 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Stock-Based Compensation (Tables)
    6 Months Ended
    Jun. 30, 2015
    Stock options  
    Schedule of stock-based compensation expense included in the consolidated statements of operations

     

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

     

     

    (in thousands)

     

    Servicing and support

     

    $

    607 

     

    $

    401 

     

    $

    995 

     

    $

    614 

     

    Technology and content development

     

    427 

     

    226 

     

    658 

     

    309 

     

    Program marketing and sales

     

    277 

     

    218 

     

    459 

     

    321 

     

    General and administrative

     

    2,556 

     

    1,199 

     

    3,803 

     

    1,995 

     

     

     

     

     

     

     

     

     

     

     

    Total stock-based compensation expense

     

    $

    3,867 

     

    $

    2,044 

     

    $

    5,915 

     

    $

    3,239 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Summary of stock option activity

     

     

     

     

    Number of
    Options

     

    Weighted-Average
    Exercise Price per
    Share

     

    Weighted-Average
    Remaining
    Contractual Term
    (in years)

     

    Aggregate
    Intrinsic
    Value
    (in thousands)

     

    Outstanding balance at December 31, 2014

     

    5,850,211

     

    $

    5.39

     

    7.33

     

    $

    83,487

     

    Granted

     

    666,551

     

    25.52

     

    9.68

     

     

     

    Exercised

     

    (505,156

    )

    4.41

     

    5.81

     

     

     

    Forfeited

     

    (51,071

    )

    11.27

     

     

     

     

     

    Expired

     

    (1,957

    )

    4.81

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Outstanding balance at June 30, 2015

     

    5,958,578

     

    7.67

     

    7.16

     

    146,080

     

     

     

     

     

     

     

     

     

     

     

    Exercisable at June 30, 2015

     

    3,518,972

     

    4.03

     

    6.21

     

    99,080

     

     

     

     

     

     

     

     

     

     

     

    Vested and expected to vest at June 30, 2015

     

    5,747,424

     

    7.38

     

    7.10

     

    142,599

     

     

     

     

     

     

     

     

     

     

     

     

    Summary assumptions used for estimating the fair value of the stock options granted

     

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

    Risk-free interest rate

     

    1.5% – 1.9%

     

    1.9%

     

    1.5% – 1.9%

     

    1.8% – 2.1%

     

    Expected term (years)

     

    6.00 – 6.08

     

    5.99

     

    5.83 – 6.08

     

    5.40 – 6.25

     

    Expected volatility

     

    50%

     

    54%

     

    50%

     

    54% – 55%

     

    Dividend yield

     

    0%

     

    0%

     

    0%

     

    0%

     

    Weighted-average grant date fair value per share

     

    $12.51

     

    $6.77

     

    $12.42

     

    $5.91

     

     

    Restricted Stock Units  
    Summary of restricted stock unit activity

     

     

     

     

    Number of
    Restricted
    Stock Units

     

    Weighted-
    Average Grant
    Date Fair Value

     

    Outstanding balance at December 31, 2014

     

    992,665

     

    $

    11.39

     

    Granted

     

    548,912

     

    25.36

     

    Vested

     

    (259,538

    )

    11.31

     

    Forfeited

     

    (45,886

    )

    14.10

     

     

     

     

     

     

     

    Outstanding balance at June 30, 2015

     

    1,236,153

     

    17.51

     

     

     

     

     

     

     

     

    XML 41 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Property and Equipment (Tables)
    6 Months Ended
    Jun. 30, 2015
    Property and Equipment  
    Schedule of Property and equipment

     

     

     

     

    June 30,
    2015

     

    December 31,
    2014

     

     

     

    (in thousands)

     

    Internally-developed software

     

    $

    7,831

     

    $

    6,069

     

    Internally-developed software in process

     

     

    1,441

     

     

    1,751

     

    Computer hardware

     

    3,114

     

    3,016

     

    Furniture and office equipment

     

    1,469

     

    1,104

     

    Leasehold improvements

     

