(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of principal executive offices, including zip code) |
Not Applicable |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description of Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SAMSARA INC. | ||||||||
Date: November 30, 2023 | By: | /s/ Adam Eltoukhy | ||||||
Adam Eltoukhy | ||||||||
Executive Vice President, Chief Legal Officer and Corporate Secretary |
Q3 FY2024 | Q3 FY2023 | Y/Y Change | |||||||||||||||
Annual Recurring Revenue (ARR) | $ | 1,002.7 | $ | 723.7 | 39 | % | |||||||||||
Total revenue | $ | 237.5 | $ | 169.8 | 40 | % | |||||||||||
GAAP gross profit | $ | 175.9 | $ | 122.5 | $ | 53.4 | |||||||||||
GAAP gross margin | 74 | % | 72 | % | 2 | pts | |||||||||||
Non-GAAP gross profit | $ | 179.0 | $ | 125.2 | $ | 53.8 | |||||||||||
Non-GAAP gross margin | 75 | % | 74 | % | 1 | pt | |||||||||||
GAAP operating loss | $ | (54.8) | $ | (63.5) | $ | 8.7 | |||||||||||
GAAP operating margin | (23 | %) | (37 | %) | 14 | pts | |||||||||||
Non-GAAP operating income (loss) | $ | 12.7 | $ | (16.6) | $ | 29.3 | |||||||||||
Non-GAAP operating margin | 5 | % | (10 | %) | 15 | pts | |||||||||||
GAAP net loss per share, basic and diluted | $ | (0.08) | $ | (0.11) | $ | 0.03 | |||||||||||
Non-GAAP net income (loss) per share, basic and diluted | $ | 0.04 | $ | (0.02) | $ | 0.06 | |||||||||||
Net cash provided by (used in) operating activities | $ | 11.9 | $ | (12.9) | $ | 24.8 | |||||||||||
Free cash flow | $ | 8.5 | $ | (23.2) | $ | 31.7 | |||||||||||
Adjusted free cash flow | $ | 8.5 | $ | (14.9) | $ | 23.4 | |||||||||||
Net cash provided by (used in) operating activities margin | 5 | % | (8 | %) | 13 | pts | |||||||||||
Free cash flow margin | 4 | % | (14 | %) | 18 | pts | |||||||||||
Adjusted free cash flow margin | 4 | % | (9 | %) | 13 | pts |
Q4 FY2024 Outlook | FY 2024 Outlook | ||||||||||
Total revenue | $257 million – $259 million | $918 million – $920 million | |||||||||
Year/Year growth | 38% – 39% | 41% | |||||||||
Non-GAAP operating margin | 2% | (1%) | |||||||||
Non-GAAP net income per share, diluted | $0.02 – $0.03 | $0.05 – $0.06 |
SAMSARA INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
As of | |||||||||||
October 28, 2023 | January 28, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 208,099 | $ | 200,670 | |||||||
Short-term investments | 451,659 | 489,192 | |||||||||
Accounts receivable, net | 115,199 | 122,867 | |||||||||
Inventories | 27,103 | 40,571 | |||||||||
Connected device costs, current | 99,230 | 82,046 | |||||||||
Prepaid expenses and other current assets | 39,593 | 22,189 | |||||||||
Total current assets | 940,883 | 957,535 | |||||||||
Restricted cash | 21,683 | 23,096 | |||||||||
Long-term investments | 189,414 | 113,101 | |||||||||
Property and equipment, net | 56,635 | 59,278 | |||||||||
Operating lease right-of-use assets | 85,491 | 112,624 | |||||||||
Connected device costs, non-current | 214,665 | 194,852 | |||||||||
Deferred commissions | 161,463 | 140,166 | |||||||||
Other assets, non-current | 16,140 | 16,356 | |||||||||
Total assets | $ | 1,686,374 | $ | 1,617,008 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 38,263 | $ | 30,144 | |||||||
