Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated April 23, 2014 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated April 23, 2014 |
• | Revenue was $177.6 million with a strong book-to-bill ratio of 1.22 |
• | GAAP gross margin was 33% and net loss was $(0.12) per share |
• | Non-GAAP gross margin was 35% and net loss was $(0.06) per share |
• | Received orders for 4th S-Band radar system |
• | Strong book-to-bill of 1.74 for discrete premium filters |
• | New MMPAs with envelope tracking captured design wins in Korea & China |
• | Introduced 130 Watt SpatiumTM Solid State Power Amplifier for Ka-Band Satellite Communications |
• | Base station product revenue more than doubled from Q1 2013 1 |
• | Received Supplier Excellence Award for Outstanding Performance from Hughes Network Systems, LLC |
GAAP RESULTS | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Q1 2014 | Q4 2013 | Change vs. Q4 2013 | Q1 2013 | Change vs. Q1 2013 | |||||||||||||
Revenue | $ | 177.6 | $ | 267.7 | (34 | )% | $ | 184.2 | (4 | )% | |||||||
Gross Profit | $ | 59.1 | $ | 70.0 | (16 | )% | $ | 38.8 | 52 | % | |||||||
Gross Margin % | 33.2 | % | 26.1 | % | 7.1 | % | 21.0 | % | 12.2 | % | |||||||
Operating Loss | $ | (20.0 | ) | $ | (8.5 | ) | (135 | )% | $ | (34.5 | ) | 42 | % | ||||
Net Loss | $ | (19.1 | ) | $ | (8.7 | ) | (120 | )% | $ | (27.9 | ) | 32 | % | ||||
Loss per share | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.07 | ) | $ | (0.17 | ) | $ | 0.05 | |||
NON-GAAP RESULTS A | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Q1 2014 | Q4 2013 | Change vs. Q4 2013 | Q1 2013 | Change vs. Q1 2013 | |||||||||||||
Revenue | $ | 177.6 | $ | 267.7 | (34 | )% | $ | 184.2 | (4 | )% | |||||||
Gross Profit | $ | 62.6 | $ | 99.6 | (37 | )% | $ | 42.0 | 49 | % | |||||||
Gross Margin % | 35.3 | % | 37.2 | % | (1.9 | )% | 22.8 | % | 12.5 | % | |||||||
Op (Loss) Income | $ | (8.3 | ) | $ | 28.4 | (129 | )% | $ | (26.0 | ) | 68 | % | |||||
Net (Loss) Income | $ | (9.4 | ) | $ | 26.4 | (136 | )% | $ | (27.2 | ) | 65 | % | |||||
(Loss) Inc per share | $ | (0.06 | ) | $ | 0.16 | $ | (0.22 | ) | $ | (0.17 | ) | $ | 0.11 | ||||
A | Excludes stock based compensation charges, non-cash tax benefit, certain entries associated with mergers and acquisitions and other specifically identified non-routine transactions. | ||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
March 29, 2014 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 163,522 | $ | 79,026 | |||||||
Accounts receivable, net | 124,038 | 177,114 | |||||||||
Inventories | 162,969 | 159,488 | |||||||||
Prepaid expenses | 12,442 | 13,617 | |||||||||
Deferred tax assets, net | 15,015 | 12,787 | |||||||||
Other current assets | 29,624 | 39,960 | |||||||||
Total current assets | 507,610 | 481,992 | |||||||||
Property, plant and equipment, net | 419,829 | 420,363 | |||||||||
Goodwill | 13,519 | 13,519 | |||||||||
Intangible assets, net | 21,826 | 23,510 | |||||||||
Deferred tax assets – noncurrent, net | 70,412 | 61,554 | |||||||||
Other noncurrent assets, net | 33,915 | 32,319 | |||||||||
Total assets | $ | 1,067,111 | $ | 1,033,257 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 53,665 | $ | 52,472 | |||||||
Accrued payroll | 37,024 | 39,743 | |||||||||
Other accrued liabilities | 16,044 | 15,893 | |||||||||
Total current liabilities | 106,733 | 108,108 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 2,152 | 2,062 | |||||||||
Cross-licensing liability | 11,985 | 11,752 | |||||||||
Other long-term liabilities | 16,819 | 16,782 | |||||||||
Total liabilities | 137,689 | 138,704 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 169 | 162 | |||||||||
Additional paid-in capital | 753,834 | 699,903 | |||||||||