    1,782

     

    1,801

     

     

     

     

     

     

     

    Total

     

    15,637

     

    13,741

     

    Accumulated depreciation and amortization

     

    (8,284

    )

    (6,986

    )

     

     

     

     

     

     

    Property and equipment, net

     

    $

    7,353

     

    $

    6,755

     

     

     

     

     

     

     

     

     

     

    Schedule of future depreciation and amortization expense for property and equipment

    As of June 30, 2015, the estimated future depreciation and amortization expense for property and equipment is as follows (in thousands):

     

    2015

     

    $

    1,197 

     

    2016

     

    2,008 

     

    2017

     

    1,525 

     

    2018

     

    732 

     

    2019

     

    339 

     

    Thereafter

     

    111 

     

     

     

     

     

    Total

     

    $

    5,912 

     

     

     

     

     

     

     

    XML 42 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Net Loss per Share
    6 Months Ended
    Jun. 30, 2015
    Net Loss per Share  
    Net Loss per Share

    9.Net Loss per Share

     

    Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for the three and six months ended June 30, 2015 and 2014:

     

     

     

    Three and Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    Stock options

     

    5,958,578 

     

    6,388,908 

     

    Restricted stock units

     

    1,236,153 

     

    1,001,390 

     

     

    Basic and diluted net loss per share attributable to holders of common stock is calculated as follows:

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

    Numerator (in thousands):

     

     

     

     

     

     

     

     

     

    Net loss attributable to holders of common stock

     

    $

    (9,630

    )

    $

    (10,597

    )

    $

    (15,098

    )

    $

    (17,734

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Denominator:

     

     

     

     

     

     

     

     

     

    Weighted-average shares of common stock outstanding, basic and diluted

     

    41,362,476

     

    39,304,884

     

    41,171,669

     

    23,588,330

     

     

     

     

     

     

     

     

     

     

     

    Net loss per share attributable to holders of common stock, basic and diluted

     

    $

    (0.23

    )

    $

    (0.27

    )

    $

    (0.37

    )

    $

    (0.75

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    XML 43 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Common Stock and Preferred Stock Reserved for Future Issuance
    6 Months Ended
    Jun. 30, 2015
    Common Stock and Preferred Stock Reserved for Future Issuance  
    Common Stock and Preferred Stock Reserved for Future Issuance

    7.Common Stock and Preferred Stock Reserved for Future Issuance

     

    As of June 30, 2015, the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. At June 30, 2015, the Company had reserved a total of 9,071,988 of its authorized shares of common stock for future issuance as follows:

     

    Outstanding stock options

     

    5,958,578 

     

    Possible future issuance under stock option plan

     

    1,877,257 

     

    Outstanding restricted stock units

     

    1,236,153 

     

     

     

     

     

    Total shares of common stock reserved for future issuance

     

    9,071,988 

     

     

     

     

     

     

    The compensation committee of the Company’s board of directors, acting under authority delegated from the board of directors, granted on July 1, 2015 option awards to employees to purchase an aggregate of 19,743 shares of common stock at an exercise price of $30.83 and restricted stock unit awards for an aggregate of 23,954 shares of common stock, in each case under the 2014 Equity Incentive Plan (as defined below).

     

    XML 44 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Stock-Based Compensation
    6 Months Ended
    Jun. 30, 2015
    Stock-Based Compensation  
    Stock-Based Compensation

    8.Stock-Based Compensation

     

    The Company provides equity-based compensation awards to employees, non-employees and directors as an effective means for attracting, retaining and motivating such individuals by providing them with incentives to exert maximum efforts for the success of the Company and a means by which they may benefit from increases in value of the Company’s common stock. The Company maintains two share-based compensation plans: the 2014 Equity Incentive Plan (the “2014 Plan”) and the 2008 Stock Incentive Plan (the “2008 Plan”). Upon the effective date of the 2014 Plan in January 2014, the Company ceased using the 2008 Plan to grant new equity awards, and began using the 2014 Plan for grants of new equity awards.