Accrued expenses and other current liabilities | 51,930 | 53,824 | |||||||||
Accrued compensation and benefits | 28,360 | 36,030 | |||||||||
Deferred revenue, current | 367,401 | 300,113 | |||||||||
Operating lease liabilities, current | 20,529 | 22,047 | |||||||||
Total current liabilities | 506,483 | 442,158 | |||||||||
Deferred revenue, non-current | 136,320 | 126,452 | |||||||||
Operating lease liabilities, non-current | 83,342 | 100,873 | |||||||||
Other liabilities, non-current | 9,298 | 9,506 | |||||||||
Total liabilities | 735,443 | 678,989 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Class A common stock | 9 | 7 | |||||||||
Class B common stock | 23 | 23 | |||||||||
Class C common stock | — | — | |||||||||
Additional paid-in capital | 2,294,065 | 2,107,013 | |||||||||
Accumulated other comprehensive loss | (1,439) | (652) | |||||||||
Accumulated deficit | (1,341,727) | (1,168,372) | |||||||||
Total stockholders’ equity | 950,931 | 938,019 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,686,374 | $ | 1,617,008 |
SAMSARA INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Revenue | $ | 237,534 | $ | 169,800 | $ | 661,111 | $ | 465,968 | |||||||||||||||
Cost of revenue | 61,585 | 47,253 | 178,008 | 131,128 | |||||||||||||||||||
Gross profit | 175,949 | 122,547 | 483,103 | 334,840 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 60,820 | 49,970 | 185,155 | 132,802 | |||||||||||||||||||
Sales and marketing | 116,780 | 94,056 | 353,643 | 273,347 | |||||||||||||||||||
General and administrative | 48,354 | 41,997 | 139,888 | 127,098 | |||||||||||||||||||
Lease modification, impairment, and related charges | 4,762 | — | 4,762 | 1,056 | |||||||||||||||||||
Total operating expenses | 230,716 | 186,023 | 683,448 | 534,303 | |||||||||||||||||||
Loss from operations | (54,767) | (63,476) | (200,345) | (199,463) | |||||||||||||||||||
Interest income and other income (expense), net | 9,378 | 5,613 | 28,493 | 7,094 | |||||||||||||||||||
Loss before provision for income taxes | (45,389) | (57,863) | (171,852) | (192,369) | |||||||||||||||||||
Provision for income taxes | 142 | 692 | 1,503 | 1,455 | |||||||||||||||||||
Net loss | $ | (45,531) | $ | (58,555) | $ | (173,355) | $ | (193,824) | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Foreign currency translation adjustments | (820) | 315 | 276 | 416 | |||||||||||||||||||
Unrealized gains (losses) on investments, net of tax | 382 | (1,304) | (1,063) | (1,304) | |||||||||||||||||||
Other comprehensive loss | (438) | (989) | (787) | (888) | |||||||||||||||||||
Comprehensive loss | $ | (45,969) | $ | (59,544) | $ | (174,142) | $ | (194,712) | |||||||||||||||
Basic and diluted net loss per share: | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.08) | $ | (0.11) | $ | (0.33) | $ | (0.38) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 537,464,892 | 516,551,258 | 531,873,324 | 511,867,718 | |||||||||||||||||||
SAMSARA INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net loss | $ | (45,531) | $ | (58,555) | $ | (173,355) | $ | (193,824) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 3,646 | 3,345 | 10,839 | 8,350 | |||||||||||||||||||