Accumulated other comprehensive income | 95 | 95 | |||||||||
Retained earnings | 175,324 | 194,393 | |||||||||
Total stockholders' equity | 929,422 | 894,553 | |||||||||
Total liabilities and stockholders' equity | $ | 1,067,111 | $ | 1,033,257 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 29, 2014 | December 31, 2013 | March 30, 2013 | |||||||||||||
Revenues | $ | 177,606 | $ | 267,731 | $ | 184,209 | |||||||||
Cost of goods sold | 118,556 | 197,755 | 145,437 | ||||||||||||
Gross profit | 59,050 | 69,976 | 38,772 | ||||||||||||
Operating expenses: | |||||||||||||||
Research, development and engineering | 49,870 | 49,765 | 46,071 | ||||||||||||
Selling, general and administrative | 29,163 | 28,760 | 27,241 | ||||||||||||
Total operating expenses | 79,033 | 78,525 | 73,312 | ||||||||||||
Operating loss | (19,983 | ) | (8,549 | ) | (34,540 | ) | |||||||||
Other (expense) income: | |||||||||||||||
Interest income | 27 | 23 | 38 | ||||||||||||
Interest expense | (855 | ) | (1,046 | ) | (1,139 | ) | |||||||||
Other, net | 45 | (102 | ) | (309 | ) | ||||||||||
Other (expense) income, net | (783 | ) | (1,125 | ) | (1,410 | ) | |||||||||
Loss before income tax | (20,766 | ) | (9,674 | ) | (35,950 | ) | |||||||||
Income tax benefit | (1,697 | ) | (939 | ) | (8,001 | ) | |||||||||
Net loss | $ | (19,069 | ) | $ | (8,735 | ) | $ | (27,949 | ) | ||||||
Per Share Data: | |||||||||||||||
Basic per share net loss | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.17 | ) | ||||||
Diluted per share net loss | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.17 | ) | ||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 164,386 | 160,190 | 160,758 | ||||||||||||
Diluted | 164,386 | 160,190 | 160,758 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited) | ||||||||||||
(% of revenue) | ||||||||||||
Three Months Ended | ||||||||||||
March 29, 2014 | December 31, 2013 | March 30, 2013 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of goods sold | 66.8 | % | 73.9 | % | 79.0 | % | ||||||
Gross profit | 33.2 | % | 26.1 | % | 21.0 | % | ||||||
Operating expenses: | ||||||||||||
Research, development and engineering | 28.1 | % | 18.6 | % | 25.0 | % | ||||||
Selling, general and administrative | 16.4 | % | 10.7 | % | 14.8 | % | ||||||
Total operating expenses | 44.5 | % | 29.3 | % | 39.8 | % | ||||||
Operating loss | (11.3 | )% | (3.2 | )% | (18.8 | )% | ||||||
Other (expense) income: | ||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Interest expense | (0.4 | )% | (0.4 | )% | (0.6 | )% | ||||||
Other, net | 0.0 | % | (0.0 | )% | (0.2 | )% | ||||||
Other (expense) income, net | (0.4 | )% | (0.4 | )% | (0.8 | )% | ||||||
Loss before income tax | (11.7 | )% | (3.6 | )% | (19.6 | )% | ||||||
Income tax benefit | (1.0 | )% | (0.3 | )% | (4.4 | )% | ||||||
Net loss | (10.7 | )% | (3.3 | )% | (15.2 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 29, 2014 | December 31, 2013 | March 30, 2013 | |||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | |||||||||||||||||||
GAAP GROSS PROFIT | $ | 59,050 | 33.2 | % | $ | 69,976 | 26.1 | % | $ | 38,772 | 21.0 | % | |||||||||
Adjustment for stock based compensation charges | 1,785 | 1.0 | % | 3,222 | 1.2 | % | 2,036 | 1.1 | % | ||||||||||||
Adjustment for restructuring and impairment charges | 715 | 0.4 | % | 25,283 | 9.4 | % | — | — | % | ||||||||||||
Adjustment for charges associated with acquisitions | 1,083 | 0.7 | % | 1,103 | 0.5 | % | 1,208 | 0.7 | % | ||||||||||||
NON-GAAP GROSS PROFIT | $ | 62,633 | 35.3 | % | $ | 99,584 | 37.2 | % | $ | 42,016 | 22.8 | % | |||||||||
GAAP OPERATING EXPENSES | $ | 79,033 | 44.5 | % | $ | 78,525 | 29.3 | % | $ | 73,312 | 39.8 | % | |||||||||