     

    The number of shares of the Company’s common stock that may be issued under the 2014 Plan will automatically increase on January 1st of each year, for a period of ten years, from January 1, 2015 continuing through January 1, 2024, by 5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. On January 1, 2015, the shares available for issuance increased by 2,036,503 pursuant to the automatic share reserve provision under the 2014 Plan.

     

    Stock-Based Compensation Expense

     

    Stock-based compensation expense related to stock-based awards is included in the following line items in the accompanying consolidated statements of operations:

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

     

     

    (in thousands)

     

    Servicing and support

     

    $

    607 

     

    $

    401 

     

    $

    995 

     

    $

    614 

     

    Technology and content development

     

    427 

     

    226 

     

    658 

     

    309 

     

    Program marketing and sales

     

    277 

     

    218 

     

    459 

     

    321 

     

    General and administrative

     

    2,556 

     

    1,199 

     

    3,803 

     

    1,995 

     

     

     

     

     

     

     

     

     

     

     

    Total stock-based compensation expense

     

    $

    3,867 

     

    $

    2,044 

     

    $

    5,915 

     

    $

    3,239 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stock Options

     

    The following is a summary of the stock option activity for the six months ended June 30, 2015:

     

     

     

    Number of
    Options

     

    Weighted-Average
    Exercise Price per
    Share

     

    Weighted-Average
    Remaining
    Contractual Term
    (in years)

     

    Aggregate
    Intrinsic
    Value
    (in thousands)

     

    Outstanding balance at December 31, 2014

     

    5,850,211

     

    $

    5.39

     

    7.33

     

    $

    83,487

     

    Granted

     

    666,551

     

    25.52

     

    9.68

     

     

     

    Exercised

     

    (505,156

    )

    4.41

     

    5.81

     

     

     

    Forfeited

     

    (51,071

    )

    11.27

     

     

     

     

     

    Expired

     

    (1,957

    )

    4.81

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Outstanding balance at June 30, 2015

     

    5,958,578

     

    7.67

     

    7.16

     

    146,080

     

     

     

     

     

     

     

     

     

     

     

    Exercisable at June 30, 2015

     

    3,518,972

     

    4.03

     

    6.21

     

    99,080

     

     

     

     

     

     

     

     

     

     

     

    Vested and expected to vest at June 30, 2015

     

    5,747,424

     

    7.38

     

    7.10

     

    142,599

     

     

     

     

     

     

     

     

     

     

     

     

    The total compensation cost related to the nonvested options not yet recognized as of June 30, 2015 was $14.2 million and will be recognized over a weighted-average period of approximately 2.3 years.

     

    The aggregate intrinsic value of the options exercised during the six months ended June 30, 2015 and 2014 was $14.0 million and $6.8 million, respectively.

     

    The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the three and six months ended June 30, 2015 and 2014:

     

     

     

    Three Months Ended
    June 30,

     

    Six Months Ended
    June 30,

     

     

     

    2015

     

    2014

     

    2015

     

    2014

     

    Risk-free interest rate

     

    1.5% – 1.9%

     

    1.9%

     

    1.5% – 1.9%

     

    1.8% – 2.1%

     

    Expected term (years)

     

    6.00 – 6.08

     

    5.99

     

    5.83 – 6.08

     

    5.40 – 6.25

     

    Expected volatility

     

    50%

     

    54%

     

    50%

     

    54% – 55%

     

    Dividend yield

     

    0%

     

    0%

     

    0%

     

    0%

     

    Weighted-average grant date fair value per share

     

    $12.51

     

    $6.77

     

    $12.42

     

    $5.91

     

     

    Restricted Stock Units

     

    The following is a summary of restricted stock unit activity for the six months ended June 30, 2015:

     

     

     

    Number of
    Restricted
    Stock Units

     

    Weighted-
    Average Grant
    Date Fair Value

     

    Outstanding balance at December 31, 2014

     

    992,665

     

    $

    11.39

     

    Granted

     

    548,912

     

    25.36

     

    Vested

     

    (259,538

    )

    11.31

     

    Forfeited

     

    (45,886

    )

    14.10

     

     

     

     

     

     

     

    Outstanding balance at June 30, 2015

     

    1,236,153

     

    17.51

     

     

     

     

     

     

     

     

    The total compensation cost related to the nonvested restricted stock units not yet recognized as of June 30, 2015 was $16.8 million and will be recognized over a weighted-average period of approximately 3.0 years.