Stock-based compensation expense | 59,791 | 45,538 | 172,395 | 133,490 | |||||||||||||||||||
Lease modification, impairment, and related charges | 4,762 | — | 4,762 | 1,056 | |||||||||||||||||||
Other non-cash adjustments | (2,167) | 454 | (10,681) | 3,336 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | (2,943) | (14,934) | 3,824 | (13,297) | |||||||||||||||||||
Inventories | (5,336) | (5,446) | 13,467 | (11,434) | |||||||||||||||||||
Prepaid expenses and other current assets | (17,691) | (2,388) | (17,448) | (5,300) | |||||||||||||||||||
Connected device costs | (9,333) | (22,279) | (36,997) | (58,993) | |||||||||||||||||||
Deferred commissions | (8,219) | (4,122) | (21,297) | (10,455) | |||||||||||||||||||
Other assets, non-current | (104) | (1,590) | 267 | (1,520) | |||||||||||||||||||
Accounts payable and other liabilities | 5,043 | 27,820 | (206) | (9,398) | |||||||||||||||||||
Deferred revenue | 26,684 | 19,673 | 77,155 | 60,557 | |||||||||||||||||||
Operating lease right-of-use assets and liabilities, net | 3,287 | (404) | 7,338 | (1,216) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 11,889 | (12,888) | 30,063 | (98,648) | |||||||||||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property and equipment | (3,355) | (10,307) | (8,858) | (27,237) | |||||||||||||||||||
Purchases of investments | (167,012) | (355,730) | (541,401) | (355,730) | |||||||||||||||||||
Proceeds from sales of investments | 1,700 | — | 6,174 | — | |||||||||||||||||||
Proceeds from maturities and redemptions of investments | 167,215 | — | 508,093 | — | |||||||||||||||||||
Other investing activities | — | 432 | (50) | 432 | |||||||||||||||||||
Net cash used in investing activities | (1,452) | (365,605) | (36,042) | (382,535) | |||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from issuance of common stock in connection with equity compensation plans | 265 | 164 | 13,435 | 10,868 | |||||||||||||||||||
Payment of offering costs | — | (324) | — | (2,532) | |||||||||||||||||||
Payment of principal on finance leases | (501) | (369) | (1,416) | (856) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (236) | (529) | 12,019 | 7,480 | |||||||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (542) | (75) | (24) | (471) | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 9,659 | (379,097) | 6,016 | (474,174) | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 220,123 | 849,233 | 223,766 | 944,310 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 229,782 | $ | 470,136 | $ | 229,782 | $ | 470,136 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Gross profit and gross margin reconciliation | |||||||||||||||||||||||
GAAP gross profit | $ | 175,949 | $ | 122,547 | $ | 483,103 | $ | 334,840 | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges (1) | 3,100 | 2,685 | 9,307 | 7,043 | |||||||||||||||||||
Non-GAAP gross profit | $ | 179,049 | $ | 125,232 | $ | 492,410 | $ | 341,883 | |||||||||||||||
GAAP gross margin | 74 | % | 72 | % | 73 | % | 72 | % | |||||||||||||||