Adjustment for stock based compensation charges | (4,805 | ) | (2.7 | )% | (5,202 | ) | (1.9 | )% | (4,987 | ) | (2.7 | )% | |||||||||
Adjustment for restructuring and impairment charges | (1,080 | ) | (0.6 | )% | (1,837 | ) | (0.7 | )% | — | — | % | ||||||||||
Adjustment for charges associated with acquisitions | (2,200 | ) | (1.2 | )% | (337 | ) | (0.1 | )% | (314 | ) | (0.2 | )% | |||||||||
NON-GAAP OPERATING EXPENSES | $ | 70,948 | 40.0 | % | $ | 71,149 | 26.6 | % | $ | 68,011 | 36.9 | % | |||||||||
GAAP OPERATING LOSS | $ | (19,983 | ) | (11.3 | )% | $ | (8,549 | ) | (3.2 | )% | $ | (34,540 | ) | (18.8 | )% | ||||||
Adjustment for stock based compensation charges | 6,590 | 3.7 | % | 8,424 | 3.1 | % | 7,023 | 3.8 | % | ||||||||||||
Adjustment for restructuring and impairment charges | 1,795 | 1.0 | % | 27,120 | 10.1 | % | — | — | % | ||||||||||||
Adjustment for charges associated with acquisitions | 3,283 | 1.9 | % | 1,440 | 0.6 | % | 1,522 | 0.9 | % | ||||||||||||
NON-GAAP OPERATING (LOSS) INCOME | $ | (8,315 | ) | (4.7 | )% | $ | 28,435 | 10.6 | % | $ | (25,995 | ) | (14.1 | )% | |||||||
GAAP NET LOSS | $ | (19,069 | ) | (10.7 | )% | $ | (8,735 | ) | (3.3 | )% | $ | (27,949 | ) | (15.2 | )% | ||||||
Adjustment for stock based compensation charges | 6,590 | 3.7 | % | 8,424 | 3.2 | % | 7,023 | 3.8 | % | ||||||||||||
Adjustment for restructuring and impairment charges | 1,795 | 1.0 | % | 27,120 | 10.1 | % | — | — | % | ||||||||||||
Adjustment for non-cash tax benefit | (2,190 | ) | (1.2 | )% | (2,178 | ) | (0.8 | )% | (8,311 | ) | (4.5 | )% | |||||||||
Adjustment for charges associated with acquisitions | 3,510 | 1.9 | % | 1,721 | 0.6 | % | 2,012 | 1.1 | % |
NON-GAAP NET (LOSS) INCOME | $ | (9,364 | ) | (5.3 | )% | $ | 26,352 | 9.8 | % | $ | (27,225 | ) | (14.8 | )% | |||||||
GAAP DILUTED LOSS PER SHARE | (0.12 | ) | $ | (0.05 | ) | $ | (0.17 | ) | |||||||||||||
Adjustment for stock based compensation charges | 0.04 | 0.05 | 0.04 | ||||||||||||||||||
Adjustment for restructuring and impairment charges | 0.01 | 0.16 | 0.00 | ||||||||||||||||||
Adjustment for non-cash tax benefit | (0.01 | ) | (0.01 | ) | (0.05 | ) | |||||||||||||||
Adjustment for charges associated with acquisitions | 0.02 | 0.01 | 0.01 | ||||||||||||||||||
NON-GAAP DILUTED (LOSS) EARNINGS PER SHARE | $ | (0.06 | ) | $ | 0.16 | $ | (0.17 | ) | |||||||||||||
Forward Looking Q2 GAAP Gross Margin | 36.0 | % | ||||
Adjustment for stock based compensation charges | 1.0 | % | ||||
Adjustment for charges associated with acquisitions | 0.5 | % | ||||
Forward Looking Q2 non-GAAP Gross Margin | 37.5 | % | ||||
Forward Looking Q2 GAAP Net Earnings per Share | $ | 0.01 | ||||
Adjustment for stock based compensation charges | 0.05 | |||||
Adjustment for non-cash tax benefit | (0.01 | ) | ||||
Adjustment for charges associated with acquisitions | 0.02 | |||||
Forward Looking Q2 non-GAAP Net Earnings per Share | $ | 0.07 |
7!E96YU;0````I%4VQI8V54
M>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!```
M``!4;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````
MX`````!29VAT;&]N9P``!_8````#=7)L5$585`````$```````!N=6QL5$58
M5`````$```````!- ;L?^(T$LN?^%HS`?82*#U-1T? _=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>ZTTO\`A,%_S.WY3?\`B+-C?^];
M4>\O_O+_`/)'VO\`YK2_\<7K!S[I/_)9WG_FC!_U0!YJ'I0>OA[I'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P
M(1PA2"%U(:$ASB'[(B_=>Z][]U[KWOW7NO>_=>Z][]
MU[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO
M>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U
M[KWOW7NO>_=>Z][]U[KWOW7NM-+_`(3!?\SM^4W_`(BS8W_O6U'O+_[R_P#R
M1]K_`.:TO_'%ZP<^Z3_R6=Y_YHP?]7).MRWWB!UG'U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7__U=_CW[KW7O?NO=>]
M^Z]U17_-"_E`[X_F*]T[*[+I/D5ANL-N;&ZVH]C8O9]=UQ6[K;^)?WCR.?S.