     

    Other Stock Awards

     

    During the three and six months ended June 30, 2015, the Company granted 26,567 shares of common stock to an employee, with a fair value of $0.8 million.

     

    XML 45 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Segment and Geographic Information
    6 Months Ended
    Jun. 30, 2015
    Segment and Geographic Information  
    Segment and Geographic Information

     

    10.Segment and Geographic Information

     

    Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. The Company’s CODM reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company’s operations constitute a single operating segment and one reportable segment. The Company offers similar services to substantially all of its clients, which primarily represent well-recognized nonprofit colleges and universities in the United States. Substantially all assets were held and all revenue was generated in the United States during all periods presented.

     

    XML 46 R34.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Stock-Based Compensation (Details)
    $ in Thousands
    3 Months Ended 6 Months Ended 12 Months Ended
    Jun. 30, 2015
    USD ($)
    item
    shares
    Jun. 30, 2014
    USD ($)
    Jun. 30, 2015
    USD ($)
    item
    shares
    Jun. 30, 2014
    USD ($)
    Dec. 31, 2014
    Jan. 01, 2015
    shares
    Stock-Based Compensation            
    Number of share-based employee compensation plans | item 2   2      
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Common stock reserved for issuance | shares 9,071,988   9,071,988      
    Stock-based compensation expense $ 3,867 $ 2,044 $ 5,915 $ 3,239    
    Servicing and support            
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Stock-based compensation expense 607 401 995 614    
    Technology and content development            
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Stock-based compensation expense 427 226 658 309    
    Program marketing and sales            
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Stock-based compensation expense 277 218 459 321    
    General and administrative            
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Stock-based compensation expense $ 2,556 $ 1,199 $ 3,803 $ 1,995    
    2014 Equity Incentive Plan            
    Stock-based compensation expense included in the unaudited condensed consolidated statements of operations            
    Period of annual automatic increase in the number of shares authorized         10 years  
    Percentage applied on total number of shares of common stock outstanding on previous calendar year for automatic inclusion in the plan         5.00%  
    Common stock reserved for issuance | shares           2,036,503
    XML 47 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Commitments and Contingencies (Tables)
    6 Months Ended
    Jun. 30, 2015
    Commitments and Contingencies  
    Schedule of future minimum lease payments, net of aggregate expected sublease payments

    As of June 30, 2015, the future minimum lease payments (net of aggregate expected sublease payments of $0.5 million) were as follows (in thousands):

     

    2015

     

    $

    1,638 

     

    2016

     

    2,748 

     

    2017

     

    2,498 

     

    2018

     

    1,849 

     

    2019

     

    874 

     

    Thereafter

     

    494 

     

     

     

     

     

    Total future minimum lease payments

     

    $

    10,101 

     

     

     

     

     

     

     

    Schedule of future minimum program payments for intellectual property and other rights

    As of June 30, 2015, the future minimum payments to the Company’s clients for intellectual property and other rights were as follows (in thousands):

     

    2015

     

    $

    500 

     

    2016

     

    800 

     

    2017

     

    800 

     

    2018

     

    300 

     

    2019

     

    300 

     

    Thereafter

     

    2,700 

     

     

     

     

     

    Total future minimum program payments

     

    $

    5,400 

     

     

     

     

     

     

     