Non-GAAP gross margin | 75 | % | 74 | % | 74 | % | 73 | % | |||||||||||||||
Operating income (loss) and operating margin reconciliation | |||||||||||||||||||||||
GAAP loss from operations | $ | (54,767) | $ | (63,476) | $ | (200,345) | $ | (199,463) | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges (1) | 62,712 | 46,869 | 183,355 | 136,093 | |||||||||||||||||||
Lease modification, impairment, and related charges | 4,762 | — | 4,762 | 1,056 | |||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 12,707 | $ | (16,607) | $ | (12,228) | $ | (62,314) | |||||||||||||||
GAAP operating margin | (23) | % | (37) | % | (30) | % | (43) | % | |||||||||||||||
Non-GAAP operating margin | 5 | % | (10) | % | (2) | % | (13) | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Cost of revenue | $ | 3,100 | $ | 2,685 | $ | 9,307 | $ | 7,043 | |||||||||||||||
Research and development | 22,594 | 18,420 | 68,716 | 46,287 | |||||||||||||||||||
Sales and marketing | 20,219 | 12,701 | 55,310 | 41,759 | |||||||||||||||||||
General and administrative | 16,799 | 13,063 | 50,022 | 41,004 | |||||||||||||||||||
Total stock-based compensation expense-related charges (2) | $ | 62,712 | $ | 46,869 | $ | 183,355 | $ | 136,093 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
GAAP net loss | $ | (45,531) | $ | (58,555) | $ | (173,355) | $ | (193,824) | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges, net of applicable taxes | 62,712 | 46,869 | 183,355 | 136,093 | |||||||||||||||||||
Lease modification, impairment, and related charges, net of applicable taxes | 4,762 | — | 4,762 | 1,056 | |||||||||||||||||||
Non-GAAP net income (loss) | $ | 21,943 | $ | (11,686) | $ | 14,762 | $ | (56,675) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Net income (loss) per share, basic and diluted, reconciliation | |||||||||||||||||||||||
GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.08) | $ | (0.11) | $ | (0.33) | $ | (0.38) | |||||||||||||||
Total impact on net loss per share, basic and diluted, from non-GAAP adjustments | 0.12 | 0.09 | 0.36 | 0.27 | |||||||||||||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted (1) | $ | 0.04 | $ | (0.02) | $ | 0.03 | $ | (0.11) | |||||||||||||||
Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted | 537,464,892 | 516,551,258 | 531,873,324 | 511,867,718 | |||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, basic | 537,464,892 | 516,551,258 | 531,873,324 | 511,867,718 | |||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (1) | 566,082,414 | 516,551,258 | 559,620,309 | 511,867,718 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||||||||||||
Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 11,889 | $ | (12,888) | $ | 30,063 | $ | (98,648) | |||||||||||||||
Purchase of property and equipment | (3,355) | (10,307) | (8,858) | (27,237) | |||||||||||||||||||
Free cash flow (1) | 8,534 | (23,195) | 21,205 | (125,885) | |||||||||||||||||||
Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (1) | — | 8,309 | (10,179) | 21,874 | |||||||||||||||||||
Adjusted free cash flow (1) | $ | 8,534 | $ | (14,886) | $ | 11,026 | $ | (104,011) | |||||||||||||||