MXFR=/F:`!JM:NDIC#X;*M*AN2S>YM]L_=JR]O=GFVUMN:YDGF,C2"81C3H14
M0+X;_"0YK7\9'6/GNY[*7_N?OEON:[HMG#;0>$L1@,G<7=WDU"6/X@46E#31
M7SZK2_Z!=MZ'G_9R-KC_``_T*9;C_P!>;W)'_!,V?_1H?_LH'_6GJ*?^!%O/
M^C\G_9(W_;1U[_H%VWK_`-YD;7_]$GEO_LF]^_X)FS_Z,[_]E*_]:>O?\"+>
M?]'U/^R1O^VCKW_0+MO7_O,C:_\`Z)/+?_9-[]_P3-G_`-&=_P#LI7_K3U[_
M`($6\_Z/J?\`9(W_`&T=5G?S+/Y3]5_+AV=U?N3.]^XGM3*]H[GSN#Q6W<;U
M]5;1DI%8!
Y9X>5;SZIK8*TGZ,\6D.2%S-%J<*2<>G0^
M=L=R=4]$[-KNPNY.PMH]9[+QSI#4[BWEFZ'"8YJN96>FQU&]8ZM4UZ5>%[3W?BZQ;5%=66^XP=%,AAIZ
V(-YX?!KL3L[>%34
M;9JLK58.FRTLNPL+E(8$DJJ&KAC6HD1V,3Z5*B_L9\N>WG.'-]F]_P`O69N(
M8W\-F\6&,!P`Q`$LB5HK`F@.#T`>;/=#D7D>^CVWF>_%K/*GBJGA3RGPR64,
M?!BDH"R,!4BND^G1P/U(G7?OW7NO>_=>Z][]U[KWOW7NBY_)SY6=$_$#K>M[3[ZWWCMF[
M=A>2EQ%"Q%9N7=^9$7EBV]L[;L)^XR%:X]1CA71$EYJAX8$>53_EOE?>^;=R
M7:MBA,TIR3P2->&J1N"K]IJ315!8A>@SS7S?R_R5M3;QS%<+;Q#"UR\C4KHB
M3XG<\:*#0`L:`$C1H_F0?SC>]?G1693K_:KY+ISXV+5%*7KC$Y#_`'/;Y@IY
M==+DNT\[1$?>$L!,F'IR*"!A&76KGACJ_>;/MU[0;'R2JW]X1>;EYRD52(\"
M(%([?].?U&\M*L5//OW2]].8?_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NNU-K
M\_X'Z_[R/Z?7WXCUZ]3&>K7_`.77_-N[^^!&4I-K+/4]J?'JLKC/G.H-P9.2
M+^"FIE+UN9ZXSU0DS8BK+,TLM,(VHZEBS30B9EJ(XI]PO:C8N>8C=4^EW!11
M;A1\5."S**>(H%`&KK0<&*C09I]L/>SF3V[E6QEK>[8QJUNS4,=3EK=L^&QR
M2G]F[$DJ&.L;U'Q,^97Q_P#FKUO#V7T+O2GW!10BDI]T;6R"KC-[[#R]5$9!