    XML 48 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Significant Accounting Policies (Details 2) - item
    3 Months Ended 6 Months Ended 12 Months Ended
    Jun. 30, 2015
    Jun. 30, 2014
    Jun. 30, 2015
    Jun. 30, 2014
    Dec. 31, 2014
    Revenue | Customer concentration risk | Client A          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk 45.00% 54.00% 48.00% 58.00%  
    Revenue | Customer concentration risk | Client B          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk 10.00% 16.00% 10.00% 16.00%  
    Revenue | Customer concentration risk | Client C          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk 11.00% 14.00% 12.00% 14.00%  
    Revenue | Customer concentration risk | Client D          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk 17.00% 8.00% 15.00% 6.00%  
    Accounts receivable | Credit concentration risk          
    Concentration of Credit Risk          
    Number of additional clients who accounted for more than 10%     0   2
    Accounts receivable | Credit concentration risk | First University          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk     74.00%   35.00%
    Accounts receivable | Credit concentration risk | Second University          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk     10.00%    
    Accounts receivable | Credit concentration risk | Third University          
    Concentration of Credit Risk          
    Percentage of concentration of credit risk         10.00%
    XML 49 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Condensed Consolidated Statements of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($)
    $ in Thousands
    Common Stock
    Additional Paid-In Capital
    Accumulated Deficit
    Total
    Balance at Dec. 31, 2014 $ 41 $ 216,818 $ (128,848) $ 88,011
    Balance (in shares) at Dec. 31, 2014 40,735,069     40,735,069
    Increase (Decrease) in Stockholders' Equity        
    Exercise of stock options $ 1 2,226   $ 2,227
    Exercise of stock options (in shares) 505,156      
    Issuance of common stock in connection with settlement of restricted stock units, net of withholdings   (436)   (436)
    Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares) 235,498      
    Issuance of common stock award   750   750
    Issuance of common stock award (in shares) 26,567      
    Stock-based compensation expense   5,165   5,165
    Net loss     (15,098) (15,098)
    Balance at Jun. 30, 2015 $ 42 $ 224,523 $ (143,946) $ 80,619
    Balance (in shares) at Jun. 30, 2015 41,502,290     41,502,290
    XML 50 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Capitalized Content Development Costs
    6 Months Ended
    Jun. 30, 2015
    Capitalized Content Development Costs  
    Capitalized Content Development Costs

    4.Capitalized Content Development Costs

     

    Capitalized content development costs consisted of the following as of:

     

     

     

    June 30,
    2015

     

    December 31,
    2014

     

     

     

    (in thousands)

     

    Capitalized content development costs

     

    $

    21,603

     

    $

    16,835

     

    Capitalized content development costs in process

     

    2,956

     

    3,699

     

    Accumulated amortization

     

    (9,186

    )

    (7,379

    )

     

     

     

     

     

     

    Capitalized content development costs, net

     

    $

    15,373

     

    $

    13,155

     

     

     

     

     

     

     

     

     

     

    The Company recorded amortization expense related to capitalized content development costs of $1.0 million and $0.7 million for the three months ended June 30, 2015 and 2014, respectively. The Company recorded amortization expense related to capitalized content development costs of $2.1 million and $1.4 million for the six months ended June 30, 2015 and 2014, respectively.

     

    As of June 30, 2015, the estimated future amortization expense for the capitalized content development costs is as follows (in thousands):

     

    2015

     

    $

    1,949 

     

    2016

     

    3,531 

     

    2017

     

    2,934 

     

    2018

     

    2,420 

     

    2019

     

    1,416 

     

    Thereafter

     

    167 

     

     

     

     

     

    Total

     

    $

    12,417 

     

     

     

     

     

     

     