Net cash provided by (used in) operating activities margin | 5 | % | (8) | % | 5 | % | (21) | % | |||||||||||||||
Free cash flow margin (1) | 4 | % | (14) | % | 3 | % | (27) | % | |||||||||||||||
Adjusted free cash flow margin (1) | 4 | % | (9) | % | 2 | % | (22) | % |
69B>)CFF
MUS--':?K5?6C=TVFR:BW+IXH[5:O'IJ[SSGNAWKXT/B0:QU%KU;IAT$U#)T#
M8-438U3 J>V\.:::OGZICVN*O3ZUVF
M._X=UV>/L1^2EATRB*O$GT]IJCS4SN7 BJF?^R:%T^/L1^2L<5]JGU_9;>#]
M+_3]V9]&EWQ"LR<#X.O6F_%?R_-A8-GGGC^V:CC6^/V^?ANC[M%?B2W/E_!E
MZO4>6J?F7-)IYC]7_GMB5 'O#;^'JGGIIGR_.
MM1.)I=BS^^Z/KN1H^573'>;>79
M^;1-7OQ35BS$?=-W\4!7NN^AOV]-6?HY_K\?H]5:/'G^H#]\;'OY>?CXF-;J
MO9-ZNFW:HI]:ZJIXB(_&92/1&1&\K.7PQ-ASLWX5&W-5O6OEYN[=8S=:O4U4
M_6BGSQBVN9^Z;>-17'^']_*0WOSZNO\ I7LVSTZ\,W3_ &'8IIIM[?V]AZ;5
MY/2JJS8IMU5?C-543,S[S/+L'_ZCGF:_I,MK>,NE8*>BQ5KX0_*NNFW:JKKJ
MBFFF.9F>T1$>\J9W6S?=?4WQ==3=_P!5VJ[:U[?3OX8_
MA9V-%C)UC;^J]2=2M=_G[EU.JJUYOOBQ8BU;F/NBNFOM]\]VZ.S^F'3GI]BT
M8^Q=@[>V=:IH\G_.?1[&),Q^,VZ8F>?>9F9GW<\YGGCAGW]D5?-ER>W:92],
M.+%[%8@XCCT9!B;( #QXB9=1[WZ#]%^I%%W^KOI9MC<]^Y$^;*S=%L59,<
M_P &]Y8N4SW]8JAV\Q,]_5]BTQ/*6.U*VC:T;HS.HGPK/#3NZJ]D;1G<'3+/
MJYFBG2]3G+Q/-//>JUD_,JXY]J:Z(]H:!]3OA+]<=L4W\OIKN;0^J&%3SY,6
MY5^Y.=7W[1%%VJJSZ>LS>C\EB[MS_P#99GEO8];J\ =OYH_)P_2Y/[=O+D
MJL:)\.;Q@ZSKEO$KZ3U:-;FKBYF:EKN!;LVX^^?+>JJF/\&FJ?P;N]-O@]WJ
MYLY?5_JU3:CRQ\W2]H8/FGGWXRLB(_+^T?CS[)R(I[]X9[_>S7XCJ;\HVCR8
M,?#--2=YWGS:2[!^'IX3]@18NVNF%C=^HV^)JS-TY5>H_,X_A6:YBQ_-:CGW
M;;[>VEM;:.C4Z=M3;.E;9P(B(C&TK3[6+;B(](\MNF([.2\/&?RC^9&WRY+^
MU,RE*8<>/V*Q#/#(/#. _"Y:MWK%5J[;IN6ZXF*Z:HYBJ)]8F)]G0._/"
MMX=>I=-^K>/1W;&HY5[GYN=C:93AYE?,\]\C'^7=]?[_ ._[Y;"L3^?#U%[U
MG>L[,5J4M&UHW1(]2OA&]'M>HR,KIGO;7NGN=5$S1BYU-.J843[1$531=CGT
MF9NU??Q]\<'5KX;OB/A4_WV_1%Y.,?_P"=?U6:
M=V_%,\*6W+U5O2=5W)OJ:>8YT/;]5NGG\\NJQV_&'0VM?&+V+9JK_J
\5WN._:;7'$S%1UR\1?5GQ#=0Z]?ZE;FNY^-;NU5Z?HV-5-K3M-B>W
M%BQS,1/'::YYKJ_6JET;*RZ?AU*^MEYS]E4U/$\E_5Q@WP^]][W
MPLFG'W)>QXTO;WUXIJ^G9'-%NJGO',VZ?/>XCOQ:E7Z5F]HK'65DR7C'2;VZ
M0@5^(OUVO=9OB%ZUHVG9GS]F['\^B:1%%SFW
/9*QX?_A6]4NH
M&'@[BZQZK/2?;MWBY3I--F+^LWZ.?2JB9^7C
VC3=PZ*I]<["BJ[1$<
M^G-BO)YX]?)1^R)XAB])@F>^.:9X;E]'J(CNGDL6$^D@IJ]JBWC)Z5?UG?B1
M]4-HX^-]&T2[JE6J:/333^]TXF7'TBW;I_"CYE5K\[4^OJUCG^V)MOC!]-?E
MZKTEZO8F/'%VB_MW5+\6^/K1SDXL3/OS$Y?K]W;\(1_:5ZTF3TNGK9SO68_1
M:BU?]YL>Y[@WD>_6W=NV,RW>LW:K-ZW5%5%=%7%5%4=XF)CO$PN*>'/J=1UF
M\#_3/J3-<7,S6=#M5ZEY:8BFG,M\V\
)#1J]P_#]ZW:):I\]_,V'JUJQ3V
M_MDX5WR>O]]P[L?/U/ Q]5V[GZ9F4?,P\O&KL7Z/X5%=,TU1_-*M5G:T2M5X
M[5)A2'9B7TM9TO)T/=VJZ+FT56\S3\R[BWZ:J>)BNW5-%43'YP^8Z+'1S&8V
MD ?7D
R])R+M-/$5UX]
M^JS55$?=,T
OQ'K%JUWN79_"BF9_!]BMIG:'B;5K&\R
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M5 ;<>!'1?W?^+?T.P?E_,^5KE>9QQS_ -#8U[)Y_9\KE;/CW_-6;^%9
MMR=;^*OB:GY.8T#:FH:AYO+Z37\O$_\ YE9DY[JAQ.=]1$>$+KPJNVFF?&6(
M^TAR^,1J_P GPY=&]!YC^S-R967Q[S\C'BC_ /F$QOZT\(%/C&:]](ZS]$=K
M^?\ Z T34,^JC_LB]9MQ/_\ JU>__P!G6T$;ZJO^]S:XC.VDM]/RAD 7A0
M&XO@ _3 =$_XRR?]!R%L*/M2J>^ #],!T3_C+)_T'(6PH^U*I\4]]'E^ZZ<(
M]Q;S_:&0$&L
M
M #$>WY-
)L_;V'IFV!E4T:]NB[;^K1V\TV,>)[7;\Q[1VHBJ*J^(FF*
MK/\ TLZ4['Z,]%=)V!T\T2UH>W=/H^K13]:[D7)^W>O5SWN7*I[U53^4<1$1
M$-K-=7#'8I[7X3VAT%L\]N_*OY?/Z,=&]C=">@FC=.^G^F1I^C8,>:]>KXG(
MSK]7'S,B_7$1Y[E?CF[
U'!YBSA;YQ[7FO68YB(C.M4QS73'^_6X
M\\<1YJ*N9KB%;V&KFT^//3LWAN8-1ET]NU25V[0]>T7