MA=X[
^T[Y`L\#YHW%33#JPHR,/(J:\>(QT(.6N9]]Y
M0W2/>>7[AK>=#Q4]KKYHZFJNAQ57%":$4(!&[S_+4_G9].?,A<#U-W+_``?I
M?Y)5"TN/H<54UCP[![3KRHB\VP\Q7M_DM?-):V`KIC,S.BT<];^X(L+/<;V8
MWKE#7NFT:KW;ADL!66`5_P!&5>*C_?JC2,EU2H!S_P#:KWZV+GL)L^\Z;#=C
M@(3^C.0.,+-P<_[Y8Z_X#(`Q6]`<#W"8^?60'0>=I]4];]V;&S_6?;6RMO=@
M;#W/2_:9O:^YL?#D<;6*K"2GJ$20:X:B"0+-2U<#I-!*JRPR)(BL%^V;IN.R
MWT>Y;3,]O/&:JZ$AAY'AY$8(-01@@C'1=NVT;9OMA)M>\0)W@T$B0AC&[J',:
ML`-:H&4*QJPRK%F!8D%/U-_][O?_`!]CT4ICJ-?LZL7_`)3WQ\/R4^?/QZV+
M6XULEM7;V[H^T-](P7[-=J]9QG=LM+D_[1I\A64]'B6"BY-6%NH)98[]UM__
M`*NL]/!-530TM-#+45-3+'!3T\$4DT\T\S^.*&&*
M,%G9B0%51
^[%I[@[G/M]I8R6X@B
M\1G=U89<($`"X)JQK\NHS]T/96Z]L-HM]TN]QCNFN9O"6-8F0TT.[.26-0NE
M5IZN.JA#]?\`C=_]Y]RW]O4'G/77OW7NKP_@M_(^[;^<'Q\PGR%PO
?^?>^YE'W8\?\EO_`+,_^WKJ!?\`@O",'E[_`+/_`/MS
MZ]_T%):C_P!D+_X\?)N]K#\WZ]]Z_P"!C-1_N[X_\N?_`&]=;_X+S_PWO^S_
M`/[9
M735H=M.I"+_4$7!*M]D:'9+R9/B2"5A]HC8C^?1YRQ"MQS)M]N_PR7,"G[#*
MH/\`+KZKXY'OEYUV#Z[]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7$_7_??3\^]&E>
MO=?,Z_F9=STW?OST^4/9F/JC6XBN[0RFUMOU8E66&MVYUS30]=;>KJ9HSI\5
M11XJ"=+&^EQ?F_OH_P"VNS-L/(NV;=(*.(5=AZ-,3,P_)I"/RZY3>[>^KS)[
MC[OND9U1_4-&GS6`+`I%/)A&"/D1T13C\?3V.Z4P>HY/7(<6_P!<_0<_3G_`
M_CWH<:C_`%5^?[.O\`5_J^?7T9?Y+_`%C+U7_+6^,^-K(5BR>[=N9_L[(2
MBG^W:JB[(W=7[LV_/*O)8C$5..B\A8ZE0,-*D*.>7O#N8W3W&W&5#5872$?(
MPQK&_P"V16/743V,VD[/[5[1`^6FB:X)I2HN)'E3'RC=17SI7SZ);_PI)[7.
MS_A5L7K*EJECKNW^Z<%#74QET-4;6V%AJS=&2<0CEQ'D_P""L;\*2#^K3[&?
MW==J^LYSFW%ABTMV(/\`3D94'_&/$Z`OWI-X-E[?0[7'\5]=(IS3LB5I3]O>
M(Q^?6C6?K_O?^O;GZ^\VAPX4ZYZ]=>_=>ZWC?^$V/5+;1^%_879]93B*N[>[
MJS/V$^E?\JVKL'!4>WL:VKZDIE),VMCP+7'U/O"?[Q>Z?5\Y0;8AJ+2W6H]'
ME8NW[4\/KH/]UG9VL>0+C=9!F^NG*G_A<2K&/^J@DZV)!]!;_7_V_/O'_P"W
MK)CKOW[KW7$_[#_?#WZF>M<.OF%?/OM9^[OFK\H>S15+6T.X^Z]^0X&J23S)
M+M3;^;DVSL\K+=@P&+HJ-05.GCT@+8#I7R%M7[EY+VS;2*,EO&6']-U$C_\`
M&V;KDU[F[PV_>X&\;H34/=2JI_X7$WA1_P#5-%Z*)[%O0&Z-]\`NJ#W=\U?B
M]UD],M90;B[HV--G:=XC4++M?;V9CW1NU&A^A'\,HJIC?@`7;TW]A#G[=3LO
M)FY[B#0I;R!?D[*43_C;KT.O;+:#OWN!M&UTJKW43,*5JD3"5_VHC#KZ>8^@
MXM[YK==9?LZ+#\U>UQT;\1_DCVRDGCKMD=,]@9;"'6(O+N5MN3T6UJ
=2MO
M3YP;L[,JJ