    XML 51 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Significant Accounting Policies (Details 3)
    $ in Thousands
    3 Months Ended 6 Months Ended
    Jun. 30, 2015
    USD ($)
    Jun. 30, 2014
    USD ($)
    Jun. 30, 2015
    USD ($)
    segment
    Jun. 30, 2014
    USD ($)
    Property and equipment        
    Costs incurred during the period $ 6,466 $ 5,818 $ 12,600 $ 11,492
    Capitalized Content Development Costs        
    Useful life of capitalized content development costs     5 years  
    Impairment of Long-Lived Assets        
    Impairments of long-lived assets     $ 0 $ 0
    Segment and Geographic Information        
    Number of Reportable Segments | segment     1  
    Computer hardware | Minimum        
    Property and equipment        
    Useful life     3 years  
    Computer hardware | Maximum        
    Property and equipment        
    Useful life     5 years  
    Furniture and office equipment | Minimum        
    Property and equipment        
    Useful life     5 years  
    Furniture and office equipment | Maximum        
    Property and equipment        
    Useful life     7 years  
    Leasehold improvements | Minimum        
    Property and equipment        
    Useful life     4 years  
    Leasehold improvements | Maximum        
    Property and equipment        
    Useful life     10 years  
    Internally-developed software        
    Property and equipment        
    Useful life     3 years  
    XML 52 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 110 235 1 false 34 0 false 6 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.2u.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00100 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.2u.com/role/StatementCondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://www.2u.com/role/StatementCondensedConsolidatedBalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - Condensed Consolidated Statements of Operations Sheet http://www.2u.com/role/StatementCondensedConsolidatedStatementsOfOperations Condensed Consolidated Statements of Operations Statements 4 false false R5.htm 00300 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity Sheet http://www.2u.com/role/StatementCondensedConsolidatedStatementsOfChangesInStockholdersEquity Condensed Consolidated Statements of Changes in Stockholders' Equity Statements 5 false false R6.htm 00400 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://www.2u.com/role/StatementCondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements of Cash Flows Statements 6 false false R7.htm 10101 - Disclosure - Description of the Business Sheet http://www.2u.com/role/DisclosureDescriptionOfBusiness Description of the Business Notes 7 false false R8.htm 10201 - Disclosure - Significant Accounting Policies Sheet http://www.2u.com/role/DisclosureSignificantAccountingPolicies Significant Accounting Policies Notes 8 false false R9.htm 10301 - Disclosure - Property and Equipment Sheet http://www.2u.com/role/DisclosurePropertyAndEquipment Property and Equipment Notes 9 false false R10.htm 10401 - Disclosure - Capitalized Content Development Costs Sheet http://www.2u.com/role/DisclosureCapitalizedContentDevelopmentCosts Capitalized Content Development Costs Notes 10 false false R11.htm 10501 - Disclosure - Commitments and Contingencies Sheet http://www.2u.com/role/DisclosureCommitmentsAndContingencies Commitments and Contingencies Notes 11 false false R12.htm 10601 - Disclosure - Income Taxes Sheet http://www.2u.com/role/DisclosureIncomeTaxes Income Taxes Notes 12 false false R13.htm 10701 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance Sheet http://www.2u.com/role/DisclosureCommonStockAndPreferredStockReservedForFutureIssuance Common Stock and Preferred Stock Reserved for Future Issuance Notes 13 false false R14.htm 10801 - Disclosure - Stock-Based Compensation Sheet http://www.2u.com/role/DisclosureStockBasedCompensation Stock-Based Compensation Notes 14 false false R15.htm 10901 - Disclosure - Net Loss per Share Sheet http://www.2u.com/role/DisclosureNetLossPerShare Net Loss per Share Notes 15 false false R16.htm 11001 - Disclosure - Segment and Geographic Information Sheet http://www.2u.com/role/DisclosureSegmentAndGeographicInformation Segment and Geographic Information Notes 16 false false R17.htm 20202 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.2u.com/role/DisclosureSignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://www.2u.com/role/DisclosureSignificantAccountingPolicies 17 false false R18.htm 30203 - Disclosure - Significant Accounting Policies (Tables) Sheet http://www.2u.com/role/DisclosureSignificantAccountingPoliciesTables Significant Accounting Policies (Tables) Tables http://www.2u.com/role/DisclosureSignificantAccountingPolicies 18 false false R19.htm 30303 - Disclosure - Property and Equipment (Tables) Sheet http://www.2u.com/role/DisclosurePropertyAndEquipmentTables Property and Equipment (Tables) Tables http://www.2u.com/role/DisclosurePropertyAndEquipment 19 false false R20.htm 30403 - Disclosure - Capitalized Content Development Costs (Tables) Sheet http://www.2u.com/role/DisclosureCapitalizedContentDevelopmentCostsTables Capitalized Content Development Costs (Tables) Tables http://www.2u.com/role/DisclosureCapitalizedContentDevelopmentCosts 20 false false R21.htm 30503 - Disclosure - Commitments and Contingencies (Tables) Sheet http://www.2u.com/role/DisclosureCommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://www.2u.com/role/DisclosureCommitmentsAndContingencies 21 false false R22.htm 30703 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance (Tables) Sheet http://www.2u.com/role/DisclosureCommonStockAndPreferredStockReservedForFutureIssuanceTables Common Stock and Preferred Stock Reserved for Future Issuance (Tables) Tables http://www.2u.com/role/DisclosureCommonStockAndPreferredStockReservedForFutureIssuance 22 false false R23.htm 30803 - Disclosure - Stock-Based Compensation (Tables) Sheet http://www.2u.com/role/DisclosureStockBasedCompensationTables Stock-Based Compensation (Tables) Tables http://www.2u.com/role/DisclosureStockBasedCompensation 23 false false R24.htm 30903 - Disclosure - Net Loss per Share (Tables) Sheet http://www.2u.com/role/DisclosureNetLossPerShareTables Net Loss per Share (Tables) Tables http://www.2u.com/role/DisclosureNetLossPerShare 24 false false R25.htm 40201 - Disclosure - Significant Accounting Policies (Details) Sheet http://www.2u.com/role/DisclosureSignificantAccountingPoliciesDetails Significant Accounting Policies (Details) Details http://www.2u.com/role/DisclosureSignificantAccountingPoliciesTables 25 false false R26.htm 40202 - Disclosure - Significant Accounting Policies (Details 2) Sheet http://www.2u.com/role/DisclosureSignificantAccountingPoliciesDetails2 Significant Accounting Policies (Details 2) Details http://www.2u.com/role/DisclosureSignificantAccountingPoliciesTables 26 false false R27.htm 40203 - Disclosure - Significant Accounting Policies (Details 3) Sheet http://www.2u.com/role/DisclosureSignificantAccountingPoliciesDetails3 Significant Accounting Policies (Details 3) Details http://www.2u.com/role/DisclosureSignificantAccountingPoliciesTables 27 false false R28.htm 40301 - Disclosure - Property and Equipment (Details) Sheet http://www.2u.com/role/DisclosurePropertyAndEquipmentDetails Property and Equipment (Details) Details http://www.2u.com/role/DisclosurePropertyAndEquipmentTables 28 false false R29.htm 40302 - Disclosure - Property and Equipment (Details 2) Sheet http://www.2u.com/role/DisclosurePropertyAndEquipmentDetails2 Property and Equipment (Details 2) Details http://www.2u.com/role/DisclosurePropertyAndEquipmentTables 29 false false R30.htm 40401 - Disclosure - Capitalized Content Development Costs (Details) Sheet http://www.2u.com/role/DisclosureCapitalizedContentDevelopmentCostsDetails Capitalized Content Development Costs (Details) Details http://www.2u.com/role/DisclosureCapitalizedContentDevelopmentCostsTables 30 false false R31.htm 40501 - Disclosure - Commitments and Contingencies (Details) Sheet http://www.2u.com/role/DisclosureCommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://www.2u.com/role/DisclosureCommitmentsAndContingenciesTables 31 false false R32.htm 40601 - Disclosure - Income Taxes (Details) Sheet http://www.2u.com/role/DisclosureIncomeTaxesDetails Income Taxes (Details) Details http://www.2u.com/role/DisclosureIncomeTaxes 32 false false R33.htm 40701 - Disclosure - Common Stock and Preferred Stock Reserved for Future Issuance (Details) Sheet http://www.2u.com/role/DisclosureCommonStockAndPreferredStockReservedForFutureIssuanceDetails Common Stock and Preferred Stock Reserved for Future Issuance (Details) Details http://www.2u.com/role/DisclosureCommonStockAndPreferredStockReservedForFutureIssuanceTables 33 false false R34.htm 40801 - Disclosure - Stock-Based Compensation (Details) Sheet http://www.2u.com/role/DisclosureStockBasedCompensationDetails Stock-Based Compensation (Details) Details http://www.2u.com/role/DisclosureStockBasedCompensationTables 34 false false R35.htm 40802 - Disclosure - Stock-Based Compensation (Details 2) Sheet http://www.2u.com/role/DisclosureStockBasedCompensationDetails2 Stock-Based Compensation (Details 2) Details http://www.2u.com/role/DisclosureStockBasedCompensationTables 35 false false R36.htm 40901 - Disclosure - Net Loss per Share (Details) Sheet http://www.2u.com/role/DisclosureNetLossPerShareDetails Net Loss per Share (Details) Details http://www.2u.com/role/DisclosureNetLossPerShareTables 36 false false R37.htm 40902 - Disclosure - Net Loss per Share (Details 2) Sheet http://www.2u.com/role/DisclosureNetLossPerShareDetails2 Net Loss per Share (Details 2) Details http://www.2u.com/role/DisclosureNetLossPerShareTables 37 false false R38.htm 41001 - Disclosure - Segment and Geographic Information (Details) Sheet http://www.2u.com/role/DisclosureSegmentAndGeographicInformationDetails Segment and Geographic Information (Details) Details http://www.2u.com/role/DisclosureSegmentAndGeographicInformation 38 false false All Reports Book All Reports In ''Stock-Based Compensation (Details 2)'', element us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 with value 7 years 3 months 29 days has label periodStartLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Stock-Based Compensation (Details 2)'', element us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 with value 7 years 3 months 29 days has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Stock-Based Compensation (Details 2)'', element us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 with value 7 years 1 month 28 days has label periodStartLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Stock-Based Compensation (Details 2)'', element us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 with value 7 years 1 month 28 days has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Condensed Consolidated Balance Sheets'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''Condensed Consolidated Statements of Cash Flows'', column(s) 1, 2, 3, 6 are contained in other reports, so were removed by flow through suppression. twou-20150630.xml twou-20150630_cal.xml twou-20150630_def.xml twou-20150630_lab.xml twou-20150630_pre.xml twou-20150630.xsd true true XML 53 R38.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Segment and Geographic Information (Details)
    6 Months Ended
    Jun. 30, 2015
    segment
    Segment and Geographic Information  
    Number of reportable segments 1
    XML 54 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727
    Capitalized Content Development Costs (Tables)
    6 Months Ended
    Jun. 30, 2015
    Capitalized Content Development Costs  
    Schedule of capitalized content development costs

     

     

     

     

    June 30,
    2015

     

    December 31,
    2014

     

     

     

    (in thousands)

     

    Capitalized content development costs

     

    $

    21,603

     

    $

    16,835

     

    Capitalized content development costs in process

     

    2,956

     

    3,699

     

    Accumulated amortization

     

    (9,186

    )

    (7,379

    )

     

     

     

     

     

     

    Capitalized content development costs, net

     

    $

    15,373

     

    $

    13,155

     

     

     

     

     

     

     

     

     

     

    Schedule of estimated future amortization expense for the capitalized content development costs

    As of June 30, 2015, the estimated future amortization expense for the capitalized content development costs is as follows (in thousands):

     

    2015

     

    $

    1,949 

     

    2016

     

    3,531 

     

    2017

     

    2,934 

     

    2018

     

    2,420 

     

    2019

     

    1,416 

     

    Thereafter

     

    167 

     

     

     

     

     

    Total

     

    $

    12,417